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Changing Face of Telecoms and Media — Risk or Opportunity?

The telecoms and media market is in a state of flux with convergence and consolidation reshaping the industry. Convergence comes as internet and voice traffic use the same channels, and the need to seamlessly transfer this data across networks in the most efficient way. Many wireless operators are discovering fibre in the ground is needed for this, while fibre operators are discovering the need for content to drive take up of data packages.

Consolidation comes from the need to reverse European Union (EU) policy that has created a fragmented European telecoms market. This landscape has left individual players with insufficient scale to invest in the new high speed data networks required for the latest generation of smartphones and their users. In media, the need for scale in international distribution has also driven a natural need for further geographical diversification.

The synergies generated in consolidation deals so far this year are typically positive for both shareholders and bondholders. Examples include Comcast’s $45bn purchase of Time Warner Cable, Liberty Global’s $14bn purchase of Ziggo and AT&T’s $67.1bn takeover of DirecTV.

Sometimes, anaggressively structured deal can offer bondholders mixed fortunes. Early in 2013, the bonds of Virgin Media fell sharply after Liberty Global announced it was purchasing the UK cable company. In this instance, holders of Virgin Media debt were adversely impacted as the combined entity had substantially higher leverage and the bonds were downgraded from investment grade to high yield status.

Conversely, new debt funding for merger and acquisition (M&A) activity has offered attractive entry points for strong credits with a clear deleveraging profile. Verizon’s record $49bn bond issuance in Q3 2013, to fund the $130bn purchase of Vodafone’s 45% stake in Verizon Wireless, is such an example.

Recent M&A activity has generally been driven by corporates, with most deals to date having clear economic logic that drives achievable synergies. Funding usually comes from a mix of high cash balances and cheap debt, often with an element of equity issuance to maintain a reasonable capital structure for the new entity.

In contrast to recent history, private equity are the clear M&A outsiders so far in this cycle. They have been unable to transact despite the low cost of credit to fund deals, given the high valuations of the firms under consideration and the struggle to achieve the same mutual benefits that the newly combined entities see in terms of lowering margins. That said, many private equity funds are cash rich and looking to deploy funds. Could a bout of aggressive behaviour from these funds stoke the M&A fire?

As a result of this shifting backdrop in the sector it is important to be mindful that not all consolidation is beneficial. Adequate fundamental research is required into the companies’ expected structures following the merger. However, opportunities do exist, and we are monitoring them with interest.

Article by Stephen Thariyan, Global Head of Credit, Henderson Global Investors

These are fund manager views at the time of writing and may differ from those of other Henderson fund managers. The information should not be construed as investment advice. Before entering into an investment agreement please consult a professional investment adviser

73% of Americans Abroad Consider Giving up Passport Due to New Tax Law

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73 per cent of Americans who live outside the U.S. are tempted to give up their U.S. passports in response to the introduction of FATCA (Foreign Account Tax Compliance Act), reveals a new survey by one of the world’s largest independent financial advisory organizations.

The findings come as Federal Register data shows that the number of Americans renouncing U.S. citizenship increased by 39 per cent in the three months to September after the new global tax law came into force.

In the global poll, deVere Group recently asked more than 400 of its American expatriate clients: ‘Would you consider voluntarily relinquishing your U.S. citizenship due to the impact of FATCA?’

Cumulatively, 73 per cent of respondents answered that they had ‘actively considered it’, ‘are thinking about it,’ or ‘have explored the options of it.’

16 per cent said they would not consider relinquishing their U.S. citizenship and 11 per cent did not know.

This is an increase of five percentage points from November when deVere Group, which has 80,000 mainly expatriate clients globally, conducted a similar survey.

Purportedly designed as a tool to counteract tax evasion, the Foreign Account Tax Compliance Act has resulted in additional reporting requirements for all U.S. citizens overseas. FATCA opponents argue that it will do little, if anything, to tackle the important international matter of tax evasion.

Nigel Green, founder and chief executive of deVere Group, comments: “It is alarming that nearly three quarters of Americans abroad said that they are going to or have thought about giving up their U.S. citizenship.

“Nationality, especially for an expatriate, is an incredibly important part of one’s identity and typically it’s a very emotional issue too. It is our experience that most Americans are extremely saddened at the prospect of giving up their U.S. citizenship to avoid the harsh implications of a new and utterly flawed tax law.

“However, it should come as little surprise that such a high number are prepared to do so because FATCA’s reporting requirements are excessively onerous, burdensome and expensive. Also many non-U.S. banks and other financial institutions will no longer work with Americans which can make living outside the U.S. achingly complicated.”

With most Americans telling deVere Group that they are loathed to give up their passports, Nigel Green urges them to speak to a financial advisor in the first instance.

He says: “Americans abroad who are being adversely affected by FATCA should explore all the available options to them to mitigate the absurd tax law’s effects with an independent financial advisor with cross border experience before renouncing their citizenship.

“This is especially important as there are certain established federal regulations aimed at discouraging Americans from renouncing their citizenship for tax reasons.

“There are now many vehicles that U.S. expatriates can use to significantly reduce the impact of FATCA, including supplementary overseas pension plans.”

There are an estimated 7.6 million Americans living overseas.

This latest deVere Group survey, carried out in September 2014, polled 416 Americans.

Natixis Global Asset Management to purchase NexGen Financial

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Natixis Global Asset Management has announced that it has entered into an agreement to acquire all of the outstanding common shares of NexGen Financial Corporation. NexGen is a Toronto-based asset manager with more than CA$919 million (as of Sept. 30, 2014) in assets under management and a broad distribution platform.

“NexGen is an innovative firm with a strong management team and a solid lineup of retail mutual funds offered through an expansive distribution platform,” said John Hailer, chief executive officer of Natixis in the Americas and Asia. “We are honored to build on the legacy James Hunter established in one of the largest retail markets in the world. Together with NexGen, we will be better positioned to serve the market with our worldwide network of affiliated investment managers.”

Natixis plans to build upon NexGen’s existing mutual fund platform by selectively offering its broad range of asset management strategies into the Canadian retail market.

“We are very pleased to join one of the world’s leading asset managers,” said Abe Goenka, NexGen co-CEO. “It’s exciting to become part of an organization with significant resources and an outstanding group of affiliated asset managers. This gives us greater access to a broad set of investment strategies that will allow us to create new products adding to our already diverse fund offerings, allowing us to better serve current clients and pursue new opportunities.”

Expanding into Canada is part of Natixis’ strategic plan to actively pursue international growth. In June, the firm announced plans to launch a new business development initiative in Canada focused on tapping into the steadily growing Canadian institutional market. In 2013, the firm established its retail platform in the UK, adding personnel and launching several mutual funds registered for the UK.

NexGen is recognized for offering tax-efficient wealth management strategies. Their patent pending proprietary mutual fund structure is designed to achieve a number of tax planning objectives that are not publicly offered by any other Canadian mutual fund company. The firm distributes through more than 1,600 financial advisors and more than 100 dealers throughout Canada.

In keeping with the Natixis multi-affiliate business model, NexGen will operate autonomously with the existing senior management team. There are no immediate plans to make staffing changes or changes to their business model.

Completion of the transaction is subject to customary closing conditions, including Ontario court approvals, a favorable vote of at least two-thirds of the votes cast by NexGen shareholders and applicable regulatory approvals.

Financial Advisors Remain Bullish on Emerging Markets, Despite Headwinds

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Foto: Jay, Flickr, Creative Commons. El estilo de inversión de Jupiter AM en emergentes europeos

Despite ongoing geopolitical turmoil across a range of developing countries and the impending hike in U.S. interest rates that is expected to slow growth in emerging markets, financial advisors remain bullish on emerging markets.

According to a survey of more than 100 financial advisors, registered investment advisors (RIAs) and other investment industry experts, conducted by Aberdeen Asset Management at the Financial Planning Association (FPA) Annual Conference in late-September, sentiment remains positive on both emerging market stocks and bonds over the next 12 months. The vast majority of respondents (88 percent) indicated they have not reduced their clients’ exposure to emerging markets because of recent political turmoil in Eastern Europe, the Middle East and elsewhere.

When presented with a range of asset classes, 41 percent of those surveyed state they are most likely to increase allocations to emerging market equities over the next 12 months. This was higher than U.S. equities (31 percent), alternatives (14 percent) and non-U.S. international developed market equities (14 percent).

“Although recent headlines can cause worry for the markets, advisors recognize that an allocation to emerging market equities over a long period of time is an important component of any growth portfolio,” said Devan Kaloo, Head of Global Emerging Markets at Aberdeen Asset Management, whose team manages a number of Aberdeen’s closed-end funds including the Aberdeen Emerging Markets Smaller Company Opportunities Fund, Inc. “We believe that emerging market policy makers have learned from past crises and used their experience to strengthen strategies and governance standards.” Kaloo adds, “We believe that closed-end funds represent one of the best ways to invest in emerging markets as their assets can be nimbly deployed to potential opportunities in thinly traded markets.”

Similar to emerging market equities, advisors expect emerging market bonds to offer the most attractive risk adjusted returns over the next 12 months as compared to other asset classes. Nearly 40 percent (38 percent) favor emerging market bonds. This compares to U.S. high-yield bonds (24 percent), U.S. investment grade corporate bonds (23 percent) and international developed market bonds (15 percent).

The survey also found that 60 percent of advisors consider risk tolerance the most important factor when evaluating investment options for clients, to ensure that investors have a realistic understanding of their ability to tolerate large swings in the market. Other important factors considered by advisors when determining asset selection include clients’ investment time horizon (32 percent) and fund expenses and fees (8 percent).

Luxembourg Reaches Record Assets under Management of over 3 Trillion Euros

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The Association of the Luxembourg Fund Industry (ALFI) announces that assets under management of Luxembourg domiciled funds reached euros 3,006.76 billion at the end of September 2014. This represents a 14.97% increase since the beginning of this year and is mainly due to net sales.

Marc Saluzzi, Chairman of ALFI, explains: “Assets under management have steadily increased since September 2013, and whilst with volatile markets assets under management actually may drop, it is encouraging both that investors have confidence in investment funds generally and that fund promoters continue to choose Luxembourg as a domicile.

He continues: “Luxembourg remains the most prominent international fund distribution platform in the world, with some 100 new fund promoters from all over the world choosing Luxembourg every year to domicile their funds and distribute them from here to more than 70 countries.”

Luxembourg has been the largest investment fund centre in Europe and the second largest in the world since 2005, serving as a domicile for 3900 funds.

Explaining the success of Luxembourg as a domicile for cross-border funds, Mr Saluzzi says: “A number of elements have contributed to this:

“First, Luxembourg’s focus has always been on the cross-border distribution of funds, which means that it has developed an expertise in the international, cross-border fund business which does not exist elsewhere. Today, regulators, investors and fund managers around the world therefore know and recognise a Luxembourg fund as a high quality product. The high-level promotion programme that ALFI has run since 2005 has built this reputation and ensures that it is maintained.

“Second, we have a large array of investment vehicles and legal structures to suit investors and fund promoters from around the world. Legal structures can be adapted to each project, i.e. for retail as for institutional clients, for ‘plain vanilla’ as for alternative products. We have a knowledgeable and pragmatic regulator, who is a key player in the development of the investment fund sector.

“Last, we have a comprehensive market infrastructure, with all the elements in the investment fund value chain, from service providers to fund administrators to depositary banks, etc., available in Luxembourg. We currently see strong growth and specialisation in the areas of distribution support, riskmanagement and compliance, which constitute a further strong backbone of our fund centre for the future. We furthermore enjoy strong and continuing support from the Government to further grow this infrastructure.”

Mr Saluzzi concluded: “Whilst the increase in assets under management in Luxembourg is good news for Luxembourg, it is also good news for the UCITS brand and the European funds industry as a whole. It is a clear indication that consumers are recognising the importance of funds generally, and UCITS funds specifically, in providing for their financial future. Our objective now is to help make AIFM an equally successful global brand in the years to come.”

MFS Advice for the Next Couple of Months: Avoid the Market’s Black Diamonds

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James Swanson, Chief Investment Strategist at MFS, has been talking about a backdrop of improving fundamentals, particularly for the US business cycle. “We’ve seen unemployment claims falling and new job growth across a broad range of sectors, capital expenditures and the US export share rising, tax collections going up and the federal deficit shrinking, while consumer behavior has held steady”.

Last week we received new pieces of information that cast a cloud upon that relatively sunny outlook. In his latest commentary, posted in his blog “On The Lookout”, James Swanson comments on this data:

Warning shots

First, September retail sales were down across the board — even auto sales — without an explanation. Second, the Empire State Index for manufacturing in the New York region reversed dramatically, the latest evidence of weaker numbers from the production side of the US economy. I would say these are warning shots.

Yet the day after those reports, the four-week average of jobless insurance claims fell to levels not seen since June 2000, and industrial production surprised on the upside, driving capacity utilization toward 80%, which is considered “full capacity.” To cap the week, consumer sentiment rose to a new high. Let’s think about what’s going on.

One reason for falling retail sales could be a mini-cycle within the consumer sector, as we’ve seen before during this extended recovery. But with new workers being hired and some signs of higher wages, that seems a bit implausible to me. We cannot conclude from this one report that the US expansion is starting to decay.

Other concerns do knock on the door of the cycle, however. Europe is teetering on recession and China’s troubles continue to capture the headlines. Whether justified or not, fears about the Ebola virus outbreak could hurt business activity, especially now that several cases have been reported in Texas. And there are geopolitical worries, including the Islamic State militants moving into Baghdad and the sanctions against Russia likely taking a toll on the German economy.

On the bright side, earnings season has started, and so far the third-quarter reports have been coming in better than expected. Normally, in an environment with such positive fundamentals, I would focus on the ongoing trend of earnings growth.

Right now, however, we have other sources of uncertainty, and these might be more difficult to model. It may be time to take a step back.

Ski season

I’m a skier, so for investors with new money I’ll use an analogy that other skiers can appreciate. During this cycle, I believe we’ll get to the top of the mountain. We’re not there yet, but the symptoms of altitude sickness are already showing up. I’m beginning to notice the signs of vertigo — the dizziness, disorientation and uncertainty that many of us experience at such heights.

In this situation, I suggest that new skiers avoid going down the expert black diamond slopes, even the intermediate blues or reds. For the next month or two, until we get more information, stay on the greens where you feel comfortable, along with the other cruisers.

Ultimately, I believe the US business cycle will triumph because the overall fundamentals are still so powerful. Cash flows are rising and interest rates are falling. We now have a 10-year Treasury yield close to 2%. While this could be a signal of slower growth, it also means that the cost of capital is lower, which is a benefit.

Oil and gasoline prices continue to drop, another boon for consumers and producers, while the US dollar has been rising. Though this may turn out to be temporary, the evidence throughout recent history is that a stronger dollar has helped the US consumer by driving down energy costs and some commodity prices.

In the meantime, there are reasons for the latest spate of softness, and I think we have to take these concerns seriously.

Azimut Completes the Acquisition of Stakes in Mexico’s Mas Fondos and Turkey’s Notus

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This week Azimut, Italy’s leading independent asset manager, completed the acquisition of a 70% stake in Notus Portfoy Yonetimi, a Turkish independent asset management company, and an 82.14% stake in Profie, a Mexican holding company controlling the entire equity capital of Más Fondos.

Más Fondos, third party asset management distribution in Mexico

Más Fondos is Mexico’s largest pure independent asset management distribution company. Más Fondos distributes third party products and has assets under custody equal to Ps$ 6.3bn (equivalent to US$ 470mn) as at 30th September 2014.

As announced on June 17, 2014, Más Fondos, founded in 2002 by a group of two Mexican corporations and the current management team with extensive experience in the Mexican financial industry, distributes, throughout 12 local mutual fund houses, over 140 third party funds with a market share of 10% as of September 2014. Currently, Más Fondos has around 20,000 accounts and more than 4,100 active clients, with presence in Mexico City and 4 other major cities in the country.

Azimut, through AZ International Holdings S.A., purchased from its existing shareholders 82.14% of Profie S.A. for around € 6mn while the minority stake will be retained by the managers.

Lastly, Azimut and Más Fondos’ current management team have agreed to cooperate to grow the business in Mexico over the medium-long term and, to this end, to subscribe a capital increase for around € 2mn to finance the business plan. This agreement also provides for call/put option rights that enable Azimut to increase its participation up to 100% of the share capital.

Pietro Giuliani, Chairman and CEO of Azimut Holding, comments that “We are very satisfied with the closing of this transaction that enables us to work with a strong partner in a growing market. The solid distribution model of Más Fondos allows us to increase our presence in Latin America and continue with our international expansion on which we are working on”.

Notus, Turkish independent asset manager

Notus had TL 156mn under management (equivalent to US$ 68mn) as at 30th September 2014. With this transaction, Azimut increases its distribution capabilities in Turkey where it operates through AZ Global Portfoy, which reached a 17% market share as of September 2014 amongst independent players in the asset management industry.

As announced on March 17, 2014, Notus was established in 2011 by 3 partners each with over 25 years of experience in the Turkish and European financial industry. The company manages discretionary portfolio mandates for 45 individual and corporate clients ensuring diversified and efficient asset allocation plans across local and international markets. In addition, Notus is the manager of 2 local mutual funds with balanced strategies focusing on local fixed income and equities.

The transaction entails an acquisition from the founding partners (for a cash consideration of around € 1.5mn including the company’s cash position) and the subscription of a capital increase (for around € 0.8mn) to finance the business plan.

Pietro Giuliani, Chairman and CEO of Azimut Holding, comments: “With this transaction we reach a 21% market share amongst independent asset managers in Turkey, an important result which enables us to focus on both the AZ Global asset management capabilities as well as the Notus distribution competencies, with the objective of becoming the leading player in the independent asset management market”.

State Street Global Advisors Appoints Chief Portfolio Strategist

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State Street Global Advisors (SSGA), the asset management business of State Street Corporation, has announced the appointment of Lori Heinel, CFA, as chief portfolio strategist. In this newly created position, Heinel will oversee a global team of 20 investment professionals dedicated to communicating information about investment strategies and solutions to prospects, clients and consultants.

“Lori brings a strong blend of client and investment knowledge to the position and her varied experience has given her a keen understanding of the intricacies and distinct needs of a wide range of clients,” said Rick Lacaille, global chief investment officer at SSGA. “This breadth of knowledge will help ensure that we continue to deliver solutions and services to clients that are expressly targeted to meet their specific needs and objectives.”

A 30-year industry veteran, Heinel most recently served as chief investment strategist for OppenheimerFunds, Inc., where she oversaw product management, product development and investment thought leadership. Prior to joining OpenheimerFunds, she was head of investment solutions for Citi Private Bank, where she led a team responsible for working with ultra-high net worth clients, family offices, private foundations and institutional clients to develop customized investment strategies. Before Citi, Heinel led the global investment products group at SEI Investments. She began her career as an investment banking analyst and trader for Credit Suisse First Boston.

“SSGA has built a well-earned reputation for investment prowess and exceptional client service, and I’m thrilled to be at the nexus of both,” said Heinel. “I look forward to working with the firm’s talented investment and client service professionals as we continue to help clients navigate the markets and strive for successful investment outcomes.”

Bessemer Trust Enters Houston Market

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Bessemer Trust, an independently owned wealth management firm, has announced that Houston, the nation’s fourth largest city, is now home to Bessemer’s 17^th office in the U.S. and the second in Texas.

“Bessemer has worked with clients in Houston and the surrounding areas for many years,” said Bessemer Trust CEO Marc Stern. “As our relationships broadened and our work with the trust and estate, tax, and legal communities grew, it made sense to establish a physical presence here,” he said. “We are very excited to strengthen our ties with this great city.”

Founded in 1907 by Henry Phipps, the co-founder of Carnegie Steel, Bessemer Trust is focused exclusively on preserving and enhancing the wealth of its clients. The company helps its clients create long-term wealth plans that integrate investment management with tax strategies, generational planning, and more. With a platform in which owners, employees, and clients are invested side by side, the privately owned firm oversees $97.5 billion for more than 2,200 clients.

Jim Chandler, managing director and head of the Houston office, is responsible for overseeing client relationships and leading Bessemer’s local team of professionals. Mr. Chandler has more than 30 years of investment and wealth management experience working with ultra-high-net-worth families and institutions. He comes to Houston from Bessemer’s Washington, D.C. office, where he was a managing director and senior client advisor.

Kevin Bourke, senior vice president and wealth advisor for Bessemer, is also based in the Houston office. He is responsible for business development and client relationships in Texas and throughout the Southwest. Mr. Bourke has been with Bessemer for three years, and has more than a decade of experience working with ultra-high-net-worth clients.

Mr. Chandler and Mr. Bourke are joined in Houston by David Parker, a well-known oil and gas asset management expert, as senior vice president and head of oil and gas advisory. Mr. Parker has worked in Houston for almost 35 years, and has over 30 years of experience in the energy industry working with both producers and landowners. He joins Bessemer from Northern Trust, where he was a senior vice president.

“We are excited to be building a great team in Houston with people who understand the issues that matter most when dealing with the complexities of wealth,” said David Bunce, Bessemer‘s central and southern region head. “I am looking forward to expanding our presence in the Houston area, and getting to know other families in the area who would benefit from our wealth-management capabilities.”

Think You Know An Expat?

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Expats in Switzerland and New Zealand may be having it best according to a new global study out today from HSBC Expat, but, as the survey points out, expatriate life in the US is far from gloomy.

“There are a great many decisions involved in making the move abroad, ranging from consideration of finances and managing money, right through to integrating into the local community and arranging childcare”, according to Andrew Ireland, EVP and Head of Premier Banking, HSBC Bank USA, N.A.

The Expat Explorer survey is one of the largest global expat studies. This year, nearly 9,300 expats from around the world, including over 500 based in the US, shared their views on quality of life, financial wellbeing and the ease of raising a family abroad. The results show that while Switzerland emerges as the world’s favourite overall expat destination and New Zealand is viewed as the best place to raise a family, the United States continues to prove its worth as an expat hotspot in several important areas.

Educational advantages – majority opt for a state education

For those expats with a family, the US education system adds to the country’s appeal. Over three quarters (78%) of expat parents are opting to state educate their children compared with the global average of 37%
Half of expat parents additionally rank the US in their top three best countries for schooling

Economic benefits – saving for retirement locally

For older expats, a mature economy appears to be one reason for the ongoing popularity of the US, with a large proportion opting to keep the majority of their retirement provisions inside the country (65% compared with the global average of 41%)

Integration made easy – three quarters find US assimilation ‘easy’

The US rates highly among expats for ease of integration, ranking among the top 10 countries in the study. 73% of respondents said that they found it easy to assimilate in to the local community (compared with the global average of 65%)
Close to two-thirds (65%) also commented on the ease with which they were able to find accommodation (compared with the global average of 54%)

Once settled, most expats are here to stay

Once in the US most expats put down roots, with seven in ten (71%) expressing an intention to remain in the country (compared with the global average of 61%)

Ireland continued: “This year’s Expat Explorer league table shows that there are many countries that offer a good balance, providing expats with a rewarding and exciting experience, including the United States. Expats can view the full results by visiting the Expat Explorer interactive tool, where they can discover more about where they live now as well as find inspiration for the future.”

To view the complete report, visit: http://www.expatexplorer.hsbc.com