Foto: Photomatt28. AM Global Family Investment Office cumple su II aniversario con crecimientos del 150% en AUM
AM Global Family Investment Office, an emerging family office leader founded by two former GenSpring Family Offices executives, celebrates the second anniversary of its investment-focused family office business model for wealthy individuals and families. The business model features a single-family office client experience combined with a service offering acutely focused on investing. The firm is growing rapidly with year-over-year organic growth in Assets Under Advisement of over 150% (as of March 31, 2014) and was recently ranked number two in the Financial Advisor Magazine Top 50 Fastest Growing Independent Advisors.
In addition to the growth in clients and assets under management, the firm also recently announced the hiring of Victoria Karasin and Susan Dsurney, two experienced and respected advisors who previously worked with the founders at GenSpring.
“We are convinced that the business model we’ve developed, being a Family Investment Office, solves some of the biggest issues with wealth management firms and full service family offices,” says Founder and Chief Investment Officer Andrew Mehalko. “Basically, a single purpose family office that acts as a professional investor on behalf of its clients without having the investment experience diluted by competing services and unnecessary costs.”
AM Global Family Investment Office is based in West Palm Beach, FL and serves wealthy individuals and families throughout the U.S. and internationally. The firm was recently named “Best Newcomer – Private Wealth” for 2014 by Private Asset Management.
Foto: Steve MCN, Flickr, Creative Commons. Apoyo a "la última frontera" a través de la inversión
Amethis Finance, the private investment fund dedicated to long-term responsible investments in Africa, founded in partnership between Luc Rigouzzo, Laurent Demey, and the Edmond de Rothschild Group through Compagnie Benjamin de Rothschild Conseil “CBR”, successfully reached its final close in June 2014, mobilizing USD 530 million. Amethis has been able to attract an unprecedented number of private investors for an African fund, being financial institutions but also European and US family offices.
Amethis realizes one of the biggest fundraising ever for a first-time investment fund dedicated to Africa showing increasing interest of US and European investors for the continent. Amethis’ shareholding structure is composed of 55 investors of which only 3 are state owned while most of the investment funds dedicated to Africa have been financed by development finance institutions (DFI) so far. Amethis has managed to bring to Africa European, US and African institutions, together with close to 40 European and US entrepreneurs and family offices.
Amethis has a unique shareholding structure: mixing classical institutional investors (banks, insurance companies, fund of fund…) with successful private entrepreneurs from the manufacturing and services sectors who are investing often for the first time in Africa and are looking to know better the continent. Amethis considers its investors as potential shareholders and business partners for the companies it invests in. Amethis assists its investors in their expansion, notably through co-investments. Indeed, Amethis aims to capitalize on its network to identify and to harness strategies between its diversified investor pool and its local partners.
A business model suited for the continent’s needs
Africa is going through a rapid and dramatic change, thanks to its demographics and fast urbanization. Economic models are rapidly changing, with consumer and retail oriented companies taking advantage of those evolutions. This rapid growth is creating significant capital needs for local companies, and Amethis’ strategy is to foster long-term ties with well-established, high-growth African businesses which need long-term capital, and supporting them through a new phase of their life cycle. Amethis is helping them to develop, first in their own national space, then in their regional space.
To do so, Amethis has developed an investment strategy adapted to the African needs and specificities: Amethis is particularly positioned on Africa’s bottlenecks areas supporting urbanization and consumer growth: financial services, retail, agri-business, energy…; Amethis is focused on countries with a large domestic market and a diversified economy (i.e. countries in transition); Amethis is one of the only player to provide its clients with traditional equity and flexible long-term debt, a mix adapted to its clients’ needs; Amethis only takes minority stakes, which is well suited for family-owned businesses. Finally, Amethis is characterized by its long-term horizon.
A quick start with already five investments completed so far
A year and a half after its first closing, Amethis has already made 5 investments, in fast perfoming companies in Kenya, Ghana, Cote d’Ivoire and Mauritius, in banking, oil and gas retail distribution and logistics. Amethis is supporting the rapid changes in the African retail banking industry, pushed by innovative local banks creating new marketing and distribution models. It has already partnered with the two fastest growing banks in Kenya and Ghana, respectively Chase Bank and Fidelity Bank, who are transforming their respective banking industries. It is supporting in Côte d’Ivoire the quick rise in gas consumption, investing in the local champion, Pétroivoire. In the Indian Ocean, it backs the rise of Mauritius as the regional logistics hub through the regional leader, Velogic.
Partnership with Compagnie Benjamin de Rothschild Conseil
The fruitful alliance with CBR is grounded on the proven know-how of Amethis Finance founders in sustainable development in Africa and the credibility of the Edmond the Rothschild Group. Amethis founders are a team of bankers and Private Equity investors, specialized in Africa and the Mediterranean, who have devoted their careers to private equity and long-term lending on the African continent. They share the same long-term investment vision as the Rothschild family which have granted to CBR a mission to promote innovative investment schemes in partnerships with highly recognized investment professionals. Over the last ten years CBR has developed a recognized environmental and social expertise, notably with its investment funds platform, covering traditional strategies and focusing on Impact Finance, Environment and Infrastructure, in developed markets and frontier markets.
Luc Rigouzzo, Managing Partner at Amethis comments: “The success of this fundraising, demonstrates the appetite of private European and US entrepreneurs and family offices to invest in Africa, the next world frontier for growth, and their conviction that our patient and responsible business model is well adapted to the needs of the continent.” Laurent Demey, Managing Partner at Amethis, adds “African entrepreneurs are shaping Africa’s future at a key moment in the continent history. Amethis role and objective is to support them in all possible ways: money, of course, but also value addition, international network and recognition through our very specific business model and shareholder base.” Johnny El Hachem, Chief Executive Officer of Compagnie Benjamin de Rothschild Conseil adds: “We were convinced that Amethis was the right team for this partnership, with whom we share the same vision of long-term responsible investment in Africa. It is at the core of the Edmond de Rothschild Group to partner with talented professionals on ambitious and innovative projects.
The World Gold Council, the market development organisation for the gold industry, has convened a roundtable debate to discuss how to modernise the London Gold Fix.
The meeting was attended by 34 delegates representing all parts of the industry including; central banks, bullion banks, refiners, ETFs and other gold investment product sponsors, exchanges and industry bodies.
Hosted by the World Gold Council’s Chief Executive Officer, Aram Shishmanian, delegates discussed the requirements and desired characteristics for a reformed benchmark, along with the pros and cons of any alternative price-setting mechanism.
The key points emerging in the discussion were as follows:
The need for a single, trusted, benchmark reference price is in the interests of the millions of people involved in the gold market around the world
The imperative for continuity of price discovery to avoid market disruption
The importance of expanding involvement in the process to reflect the full range of market participants
The importance of a local London price, which would reflect both the deep pool of liquidity available in London, as well as London’s historic and current position as the primary trading centre for gold
Any solution will need to be settled locally and physically
The need for a transparent benchmark which mitigates any potential reputational risk for those administering the benchmark
The requirement to separate market making from benchmark administration, and to meet all the other IOSCO principles including independent oversight
Natalie Dempster, Managing Director, Central Banks and Public Policy said: “We are at the start of a process that will lead to a reformed and modernised gold benchmark which attracts a broader range of market participants.
There was strong support for the World Gold Council’s key principles for reform. We believe it should be based on executed trades and a tradable price, it should have highly transparent input data, should be calculated from a deep and liquid market, and represent a physically-deliverable price.”
Steward Partners Global Advisory, an employee-owned, full service independent partnership, announced that Kenneth Mathieson and Erik Mathieson, along with their other team members, have left the midtown Manhattan office of Morgan Stanley, to join Steward Partners. The team has over 50 years of combined experience serving clients as Wealth Managers. This move to Steward Partner’s newest location, 2 Grand Central Tower, 140 East 45th Street, marks the official opening of a flagship New York City Branch for Steward. The Mathiesons manage $315 million in client assets, and generated over $3 million in production on an annual basis at their prior firm.
With the addition of the Mathiesons, Steward Partners has crossed the billion-dollar threshold in recruited assets in just under 8 months, averaging well over $100 million a month in new recruited assets since inception. Along with The Mathiesons, Steward Partners has welcomed other high-end teams managing hundreds of millions in assets in the months of May and June. The newest recruits join the existing advisors of the same quality who began joining weeks after Steward Partners launched last September.
The firm, which utilizes the Raymond James platform and support services, has opened offices in four states with several more planned this year. Steward’s rapid expansion establishes it as a fast growing Full Service Independent Partnerships. Their success is extremely rare as it usually takes years, not months, to reach the all-important milestone of $1 Billion in AUM recruited.
“Congratulations to Mike, Jim, Hy and the entire Steward Partners team on surpassing $1 billion in recruited client assets,” said Scott Curtis, president of Raymond James Financial Services. “We recognized early on that their boutique partnership proposition would appeal to certain high quality, client-focused advisors seeking independence combined with the camaraderie and familiarity of a more traditional branch environment and the full-service support resources provided by Raymond James. We look forward to their continued growth and success.”
Along with pride in hitting the billion dollar milestone, Steward’s CEO is proud of his firm’s newest team: “Ken and Erik and their entire team represent what’s best about true partnership,” says Steward CEO Mike Maurer. “They are among the best in the United States at what they do, they are client focused, and they care about the people they work with. We are honored to call them partners.”
“Over time, we saw the changes to our industry,” says Ken Mathieson. “We came to appreciate the Independent movement for its transparency and fairness for clients and Advisors. When we combined that with Steward, and its top caliber management team, our fear of the independent space turned to excitement, especially with the strength, stability and vast resources Raymond James brings to the table.”
“We wanted a say in firm direction, and to feel like our business and clients matter,” adds Erik Mathieson. “Being a partner and an owner is totally different than being an employee. Who we have partnered with is exciting, comforting and empowering.” “While a billion is a reach to many, it is just the beginning. Assets and revenue matter, but reputation, character and the ability to enhance our culture comes first,” says Maurer. “Raymond James has been a big part of our success. They are the real deal in everyway.”
The company is headquartered in Washington, DC with additional offices in Andover, MA, Portsmouth, NH, and New York City. Steward Partners Global Advisory is an employee-owned, full service independent partnership catering to family, institutional and multi-generational wealth.
Deutsche Asset & Wealth Management is strenghting its team in Americas and USA with several appointments announced last week. The company has hired J.J. Wilczewski as Co-Head of the Global Client Group, Americas. Wilczewski, a Managing Director, will focus on serving institutional investors, overseeing client coverage and distribution in the Americas region. He will work alongside fellow Co-Head Bob Kendall, who is responsible for DeAWM’s Americas retail business. Wilczewski and Kendall report to Dario Schiraldi, Head of the Global Client Group, with a regional reporting line to Jerry Miller, Head of DeAWM Americas.
Wilczewski brings 18 years of industry experience, most recently as Head of Advisory Solutions at AON Hewitt and Head of Business Development at Wilshire Associates. Wilczewski takes over from Joe Sarbinowski, Head of the Global Client Group’s Investment Specialist team for Liquidity Management, who has been responsible for institutional coverage in the Americas on an interim basis.
The company has hired also Thomas Clarke as Head of Lending & Deposit Products, Americas effective September. In this role, Clarke will lead DeAWM’s Lending & Deposit Product business across the Americas region, with overall responsibility for strategy, product development and client service. He will manage a team of specialists who work with bankers and clients to structure bespoke solutions to suit clients’ liquidity and funding needs. Clarke, a Managing Director, will be based in New York. He will report to Balaji Prasanna, Global Head of Lending, Deposit Products and Wealth Planning Solutions, and regionally to Jerry Miller, Head of DeAWM Americas. Clarke will join from JPMorgan, where he was U.S. Head of Capital Advisory in the Private Bank, responsible for the U.S. wealth management lending business. Before that he was U.S. Head of Banking Products at JPMorgan Securities.
In USA market, the company announced that there will be a new office in Dallas to serve high net worth clients. Also, Deutsche Asset & Wealth Management has added two Private Bankers in Los Angeles: Matthew Coombe and Patrick Menerey have joined the Firm. Based in Los Angeles, Coombe and Menerey will report directly to Michael Davis, a Managing Director and the Head of the U.S. Private Bank for the West Coast region.
With more than 10 years of industry experience, Coombe joined the Firm as a Director and Private Banker. He was most recently a Senior Vice President for Comerica Bank’s Wealth Management Division, where he covered ultra-high-net worth families in Los Angeles. Coombe earned a B.A. in Economics from the University of Southern California, and is a CFA charterholder.Menerey joins the Firm as a Vice President and Private Banker. Previously, he was a Vice President and Private Banker in Comerica Bank’s Wealth Management Division in their Orange County office. Menerey began his career at City National Bank in Los Angeles as an underwriter and Private Banker. He earned a B.A. in Economics from the University of Michigan.Coombe and Menerey are two of DeAWM’s latest hires in their push to expand their local presence on the West Coast. In February of this year, the Firm hired Brandt Daniel as a Managing Director and Private Banker. Daniel also joined from Comerica Bank’s Wealth Management Division, where he managed the Orange County and San Diego Private Banking teams.
In the investment team, Deutsche Asset & Wealth Management has hired Deepak Khanna as Head of U.S. Large Cap Value Equities, effective July 16, 2014. Khanna will be responsible for managing investment strategies focused on U.S. large cap value stocks. His appointment further strengthens DeAWM’s equity investment team in the Americas. Among other hires, in April 2013 the firm added a U.S. Head of Small and Mid Cap Value Equities team led by Richard Glass. Khanna, a Managing Director, will be based in New York and will report to Owen Fitzpatrick, Head of US Equity. He joins from Lord, Abbett & Co., where he was a portfolio manager of large cap value and multi cap value strategies.
The Miami Finance Forum (MFF), South Florida’s leading financial services networking organization convened some of South Florida’s top leaders in the finance and tech industry to discuss the past and future of IPOs and M&As in the tech sector.
The sold-out crowd of over 60 participants that formed part of MFF’s “Lunch & Learn” series met at Morton’s Steakhouse in Brickell to hear views from players involved in the IPO and M&A markets. Participants gained valuable insight provided by expert speakers Celine Armstrong, managing director of investment banking and product management at S&P Capital IQ, and Cyrus F. Lam, managing director of technology at KPMG Corporate Finance, LLC, who led the presentations. Paul Berkowitz of Greenberg Traurig moderated the discussion.
“According to S&P Capital IQ Research, current economic fundamentals and strong global liquidity are making for a healthy M&A environment this year. Q1 2014 saw a significant increase in the number of IPOs over the same period in 2013, with healthcare and technology among the most prominent sectors for issuance,” said Celine Armstrong, who has spent 14 years in the Investment Bank industry. She is currently responsible for leading strategy and product development, as well as global coordination for Investment Banking and capital markets within S&P Capital IQ’s Product and Content organization.
According to Cyrus Lam, whose work focuses primarily on the technology sector, “The U.S. has led the world’s technology M&A activity, maintaining market share in both volume and value. Investors are paying premium valuations for technology market leaders, such as What’s App, Viber and Beats.” Cyrus brings significant cross-border experience having worked in KPMG’s Corporate Finance Practice in India, the United Kingdom and the United States.
“It was a pleasure to participate in Thursday’s event,” stated Paul Berkowitz. He added, “The presence of so many people from both the enterprise and financing sides further proves the importance of Miami in the business community of the Western Hemisphere.” Berkowitz has over 40 years of experience working in a wide range of industries, both domestically and internationally.
Among the organizations that supported the event were S&P Capital IQ, a multinational financial information provider and a division of Standard and Poor’s, and international law firm Greenberg Traurig.
The MFF is a not-for-profit organization supporting the growth of South Florida’s network of finance and investment professionals. It is dedicated to expanding the knowledge base and professional practices of its members, while ensuring that the region continues to attract and retain its top talent. Its membership roster is comprised of professionals experienced in private equity, hedge funds, venture capital, commercial banking, investment banking, wealth management, law, accounting and other related professional-services industries. Since its founding in 2006, the MFF has been known for its event series, including its panel discussions, private roundtables and happy hour mixers.
BNY Mellon Investment Management has announced that Joseph Moran has been named Head of Private Bank and Registered Investment Advisor Distribution, a newly created position, with responsibility for distributing Dreyfus mutual funds and other BNY Mellon financial services in North America.
Moran reports to Kim Mustin, BNY Mellon Investment Management’s head of North American distribution, who joined BNY Mellon in April.
“While this is not a new channel for us, it is an important market given its growth trajectory and our product and servicing offerings,” Mustin said. “Our association with Pershing, combined with our list of illiquid and liquid alternatives, enables us to be a unique partner to this segment of the market,” Mustin continued. “This move shows our intention to be more visible and engage more fully with this segment. It also will focus our future product development and service offerings for this audience.”
A 20-year financial services distribution expert, Moran joins BNY Mellon from Oppenheimer where he headed Wealth Management distribution since 2010. Moran spent most of his career at DWS Investments / Deutsche Asset Management, where he held a series of progressive sales management leadership positions, including their Retirement Plan Services area, and ultimately led their Financial Institutions Group. Recognized as a leader and innovator, Moran was a member of the CEO Advisory Committee to drive performance with new ideas, new strategies, and change initiatives. Moran began his career as a financial advisor with Metropolitan Life. Moran has Series 24, 7, 6 and 63 licenses and received his B.A. from the University of Dayton.
“BNY Mellon Investment Management’s operating model, consisting of multiple autonomous institutional investment boutiques, allows us to meet the growing needs of our clients seeking unique investment solutions,” Mustin said. “Joe’s relationships and experience within the Private Bank and RIA market will enable us to accelerate our efforts in this area. We are delighted to add Joe’s results-proven experience to drive our business forward.”
Real estate (RE) is an obvious target for investors searching for yield and is therefore outperforming other asset classes. The latest monetary developments have made ING IM decide to reduce our overweight position in global RE. Regionally, they increased our position in the Eurozone and cut our overweight in the UK.
The asset manager remain positive for RE, as fundamentals in developed markets are improving and the search for yield is expected to stay with us for a while. This is especially the case in the Eurozone, thanks to persistently easy ECB policy.
Regional performances in real estate year-to-date
Real estate outperforms other asset classes
Being an obvious target for investors searching for yield, real estate (RE) equities have outperformed other asset classes and sectors this year. Besides capturing an attractive dividend yield, real estate investors have also some optionality on a broadening economic recovery.
Rate hike speculation could throw a spanner in the works
However, the ride might become a bit more bumpy as speculation about when and which central bank will tighten monetary policy first may impact bond yields. The sharp rise in 10-year bond yields in May and June 2013 – particularly in the US and the UK – which was triggered by Ben Bernanke’s “taper talk” is still fresh in investors’ minds. The rise in yields caused a sharp correction in real estate equities.
Bank of England likely to be the first mover
The UK central bank is expected to be the first mover. This was confirmed by Bank of England (BoE) Governor Carney on June 12, when he stated that the first BoE rate hike “could happen sooner than markets expect”. This went not unnoticed by the UK real estate market which corrected immediately (see graph). This might be a prelude of things to come when monetary policy is being tightened. On top of that, the BoE last Thursday announced some (modest) measures to try prevent a booming (London and South East England in particular) housing market threatening financial stability in the future.
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Smith & Wollensky Restaurant Group (SWRG), a collection of boutique American steakhouses, is proud to announce the expansion of its iconic brand internationally. Smith & Wollensky is honored to bring the classic steakhouse brand into London, opening early spring 2015, just off The Strand. The company is thrilled to share its unique dining experience with such a cosmopolitan and food-savvy city.
“We’ve always recognized the opportunities for expansion with the Smith & Wollensky brand. The iconic restaurants have a tremendous global following and rich heritage,” stated Michael Feighery, CEO and President of SWRG. “Our brand has experienced remarkable success and recognition throughout the U.S., and London was the most obvious place to expand due to the international appeal and demand. We are very proud of our history and contribution to the American steakhouse dining segment. Equally we have enormous respect for the U.K.’s spectacular culinary scene. This opening will pay homage as we bridge together these two vibrant countries with yet another common thread.”
The London restaurant will be located on the ground floor of the Adelphi building on John Adams Street. Featuring 300 seats in 15,000 square feet, the two floors will showcase two full dining bars, two main dining areas and several private event rooms. The scratch kitchen will outfit a full butcher shop and dry-aging room on-site, a signature feature of the Smith & Wollensky brand. Imported USDA Prime beef will undergo a distinct and traditional aging process, enhancing the primal cuts and ultimately delivering a perfectly balanced steak.
The new restaurant will mirror the classic green and white Smith & Wollensky brand, offering a timeless, vibrant, yet relaxed atmosphere that envelops guests in gracious hospitality. It will feature many classic decor elements while integrating the unique style of the building, complementing the capital’s rich history. It’s a dining experience that offers simple refinement in the grand tradition.
The restaurant will be open Monday through Sunday serving both lunch and dinner, featuring a traditional Smith & Wollensky menu of USDA Prime dry-aged steaks, premium seafood and award-winning wines. The menu will be complemented by local infusions and regional flavors. Design and construction are being led by London’s acclaimed Martin Brudinzki Design Studio and Acacia Consulting.
Hispania Activos Inmobiliarios has acquired a 90% stake in ONCISA for an amount of 80.2 million euros, by means of the subscription of a capital increase. ONCISA is the real estate company of Grupo de Empresas de la ONCE (“Grupo ONCE”) and its Foundation (“Fundación ONCE”) and owns 46,416 m2 of office space, distributed in 9 assets, 8 located in Madrid and 1 in Malaga. The implied valuation of the portfolio after the capital increase is 120.4 million euros, including debt.
This transaction has been made in the context of a wider collaboration agreement signed between Grupo Azora -Hispania’s investment manager- and Fundación ONCE. This agreement sets the basis for collaboration in projects related to people with disabilities and their inclusion in society and in the corporate world, as well as on improving their accessibility to goods and services.
All of the assets within the ONCISA portfolio are of high quality and excellently located: those in Madrid are all in highly consolidated areas, in the surroundings of the M-30 ring road, and the building in Malaga is located next to the historic city centre.
In a separate deal, closed last 27th of May of 2014, Hispania acquired -from a third party- two floors of the Murano building for an acquisition price of 4.4 million euros. The rest of the Murano building already belonged to ONCISA. These two floors have been contributed as part of the capital increase subscribed by Hispania – completing the ownership of 100% of the building- along with a cash contribution of 75.8 million euros, making up the full price of 80.2 million euros for the acquisition of the 90% stake.
The success in the completion of this transaction has been significantly influenced by the fact that Grupo Azora, Grupo ONCE and Fundación ONCE share common social interests with a special concern for the promotion of a strong social responsibility across all of their respective company practices.
“This new deal of Hispania in the office market in Madrid fits perfectly with our investment strategy. The association with Grupo ONCE and its Foundation represents a great opportunity to develop new joint corporate initiatives. The agreement signed with Fundación ONCE is an important step for Azora in terms of corporate social responsibility and we are really committed with the opportunity of collaboration that will derive from this relationship”, said Concha Osácar, Board Member of Hispania.
On the other hand, the Chairman of Grupo ONCE y its Foundation, Alberto Durán, has shown his satisfaction for the closing of this transaction because it will allow the group to reinforce other areas of corporate activity in which they are already working and which are more conducive to the creation of employment for people with disabilities, “which is the identity sign and origin of our companies”, he added.
Alberto Durán has highlighted that the collaboration with Grupo Azora will extend during the coming years thanks to the collaboration agreement signed between Fundación ONCE and Grupo Azora, “which foresees, among other things, the integration of up to 75 people with disabilities”.
After this transaction, Hispania has already invested a total amount of 205.7 million euros since it listed on March 14th 2014: 120.35 million euros in offices, in 11 assets with a total GLA of 64,622 m2 (46,416 in the ONCISA portfolio and 18,206 in the 2 buildings in Les Glòries, Barcelona), 63.8 million euros in residential in 213 dwellings in Parque Diagonal del Mar, in Barcelona, and 21.5 million euros in hotels in the Hotel Guadalmina in Marbella, Málaga.
