Foto: IngBerrio, Flickr, Creative Commons. Allfunds Bank obtiene la certificación de calidad ISO 9001:2008 en sus procesos de análisis
Allfunds Bank is continuing to build its worldwide investment research capabilities by receiving ISO 9001:2008 certification for its research processes.
The certification -from the one of the most recognized certification bodies, the UK’s National Standards body (BSI)- is important to both asset and wealth management clients as it recognises Allfunds has adopted a consistent approach to the way it operates its research function. This approach emphasises meeting customer requirements, adding value, monitoring performance and effectiveness as well as ensuring continual improvement.
Meeting the Standard also highlights the fact that Allfunds encourages feedback from clients as ISO 9001:2008 requires it to evaluate customer feedback in order to judge whether it has met their requirements – an essential point in the every changing regulatory environment according to Allfunds’ Deputy General Manager, Gianluca Renzini.
“As wealth managers come under increasing cost pressures as their business models evolve to accommodate the current regulatory environment, it’s essential that we provide our clients with a quality option for outsourced fund management research. Attaining this certification speaks to our continuous effort to increase internal process disciplines, provide first-class customer service and makes certain Allfunds Bank’s fund research service remains synonymous with quality,” says Renzini.
BNY Mellon has established an innovation center in California’s Silicon Valley. The opening of the facility is part of the company’s plans to use emerging and disruptive technologies such as Cloud Computing, Big Data and the Internet of Things to gain new business insights, develop inventive, operational and technological capabilities, and identify potential new ventures that anticipate and cater to emerging client needs.
“BNY Mellon is committed to becoming the financial industry’s technology leader,” said Suresh Kumar, senior executive vice president and chief information officer. “There is no better place in the world to do this than in Silicon Valley, one of the greatest centers of technology and innovation. By tapping into the area’s top tech talent and giving them a space specially-designed for innovation, BNY Mellon will be primed to embrace emerging technology that enables us to better run our businesses and serve our clients.”
Michael Gardner, managing director and head of the company’s Silicon Valley facility, most recently was with Apigee, Inc, where he led research and development, support, security and cloud operations. Previously, he held executive-level engineering posts at various startups and public companies in that region, including LiveOps and eBay.
Gardner will lead BNY Mellon’s efforts to foster collaborative innovation that leverages advanced and prototype technology to develop new offerings, improve customer service and reduce time-to-market. The types of technologies the center will focus on include, but are not limited to, mobile development, cloud computing, application development, information security, decision science/analytics and collaboration technology.
“BNY Mellon already is known for being a foremost provider of technology solutions and infrastructure for the world’s capital markets,” Gardner said. “Through our connection to this community of open collaboration, we can further our promise of technological excellence by bringing new technologies with practical and proven business uses to market more quickly.”
“Mike’s rich background in development, strategic thinking and successful execution will bring new vision and perspective to foresee and nurture innovative breakthroughs to BNY Mellon,” Kumar added.
The Silicon Valley site is BNY Mellon’s fourth global innovation center with a mission to encourage collaborative, break-through thinking that will leverage talent development and lead to innovations for clients. The company already operates similar centers in Jersey City, New Jersey; and Pune and Chennai in India, where employees share ideas that encourage dialogue, creativity and collaboration with staff anywhere in the world.
In addition to the innovation centers, BNY Mellon also provides numerous opportunities for its global employees to offer innovative ideas to enhance businesses or increase revenues. For example, the company’s A.C.E. (Accelerate, Collaborate and Execute) Awards give employees the opportunity to compete for cash awards, an opportunity to work full-time in an incubator on the start-up of the winning idea and – if implemented – share up to 10 percent of the value the winning idea creates. Also, the company offers an Innovation Boot Camp, which is a unique training program offered in partnership with Carnegie Mellon University, designed to help participants generate stronger innovative ideas, evaluate innovative ideas for business impact, use business cases to gain greater support for ideas and develop implementation plans to advance ideas.
The Board of Directors of BNP Paribas has appointed Jean Lemierre as Director and Chairman of the Board of Directors.
He succeeds Baudouin Prot, who informed the Board of Directors on 26 September of his decision to step down as Chairman and Director from the 1st December 2014.
With the other members of the Board, Jean Lemierre will oversee the implementation of the Group’s business development plan as well as the reinforcement of its governance and of its internal control measures put in place in recent months.
Since September 2008, Jean Lemierre has acted as advisor to BNP Paribas and as its international representative with regulators as well as economic and political leaders.
Before joining BNP Paribas, he carried out two mandates as President of the European Bank for Reconstruction and Development (2000-2008). In addition, he served as Head of the French Treasury (1995-2000).
Foto: Jose Javier Martin, Flickr, Creative Commons. KKR se refuerza en España con el fichaje de Alejo Vidal-Quadras
KKR has announced the appointment of Alejo Vidal-Quadras as Director, based in KKR’s Madrid office.
In this role, Mr Vidal-Quadras will be responsible for developing and supporting KKR’s investment platforms in Spain. Alejo will be part of KKR’s Private Equity team and reinforce coverage of the Spanish market for the other investments platforms such as Credit, Infrastructure and Real Estate.
Alejo Vidal-Quadras is joining KKR from 3i where he was Head of 3i Spain, responsible for investments in Spain and Portugal. During the 9 years with 3i, Alejo worked on 11 Private Equity investments across several sectors, including buyouts and minority investments, and participated in 6 Boards of Directors.
Prior to joining 3i, Alejo worked at Rothschild in Madrid, providing M&A advisory services. Alejo holds a combined programme of Bachelor’s degree in Business Administration and MBA at ESADE in Barcelona, completed with a Master in Management CEMS at London School of Economics and HEC Paris.
Jesus Olmos, Member, Head of European Infrastructure and Head of KKR’s operations in Spain, said: “I am thrilled to announce Alejo’s joining as we continue to build our Spanish presence. We have been investing in Spain since 2010, and we are expanding our team to offer our partnership, long-term capital and global industrial expertise to Spanish companies. I am sure that Alejo’s knowledge and network will be of great value to us.”
Johannes Huth, Head of KKR Europe, Africa and Middle East, said: “As we continue to build our team, I am delighted that Alejo is joining us in Madrid. We believe that Spain will present many attractive investment opportunities and Alejo’s involvement will enable us to identify and pursue even more opportunities on behalf of our investors.”
Alejo Vidal-Quadras commented: “I am excited to join an investment firm with such an outstanding reputation and track record. I am particularly attracted to KKR’s flexible, multiproduct and entrepreneurial approach to investment, which is key in the local Spanish market.”
Over the last years, KKR has invested over US$2.4 billion in Spain. These investments include Inaer, Uralita, ACCIONA Renovables Internacional, Telepizza, Grupo Alfonso Gallardo, TSolar, Saba, PortAventura and two real estate investments in retail and leisure parks.
Of KKR’s more than 80 private equity portfolio companies, 18 have operations in Spain, employing over 7,000 people.
The Cayman Alternative Investment Summit, an internationally recognised event bringing together the world’s leading institutional investors, will provide opportunities for attendees to learn from and network with global alternative investment leaders. The event takes place from 8:00 a.m. Thursday, February 12, to 6:30 p.m. Friday, February 13, at the Ritz-Carlton Grand Cayman, Cayman Islands.
A New Vision for a New Age
The third-annual event, titled “A New Vision for a New Age,”will highlight the core areas of change in alternatives and chart the progress over the rest of the decade. The summit is expected to attract 500-plus executives from prominent pension plans, endowments, family offices, hedge funds and more.
Keynote addressees will include: Governor Arnold Schwarzenegger; Sir Richard Branson of the Virgin Group; Nouriel Roubini of Roubini Global Economics; John Maudlin, the New York Times best-selling author; and Lord Michael Hastings, Vice President of UNICEF UK.
The summit will feature workshops, panel discussions and networking opportunities. Summit topics will address three critical areas including improving client expectations and deliverables, enhancing investment capabilities and promoting a better alignment of interests.
Speakers will include: Jim McCaughan, CEO of Principal Global Investors; Matt Botein, Global Head of Alternative Investments, BlackRock; David Bonderman, CEO of Texas Pacific Group; Mark W. Yusko, CEO of Morgan Creek; and Max Darnell, CIO, First Quadrant.
WHAT:
Cayman Alternative Investment Summit, “A New Vision for a New Age”
WHEN:
February 12-13, 2015
WHERE:
Ritz-Carlton Grand Cayman, West Bay Rd, Cayman Islands
Foto cedidaFoto cedida por Pinta Miami. EFG Capital, principal patrocinador de PINTA Miami
Celebrating its eight edition, and its first one in Miami, Pinta is proud to announce EFG Capital as its main sponsor. EFG has a strong presence in Latin Americas represented by EFG Capital, the main wealth management subsidiary in the United States of EFG International, based in Miami. The sponsorship offered by EFG to Pinta coincides with its progressive and firm growth in Latin America. EFG as a main sponsor at PintaMiami continues to show actively its attention and support towards the development and establishment of Latin American art and design within a global platform, confirming EFG’s interest in promoting artists and recognizing Miami as a center axis between Latin and North American markets.
On the occasion of its 8th edition, Pinta— the only curated boutique fair devoted to the art of Latin America, Spain and Portugal, sets sail from The Big Apple, expanding its horizons, and settung for the first time in Miami City from December 3-7, joining its energy to this vibrant art week, alongside Art Basel Miami Beach.
Since its creation in 2007, Pinta has distinguished itself from the rest of the art fairs for its specific profile, defining its proposal geographically, placing its bet on quality while focusing on Latin American art identities and issues, and inviting mainstream galleries and artists with the aim of offering an international platform for the dissemination of art from Latin America and the Iberian Peninsula.
Pinta director, cultural manager and editor, Diego Costa Peuser, identifies the need for growth of the art market of Latin American and the Iberian Peninsula, and offers this platform to acknowledge the city of Miami as a new venue to consolidate the fair and to continue the promotion of Latin American and Iberian artists, fostering their expansion towards a global context.
Currently, contemporary art from Latin America, Spain and Portugal has gained an important place – in biennials, museums and institutions all over the globe. From its first edition to the present, Pinta has stood out for the quality of its curatorial staff and its collaboration with specialized institutions and organizations.
Tuesday, December 2: 6pm – 9pm: By invitation only Wednesday, December 3: 5pm – 8pm Preview Thursday, December 4: 11am – 8pm Friday, December 5: 11am – 8pm Saturday, December 6: 11am – 8pm Sunday, December 7: 11am – 6pm
Foto: Coleccionista de Instantes, Flickr, Creative Commons. Los activos en fondos UCITS y no UCITS en Europa sobrepasan los 11 billones de euros por primera vez en la historia
The European Fund and Asset Management Association (EFAMA) has published its latest quarterly statistical release which describes the trends in the European investment fund industry during the third quarter of 2014.
The combined assets of UCITS and non-UCITS surpassed the EUR 11 trillion mark for the first time ever to end the quarter at EUR 11,057 billion.
UCITS recorded increased net inflows of EUR 130 billion in the third quarter of 2014, up from EUR 126 billion in the second quarter of the year. This marked the third successive quarter of UCITS net sales surpassing the EUR 100 billion mark.
So far in 2014, UCITS attracted EUR 405 billion in net inflows, more than double the EUR 178 billion attracted over the same period in 2013.
Long-term UCITS, i.e. UCITS excluding money market funds, continued to register strong net inflows of EUR 117 billion, albeit down compared to EUR 148 billion in the second quarter.
Demand for bond funds remained high in the third quarter (EUR 47 billion compared to EUR 56 billion in the second quarter). Net sales of balanced funds also posted strong net inflows during the quarter (EUR 52 billion compared to EUR 56 billion in the second quarter). On the other hand, equity fund net sales fell to EUR 14 billion, from EUR 24 billion in the second quarter, owing to rising geopolitical and economic uncertainties during the quarter.
Money market funds posted net inflows of EUR 13 billion in the third quarter, against net outflows of EUR 22 billion recorded in the second quarter.
Total net assets of UCITS increased by 4.3 percent during the third quarter to stand at EUR 7,807 billion at end September 2013. Net assets of balanced funds increased 5.9 percent during the quarter, followed by bond funds with growth of 4.7 percent. Net assets of equity funds registered growth in assets of 3.3 percent. Money market funds also registered a rise in assets of 4.1 percent during the quarter.
Total net assets of non-UCITS increased by 3.1 percent in the third quarter to stand at EUR 3,250 billion at end September 2013. Assets of special funds reserved to institutional investors grew by 3.3 percent during the quarter.
S&P Dow Jones Indices announced the launch of the S&P Brazil Sector Gross Domestic Product (GDP) Weighted Index. The Index is designed to measure the largest and most liquid stocks listed on the BM&F Bovespa weighted proportionately to the published Brazilian sector GDP figures.
“Brazil’s equity market is highly concentrated in financial services and natural resource companies, thus traditional market capitalization weighted equity indices are not representative of the Brazilian economy,” says Michael Orzano, Director of Global Equity Indices at S&P Dow Jones Indices.
“By weighting the constituents according to their GDP sector weights, the S&P Brazil Sector GDP Weighted Index provides investors with a transparent benchmark that reflects the growing, dynamic industries underrepresented in market cap weighted indices.”
The underlying universe for the S&P Brazil Sector GDP Weighted Index is all stocks from the S&P Brazil Broad Market Index (BMI). The Global Industry Classification Standard (GICS®) sector for each of the 100 unique companies is mapped to the following Brazilian GDP sectors: Agriculture, Industrials, Financial Services and Non-Financial Services. The sectors are then weighted according to their annual GDP figures.
Credit Suisse, in collaboration with Brandeis University’s Institute on Assets and Social Policy (IASP), has published “Wealth patterns among the top 5% of African-Americans,” a study on wealth creation and wealth management among the nation’s wealthiest African-Americans as measured by net worth.
The study shows that the top 5% of African-Americans invest a greater proportion of their wealth in lower-volatility assets relative to a white comparison group, including insurance, savings bonds and CDs. It also shows proportionally higher investments in real estate, and proportionally lower investments in business assets.
The research was sponsored by Credit Suisse’s New Markets business, which seeks to advance financial opportunity among women, African-Americans and the LGBT community.
“This study identifies distinctive investing behaviors within the African-American community and a number of potential drivers of these behaviors,” said Pamela Thomas-Graham, Credit Suisse’s Chief Marketing and Talent Officer and Head of New Markets. “The findings may also reflect what we know from adjacent data, which is that African-Americans are generally under-served by banking institutions. The Commerce Department, for example, has published data showing that minority business owners receive loans less frequently, at significantly smaller sizes, and at worse rates than non-minority business owners.”
Highlights of the report include:
The top 5% of African-Americans take a relatively conservative approach to decision-making on matters of wealth creation and wealth management. For example:
The investment portfolios of the top 5% of African-Americans are three times more heavily weighted towards CDs, savings bonds and insurance than the investment portfolios of the study’s white comparison group, and are nearly one-half less weighted towards stocks, bonds and mutual funds.
The top 5% of African-Americans invest 9% of their non-financial assets in business assets, defined as the total value of business(es) in which a household has either an active or non-active interest. The study’s white comparison group invests 37% of their non-financial assets in business assets.
The top 5% of African-Americans invest 41% of non-financial assets in real estate outside their primary home, relative to 22% for the study’s white comparison group.
“Wealth mobility” – the degree to which a population maintains wealth over time or moves into wealth over time – is relatively low among African-Americans and may be a driver of more conservative financial decision-making. IASP’s research shows that around 57% of high-income African-American families in 1984 were still in the top segment of income in 2009, but 8% had fallen into the low-income segment. For high-income white American families, 73% remained in the high income segment and only 1% fell into the low income segment. This analysis is a new analysis of the 1984-2009 data.
Education is a key driver of wealth among the top 5% of African-Americans. Almost 69% of African-Americans at the 95th percentile of net worth have a college degree, compared with 64% for the study’s white comparison group.
“The numbers in our report provide rich and detailed insights,” said Stefano Natella, Global Head of Equity Research and one of the study’s authors. “Wealth at the top of the African-American community, what drives it and how it compares to specific control groups has not been studied with this comprehensiveness in some time.”
Evercore has announced that Connecticut Insurance Commissioner Thomas B. Leonardi has agreed to join the firm as a senior advisor with a focus on the insurance industry sector. Mr. Leonardi has nearly 40 years of experience as an investment banker, venture capitalist, attorney, and insurance company president, and is widely regarded as a leading expert on systemic risk, group supervision, and international regulatory issues.
Roger Altman, Evercore’s Executive Chairman, said, “At a time of intense regulatory changes in the insurance industry, both here and abroad, Tom’s professionalism, knowledge and experience, coupled with his personal character and integrity, will prove invaluable to a wide range of Evercore clients.”
Ralph Schlosstein, Evercore’s Chief Executive Officer, said, “We are delighted to welcome Tom to Evercore. His deep knowledge of the sector, broad experience and relationships across the industry will further enhance Evercore’s leading global insurance advisory franchise. Tom will work closely with our teams in New York and London and joins an insurance practice that has an excellent track record of success and has built an outstanding reputation for high quality, specialist advice and creativity. We look forward to continuing to build on this success with Tom’s technical expertise, strong understanding of the regulatory environment and global perspective on the industry.”
Thomas Leonardi said, “The insurance industry continues to go through a period of extraordinary challenges in regulation, global competition, systemic risk designations, storms of increasing frequency and severity, and a prolonged low-interest-rate environment. Evercore has a world-class platform, a team of professionals that are among the most talented and experienced in the business, and a commitment to delivering extraordinary service. Perhaps most important to me, Evercore places the interests of the client above all else and they do all of this while adhering to the highest ethical standards. I look forward to contributing to Evercore’s continued growth and broadening and deepening its client relationships.”
Mr. Leonardi is head of the Connecticut Insurance Department, a regulatory agency with jurisdiction over one of the largest insurance industries in the United States. He has been a member of the executive committee of both the National Association of Insurance Commissioners (NAIC) and the International Association of Insurance Supervisors. He was a member of the U.S. Treasury’s inaugural Federal Advisory Committee on Insurance and was selected to serve on the World Economic Forum’s Global Council on Insurance and Asset Management.
For 22 years prior to his appointment as Commissioner, Mr. Leonardi was Chairman and CEO of Northington Partners Inc., a Connecticut-based venture capital, private equity and investment banking boutique that specialized in the insurance industry. Before Northington, he was head of the investment banking and venture capital divisions of Conning & Company in Hartford, Connecticut; President of Beneficial Corporation’s insurance subsidiaries; and began his career as a litigation attorney in Connecticut. He received a J.D. from University of Connecticut and a B.S in history from Boston University.
