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Jean Pierre Cuoni Announces his Intention to Step Down as Chairman of EFG International in 2015

Foto: Cobblucas, Flickr, Creative Commons. MiFID II supondrá para muchos profesionales independientes del mercado financiero el cese de su actividad

Jean Pierre Cuoni will step down as Chairman of EFG International in 2015 and is disposing of 30% of the Cuonis’ family shareholding in the company.

Jean Pierre Cuoni, Chairman of EFG International, has announced his intention to step down as chairman by not seeking re-election at the Annual General Meeting in 2015, the twentieth anniversary year of the company he co-founded in 1995. He has taken this decision on account of his age (77).

While he will be stepping down as chairman, the intention is that Jean Pierre Cuoni will remain a member of the board and will remain an active supporter of the business in an ambassadorial role. EFG International expects to announce a new chairman designate later this year.

EFG International is a global private banking group offering private banking and asset management services, headquartered in Zurich. EFG International’s group of private banking businesses operates in around 30 locations worldwide, with circa 2,000 employees. EFG International’s registered shares (EFGN) are listed on the SIX Swiss Exchange.

UHNW and HNW Clients will Continue to Value Propositions of Offshore Centers

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Los clientes UHNW y HNW siguen apostando por la banca privada offshore — Photo: Norbert Aepli . UHNW and HNW Clients will Continue to Value Propositions of Offshore Centers

Private wealth booked across borders reached $8.9 trillion in 2013, an increase of 10.4 percent over 2012 but below the increase in total global private wealth of 14.6 percent. As a result, the share of offshore wealth declined slightly from 6.1 percent to 5.9 percent, according to Boston Consulting.

Offshore wealth is projected to grow at a solid CAGR of 6.8 percent to reach $12.4 trillion by the end of 2018. The offshore model will continue to thrive because wealth management clients—particularly in the high-net-worth (HNW) segment, with at least $1 million in wealth, and in the ultra-high-net-worth (UHNW) segment, with at least $100 million—will continue to leverage the differentiated value propositions that offshore centers provide. These include access to innovative products, highly professional investment and client-relationship teams, and security (most relevant for emerging markets). Indeed, the latest tensions between Russia and Ukraine, as well as the escalated conflict in Syria, have highlighted the need for domiciles that offer high levels of political and economic stability.

Ampliar

In 2013, Switzerland remained the leading offshore booking center with $2.3 trillion in assets, representing 26 percent of global offshore assets. (See the accompanying exhibit.) However, the country remains under heavy pressure because of its significant exposure to assets originating in developed economies—some of which are expected to be repatriated following government actions to minimize tax evasion.

In the long run, Switzerland’s position as the world’s largest offshore center is being challenged by the rise of Singapore and Hong Kong, which currently account for about 16 percent of global offshore assets and benefit strongly from the ongoing creation of new wealth in the region. Assets booked in Singapore and Hong Kong are projected to grow at CAGRs of 10.2 percent and 11.3 percent, respectively, through 2018, and are expected to account collectively for 20 percent of global offshore assets at that point in time.

Overall, repatriation flows back to Western Europe and North America, in line with the implementation of stricter tax regulations, will continue to put pressure on many offshore booking domiciles. Reacting to these developments, private banks have started to revisit their international wealth-management portfolios. Some have acquired businesses from competitors—through either asset or share deals—while others have decided to abandon selected markets or to serve only the top end of HNW and UHNW clients. The goal is to exit subscale activities in many of their booking centers and markets, and in so doing to reduce complexity in their business and operating models.

Nonetheless, players that have decided to leave selected markets have not always obtained the results they hoped for. An alternative and potentially more effective course of action—one already embraced by some leading players—would be to establish an “international” or “small markets” desk that addresses all non-core markets.

The key to success is to clearly differentiate products and service levels by market and client segment. For core growth markets, full-service offerings that include segment-tailored products (including optimal tax treatment) should be featured. All other markets (and client segments) should be limited to standard offerings.

Read the complete report in this link.

Aberdeen Appoints Co-Heads in the Americas: Andrew Smith and Bev Hendry

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Aberdeen Asset Management announced the appointment of Mr. Andrew Smith and Mr. Bev Hendry as Co-heads of its business in the Americas, reporting directly to Chief Executive Martin Gilbert. Andrew and Bev will be based in Philadelphia, the firm’s headquarters in the Americas. The announcement was made this afternoon by Martin at the annual Aberdeen Investment Conference in New York City.

As previously announced, Gary Marshall, current Head of Americas, is returning to the United Kingdom, to serve as Chief Executive of Aberdeen’s recent acquisition, Scottish Widows Investment Partnership (subject to regulatory approval). During his four and a half years in the role, the business in the Americas region nearly doubled from $40 billion to $78 billion in assets under management.

Martin Gilbert, Chief Executive of Aberdeen Asset Management, comments: “Andrew’s and Bev’s combined expertise, experience and knowledge means they are well placed to lead Aberdeen’s business in the Americas, an important region for us. We have institutional, wholesale and closed-end fund investors located across the U.S., as well as significant footprints in Canada and South America. Our diverse range of investment capabilities in the equities, fixed income, property, alternatives and multi-asset investment areas means that we are positioned to continue to build our presence in the Americas.”

Bev Hendry is returning to Aberdeen from Hansberger Global Investors in Fort Lauderdale, Florida, where he has worked for six years as Chief Operating Officer. Bev established Aberdeen’s business in the Americas in Fort Lauderdale, moving from his home city of Aberdeen, Scotland, in 1995; he first joined Aberdeen in 1987. He left Aberdeen in 2008, when the company moved to consolidate its headquarters in Philadelphia, choosing to remain in Fort Lauderdale with his family. His return to his Aberdeen roots now that his family has grown, is a very welcome development for the firm. Bev is a Chartered Accountant and will serve as Co-head of Americas and Chief Financial Officer for Aberdeen’s business operations in the Americas.

Andrew Smith has been acting deputy to Gary Marshall during Gary’s tenure as Head of Americas, and Chief Financial Officer and Chief Operating Officer for Aberdeen’s Americas business. Having seen considerable growth in that business, it is appropriate that Aberdeen now split the two roles. Andrew will be Co-head of Americas and Chief Operating Officer for Aberdeen’s Americas business. He joined Aberdeen in 2000 via the acquisition of Murray Johnstone, a Glasgow-based fund manager, where he was operating in a senior capacity in that firm’s U.S. business. Originally from Glasgow, Scotland, Andrew has been living in the United States for 16 years; 4 of those were in Fort Lauderdale where he and Bev previously worked together.

Andrew and Bev will divide the various Head of Americas responsibilities between them, ensuring a clear allocation of duties while maintaining close cooperation and coordination. They will alternately chair Aberdeen’s weekly Executive Committee in the Americas.

Aberdeen has successfully integrated the Scottish Widows Investment Partnership (SWIP) team in the Americas. The SWIP acquisition, which was completed earlier this year, adds approximately $4 billion to the assets managed by the North American Fixed Income team.

In de Wulf Named #1 Restaurant in Europe

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In de Wulf de Bélgica es elegido mejor restaurante de Europa — Foto cedida. In de Wulf Named #1 Restaurant in Europe

Steve Plotnicki and Opinionated About Dining have officially unveiled this year’s list of the Top 100 European Restaurants featuring restaurants from 12 countries. More than 4,300 food enthusiasts contributed over 140,000 reviews as part of this year’s survey – the largest to date.

The 2014 list introduces a new “Top 10” with In de Wulf (Dranouter, Belgium) earning first place; La Maison Troisgros (Roanne, France) second; Quique Dacosta Restaurante (Denia, Spain) third; 41 Degrees (Barcelona) jumping from nineteenth to fourth; Le Louis XV-Alain Ducasse (Monte-Carlo, Monaco) fifth; Restaurant Amador (Mannheim, Germany) leaping from number nine to number six; noma (Copenhagen, Denmark) ranking seventh; The Fat Duck Restaurant (Bray-on-Thames, UK) eight; L’Astrance (Paris) ninth; and L’Arpege (Paris) rounding out the top 10.

“I anxiously await the trending styles and types of cuisine highlighted in the European list—it’s incredibly forward thinking and this year’s list is no different with our European voters showing they are on the cutting edge of the contemporary dining scene as illustrated by their voting In de Wulf to the top of the list,” explains Plotnicki. “There is also a resurgence of interest in restaurants featuring classical French cooking.”

New restaurants recognized this year include Azurmendi, Larrabetzu, Spain (19); Maaemo, Oslo, Norway (49); Andreas Caminada, Furstenau, Switzerland (54); Tim Raue, Berlin, Germany (62); Passage 53, Paris (71); Restaurant Bareiss, Baiersbronn, Germany (72); Oaxen Krog & Slip, Stockholm, Sweden (79); Marcus, London (97); and Yam’Tcha, Paris (100).

“This year’s list also features our first-ever ‘Just Missed’ list, which gives readers a look into the contenders for next year,” continues Plotnicki.

The OAD survey relies on tapping into the experience and opinions from diners who are passionate about where they eat. The methodology assigns a weight to each restaurant based on factors such as price point and the type of diners it attracts, and assigns a weight to reviewers based on the quantity and quality of restaurants a reviewer has visited.

Steve Plotnickiis the author of OAD blog and Opinionated About U.S. Restaurants 2011. He will be featured in the “Foodies” documentary, which focuses on the fine dining subculture of foodies, out later this year. He is working on producing a TV show that will showcase American ingredients and the chefs who prepare them.

Private Equity Veteran Luis Trevino will Run Mexican Businessmen Association (“AEM”) in Boston

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Luis Trevino de Beamonte Investments dirigirá la Asociación de Empresarios Mexicanos en Boston — Luis Trevino, managing director at Beamonte Investments. . Private Equity Veteran Luis Trevino will Run Mexican Businessmen Association (“AEM”) in Boston

The Asociacion de Empresarios Mexicanos (AEM) is pleased to announce that Luis Trevino has been appointed the new president of their Boston chapter. The non-profit organization, based in San Antonio, has been operating for 17 years. They expanded to include a Boston chapter in 2013.

The Asociacion de Empresarios Mexicanos is devoted to assisting Mexican investors and entrepreneurs to adapt to American business practices, along with helping them to understand American culture. They also assist Americans who wish to do business in Mexico. The organization holds a variety of workshops and conferences in order to achieve this goal. They also recognize members of the community who have helped to foster this understanding at an annual gala.

Trevino, managing director of Beamonte Investments, has had a long and productive career in his field. He is a pioneer in Private Equity, working with a team to open the first firm in Boston to invest in Mexico. Trevino is also head of the private equity division of Beamonte Capitol Partners, a program that focuses on Latin American business and investment opportunities. He also sits on the Board of Directors of CITEC, ING, a Mexico-based pharmaceutical company and is chairman of Kiwi Capital. Kiwi Capital is a lender who focuses on assisting medium-sized companies to create innovative credit products.

“I believe there is plenty of work to do regarding Massachusetts and Mexico relations. Many Mexican entrepreneurs come to school to Boston to setup operations in the city and we look serve Mexican entrepreneurs and business owners as they do business in the States,” said Trevino of his new position.

The Asociacion de Empresarios Mexicanos is a 21-chapter organization with more than 1,300 members. It operates in six states and two countries and looks to open additional chapters in the near future.

Man Group to Acquire Pine Grove AM to Strengthen its Fund of Hedge Funds Business

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Man Group compra la estadounidense Pine Grove para reforzar su negocio de fondos de hedge funds — Photo: ESO. Man Group to Acquire Pine Grove AM to Strengthen its Fund of Hedge Funds Business

Man Group has agreed to acquire Pine Grove Asset Management LLC, a US-based fund of hedge fund manager specializing in the management of credit-focused hedge fund portfolios with approximately $1.0 billion of assets under management. The transaction is subject to customary closing requirements and is expected to close in the third quarter of 2014. Financial terms of the transaction were not disclosed.

Pine Grove is a credit-focused fund of hedge fund manager, founded in 1994, with offices in Summit, NJ and New York City. The firm is employee-owned, with senior investment professionals having on average 18 years of direct investment management experience. Since inception, the firm’s hedge fund selections and portfolio management have delivered attractive risk-adjusted returns across market cycles. Approximately two thirds of Pine Grove’s assets are from institutional investors, primarily US-based, with the remaining third from US high net worth individuals and family offices.

Pine Grove will enhance Man Group’s presence in the US and add to Man Group’s fund of hedge funds business, FRM. Pine Grove will also reinforce FRM’s efforts to offer clients a wide variety of investment opportunities including SEC-registered US 40 Act funds and complementary fund of hedge fund products.

After closing, Pine Grove’s investment philosophy, strategy and approach will remain unchanged, and the firm will benefit from Man Group’s robust institutional infrastructure. Matthew Stadtmauer, currently President of Pine Grove, will become President of FRM. Tom Williams, currently Pine Grove’s Chief Investment Officer will continue to be responsible for all investment decisions relating to Pine Grove’s portfolios and will join FRM’s Investment Executive committee.

Commenting on the transaction, Luke Ellis, President of Man Group, said, “FRM’s longstanding strategy has been to help investors use hedge funds to achieve their investment goals. Pine Grove has a long and accomplished track record of outperformance and is an excellent addition to the FRM business.” Michelle McCloskey, New York-based Senior Managing Director of FRM, said, “We look forward to working closely with our new colleagues with the aim to deliver positive risk-adjusted performance for our clients. The opportunity to expand FRM’s footprint in the US is extremely exciting.”

Matthew Stadtmauer, President of Pine Grove, stated, “Over the course of 20 years Pine Grove has built a well-received client-focused business model over multiple market cycles. We are now at the point in our evolution where the additional infrastructure, resources and support available at FRM will provide significant benefits to existing and future clients. We are delighted to be taking this highly progressive step for our business.”

Tom Williams, Pine Grove’s Chief Investment Officer, said “We are particularly excited about becoming part of FRM, which will provide us with world-class infrastructure, technology and resources, while allowing Pine Grove to maintain our entrepreneurial investment approach. This will enhance our business and add significant value for clients as we strive to create the optimal environment for our investment professionals to deliver performance.”

How Will the Potential Move Away From Zero Interest Rates Influence Markets?

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¿Cómo afectará a los distintos mercados una potencial subida de tipos? — John Stopford, Co-Head of Multi-Asset at Investec Asset Management. How Will the Potential Move Away From Zero Interest Rates Influence Markets?

How will the potential move away from zero interest rates influence markets? John Stopford, Co-Head of Multi-Asset at Investec Asset Management, gives his view on the implications for high yield equities, income investors, emerging markets and more.

Click on the video to watch the entire interview.

Global Wealth 2014: Riding a Wave of Growth

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Global private financial wealth grew by 14.6 percent in 2013 to reach a total of $152.0 trillion, according to The Boston Consulting Group. (See Exhibit 1.) The rise was stronger than in 2012, when global wealth grew by 8.7 percent. The key drivers, for the second consecutive year, were the performance of equity markets and the creation of new wealth in RDEs.

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The growth of private wealth accelerated across most regions in 2013, although it again varied widely by market. As in 2012, the Asia-Pacific region (excluding Japan) represented the fastest-growing region worldwide, continuing the trend of high growth in the “new world.” But substantial double-digit increases in private wealth were also witnessed in the traditional, mature economies of the “old world,” particularly in North America. Double-digit growth was also seen in Eastern Europe, the Middle East and Africa (MEA), and Latin America. Western Europe and Japan lagged behind with growth rates in the middle single digits.

As in previous years, North America (at $50.3 trillion) and Western Europe ($37.9 trillion) remained the wealthiest regions in the world, followed closely by Asia-Pacific (excluding Japan) at $37.0 trillion. Asia-Pacific, which in 2008 had 50 percent less private wealth than North America, has since closed that gap by half. Globally, the amount of wealth held privately rose by $19.3 trillion in 2013, nearly twice the increase of $10.7 trillion seen in 2012.

In nearly all countries, the growth of private wealth was driven by the strong rebound in equity markets that began in the second half of 2012. All major stock indexes rose in 2013, notably the S&P 500 (17.9 percent), the Nikkei 225 (56.7 percent), and the Euro Stoxx 50 (14.7 percent). This performance was spurred by relative economic stability in Europe and the U.S. and signs of recovery in some European countries, such as Ireland, Spain, and Portugal. A further factor, despite the tapering of quantitative easing in the U.S., was generally supportive monetary policy by central banks. In an exception, the MSCI Emerging Markets Index fell by 5 percent.

Globally, the growth of private wealth was driven primarily by returns on existing assets. The amount of wealth held in equities grew by 28.0 percent, with increases in bonds (4.1 percent) and cash and deposits (8.8 percent) lagging behind considerably. As a result, asset allocation shifted significantly toward a higher share of equities. Currency developments were more relevant to private wealth growth in 2013 than in 2012. Driven by the slowdown in quantitative easing, the U.S. dollar gained value against many currencies, particularly those in emerging markets, as well as against the Japanese yen.

As in previous years, strong growth in gross domestic product (GDP) in RDEs was an important driver of wealth. The BRIC countries, overall, achieved average nominal GDP growth of nearly 10 percent in 2013.

Looking ahead, global private wealth is projected to post a compound annual growth rate (CAGR) of 5.4 percent over the next five years to reach an estimated $198.2 trillion by the end of 2018. The Asia-Pacific region and its new wealth will account for about half of the total growth. Continued strong GDP growth and high savings rates in RDEs will be key drivers of the rise in global wealth.

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Assuming constant consumption and savings rates, North America will fall to a position as the second-largest wealth market in 2018 (a projected $59.1 trillion), being overtaken by Asia-Pacific (excluding Japan) with a projected $61.0 trillion. Western Europe should follow with a projected $44.6 trillion.

Millionaires

As the debate over the global polarization of wealth rages on, one thing is certain: more people are becoming wealthy. The total number of millionaire households (in U.S. dollar terms) reached 16.3 million in 2013, up strongly from 13.7 million in 2012 and representing 1.1 percent of all households globally. The U.S. had the highest number of millionaire households (7.1 million), as well as the highest number of new millionaires (1.1 million). Robust wealth creation in China was reflected by its rise in millionaire households from 1.5 million in 2012 to 2.4 million in 2013, surpassing Japan. Indeed, the number of millionaire households in Japan fell from 1.5 million to 1.2 million, driven by the 15 percent fall in the yen against the dollar.

The highest density of millionaire households was in Qatar (175 out of every 1,000 households), followed by Switzerland (127) and Singapore (100). The U.S. had the largest number of billionaires, but the highest density of billionaire households was in Hong Kong (15.3 per million), followed by Switzerland (8.5 per million).

Wealth held by all segments above $1 million is projected to grow by at least 7.7 percent per year through 2018, compared with an average of 3.7 percent per year in segments below $1 million. Ultra-high-net-worth (UHNW) households, those with $100 million or more, held $8.4 trillion in wealth in 2013 (5.5 percent of the global total), an increase of 19.7 percent over 2012. At an expected CAGR of 9.1 percent over the next five years, UHNW households are projected to hold $13.0 trillion in wealth (6.5 percent of the total) by the end of 2018.

Wealth managers must develop winning client-acquisition strategies and differentiated, segment-specific value propositions in order to succeed with HNW and UHNW clients and meet their ever-increasing needs.

Regional Variation

Strong equity markets helped countries in the old world, which have large existing asset bases, to match the rapid growth in assets in the new world, which relies more on new wealth creation spurred by GDP growth and high savings rates. For example, private wealth grew by double digits in the U.S. and Australia, while some emerging markets, such as Brazil, showed substantially weaker growth. China will continue to consolidate its position as the second-wealthiest nation, after the U.S.

In North America, private wealth in North America rose by 15.6 percent in 2013 to $50.3 trillion, driven by the strong growth of wealth held in equities and moderate nominal GDP growth of 3.5 percent. Wealth grew by 16.3 percent in the U.S., while growth in Canada was considerably slower at 8.4 percent owing to weaker stock-market returns and a lower share of directly held equities.

In Western Europe, private wealth in Western Europe rose by 5.2 percent to $37.9 trillion in 2013, the subpar performance partly reflecting low GDP growth. The amount of wealth held in equities rose by 17.1 percent, compared with 2.3 percent for cash and deposits and a decline of 3.1 percent in bonds.

In Asia-Pacific (excluding Japan), private wealth in Asia-Pacific (excluding Japan) rose by 30.5 percent to $37.0 trillion in 2013. Strong nominal GDP growth in both China (9.6 percent) and India (14.2 percent), as well as high savings rates in those countries—16.8 percent and 19.2 percent of GDP, respectively—were the principal drivers. The amount of wealth held in equities gained 48.0 percent, compared with 30.4 percent for bonds and 21.3 percent for cash and deposits.

In Latin America, at constant exchange rates, private wealth in Latin America continued to achieve double-digit growth in 2013, rising by 11.1 percent to $3.9 trillion. However, taking into account the currency devaluations in many Latin American countries—such as Brazil (down 13 percent), Argentina (down 37 percent), and Chile (down 9 percent)—private wealth in the region declined in 2013. Below-average growth was observed in the larger countries in the region. Private wealth rose by 10.7 percent in Mexico and 5.6 percent in Brazil (where it was up 14.1 percent in 2012), driven by a weakening of local bond and stock markets. Regionwide, riding developments in other regions, the amount of private wealth held in equities rose strongly by 19.6 percent, compared with 9.4 percent for bonds and 10.4 percent for cash and deposits. There were significant differences between the changes in onshore wealth (up 7.1 percent) and offshore wealth (up 23.5 percent)—attributable mainly to net inflows from countries such as Argentina and Venezuela and attractive returns from offshore investments. With a projected CAGR of 8.8 percent, private wealth in Latin America will reach an estimated $5.9 trillion by the end of 2018.

Private Sector Demand for Bank Credit in the Emerging Markets to Grow 45% by 2018

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Emerging markets have been the principal driver of global growth in the last five years and are expected to continue growing at twice the rate of developed markets. As a result, banks in emerging markets expect improved financial performance, despite facing challenges of rising costs, intensifying competition and tougher regulatory burdens, finds a new EY report, Banking in emerging markets: Investing for success.

The report is based on a survey of more than 50 leading financial services institutions and over 9,000 retail banking customers in emerging markets. The report identifies three challenges for banks looking to emerging markets as a growth opportunity:

Tougher regulation: Regulators in the emerging markets are moving to catch up with, or in some cases get ahead of, regulators in developed markets. Eighty-two percent of survey respondents in established markets, 81% in transitional markets and 66% in frontier markets expect the volume of regulation their banks face to increase in the next 12 months.
Increasing costs: The average operating expense for 50 leading emerging market banks has risen 81% in last four years from US$3.6b in 2009 to US$6.5b in 2013, driven by increased funding, labor and investment costs.
Intensifying competition: New entrants to the market, including foreign banks and non-banks, are intensifying levels of competition. Seventy-one percent of customers in the markets we surveyed now have relationships with multiple banking providers. And 79% of this year’s respondents said they were experiencing competition for deposits as an industry challenge, compared to 65% last year.

Jan Bellens, EY’s Global Banking & Capital Markets Emerging Markets Leader, says:“Success in these emerging markets is not straightforward, but there is great potential for those banks that get it right. In order to be successful in the long-term, banks must focus on designing the right business model and developing strong execution capabilities – learning and adapting from what banks have done well and not-so-well in both developed and other emerging countries.”

To overcome the challenges successfully, banks must think beyond immediate fixes and plan to invest in the following three areas:

Investing in technology: EY estimates that bank credit to the private sector in the 11 markets studied will grow from around US$3.5t in 2013 to US$5.1t in 2018, triggering a need for significant investment in technology across emerging markets. Banks must invest in IT to provide new, low-cost ways to reach customers in markets with limited infrastructure, better assess credit risks, build enduring customer relationships and improve operations.
Investing in people: Despite the growing cost pressure, the war on (capable) talent in the emerging markets continues, with 44% of bankers expecting headcount to grow, especially in business lines that are experiencing especially high-growth or involve more intensive levels of customer service, such as premium and private banking. With banks needing to invest in both the front and the back office, employee-led innovation and efficiency programs are key to delivering new services profitably.
Building partnerships: Banks can plug skills and capacity gaps through collaboration with companies in other industries such as telecoms and technology, as well as other financial institutions. This will be essential for banks looking to expand rapidly into new markets, products and services.

The report focuses on 11 rapid growth markets defined as being at either a frontier, established or transitional stage of maturity. The report defines the three stages of maturity as:

Frontier: Per capita GDP below US$2,000, the point at which deposit and savings products appear. Nascent capital markets with depth under 50% of GDP. (Kenya, Nigeria, Vietnam)
Transitional: These markets lie between the other two groups. At least 30% of the population typically has bank accounts and the capital markets are further developed. (Colombia, Egypt, Indonesia)
Established: These markets have exceeded US$8,000 per capita GDP, the point at which credit products become established. Capital market depth of over 125% of GDP. (Chile, Malaysia, Mexico, Turkey, South Africa)

Each market presents its own unique challenges, but there are specific areas that international, regional and domestic banks can address now through strategic investments. According to Steven Lewis, Lead Global Banking Analyst at EY: “Domestic banks in these markets are already starting to strengthen risk management and improve capital and business efficiency, which will underpin profitable growth. However, if they want to keep pace with the growth of their customers, as businesses expand overseas and personal wealth in these markets increases, they will need to find ways to overcome skill and capability gaps or risk losing these customers to larger global players.”

Scout Investments Launches UCITS Umbrella to Expand Global Distribution

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Scout Investments recently launched a UCITS fund umbrella structure to further expand distribution of its strategies to non-U.S. investors.

The UCITS Fund will mirror Scout’s Unconstrained Bond Strategy and is currently registered in Luxembourg and Singapore, with plans to expand distribution into additional countries.

The Strategy is managed by lead portfolio manager Mark Egan and a seasoned team of fixed income investment professionals, including Tom Fink, Todd Thompson and Steve Vincent. The team has managed unconstrained fixed income accounts for more than 16 years and was among the first in the industry to do so.

“The cross-border distribution of Scout’s Unconstrained Bond Strategy allows us to offer non-U.S. investors a fixed income portfolio diversifier with a proven track record,” said Andy Iseman, chief executive officer of Scout Investments. “We plan to offer additional funds via the UCITS fund umbrella structure to continue to expand our global footprint.”

The objective of the strategy is to maximize total return consistent with the preservation of capital. Scout’s Unconstrained Bond Strategy seeks to maximize total return by systematically identifying and evaluating relative value opportunities throughout all sectors of the fixed income market.

The team may use derivative instruments, such as futures, options and credit default swaps, to manage risk and gain exposure. Given its objective, the strategy is not managed against a benchmark.

A UCITS (Undertakings for Collective Investment in Transferable Securities) is an investment vehicle that enables fund managers to distribute their products to non-U.S. investors.

Scout Investments, a global asset manager headquartered in Kansas City, Mo., manages more than $32 billion in equity and fixed income investment strategies for institutions and individual investors. Scout is the investment subsidiary of UMB Financial Corporation.