Internacional archivos - Page 332 of 506

Widows Confront Years of Undue Hardship after the Loss of a Spouse, New Study Reveals

A unique survey looking at the financial and emotional toll of losing a spouse -the 2014 New York Life “Loss of a Spouse Study”- finds widows are unprepared for the financial difficulty that the loss of a spouse creates. Following the loss of their spouse, 68 percent of widows reported significant life changes, with financial concerns rising to the top of the list. The burden of these changes amounted to years of undue hardship after the loss.

“The news is unsettling: women are not prepared for the loss of a spouse and the problems are financial and much more,” said Chris Blunt, co-president of the Insurance and Agency Group, New York Life.

The survey examined the repercussions of the loss of a spouse on 897 widows and widowers who were within 10 years of their loss. It focused on how the loss impacted daily life from both a financial and emotional perspective, narrowing in on financial security following the loss and how it may have changed as a result. Additionally, the survey explored the impact that life insurance has on their lives, both at the time of their loss and in the future.

Financial Burden is Real – and Greater for Women

Women suffer the burden of the loss more intensely than men. Forty percent of widows reported negative lifestyle changes the year following the loss, compared to 24 percent of widowers. The financial impact was even greater: two thirds of widows experienced a significant financial change compared to half of widowers. The top five life changes following the loss were financial in nature, with a greater percentage of widows impacted in these financial areas of their lives:


Life Changes Following Loss of A Spouse	Widows	Widowers
Adjusting to a change in income level	55%	34%
Budgeting for one income	46%	32%
Cutting discretionary spending	38%	24%
No longer being able to afford a vacation	22%	13%
No longer adequately saving for retirement	21%	10%

For some widows, the lifestyle changes were even more dire: two in five widows whose spouses did not have life insurance at the time of the loss (39 percent) reported that they were just making ends meet or struggling to meet basic needs within the first year of the loss.

Having a Financial Plan Is Often Not Enough

The majority of women reported feeling secure about their financial situation before the loss – yet after the loss, 59 percent reported they didn’t have enough life insurance in place to feel financially secure. Approximately half of women (47 percent) report that they wish they had some or more life insurance to help cushion the financial impact of their loss.

“These widows learned too late that they were underinsured,” added Mr. Blunt. “The message is clear – life insurance proceeds are important, but the need for that financial security blanket is much greater than what exists in many financial plans.”

Among those whose spouse had life insurance at the time of the loss, the life insurance proceeds lasted almost two and a half years – yet they wished these funds would have lasted more than 11 years longer, for a total of nearly 14 years.

These findings are directly in line with what New York Life’s Life Insurance Gap survey demonstrated last year. The Life Insurance Gap survey of 1,000 Americans age 25 and over with dependents found that many woefully underestimate their life insurance protection needs. It similarly revealed that the amount of life insurance protection in place equaled three years and the amount of protection needed totaled 14 years.

“These consistent findings give us the answer to the question I posed when the Gap survey findings were announced: ‘If families have three years of coverage in place, what happens in year four?’ Widows have given us the bleak answer: years of undue hardship,” added Mr. Blunt.

Real World Advice from Widows

Including life insurance protection, widows reported a wish list – the things they would have done to be better prepared for their loss:

*A Wish List When Looking Back*
Statement			Percentage
“I wish we had some or more life insurance on my spouse.”			47%
“I wish we had saved more.”			42%
“I wish we had detailed discussions about what might happen financially and otherwise if one of us passed.”			30%
“I wish we had a better financial plan in place.”			28%
“I wish we had organized all our important papers in one central location.”			18%

“This wish list can act as a financial survival guide for couples so they can ensure they are better prepared for a loss,” said Mr. Blunt. “These widows offer us insight into what life has been like for them since the loss: the financial strain for many has been very serious and for almost all the loss has been life changing. These insights should serve as a lesson for couples: there are actions that can be taken now to alleviate the future financial burden that comes with a loss.”

U.S. Leads the List of the World’s Most Expensive Homes

| For Alicia Miguel | 0 Comentarios

From cascading waterfalls and waterslides to bowling alleys and private islands, Billionaire.com’s eye-watering list of the world’s most expensive properties takes extravagant real estate to the next level. Five of the top ten are from the US and include homes in New York and Los Angeles starting from US$ 95 million.

The list was complied from extensive in-house research and consulting the world’s top property firms to find the current most expensive homes for sale.

1. Penthouse at the Tour Odeon Monaco, Monaco

Price: US$388 million

Scheduled for completion in early 2015, the Tour Odeon Monaco will be the second-largest building on the Mediterranean coastline and home to the world’s most expensive apartment; a five-floor penthouse costing US$388. Apartments in the building start at US$36 million and with 35,000 square foot of space, ready to be designed according to buyer taste, the penthouse is a mini-mansion. Outside, a waterslide connects the dance floor to a circular infinity pool, which looks like an enormous floating glass.

www.knightfrank.com

2. The Manor, Los Angeles, US

Price: US$ 150 million

Built in 1988 by entertainment tycoon Aaron Spelling and his wife Candy, “The Manor” was bought three years ago by Petra Stunt (Ecclestone). Since then, she has spent US$ 20 million on refurbishments and now has 123 rooms, including a gym, bowling alley and screening room. The Manor sits within 4.7 acres of LA’s most exclusive land and would be the most expensive house ever sold in the US should it meet the asking price.

To be sold privately.

3. Beverly House, Los Angeles, US

Price:US$ 135 million

It famously appeared in the movie The Godfather and was the honeymoon spot for JF Kennedy and his wife Jackie. With almost 365 days of sunshine a year the house is purpose built to take advantage of the Californian temperature, with floor-to-ceiling windows, large cool rooms, an outdoor tennis court, swimming pool and cascading waterfalls. The terrace seats 400 and, given there is also a nightclub in the house, it has all the ingredients for a successful party.

www.christiesrealestate.com

4. Rancho San Carlos, California, US

Price: US$ 125 million

This 30-room Monterey Colonial mansion, designed in 1929 by American architect Reginald Johnson, is surrounded by 237 acres of land in one of America’s most sought-after addresses; Montecito, Santa Barbara. After 100 years the Jackson family estate, with ten residential cottages, horse paddocks and arenas, and 100 acres of cultivated orchards, is finally changing hands. Oak-paneled walls in the formal room, imported from the Jackson’s Manor House in England, are still intact, as is the English whisky pub with a secret door. The house is built on two natural terraces with views down the valley, across the estate and over the Pacific.

www.sothebys.com

5. One Hyde Park, London, UK

Price: US$ 103 million

The Candy brothers launched this billion-dollar complex mid-way through the recession. Occupying an entire floor, this apartment divides into two wings, known as “The City” and “The Park”. A 65m hallway connects both wings. The Mandarin Oriental hotel provides prospective owners with a 24-hour hotel concierge, spa and recreation facilities, parking and valet, use of a private wine cellar and room service.

www.aylesford.com

6. 17 The Sherry-Netherland, New York, US

Price:US$ 95 million

Built in 1927, The Sherry-Netherland in Manhattan is a luxury residential hotel co-op with apartments for sale. Apartment 17 occupies an entire floor with seven bedrooms, eight bathrooms and a huge terrace overlooking Central Park and downtown Manhattan. Would-be owners have access to all the hotel amenities, including room service from the Harry Cipriani restaurant downstairs. Caveat emptor: the hotel requires up to US$60,000 of maintenance fees — per month.

www.knightfrank.com

7. The Penthouse at The Pierre Hotel, New York, US

Price: US$ 95 million

Once owned by Martin Zweig, a financial analyst who famously predicted the stock-market crash of 1987, this palatial Manhattan penthouse sprawls over three floors. But even if you’ve got a spare US$95 million, interested buyers must be first vetted by the hotel committee to ensure they are up to par. With 16 bedrooms, a grand salon (formerly the Pierre ballroom) and 360-degree views over Manhattan, this has justifiably been called the most spectacular penthouse in the world.

www.sothebysrealty.com

8. Du Parc Penthouse, Geneva, Switzerland

Price: US$ 94 million

On the shores of Lake Geneva, surrounded by the Dents du Midi mountain range in the UNESCO-protected vineyards of the Lavaux, is the former Palace Mont-Pelerin. This was renovated into 24 über-modern apartments, the penthouse of which costs US$94 million. A key to one of these apartments gives you lifetime membership for the Lavaux Golf Club, a 10-year membership for the Mirador Country Club and the services of lifestyle group Quintessentially for one year. Kempinski Hotel services, the use of a Rolls-Royce, butler, wine cellar, Davidoff cigar lounge and Givenchy Spa come included in the price tag.

www.knightfrank.com

9. Private Island Paradise, Exuma Cays, Bahamas

Price:US$ 85 million

This house comes with its own private island and with space for 22 guests and 29 staff; it’s the place to relax in the hands of others. A self-generating power source, fuel, telecommunications system and a large vegetable garden make the house almost entirely self-sufficient. On top of this it is only a one-hour flight from Palm Beach and completely tax-free, so, if you’re a tax exile with green fingers it might well be a perfect match.

www.sothebysrealty.com

10. Lyndhurst Road Mansion, London, UK

Price: US$ 77 million

The front door of this North London redbrick mansion opens to a grand entrance hall with an overhanging chandelier, balustrade and marble fireplace. The decor is bleeding-edge “nouveau”, with every conceivable luxury, including indoor pools, steam rooms and a cinema. Upstairs, the master bedroom with adjoined dressing room has a large half-moon-shaped window, which opens up to a view down the garden and across London.

www.knightfrank.com

For the full report and images visit this link.

Managed Funds Association Announces Network 2015 Online Registration, Conference Programming

| For Alicia Miguel | 0 Comentarios

The Managed Funds Association (MFA), the global trade association for the hedge fund and managed futures industry, has announced online registration and conference programming for their Network 2015 conference. MFA’s Network conference is the industry’s premier business development conference, focused on connecting fund managers and investors to discuss important investment trends and policy issues facing the industry. Network 2015 will convene at the InterContinental Hotel in Miami, Fla., on January 26-28. Early registration is now available online.

“We are building on the overwhelming success of last year’s conference by enhancing the networking and business development opportunities for our participants and expanding our programming as well,” said Managed Funds Association President & CEO Richard H. Baker. “We are confident that Network 2015 will be a catalyst for continued growth within the hedge fund, global macro and managed futures fund space.”

MFA’s Network conference provides an exclusive experience, including a cutting-edge educational agenda and unique investor-led roundtable discussions focused on the most critical issues facing the industry today, including: the rise of liquid alternatives, environmental, social and governance (ESG) investing, the role of risk in modern asset allocation, and critical themes associated with raising funds and creating new products and distribution channels. Network also provides a one-to-one ratio of the world’s foremost managers and investors, including pensions, endowments, family offices, wealth managers, funds of funds and distribution partners.

This year’s conference continues the successful partnership between MFA and lead sponsors Credit Suisse, Deutsche Asset & Wealth Management, J.P. Morgan and, new for 2015, KPMG. Hedge Fund Research has also partnered with MFA to provide investors with detailed statistics on managers who will be attending the conference. The collaboration with these sponsors has enabled MFA to expand and enhance networking opportunities for conference attendees. Participants will also be able to once again utilize MFA’s digital concierge platform, MFAConnect, to arrange meetings with investors and managers prior to the conference and also reserve private Manager Suite meeting spaces. Through these offerings, MFA enables participants to arrange and schedule meetings in advance to make efficient use of their time in Miami while also offering exclusive, one-on-one, meeting space for asset allocators and fund managers. Suites can also be reserved during registration.

“Every year we tap into the tremendous insight and vision offered by our members and partners to align our conferences with the needs and goals of those attending.We are grateful for the input and support of all our conference supporters and look forward to the most comprehensive Network conference yet,” said Mr. Baker.

Over the next several weeks, MFA will post additional announcements related to registration and conference programming on the Network 2015 website. Registration is free for investors and allocators. Managers also have a discounted rate available to them through January 2, 2015. Advance registration for all participants closes on January 26, 2015; onsite registrations are available as space allows.

Morgan Stanley Wealth Management Forms Global Sports & Entertainment Division

| For Fórmate a Fondo | 0 Comentarios

Morgan Stanley Wealth Management has announced the launch of Global Sports & Entertainment (GSE), a new division that will serve the unique needs of veteran and emerging talent and their advisors in the sports and entertainment industries.

“High net worth earners in the sports and entertainment industries have sophisticated wealth management requirements. Our services are provided by a group of experienced Financial Advisors, backed by specialized training and the full resources of a leading, global investment bank, which we believe will set a new standard in the industry,” said Gregory J. Fleming, President of Morgan Stanley Wealth Management and Morgan Stanley Investment Management.

An inaugural group of Financial Advisors across the country has been chosen for their experience working with athletes, entertainers, directors, writers, producers, owners, agents and business managers. These Financial Advisors recently completed an education program, attaining the title of Sports & Entertainment Director. They provide sports and entertainment professionals with access to customized resources and programs, including asset and liability management, philanthropic and lifestyle advisory services, family governance and advanced financial planning, insurance, investment banking and private equity solutions.

GSE is led by Drew Hawkins, a Managing Director and veteran executive who served most recently as a Wealth Management Regional Director. “Sports and Entertainment professionals have unique financial profiles that do not subscribe to conventional planning. With the resources of the Global Sports & Entertainment division, our Directors are equipped to work with talent and their personal advisors – agents, business managers, family and other spheres of influence – to help make smart choices around how they invest, borrow, protect and give.” Mr. Hawkins said.

To help educate emerging talent on financial basics and issues relevant to those pursuing professional careers in the sports and entertainment industries, Global Sports & Entertainment is developing financial education curriculum to be taught in sports, film and music departments across the nation with pilots beginning in early 2015. According to Mr. Hawkins, “We are committed to cultivating money-smart young adults to help curtail issues that may arise from sudden wealth, unpredictable career spans and unintended consequences.”

Japan Enjoys its Most Positive Outlook Since 2005

| For Alicia Miguel | 0 Comentarios

Global investors have a restored appetite for risk amid greater optimism over the outlook for profits and the economy, according to the BofA Merrill Lynch Fund Manager Survey for November. A net 47 percent of the global panel expects the economy to strengthen in the year ahead, a rise from a net 33 percent in October. Investors have expressed similar positivity over profits – a net 42 percent say that global corporate profits will improve in the coming year, up from a net 27 percent last month.

Investors have signaled that their optimism has been translating into action over recent weeks. In October, a net 16 percent of the panel said they were taking lower than normal levels of risk. This month, a net 2 percent are taking above-normal risk. The proportion taking out protection against a sharp fall in equities in the coming three months has fallen to a net -39 percent from a net -35 percent.

Asset allocators have shifted out of cash and increased their allocations to equities. A net 13 percent of respondents to the global survey are overweight cash in November, down from a net 27 percent in October. The proportion of asset allocators overweight equities has risen by 12 percentage points to a net 46 percent. Hedge funds have also increased their net allocations to equities – 43 percent of surveyed hedge funds are net long equities, up from 35 percent one month ago. Japan is the region most in favor, while investors are sending mixed signals about appetite towards Europe. Real Estate allocations have reached the highest overweight recorded since its inclusion in the survey in 2006.

“Deflation might be in the back of investors’ minds, but taking on risk, especially in equities, in Japan and in the dollar is at the forefront of their thinking,” said Michael Hartnett, chief investment strategist at BofA Merrill Lynch Research. “European stocks were recently boosted bythe best earnings season in three years. However concerns over longevity of growth and deflation continue. Three wise themes of yield, quality, and large cap are the best places to hide in European stocks,” said Manish Kabra, European equity and quantitative strategist.

Japan – most positive outlook since 2005

Japanese equities have seen a second big pick up in allocations in consecutive months, and the trend is likely to continue. A net 45 percent of global asset allocators are overweight Japan, a rise from a net 32 percent in October and a net 23 percent in September. Japan is also the most favored region for the coming year. A net 27 percent of the investor panel says that Japan is the region they are most likely to overweight in the next 12 months. This represents a nine-year high and a rise from a net 14 percent in October.

Conviction over Japan appears to be underpinned by a belief in the profit outlook and a view that the country’s stocks are undervalued. A net 26 percent of respondents identified Japan as having the most favorable profit outlook for the year ahead – a rise of 10 percentage points month-on-month. And a net 17 percent say that Japanese equities are the most undervalued in the world.

As they assess Japan’s outlook, investors are weighing up the prospect of the yen suffering more depreciation in the coming year than the euro or dollar. A net 57 percent of the global panel expects the yen to fall in value on a trade-weighted basis. This, however, could make Japanese exporters attractive. The regional survey highlights how three of Japan’s largest exporting sectors – technology, industrials and autos – are the most favored by local investors.

Risk appetite overcomes fear of tail-risks

Investors have marked out deflation as the biggest risk to the market’s upward trajectory. Twenty-nine percent of the global panel said that eurozone deflation is the biggest “tail risk,” ahead of geopolitical crisis (21 percent). Furthermore, asked in a new question what is the greatest risk in 2015, 71 percent opted for deflation over inflation.

But while deflation is a concern, they don’t appear to see it as the most likely outcome. A net 35 percent of investors have said that they expect global core inflation to pick up over the year ahead.

Confused signals over European equities and concern over France

Investors appear unsure how to treat European equities. Global asset allocators increased their moderate overweight positions slightly this month – a net 8 percent are now overweight the region. But investors have also indicated that they would like to underweight the region in the coming 12 months. Meanwhile, investors inside Europe have indicated optimism over the region’s prospects for improving growth and profits – a net 62 percent of the regional respondents forecast improving earnings per share for the coming year, up from a net 32 percent in October. But, they have increased cash holdings in the past month and have indicated a growing appetite to underweight France and scale back holdings in Italy.

BBVA Compass Appoints Rafael Bustillo as Chief Operating Officer

| For Fórmate a Fondo | 0 Comentarios

In a move aimed at fostering deeper ties to both clients and communities, BBVA Compass named Rafael Bustillo as the bank’s Chief Operating Officer to oversee the bank’s three lines of business – Retail, Wealth Management and Commercial.

Bustillo will lead the Consumer and Commercial Bank, working alongside Chief Digital Banking Officer Jeff Dennes, who leads the Digital Bank. BBVA Compass Chairman and CEO Manolo Sanchez said the new structure, which came after a careful review, will allow the bank to be more relevant and responsive to customers and the towns and cities where it operates.

“We’re organizing in a way that is both comprehensive and efficient,” said Chairman and CEO Manolo Sanchez. “Our leadership model will yield superior cross-line-of-business synergies, creating an opportunity for our business and our brand. But the key is that the new organization will allow us to better meet the needs of the people and places we serve.”

Four Regional Executives will report to Bustillo, as will Champions for the lines of business in the bank, including Retail Banking, Wealth Management and Commercial Banking as well as Commercial Real Estate. This new leadership team will be tasked with capitalizing on opportunities and mitigating challenges across the bank’s footprint.

Chief Executive Officers will be named in the major cities in the bank’s footprint, in addition to a Texas border CEO, a New Mexico CEO and CEOs representing the bank’s community markets in each region. These positions will help the bank tap even further into local business opportunities.

Bustillo has been with BBVA Compass since 1987, leading Commercial Banking for the past five years. Prior to that, he was Commercial Banking’s Denver Market President and Western Region Executive, Gainesville Market President and Regional Executive for Northeast Florida and Southeast Alabama Community Markets, and Commercial and Private Banking Manager in Huntsville, Ala.

“Rafael has guided our Commercial line of business through a period of transformation and growth, made all the more remarkable by the prevailing economic headwinds,” said Sanchez. “He’s an excellent choice to help lead the bank to even greater success.”

Bustillo will be based in Houston.

Madoff Trustee Reaches Recovery Agreement of Nearly $500 Million with Herald and Primeo Feeder Funds

| For Alicia Miguel | 0 Comentarios

Irving H. Picard, Securities Investor Protection Act (SIPA) Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS), filed a motion in the United States Bankruptcy Court for the Southern District of New York seeking approval of a settlement agreement with Herald Fund SPC and Primeo Fund, two feeder funds primarily invested in BLMIS.

Under the terms of the agreement, the settlement will benefit the BLMIS Customer Fund by approximately $497 million. The agreement, once approved, will increase total Customer Fund recoveries to more than $10.3 billion.

“By any measure, the settlement terms are highly advantageous, not only to BLMIS direct customers with allowed claims, but also potentially to the indirect investors in the Herald Fund,” said Oren Warshavsky, lead counsel for the matter and architect of the settlement on behalf of the SIPA Trustee. “Every account in the SIPA liquidation must first be brought to a level playing field, so that those entitled to Customer Fund assets may receive distributions. These recoveries – once approved by the Court – will be combined with existing, available funds and distributed on a fair and orderly basis to all BLMIS customers with allowed claims. That will now include Herald Fund SPC.”

The Herald Fund will receive an allowed claim of approximately $1.6 billion in the BLMIS liquidation. With this allowed claim, Herald is entitled to catch-up payments from the four interim distributions to BLMIS victims to date. Out of these catch-up payments, the first approximately $497 million will be used to pay the amount owed by Herald Fund to the BLMIS Customer Fund. As of approval of the settlement, Herald Fund SPC becomes an allowed claimant and will receive further distributions along with all other BLMIS customers with allowed claims not yet fully satisfied.

“These were complex negotiations conducted across international borders. This settlement is a testament to the determination of the SIPA Trustee and the sophisticated asset-tracing and recovery skills of our legal teams, who negotiate on the SIPA Trustee’s behalf for the benefit of all BLMIS customers,” said Geoffrey North, a partner at BakerHostetler LLP, the court-appointed counsel to the SIPA Trustee. “In the filing, the SIPA Trustee noted that the agreement avoids the cost and delay of what could otherwise have been lengthy and contentious litigation.”

Both Primeo and Herald, currently in liquidation in the Cayman Islands, deposited more in BLMIS than they ultimately withdrew before the bankruptcy was announced on December 11, 2008. In accordance with the United States Bankruptcy Code, the SIPA Trustee and his team negotiated a return of the approximately $497 million for equitable distribution to all BLMIS customers with allowed claims whose claims are not yet fully satisfied. To date, the SIPA Trustee has allowed 2,528 claims related to 2,198 BLMIS accounts. Of these accounts, 1,131 accounts – or all allowed claims totaling $925,000 or less – have been fully satisfied.

Additional terms of the settlement with the Funds’ liquidators are as follows:

The approximately $497 million represents the return of the $500,000 SIPC advance to the BLMIS Customer Fund and settlement payments from the Funds consisting of 100 percent of the withdrawals made by Herald from BLMIS within six years prior to the BLMIS liquidation filing date and approximately $29 million from Primeo.
At closing, the SIPA Trustee shall pay Herald approximately $258 million, consisting of the balance of the catch-up distribution owed to Herald under its allowed claim, for distribution to indirect investors. Herald shall continue to have an allowed customer claim of approximately $1.6 billion, representing the net equity of the indirect investors in the Herald Fund. Primeo has forfeited all claims.

One hundred percent of the SIPA Trustee’s recoveries will be allocated to the Customer Fund for distribution to BLMIS customers with allowed claims. To date, the SIPA Trustee has recovered more than $9.8 billion and has distributed almost $6 billion, which includes approximately $816.2 million in committed advances from the Securities Investor Protection Corporation (SIPC). The costs associated with the SIPA Trustee’s recovery and settlement efforts are paid by SIPC, which administers a fund drawn upon assessments on the securities industry. No fees or other costs of administration are paid from recoveries obtained by the SIPA Trustee for the benefit of BLMIS customers with allowed claims.

Global Ultra Wealthy Population Reaches Record High and a Combined Net Worth Of Nearly US$30 Trillion

| For Fórmate a Fondo | 0 Comentarios

The combined wealth of the world’s UHNW individuals – defined as those with US$30 million and above in net assets – increased by 7% to US$29.725 trillion in 2014, almost twice the GDP of the world’s largest economy, the United States as report by the Wealth-X and UBS World Ultra Wealth Report 2014, released today, that shows too that 12,040 new ultra high net worth (UHNW) individuals were minted this year, pushing the global UHNW population to a record 211,275, a 6% increase from 2013.

North America and Europe continue to dominate the global landscape as the regions with the largest UHNW population and wealth. The United States maintains its position as the world’s top UHNW country in 2014 with a population of 69,560 UHNW individuals with a combined net worth of over US$9.6 trillion, a 6% and 7% increase respectively from last year.

The Wealth-X and UBS World Ultra Wealth Report 2014 forecasts that the global UHNW population will reach 250,000 individuals in the next five years. The report also predicts that Asia will be the region that sees the fastest growth in UHNW wealth, overtaking Europe in terms of UHNW wealth in the next ten years.

Below are other key findings from the Wealth-X and UBS World Ultra Wealth Report 2014:

The world’s UHNW population accounts for only 0.004% of the world’s adult population, but controls almost 13% of the world’s total wealth.
North America’s UHNW population grew by 6.2% to 74,865 individuals and their combined net worth rose 6% to US$10.3 trillion.
Europe’s UHNW population expanded by 6.5% to 61,820 individuals and their combined net worth rose nearly 9% US$8.4 trillion.
There are almost twice as many UHNW individuals in Asia than in the Middle East, Latin America and the Caribbean, Africa and the Pacific regions combined. Yet, Asia’s UHNW population grew by only 4.8% to 46,635 individuals and their total net worth rose by less than 6% to nearly US$7 trillion. Only Latin America and the Caribbean had lower growth rates.
Latin America and the Caribbean saw the slowest UHNW population growth of any region. The region’s UHNW population grew by 4.6% to 14,805 individuals and their combined net worth rose 5.5% to US$2.2 trillion. This performance, however, indicates a recovery from last year’s decline.
The UHNW population of the Pacific grew by 5.4% to 4,170 individuals and their combined net worth rose 6.2% to US$515 billion.
The Middle East saw the fastest growth in terms of both UHNW population and wealth for the second year in a row. The region’s UHNW population swelled to 5,975 individuals with a combined net worth of almost US$1 trillion, a 12.7% and 13.1% increase since 2013, respectively.
Africa experienced the second fastest growth in terms of UHNW population and wealth, with an 8.3% increase in the region’s UHNW population (3,005) and 12.9% growth in UHNW wealth (US$395 billion).
There are 183,810 male UHNW individuals as of 2014, and 23.6% are involved in the finance, banking & investment industry, a 3.6% increase from last year.
There are 27,465 female UHNW individuals as of 2014, and 48% of them fully inherited their wealth, a decline from 53% in 2013.
Almost US$13 trillion of the world’s UHNW wealth is held in private company holdings, nearly twice the amount held in public company stakes.
64% of the world’s UHNW population is self-made and only 17% have fully inherited their wealth.
The world’s UHNW population is a significant source of revenue for the luxury industry, accounting for almost 19% of the luxury industry’s market.

The Wealth-X and UBS World Ultra Wealth Report 2014 – which looks at the global UHNW population from July 2013 to June 2014 – examines this wealth segment by geographical location, gender, and sources of wealth.

“Wealth-X is pleased to partner with UBS for a second consecutive year to produce the Wealth-X and UBS World Ultra Wealth 2014,” Wealth-X CEO Mykolas Rambus said. “The report underscores Wealth-X’s commitment to conducting groundbreaking research on the world’s ultra high net worth (UHNW) population. Expert commentary from UBS complements Wealth-X’s global intelligence on the world’s UHNW population, producing a report that demonstrates a true collaboration between the global leader in wealth management and the world’s leading UHNW intelligence provider.”

Simon Smiles, Chief Investment Officer UHNW, UBS Wealth Management, said, “The second Wealth-X and UBS World Ultra Wealth Report is the most comprehensive study of its kind and provides unparalleled insights into this sophisticated and global client segment. We believe that wealth concentration is one of the biggest risks facing UHNW individuals. The report finds that UHNW individuals have over two thirds of their wealth in their core businesses. We believe that this could expose UHNW individuals to many unintended risks and so we have been helping them address these concentration biases.

“UBS has one of the world’s largest dedicated teams whose focus is entirely on UHNW clients and we continue to strive to become a strong, effective and trustworthy partner to this valued clientele.” Simon Smiles added.

Barclays Makes Two Senior Hires to Its Wealth and Investment Management Team in Palm Beach

| For Alicia Miguel | 0 Comentarios

Barclays has announced the appointments of Josh Crossman and Ginny Neal as Directors and Investment Representatives for Wealth and Investment Management. Based in the Palm Beach office, they will be responsible for implementing Barclays’ global wealth management programs and for providing sophisticated alternative investment strategies to high net worth individuals, foundations, corporations, and not-for-profit organizations.

Mr. Crossman and Ms. Neal will report to John Cregan, Regional Manager for Palm Beach.

“We are very excited to have two talented investment professionals join our team in this rapidly growing region. Josh and Ginny both have the breadth of wealth management and investment expertise that our clients demand,” said Mr. Cregan. “Their appointments underscore our commitment to attracting the very best wealth advisors in order to deliver customized investment solutions that match the financial profiles and risk appetites of our high net worth clients.”

Mr. Crossman joins Barclays with 19 years of industry experience. Most recently, he was a Vice President at JP Morgan Chase & Co., where he was a Senior Leader on the Private Bank Ultra High Net Worth Investment Team. Prior to joining JP Morgan in 2010, Mr. Crossman was the Chief Investment Officer at Frontline Management AS, a family office. He began his career at Bear, Stearns & Co. in 1995.

Ms. Neal brings 15 years of both financial and legal experience to the firm. Prior to joining Barclays, she was a Senior Private Banker at JP Morgan Chase & Co., where she serviced ultra high net worth individuals and family offices. Before joining JP Morgan in 2010, Ms. Neal was General Counsel for GenSpring Family Offices, LLC. She began her career at Greenberg Traurig, PA in 1999.

With 12 offices in the US, Barclays Wealth and Investment Management provides comprehensive wealth management solutions to high net worth individuals and families. The firm focuses on providing highly customized investment solutions to clients in alignment with their long-term risk tolerance, personal aspirations, specific financial needs and personality.

The Multi-Family Office Channel Controls More Than US$700bn in the U.S.

| For Alicia Miguel | 0 Comentarios

According to new research from global analytics firm Cerulli Associates, the multi-family office channel controls more than $700 billion.

“We estimate that the multi-family office channel is comprised of more than 200 firms that control more than $700 billion,” states Donnie Ethier, associate director at Cerulli. “Traditionally, the growth has been influenced by the independent registered investment advisor (RIA) segment of the channel. While this is still true, the highly-debated commercial multi-family office segment, which is financially backed by banks, posted the greatest asset growth in 2013.”

“Despite the debate of whether or not these offices are genuine family offices, the high-end wealth management units are paying off for many of their parent banks,” adds Ethier.

“This sizing reflects the total assets controlled by their advisor forces,” Ethier explains. “Although multi-family offices undoubtedly focus on high-net-worth (HNW) and ultra-high-net-worth families (UHNW), many do have a mix of clients that do not meet Cerulli’s HNW criteria. These non-HNW assets are still a massive opportunity for third-party managers.”

In their High-Net-Worth and Ultra-High-Net-Worth Markets 2014: Addressing the Unique Needs of Wealthy Families report, Cerulli analyzes the U.S. HNW (investable assets greater than $5 million) and UHNW (investable assets greater than $20 million) marketplaces. The report focuses on the three constituencies of investors, providers, and asset managers.

“Many executives agree that the phrase ‘multi-family office’ has lost its allure because so many wealth managers use it to explain their services geared to wealthy investors,” Ethier continues. “This has generally watered down the term to a marketing scheme. Evaluating a multi-family office should be based on the practices’ high-touch services and DNA versus its assets under management.”

Cerulli believes that third-party management opportunities will only grow as additional RIAs move upmarket, qualifying for multi-family office status. More national and super regional banks and trust companies will likely follow suit and establish family-office practices of their own. Appeal will grow across the segments as the firm count and assets swell.