William Stormont, ex co-manager at Henderson Global Investors in London, has joined Absolute Strategy Research in a sales consulting capacity, based in Vancouver, with the mission of introducing ASR’s research to fund managers in Canada and the US.
“I was formerly a client of ASR’s so was already familiar with the product and a supporter of their work. I have based myself in Vancouver, my native city, and am actively seeking to introduce ASR’s research to fund managers in Canada and the US. Though the firm is well represented in the New York and Boston areas there is considerable scope to grow in the rest of the US and Canada”, states Stormont to Funds Society.
William Stormont previously co-managed de Horizon Pan-European Equity Fund, at Henderson Global Investors in London, where he worked for nearly 6 years. Previously, he held several positions during 7 years at ABN Amro, including Head of International Hedge Fund Sales.
Gibraltar Private Bank & Trust announced that Douglas B. Sawyer has been hired as Senior Vice President, Market Executive in the bank’s Miami downtown office.
In his new role, Sawyer will be responsible for administration and growth of the market’s client portfolio as well as development of the Bank’s Fiduciary Account area. He has more than 30 years of experience in the financial industry. He was most recently president at Nason Consulting, a bank consulting company that provides strategic, operational, regulatory, management, staff and market guidance to community banks. Prior, he was an Executive Vice President at BankUnited for 8 years over which time he served as head of Bank Services, Wealth Management and Retail. Douglas also worked for 21 years at SunTrust Bank in various capacities, the most recent being executive vice president of retail overseeing the bank’s 25 retail branches in Miami-Dade County.
Sawyer is a Certified Financial Planner, holder of Series 7, 4, 24, 53, 63, 65 Securities License and holder of Florida Life Insurance and Variable Annuity License.
Douglas B. Sawyer earned a Bachelor of Science from Auburn University in Auburn, Alabama. His community involvement includes St. Thomas University Advisory Board, Christopher Columbus High School Board, Florida Bankers Association Government Relations Committee, Florida Banker Association / PAC Committee Chairman and American Heart Association, Past President, West Dade Division.
Wikimedia CommonsMap of the United States. Wealth-X Reveals America’s Wealthiest Individuals By State
Wealth-X has revealed a list of the 50 wealthiest American individuals by state (based on their business address) in 2013. These individuals are collectively worth US$540 billion, a 19 percent increase on last year.
The average net worth of the individuals on the list is US$10.8 billion – a US$1.7 billion increase on last year’s average of US$9.1 billion.
The top 10 individuals on the list – who all held the exact same spots on last year’s list – are collectively worth US$362 billion, 67 percent of the total wealth of the top 50.
Microsoft co-founder Bill Gates remains the wealthiest individual in America with an estimated net worth of US$70.8 billion, followed by Warren “Oracle of Omaha” Buffett, whose personal fortune is estimated at nearly US$60 billion.
Nine new individuals made the list this year: Micky Meir Arison (Florida); Brad Maurice Kelley (Kentucky); Kenneth B. Dart (Michigan); Whitney MacMillan (Minnesota); James Love Barksdale (Mississippi); John L. Morris (Missouri); Richard B. Cohen (New Hampshire); John A Yates (New Mexico) and Blake Roney (Utah). Collectively, their net worth is US$34 billion – 50 percent more than the combined net worth of the individuals who represented these same states on the list last year.
Below is the list of the 50 wealthiest individuals:
EFG International is well known in the Americas as a leader in international private wealth management, with its Miami office as flagship and over 60 CROs (client relationship officers) in the region, dedicated to Latin American clients. Now, the EFG Group has taken the initiative to put its asset management division, EFG Asset Management (EFGAM), on the map. EFGAM’s reorganization started almost five years ago, and is now ready to compete with international management groups as a specialist asset management company catering for private banking professionals through strategies distributed under its New Capital brand.
“EFG’s fund management capabilities were historically highly decentralized,” says Mozamil Afzal, Global CIO for EFGAM, in an interview with Funds Society, “but after the 2009 crisis we reconstructed into a group which is much more integrated, and which has seen the closure of some businesses, the restructuring of others and a significant investment in technology and compliance, as well as the creation of a totally independent board of directors.”
EFGAM is headquartered in London with additional management centers in Miami, New York, Zurich, Geneva, Hong Kong and Singapore.
The management company has just over $9 billion in assets under management; of these, $5 billion are assets of EFG International’s HNW clients; $2 billion are from institutional accounts with management mandates, and $2.2 billion are under the strategies managed by EFG’s New Capital funds, established in 2003 and whose assets are spread approximately equally between customers from EFG’s internal channel and other external channels.
“The New Capital funds wereinitially aimed at the private banking client, but in 2009 we decided we wanted to establish the company in its own right, by building a first-class asset management company which could compete on an open architecture platform with any international asset manager,” says Afzal , who, at the same time admits to value highly EFG International’s internal channel because “it provides us with seed funds for our new ideas which are also highly inspired by what the private banking customer wants. “
As a strategy, New Capital is built based on three objectives, which are a product of its history as an asset management company specializing in private banking. “We know what we want,” says Afzal, “first, good returns; secondly, unique positioning of our products; and finally, an absolute return bias which defines exactly what the private banking client is looking for.”
In order to meet these objectives New Capital is launching products that “we, as clients of an asset manager, would like to buy.” When planning the launch of a strategy “we steer away from the most popular asset classes, because we would probably be late in the market,” seeking those asset classes, which will generate better than market returns in the coming years, with a focus on the much longer term.
The strategies launched by New Capital in recent years have focused on ideas like global wealth creation, through its “Wealthy Nations” fixed income strategy; or the belief that the future of economic growth lies in Asia, an idea that was implemented by launching the Asia Pacific Equity Income and China Equity strategies. In total, New Capital has seven UCITS strategies registered in Ireland with which it positions itself as an asset manager specializing in private banking, and with which it has managed to increase its assets under management from $150 million in 2009 to $2.2 billion today. “We’re not an asset manager for the retail client,” says Afzal, “but for the investment professional.”
. Biscayne Art House abre sus puertas en Miami a los amantes de la fotografía
On October 10th, Biscayne Art House, proudly invited its patrons to view the great work of Xaviera MV, Roberto Catasus, Joan Lukowiecky, Guiri Reyes, Felipe Millan & Didier Massett. Photography was the main topic of the night, which is currently on display at its location in the Brickell Financial District through the month October.
Keeping with its high spirit work expressing their vision and exposition, Biscayne Art House’s latest featured artists seamlessly meld a great variety of work. From true color and nature inspirations taken with a lenses, travel environments connoisseurs, the reality of abstract expressions, contemporary culture captivations, spiritual oriental influence and environment, the captured light reflexes in many forms, to the immense man and their surroundings.
Biscayne Art House invites you to experience their work, which has been featured throughout the world for a truly memorable experience.
Biscayne Art House’s doors are always open to everyone from the discerning connoisseur to the artistically curious from 9:00 AM until 5PM. For more information on this event, or to view photos from past events, visit their Facebook page at https://www.facebook.com/BiscayneArtHouse.
Wikimedia CommonsFoto: US Navy. The Swiss Group SYZ & CO Moves into the Latin American Institutional Markets
The Swiss banking group SYZ & CO is moving into the Latin American institutional markets with the registration in Chile of the OYSTER European Opportunities fund. The clientele being targeted is mainly local pension funds, a fast- developing category of investors in the Andean region.
The assets of these pension funds are experiencing strong growth and should reach $800 billion by the end of 2013, of which an estimated $250 billion is potentially earmarked for international investments. The estimated growth for these pension funds exceeds 50% expected by 2016 with contributions running at nearly $2 billion per month. In Chile, for example, the assets in pension funds already amount to $170 billion, or 63% of GDP.
In order for the OYSTER funds to be distributed to pension fund administrators, SYZ & CO has entered into an agreement with HMC, a Chilean specialist in institutional distribution in the Andean markets.
Fast-developing pension funds
Apart from their swift growth, these pension funds also stand out in terms of their great openness to international investments. Chilean funds are, for example, allowed to invest up to 80% of their assets abroad. The total volume of investments that are possible abroad for the whole of Latin America therefore amounts to a potential nearly USD 250 billion, or more than 30% of the total. After having invested locally or in the North American markets, the region’s pension fund institutions are now showing an increased appetite for Europe, which offers some attractive prospects thanks to its lower share valuation levels and the diversification it allows, notably in terms of currencies.
A first OYSTER fund registered in Chile
SYZ & CO’s first fund to be registered in Chile is its flagship European equities fund, OYSTER European Opportunities. A second European corporate bonds fund should follow shortly, in order to satisfy Chilean pension funds’ appetite for fixed-income investments in euros.
A specialized local partner
In order for the OYSTER funds to be distributed to pension fund managers (PFMs), SYZ & CO has joined forces with HMC Partners, a local specialist in institutional distribution in the Andean markets. Established in Santiago (Chile) in 2009, HMC is also present in Colombia and Peru, two markets that are also very promising for institutional management. In Brazil, HMC has linked up with Itajubá, a company that distributes funds to a Sao Paulo-based institutional clientele. The cooperation with SYZ & CO is managed by Ricardo Morales, Managing Partner and co-founder of HMC.
Foto: Poco a poco. Crédit Agricole nombra a Jérôme Perrier director de su brazo financiero institucional en las Américas
Crédit Agricole Corporate and Investment Bank announced the appointment of Jérôme Perrier as Head of its Financial Institutions Group (FIG) for the Americas. At the same time, the bank named Jorge Fries as a Senior Banker for FIG, heading up the Insurance sector for the Americas.
Mr. Perrier was most recently Global Head of Strategy and Chief of Staff in Paris. He will make his headquarters in New York City, reporting to Jean-François Deroche, Senior Regional Officer for the Americas, and globally to Eric Chevre, Global Head of the Financial Institutions Group for Credit Agricole CIB.
Mr. Fries previously had been Managing Director and Co-Head of Special Situations and Current Assets with the Bank’s Securitisation team in New York, where he will continue to be headquartered. He will report to Mr. Perrier.
“Jerome brings important experience to a sector that we at Credit Agricole CIB regard highly to our strategic mission,” said Mr. Deroche. “With Mr. Fries for Insurance companies, and Gina Harth-Cryde and Rodrigo Rivera, our Senior Bankers in charge of the leading Banks and Financial Institutions in the US and in Latin America respectively, we have a very solid team that will enable us to further expand our services and involvement with the broad financial industry across the Americas.”
Mr. Perrier, who has been with the bank since 2007, has previously been in corporate strategy and development positions at Crédit Agricole S.A., Bank of America, PWC Consulting and Societe Generale, in New York, Boston and Paris. He has a BA from Middlesex University in London and a Masters from the Reims Management Business School in Reims, France.
Philippe Peirs has joined La Française to head-up International Real Estate Development. Philippe comes with a wealth of experience in the real estate industry and specifically in fundraising having worked for Société Générale for twenty years. His last position held was Managing Director and Head of Private Equity Fundraising Group. Philippe was instrumental in developing private fundraising advisory services at Société Générale CIB for third party investors that focused on European real estate, infrastructure and renewable energy. Philippe graduated from ESCP and has a Master of Science in Finance from London Business School.
Philippe Peirs is operating out of London. As Head of International Real Estate Development, Philippe will pursue Pan European, Middle Eastern and Asian development opportunities and work hand in hand with La Française partner Forum Partners, a global real estate investment management firm. “La Française is truly going in new directions and innovating in real estate asset management. The group has ambitious international development plans, and my arrival, which coincides with the capital stake taken in Forum Partners, clearly reflects the group’s commitment ,” comments Philippe.
Philippe Lecomte, CEO of La Française AM International and Head of Institutional Development (France and International) said, “Philippe is a valuable addition to our international development team. Having lived in London, the international real estate hub, for the past fifteen years, he has a full grasp of what motivates real estate investors. His extensive network should also contribute solidly to the funding of real estate transactions and future product launches. He’s a perfect match for the job.”
Citi Private Banking appointed Phillip Edwards as Director and Ultra High Net Worth Private Banker and Adam Gillam as VP and Ultra High Net Worth Private Banker to its team in Palm Beach, Florida.
According to the information, published by Reuters, prior to joining Citi, Edwards worked for JP Morgan Private Bank and Genspring Family Offices in Palm Beach Gardens. Gillam joins Citi from Wells Fargo in Palm Beach, where he was most recently a Vice President and Senior Private Banker.
Also in Florida, Raymond James recently recruited a team of advisors operating as Provenance Wealth Advisors (PWA). Headquartered in Fort Lauderdale, the firm is led by owners Eric Zeitlin, Todd Moll, Lee Hediger and Scott Montgomery.
According to Financial Advisor, the advisors at PWA joined Raymond James from Walnut Street Securities Inc., where they managed more than $1 billion in client assets and had annual fees and commissions of more than $5.4 million.
Co-owners Moll, Zeitlin and Hediger founded PWA in 2000 and affiliated with Berkowitz Pollack Brant, a large regional CPA and consulting firm in South Florida. Montgomery joined as a director/owner a few years later.
New research from Cerulli Associates finds that more than 60% of institutions’ asset flows were consultant-intermediated in 2012 with the rest coming from direct sales, according to their recent survey of institutional asset managers.
“Given the significance of investment consultants, just over half of the asset managers we polled plan on placing an even greater emphasis on fostering consultant relationships,” states Michele Giuditta, associate director at Cerulli. “This percentage initially appeared low to us, but our discussions with institutional distribution leaders confirmed that many firms are already devoting substantial resources to these efforts and plan on continuing to do so. This explains the high percentage of firms that plan on dedicating the same level of emphasis on the consultant relations effort in the future.”
In the fourth quarter issue of The Cerulli Edge – Institutional Edition, Cerulli analyzes distribution trends, including the changing consultant landscape and growth of outsourced chief investment officers, retirement distribution dynamics, and passive investing.
“Capital markets have become increasingly more complex, and the investment opportunity set has broadened to include more complicated investment products and vehicles,” Giuditta continues. “Given institutions’ growing needs, they seek more support and advice for their portfolios, which has led to an increase in the use of investment consultants.”
Cerulli reports that many investment committees are redefining their roles, delegating more of the day-to-day investment-related responsibilities to their gatekeepers, and focusing more on overall policy matters.
“Consultant relations professionals shoulder significant responsibility as investment consultants request more from their asset managers,” Giuditta explains.
