Foto: Barcex . Borja Arteaga y Albert Fernández se suman a Blackstone Advisory Partners en Madrid
The Blackstone Group announces that it is expanding and strengthening its international Blackstone Advisory Partners network with the appointment of Borja Arteaga as Senior Managing Director and Albert Fernandez as Managing Director to be based in Madrid. Mr. Arteaga will be heading Blackstone’s restructuring and M&A advisory business in the Iberian Peninsula.
John Studzinski, Global Head of Blackstone Advisory Partners commented: “Borja and Albert have outstanding reputations as advisors in Spain. They understand the corporate landscape and its particular requirements, and have excellent relationships with all the major corporates and investors, having been involved in many high profile situations. We look forward to working closely with them and believe that Spain has excellent prospects for Blackstone both from an advisory and an investing standpoint.”
Martin Gudgeon, Head of Blackstone’s European Restructuring Group, added: “We are very pleased that Borja and Albert have joined Blackstone to lead our advisory offering in the Iberian Peninsula. We know they will be welcomed by our clients in this important strategic development of our business.”
Borja Arteaga has over 20 years of corporate finance advisory experience in the Spanish market. He has been at Rothschild for the past 13 years and most recently was co-heading the Spanish operations. Prior to that, he worked at Goldman Sachs and Santander. He has an MBA from INSEAD and a double major in law and business from ICADE in Madrid.
Albert Fernandez has been at Rothschild for the past eight years and, prior to that, worked at McKinsey and JP Morgan. He has an MBA from Darden and a major in industrial engineering from UPC in Barcelona.
Together, they have led a number of high profile transactions in Spain and focused on M&A, restructuring, equity and refinancing transactions for corporates across a wide range of sectors including consumer, healthcare, retail, media and infrastructure sectors as well as for financial sponsors. Recent transactions in which they have been involved include: the investment of Eurazeo in Desigual; the merger of the Iberian Coca Cola bottlers; the refinancing of Prisa; the public offer for Campofrio; Doughty Hanson’s investments in Quiron, USP and Teknon; and Santander’s investment in Bank of Shanghai.
The team in Madrid will be reinforced with Juan Sierra. Mr. Sierra has been with Blackstone Advisory Partners since 2008 and has already relocated to Madrid. He has advised on a wide range of M&A and restructuring assignments including advising on the sale of Mivisa to Crown Holdings, Actavis on its sale to Watson Pharmaceuticals, Essentra on the acquisition of Contego Healthcare, BAA on its strategic refinancing alternatives, buyVIP! on its sale to Amazon.com and Preem bondholders on the company’s 2012 refinancing.
Foto cedidaIván Sainz de la Mora liderará la firma.. ivan
Willis’s Global Wealth Solutions (GWS) practice, which offers life insurance solutions to High Net Worth Individuals (HNWI), has recently opened a new office in Miami, its first in the Americas.
The city is the regional financial hub for HNWI, and offers access to LatAm, Caribbean and North American clients and prospects.
This is the latest step in the growth story of GWS, which earlier this year acquired specialist broker Charles Monat Limited, and also has teams in Hong Kong, Singapore and Zurich.
The GWS Miami team is made up of three people (see picture), including Alejandro Gil Rivero, Senior Vice President, who has relocated from Zurich. They will share the current Willis office space in Miami.
He said: “There are exciting times ahead. The financial community in Miami is welcoming our value proposition as no other broker in the region can match Willis’s capabilities in terms of total risk management. Our proposition not only includes life and annuity solutions, but through other practices within the Willis Group, private banking clients can access a wider base of risk management solutions such as insurance for superyachts, private aviation, kidnap and ransom, art and jewellery, health and other lines.”
“Our short term strategy is to consolidate existing relationships with some top tier banks, as well as recruiting the best life and wealth advisers in the area. In the long run we aim to become market leader in the ultra-high net worth life insurance segment.”
Roger Lorenzo and Armando Gutierrez are also part of the GWS Miami team, along with Stephanie Adams, who is based in Boston. The teamis offering a wide portfolio of life insurance products, including universal life, term, and variable life, from both US and international providers.
Islamorada. Foto: Cecil Sanders. The Carlyle Group sigue sumando hoteles a su cartera de Los Cayos de Florida
Global alternative asset manager The Carlyle Group has announced the acquisition of two Florida Keys hotels in Islamorada – the Postcard Inn Beach Resort at Holiday Isle and La Siesta Resort. The two hotels join the Islamorada Resort and Pelican Cove Resort & Marina in Carlyle’s Islamorada hotel portfolio. The four properties will form the newly created Islamorada Hotel Company and be managed by Trust Hospitality. Equity for the transactions comes from Carlyle Realty Partners VII, a $2.34 billion U.S. real estate fund.
Postcard Inn is a 151-room resort at Mile Marker 84 in Islamorada. The oceanfront resort is an iconic property featuring eclectic guestrooms, the largest private beach in Islamorada, watersports, two pools, ocean-side marina and a variety of food and beverage options, including the World Famous Tiki Bar. La Siesta is an all-suite beach hotel on six tropical acres on the Oceanside of Islamorada at Mile Marker 80.2. The hotel features cottages with full kitchens and complimentary use of kayaks and bicycles.
The Postcard Inn will undergo renovations beginning with upgrades to guest bathrooms, which are scheduled to begin by the end of the year. Improvements to common areas, the marina, and food and beverage options will begin in 2015. La Siesta’s renovations will start in late 2015 and will also include a refresh of the guestrooms and common areas. In total, Carlyle plans approximately $18 million in renovations to the Postcard Inn and La Siesta.
“As a Miami-based hotel management company, we are thrilled to further expand our portfolio into the Florida Keys,” said Patrick Goddard, president & COO of Trust Hospitality. “We’re eager to bring a new level of service and style to the Postcard Inn and La Siesta Resort while providing guests and locals a new and vibrant way to experience Islamorada. No significant changes to staffing levels are anticipated.”
“These Islamorada properties are in high quality locations and have significant upside potential following renovations and management enhancements,” said Thad Paul, Managing Director at The Carlyle Group. “With the planned changes, we’re confident that guests and the residents of Islamorada will continue to embrace the properties and support tourism efforts on Islamorada.”
Over the last year, The Carlyle Group‘s U.S. realty funds also purchased the Pelican Cove Resort and Islamorada Resort and both properties are currently undergoing major renovations. Pelican Cove Resort & Marina was acquired in September 2013 and began renovations on the 63-room property earlier this year. Major guestroom and common area renovations are scheduled to be completed in November 2014.
Islamorada Resort, previously a Hampton Inn, was acquired by Carlyle in February 2014 and is currently undergoing interior and exterior renovations. The resort will re-launch as a boutique upscale hotel at the end of 2014 under the new name of Amara Cay Resort.
Andy Rothman, estratega de inversión de Matthews Asia. “Los cuentos de miedo sobre burbujas inmobiliarias y ciudades fantasma en China deben contarse alrededor de una fogata, no de un comité de inversión”
China’s housing market is one of the most important parts of its economy—and also one of the most misunderstood. This is important because residential real estate, together with construction, last year accounted directly for about 10% of GDP, 18% of fixed-asset investment, 10% of urban employment and more than 15% of bank loans.
It is also misunderstood because few observers appear to understand the structure of China’s residential market. The last issue of Sinology, a publication designed to provide investors with a framework for understanding the Chinese authored by Andy Rothman, Investment Strategist at Matthews Asia, explores:
The recent development of China’s property market is one of the world’s greatest and least-recognized privatization success stories, taking the home ownership rate to 89%, compared to 66% in the U.S.
New home sales are driven by owner-occupiers, not speculators.
There are more than 150 Chinese cities with a population of at least 1 million (only nine U.S. cities are comparable in size), and these account for the vast majority of home sales.
New home prices rose at an average annual pace of 9% over the last eight years, but nominal urban income rose 13% per year.
There is very low leverage among homeowners: about 15% have paid all cash and for those using a mortgage, the minimum down payment is 30%.
Chinese banks have not been permitted to offer subprime mortgages. There are few asset-backed securities and almost no secondary securitization (such as collateralized debt obligations and collateralized loan obligations).
There are some failed projects, but the “ghost city” story is greatly exaggerated. For residential projects three years post completion, the vacancy rate is 15%, similar to the 14% vacancy rate for U.S. housing units.
Today the market is soft, but it is far from the collapse that many are writing about. Full-year sales volume is likely to be down 7% to 9% year-over-year, compared to a rise of 18% last year, but listed developers are gaining market share and many are having a healthy year.
Median new home prices are softening, but are still up year-over-year and are up strongly over the last eight years.
Andy Rothman points out that the Communist Party leadership does not seem too worried about property; they’ve taken only modest steps to support the market, and have yet to make the policy move that would really boost sales: eliminating the rules that require those seeking a home upgrade to put down 60% cash (vs. 30% for a first-time buyer) and pay a higher interest rate.
The full report, which you may access through this link, concludes that the boom days for the property market are over, but fundamental demand remains healthy. It is sensible to look closely at sales volumes, average selling prices and competitive pressures, but “scary stories about bursting bubbles and ghost cities should be told around campfires, not investment committee meetings”.
The California Public Employees’ Retirement System (CalPERS) has announced that it will eliminate its hedge fund program, known internally as the Absolute Return Strategies (ARS) program, as part of an ongoing effort to reduce complexity and costs in its investment program.
The staff recommendation, supported by the Investment Committee, will exit 24 hedge funds and six hedge fund-of-funds valued at approximately $4 billion.
“We are always examining the portfolio to ensure that we are efficiently and cost-effectively achieving our risk-adjusted return goals,” said Ted Eliopoulos, CalPERS Interim Chief Investment Officer. “Hedge funds are certainly a viable strategy for some, but at the end of the day, when judged against their complexity, cost, and the lack of ability to scale at CalPERS’ size, the ARS program is no longer warranted.”
Following the 2008 global financial crisis, CalPERS began examining ways to ensure it was less susceptible to future large drawdowns. The System restructured its investment operations, improved its internal oversight and control functions, and refocused some of its investment programs. In February 2014, the CalPERS Board adopted a new asset allocation mix that reduces risk to the portfolio, while still being able to achieve its return goal of 7.5 percent. CalPERS earned 18.4 percent during the 2013-14 Fiscal Year and has averaged a 12.5 percent return for the past five years and an 8.4 percent return for the past 20 years.
In September 2013, the CalPERS Board adopted a set of Investment Beliefs to inform the strategic decision making of the System. Investment Belief 7 states that “CalPERS will take risk only where we have a strong belief we will be rewarded for it.” Investment Belief 8 notes that “Costs matter and need to be effectively managed.”
“The Investment Beliefs exist to provide a compass for the System’s work to achieve its strategic goals,” said Henry Jones, CalPERS Board Member and Chair of the Investment Committee. “While the ARS analysis was no simple matter for CalPERS, the Investment Beliefs provide guidance for a straightforward and principled conclusion that fits our needs.”
CalPERS will spend approximately the next year strategically exiting current investments in a manner that best serves the interests of the portfolio. Existing ARS staff will be reassigned within the Investment Office.
“The staff dedicated to our program have worked diligently and we will ensure that their talent can continue to help CalPERS meet its investment objectives,” said Eliopoulos.
CalPERS is the largest public pension fund in the U.S., with approximately $300 billion in assets. CalPERS administers health and retirement benefits on behalf of 3,090 public school, local agency, and state employers. There are more than 1.6 million members in the CalPERS retirement system and more than 1.3 million in its health plans.
Some strategists have argued that we are in a long-term period of low interest rates. The Fed has an incentive to keep interest rates near zero indefinitely. Unemployment and underemployment rates exceed historical norms. The national debt will keep the United States as a net borrower and gives the government reason to minimize its cost of borrowing. The pundits that have been calling for rising interest rates have erred for two years running. The predictions have been dead wrong. Interest rates have declined, not risen. Aren’t we in a new paradigm of permanently low interest rates? Don’t believe it.
The long-term direction of interest rates is up. The current interest rates for the 10-year Treasury and the 30-year Treasury are 2.37% and 3.12%, down approximately 65 basis points and 85 basis points from 3.02% and 3.97% on January 1st. The interest rates of the 5-year Treasury and short Treasury issues have changed little. The temporary declines in long-term interest rates have resulted from a change in perception, partly because of a harsh winter, which caused a seasonal drop in GDP. At the beginning of the year investors feared that the Federal Reserve would raise the Fed Funds rate in early 2015. The consensus expectation has now moved into the third quarter of 2015. The question is not whether interest rates will rise, but when.
Interest rate forecasts from major investment banks all indicate rising interest rates in 2015 and beyond. Economists surveyed by Bloomberg project the 10-year Treasury will reach 3.46% by the fourth quarter of 2015. Strategists at other investment banks agree. In August economists at Nomura and Barclays both predicted a rate increase by June 2015. Their colleagues at Merrill Lynch cited a similar time frame.
A naive forecast would expect the yield on the 10-year Treasury to at least remain close to 3.46%, if not significantly exceed it, in 2016 and beyond. The reason is that interest rates follow long-term, 25-year to 35-year cycles. We have been in a period of declining interest rates since 1981. Between 1946 and 1981 the yield on the 10-year Treasury rose from 2% to 15%. Between 1920 and 1946 the yield declined from 5% to 2%. As we seem to be at the end of a long-term period of low interest rates, it would be logical to expect interest rates to increase over the next ten years or so.
Within these long-term cycles the Fed manages interest rate policy over the shorter-term economic cycle. The boom-to-bust cycle usually lasts five to seven years. This present recovery is longer than most because of the depth of the 2008-2009 recession and the weakness of the ensuing expansion. Now the economy is finding its legs with GDP growth of4.2% in the second quarter. Once it starts to hike interest rates, the Fed is likely to continue to increase them. This pattern has prevailed throughout its history. No examples exist where the Fed increased interest rates only one time. The probable scenario is for the Fed to increase interest rates for two years or more. Economic necessity requires the Fed to manage inflation and to prevent labor markets and the economy from overheating. The impetus for the Fed to change course from its current zero interest rate policy to a non-zero policy would be a realization that stimulative monetary policy no longer serves the interests of the economy.
After six years of expansion we are close to that inflection point. Forecasts of economic growth and inflation suggest that the Fed will need to be wary. Consensus forecasts show an expanding economy and rising inflation. Economists at Barclays and BNP Paribas forecast that GDP will increase from 2.0% in 2014 to 2.7% and 2.8% respectively in 2015. The median forecasts of GDP growth among 78 economists in a Bloomberg survey are 3.0% in 2015 and 2.9% in 2016. Inflation is likely to increase too. Barclays forecasts the CPI will rise from 1.9% in 2014 to 2.1% in 2015. A strengthening economy and higher costs will put pressure on the Fed to act sooner rather than later.
According to most economists, the recent meeting of the Fed in Jackson Hole marked a turning point in Fed policy. Although her comments were balanced, Janet Yellen’s speech indicated a shift toward policy normalization, an end of the low volatility policy framework, and an emphasis on data dependence. In short, if the economy expands, as most economists expect, the Fed will raise interest rates. The speech also suggests that markets should see increasing volatility in interest rates as the risk of a Fed hike has moved forward in time.
Treasury yields over two-years out have already widened by 10 to 15 basis points in September. I would expect the yield on the 10-year Treasury to keep increasing from now on. Given the recent GDP numbers, the speed at which interest rates will change could surprise people. I could easily envision the 10-year Treasury exceeding 4% by late 2015 and 5% by mid 2016. We have just begun a long, upward march that will continue for the next few years.
What do higher interest rates mean for high yield bonds? Overall, higher interest rates will cause some erosion in value. The effect will depend on what happens to the credit spread – the interest paid to investors for assuming credit risk. If the credit spread narrows, the overall effect may be slight. If it widens, the market could be hit with a double whammy. Historically, the credit spread has narrowed when real interest rates have gone up. This time could be different. Investors in Merrill Lynch’s September 15th Credit Survey expect credit spreads to widen over the next 12 months. That should put pressure on high yield.
Even so, high yield offers a safe harbor versus other fixed income assets. It yields more and reacts less to interest rate movements. Some sectors, however, offer better protection than others. As with investment grade, longer-duration high yield bonds are the most vulnerable. Lower quality bonds are also less interest sensitive than higher quality bonds so that “B” bonds should outperform “BB” bonds. Default rates and inflation should remain muted for the next year or two. The best bet is to target short-duration, lower quality high yield bonds. This sector should remain relatively immune whatever happens to interest rates.
Thomas P. Krasner, CFA – Principal and Portfolio Manager at Concise Capital Management, LP
Foto: JimmyReu, Flickr, Creative Commons. El principio de la segregación de activos en la legislación de Luxemburgo: qué es y cómo afecta a los tomadores de seguros
Ahead of the Association of the Luxembourg Fund Industry’s (ALFI) Global Distribution Conference in Luxembourg on 23 and 24 September, fund industry leaders share their views on the top priorities, opportunities and emerging trends in international fund distribution.
Marc Saluzzi, from ALFI, comments: “Our top priorities in terms of opening up new distribution markets are Australia, Brazil, China and Mexico. We believe that they offer – by far – the largest potential for fund centres going forward.”
Pervaiz Panjwani, Citibank International: “With the changes in demographics and the squeeze in public finances, we will see income-generating products and also alternatives being the two megatrends that will rise in the future.”
Georges Bock, KPMG Luxembourg: “If you want to know what the world is going to be, ask your kids. Their present today is virtual. So, in order to reach them, the distribution platform of the future has to be digital.”
Ulrika Hasselgren, Ethix SRI Advisors: “The market for sustainable and responsible investment has matured nicely, with a majority of investors today applying strategies in line with investment belief, time horizon and consideration of relevant environment, social and governance factors. I think that we will see more of this.”
Theresa Hamacher, NICSA: “Fund managers have to make a decision. Do they focus on the investors who have the most assets today? Or investors whose assets are growing most quickly? Or do they try to do both?”
Anouk Agnes, ALFI: “Participation in the ALFI Global Distribution Conference is becoming a megatrend in its self. We see that investment fund professionals see the conference as a must.”
ALFI Global Distribution Conferencewill take place on Tuesday 23rd September and Wednesday 24th September 2014at theCentre de Conferences Kirchberg, Luxembourg.
Ana Botín, executive chairman of Banco Santander, had “a very special tribute to the memory of Emilio Botín" at the Extraordinary Shareholders' General Meeting last Monday. Courtesy photo.. Ana Patricia Botín: “My Ambition Is to Continue This Success Story, to Which I Will Dedicate My Greatest Efforts”
The extraordinary shareholders’ general meeting of Banco Santander approved on Monday the proposal from the board of directors to increase share capital for the acquisition of all Banco Santander Brazil shares not held by Grupo Santander, representing 24.75% of its share capital. The transaction, announced on April 29, will be paid for in Banco Santander shares, with those of Banco Santander Brazil valued at the market price on the day prior to the announcement of the offer plus a 20% premium.
The offer is voluntary and is not subject to a minimum level of acceptance. In the event that all Santander Brazil shares held by minority shareholders respond to the offer, Banco Santander shares equivalent to 5.62% of the bank’s share capital would be issued. Santander Brazil shares will continue to be listed on the Sao Paulo stock market, and a request will be made to list the shares of Banco Santander as well.
The executive chairman of Banco Santander, Ana Botín, began her speech to shareholders with a tribute to the former chairman, Emilio Botín, after his death. “In almost thirty years as the chairman of the bank, he made Santander the number one bank in the eurozone, and one of the top ten banks worldwide in market capitalization. His achievements came from a clear vision: prudent risk-taking, focus on the client and on commercial banking, and agility so as to move forward and take advantage of opportunities for growth. Today, thanks to his vision, Santander is not only larger, but more diversified and more solid, as shown by its resilience throughout the financial crisis, being one of only three large international financial institutions to go through the crisis without incurring losses during even a single quarter.”
She also underlined that “his support for initiatives in education and culture has also been outstanding, with Santander’s commitment to academia and to society making it a benchmark institution both in Spain and in all the markets in which Santander operates. Looking to the future, we will follow the same strategy and work to further strengthen the Santander culture, which is the basis for sustainable growth. It is a culture focused on commercial banking, on being close to our clients and offering them the best service, and on seeking to contribute to social and economic progress. My ambition is to continue this success story, to which I will dedicate my greatest efforts.”
The executive chairman of Banco Santander went on to review the details of the acquisition offer for shares in the Santander Brazil subsidiary that are held by minority shareholders. “This transaction demonstrates the group’s confidence in Brazil and in Banco Santander Brasil. Brazil is a tremendous country, with strong potential for growth. It also has solid institutions, a quality business sector, and a well-managed and supervised financial system. All of this gives us confidence in the attractiveness of the Brazilian economy, and that the country will overcome the economic slowdown it is experiencing at this time.” She also highlighted the group’s confidence in “the capacity of Banco Santander Brazil to bolster its results – which today represent 20% of the group’s attributable profit – providing an appropriate return on our investment.”
Ana Botín gave a reminder that “this transaction is financially beneficial both for the shareholders of Santander Brazil and for those of Banco Santander.” For the former, because they will receive a 20% premium, but also because the offer is made up of Santander shares. “This will allow those accepting the offer to continue to benefit from the advantages of the group’s investment in Brazil as well as sharing in the strength and diversification of Banco Santander.”
It is also positive for Banco Santander shareholders, “as it will entail a 1.3% increase in earnings per share of the bank. This assumes both the market consensus regarding the 2015 earnings for Santander Brasil and an acceptance of the offer for all shares held by the minority shareholders.”
The executive chairman of Banco Santander indicated: “This step also strengthens the geographic diversification of Banco Santander, which will be key to consolidating this new phase of our growth in profits.” For that reason, she pointed to the bank’s results in the first half of the year, with a profit of EUR 2,756 million, 22% higher than the first half of the previous year. “We are particularly satisfied with the positive developments in revenues, cost control and the falling cost of credit, and with the decrease in non-performing loans across the whole group, and specifically their stabilization in Spain. At this time, the positive trends in group results are continuing.”
“I feel particularly committed to this challenge, and I also have an excellent team and the support of a board of directors with great experience. Maintaining the success story of recent decades will not be easy: the new competitive and regulatory environments are ever more demanding. However, we have a great opportunity and I approach this task with great confidence. I believe that we succeed because I know our teams well: their commitment to Santander, their highly qualified members, and their dedication to our clients. I have complete confidence that together we will make Santander the leading institution for employees, clients, shareholders and society.”
Banksville Partners LLC expands presence in Latin America with the opening of a representative office in Buenos Aires and the addition of experienced international banker Hugo Pezzoni.
“Pezzoni’s experience in structured transactions augments our capabilities to assist clients with strong revenue track-records who operate even in the more volatile of our regional markets,” said Daniel Casal, Banksville’s Senior Managing Director in charge of client origination.
In this new role, Hugo Pezzoni will be a Director and Representative of Banksville Partners, based in Buenos Aires, Argentina. He will assist both Argentine clients and work on important assignments throughout the firm’s Latin American network. Previously, Pezzoni was a senior banker at Rabobank International and JP Morgan Chase & Co. focused on Loan Syndications, Trade Finance, Capital Markets, Restructurings, Credit and Equity Investments.
“We are very pleased to add the breadth of Pezzoni’s financing experience to our team and fill the growing needs of our clients throughout Latin America“, said Banksville’s Hernan Narea, Senior Managing Director and head of structured finance in New York.
Clarien Bank Limited has announced the appointment of Ronaldo Veirano as an independent director to its Board of Directors. Mr. Veirano will be responsible for advising on the Bank’s growth and strategic expansion into Latin America.
Mr. Veirano’s appointment constitutes an important Board addition for Clarien Bank as it develops towards its objective of becoming a preeminent, international financial institution offering an expanded range of products and solutions in corporate and investment banking, wealth and asset management to clients globally.
In his role as the founding partner of Veirano Advogados, in Brazil, Mr. Veirano brings a unique perspective on private wealth and institutional banking opportunities currently present in Latin America.
Mr. Veirano is also a key leader in the promotion of Brazil’s global business development and currently a member of the executive committee of both the Brazil-China Business Council and the United States Business Council.
Mr. Veirano joins three presiding board members, Buford Alexander, Michael Quinn and Gregory Slayton. They add to the long standing management team of local Board Directors, James Macdonald, James Gibbons, Hal Masters and Andrew Parsons. Keith Stock also remains Chairman of the Board representing Clarien Group Limited.
Keith Stock, Chairman of Clarien Bank Limited, said: “With Edmund Gibbons Limited as one of Clarien’s shareholders, the reappointment of James Gibbons to Co-CEO demonstrates the continued commitment to Bermuda by the Gibbons family and indeed to Clarien Bank. I look forward to James’s stewardship as Co-CEO, as he and Ian drive progress and further strengthen the Bank’s relationship with our local, and global community. Mr. Veirano’s highly regarded legal and business expertise will be a huge asset to Clarien and its Board of Directors. Specifically, his specialist knowledge of the Latin American market and his long standing relationships with organizations present in the region will be essential in driving forward strategic growth in the Bank’s private wealth and institutional banking divisions.”
Mr. Veirano commented: “Clarien Bank is clearly at a very exciting stage in its international growth. With years of experience working with institutional banking and private wealth professionals, I look forward to the opportunities that my position with the Bank’s Board of Directors will help develop, most notably in Latin America. “Over the last two decades there has been a positive change in the LatAm market. The rapid rise of entrepreneurs and ultra-high net worth individuals has resulted in a greater demand for sophisticated wealth management, corporate banking and investment services. Brazil alone presents a particularly strong opportunity. Not only will it be the world’s fourth largest economy by 2030, but at present there are more than 200 high net worth individual’s worth over $500 million dollars residing there.”
In 2008 Mr. Veirano was recognized by the government of Brazil and awarded the prestigious Order of Rio Branco, in acknowledgement of his significant contribution to the promotion of Brazil’s relations with the world.
