StepStone Group LP, a leading global private markets firm, has announced that it has opened its first Latin American office in São Paulo, Brazil, and that the Firm has named Duncan Littlejohn and Bruna Riotto, both formerly of Paul Capital in Brazil, as Partner and Vice President, respectively. Their appointments are effective May 1, 2014.
Mr. Littlejohn and Ms. Riotto will be responsible for the Firm’s investment activities in Latin America, including reviewing primary, secondary and co-investment opportunities, and leading research efforts. They will also handle client development in Brazil and the wider Latin America region.
“These strong additions to our team and office expansion allow us to enhance our global coverage of the private markets,” said Monte Brem, CEO of StepStone. “Investors, including institutions and family offices, increasingly want access to private markets opportunities in Latin America, particularly in Brazil, which has the largest economy and population in the region. As our clients increase the capital they deploy there and Latin American clients look at global opportunities in alternative investments, we are pleased to be able to offer a full-service local presence.”
“We welcome Duncan and Bruna to the StepStone team,” added StepStone partner Jose Fernandez. “With talented and experienced Brazilians heading our new office, we will be well-positioned as we continue to invest in Latin America and serve our clients based in the region. We believe in building local teams with deep expertise in the markets in which we operate and we are sure that strategy will serve StepStone and its clients well in São Paulo.”
Mr. Littlejohn, 60, a 25 year veteran of the private equity industry in Latin America, joins StepStone from Paul Capital, where he had led the firm’s Latin American efforts since 2008. Previously, he was a Partner of BPE Investimentos and its predecessor, Brasilpar, a Brazilian primary private equity fund manager, which he joined in 1995. Prior to that, he worked in executive roles for companies such as AVM Auto-equipamentos Ltda, Pirelli Fintec Ltda, S&W Berisford (UK) Group, and Productos Ecuatorianos (Prodec). Mr. Littlejohn holds a BA in International Relations from the University of Pennsylvania. He has served on the boards of multiple portfolio companies, non-profit organizations, ABVCAP (the Brazilian private equity and venture capital association), and on various Latin American private equity fund advisory boards.
Ms. Riotto, 29, also joins StepStone from Paul Capital, where she had been since 2010. While at Paul Capital, Ms. Riotto was involved in all aspects of diligence, including company research, valuation, portfolio analysis, and transaction structuring. Previously, she worked as a financial analyst within the M&A team at Grupo Stratus. Ms. Riotto began her career with the Financial Controller team at Siemens. She earned her BBA with a concentration in Finance from Fundação Getúlio Vargas in São Paulo, where she was also a member of the University’s consulting team.
Foto: Kevin Hutchinson. La corrección de las acciones USA
The Chief Executive Officers of 6 of the leading companies in Mexico will be presenting at the 4th Annual Mexico Day Investor Luncheon on Monday, May 12, 2014 from 12:00pm – 2:30pm at the New York Stock Exchange. This year’s event will focus on the leaders of the Mexican economy, those heads of companies who, via their ideas, talent and dedication, have shaped Mexico’s financial markets and redefined the concept of business in the region.
Presenting at Mexico Day 2014 will be:
Mr. Alonso Quintana Kawage, CEO of Empresas ICA (NYSE: ICA, BMV: ICA)
Mr. Fernando Bosque, CEO of Grupo Aeroportuario del Pacifico (NYSE: GAP; BMV: PAC)
Mr. Alejandro Valenzuela del Rio, CEO of Grupo Financiero Banorte (BMV: GFNORTE)
Mr. Jose Manuel Contreras, CEO of Grupo Senda Autotransporte
Mr. Luis Barrios, CEO of Hoteles City Express (BMV: HCITY)
Mr. Alberto Chretin, CEO of Terrafina (BMV: TERRA)
Other companies participating in the event include:
America Movil (NYSE: AMX; BMV: AMX)
Alpek (BMV: ALPEK)
Coca-Cola Femsa (NYSE: KOF; BMV: KOF)
Consorcio Ara (BMV: ARA)
FEMSA (NYSE: FMX; BMV: FEMSA)
Genomma Lab Internacional (BMV: LAB)
Gentera (BMV: GENTERA)
Grupo Carso (BMV: CGARSO)
Grupo Financiero Inbursa (BMV: GFINBUR)
Grupo Sanborns (BMV: GSANBOR)
Televisa (NYSE: TV; BMV: TLEVISA)
Industrias Bachoco (NYSE: IBA; BMV: BACHOCO)
The luncheon will be held at:
New York Stock Exchange
2 Broad Street, 7th Floor Main Dining Room
(security checkpoint at corner of Wall Street & Broad Street)
New York, NY 10005
After the luncheon, the participating companies will be available for group investor meetings at BNY Mellon’s offices. Registration and Picture ID are required for entry. To register for the investor luncheon or group meetings, please visit.
This event is sponsored by NYSE Euronext, BNY Mellon and i-advize Corporate Communications, Inc. and is open to investors and analysts at no cost.
For more information, please contact Melanie Carpenter at Tel: 212-406-3692 or mcarpenter@i-advize.com
Artemis Investment Management announces the proposed launch of the Artemis Pan-European Absolute Return Fund – subject to regulatory approval.
The new Artemis Pan-European Absolute Return Fund will be managed jointly by Tim Steer and Paul Casson, and is based on the Artemis Pan-European Hedge Fund strategy (formerly Artemis UK Hedge Fund), a Cayman Islands-domiciled vehicle managed by Tim since 2009. When Paul Casson joined Artemis in April 2013 from Henderson, the Cayman fund broadened its opportunity set to include Pan-European equities.
“Tim and Paul have extensive experience of investing in UK and continental European stocks. They use a fundamental bottom-up approach to stock analysis, coupled with a proprietary screening tool, and have generated good annualised absolute returns for investors”.
While exact timings have yet to be decided, it is expected that the new fund will launch in Q3 2014, initially for Sterling investors. Multi-currency share classes should become available in Q4 2014, allowing international investors to access the fund. At first two GBP share classes will be made available: R class with 150bps AMC and I class with 75bps AMC. Subject to a high watermark, a performance fee will apply.
Commenting on the launch, Richard Pursglove, Artemis’ Head of Retail said: “We are delighted to bring this strategy to a wider audience. We are doing so in a UCITS fund for the first time, and in a sector that continues to be popular with our clients.”
Foto: JKleeman. Condoleezza Rice dará el pistoletazo de salida a INSITE 2014 de Pershing
Rapid advances in technology, a generational sea change from Boomers to Millennials, and the emerging prominence of women advisors as a competitive differentiator are just a few of the ways in which advisors and broker-dealers are being challenged to reimagine and retool their businesses. These and other mission-critical developments will be explored over three days at INSITE 2014, the annual event for registered investment advisors and broker-dealers hosted by Pershing LLC, a BNY Mellon company. This year’s conference will take place June 4-6 in Hollywood, Florida.
The unprecedented changes underway in the advisory business constitute a “call to action” that industry participants must respond to – or risk ending up behind the competitive curve. Among these imperatives, which have shaped the agenda for INSITE 2014:
Investor appetite for innovative products and services tailored to their particular stage in life and demographic category is stronger than ever. As a result, advisors must serve their clients more effectively while running their businesses more efficiently. Delivering a new generation of highly integrated, scalable technology-based solutions that meet or exceed client expectations is central to Pershing’s mission.
Advisors must embrace the impact of Millennials as they succeed their more senior Boomer counterparts. Unless they develop and deploy practices that support this ‘changing of the guard,’ they will squander the opportunity to launch their businesses into this new era.
The continuing expansion of women as material earners in the workforce, combined with a major wealth transfer in the coming decade, has placed advisory firm principals on notice. Strategies that recognize the positive impact of women advisors on best practices and the bottom line will be rewarded in the coming decade.
“Pershing’s commitment to supporting the success of our clients and their investors requires us to maintain a solid foundation for growth based on best-of-breed technology and innovative solutions,” said Caroline O’Connell, chief strategy officer at Pershing. “INSITE 2014 will provide advisors and broker-dealers with highly relevant, content-rich programming empowering them and their clients to succeed and grow in what is shaping up to be the most challenging and exciting era the industry has seen.”
Drawing on the broad success of last year’s conference, INSITE 2014 will bring together global thought leaders who will address in practical terms the issues that are redefining and driving today’s industry agenda, including:
The Dawn of a New Technology Age for Advisors: Insights into the strategies, people and processes needed to harness emerging technologies in today’s global advisory business. Sessions will highlight ways in which advisors are leveraging integrated data management, reporting and technology solutions to deliver distinctive, investor-centric services, including the enhanced NetX360 platform, the newest developments from Albridge Wealth Reporting and new NetXInvestor portal.
Financial Solutions:Sessions focusing on Pershing’s new Retirement Plan Network, FundVest 200, the Pershing Turnkey Managed Account offering and Fully Paid Securities Lending.
Business Growth: Pershing’s latest research shows that organic growth can yield six times greater ROI than traditional recruiting. Rich, interactive discussions will center on effective practice management founded on consultative, consistent and connected client and investor relationships.
Today’s Top Regulatory Concerns: Dual registrants…Conflicts of interest…Safety of assets…Custody issues…. INSITE 2014 attendees will delve into the unprecedented regulatory and compliance challenges confronting RIAs today.
New Perspectives – Alternative Mutual Funds as an Investment Solution: An exclusive panel will discuss the continuous growth of alternative mutual funds—also called liquid alternatives or alternative ’40 Act funds—and how Pershing can help access these solutions through consultative guidance. It also will cover the helpful tools for clients who wish to actively manage long/short allocations.
In addition to valuable opportunities to network and learn first-hand from industry leaders as well as peers, INSITE 2014 attendees will enjoy featured presentations from a stellar list of speakers, including:
Condoleezza Rice, who served as the 66th Secretary of State of the United States, the second woman and first African American woman to hold the post, and as National Security Advisor under President George W. Bush, the first woman in that role, will deliver the keynote address.
Joe Torre, Executive Vice President for Baseball Operations for Major League Baseball, who earlier led the New York Yankees to four World Series wins during his 11-year span as manager, will share his leadership insights.
As part of BNY Mellon’s corporate social responsibility program, Pershing is proud to support FEED at INSITE 2014. Throughout the first two days of INSITE 2014, attendees will have the opportunity to put together food backpacks to benefit a local South Florida food bank. In addition, each attendee will receive a FEED conference tote bag. For each bag gifted, 10 meals will be provided to children globally. This tote bag sale is part of FEED’s mission to “create good products that help FEED the world.” Each FEED bag, apparel item, and accessory sold has a set donation built into the cost of each product, which provides meals and micronutrients to children around the world.
INSITE 2014 is expected to attract more than 2,300 attendees, including investment professionals, independent RIAs, dually registered and hybrid advisors as well as senior-level product and marketing executives. It will be held at The Westin Diplomat, Hollywood, Florida. For additional information and to register online, please visit www.INSITE2014.com. To keep up-to-date on INSITE 2014 and to join the conversation on the issues that will be discussed, follow us on Twitter @Pershing and use hashtag #INSITE2014.
Ken Taubes, director de Inversiones de Pioneer Investments para Estados Unidos. Fed’s Inflation Target Misguided? Good vs. Bad Disinflation
For more than a year the Federal Reserve Board has cited inflation below its targeted 2% level as one justification for maintaining its extraordinarily accommodative monetary stance. As of February, the core inflation rate was 1.1%, based on the Personal Consumption Expenditure (PCE) inflation series, the Fed’s preferred measure of inflation. But there is good reason to question whether the 2% target justifies current policy.
What’s Driving Inflation Lower?
Today’s low inflation is taking place in an economic environment that is far different from the conditions that triggered falling prices during the Great Recession in 2007-2009. Those declines occurred as a result of severe debt contraction, a downward spiral in asset values across nearly the entire economy and a global banking crisis. The Fed’s actions to offset these damaging conditions were exceptionally timely and successful, and conditions are now the exact opposite. Values across a broad array of asset classes have seen significant appreciation, and many key economic sectors are exhibiting healthy competition and growth.
Good vs. Bad Disinflation
There is a difference between “good disinflation” and “bad disinflation.” Looking deeper at the inflation data over the past several years reveals that disinflation is the result of a variety of factors, including technological progress, new efficiencies in business models and strengthening competition. Let’s look at the commodity sector, one of the weakest areas within the inflation reports. Technology has had a tremendous impact on energy costs over the past few years. With horizontal drilling techniques and fracking, vast amounts of newly recovered U.S. oil and gas have been brought into production. We now produce so much oil & gas that we are considering changing laws so it can be exported once again. Energy CPI grew 0.4% year-over-year, and was an even lower -1.6% a year ago.
Time for the Fed to Correct Course
I don’t understand the Fed’s stance on these lower prices. Aren’t technological progress, new efficiencies in business models and processes drivers of economic progress? The truly worrisome deflation we should be concerned about is driven by asset price declines. When home values fell during the recent recession due to a confluence of unaffordable prices, poor underwriting, increased jobless rates and high leverage, they had a systematically disruptive impact on consumers, the financial system and the overall economy. When asset value and resulting debt value declines broadened beyond the residential housing market to most other sectors of the economy, the result was one of the worst recessions since the Great Depression.
We are clearly not in the debt contraction/asset price downward spiral that we faced during the recent recession. The reality is quite the opposite. I, for one, hope the Fed begins to distinguish the “good” disinflation from the “bad”, as I sense the markets have begun to enjoy the easy money party for a bit too long.
Analysis by Ken Taubes, director de Inversiones de Pioneer Investments, US.
NEPC, one of the industry’s largest independent, full-service investment consulting firms to endowments and foundations, has made public the results of its Q1 2014 NEPC Poll, a measure of endowment and foundation confidence and sentiment related to the economy, investing and market performance.
“Our survey found respondents feeling much more confident in the economic outlook, with fully 75% noting the economy is in a better place now than it was this time last year,” said Cathy Konicki, Partner and Head of NEPC’s Endowment & Foundation Practice Group. “Overall confidence is reflected in more than half of endowments and foundations polled saying the markets will show high single-digit returns and their strong conviction that equities, both US and emerging markets, will be the top performers in the year ahead.”
Despite overall confidence in the markets, 50% of respondents noted that a slowdown in global growth poses the greatest single risk to investment performance, a moderate decrease from the 60% who gave the same answer in Q4, 2013. “Rising interest rates” (19%) replaced last quarter’s “US budget deficit / government shutdown” as the second greatest concern, and “Fed tapering” (13%) followed in third place, displacing concern about rising interest rates seen last quarter.
On the investment front, U.S. and emerging equities, followed by international equities, are believed to be among this year’s top performers by 60% of endowments and foundations.
Confidence in equities aside, there appears to be continued migration of capital from traditional equity and fixed income strategies to non-traditional assets. Only 4% of respondents indicated they are planning to increase exposure to domestic equities, while 81% indicated they are planning to allocate the same or more to hedge funds, specifically focusing on the multi-strategy, credit-linked and event-driven spaces.
Private equity continues to be among the top alternative investment picks of endowments and foundations: 38% of respondents (vs. 32% last quarter) plan to increase their allocation, and 34% are keeping their private equity investments level with last year. Specific sub-categories of private equity investments favored by respondents were split at 25% each between buyouts / growth equity, direct lending, and secondaries.
NEPC’s Q4 2013 survey noted that 41% of respondents planned to allocate more to real assets in 2014. In the current survey, when asked which real assets were their top choices, 34% said real estate, 24% selected energy, and 8% picked precious metals (specifically gold, gold mining and silver).
On April 29, 2014 the Association of the Luxembourg Fund Industry (“ALFI”) and the Luxembourg Association of Risk Management (“ALRiM”) hosted its fifth edition of the ALFI & ALRiM Risk Management Conference. Practitioners demonstrated the industry’s continuing support to Asset Managers looking to key risk requirements of both UCITS and AIFMD proving Luxembourg’s long track record of being a business friendly, highly expert and competitive jurisdiction for both UCITS and Alternative Investment Funds.
Luxembourg was amongst the first jurisdictions to both accept applications and grant authorisation to Alternative Investment Fund Managers under the Directive. In Luxembourg there have been 26 AIFM authorisations on the CSSF’s list with a further 16 approved that have yet to be added to the list. 191 have so far applied for authorisation in Luxembourg (figures as per April 9th 2014).
With Luxembourg’s position as the European leader in cross-border fund distribution, ALFI and ALRiM expect that the implementation of the AIFMD will further enhance Luxembourg’s leading position as a domicile for fund and management companies in the alternative sector.
This year over 250 European Risk Managers, Conducting Officers and Experts turned up to hear more about the Alternative Investment Fund Managers Directive (AIFMD) from local and international experts who discussed the implications and opportunities associated with AIFMD. The ALFI & ALRiM Risk Management Conference has established itself as an important forum where Risk Managers, Conducting Officers and Experts from all over Europe and beyond gather and exchange information and ideas about risk governance, measurement, management and reporting in the areas of both UCITS and Alternative Investment Funds.
This year’s morning session focused on operational risks within UCITS and AIF Management and on the rules set by a series of related CSSF Circulars and elaborated what impact the new reporting obligations for alternative investment fund managers may have on risk management and how these reporting principles can be applied to the wide range of strategies in the context of AIFMD.
In the afternoon, participants could choose between a selection of interactive workshops focusing on leverage, the implementation of risk management systems for real asset funds and on counterparty and credit risk, where they have the opportunity to discuss practical aspects in smaller groups. Each workshop session was held twice in order to allow participants to attend two of the three workshops on offer.
After the workshop sessions, a panel of European industry experts compared recent trends in risk management in the UK, Ireland, France and Germany. The conference day was concluded by the panel discussion “first experience gained” since the entry into force of the AIFMD.
At the occasion of this conference, ALFI has published, in association with ALRiM, new risk management guidelines on:
* Operational Risk Management within UCITS. The aim of these Guidelines are to present best practice proposals for the management of Operational Risk and to assist Board members and senior management in the development of their risk management process;
* Guidelines on Risk Management under the Alternative Investment Fund Managers Directive (“AIFMD”).
The ALFI guidelines on Risk Management under AIFMD are complemented by the ALFI Q&A “Risk Management for AIF under AIFMD”. The Q&A shall be regularly updated with additional questions to cover key aspects of Risk Management activities under AIFMD including, e.g., aspects in relation to key risk categories as well as governance/delegation topics.
Wikimedia CommonsFoto: Alvez, Flickr, Creative Commons.. Santander anuncia una oferta de adquisición por el 25% de su filial en Brasil
Banco Santander’s Board of Directors has resolved to make an offer to acquire all shares of Banco Santander Brasil not already held by Grupo Santander, representing approximately 25% of Santander Brasil’s share capital. Banco Santander will offer a 20% premium over the last closing market price. The consideration offered under the transaction, which is expected to be completed by October, would be paid by means of Banco Santander shares.
The offer is voluntary and, therefore, minority holders of Santander Brasil may choose whether or not to participate in the transaction, which is not subject to a minimum acceptance level. Santander will acquire all shares held by shareholders accepting the offer and has no intention of causing the delisting of Santander Brasil from either the Sao Paulo stock exchangeii or the New York Stock Exchange. Banco Santander shares will be traded on the Sao Paulo stock exchange through Brazilian Depositary Receipts (BDRs).
Shareholders who accept the offer will receive, through BDRs or through American Depositary Receipts (ADRs), 0.70 newly-issued shares of Banco Santander for every unit or ADR of Santander Brasiliii.
If all shares held by minority shareholders were tendered in the offer, Banco Santander would have to issue approximately 665 million shares, which represent 5.8% of the current share capital (EUR 4,686 millioniv).
The offer reflects Banco Santander’s confidence in Brazil and its Brazilian subsidiary as well as the latter’s long-term growth potential. Santander offers Santander Brasil’s shareholders the opportunity to exchange their shares for a 20% premium or to remain as shareholders in Santander Brasil.
The transaction is beneficial for Banco Santander Brasil’s shareholders as well as for the shareholders of the parent company, Banco Santander. Minority shareholders of Banco Santander Brasil will profit from the transaction since they will be awarded a 20% premium, which entails a higher Price Earnings Ratio (PER) than that of its competitors, according to market consensus. Moreover, given that consideration takes the form of shares of Banco Santander, minority shareholders will continue to benefit from exposure to Brazil as well as from a security with high diversification and growth prospects.
The transaction is also beneficial for the shareholders of Banco Santander, given that it will increase their Earnings Per Share (EPS) from the outset. The market consensus anticipates that Santander Brasil will obtain a profit close to 6,400 million of reais brasileiros in 2015 (equal to, approximately, EUR 2,000 million) from which, with its current share capital participation, approximately EUR 1,500 million would be attributable to Grupo Santander. Therefore, if all shares held by minority shareholders are tendered in the offer, Santander Brasil would contribute to Grupo Santander with an additional amount of approximately EUR 500 million in 2015, entailing a 1.3% increase in the EPS in 2015 and a 1.1% increase in the EPS in 2016. The impact of the transaction on the core capital would be almost neutral, since, in the event that all the minority shareholders accepted the offer, this would contribute three basis points to the core capital.
The offer will be subject to customary conditions for this type of transaction, including the granting of the relevant regulatory authorizations and approval at Banco Santander’s general shareholders’ meeting.
Labor market conditions in Japan are tightening. In February, unemployment fell to 3.6% while the job offer-to-applicants ratio rose to 1.05—levels not seen since mid-2007 for either metric. I was in Japan recently to meet with the senior management of about two dozen companies to gauge how changing labor market conditions could affect business sentiment and consumption.
Manufacturers still appear quite relaxed over the availability of labor while service sector companies appear quite concerned. This was the expected response as manufacturers have the option to move overseas where labor costs are a fraction of what they are in Japan. On the other hand, you can’t really move a restaurant to China. Service companies are impacted not only as a result of wage costs, but also construction costs. Japan’s labor shortage is particularly acute in the construction sector where job openings outnumber job seekers three to one. Faced with higher store opening costs, some companies have had to curtail expansion plans.
Domestic Japanese companies have typically controlled wages in the past by increasing temporary labor. Temporary workers as a proportion of the overall labor force has increased from 26% in 2000 to almost 38% at the end of 2013. This has been a primary reason why wages in Japan have been stuck in neutral since 1997. This long-term trend may be turning a corner, however.
Recently, two major Japanese consumer discretionary companies have announced plans to incrementally transition their temporary staff to full-time workers. They cited benefits from reduced staff turnover and training costs as main drivers for the change. But this shift also likely reflects the difficulty, even among prominent companies, to hire and retain the necessary workforce for their operations. These firms, considered leaders in their respective industries, may set the tone for others to follow. After all, if you were a worker looking for a job, where would you rather go? A top company offering permanent positions? Or another firm offering a temporary job?
There has been much concern that Japan’s consumption tax hike, which began this month, may derail the country’s still-fragile growth prospects. Though a short-term decline in demand seems highly likely, I believe the strong job market may offset some of the negativity surrounding this change.
Service sector companies are responsible for 65% of Japan’s overall workforce—in jobs that cannot be shipped overseas. If current labor market conditions continue, there may be considerable pressure to raise wages going forward. The annual spring wage negotiations between employers and unions have resulted in a modest win for workers who will see a base wage increase of roughly 2.2%. Still, this year, there was considerable pressure from the government to raise wages. The government even pushed up a scheduled corporate tax cut to fund the wage increases by a year. Tight labor conditions are not fully reflected in wages yet, leaving the possibility for future wage increases. I believe this could be the catalytic development that the Bank of Japan has been working toward in its inflation targeting policy. Wage growth is crucial to convincing both consumers and investors that inflation in Japan is here to stay.
Opinion Column by Kenichi Amaki, Portfolio Manager at Matthews Asia
The views and information discussed represent opinion and an assessment of market conditions at a specific point in time that are subject to change. It should not be relied upon as a recommendation to buy and sell particular securities or markets in general. The subject matter contained herein has been derived from several sources believed to be reliable and accurate at the time of compilation. Matthews International Capital Management, LLC does not accept any liability for losses either direct or consequential caused by the use of this information. Investing in international and emerging markets may involve additional risks, such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. In addition, single-country funds may be subject to a higher degree of market risk than diversified funds because of concentration in a specific geographic location. Investing in small- and mid-size companies is more risky than investing in large companies, as they may be more volatile and less liquid than large companies. This document has not been reviewed or approved by any regulatory body.
Foto: Insider Monkey, Flickr, Creative Commons.. J. Safra Sarasin adquiere el negocio de banca privada de Morgan Stanley en Suiza
Morgan Stanley has announced that it has reached agreement to sell its private banking business in Switzerland to Bank J. Safra Sarasin, which is part of the international banking group J. Safra Sarasin Group. Terms of the transaction were not disclosed.
The sale is the result of a strategic review of the Firm’s Swiss private banking business, which includes offices in Zurich and Geneva. The business that will be included in the transaction is focused on Ultra High Net Worth (UHNW) clients in Europe, Middle East & Africa (EMEA) and Latin America.
Morgan Stanley’s Asian wealth management business, conducted through the Swiss bank’s branches in Hong Kong and Singapore, is not included in the transaction and will be extracted out within the Morgan Stanley Asia group before the execution of the Swiss transaction commences.
Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals from more than 1,200 offices in 43 countries.
