Foto: Nicolo Caranti, Flickr, Creative Commons.. Efama y la Comisión alaban el acuerdo que dará forma a MiFID II pero piden que la normativa vaya más allá
The European Fund and Asset Management Association (Efama) has welcomed the European Parliament, Council and European Commission informal agreement on the review of the Markets in Financial Instruments Directive (MiFID). The development means negotiations on the future of the European Financial Markets have finally been concluded after more than two years of intensive deliberations.
However, EFAMA is disappointed that insurance products have been omitted from the final agreement. And EFAMA believes that the failure to treat as equal all financial investment products means there will now be an absence of a level playing field.
EFAMA now urges the European Parliament and Council to immediately restart the stalled negotiations on the review of the Insurance Mediation Directive (IMD II) to ensure that end investors are ultimately afforded the same level of protection and transparency across the whole range of financial products.
“While we applaud the EU for having concluded its widest reform of the European financial markets since 2007, we are disappointed that not all financial products have been treated equally. We believe that it is the best interests of the investor that the same rules apply across the board. We therefore call on European co-legislators to use IMD II to rectify this and ensure that moving forward there is a level playing field for all”, comments Peter de Proft, Director General of Efama.
Foto: AnirudhKoul. PREI nombra a Ezequiel Rodriguez director general de la firma en México
Prudential Real Estate Investors has named Ezequiel Rodriguez, managing director and head of Mexico, the company announced. PREI, among the world’s largest real estate investment management and advisory businesses, is a business of Prudential Financial, Inc.
Rodriguez, whose appointment is effective immediately, is based in Mexico City, reports to Alfonso Munk, managing director and head of Latin America.
“I am excited to have a leader and proven manager like Ezequiel in place,” Munk said. “He not only brings a depth of real estate knowledge about Mexico and Latin America, but his extensive experience gives him a keen understanding of transactions and investments in the sector. His background will be particularly helpful as we seek additional opportunities in Mexico and continue to grow the business in the country.”
Before joining Prudential, Rodriguez was a managing director with GIV Partners AG and with UBS AG, where he held various roles in Europe and Latin America, including as regional head of Europe for UBS’ Real Estate Investment Management group, and member of its Global Management and Investment committees.
Prior to joining UBS, he was a principal at the Peabody and Argo Funds of JP Morgan and O’Connor Capital Partners, where he was responsible for sourcing, negotiating, structuring, and managing opportunistic transactions in Southern Europe, and for establishing and managing the Funds’ business in South America. Before entering the private equity real estate industry in 1998, Rodriguez worked for the Latin American mergers & acquisitions division of JP Morgan.
Rodriguez earned a degree in business administration at the University of Buenos Aires.
Chris Bullock of the Euro Corporate Bond Fund and Euro High Yield Bond Funds at Henderson. 2014 Can Prove to Be Another Solid Year for Credit Markets
2013 proved a better year for credit markets than expected by many. The coming year has the potential to surprise too, although the gains are unlikely to match those of the previous year.
2014 will be an interesting year given the rising pressures on interest rates, particularly in the US, while in Europe inflation stays low and growth also remains, stubbornly, low. The good news is that the current environment is quite favourable for the credit markets.
According to Chris Bullock, co-manager of the Euro Corporate Bond Fund and Euro High Yield Bond Funds, given the expectations of low default rates, improving corporate confidence, but some risk to interest rates, the high yield sector has the potential to outperform investment grade bonds. Overall 2014 could be another fairly solid year for the credit markets, although there may be a few bumps along the way.
Foto cedidaArmando Vidal, gerente general de Fondos SURA. SURA Investment Management fue reconocido por la administración de inversiones en Fondos Mutuos en Perú
With the aim of recognizing, strengthening, encouraging and disseminating Mexican art, FEMSA announces an open call for the 11th Monterrey FEMSA Biennial, to be held at the Centro de las Artes in Monterrey, N.L. Since it was instituted in 1992, the Monterrey FEMSA Biennial has become established as the most important visual arts contest at the national level, also gaining international recognition.
There are several awards:
FEMSA Great Acquisition Prize: 200,000.00 Mexican pesos in the category of two-dimensional format. 200,000.00 Mexican pesos in the category of three-dimensional format.
Acquisition Fund for Selected Artworks: Up to 200,000.00 Mexican pesos. The winning works and those which are acquired will be incorporated in the FEMSA Collection.
Two Cultural Residencies: One for each of the artists awarded Honorable Mention in each format, granted by the School of Arts and Design of Saint-Étienne, France, through the sponsorship of the Alliance Française, Monterrey.
In addition, the 11th Monterrey FEMSA Biennial will stage one or more exhibitions to present the award-winning works, in Mexico or abroad.
To reinforce the objectives of the contest and foster dialogue among creative artists, the present edition of the Monterrey FEMSA Biennial will include the participation of artists from Colombia. However, as invited artists, they will not be eligible to compete for prizes at the Biennial.
The call closes on February 21, 2014. The terms and conditions of the Call, in the following link.
Photo: Mattbuck. The Family Office Dynamic: Pathway to Successful Family and Wealth Management
A report from Credit Suisse, EY, and University of St.Gallen, entitled, “The Family Office Dynamic: Pathway to Successful Family and Wealth Management,” provides a comprehensive guide to setting up a family office and best practices within the sector. The paper also provides an analysis of important topics and issues to consider when deciding whether to establish, or restructure, a family office.
“Credit Suisse has had the privilege of serving the world’s wealthiest families since 1865,” said Rich Jaffe, Head of Credit Suisse Private Banking North America. “This publication illustrates our experience in advising and supporting our clients in all phases of the family office process, from inception to maturity. As family offices continue to gain in popularity, this paper is an invaluable guide for families considering setting up a family office. “
“The EY Global Family Business Center of Excellence has experience working with a large number of entrepreneurial families and has observed firsthand the complexity of their private wealth needs,” said Peter Englisch, Global Family Business Leader at EY. “This guide is an essential tool to help families fulfill their goal of securing wealth for future generations.”
Increasing numbers of family offices have been set up during the last decade, and this trend shows no sign of declining. There is every reason to expect more family offices to be established in light of continuing wealth concentration, the desire of families to pass on assets to the next generations and rising globalization. This paper explores what a family office does and the most effective structures and processes.
This white paper provides answers to the following key questions:
Why should a family set up a family office, and what are the different types of family offices?
What services are generally best performed in-house, and which outsourced?
How are family office professionals most effectively recruited and managed?
What needs to be included in a family office business plan – and what are the different stages involved in setting up a family office?
Which are the most important considerations when selecting a jurisdiction for the family office?
What are the major risk areas and how can these be managed?
For a copy of “The Family Office Dynamic: Pathway to Successful Family and Wealth Management,” please click on the following link.
Wikimedia CommonsWilliam Finnegan, Senior Managing Director of Global Retail Marketing at MFS. Overcoming Investor Reluctance
William Finnegan, Senior Managing Director of Global Retail Marketing at MFS highlights the findings from the MFS Investing Sentiment survey. This survey captures how investors are feeling about the current market environment.
Wikimedia CommonsFoto: Sphilbrick. Miami Finance Forum reelige a Deupi como presidente y nombra nuevos directores
The Miami Finance Forum (MFF), South Florida’s financial services networking organization, has announced the selection of its executive officers for 2014. Carlos Deupi has been reelected as Chairman, and Jean-Pierre (JP) Trouillot has been reelected as CFO/Treasurer. In addition, Jim Varnadoe was elected Vice-Chairman, Raul G. Valdes-Fauli was elected President and Gregory M. Santín as Secretary. Nicholas (Nick) Ferber was named as Chief Development.
“We are very pleased to have Carlos, Raul, Jim, Jean-Pierre, Gregory and Nicholas continue to participate as part of our leadership team for the coming year,” said Elena Djakonova, the Forums’ Executive Director. Together, the elected leadership team brings experience from various key sectors that will contribute toward the MFF’s mission of establishing South Florida as a global financial hub.
Carlos Deupi is General Counsel, Executive Vice President and Corporate Secretary at Brilla Group where he has focused on the transactions in real estate/hospitality, banking and financial services sectors in the US and LATAM. Prior to Brilla Group, he practiced corporate law for 25 years.
Raul G. Valdes-Fauli is President and CEO of Professional Bank where he oversees the South Florida market. He brings over 17 years of experience in the financial services industry.
Jim Varnadoe is Managing Director of KVR Trade Finance Fund where he is responsible for the overall development, business management, operations and growth of the Fund. He is a veteran in the private equity and venture capital industries through is experience as an investor and financial advisor.
Jean-Pierre Trouillot, Partner in the Miami office of KPMG’s Transaction Services practice. He specializes in mergers and acquisitions, due diligence and financial strategic consulting assignments.
Gregory M. Santín is Senior Vice President and Commercial Real Estate Relationship Manager for The Florida Community Bank, N.A. He brings over 21 years experienced combined in commercial real estate and banking collectively.
Nicholas Ferber is Managing Partner of Sanford Barrows Group where he has been a preeminent executive recruiter focused on high-level positions in banking, brokerage, finance and private equity.
“I am honored to have been elected Chairman of the Miami Finance Forum for the third year running,” said Carlos Deupi, Chairman of the Miami Finance Forum. He added, “MFF keeps expanding and has made significant improvements, poising itself for growth in 2014.”
Foto: Doug8888, Flickr, Creative Commons. En caso de Brexit, la Unión Europea tiene menos que perder que Reino Unido
RBC Global Asset Management has announced the addition of 10 global equity specialists to its investment management team at RBC Global Asset Management (UK) Limited in London. The team of specialists, led by Habib Subjally, join from First State Investments (UK) Limited where they previously managed US$2.5 billion in a variety of global equity strategies for institutions and private clients over the past eight years.
Mr. Subjally will assume the position of senior portfolio manager and head of Global Equities. Neil Abbott, Luis Benoliel, Marcus Lun, Jeremy Richardson, Julie Thomas, Dag Wetterwald, Perry Winfield and Ben Yeoh are joining as senior portfolio managers, and Romain Scampini will join as portfolio manager.
“These expanded capabilities complement our existing breadth and depth of expertise across a wide range of global mandates,” said John Montalbano, chief executive officer, RBC GAM. “The addition of this team brings considerable new strength to RBC Global Asset Management’s expertise in global equity management.”
Over the past eight years, Mr. Subjally was head of Global Equities and led the global equity team at First State Investments. He holds a Bachelors degree from the London School of Economics and the Chartered Accountant and ASIP designations. The core of his team has worked together for the last seven years, with an average tenure of 16 years in the industry.
“RBC GAM’s investment approach is characterized by fundamental research and rigorous discipline, along with a focus on risk management and portfolio construction, all within a team-oriented structure,” said Dan Chornous, chief investment officer, RBC Global Asset Management Inc.
The new global equity team joins investment professionals at RBC GAM-UK specializing in emerging markets and European equities, as well as global and emerging markets fixed income. In total, the London office currently comprises 34 investment professionals and staff (including five from the new global equity group). That number will grow to 39 when Mr. Subjally and the remaining members join in early March.
“As a global organization with over C$300 billion in assets under management, RBC GAM is committed to continually growing our capabilities,” said Mr. Montalbano. “Our growth trajectory – including organic growth as well as acquisitions such as BlueBay Asset Management in 2010 – reflects our commitment to bringing world-class expertise to our investment solutions and, ultimately, to our clients.”
Wikimedia CommonsJonathan Goldstein. Guggenheim Partners Names Head of Real Estate and Direct Investment in Europe
Guggenheim Partners, the privately held global financial services firm, has announced the appointment of Jonathan Goldstein as its inaugural Head of Real Estate and Direct Investment for Europe. Mr. Goldstein’s appointment signifies a major milestone in the global expansion of Guggenheim’s real estate and infrastructure investment activities. His focus will be on identifying opportunities for long-term investments and partnerships in real estate in the United Kingdom and Continental Europe.
Mr. Goldstein, who will be based at Guggenheim’s London office, joins from Heron International, where he had worked since 2008 and was Deputy Chief Executive; his appointment was effective January 1, 2014.
“Jonathan joins us to expand the scale of our European investing, in keeping with our mandate to source and originate above-market real-estate and infrastructure investment opportunities for our clients,” said Henry R. Silverman, Guggenheim Partners’ Global Head of Real Estate and Infrastructure. “Jonathan’s knowledge of direct investing in real assets in the UK and on the Continent, together with his background in finance, management and law, make him the ideal person to lead our expansion in Europe.”
Mr. Goldstein added: “A real opportunity exists to build a substantial presence in the UK and Continental European real estate markets.”
As Deputy Chief Executive of Heron International from 2008 to 2013, Mr. Goldstein had primary responsibility for all of the group’s corporate and financial affairs involving assets in the UK, Spain, France and Sweden. Prior to joining Heron in 2007, Mr. Goldstein spent 15 years at Olswang, the London-based international law firm, including the last nine as Chief Executive and was the youngest senior partner of a City law firm.
. Close to a Hundred People Celebrate Funds Society's I Anniversary in Miami
Last week Funds Society celebrated its first anniversary hosting a cocktail party in Miami. Close to 100 professionals of the asset and wealth management industry attended, coming from Genève, London, Miami, Mexico, New York and Zurich.
In 2013, Funds Society had an average 12% month over month growth, highlighting a strong support from its readers, the wealth and asset management community throughout the Americas region.
Moreover, Funds Society is currently working with more than 10 international asset and wealth management firms. Funds Society’s team has also grown, adding a new senior journalist, Alicia Miguel, covering the European asset management scene from Spain.
In 2014, Funds Society will be dedicating more resources to the website’s English version launching a daily newsletter in English during the first quarter of the year. Funds Society will also launch a mobile version of its website.
