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Tracey Brophy Warson Named Head of Citi Private Bank in North America

Citi Private Bank announced that Tracey Brophy Warson has been named Head of Citi Private Bank in North America. Ms. Warson succeeds Peter Charrington, who was recently named Global Head of Citi Private Bank. Ms. Warson will report to Mr. Charrington and be based in New York. She will be a member of the Private Bank Global Leadership Team.

“Since joining Citi Private Bank in 2010, Tracey has done a remarkable job growing our footprint on the West Coast. Since that time, she has significantly increased revenues and AUMs and built an exceptional team of private bankers and specialists who are doing a superb job serving the fast growing number of ultra high net worth clients in that market,” said Mr. Charrington. “We are excited by this appointment and look forward to her leadership in North America.“

Ms. Warson has nearly 30 years of experience working with ultra high net worth individuals, families and institutions. She was most recently Western Region Market Manager for Citi Private Bank in North America. In this role she oversaw ultra high net worth banking offices in Beverly Hills, Los Angeles, Orange County, Palo Alto, San Francisco, Phoenix and Seattle. Before joining Citi, Ms. Warson served as West Division Executive for US Trust, Bank of America Private Wealth Management where she built and ran the Western Region. Prior to joining US Trust she was Executive Vice President and Regional Managing Director of Private Client Services at Wells Fargo Private Bank. In this role she was responsible for Wells Fargo’s investment management, trust, private banking, wealth planning and brokerage businesses in the Bay Area. Previously Ms. Warson served as an Executive Vice President and Head of Sales and Distribution for Wells Fargo’s foreign exchange and financial risk management businesses nationally. Ms. Warson worked in the investment banking division of Citi in Los Angeles and started her career in banking as an International Banking Officer at Toyo Trust & Banking Company in Los Angeles.

Ms. Warson earned her BA in Business Administration and French from the University of Minnesota. She also completed a fellowship at the Université de Tours, in Tours, France. Ms. Warson has repeatedly been named one of “The Most Influential Women in Bay Area Business” by the San Francisco Business Times.

Population and Wealth of U.S. High Net Worth Individuals Reaches Record Levels

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A continued economic recovery, strong equity market performance, rising real estate values, and an “energy renaissance” that pushed U.S. oil production to its highest levels in over 20 years, boosted the population and wealth of High Net Worth Individuals (HNWIs) in the U.S. to record levels in 2013, according to the U.S. Wealth Report 2014 released by Capgemini and RBC Wealth Management.

The population of U.S. HNWIs jumped 17 percent to 4 million and their investable wealth by 18 percent to reach $13.9 trillion. Growth rates of both the HNWI population and HNWI wealth in the U.S. exceed the global averages of 15 percent and 14 percent respectively.

“Steady GDP growth, reduced unemployment, a falling deficit, and an energy renaissance boosted investor confidence and energized risk appetites in 2013,” said John Taft, Chief Executive Officer, RBC Wealth Management – U.S. “These factors contributed to record wealth levels in the U.S. Over the last five years, some of the strongest growth in wealth occurred in the energy and technology-centric cities of Dallas, Houston and San Jose, indicating that a broader mix of geographies and industries is driving wealth creation in the U.S.”

Twelve cities are home to the majority of U.S. HNWIs

Growth in U.S. HNWI wealth was driven by the top 12 cities by HNWI population – New York, Los Angeles, Chicago, Washington D.C., San Francisco, Boston, Philadelphia, Houston, San Jose, Dallas, Detroit, and Seattle – which are home to more than two-thirds (69 percent) of U.S. HNWIs and three-quarters (75 percent) of U.S. HNWI wealth.

While New York still reigns, holding almost three times more HNWIs (at 894,000) and wealth ($3.2 trillion) than second-ranked Los Angeles (at 330,000; $1.2 trillion), it recorded the second lowest growth rate (12 percent) in HNWI population of the top 12 MSAs, ranking only slightly higher than Detroit (11 percent).

Tech and energy-centric cities increasingly leading HNWI population and wealth growth

The Texas cities of Dallas and Houston were stand-outs, leading in both HNWI population growth – at 20 percent and 18 percent respectively – and wealth growth, at 24 percent and 22 percent respectively. In fact, Dallas entered into the top 10 HNWI population centers for the first time, edging out Detroit.

While HNWI wealth remains mostly concentrated along the East and West coasts, the report notes that, between 2008-2013, three of the four fastest-growing cities in HNWI population and wealth have been those with ties to energy – in the case of Dallas and Houston, and technology – in the case of San Jose, pointing to a new pattern of HNWI wealth creation in the U.S.

Greater risk-taking supported by surging trust in wealth industry

According to the report’s Global HNW Insights Survey, U.S. HNWIs’ trust in all aspects of the wealth management industry surged by double-digit rates between early 2013 and early 2014. Trust in wealth managers and firms increased 12 percentage points each to 84 percent and 87 percent respectively, putting U.S. HNWIs well above their peers in the rest of the world (71 percent and 72 percent respectively).

Increased trust supported a greater appetite for risk, with allocations to alternative investments up by four percentage points to 13 percent of portfolios, while equity allocations remained the highest across the globe at one-third of portfolios (and up to 41 percent in Washington D.C., highest in the U.S.). U.S. HNWIs were also more inclined to invest beyond North American borders, with their international allocations up to 33 percent in early 2014 from only 20 percent of portfolios a year earlier. This trend was particularly driven by HNWIs aged under 40 who invested 53 percent of their wealth in foreign markets.

Despite increased trust in wealth managers, HNWIs’ assessment of wealth manager performance dropped by six percentage points to 73 percent, though remains much higher than the rest of the world average of 59 percent. Declining scores signal opportunities for firms to reposition their offerings to meet specific HNWI preferences, especially for HNWIs under 40 versus their counterparts aged 60 and over.

Younger HNWIs are more likely to classify their needs as complex (38 percent vs. nine percent), seek family wealth advice (35 percent vs. 13 percent) and demand digital (internet, mobile, email) contact over direct personal contact (39 percent vs. 15 percent). Given the strong preference for digital interactions, wealth management firms will need to take proactive steps to meet increasing demands in this area.

“There is great opportunity for wealth management firms to reposition and strengthen their offerings in response to declining performance scores,”said Jean Lassignardie, Chief Sales and Marketing Officer, Capgemini Financial Services. “One way to respond to clients is by developing an integrated channel experience that not only maintains their wealth manager relationship but enhances it through digital enablement.”

As U.S. HNWIs expressed a pronounced preference to work with a single firm (54 percent vs. 11 percent multiple firms), firms that work with them will need to continue to deliver against the specific needs of their clients to drive high satisfaction levels.

Younger and female HNWIs could signal shift in causes supported by U.S. wealth

Making a positive impact on society through investing time, money or expertise is important to the vast majority (88 percent) of U.S. HNWIs and extremely or very important to 56 percent. HNWIs under 40 are particularly focused on driving social impact, with 81 percent citing driving social impact as extremely or very important.

Younger HNWIs also favor different causes than their older peers (aged 60 and over), citing social programs, race relations, gender inequality, energy security and unemployment as their top five priorities, while their older counterparts favor child welfare, education, and health. Given the rising wealth among younger HNWIs, there could be a shift in the types of social issues that get the most attention in the U.S. moving forward.

Female HNWIs are likely to have a greater influence on driving social impact going forward. As with younger HNWIs, female HNWIs place great value on driving social impact, with 62 percent citing it as extremely or very important, compared to 50 percent of male HNWIs.

View the report at this link.

Guggenheim Partners Hires Securities Executive Gerald A. Donini

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Guggenheim Partners has announced the hiring of Gerald A. Donini as a Senior Managing Director. Mr. Donini will work closely with senior management to identify and develop business opportunities for the firm.

“We are pleased to welcome Jerry to our team,” said Alan Schwartz, Executive Chairman of Guggenheim Partners and CEO of Guggenheim Securities. “Jerry’s reputation as a leader and his expertise in building markets platforms will enhance our ability to scale our businesses. Moreover, Jerry is a perfect fit with our team-oriented culture.”

“I am excited about the business that Alan and the team at Guggenheim are building,” Mr. Donini said. “In a short time, Guggenheim has emerged as a highly respected partner known for its client service and differentiated approach within the securities industry. That recognition and trust from the clients provide us with a great foundation to move forward.”

Mr. Donini was most recently the Chief Operating Officer of Barclays Global Corporate and Investment Banking. Prior to that, he served as the Global Head of Equities at both Lehman Brothers and Barclays. Mr. Donini served on both firms’ Executive Committees.

He graduated with a B.A. in Economics from Brown University.

Flows Should Prove Supportive for Emerging Market Debt

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Outflows from emerging market debt during the 2013-2014 correction amounted to a significant US$31 billion. In the subsequent months, Investec AM has been encouraged by sustained inflows into the asset class as investors re-engaged with the asset class, attracted by the higher yields on offer. Certainly Investec’s own investor base has added to their holdings on average and new institutional clients have entered the asset class over the past year.

The period of continuous inflows came to an end in August, with some outflows from hard currency debt. According to the asset manager, this is entirely healthy – the asset class had performed well and some profit taking was inevitable – and it is likely there will be more two way movements in flows in the coming months.

While Investec AM does not expect 2015 industry net flows to reach the heady $40 to 80 billion levels, they do expect a gradual improvement. Given the scale of the 2013-2014 sell-off, the asset manager still views overall positioning as relatively light and expects supportive flows from institutional investors, particularly in the US, who are expected to address their under-allocation to the asset class. The broader reform agenda across many emerging markets should also help to sustain positive investor sentiment and encourage flows into emerging markets assets.

You may access the full report by Investec AM through this link.

Marathon Asset Management Appoints Diego Gradowczyk as New Co-Head of Emerging Markets

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Marathon Asset Management, a New York-based global investment advisor overseeing approximately $12.5 billion in assets, has announced that Diego Gradowczyk, former Head of Emerging Markets Trading at Barclays Plc, has joined the firm as a Senior Managing Director and co-Head of Emerging Markets. In his new role, Gradowczyk will co-run the firm’s emerging markets group with Partner and group co-Lead, Gabriel Szpigiel and be a member of the firm’s executive committee. Marathon also announced that it has added Andrew Szmulewicz, a former Executive Director at J.P. Morgan Chase in the Global Index Research Group, to its emerging markets team.

A focus of the firm since its inception in 1998, Marathon’s Emerging Markets Group is comprised of a highly experienced global team of professionals in the firm’s New York, London and Singapore offices. The group takes an opportunistic, flexible approach to capitalize on the wide array of opportunities available across the different emerging market geographies, including Latin America, Eastern Europe and Asia.

“Emerging markets is one of our core competences and main strategic areas of focus,” said Louis Hanover, co-Managing Partner and Chief Investment Officer for Marathon Asset Management. “We are highly committed to continually looking for ways to strengthen this team to provide our clients with best-in-class investment opportunities. Adding these two extremely accomplished individuals is a testament to this promise and will help us ensure we continue to deliver cutting-edge investment ideas in this space.”

“We are very excited to announce the addition of Diego and Andrew, two very high-caliber investment professionals, to our emerging markets team,” said Gabriel Szpigiel, Partner and Co-Head of Emerging Markets for Marathon Asset Management. “Together, they will help us increase our franchise and investing capabilities in these geographical regions. We look forward to integrating Diego and Andrew into our team and working with them to grow our business.”

Gradowczyk added: “This is an amazing opportunity and I am extremely honored to join a world class firm like Marathon Asset Management. Right now is an exciting time in emerging markets and I am greatly looking forward to working together with Gabriel and the rest of the team to help grow the firm’s emerging markets business.”

With more than two decades of experience working in the space, Gradowczyk brings a tremendous amount of emerging markets investing experience to Marathon. After joining Barclays in 2001, he ran the firm’s Emerging Markets Trading desk for nearly ten years. Prior to Barclays, Gradowczyk was a partner and portfolio manager at Compass Group, a New York-based investment management firm focused on emerging markets.

Szmulewicz previously worked in J.P. Morgan Chase’s Global Index Research group, where he contributed to many of the firm’s emerging market indices, including being a key contributor to the CEMBI index.

Barclays appoints Akshaya Bhargava as Chief Executive of Wealth and Investment Management

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Barclays has today announced that Akshaya Bhargava has been appointed as Chief Executive of Wealth and Investment Management. He will join Barclays on 13 October 2014.

With over 35 years’ experience in the financial services industry, Akshaya joins from InfraHedge which he founded in 2010 and was acquired by State Street Corporation at the end of 2013. Prior to this he was CEO of Butterfield Fulcrum Group and founding CEO of Infosys BPO. He spent 22 years at Citibank, leading teams in London, India and the Czech Republic.

Announcing the appointment, Ashok Vaswani, Chief Executive of Barclays Personal and Corporate Banking, said:

“I’m delighted that Akshaya is joining to lead our Wealth and Investment Management business. Akshaya brings with him deep management experience and a strong track record of business development and growth. Appointing Akshaya, with his breadth of global financial services knowledge and experience in creating bespoke investment platforms, is a significant coup for the business.

“The wealth management industry is evolving and clients’ needs are changing. A leader who can drive success through transformational times and harness new technologies to enhance the client experience will help to position Barclays at the forefront of this industry revolution.”

Akshaya Bhargava, Chief Executive, Barclays Wealth and Investment Management, said:

“Barclays Wealth and Investment Management is well placed to deliver a market leading set of global banking and investment solutions to high net worth clients. This is an exciting time to be joining Barclays and I feel privileged to be taking charge of the next chapter in the growth and evolution of the business.”

Akshaya began his career at Citibank in India in Operations and Relationship Management roles before moving into Transaction Services, based out of London. He was Chairman and Country Manager of Citibank in the Czech Republic for four years, before heading back to London as Global Product Management Head for Small Business Banking.

After 22 years with Citibank, he was approached by Infosys to set up a Business Process Outsourcing offering in India. He led the business from a start up to No 7 rank in the industry in four years by focusing on the more complex and high value segment of the market. After Infosys absorbed the business in 2006, he took on the CEO role for the hedge fund administrator Butterfield Fulcrum. He saw the business through the financial crisis, restructuring it into a profitable business. In 2010 he set up InfraHedge, a hedge fund managed account platform, which was acquired by State Street Corporation at the end of 2013.

Akshaya graduated in India with a BA in Economics and MBA in Finance and Marketing. At State Street Bank he holds the following 3 active authorisations from the FCA – CF1 (Director), CF3 (Chief Executive) and CF30 (Customer).

CONSAR Approves the Funding of the Mandate Awarded by Afore Banamex to Pioneer Investments

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La Consar aprueba el fondeo del mandato otorgado por Afore Banamex a Pioneer Investments — . CONSAR Approves the Funding of the Mandate Awarded by Afore Banamex to Pioneer Investments

CONSAR, the Mexican regulatory authority for pension funds, has given the green light to the funding of US$400mn for the European equity mandate which Afore Banamex awarded to Pioneer Investments in October 2013. The total amount of the mandate, which was also awarded to BlackRock, BNP Paribas, Franklin Templeton, and Schroders, is for US$1bn. As Gustavo Lozano, director of Pioneer Investments in Mexico, confirmed to Fund Pro, the contract between the asset management company and the Afore will be signed this week.

Pioneer Investments is the second firm which obtains the funding of a mandate, after the two Afore Banamex mandates awarded to Schroders, in global and European equities, which have been funded already.

Meanwhile, in a telephone conversation with Funds Society, Gustavo Lozano expressed his great satisfaction at having received authorization for this mandate by the regulator as “that means that a Mexican Afore now has two managers,” adding that “in two to three weeks, once the contract is signed, the transfer of funds will occur.”

CONSAR’s president, Carlos Ramirez Fuentes, has reaffirmed an opinion which he has already stated on other occasions, that the mandates are an important vehicle for diversifying the management of Afore’s assets, but that the process should be more streamlined. In this case, although the mandate was awarded a year ago, they have been unable to fund it until now, so a very significant part of the rally experienced by European equities has been missed. Gustavo Lozano commented to Funds Society in this regard that all parties involved “have learnt a lot from this process and are working in conjunction with authorities, the different funds, and the asset management firms so that these investment projects become more agile and may be funded within a maximum period of six months from time of awarding.”

As was disclosed to Funds Society, certain constraints and problems posed by State Street, the mandate’s trustee and liquidator, have been the main cause of the delay in this particular case. Pioneer Investment was also awarded a global equities mandate by Afore Sura totaling US$700mn, for which BlackRock, Investec AM, and Morgan Stanley Investment Management were also selected.

Julius Baer Becomes Exclusive Global Partner of New FIA Formula E Championship

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Julius Baer is the exclusive Global Partner of the new FIA Formula E Championship, the world’s first fully-electric racing series. The inaugural championship, which starts in Beijing on 13 September 2014, includes 10 races in major cities around the globe. For Julius Baer, Formula E with its visionary approach and global reach is an ideal sponsorship platform as it stands for many values Julius Baer shares, such as innovation, sustainability and forward-looking pioneering spirit. The Bank will leverage the sponsorship for high-class client events and a wide range of marketing activities.

The FIA Formula E Championship is the world’s first fully-electric racing series, created by the International Automobile Federation FIA. It represents a vision for the future of the motor industry over the coming decades, serving as a framework for research and development around the electric vehicle, accelerating general interest in these cars and promoting sustainable and innovative technologies.

From September 2014 to June 2015, the championship will compete in the centre of 10 of the world’s leading cities – including Beijing, London, Berlin, Monte Carlo and Buenos Aires – racing around their iconic landmarks. For the inaugural season, 10 teams, each with two drivers, will go head-to-head, including among others former Formula 1 drivers Lucas di Grassi, Nick Heidfeld, Jarno Trulli, Sébastien Buemi, Nelson Piquet Jr and Bruno Senna as well as two female drivers, Michela Cerruti and Katherine Legge. There will be both a drivers’ and a teams’ championship.

All Formula E races will be one-day events on city-centre circuits with practice, qualifying and the race taking place on a single day in order to minimise disruption to the host city. The races will begin by standing start and last for approximately one hour with drivers making one mandatory pit stop in order to change cars. The cars have a maximum speed of 225 km/h and are at top speed slightly louder than an ordinary car.

Starting with the first race in Beijing on 13 September 2014, Julius Baer will be the exclusive Global Partner of Formula E. Its logo will be prominently shown both on the cars and on the race tracks. For the Bank, Formula E with its visionary approach and global reach is an ideal sponsorship platform as the new race series stands for many values Julius Baer shares, such as innovation, sustainability and forward-looking pioneering spirit.

“We are excited to support the FIA Formula E Championship as its exclusive Global Partner. This gives us the unique opportunity to get involved in the world’s first fully-electric racing series which fosters innovation towards more sustainable means of transport. Formula E provides us with a first-rate global platform to share this bold vision with our clients,” said Boris F.J. Collardi, Chief Executive Officer of Julius Baer.

Alejandro Agag, CEO of Formula E, said: “We’re delighted to be welcoming Julius Baer to the Formula E family and to see their commitment and support to clean energy and sustainability. To be able to announce a major global partner of this stature on the eve of the first race is very exciting, and shows the continued strength and momentum of the series.”

Clients’ Foreign Tax Bills Now a Concern for U.S. Bankers

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Will Miami bankers have to worry soon about their foreign clients’ tax bills abroad?

That certainly seemed to be the shared opinion of a panel of banking regulation experts, including two officials from the U.S. Securities and Exchange Commission, who spoke about tax compliance and money laundering at a conference Tuesday.

Speaking at a wealth management forum sponsored by the Florida International Bankers Association, banker John Ryan suggested attorneys and investment advisers involved in managing money for overseas clients should pay close attention to international guidelines adding criminal sanctions for institutions facilitating foreign tax evasion, according to an article published in the Daily Business Review.

In particular, Ryan said the banking world should take note of the Financial Action Task Force of the nongovernmental Organisation for Economic Cooperation and Development, which in February 2012 recommended “countries apply the crime of money laundering to all serious offenses, with a view to including the widest range of predicate offenses.”

In layman’s terms, the recommendations treat international tax evasion as money laundering, which financial institutions have a responsibility to prevent and report, says the Daily Business Review.

“The question really today is what this new OECD standard could be,” said Ryan, president of Geneva-based CISA Trust Co.

Lourdes Gonzalez, associate chief counsel in the SEC’s division of market regulation, agreed with Ryan, saying that while the OECD recommendations have not been formally adopted, they “influence how U.S. law develops in the anti-money laundering area.”

Ryan reiterated the adoption of the recommendations would be a sea change for the way money managers deal with their foreign clients.

“Not so long ago when a client came to New York or Miami and created an account, very little was taken into account as to what their tax situation was back home,” he said. “If the OECD regulations are adopted here in the U.S., many of these assets will be visible to authorities back home.”

Enforcement of cross-border tax evasion has evolved rapidly in recent years. In the U.S., the Obama administration has pressed for disclosure of offshore tax havens and implementation of the Foreign Account Tax Compliance Law.

The 2010 law forces foreign banks to dig deeper into their records to report any U.S. beneficiaries who might be using foreign banks to shelter themselves from U.S. taxes. The law took effect earlier this year and has prompted other countries to demand “some reciprocity but certainly not symmetry,” Ryan said.

Also on the panel was Eric Bustillo, director of the SEC‘s regional office in Miami. He said his agency is increasingly focused on stemming possible fraud in the EB-5 visas-for-bucks investment program.

Miami recently became a regional investment center that allows city government to facilitate investment initiatives under the program.

“The message that we want to get out there is that investors have to be very careful before investing in one of these,” Bustillo said.

Deutsche Bank Strengthens Trade Finance and Cash Management for Corporates Group in Latin America

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Deutsche Bank today announced that Lilian Camera has joined as Head of Client Development for Multinational Corporates, Latin America.

In this new role, Camera reports to Kika Ricciardi, Head of Global Transaction Banking Latin America and Head of Trade Finance and Cash Management Corporates for Latin America. She is based in Sao Paulo.

“Delivering innovative solutions that anticipate and exceed the complex needs of our clients remains the cornerstone of our Global Transaction Banking strategy and value proposition in Latin America,” said Ricciardi. “Lilian’s decades of experience as a senior relationship manager across a broad range of corporate clients operating in Latin America position her well to further develop our trade finance and cash management offering to multinational corporates in the region.”

Camera joins Deutsche Bank after 14 years at Citigroup where she was most recently the Director and Team Leader of their Global Subsidiaries Group covering corporate clients in the Consumer & Healthcare; Tech, Media & Telecom; and Agrochemicals industries.