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ETFs and ETPs Gathered a Record US$160.5 Billion in Net New Assets in 2014

ETFGI’s analysis finds ETFs and ETPs listed globally gathered US$33.8 Bn in net new assets in July, pushing YTD NNA to US$160.5 Bn, a new record level of NNA at this point in the year, outpacing the previous high of US$149.9 Bn set in 2013.

Assets declined slightly (0.4%) from their record high of US$2.64 Tn in June to US$2.62 Tn at the end of July. The global ETF/ETP industry now has 5,410 ETFs/ETPs, with 10,477 listings, from 222 providers listed on 60 exchanges, according to preliminary data from ETFGI’s end July 2014 Global ETF and ETP industry insights report.

The ETF/ETP industries in Europe and Japan have gathered record levels of YTD NNA at US$42.7 Bn and US$14.9 Bn, respectively. New record highs in assets were reached at the end of July by ETF/ETP industries in Canada with US$66 Bn, Asia Pacific (ex-Japan) with US$103 Bn, and Japan with US$91.5 Bn.

“In July investors invested almost all net new money into equity exposures as investor confidence was positive through most of month. The S&P 500 hit an all-time high during July, but ended the month down 1% as markets were rattled at the very end of the month by the situations in the Ukraine and Gaza and a poor start to the U.S. earnings season. Developed markets outside the US ended the month down 2%, while emerging markets gained 2%, Asia was up 5% and frontier markets were up 4% in July,” according to Deborah Fuhr, Managing Partner at ETFGI.

In July 2014, ETFs/ETPs saw net inflows of US$33.83 Bn. Equity ETFs/ETPs gathered the largest net inflows with US$27.7 Bn, followed by fixed income with US$3.2 Bn, and commodity ETFs/ETPs with US$1.7 Bn in net inflows.

Vanguard gathered the largest net ETF/ETP inflows in July with US$7.69 Bn, followed by iShares with US$6.82 Bn, SPDR ETFs with US$4.24 Bn, DB x-trackers with US$1.97 Bn and PowerShares with US$1.79 Bn in net inflows.

Wharton Hosts Full-Time MBA Admissions Presentation in Miami

| By Alicia Miguel | 0 Comentarios

Wharton invites Miami’s professionals to join them at a Wharton Full-Time MBA Admissions presentation.

The MBA Admissions event in Miami is confirmed for Wednesday August 20th from 7 to 9 pm, at JW Marriott, 1109 Brickell Av. Miami, FL.

Globally recognized as a trailblazer in business education, the Wharton MBA is known for its intellectual leadership and innovation. Additionally, it gives you access to an alumni network 92,000 strong that spans 145 countries.

MBA Wharton Admissions key contact is Megan Gallagher gallm@wharton.upenn.edu

To get more info and subscribe, please, use the following link


Category:	Off-Campus Events
Contact E-mail:	mbaevents@wharton.upenn.edu
Starts On:	20 Aug 2014 07:00 PM ET
Ends On:	20 Aug 2014 09:00 PM ET
Location:	Miami, Florida
Address:	JW Marriott Hotel Miami 1109 Brickell Avenue Miami, Florida 33131

Henderson Adds Director to its US$10.3bn Multi-Asset Team

| By Fórmate a Fondo | 0 Comentarios

Henderson Global Investors has announced the appointment of John Harrison to the position of Director, Multi-Asset. John joins in August and will be responsible for representing the multi-asset team in the retail and institutional channels. He will work closely with the team to expand the existing business and broaden its geographical footprint.

Bill McQuaker, co-head of multi-asset adds, “John’s blend of investment and client management skills is a great addition to the team. Most recently John’s experience has been in managing clients relationships in the multi-asset and advisory market. In addition to the wealth of investment experience he has built during his career, this will be of enormous benefit to us.”

John has considerable knowledge of asset allocation-led investment strategies and experience in developing a global multi-asset platform. He joins Henderson in August from AllenbridgeEpic where he acted as a senior adviser to four local government pension schemes with combined assets in excess of £8bn. Prior to this he worked at UBS for 16 years’ latterly as UK chief investment officer & head of UK institutional advisory solutions.

The multi-asset team run a total of £6.3bn (US$10.3bn) as at 30th April 2014.

Linking Equities to the Economy

| By Fórmate a Fondo | 0 Comentarios

El vínculo entre las acciones y el crecimiento económico — Photo: "Wall Street & Broadway" by Fletcher6 . Linking Equities to the Economy

In this second of a series describing my tenets for long-term investing, I’ll review the connections between the US economy and the stock market.

Private sector focus

My next tenet is to focus on the investable part of the economy, which is the private sector, rather than the official GDP numbers. I think this is where a lot of investors have been getting it wrong. Ever since the US economy started to exit recession in mid-2009, the financial media have been full of stories about subpar growth of 2.25% on average — nothing like the more rapid pace of expansion in the V-shaped cycles during the 1980s or 1990s.

What’s behind this lackluster growth environment? One of the major components of GDP is government spending, and that has been shrinking for four years — culminating in the sequestration cuts to the federal budget at the beginning of 2013. State and local government expenditures have also been tightly constrained.

Meanwhile, the private sector has been growing at 3.3%, on average, over the past five years. This is a normal pace of growth, much like previous cycles. So looking at the private sector, this cycle has not been as unusual as the pundits would have us believe.

Ampliar

We came into this year with economists’ mostly optimistic forecasts for growth in the developed world, with the United States set to finally achieve “escape velocity” or above-trend growth. The winding down of the sequester’s drag on fiscal spending was widely expected to be one of the contributing factors to stronger growth in 2014.

However, an extraordinarily cold winter in the US, along with other factors, called that into question. The latest reports have the US economy shrinking by 2.9% in the first quarter, almost like a mini-recession. Yet slow growth may not always mean that equities are doomed: S&P 500 revenues, profits and margins rose while GDP was falling.

Simply put, the companies that make up the US equity market benchmark have done quite well in this environment. As evidence suggests that the US economy has bounced back in the second quarter, I suspect that S&P 500 companies are likely to fare just as well — or even better. And that’s what matters for equity investors.

International profits

Another related tenet is to bear in mind that the S&P 500 does not look like GDP. We’ve watched this change rapidly over time, and now the equity benchmark is much more manufacturing oriented, much more tech heavy and much more international than the economy in general.

In the national income and product accounts (NIPAs) that describe the value and composition of output, the government tells us that the US no longer makes things. Manufacturing represents only 10% to 11% of the US economy, and technology a mere 5%. In the S&P 500, however, manufacturing and tech account for 48% and 18%, respectively. This is a huge difference.

Similarly, economists call the US a closed economy because just 11% of GDP is traded with other countries. By contrast, close to 40% of S&P profits come from international sources. So we have to pay attention to what’s happening outside the US. In fact, equity profitability despite the first quarter GDP contraction can be attributed in large part to the global nature of the S&P 500.

Ampliar

When we look at the four biggest export markets for the US — North American neighbors Canada and Mexico, along with the eurozone and China — nearly all fared reasonably well during the first quarter. Europe has shown signs of exiting recession in a mild but convincing growth pattern, and even China appears to be stabilizing. For now, the global recovery seems to be holding together, which I believe bodes well for US equities.

James Swanson, CFA
MFS Chief Investment Strategist

Switzerland as a Financial Center in The Age of Transparency

| By Alicia Miguel | 0 Comentarios

Switzerland as a financial center in the age of transparency, exchange of information, and anti-money laundering: that is the topic for a FIBA Wealth Breakfast, next August 14th.

John J. Ryan, Jr., President at CISA Trust Company (Switzerland) SA, will speak about:

Double Tax Treaties between Switzerland and the leading LATAM countries;
OECD initiatives and the new OECD automatic exchange of information standard;
FATF initiatives treating tax evasion as money laundering, and suspicious activity reports.

DATE: Thursday, August 14th, 2014
TIME: 8:00 AM – 10:00 AM
LOCATION: FIBA Training Room
80 SW 8th Street, Suite 2107, Miami, FL 33130

To register, use this link

Wealth Managers Who Ask For Referrals Double Their Chance Of Being Recommended By Clients

| By Alicia Miguel | 0 Comentarios

Very few of the world’s up-and-coming wealthy are uncomfortable providing friends, family, or colleagues with referrals to a wealth manager, however the majority of wealth managers are missing out on the opportunity to acquire clients through this valuable channel, says a new global study released today by SEI, Scorpio Partnership, and NPG Wealth Management. The study, “The Futurewealth Report 2014: The Advocacy Impact,” reveals that advisors double their chances of receiving a referral by simply asking for one – as 47 percent of respondents said they would actively refer, without being prompted, and an additional 47 percent reported they would refer, but only if asked to do so. However, only 3 in 10 of the 3,025 global respondents with an average net worth of $2.9 million reported being asked for referrals by their wealth managers at least once a quarter.

The report, which also examined the drivers that compel the global wealthy to advocate for their wealth managers, further unveiled that the propensity to recommend does not translate into actual referrals. On the contrary, referrals are triggered by a complex blend of circumstances and financial behaviors and are heavily influenced by a client’s age and geographic background.

“This year’s Futurewealth series has provided valuable insights on investors’ digital habits, their purchasing drivers, investor loyalty, and, now, what it takes to spark client advocacy,” said Alfred P. West, Jr., Chairman and Chief Executive Officer of SEI. “It’s well known that a referral is one of the strongest tools in an advisor’s marketing arsenal, and what we’ve learned is that there is no exact science to winning client referrals. Client behavior and confidence in advisors varies based on personality, age, and location, and, thus, is unpredictable. However, by taking action wealth managers increase their likelihood of organically growing their business.”

According to the report, respondents from the West (the Americas and Europe) are more likely to recommend wealth managers if they demonstrate stability, good performance, personal service, and integrity. In the Americas specifically, nearly two-thirds of up-and-coming wealthy would recommend a stable firm (58 percent of respondents), followed closely by strong performance (54 percent). With the quality of the “salesperson” (15 percent) and “periodic contact” and “information about new products and services” (14 percent) ranking as the most important elements in a wealth manager’s ability to deliver a great experience (compared to staff efficiency and order processing in the 2011 survey), the study has uncovered that today’s high-net-worth investors increasingly desire a strong relationship with their wealth advisors.

“This year’s Futurewealth research confirms that the high-net-worth global investor base cannot be lumped into one single category. Rather, this group is incredibly diverse, and we’ve discovered that depending on lifecycles and net worth, high-net-worth investors select, stay with, and ultimately refer wealth managers for disparate reasons,” said Ryan Hicke, Senior Vice President, SEI Wealth Platform. “That said, above all this group is looking for stable, trustworthy, and engaged relationships with wealth managers. This finding should not be taken lightly. The relationship side of the business is ever-important, and managers must take the time to implement strategies that allow them to focus more heavily on personal interaction, without sacrificing quality.”

Further, while those in the Americas are most positive about their advisors, this group of up-and-coming-wealthy have referred the fewest clients to their firm (five) when compared to their European and Asian Pacific counterparts, seven and eight referrals respectively. In examining age, the study found that the respondents under 40 (4 in 10 of whom are asked by their wealth manager every quarter for referrals) referred the most clients (nine). By contrast, the oldest group polled (over 60), who are asked quarterly for referrals only 8 percent of the time, referred the least (four). In Asia Pacific, the region with the highest average number of recommendations, nearly 45 percent of clients are asked for referrals quarterly.

“Yes, many factors contribute to investors providing referrals, but one element of the referral game is undeniable: wealth managers who directly ask for referrals on a consistent basis are the most likely to get them,” said Kevin Crowe, Head of Solutions, SEI Advisor Network. “Furthermore, the more successful advisors we work with have found that facilitating actual ‘introductions’ as part of the referral process increases the likelihood the referral will actually become a client.”

This is the fourth paper in a four-part series delving into the findings of the Futurewealth Project, which maps the journey of the world’s up-and-coming wealthy with their wealth manager. The first paper examined the qualities impacting the decision-making process of selecting a new financial provider. The second paper studied the factors critical to high-net-worth individuals when making a transaction with a firm and the role of digital technology. The third paper looked into the factors that contribute to customer loyalty.

As Overweight as Possible in Oil Based Energy

| By Fórmate a Fondo | 0 Comentarios

In the following Question and Answer session, David Donora, Head of Commodities at Threadneedle Investments, addresses some of the key concerns currently facing investors in commodity markets, and explains his view of the outlook for the market.

What is your outlook for commodities for the remainder of 2014?

David: We are bullish on the macro outlook for the rest of 2014. The OECD countries and in particular North America, the region where economic growth is currently the strongest, and where growth is accelerating, will drive the expansion. Unless there is a significant escalation of geopolitical events we expect global growth to improve. Given that the developed world is leading the global economy, we anticipate that the expansion will be more energy intensive, and less intensive in terms of its consumption of industrial-type commodities, than if it were led by the emerging economies.

Could you elaborate on developments in the energy complex, including how the Iraqi conflict is affecting oil?

David: We anticipate that the price of Brent will remain high at about US$110 to US$115 a barrel by the year end. We also foresee a continuing dislocation between Brent and WTI with the latter continuing to trade at a discount of around US$7-15 a barrel to Brent.

In terms of curves this means that we expect Brent to remain in backwardation, that is to say that the prices for immediate delivery will be higher than the prices for oil five to ten years ahead, and similarly in the short term we recognize that prices for WTI will also be in backwardation.

But as oil production continues to increase in North America, we would expect to see that curve eventually flatten out.

What is your view of base, industrial and precious metals?

David: At the sector level we are positioned in line in base metals, as opposed to oil-based energy where we are as overweight as possible. Although we have a market weighting overall in base metals, we are significantly overweight lead and nickel and underweight copper and aluminum.

In precious metals, we have an underweight stance towards gold and are market weight in silver. Our underweight in gold is not so much a reflection of a bearish view on the precious metal itself but more because we are increasingly bullish on the broader range of commodities and because we would expect gold to lag commodities in general in the current environment. Gold does best when, not only is there geopolitical risk, but also when we have questions about whether the US dollar is functioning as a credible reserve currency. At present it is, given that the US is enjoying relatively strong growth and investment is flowing into the country to fund growing manufacturing and energy production. Thus in 2013, US$200bn of investment flowed into oil production in the US alone.

You may download the complete report through the pdf file attached.

Understanding the Family Office Landscape

| By Alicia Miguel | 0 Comentarios

WE Family Offices: Cómo gestionar grandes patrimonios en un entorno cada vez más globalizado — Santiago Ulloa, founding partner of WE Family Offices. Courtesy Photo . WE Family Offices: How To Manage HNW In An Increasingly Globalized Environment

FIBA organices a new webinar, Understanding the Family Office Landscape, the next Tuesday, August 19th from 11:00am – 12:30pm EST.

Join WE Family Offices Managing Partners Maria Elena Lagomasino, Santiago Ulloa and Michael Zeuner for an interactive webinar discussing the family office landscape. Mel, Santiago and Michael will discuss the following topics:

What is a family office?
How is a family office different from a bank or other type of wealth management firm?
What are the different types of family offices?
How can a wealthy family determine whether a family office is right for them?
What does it cost to build or hire a family office?

To register, follow this link .

IDB and Latin Trade to Boost Infrastructure Development in the Americas

| By Alicia Miguel | 0 Comentarios

El evento de selectores de Miami pone el broche con debates sobre renta variable, estrategias flexibles y high yield — Photo: KayGaensler, Flickr, Creative Commons. The Miami Selectors Event is Brought to a Close with Debates on Equities, Flexible Strategies, and High Yield

Latin American countries seeking to remain internationally competitive need to invest close to five percent of their GDP to bridge the region’s infrastructure gap. That presents big opportunities for firms throughout the hemisphere. Those opportunities will be highlighted at the Trade Americas & ConnectAmericas Expo: Building the Americas, to be held Sept. 3-4 in Miami, Florida.

Organized by the Inter-American Development Bank (IDB) and its ConnectAmericas initiative, in conjunction with Latin Trade Group, the infrastructure conference will bring together business and government leaders from Latin America and the Caribbean (LAC), the United States and other regions of the world interested in exploring business and investment opportunities in the region. Also attending will be representatives from country agencies responsible for infrastructure development.

The conference program features panel discussions by public and private sector leaders on a variety of subjects, including financing available to small and medium size companies (SMEs); trends in renewable energy and energy efficiency; transportation and logistics; urban infrastructure; public-private partnerships (PPPs); mass rapid transit systems; and doing business with the IDB.

The infrastructure expo will include a full day of business matchmaking that will give participants the opportunity to connect with potential clients, suppliers and investors from throughout the region and the rest of the world.

The Trade Americas & ConnectAmericas Expo will feature the launch of the ConnectAmericas.com Infrastructure Business Community, a virtual space where infrastructure developers will find potential local partners, suppliers and service providers for infrastructure tenders being published throughout the region.

Trade Americas & ConnectAmericas Expo partners include: Enterprise Florida, the US Hispanic Chamber of Commerce, the US-Mexico Border Energy Forum XXI, and WEConnect International. ConnectAmericas.com partners include: Alibaba.com, DHL, Visa and Google.Trade Americas & ConnectAmericas Expo sponsors include: Emerson and the Goodyear Tire & Rubber Company.

For more information, please visit http://tradeamericas.com/ and http://connectamericas.com/

Emilio Botín: Banco Santander Will Invest €700 Million in University Projects until 2018

| By Alicia Miguel | 0 Comentarios

Emilio Botín inaugura el III Encuentro Internacional de Rectores Universia — Foto cedidaEmilio Botín, President of Universia. Emilio Botín: Banco Santander Will Invest €700 Million in University Projects until 2018

The III Universia International Presidents’ Meeting Rio 2014 has consisted in two days of intense discussions about 10 topics that are key for higher education in Ibero-America. 1,103 honorable presidents from 33 countries participated in this event, which closes with an institutional commitment subscribed by all universities in the Rio University Charter 2014.  The President of Universia, Emilio Botín, thanked the efforts and collaboration of all participants in the discussion, development and conclusions of the 3rd Meeting, which was regarded as “historical”.  

The event attracted 1,103 Presidents, more than 2,000 contributions from academic experts by means of online social networking services, a wide variety of topics discussed by participants from various countries, more than 100,000 university students that participated in the generation of topics and a diverse technological showcase.  In the end, Emilio Botín highlighted six topics that emerged from the debates and are priorities for the future of the University:

The necessary social leadership of each university to “play a significant role in the social, institutional, cultural and economic development of all countries involved”.

The need to renew educational models with the support of all governments and the private sector to “open the University and face the new demands and expectations of both students and communities”.  

The internationalization as a crucial factor in the relationship among universities and their systems in a globalized world.

Educational investments I+D+I as strategic and socially relevant, “directly related to job creation, competitiveness, economical prosperity and social and cultural development”.

The university-business collaboration is essential “to effectively use all knowledge in favor of economical, social and entrepreneurial development”.

The digital dimension of the University that aims to integrate digital practices at an institutional level, as “a primary challenge for universities”.

 A global commitment  

The President of Universia emphasized that the Rio Charter “represents no only a declaration of principles but also a magnificent plan for the Ibero-American universities to play a relevant role in the years ahead”.  Emilio Botín closed his speech calling upon regional and world institutions, businesses and universities to be fully engaged in order to “work diligently on the diffusion of the takeouts generated by this Meeting and to make the Rio Letter widely known so that concrete plans and schedules can be implemented”.  

In this sense, Botín has emphasized the efforts of Banco Santander and Universia to attain the set goals while announcing the investment of 700 million Euros (945 million US dollars) to university projects in the next four years, of which 40% will be fueled to scholarships for the access national and international mobility of students and professors; 30% will be used to foster research, innovation and entrepreneurship at universities. The remaining 30% will be used to support academic projects and initiatives aimed at modernizing and incorporating new technologies to universities.  

The 4th Universia International Meeting of Presidents will be held in Salamanca, 2018.  