Photo: Diliff. Lloyds Banking Group Sells its SWIP Asset Management Business to Aberdeen AM
Lloyds Banking Group has agreed to sell its asset management business Scottish Widows Investment Partnership Group Limited (SWIP) to Aberdeen Asset Management for an initial consideration payable in Aberdeen shares with a value of approximately £560 million ($900 million), and a further deferred consideration, payable in cash, of up to £100 million ($160 million). As part of the transaction, Lloyds will enter into a long-term strategic asset management relationship, whereby Aberdeen will manage assets on behalf of the Group.
The sale and strategic relationship are expected to result in a stronger asset management partner for the Group and its customers, combining Aberdeen and SWIP’s strengths across fixed income, real estate, active and quantitative equities, investment solutions and alternatives. SWIP’s management and employees will transfer to Aberdeen upon completion.
The sale does not include Scottish Widows, Lloyd’s life, pensions and investment business, which remains core to the Group.
In consideration for SWIP, Lloyds will receive approximately 132 million new ordinary shares of Aberdeen, equivalent to approximately 9.9 per cent of its enlarged issued ordinary share capital.
Aberdeen has also committed to deliver additional consideration 12 months after completion calculated with reference to the amount by which Aberdeen’s volume-weighted average share price for the five trading days prior to completion (the “VWAP”) is below 420 pence but above a floor of 320 pence. To the extent the VWAP is below 320 pence, the Group has the option to terminate the sale. Based on Aberdeen’s share price of 427 pence at close on 15 November 2013, the Group’s shareholding in Aberdeen would have a value of approximately £560 million. In addition, further consideration of up to £100 million will be payable in cash over a five year period depending on the growth in business generated from the strategic relationship with the Group.
Lloyds intends to be a supportive shareholder and has agreed lock-up arrangements whereby, subject to certain exceptions, it will maintain its initial shareholding for at least one year, two-thirds of its initial shareholding for at least two years and one-third of its initial shareholding for at least three years. Further detail on the lock-up arrangements, which can be waived at any time by Aberdeen, is set out at the end of this announcement.
Funds under management for SWIP were £136 billion ($219 billion) at 31 August 2013. The sale is expected to complete by the end of the first quarter of 2014, subject to obtaining the necessary regulatory and other consents.
Wikimedia CommonsShubert Ciencia. Nagacadan Rice Terraces (Kiangan, Ifugao). In the Wake of Disaster
As humanitarian organizations scrambled to send relief to the Philippines this week following the country’s battering by Typhoon Haiyan, foreign governments prepared to support the rebuilding and economists looked to assess the tragedy’s near-term impact.
The typhoon was a stark reminder that Asia has faced its share of extreme natural disasters—earthquakes, tsunamis, cyclones and volcanic eruptions to name a few. In fact, in just the past four years, the Philippines has been struck by five of the costliest storms in its history—amounting to a cumulative estimated US$2.4 billion in damages. While both terrifying and devastating for the country’s population, such natural disasters have been more limited in terms of their impact on the country’s economy. Estimated damages for the five prior storms amounted to less than 1% of this year’s GDP, in an economy that has grown approximately 12% annually in nominal U.S. dollar terms over the past decade.
While the extent of the toll of Haiyan is still unknown, the capital of Manila and its surroundings were largely spared. The hardest hit regions have been predominantly agricultural, and account for just 18% of GDP. That said, since food comprises a large percentage of the Philippines’s consumer price index (CPI), the CPI is likely to rise in the coming months.
This may also pose a short-term impact on inflation in other areas. Roads, ports and other infrastructure that will need to be rebuilt may create bottlenecks in the supply chain. But despite its recent high growth, the Philippines has maintained low single-digit inflation since 2010, so even a minor uptick should not have serious ramifications.
With the need for infrastructure even more critical now, the willingness and incentives for governments and private businesses to work together should be even higher. In the long run, the infrastructure enhancements could lower costs of manufacturing in the Philippines, a sector that has traditionally lagged growth in services and consumption. And more importantly, better infrastructure should prepare the country to withstand the next powerful storm.
This is not to downplay the human disaster of such storms. Too often media attention to countries like the Philippines, Thailand and Sri Lanka comes chiefly when there are natural disasters, as if these nations are powerless and battered in the face of wild uncontrollable forces.
The historical reality is that Asian countries have proven to be resilient in the wake of natural disasters, and the economy of the Philippines seems capable of weathering this particular storm. In fact, outside of the Indian subcontinent and Indonesia, Asia as a whole tends to run current account surpluses—counter to the common perception that the region remains subject to the unknowable rhythms of outside forces. Asia’s economies have been resilient in the face of recent financial setbacks as well—both the 2008 global financial crisis and the recent volatility related to potential tapering of monetary stimulus. Perhaps it is time to stop thinking about Asia as a region that is helpless in the face of storms, both natural and financial, and time to see it as one that is able to adapt and grow over the long term despite these events.
Asia is fundamentally more resilient than most people realize, and we believe the Philippines will make it through this disaster. But, for now, our thoughts and wishes are with the storm’s victims.
Robert Horrocks, Chief Investment Officer at Matthews Asia
The views and information discussed represent opinion and an assessment of market conditions at a specific point in time that are subject to change. It should not be relied upon as a recommendation to buy and sell particular securities or markets in general. The subject matter contained herein has been derived from several sources believed to be reliable and accurate at the time of compilation. Matthews International Capital Management, LLC does not accept any liability for losses either direct or consequential caused by the use of this information. Investing in international and emerging markets may involve additional risks, such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. In addition, single-country funds may be subject to a higher degree of market risk than diversified funds because of concentration in a specific geographic location. Investing in small- and mid-size companies is more risky than investing in large companies, as they may be more volatile and less liquid than large companies. This document has not been reviewed or approved by any regulatory body.
Foto: Jimmy Baikovicius. Networks are the Difference for Women Entrepreneurs
Some barriers are easier to see than others. The obstacles women face are overt throughout some cultures and corners of the world—laws against driving and owning property, rules barring them from certain social settings—while others are more subtle.
There are no hard-and-fast rules that prevent women inLatin America from starting their own businesses. Actually, with mid-to-larger companies often reluctant to hire qualified women for any number of poorly-premised reasons, small business would seem like a natural launching point for the more enterprising among us.
So then, why aren’t more women succeeding as entrepreneurs?
A working group I lead has explored the role of women in Latin America’s small, medium and large businesses, and found that they are consistently underrepresented across the board, in terms of their leadership roles.
But the reasons for this are not easy to “pack” into one answer. In some countries of Latin America, women seeking to start up their own businesses must face deep-seated cultural obstacles, such as the stigma of a woman’s perceived role being in the home and the prejudice that women cannot negotiate or play hardball.
I dare say when women play golf … well, they just play golf.
In other more sophisticated countries of the region, women may face a disadvantage because the business environment is not ready to accept the way women do business.
The examples abound. Take golf, for example. For the business elite, golf has traditionally served as the go-to sport of leisure for men—a place to unwind. But for captains of industry and the ambitious alike, there is no clear distinction between business and pleasure. Mergers, acquisitions and takeovers are hammered out between the first and the ninth hole. These interactions are relational, but transactional in their ultimate goal. I dare say when women play golf … well, they just play golf. The interaction stay at the relational level. If women are watching their kids on the playground, most likely they are chatting with other women who may have interesting professions, but they are not using those encounters to do business. Women tend to be more compartmental: business is business, and other activities such as leisure or sports, are … leisure or sports.
Women often lack alternative sources of funding beyond their immediate networks of family and friends, as banks finance less than 20 percent of their business needs. The irony of the situation is the fact that women are more likely to found businesses that they are passionate about, as opposed to businesses that are shallow cash-grabs. Businesses born of true passion are more likely to grow and succeed. They are in fact the best investments, but face the most challenges when getting seed capital.
Still, women are dogged by misconceptions in business. There is a prevailing notion that women are more risk-averse by nature—a notion that I find patently absurd.
Being a dynamic leader in business is the one key factor that can lead to success. We have found that being a dynamic entrepreneur is directly correlated to how engaged and active he/she is, and it is also a relatively-solid predictor of success. A dynamic entrepreneur tends to proactively solve problems to improve her chances of success, rather than blame the tough environment for her lack of success. We have also found that women who become dynamic entrepreneurs often come from families in which a parent, a sibling, or a partner is an entrepreneur as well. Due to economic crisis, there are today many couples starting together their ventures as a way out of unemployment.
Small business is a ladder, an accelerator, a way for people to thrive
It takes a regional approach that also takes into account cultural differences among countries to address these systemic shortcomings. In a survey done in Uruguay, women seemed to place themselves second to men when it came to business skills. This could be related to not being offered training courses tailored to their specific needs and profiles. The Multilateral Investment Fund (MIF), part of the Inter-American Development Bank, recently started a partnership with Endeavor and OMEU to meet these women’s needs and help them reach the next level in their ventures.
Meanwhile, in a survey done in Argentina, conclusions were different. Many women saw the fact of being a woman a plus for their entrepreneurship aspirations. The ones who were less dynamic, saw their lack of success correlated to the difficulties in the business environment, whereas the dynamic ones saw their problems as one more obstacle to sort out on the road to success.
Early this year, the MIF supported a regional accelerator, NXTP Labs, that is already having some success nurturing teams with women founders. In a recently approved project to consolidate angel networks in the region, the MIF will create incentives to support angel networks that include women in leadership roles, as investors or as target for investment .
Our findings in the recent undertakings in both Uruguay and Argentina, along with other results that could help drive successful women entrepreneurs in the coming generations, will serve as the backdrop for WeXchange, Latin America’s first pitch conference focused on strengthening the networks for this demographic. There, we will provide a platform for Latin America’s most promising women entrepreneurs, key investors and international experts. Together, these minds and voices can change the reality and even out the playing field.
Small business is a ladder, an accelerator, a way for people to thrive and earn outside of the typical corporate constructs. The startup ecosphere is where innovation happens. How can this economic engine be effective if half of the population is excluded from fully participating in it?
Opinion column by Susana García-Robles, Principal Investment Officer in charge of MIF Early Stage Equity Group, MIF/FOMIN (Multilateral Investment Fund)
PIMCO has hired Virginie Maisonneuve as Managing Director, Global Head of Equities and Portfolio Manager. She joins PIMCO from Schroders Plc, where she most recently served as Head of Global and International Equities. Ms. Maisonneuve will be based in the firm’s London office. Her official start date is currently expected to be in January 2014.
Said Mohamed A. El-Erian, PIMCO’s CEO and co-CIO: “Virginie is a proven equity investor and leader who has delivered a track-record of success for clients throughout her 25-year career as a portfolio manager and a business builder. We are delighted to have Virginie on board as part of our multi-year effort to deepen and expand the set of global investment solutions we provide to clients around the world.”
In her new role, Ms. Maisonneuve will lead PIMCO’s active equity portfolio management, contributing also to the development and introduction of new equity and asset allocation strategies.
PIMCO’s equity offerings total more than $50 billion in assets under management. Going forward, the firm will continue with its strategy of carefully adding resources and introducing additional strategies in equities, alternatives, ETFs and other areas to help our clients meet their long-term investment objectives.
“Together with PIMCO’s existing active equity portfolio management teams and our highly-successful StocksPlUS strategies, Virginie will play an instrumental leadership role in enhancing the many ways we serve our clients in the years to come,” added Dr. El-Erian.
Wikimedia CommonsFoto: Devcore. ECB Improves Climate for Equities
The surprise but welcome rate cut by the European Central Bank (ECB) has improved the climate for equities, says Robeco’s portfolio manager for Global Allocations.
The rally in share prices driven by extra liquidity from monetary easing throughout this year is likely to continue, Lukas Daalder believes.
As a result, Robeco Asset Allocation has increased its overweight position to equities. At the same time, underweight positions in government bonds have been raised, as lower rates means reduced yields on sovereign debt, Daalder says.
The rate cut also made the euro drop in value by more than a cent against the US dollar. The asset allocation team has now opened up a short position on the EUR/USD, essentially predicting that the single European currency will fall further in value.
‘The global currency war is in full swing and the ECB just added a bit of artillery’
Liquidity-driven rally to continue “We expect the current liquidity-driven rally in equities to continue for several months,” says Daalder. “We have become more constructive on equities as major risks have diminished while excess liquidity will remain around for longer.”
Some perceived risk factors that were seen as a threat to stock prices include the US government shutdown, which in the end did not endanger the US and global recovery. However, it did distort the macro data, shifting market expectations for the end of quantitative easing to the first quarter of 2014, leaving more excess liquidity around for longer in the economy.
The picture is less rosy for government debt, however, at least in the near term, says Daalder. “The ECB rate cut has pushed bond yields lower, but we don’t think this will be the case in the near term. We expect yields to gradually normalize from here,” he says.
Global growth is picking up “Economic growth is picking up globally and, although the US Federal Reserve (Fed) has postponed tapering for now, it will probably start reducing its bond-buying program in the first quarter of next year. Then, the strong downward pressure on bond yields that we have seen over the last couple of years will start to end.
“And with the latest rate cut by the ECB we think yields have been pushed to the lower end of the range and will start to rise from here.”
Shorting the euro makes sense for now, says Daalder. “The ECB rate cut can be viewed as an instrument to fight the natural forces that drive up the euro like the positive current account surplus, the shrinking central bank balance sheet and disinflationary trends,” he says.
“With US tapering only postponed until next year and certainly not cancelled, we expect the US dollar to strengthen against the euro. The global currency war is in full swing and the ECB just added a bit of artillery.”
As base rates have lowered, the portfolio manager says high yield bonds remain the most attractive asset class, particularly as spreads against benchmark German bunds have dropped further below their long-term average. This makes them less risky, especially as default rates remain low, while returns remain strong.
European equities favored Within equities, the asset allocation team has become less constructive on North America as earnings revisions have deteriorated. “Europe looks currently more favorable to us as the improved macro data has not been fully translated into relative equity performance, and of course the ECB rate cut will help share prices further,” says Daalder. “From a macroeconomic point of view, the delay in tapering should be positive for cyclical stocks.”
Among other asset classes, the team is neutral on emerging market debt and commodities, and negative on real estate, due to its sensitivity to interest rates.
If you are a wealthy person living in Asia, you might be tempted, with good economic reason, to look overseas to diversify your asset base. Overseas markets often offer good diversification as they are typically exposed to different economic cycles and also give exposure to different currencies. But while overseas stocks, bonds and other financial instruments all offer diversification, few asset classes seem to have the same allure as overseas property—that is, overseas property in the right cities.
What qualifies as the “right” city? One criterion is that the place must have a predictable, deep-rooted legal framework offering strong property rights protection, and another is that it must welcome foreign capital. The locale should offer urban character with an appealing quality of life, which may include clean air and water, highly rated schools, good restaurants, a vibrant nightlife and upscale shops. Easy access, preferably via non-stop flights to Asia, is also a plus.
For a rich individual in Asia, acquiring overseas property tends to be a very logical microeconomic outcome. When enough wealthy people shop overseas for property, it soon becomes a macroeconomic trend. And as happens with booms, more money chases the same asset class as the awareness of soaring prices spreads. Soon, the demand dynamics arising from this diversification might even divorce the host city’s (even host country’s) property market from local economic realities. A case in point is London’s real estate market. The U.K. economy and London-prime property have taken entirely different trajectories since the global financial crisis. While the country’s economy has just started to recover, London’s property rates have been far more spectacular. Sydney and Melbourne property markets also seem detached from the broader realities of the Australian economy (its property market hasn’t seen the kind of correction the U.S. market has seen from the 2007 highs).
Even in San Francisco, where I am based, I have heard of instances in which people visiting on business are making cash offers for homes on the weekends. No wonder, then, that top-end properties in places like Vancouver and Toronto, not to mention markets such as Hong Kong and Singapore, have all been hot commodities. And this trend is increasingly spreading to the middle end of the market; I recall seeing ads in Asian newspapers heavily promoting properties well outside of Central London.
So property in large desirable cities seems to have become a global asset class of choice for the emerging world’s affluent. Understandably, some localities are trying to restrict this activity. But I wonder if we should start factoring in this free-flowing global capital—and not just local economic conditions—as an important component of real estate market analysis in certain urban areas. Prices may still correct in such world-class cities, but the global demand could potentially put a floor on the correction. Also, as the fairly restrictive capital outflow rules in markets such as China begin to lift, the resulting capital flows could very well provide a further backstop to high-end property prices.
Vivek Tanneeru, Research Analyst at Matthews Asia
The views and information discussed represent opinion and an assessment of market conditions at a specific point in time that are subject to change. It should not be relied upon as a recommendation to buy and sell particular securities or markets in general. The subject matter contained herein has been derived from several sources believed to be reliable and accurate at the time of compilation. Matthews International Capital Management, LLC does not accept any liability for losses either direct or consequential caused by the use of this information. Investing in international and emerging markets may involve additional risks, such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. In addition, single-country funds may be subject to a higher degree of market risk than diversified funds because of concentration in a specific geographic location. Investing in small- and mid-size companies is more risky than investing in large companies, as they may be more volatile and less liquid than large companies. This document has not been reviewed or approved by any regulatory body.
Photo: ProtoplasmaKid. Liberty Mutual Insurance Enters Mexico with the Acquisition of Primero Fianzas
Liberty Mutual Insurance announced the acquisition of Mexican surety company Primero Fianzas from Grupo Valores OperativosMonterrey, a private investor group. The acquisition enables Liberty Mutual Surety, a business unit of Liberty Mutual’s Global Specialty strategic business unit, to expand its extensive international presence by entering Mexico’s $600 million surety market. The parties have not disclosed the financial terms of the agreement and the acquisition is subject to Mexican regulatory approval.
Headquartered in Mexico City, Primero Fianzas wrote over $33 million in gross written premium in 2012 primarily in the administrative and credit bond segments and operates through 11 offices writing surety business in all Mexican states. The company is the 4th largest surety writer in Mexico based on 2012 market share and ranks #1 in the Mexican credit surety segment.
“We believe Primero Fianzas provides an attractive platform for investing in and expanding our global surety and insurance capabilities in the growing Mexican market,” said Chris Peirce, President of Liberty Mutual Global Specialty. “Primero has strong market presence and a record of profitable growth. Its excellent agent and customer relationships complement Liberty Mutual Surety’s significant underwriting capacity and global expertise, and further solidify our leading North American surety presence.”
This acquisition in Mexico adds to Liberty Mutual Insurance’s current international presence in 28 countries spread across Latin America, Europe, and Asia through the company’s Global Specialty and International business units. Liberty Mutual Insurance is the largest property and casualty insurer in Venezuela, second largest property and casualty company in Colombia, and is among the top 10 property and casualty companies in Brazil and Chile.
Alberto Carrasquilla, socio gerente de Konfigura Capital y ex ministro de Hacienda de Colombia. Guardian asiste a la colombiana Konfigura Capital en la venta de una cartera de créditos morosos
Guardian announced that it successfully assisted Konfigura Capital on its sale of an $860 million non-performing loan portfolio in Colombia. The transaction included the sale of residential mortgage loans, SME and corporate loans, unsecured retail credits, and unpaid utility bills. A consortium that included a large US-based debt buyer and a global multilateral credit agency acquired the assets. Specific terms of the transaction were not disclosed.
Paul Brenneke, CEO of Guardian, commented, “We are very pleased to announce this transaction as it clearly demonstrates our commitment to pursuing expansion of our advisory business into Latin America. This sale is one of the largest NPL deals in the region over the last few years, and marks a milestone for the Colombian financial market. We will continue to work with key players in Latin America, and look forward to future opportunities to advise on subsequent high-profile transactions.”
Alberto Carrasquilla, Managing Partner of Konfigura and former Minister of Finance of Colombia, commented, “This transaction is a very significant one for both Konfigura Capital and the Colombian NPL market. We believe the momentum generated by this deal will propel our expansion into other countries in both Latin America and the United States. We are excited to have Guardian as a strategic partner and feel we will benefit from their market knowledge, professionalism and perseverance as we pursue future deals.”
María Elena Lagomasino, CEO and one of the founders of WE Family Offices. UHNW Clients Opt for Investing in Real Assets, According to WE Family Offices
As explained by Maria Elena Lagomasino, CEO and a founder of WE Family Offices, during an interview with Funds Society, high net worth individuals prefer to direct their investment efforts to real assets rather than to other investment instruments. Companies and real estate capture the attention of such clients, a trend which occurs in the pursuit of a longer time horizon and the need to feel a real commitment to the Project.
“They want to enter into projects, which they don’t wish to manage themselves, but in which they would like to be involved,” she said.
Michael Zeuner, managing partner of WE, also agrees with Lagomasino in that this is the tendency which they see among their customers on a day to day basis. Both managers are clear that the client prefers to invest in companies and properties rather than in other investment vehicles, for example, funds, because they also feel that these were overloaded in the past.
“There is interest in entering companies, in becoming involved in businesses, in which they also come to agreements with other families.” Regarding the price and agreements of transactions of this nature, Lagomasino believes that when alignment is achieved, “the price automatically follows. That’s the key. “
Aside from its clients’ investment profiles, and on reviewing these first few months since the launching of WE family Offices, the executive explained that the U.S. business has performed better than expected in relation to business in Latin America, which is the company’s stronghold. This growth in the U.S. has even led them to meet many of the forecasts indicated on their business plan to five years.
In this regard, Zeuner explained that they already have a compliance service, which has been centralized through an external service which offers the clients complete support for their protection. “This is a tough business with complex rules,” so it is necessary to pay particular attention. “
Zeuner said they have also accomplished all their statutory and structural objectives, placing the client families within the context in order to be able to make any necessary changes and comply with new regulations.
A team for Family Governance and Education, headed by Elaine King, has also been created, and the WE office in New York opened in the Rockefeller Center a few weeks ago, with Zeuner himself at the helm of a team which has been completed with the addition of two new professionals.
Another project which is already underway and which will be released shortly is a web portal for clients, “with very horizontal porpietary technology.”
“We act as coordinators for our clients. The typical We Family Offices client deals with three financial institutions, three or four advisors, several insurance companies and more than a broker.” Lagomasino emphasized explaining their clients’ characteristics. The average WE client family generally has to deal with about 20 different people, hence the importance of a coordinating role.
According to Lagomasino, once all service providers have been reviewed and evaluated, the problem persists until everything is harmonized. The matter may not end there, because in many cases they face family dispersion, to mention just another issue which must be resolved in estate planning, particularly in terms of taxation.
For example, in the same family there may be members who reside in Latin America and other members living in the United States. In this respect, the executive highlights the importance of complying with regulations and harmonizing everything before changing the structure, which is the main problem which they usually find.
As for the forecasts and estimates for WE’s growth during the coming months, Lagomasino believes they are fine as they are and at the pace at which things are being achieved.“We prefer to continue along this line in managing a business in which customer support is top priority”.
This past July, just six months after its launch, WE Family Offices exceeded 2 billion dollars in assets under advisory, that figure is currently around $2.2 billion. The company, based in Miami, serves over 60 high net worth clients in the U.S. and other countries, mainly in Latin America.
Photo: Wolfgang Stuck. Luxemburgo autoriza UCITS en renminbi para inversores extranjeros cualificados
The Luxembourg regulator has approved a UCITS investing 100% of its net assets in China A-shares (i.e. shares in mainland China-based companies that are traded on a Chinese stock exchange). The UCITS can invest in these shares through the use of the RQFII quota granted to its manager by the competent Chinese authorities.
In order to authorize such an ‘RQFII UCITS’, the CSSF requirements relate to the following :
The fact that the fund must be open-ended;
The experience, competence and qualification of the manager;
The application of appropriate risk management procedures;
The correspondent bank of the depository and the segregation of assets at the level of the correspondent bank of the depository.
Requirements of the UCITS directive need to be fully complied with. Notably, since the latest expansion of the RQFII scheme in March 2013, daily liquidity in RQFII funds is required. These new rules correspond entirely to the UCITS regulation that also requires daily liquidity. The RQFII UCITS scheme is particularly interesting for foreign fund managers using Luxembourg as their platform to distribute UCITS on a cross-border basis. Luxembourg UCITS are a renowned investment scheme distributed in around 70 countries. Accordingly, Luxembourg is the ideal hub to domicile RQFII investment funds and to distribute them globally in order to boost the access to RMB denominated assets worldwide. The subsequent use of the RQFII quota is still subject to authorization of the China Securities Regulatory Commission (CSRC). The new development coincides with the release of the new figures underlining Luxembourg’s leading position as a European RMB centre. As of June 2013, 18 asset managers have established RMB funds in Luxembourg with a total of more than 220bn RMB of assets under management. Among these international RMB fund promoters, are the most prestigious names in the industry.
With 56bn RMB in deposits and over 67bn RMB in loans in Q3 2013, Luxembourg maintains its position as the financial centre with largest RMB business volumes in the Eurozone. Detailed facts & figures can be found here.
