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Luxembourg Reaches Record Assets under Management of over 3 Trillion Euros

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

Asia-Pacific Leads World in Wealth Growth

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With Japan and China leading the way, the Asia-Pacific region registered world-leading levels of High Net Worth Individual (HNWI) population and wealth growth in 2013, with no signs of slowing down, according to the Asia-Pacific Wealth Report 2014 (APWR), published by Capgemini and RBC Wealth Management. The region’s population of HNWIs grew 17 percent to 4.3 million, while their wealth grew 18 percent to reach US$14.2 trillion, compared to growth rates of 13 percent and 12 percent respectively in the rest of the world.

“While equity market performance across Asia-Pacific was mixed in 2013, strong economic growth and real estate prices in key markets drove healthy overall wealth growth,” said M. George Lewis, Group Head, RBC Wealth Management & RBC Insurance. “Asia-Pacific is expected to continue to lead global growth and pass North America as the region with the highest HNWI population by the end of 2014 and the greatest HNWI wealth by 2015.”

Japanand China, which hold over two thirds of Asia-Pacific’s HNWI population, drove 85 percent of the HNWI population growth in 2013, increasing their number of HNWIs by 22 percent and 18 percent respectively to reach 2.3 million and 758,000. They also saw HNWI wealth increase at the region’s highest rates of 24 percent to US$ 5.5 trillion (for Japan), and 20 percent to US$ 3.8 trillion (for China). The report notes that Asia-Pacific’s ultra-HNWIs grew their wealth at about twice the rate of their peers in the rest of the world, both in 2013 (20 percent vs. 10 percent) and in the five-year period from 2008-2013 (average annual growth rate of 17 percent vs. eight percent).

High trust levels and focus on wealth growth drive international investments

According to the report’s Global HNW Insights Survey, HNWIs in Asia-Pacific (excl. Japan) have the highest trust and confidence levels globally in all aspects of the wealth management industry: 85 percent expressed high trust in wealth managers, 87 percent in wealth management firms, 78 percent in financial markets, and 80 percent in regulatory institutions. Looking ahead, 88 percent of Asia-Pacific (excl. Japan) HNWIs are confident in their ability to generate wealth in the near future.

High trust and confidence levels may have contributed to a greater focus on wealth growth (41 percent) rather than preservation (31 percent) among Asia-Pacific (excl. Japan) HNWIs. In seeking growth, they significantly increased foreign investment allocations to 43 percent in early 2014, up from 30 percent a year prior, with Europe attracting the largest share at 15 percent, followed closely by North America at 14 percent. Looking at the make-up of their portfolios overall, real estate remains the preferred asset class of Asia-Pacific (excl. Japan) HNWIs (23 percent of portfolios), which differs from a preference for equity investments (27 percent) in the rest of the world.

Region’s HNWIs have distinct demands and expectations of firms

Asia-Pacific (excl. Japan) HNWIs have distinct preferences in how they are served by firms, as they are more inclined to seek professional advice (45 percent, the highest globally) and pay for customized services (37 percent) than HNWIs in the rest of the world (36 percent and 30 percent). While HNWIs globally share a preference to work with a single wealth management firm, those in Asia-Pacific (excl. Japan) differ in their preference to work with multiple experts (39 percent) versus a single point of contact (26 percent). They also have the highest demand globally for digital interactions, with 82 percent (versus 61 percent for those in the rest of the world) expecting most or all of their wealth management relationship to be run digitally in five years.

Wealth manager performance scores flat, creating opportunities for firms

Despite rising wealth and trust levels and a desire for advice, Asia-Pacific (excl. Japan) HNWIs increased their performance scores of wealth managers by only half a percentage point to 68 percent in early 2014, although this compares to a drop by five percentage points to 66 percent in the rest of the world.

“Asia-Pacific offers a ripe environment for firms to establish deeper client relationships and improve performance scores, given the high confidence levels, complex needs, focus on wealth growth, and openness to advice of HNWIs in the region,” said Jean Lassignardie, Chief Sales and Marketing Officer, Capgemini Global Financial Services. “Wealth managers and firms will need to evolve their offerings to meet the changing preferences of Asia-Pacific HNWIs in how they interact with their firms and advisors, including through the development of digital channels.”

Asia-Pacific HNWIs most driven globally to create positive social impact

The report reveals that 97 percent of Asia-Pacific (excl. Japan) HNWIs feel it is important to invest their time, money or expertise to make a positive social impact, with 81 percent describing it as very or extremely important (compared to 59 percent of their peers in the rest of the world).

Asia-Pacific (excl. Japan) HNWIs are driven primarily by a feeling of responsibility to give back and are uniquely focused on food security, which ranked as the top priority cause (vs. 12^th for those in the rest of the world), with 40 percent currently giving back in this area. Following food security, health (39 percent), education (37 percent), the welfare of children (33 percent), and the welfare of older people (31 percent) rounded out their top five causes. Climate change and the environment is also a high priority, with 30 percent of Asia-Pacific (excl. Japan) HNWIs contributing time or wealth in this area versus 20 percent of HNWIs in other regions.

View the report at www.asiapacificwealthreport.com.

BNY Mellon Launches Comprehensive Discretionary Investment and Wealth Management Services in Hong Kong

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BNY Mellon Wealth Management has received regulatory approval in Hong Kong to launch comprehensive discretionary investment and wealth management services to high net worth individual investors.

BNY Mellon Wealth Management will bring a wide range of solutions-based services including strategic asset allocation, access to world-class investment management services provided by the corporation’s robust multi-boutique structure, and active, personalized client discretionary portfolio management.

The launch signifies a marked expansion of BNY Mellon’s Asia-Pacific wealth management presence serving Asian families as well as U.S. citizens. Unlike typical money management services that are more transactional in approach, BNY Mellon differentiates itself by taking a longer and broader view of serving clients’ overall wealth and investment planning needs.

“Our expansion provides greater access to comprehensive wealth and investment planning services to the high-net worth market,” said Larry Hughes, chief executive officer of BNY Mellon Wealth Management. “With the broad and deep capabilities of one of the world’s leading investments companies, BNY Mellon offers holistic, solutions-based wealth management. Our focus on discretionary investment management, rather than transactional services, is integral to our comprehensive approach and differentiates us in the market.”

“We continue to make significant investments in both our core businesses of investment management and investment services in Asia-Pacific,” said Alan Harden, CEO of BNY Mellon Investment Management in Asia-Pacific. “Expanding on-the-ground wealth management services is a prime example of this long term commitment to the region. The Bank of New York Mellon is leveraging the trend of unprecedented wealth growth rates in the Asia-Pacific region by drawing from our broad global expertise to deliver wealth and investment planning solutions locally.”

BNY Mellon has more than U.S. $187 billion in private client assets, as of September 30, 2014. BNY Mellon was created by the 2007 merger of the 138-year-old Mellon Financial and the Bank of New York, which was founded in 1784 and is the oldest trust bank in the U.S. It has served clients in Asia for nearly a century.

Hong Kong and Shanghai: A Window of Opportunities

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The mutual market access program that is due to launch in October between the Hong Kong and Shanghai stock exchanges is another step towards capital market liberalization. It will allow much easier access for foreign investors to the onshore Chinese Shanghai A-shares market as well as reciprocal investment by mainland Chinese investors in the Hong Kong market.

With the program due to kick off this month, foreign investors are busy doing their homework on Shanghai A-shares and trying to figure out what stocks mainland investors will choose to buy in the Hong Kong stock market.

Many overseas investors will be looking to buy dual-listed shares that are cheaper in the A-share market than in Hong Kong. However, we feel this arbitrage focus misses the more interesting development for foreign investors, which is to buy unique exposures, such as thermal coal railway owner Daqin Railway, traditional Chinese medicine producers, such as Tasly Pharmaceutical, and large capitalisation stocks that are unfashionable with local mainland investors and, therefore, very cheap, such as SAIC Motor, a joint venture partner with VW and GM.

Back in the Hong Kong market, while it is possible that mainlanders will buy well-known companies that were previously unavailable to them — like Tencent, which runs the ubiquitous QQ and Weixin internet and smartphone communication platforms (and is the largest holding of the Henderson China Opportunities Fund) — we think a more likely outcome is a dramatic increase in the volatility of small-cap stocks in Hong Kong. The Shanghai market is dominated by retail investors and they prefer to be active traders of smaller capitalization companies. If they transfer this characteristic to Hong Kong, then already volatile small-caps may well experience even more dramatic swings in performance and valuation as the stocks fall in and out of fashion with mainland investors.

The Henderson China Opportunities Fund’s portfolio has benefited from holding stocks that we believe will be positively impacted by the program. For example, Hong Kong Exchanges & Clearing’s share price rose dramatically on the news and we have since sold the shares, taking advantage of the price movement. CITIC Securities, still held in the portfolio, is another beneficiary. The company is a leading broker in China and last year acquired CLSA, a leading Hong Kong brokerage firm. It is thus well-positioned for flows in both directions.

Opinion column by Charlie Awdry, Portfolio Manager of the China Opportunities strategy, at Henderson Global Investors

Loomis Sayles Appoints Director for Institutional Services in Asia

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Loomis Sayles Investments Asia has announced that Michael Chang has joined the company as Director, Institutional Services, Asia. Michael will report to Paul Ong, managing director of Loomis Sayles Investments Asia Pte. Ltd. and head of the Loomis Sayles Singapore office. Michael will also report to John Gallagher, executive vice president and director of institutional services for the company’s US, Canadian, UK, and Singapore offices.

Michael joins from Natixis Global Asset Management, the parent company of Loomis Sayles. In this new role, he will provide critical support and guidance on Loomis Sayles investment strategies and products to the Natixis business development offices throughout Asia. In particular, Michael will play a key role in further developing and building strategic relationships for Loomis Sayles in the North Asian region.

“We are very pleased to welcome Michael to our team,” said Paul Ong. “We have had a great working relationship since the Loomis Sayles Singapore office opened its doors in 2012 and while at Natixis, Michael did a fantastic job raising assets on behalf of Loomis Sayles in Taiwan. With his wealth of experience and deep knowledge of the North Asian markets, I’m confident Michael will be a key contributor to the continued success of Loomis Sayles Singapore as we seek to further bolster our investment capabilities and drive the growth of our Asian client base to the next level.”

Michael worked for Natixis for 11 years and was most recently the managing director of Natixis Taiwan. Michael earned his Bachelor of Business Administration from Tam Kang University in Taiwan and a Master of Commerce (Accountancy) from the University of Wollongong, NSW, Australia.