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AllianceBernstein Completes Purchase of CPH Capital

Foto: Archer10, Flickr, Creative Commons.. Las oportunidades escondidas en el mercado danés de deuda hipotecaria

AllianceBernstein, a global investment management firm with $466 billion in assets under management as of May 31, 2014, has announced that it has completed the acquisition of CPH Capital Fondsmaeglerselskab A/S, a global core equity investment manager based in Copenhagen, Denmark. CPH Capital manages approximately $3 billion in global equity strategies for institutional and retail clients. Beginning next month, AllianceBernstein will market the CPH Global Core Equity strategy as a Luxembourg-based UCITS fund and in separate accounts.

The six-member CPH investment team, which is led by David Dalgas, and also includes senior team members Klaus Ingemann and Kenneth Graversen, will remain in place and continue to manage their strategies as they have previously. These team members have worked together for more than a decade and have consistently demonstrated a strong track record of success across market environments.

“CPH Capital’s investment strategies are an excellent complement to our already strong, diverse and global equity platform,” said Sharon Fay, Head and Chief Investment Officer Equities at AllianceBernstein. “They bring an investment approach that combines active stock selection with rigorous risk management. The resulting portfolios exhibit high active share and remarkably consistent alpha. I’m confident that having the CPH Capital investment team on board will bolster our ability to serve our clients.”

AllianceBernstein is a leading global investment management firm that offers high-quality research and diversified investment services to institutional investors, individuals and private clients in major world markets. At March 31, 2014, AllianceBernstein Holding L.P. owned approximately 35.8% of the issued and outstanding AllianceBernstein Units and AXA, one of the largest global financial services organizations, owned an approximate 63.6% economic interest in AllianceBernstein.

Growth: Stronger Than You Think

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"Los altos niveles de valoración no constituyen una limitación para la renta variable" — Patrice Gautry, Chief Economist at Union Bancaire Privée (UBP). Growth: Stronger Than You Think

Global economic performance has been weaker than expected; nevertheless, financial markets were relatively unfazed by these developments, as central banks’ policies remain highly accommodative. “After having seen weak growth in the first quarter, we’re staying positive on the economic outlook and expect more solid activity, buoyed by good news”, says Patrice Gautry, Chief Economist at Union Bancaire Privée (UBP).

The trend towards risk assets – especially equities – is still there thanks to recoveries in both growth and earnings. With this in mind, the scenario set out at the end of 2013 remains valid and should crystallise over the coming quarters.

Accelerated world growth

The economic recovery is set to firm up; growth is improving in the United States and Europe is out of recession. Beyond the cyclical upturn, the key factors for a durable recovery are being put in place thanks to corporate investment and more solid domestic demand in developed countries. “A new productivity cycle should start to appear, feeding growth over the next few years”, predicts Gautry. The United States has resumed its place as leader of the pack at both economic and industrial levels, as well as in terms of the financial markets.

Some emerging countries – notably China – are changing their growth models, which will act as a drag on activity in the short term, but this action is set to be positive in the medium term. We remain confident that the authorities in China will make sure that this transition will happen without any major impact on world growth.

Equity bias remains in place

“The scenario of a rise in US long rates and a steepening of the curve has not come about”, stresses Jean-Sylvain Perrig, UBP’s Chief Investment Officer. The fall in long rates – which came as a surprise to several investors – is, in our opinion, the result of three major phenomena: an unwinding of strong short positions on long bonds; disappointing economic activity in the first quarter; and the US Federal Reserve taking a stance that was more accommodative than expected.

“It should be remembered that this trend does not call our scenario into question: this sees a rise in rates stimulated by stronger growth in developed countries”, continues Perrig. In this framework, corporate debt continues to be favoured, particularly the high-yield segment and the external debt of emerging countries, given that carry trade is still attractive, even if the expected returns are lower than a year ago; short durations are therefore recommended in such an environment.

Equities remain the asset class of choice. Their higher valuation levels (in absolute terms) do not seem to be a constraint at this stage given the upturn in earnings, the recovery in economic activity in developed countries and the high price of bonds. “It is true that, since the beginning of 2014, we have been seeing a sector rotation out of growth assets and into defensives; nonetheless, we remain convinced that innovation is still a central theme in both the medium and long term”, concludes Perrig. Further, the number of mergers and acquisitions, coupled with share buy-back schemes should continue to support equity markets.

Consequently, themes such as innovation (especially US growth stocks), and the EU and its periphery, are still to be favoured. Emerging markets are offering relatively low valuations, but any potential improvement in company margins remains highly uncertain given their low levels of commitment to boosting productivity. For this reason, we are maintaining our bias towards the major stock markets in developed economies.

Azimut and Más Fondos Sign a JV Agreement in the Mexican Asset Management Market

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Azimut aterriza en el mercado de gestión de activos de México — Photo: Tomas Castelazo. Azimut and Más Fondos Sign a JV Agreement in the Mexican Asset Management Market

Azimut, Italy’s leading independent asset manager, acquired 82.14% of Profie S.A., a Mexican holding company controlling the entire equity capital of Más Fondos, Mexico’s largest pure independent asset management distribution company. At the same time, Azimut signed an investment and shareholders agreement with the current management team of Más Fondos to develop the business in the future. Más Fondos distributes third party funds and has asset under custody equal to around 550 million dollars (as at 31st May 2014).

Más Fondos, founded in 2002 by a group of two Mexican corporations and the current management team with extensive experience in the Mexican financial industry, operates as a comprehensive distributor of investment funds having agreement with 12 local mutual fund houses and a market share of 10.4% as of May 2014. The company has also developed the leading system for fund analysis in Mexico called ARYES. Currently, Más Fondos has around 22,000 accounts and more than 4,100 active clients, with presence in Mexico City and 4 other major cities employing approximately 65 people, 38 of which in the sales force.

Through this partnership, Azimut and Más Fondos will cooperate to develop an integrated platform centred on a proprietary financial advisors network working in an open-architecture environment to exploit the growth potential of the Mexican market.

Subject to the regulatory approval by the competent authorities, Azimut will purchase from its existing shareholders 82.14% of Profie S.A. for around 6 million euros (8 million dollars).. The minority stake will be retained by the managers.

Lastly, Azimut and Más Fondos’ current management team will cooperate to grow the business in Mexico over the medium-long term and, to this end, have agreed to subscribe a capital increase for around € 2mn to finance the business plan. This agreement also provides for call/put option rights.

Christiane Stangl Strengthens the International Institutional Sales Team of Erste AM

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Since the beginning of June, Christiane Stangl is strengthening the International Institutional Sales Team of Erste Asset Management as Senior Sales Manager. She will be responsible for the acquisition and support of institutional clients in Scandinavia, and will hence be contributing to the strategy of Erste Asset Management to further advance the development of the target markets in Western Europe.

Ms Stangl will report to Albert Stöger, head of International Institutional Sales.

“With the appointment of Christiane Stangl, we are responsive to the rising international demand for funds and portfolio solutions, in particular within our core competences, fixed income funds and ethically sustainable products,” as Christian Schön, Member of the Executive Board of Erste Asset Management responsible for Institutional Business points out.

Prior to her joining Erste Asset Management, Stangl held a position as sales manager with Raiffeisen Capital Management. Before that, she had worked in Sales for various London-based asset managers. Christiane Stangl holds a Master’s degree in business administration and is also Chartered Alternative Investment Analyst (CAIA).

Rockwood/Jamestown Led Partnership in Contract to Sell 530 Fifth Avenue for $595 Million

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Un consorcio liderado por Thor Equities compra el 530 de Fifth Avenue por 595 millones de dólares — 530 Fifth Avenue. . Rockwood/Jamestown Led Partnership in Contract to Sell 530 Fifth Avenue for $595 Million

Rockwood Capital, Jamestown, Murray Hill Properties, and Crown Acquisitions have announced they have entered into a contract to sell 530 Fifth Avenue, a 26-story office and retail building occupying the entire western block of Fifth Avenue between 44^th and 45^th Streets, for $595 million. The buyer is a partnership led by Thor Equities. The deal is expected to close in mid-September.

530 Fifth Avenue contains approximately 480,000 square feet of prime office space and another 55,000 square feet of retail space, fronting on Manhattan’s famed Fifth Avenue. Current retail tenants include Desigual, a Barcelona-based clothing retailer; JPMorgan Chase; and Fossil. Office tenants include Massachusetts Mutual, Diageo North America, Cablevision, Lionsgate and Athyrium Capital.

Rockwood, Jamestown, Murray Hill, and Crown originally purchased the property in early 2011. Since acquisition, the ownership team has invested over $10 million to modernize the building’s infrastructure, including renovations to the building’s lobby, HVAC system, elevators and common areas. Highlights include a pronounced double height entrance, new limestone walls, iconic modernist furniture, new elevator cabs and state-of-the-art security systems, which create a quality entrance in keeping with the building’s prime Fifth Avenue location.

Joe Gorin, Managing Director at Rockwood, said, “530 Fifth’s dynamic location and architectural features have provided a strong foundation from which to reposition this building as a top tier asset. This property epitomizes Rockwood’s strategy of investing in well-located real estate that provides an opportunity to outperform over the long term.”

“Fifth Avenue will always serve as an iconic location in NYC for retail and office space,” said Michael Phillips of Jamestown. “Once we repositioned the 530 Fifth Ave property with a renovated lobby, internal upgrades and amenities it was with Eastdil’s guidance we saw an opportunity to monetize the asset.”

The selling group was represented by Eastdil.

Santander Acquires GE Money Bank AB, GE Capital’s Consumer Finance Business  in Sweden, Denmark and Norway

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Santander desembolsa 700 millones de euros por GE Money Bank en Suecia, Noruega y Dinamarca — Photo: Magnus Manske. Santander Acquires GE Money Bank AB, GE Capital’s Consumer Finance Business  in Sweden, Denmark and Norway

Santander Consumer Finance and GE Money Nordic Holding have signed a definitive agreement by which Banco Santander’s consumer finance unit will buy GE Capital’s business in Sweden, Denmark and Norway. The purchase price of the transaction, which is subject to relevant regulatory approvals, amounts to approximately EUR 700 million after a pre-closing dividend to remove excess capital.

Under the terms of the agreement, Santander will assume GE Money Bank’s intragroup funding. The deal, which is expected to close in the second half of 2014, will have an impact of 8 basis points in Grupo Santander’s core capital.  

Emilio Botín, Chairman of Banco Santander, said: “The acquisition of GE Capital’s business in the Scandinavian countries is an important step in Santander Consumer’s growth strategy. It’ll increase its geographical diversification and strengthen its position as the leading consumer finance provider in Europe”.  

GE Capital’s business in the Nordic countries will complement Santander’s current presence in those countries and will enable Santander Consumer Finance to become a leading consumer finance provider in the region. With a loan portfolio of EUR 2.35 billion, GE Money Bank has attractive positions in consumer finance business lines, such as direct loans and credit cards, while Santander Consumer Finance is a leader in the region in auto finance, with outstanding loans amounting to EUR 8.9 billion.

Sweden accounts for 55% of GE Money Bank’s loans in the region, Norway 26% and Denmark, 19%.  Moreover, this transaction will enable Santander Consumer Finance to increase its geographical diversification while also growing its exposure to triple-A rated countries. After the integration of both businesses, Santander Consumer Finance Nordic will represent approximately 17% of the unit’s loan portfolio.  

Following the transaction, Santander Consumer Finance Nordic will have over 1.2 million customers in the region and will significantly increase its capacity and growth potential.  

We Remain Positive on Local Currency Emerging Market Debt

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Seguimos siendo optimistas con respecto a la deuda de mercados emergentes denominada en moneda local — Photo: J.Ligero & I.Barrios. We Remain Positive on Local Currency Emerging Market Debt

Global equities and global bonds made progress in May 2014, with the former outpacing the latter in local currency terms; for the month, the MSCI World index rose 2.34% in total return terms while the JP Morgan Global Government Bond index returned 0.87%. Commodities, which prior to May had performed very robustly, lost some ground as the Dow Jones-UBS Commodity index produced a dollar total return of -2.87%. Nonetheless, returns from the asset class remain well into positive territory for 2014 to date.

Looking forward, we believe that there are three questions that investors have to consider over the remainder of 2014:

How will bonds react to the normalisation of policy in the US?

What will happen in emerging markets as policy is normalised?

Will corporate profits drive equity markets higher?

Bond markets in recent months have presented us with a conundrum – indeed we held an ad-hoc Perspectives meeting in mid-May to discuss the meaningful decline in core government yields. In the US, our expectation is that GDP growth will be in the order of 2.5% this year and that the overall macroeconomic picture is probably stronger than the Q1 GDP data would suggest. All else equal, that should push bond yields higher, particularly if the Fed stops its QE programme later this year.

The outlook for eurozone bond markets is rather more difficult to call; certainly Germany and Spain appear to have positive growth momentum, which should put some upward pressure on yields if that momentum remains in train. By contrast, the growth outlook in countries such as Italy and France remains very subdued, which is likely to keep yields low. The lack of growth in France and Italy is worrying given that debt levels remain elevated at a time when inflation in the eurozone overall is very low (just 0.5% for the year ending May 2014). The ECB has responded by cutting official interest rates to record lows and now charges banks for depositing funds. It has also outlined a new programme of Long Term Refinancing Operations (LTROs) to aid bank lending and has said that it will intensify preparatory work related to outright purchases of asset-backed securities. Whether this policy response will work remains to be seen, but it shows that the ECB is definitely not resigned to a protracted period of low inflation.

In emerging markets, we remain positive on local currency emerging market debt (EMD) in our asset allocation matrix; my colleagues James Waters and Toby Nangle have commented recently on the value offered by EMD, especially for investors seeking absolute levels of yield. However, we maintain a bias against emerging market equities as we are still concerned about the macroeconomic outlook for China (which is a large constituent of the EM equity indices but only a relatively small component of EMD indices). As I have mentioned in previous comments, it is very hard to find examples of credit expansion on the scale seen in China which have not caused policymakers some significant headaches once the bonanza has ended.

Our outlook for equity markets for the remainder of the year is positive; M&A has made a welcome return in recent months, and while this increases the risk of value destruction by company managements in the longer term (e.g. if they overpay or acquire businesses that later prove to be a poor fit), it does provide an important short-term support for stocks, particularly at a time when the Fed is tapering QE. The style rotation over the last few months has been significant, but overall equity markets have been strong and current index levels suggest that investors still have confidence in the outlook for profits. For that reason, we trimmed exposure not only to government debt but also to investment grade credit in late May, as the rally in core yields had left both asset classes looking expensive. We deployed the proceeds into Japanese equities, as the fundamentals here continue to improve while the market has lagged other developed regions over 2014 to date.

Silk Invest Collaborates with Kolo Touré to Launch an African Opportunities for Footballers Fund

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Silk Invest will launch an African Opportunties for Footballers Fund in collaboration with Kolo Touré. The fund will be the first fund of its kind that will provide African footballers with a wealth management solution that not only allows the players to manage their financial assets while investing in the grand opportunity of their home continent. The fund will be domiciled in Luxembourg and will primarily invest in the African markets.

Kolo Touré is a well known top level football player from the Ivory Coast who plays for Liverpool and will compete with his national team in Brazil’s much anticipated World Cup.

The numbers of African footballers playing in the international top leagues has steadily grown in the last few years. Many of these players see themselves as African ambassadors and have shown a keen interest to invest back in Africa. Silk Invest and Kolo Touré have worked together to create a fund which will help these players to invest in professionally managed fund vehicle. The new African footballers fund will help African football players to benefit from the growing African markets while building a savings plan for their post-career financial needs.

Silk Invest has been one of the leading investors in Africa and has championed a consumer driven pan-African approach. The investment team of Silk Invest include 11 different African Nationalities across the various African regions. This is a uniquely designed fund which helps African footballers invest across asset classes in Africa and to fully benefit from the African growth opportunity.

Malick Badjie, head of Investment Solutions commented: “African Footballers now finally have a solution that not only allows them to invest their assets in investment opportunities they understand, but also lets them make a difference back home. Over the last months, we had the pleasure to closely work together with Kolo Touré to design a product which helps African Football players to invest for the long term while contributing to Africa’s growth”.

Kolo Touré, added: “My personal ambition has always been to contribute to the African continent in a positive manner. At the same time, it is important have sufficient assets to secure my future financial well being. I am very excited about this new fund and believe that we have achieved a major milestone. The new fund helps Africa’s top football players like me to meet their financial needs and support Africa’s capital markets”.

Zin Bekkali CEO and Group CIO of Silk Invest concluded: “Africa is at the heart of investment thesis and we believe that African footballers have a big role to play in further developing the continent. At the same time, we are very honoured that we can play a role in helping these African professional to better meet their future financial needs. Kolo Touré has proven to be an excellent partner in creating this fund and we are looking forward to successfully launch the fund.”

Gustavo Eiben Joins The Rohatyn Group as Managing Director

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Rohatyn Group ficha a Gustavo Eiben como managing director para su oficina de Nueva York — Gustavo Eiben, managing director at Rohatyn Group New York. Gustavo Eiben Joins The Rohatyn Group as Managing Director

The Rohatyn Group (TRG), an independent investment firm focused on emerging markets, has announced that Gustavo Eiben has joined TRG as a Managing Director. Based in the firm’s New York office, Mr. Eiben will be responsible for business development in the Americas, while bringing his deep marketing expertise to TRG’s private markets business, which includes private equity, private credit, real estate, infrastructure and green energy funds.

“We are very pleased to have someone of Gustavo’s caliber joining TRG. His track record of successful capital raising, strong network of relationships around the world, and extensive experience marketing private equity products and funds makes him a valuable addition to the TRG team as we grow our business.”

Nicolas Rohatyn, Chief Executive Officer and Chief Investment Officer of TRG, said, “We are very pleased to have someone of Gustavo’s caliber joining TRG. His track record of successful capital raising, strong network of relationships around the world, and extensive experience marketing private equity products and funds makes him a valuable addition to the TRG team as we grow our business.”

TRG has approximately $6 billion in private markets assets under management, in addition to more than $1 billion in liquid market strategies. TRG recently acquired Citi Venture Capital International (“CVCI”), the Emerging Market private equity investment unit formerly owned by Citigroup Inc., which expanded and enhanced the firm’s emerging markets investment capabilities and global reach. TRG also has a 60% ownership stake in Capital Advisors Partners Asia Pte. Ltd. (“CapAsia”), a Singapore-based mid-market infrastructure asset management company focused exclusively on non-BRIC emerging Asia markets, and a 50% ownership interest in ARCH Capital Management Company Limited (“ARCH”), a Hong Kong-based asset management company that invests in residential, retail and mixed use real estate projects with a focus on Greater China.

Prior to joining TRG, Mr. Eiben was the head of North America investor relations for Aureos Capital (now Abraaj Capital). He brings vast experience in the private equity asset class, including direct experience in raising and investing capital in third-party private equity funds, having done so for the Alternative Investments Group at J.P. Morgan Private Bank. Prior to his work at J.P. Morgan Private Bank, he was responsible for fundraising and business development at Schroeder Ventures US. He also previously served as a member of the UBS private equity placement group. Mr. Eiben began his career in 1999 with the Mergers and Acquisitions group at PricewaterhouseCoopers. He received an MBA degree from Thunderbird, the International Management School.

Ultra Wealthy Compete With Institutions For Commercial Real Estate

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Real estate is an old favourite amongst the super rich. But these days it’s not all about buying trophy homes. Increasingly, the world’s ultra high net worth (UHNW) individuals (those with assets of US$30 million and above) are turning to the commercial real estate market for lucrative deals, even competing against institutions and the private banks.

Particularly in times of crisis, the “safe haven” cities like New York and London receive strong investment. But recent property tax changes have driven wealthy families to focus on commercial deals over residential property, contending against private banks and hedge funds, said Nisha Singh, senior associate in the private client team at law firm Berwin Leighton Paisner.

“The UHNW are beginning to pursue investment opportunities beyond residential property and are acquiring commercial properties in London: shops, offices and hotels. It is now not uncommon for UHNW individuals to compete with the institutional investors to acquire these higher-value assets,” she said.

This is the finding of the recently-published Savills report, Around The World In Dollars And Cents. The report estimated that the total value of the world’s real estate is now around US$180 trillion. Of the US$70 trillion that is “investable”, ie traded regularly – including US$20 trillion of commercial property – over half is being bought by private individuals, companies and organisations, while institutions are taking a smaller share.

“Institutions and publicly owned entities are becoming relatively less important to world real estate as a result,” said Yolande Barnes, head of Savills world research, “Since the Lehman crisis, the willingness of private wealth to take the place of debt finance or to take a higher-risk development position is now making the difference between deals done or deals mothballed.”

Savills estimates that around 35 per cent of global deals over US$10 million in 2012 were only possible because of private funding. And predominantly this money is coming from Asia. A webinar that real estate firm JLL conducted last month of 259 occupiers and investors, showed that Asian UHNW are by far the biggest property bulls, holding as much 70 percent of their wealth in real estate.

Regionally, the US market has the next largest exposure to property, with nearly a fifth of its wealth dedicated to bricks and mortar. In particular, wealthy Asians are interested by valuable office space in prime locations, with hotels and retail property also popular. Overridingly, they are looking to buy in the US and the UK, which were joint number one choice of 34 percent of respondents, with Eurozone and Australia coming third and fourth.

According to Scott Hetherington, head of hotels in Asia at real estate firm JLL, there has been a renewed drive for high-yielding hotels with a solid global brand. For example, last September the luxury Six Senses Laamu resort in the Maldives was sold by its private equity owner Pegasus Capital to a subsidiary of Singapore-based HPL for US$70 million, which is owned by Singapore’s 10^th richest man, tycoon Ong Beng Seng. Beng Seng has been building up his interests through HPL in the Maldives, and also recently bought Soneva Gili from multi-millionaire founder, Sonu Shivdasani.

And the private investment arm of the Hong Kong-based Kwok family recently bought the Hyatt Regency Hakone in Japan from Morgan Stanley, for an estimated US$56 million.

And it is not just luxury hotels. Trophy office blocks in prime locations are gaining increasing attention amongst the very rich.

In what is anticipated to the one of the largest single asset deals globally this year, 8 Canada Square, Canary Wharf in London is up for sale for an estimated £1.1 billion.

There has been strong interest from Asian buyers, particularly Chinese buyers who are seeking core assets in gateway cities, according to Alistair Meadows, head of JLL’s International Capital Group Asia, which is working on the sale.

Meadows said the iconic building appeals to both institutional investors as well as UHNW individuals, given its trophy status and its “long & strong” cash flow underpinned by HSBC’s AA- credit rating.

Mindful of the desire for trophy commercial property, private banks are helping to facilitate more of these deals too. Bernard Rennell, CEO of North Asia at HSBC Private Bank, said that clients increasingly want direct access to commercial property deals, on which they often club together. Recently the bank arranged for 50 clients to acquire a million square foot office block in Manhattan through the HSBC Alternative Investments platform (HAIL). Earlier this year, HSBC helped a group of UHNW clients invest €250m majority stake in Dublin’s Liffey Valley Shopping Centre. Clients find introductions to their peers highly valuable, said Rennell.

Mykolas Rambus, CEO of Wealth-X, believes that the growing pool of private wealth is creating ample opportunities for the industry: “We forecast that the UHNW population will grow by 22 per cent by 2018, its combined wealth – currently US$27.8 trillion – is expected to total over US$36 trillion by 2018. This presents huge opportunities for those involved in global real estate investment to create the right product in the right locations.”