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State Street Global Advisors Appoints Chief Portfolio Strategist

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.

BBVA Compass Appoints Florida Business Leader to Its National Advisory Board

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Civic leader and business executive Marielena Villamil has been named the 22^nd member of BBVA Compass‘ National Advisory Board, which is made up of executives from across the bank’s Sunbelt footprint.

Villamil is the co-founder and president of The Washington Economics Group Inc., an economics consulting firm based in Coral Gables, Fla. Villamil, who serves on several community boards, earned her master’s degree from Vermont’s Middlebury College and her bachelor’s degree from St. Mary’s Dominican College in New Orleans. She will continue to serve on the bank’s South Florida board, which she joined last year.

“Marielena has done an amazing job promoting the bank in South Florida during the past year, and she’s even attended a BBVA shareholder’s meeting in Spain to learn more about the bank,” said BBVA Compass South Florida Market President Roberto R. Munoz. “We’re so proud to have someone from Miami sit on our national board.”

National board members help generate business for the bank and provide BBVA Compass leaders with insight about financial needs in specific markets and industries.

The Typical UHNW Philanthropist Donates US$25 Million During Lifetime

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Wealth-X and Arton Capital released this week a report that reveals that the typical ultra-wealthy philanthropist donates US$25 million over the course of his or her lifetime, is 64 years old, has an average net worth of US$240 million, and an average liquidity of US$46 million.

These are some of the findings of the inaugural Wealth-X and Arton Capital Philanthropy Report 2014 that examines the full spectrum of ultra high net worth (UHNW) philanthropic activities, identifies trends in UHNW giving, provides the profile and traits of ultra wealthy philanthropists, and highlights their motivations in contributing to charities across a range of areas and sectors.

The Wealth-X and Arton Capital Major Giving Index, which tracks trends in UHNW charitable giving, shows that the level of traditional philanthropic donations remains strong. The index has risen in the past few years, reaching a level of 220 in 2013 – making it the strongest year for UHNW giving since the 1997-8 global financial crisis, and only 12 points below the all-time high of 232 in 2006.

However, the report reveals that UHNW philanthropists are expanding their philanthropic approaches and activities, shifting from major giving towards self-sustaining projects and entrepreneurialism.

Here are some other key findings:

Major giving to educational causes accounts for 40 per cent of all UHNW donations, three times more than the amount given to health causes.
Individual gifts by UHNW female major donors, on average, is 26 per cent larger than their male counterparts.
The global UHNW population, which comprises 0.003 per cent of the world’s population, holds 13 per cent of the world’s total wealth.
Nearly 70 per cent of UHNW philanthropists are self-made and actively contribute to programs that aim to increase entrepreneurialism.
Impact investments, such as social bonds, will account for 1 per cent of professionally managed assets within the next 10 years.
On average, American households donate US$3,000 annually to charity. A UHNW philanthropist with a net worth of between US$30-49 million typically donates at least US$60,000 annually.
Billionaires give the most to charity. On average, members of this top-tier wealth segment have donated US$108 million in their lifetime.
Philanthropic bequests are expected to reach US$86 billion in the next 10 years.

The report is supported by knowledge partners, Charities Aid Foundation, Global Citizen Foundation, International Youth Foundation and Population Services International, who provide commentary and case studies.

“Globally, we are witnessing an evolution of philanthropy as it expands from ‘traditional’ philanthropy – involving financial contributions and donations – to cutting-edge approaches such as venture philanthropy, microfinance, impact investing and job creation,” said Mykolas Rambus, CEO, Wealth-X. “Ultra wealthy philanthropists are increasingly focusing on philanthropic initiatives that provide long-term solutions by enabling the less fortunate to seize opportunities through entrepreneurialism, and using their own business acumen to measure the effectiveness of their philanthropic endeavors and to maximise their returns.”

“This is another initiative in our corporate strategy to encourage the discussion about the responsibilities of global citizens in addressing the social and economic dimensions of sustainable development,” said Armand Arton, President and CEO, Arton Capital. “Our strategy includes sharing more and more information about the role of the wealthy in these important processes. One of our strategic goals is to engage all involved stakeholders in a constructive dialogue on how to more efficiently interconnect global citizens so that their joint efforts become a force for bridging the widening socio-economic gap.”

High Yield’s September Sell-Off Doesn’t Change the Story

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The recent sell-off in high-yield bonds has many investors wondering whether this is another big buying opportunity—like prior sell-offs have been—or the start of something more ominous.

As we see it, the decline in high-yield bonds was mostly due to technical influences: outflows from retail high-yield funds teamed up with record-setting issuance to soften markets. Add in a couple company-specific credit problems…and the high-yield market was down more than 2% in September. Of course, retail flows could continue to exit high yield, pressuring returns. But from our view, most of the selling has been by broker-dealer firms and hedge funds—not long-term investors.

No Case for Allocation Shifts

If longer-term investors start to sell, we could see a more meaningful correction. But issuance is slowing down—a few large issues are still interested but the groundswell of issuance we saw in September is gone. On the demand side, many retail and institutional investors see 6%-plus yields as a tactical opportunity to top up allocations and invest marginally, but they don’t necessarily view them as the time to make a big move back into high yield. Based on this more favorable supply/demand balance and fairly strong underlying fundamentals, our view is that the weakness is unlikely to continue.

That said, while this may be a tactical investment opportunity for some, we don’t see this as an opportunity for investors to get overly excited and shift assets toward high yield. Yes, overall yields and spreads—or the extra yield versus Treasury bonds—are higher than they were at the start of September, but they remain below long-term averages (Display). And while fundamentals are still relatively strong, we’re in the latter innings of the credit-market cycle and are seeing some deterioration. There are no great opportunities available and no massive dislocations to capitalize on. That’s why we think that a conservative, diversified approach to high yield makes the most sense.

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Stretching for Yield Can Be Risky

Our biggest concern: the lowest-rated credits. CCC-rated bonds have recently begun to underperform, but these are the most fragile companies with the most leverage. It doesn’t take much for these companies to fail—they often do so even before the broader market starts to see real deterioration. Investing in lower-rated credits requires extensive research—and a big expected-return hurdle to make it worthwhile. Since CCC yield spreads don’t compensate investors for average historical credit losses, defaults would have to be well below average over the next five years to make them profitable.

While near-term defaults don’t appear imminent, forecasting defaults beyond the next 18 months is tricky. Betting on a very different outcome than what we’ve seen historically doesn’t seem prudent. Also, returns on CCC bonds will fall long before actual defaults turn up. So, while the lower default rates expected in 2015 provided a great reason to buy CCCs in 2013, they provide far less comfort to us in terms of return expectations over the next 12 months.

A Balanced, Diversified Approach

On balance, the events of September don’t really change the long-term story for high-yield bonds, in our view. The good news is that the power pendulum has swung back to investors. They now have the upper hand in negotiating the yields and terms of new deals with issuers. In many respects, continued market turmoil may be an investor’s best friend: it extends the credit cycle, making companies more careful and thoughtful with their resources while at the same time increasing expected returns.

We think investors should continue to take a global, multi-sector approach when it comes to high yield—but maintain a cautious outlook in the months ahead.

The views expressed herein do not constitute research, investment advice or trade recommendations and do not necessarily represent the views of all AB portfolio-management teams.

Ivan Rudolph-Shabinsky is a Portfolio Manager of Credit and Gershon Distenfeld is Director of High-Yield Debt, both at AllianceBernstein.