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Daniel L. Doctoroff Stepping Aside as CEO of Bloomberg LP at End of 2014

Bloomberg LP and Michael R. Bloomberg, its founder and majority shareholder, have announced that Daniel L. Doctoroff will be stepping aside from his role as President and Chief Executive Officer of the company effective at the end of this year. Bloomberg LP will not name a replacement, but rather will again be led by Mr. Bloomberg with support from the existing leadership team.

Mr. Doctoroff, 56, joined Bloomberg LP as President in January 2008 and became CEO in July 2011. Prior to joining Bloomberg LP, Doctoroff served for six years as New York City’s Deputy Mayor for Economic Development and Rebuilding in the Bloomberg administration.

“This is a sad day for me and my company,” said Mr. Bloomberg. “I really wanted Dan to stay and continue in his leadership role. But I understand his decision. I never intended to come back to Bloomberg LP after twelve years as Mayor. However, the more time I spent reacquainting myself with the company, the more exciting and interesting I found it – in large part, due to Dan’s efforts. I have gotten very involved in the company again and that led to Dan coming to me recently to say he thought it would be best for him to turn the leadership of the company back to me. It was a gracious and thoughtful offer and one that I finally accepted after significant pushback and great reluctance.”

“Dan Doctoroff has been one of my closest colleagues and friends for thirteen years,” said Mr. Bloomberg. “While at City Hall, he was the architect of the remarkable economic resurgence of New York City after September 11, ushering in one of the greatest periods of development and job growth in the city’s history as well as conceiving of the city’s pioneering sustainability program. Despite the fact that he knew next-to-nothing about Bloomberg LP and its business model, I asked him to lead my company with the same kind of disciplined and creative leadership he demonstrated in City Hall. He immediately immersed himself in the business and expertly guided Bloomberg LP through the worst financial crisis of our generation.”

“Under Dan’s leadership, our position in every market in which we compete is the strongest it has ever been. Financially, we have set records every year during his tenure. Our management team is the most talented and deepest in our history. We have professionalized every unit of the company. We have thoughtfully diversified, in part by opening ourselves up to new business models, technologies and ideas, processes, people and acquisitions. And yet, we have managed to retain the culture that lies at the heart of our success. I’ve said it many times before, Dan’s record in City Hall and at Bloomberg demonstrates he is one of the finest leaders and managers I have ever known.”

Mr. Doctoroff said, “I want to thank Mike Bloomberg for giving me the honor of being the steward of his great company. I am very confident that I turn it back to him well prepared to face future challenges and capitalize on the extraordinary opportunities it has before it. I also want to thank my colleagues on the senior management team, especially Peter Grauer, Tom Secunda, and Matt Winkler, all of whom were there well before me, who have been the real drivers of Bloomberg’s success.”

Mr. Doctoroff continued, “I love the company and have deep respect and affection for Mike, so leaving is not an easy decision, but it is the right one for the company, for Mike and for me at this stage of my life. It is and has always been Mike’s company and given his renewed interest and energy, it only makes sense for him to retake the helm. I take pride in our achievements over the past seven years and I know the company will only grow stronger.”

During Mr. Doctoroff’s tenure at Bloomberg LP:

Company revenues increased from $5.4 billion in 2007 to over $9 billion in 2014 in spite of the impact of the financial crisis and its aftermath.
Bloomberg’s market share in the financial information sector increased from 26% to 32%.
While the total number of securities and investment professionals globally has fallen, Bloomberg Terminal subscribers have grown from 273,000 to 321,000, through greater penetration of existing markets and diversification into new markets, including emerging markets and corporations.
Bloomberg News added over 500 reporters and editors, bucking the contraction among major news organizations, while significantly enhancing its global influence through expanded digital and television presence and the acquisition of Bloomberg Businessweek.
The company successfully diversified beyond the Terminal, which serves front-office personnel such as traders, salespeople and portfolio managers, into “enterprise” products and solutions, with revenues growing from those businesses from $305 million to $1.08 billion.
The company expanded into the markets for legal, government and alternative energy information, providing critical information for Terminal subscribers and serving new end users.

Mr. Bloomberg added, “Dan will always be a part of the Bloomberg family — he will continue to be my friend, advisor and partner for years to come. I have asked him to join the Board of Bloomberg Philanthropies and I’m sure I will personally support future initiatives he decides to pursue.”

Prior to joining the Bloomberg administration, Mr. Doctoroff was Managing Partner of Oak Hill Capital Partners (a private equity firm) and an investment banker at Lehman Brothers. He became involved in municipal issues and economic development as a result of leading the effort to bring the 2012 Olympic Games to New York, which ultimately became the blueprint for New York’s post-9/11 economic development strategy.

Mr. Doctoroff is a founder of Culture Shed, an innovative new cultural institution at Hudson Yards on Manhattan’s West Side, and Target ALS, the research consortium that he founded (with Bloomberg Philanthropies and David Rubinstein) which is dedicated to developing therapies for ALS, which claimed the lives of his father and uncle. In addition, Mr. Doctoroff serves on the boards of World Resources Institute, Human Rights First, and the University of Chicago.

Mr. Doctoroff emphasized that, while in the short-term he would like to focus more of his time on not-for-profit interests, he is not leaving Bloomberg LP for another specific opportunity. “My career has included being an investor, a public official, a corporate executive and leading not-for-profit organizations,” Mr. Doctoroff said. “I’ve thoroughly enjoyed each of those different challenges. Once again, I welcome the opportunity to embark on a new chapter and, in time, will decide what’s next.”

Maria Holmes: New Head of Asset Management and Trust at BBVA Compass

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BBVA Compass has announced that it has tapped Maria Holmes as its new head of asset management and trust. Holmes will also lead the registered investment adviser program for BBVA Securities Inc.

A native of Chicago, Holmes has more than 14 years’ experience leading investment, insurance and advisory services activities. She joins the bank from Santander, where she served as national sales director for its U.S. securities business. Before Santander, Holmes held leadership positions at Citi and Fifth Third Bank, where she directed high-performing wealth management teams and programs.

“We were attracted to Maria’s successful track record of developing and executing programs focused on client needs,” said Eddie Castaneda, head of Global Wealth for BBVA Compass. “She will make an immediate contribution as a member of the bank’s leadership team.”

Holmes joins BBVA Compass’ Global Wealth unit and will lead the teams responsible for trading activities and investment operations, risk management and product development. She will be based in Houston.

Holmes inherits an investment platform that helps clients build, protect and share wealth via dedicated portfolio management, tax efficient trading, and an in-house fixed income team and trust system.

BBVA Securities Inc. head Bruce Hagemann said Holmes is expected to help push the bank’s registered investment adviser program forward.

“Our eye is on innovation for every aspect of our business,” said Hagemann. “That’s why Maria’s here — she has a proven ability to transform and lead.”

Holmes earned a bachelor’s degree from National Louis University, and earned a master’s degree in business administration with a concentration in finance from the University of Chicago Booth Graduate School of Business.

FINMA Initiates Proceedings Against Espirito Santo

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CC-BY-SA-2.0, FlickrFoto: Julio González. suiza

The Swiss Financial Market Supervisory Authority FINMA initiated enforcement proceedings against Banque Privée Espírito Santo SA at the end of August 2014. The focus of the investigation is the distribution of securities and financial products of the Espirito Santo Group.

FINMA’s enforcement proceedings will examine the role played by the Swiss company Banque Privée Espírito Santo SA, which is undergoing voluntary liquidation, in the distribution of securities and financial products of the Espirito Santo Group and whether breaches of supervisory law occurred. The influence of the owners of the bank on procedures in Switzerland will also be examined.

FINMA has appointed an independent third party to clarify the circumstances surrounding these issues.

FINMA will give no further details on the ongoing enforcement proceedings at this time.

Deutsche Asset & Wealth Management Opens Private Bank in Dallas

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Deutsche Asset & Wealth Management abre una unidad de banca privada en Dallas — . Deutsche Asset & Wealth Management Opens Private Bank in Dallas

Deutsche Asset & Wealth Management (DeAWM) has announced the opening of its Private Bank in Dallas and the hire of Mark LaRoe as a Managing Director and Head of the U.S. Private Bank in the Texas region. LaRoe reports to Chip Packard, Co-Head of Wealth Management and Head of the Private Bank in the Americas.

DeAWM’s Private Bank offers comprehensive and customized financial solutions to ultra-high-net-worth individuals, families, and institutions.

“We are thrilled for Mark to lead our office in Dallas, as he has a proven track record as a leader in both the private banking industry and within the local community,” said Packard. “Mark will be critical in building upon our well established Private Client Services business and growing our new private banking business in Texas.”

With more than 30 years of industry experience, LaRoe joins from J.P. Morgan Private Bank, where he was a Managing Director for over 16 years. While at J.P. Morgan, Mark held a variety of positions including head of their Florida market and, most recently, as a Senior Managing Director of the Dallas team and member of the Market Leadership Teams for the DFW Metroplex and Oklahoma. Before J.P. Morgan, LaRoe spent most of his career as a banker for Comerica Bank in Dallas. He currently serves as a Trustee for the Dallas Museum of Art and Dallas Symphony Orchestra, and is on the Board of Arlington Hall/Lee Park Conservancy. LaRoe is a graduate of Texas Tech University.

Anthony Scotti has also joined the firm as a Vice President and Private Banker. Prior to DeAWM, Scotti was a Vice President at J.P. Morgan Private Bank in Dallas, where he managed existing clients and developed new relationships throughout Texas. Prior to J.P. Morgan, Scotti was a relationship manager for Credit Suisse’s Private Bank in Los Angeles. Scotti received a B.A., B.B.A., and M.B.A. from Southern Methodist University.

“We believe our private bank offers a unique value proposition to its clients, as our platform seeks to deliver a boutique wealth management experience, while leveraging the vast resources of a global bank,” said Jerry Miller, Head of DeAWM Americas. “We are committed to delivering just this in regions where we see a growing need for innovative and comprehensive wealth management capabilities.”

LaRoe and Scotti are two of DeAWM’s latest hires in its push to expand its presence in the Americas. In July, DeAWM announced its expansion in Los Angeles, and late last year announced its growth in Latin America. The firm’s focus on private banking is in line with the firm’s 2015+ strategy, which includes significantly increasing relationships with ultra-high-net-worth clients and increasing relationship managers in key wealth markets over the next three years.

RIA Merger and Acquisition Activity in First Half of 2014 Remains Steady

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According to research conducted by Schwab Advisor Services on merger and acquisition (M&A) transactions in the independent registered investment advisor (RIA) industry, the first half of 2014 experienced a continued healthy pace of activity, with 29 completed deals totaling $32.6 billion in assets under management (AUM).

Transaction activity picked up in the second quarter of 2014, with deal flow increasing from the first quarter. Sixteen deals were inked in Q2 totaling approximately $19 billion in AUM, compared to 13 deals totaling $14 billion in AUM completed in Q1. Second quarter activity nearly reached the record high levels of Q3 and Q4 of 2013, each of which saw 18 completed transactions. The average deal size also increased during the first half of 2014, reaching $1.13 billion, compared with $808 million in the first half of 2013.

“While we see consistency in M&A activity in the RIA industry, with strategic acquiring firms continuing to show their buying power, we are not seeing the spike in industry consolidation that many analysts and observers have been predicting,” said Jonathan Beatty, senior vice president, sales and relationship management, Schwab Advisor Services. “Based on the data in our research, it appears RIAs are indeed in a good position to monetize their firm’s value, but they are more often looking to preserve the owner-operator model and retain their independence through internal succession.”

Data from Schwab’s 2014 RIA Benchmarking Study released in July, indicated that 9 in 10 RIA firms are looking to develop internal successors, suggesting that founders and principals are seeking continuity of their firm’s people, culture and values. Although M&A data for the first half of the year indicates a seller’s market in the RIA industry, many advisors are actually choosing not to sell. Instead they are continuing to grow organically and create value in their firms by building enduring enterprises.

With more than one-third (36%) of all firms participating in Schwab’s Benchmarking Study having doubled their AUM and revenues since 2009, the steady M&A activity this year also reflects the healthy ecosystem of the RIA industry. The RIA model continues to attract not just investors and advisors, but also more types of acquirers – in the U.S. as well as internationally.

M&A data for first half of 2014 showed activity among Strategic Acquiring Firms (SAF) moving upward from the levels of 2013, representing 38 percent of the total deals closed, versus 31 percent of deals completed by RIAs. Additionally, the data shows an increase in acquisitions by offshore-based entities, which represent seven percent of the total deals recorded for the first half of the year.

“As RIA firms grow and continue to evolve into efficiently managed businesses built for enduring success, they will increasingly appeal to a broader range of buyers,” said Beatty. “Internal succession is one of the best ways to strengthen, scale and grow a firm to potentially make it more attractive to a buyer. I expect we will continue to see consistent M&A activity in the coming months as acquirers seek opportunities and advisors consider more choices to monetize their firm’s value as part of a succession strategy.”

Schwab Advisor Services reports M&A industry data twice yearly as part of a continued commitment to advancing the interests of RIAs, including a consultative approach that helps firms determine their transition options and plan strategically toward them.

You may access additional data in the pdf file attached-

Opportunistic Positioning for Multigenerational Wealth

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After the 2008-‘09 financial crisis, we have been in a long and slow moving economic and market cycle, where immense amounts of money creation from global central banks have flown to the more liquid areas of the capital markets. This long and slow dynamic has been characterized as the “turtle cycle,” with a recovery that inches forward, pushed by consistent flows of created capital. As the Fed ends quantitative easing in October, we think the European Central Bank will start quantitative easing very soon, prolonging this “turtle cycle” for at least another two or three more years.

This “turtle cycle” fueled by extraordinary money creation has inflated financial assets, especially the most liquid and mature markets. It is difficult to detect clear value in the three traditional assets classes going forward, in particular in the fixed income space. Our Investment Committee forecasts that a moderate risk traditional portfolio will have a return of 4-5% over the next 10 years. Cash yields are negative in real terms; bonds offer limited value with record tight spreads and high valuations; and equities are approaching the “beginning of the end” of the bull market. We share Professor Siegel’s (from the Wharton School of Business) view that the market will peak at 18X versus the present 16X EPS. So where does this leave us? We are focused on finding “non-traditional” revenue producing assets which offer intrinsic value of 8-11% (i.e. real rates of 6-8%). We believe with time, liquidity will end up flowing into and appreciating the values of these non-traditional asset types, as investors recognize the opportunities. These non- traditional asset types constitute an opportunity for investors to position their portfolios for multigenerational wealth. Our Investment Committee forecasts that a moderate risk portfolio which includes non- traditional asset types will have a return of 6-7% over the next 10 years.

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We’re looking at non-traditional asset types such as: revenue producing core commercial real estate; opportunistic hard money lending (against high quality assets); private debt; infrastructure and other niche asset types. Each of these briefly described below.

Revenue Producing Core Commercial Real Estate . While we started investing in CRE in 2009 right after the crisis, our focus has shifted from Trophy Assets/ Markets to Non- Trophy Assets or Trophy Assets in Secondary Markets.
Opportunistic Hard Money Lending.  Another non-traditional asset type we like is hard money lending against high quality assets or Bridge Loans. Bridge loans are often used for commercial real estate purchases to quickly close on a property, retrieve real estate from foreclosure, or take advantage of a short-term opportunity in order to secure long-term financing.
Private Debt . Private debt is often utilized by small and mid-sized companies looking for capital or financing. Because of their size, these middle-market firms have limited access to liquid capital markets, which have high minimum issuance sizes. Also, these companies historically have had access to funding from banks but this changed after the 2008 financial crisis. Regulations such as Basel III were enacted, forcing banks to clean up their balance sheets and focus on core tier assets. As a result, many banks stopped lending to middle-market companies. In 2013, the majority of these loans were provided by non-banks, an opportunity for third party private debt suppliers (i.e. Shadow Banking). We see an opportunity for our clients in private debt, as the risk premium of over 5% above comparable high yield bonds compensates nicely for the illiquidity of this asset class.
Infrastructure. Assets  Infrastructure assets are loosely defined as “the facilities and structures essential for the orderly operations of an economy.” Examples of infrastructure assets include transportation networks, community facilities, and water and energy distribution systems. Investments in shale oil and gas, are examples of infrastructure assets. Typically, infrastructure assets offer non-correlated returns as the underlying assets have a different sensitivity to economic cycles than typical financial assets have. They also benefit from growing demand for essential services provided, and monopoly-like characteristics of high barriers to entry in their markets. Infrastructure investment shares some of the characteristics of fixed income (long-term steady income stream), real estate (physical assets) and private equity.

To read BigSur Partners’ complete report, please use this link.

Threadneedle Investments Announces Changes to UK Equities Team

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Threadneedle Investments announces that Simon Brazier, Head of UK Equities, and co-manager Blake Hutchins have resigned. Leigh Harrison, Head of Equities at Threadneedle has resumed responsibility for the UK Equities team. Leigh has overseen Threadneedle’s highly successful Equities franchise since 2010, and was previously Head of UK Equities from 2006 to May 2011.

Mark Burgess, Chief Investment Officer at Threadneedle said: “Threadneedle has one of the largest and best performing UK Equities teams in the industry, and I am confident that under the resumed leadership of Leigh Harrison the team will continue to deliver for our clients. We place great emphasis on teamwork and integrated research to ensure that our process is robust. This approach has produced a strong, consistent track record of results for our clients and this will not change. We will continue to invest to build additional resource in the team.

“Threadneedle’s UK Equities team of nine manages approximately £18 billion across a variety of strategies including core, alpha, high alpha, income, mid 250, smaller companies and long-short portfolios. There is a wealth of talent within the team and the breadth of experience and range of strategies managed enhances research ideas and maximises our ability to identify investment opportunities across the range,” he said.

Chris Kinder will become lead manager of the Threadneedle UK Fund, effective immediately. Mr Kinder, who is A-rated by Citywire, also manages the Threadneedle UK Extended Alpha Fund which has achieved top quartile performance over one year and since Chris took over management of the fund in 2010.

“Chris is a senior fund manager and a core member of the UK team. He has an excellent track record and we are very confident that he will continue the strong performance of the Threadneedle UK Fund,” Mr Burgess said.

Simon and Blake will leave with immediate effect. Three junior members of the team, with roles primarily supporting Simon, will also leave Threadneedle. According to information published by Citywire, Simon, Blake and the three junior members of the team who are leaving Threadneedle will formally join Investec Asset Management in November.

Matthews Asia Launches the UCITS Version of its Strategic Income Fund

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Matthews Asia has launched a new strategic income fund, as an expansion of its Luxembourg-domiciled UCITS fund range.

The Matthews Asia Strategic Income Fund is managed by the same managers and will be run on the same philosophy as the firm’s US-based Asia Strategic Income strategy that was launched three years ago.

The fund is managed by Teresa Kong and co-managed by Gerald Hwang and Satya Patel, and will invest primarily in both local and external currency Asian corporate and sovereign bonds, in a bid to provide a total return over the long term with an emphasis on income, Matthews Asia said.

The fund takes a bottom-up approach to securities selection in order to construct a portfolio based on creditworthiness, exposure to the interest rate cycle and the potential for currency appreciation.

According to Matthews Asia, the significant structural reforms undergone by Asia’s bond markets and their subsequent growth has been “one of the region’s most important economic developments during the last decade”.

Kong added: “Investors’ fixed income portfolios tend to be underinvested in Asia since widely used global debt benchmarks generally allocate to the most indebted countries as opposed to the most creditworthy. Dedicated Asian fixed income allocations enable investors to potentially create a more diversified exposure across interest rate, credit and currency while enhancing the overall risk-return profile of a fixed income portfolio.”

Threadneedle to Open Representative Office in Korea

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Threadneedle Investments will open a representative office in Seoul, South Korea as part of the company’s expansion in Asia. Chris Lee joins Threadneedle as the Korea Chief Representative from Samsung Asset Management.

Mr Lee and his team in Korea can better understand and appreciate the ongoing interests and requirements of the Korean investors, which means we are in a stronger position to offer better service and attractive global investment products to the Korean community.

“In recent years, the Korean market has become increasingly integrated with global financial markets and, as a result, Korean institutional investors are increasingly seeking to access overseas markets in order to achieve better risk diversification and improved returns,” said Raymundo Yu, Chairman, Asia Pacific, Threadneedle Investments. “We believe that Korea presents great opportunities for us to serve institutional investors in Asia by offering our suite of outstanding investment strategies across asset classes. The opening of our Korean representative office marks yet another key milestone for Threadneedle’s growing presence in Asia.”

Part of Ameriprise Financial, Threadneedle established its presence in Asia in 2008 and has offices in Singapore, Hong Kong, Taiwan and Malaysia. The company’s growth in Asia builds on its established presence and considerable investment capabilities as well as those of Columbia Management, the group’s US-based investment manager.

“The establishment of a representative office in Korea is only the first step in our long-term commitment to the market. Mr Lee is an invaluable addition to Threadneedle’s Asia team. He brings a wealth of local market intelligence and fund industry expertise that will greatly benefit our clients in Korea as we build closer relationships with them,” said June Wong, Threadneedle’s Vice Chairman, Asia Pacific and Chief Executive Officer, Hong Kong.

Mr Lee has over 20 years of experience in managing and advising on institutional investments as both an internal and external investment manager. Before joining Threadneedle, he has led the global business as head of overseas investment team in the Global Business Division at Samsung Asset Management, Korea, where he was responsible for global asset allocation funds and managing key relationships with Korean institutional investors. In addition he established and led Samsung Asset Management operations in Singapore as Managing Director and CEO. Mr Lee also worked at various investment units of Samsung Life Insurance in Seoul and Samsung Life Investment in the UK.

“Threadneedle’s presence in Korea is essential for our global business strategy and will enable us to capture opportunities in a highly relationship-driven environment. I look forward to working closely with Threadneedle’s Asia team to deliver client-focused solutions to institutional investors in Korea,” said Mr Lee.

Threadneedle Investments Strengthens Multi-Asset Team with New Appointment

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Threadneedle Investments has appointed Maya Bhandari as Investment Strategist in its Multi-Asset Allocation team. Maya, who started on 18 August, is based in London and reports to Toby Nangle, Head of Multi-Asset Allocation. Her appointment follows the recent appointment of Craig Nowrie as Client Portfolio Manager to the Multi-Asset Allocation team.

Maya joins Threadneedle from Citigroup, where she was a Director of Global Macro Strategy & Asset Allocation. Prior to that, she was a Director and Head of Emerging Market Analysis at Lombard Street.

Toby Nangle, Head of Multi-Asset Allocation, said: “I am thrilled that Maya has joined the team. She has a strong track record in calling markets and economic developments ahead of the pack and her appointment will strengthen further Threadneedle’s excellence in active asset allocation. Maya’s insights will help us tackle the challenges facing today’s investors and deliver solutions in an area of increasing demand. With approx. 40% of Threadneedle’s assets in some form of asset allocation mandate, we have an established and successful offering in this space.”