Wikimedia CommonsJavier Arrigunaga, presidente de la Asociación de Bancos de México. La Asociación de Bancos de México recibe el "Premio Anual de Liderazgo en Educación"
La organización Worldfund entregó el “Premio Anual de Liderazgo en Educación” a la Asociación de Bancos de México y las instituciones bancarias que la integran, por su labor ininterrumpida de más de seis años en apoyo a la educación de México, a través del programa Bécalos.
El premio fue recibido por Javier Arrigunaga, presidente de la Asociación de Bancos de México, de manos del embajador de México en EE.UU., Eduardo Medina Mora.
Durante su intervención, el presidente de la ABM expresó: “Es para mí un honor recibir este premio a nombre de la Asociación de Bancos de México y las instituciones que la integran. En la banca en México tenemos un compromiso firme por apoyar la educación, ya que estamos convencidos de que es uno de los ejes fundamentales para el progreso de cualquier nación. También quiero reconocer y agradecer a los millones de clientes de los bancos en México, sus generosos donativos son la base del programa Bécalos, así como las aportaciones de las instituciones bancarias con capital semilla o su red de cajeros automáticos”.
El propósito del “Premio Anual de Liderazgo en Educación” es reconocer a las corporaciones o líderes que han demostrado un compromiso en favor de la educación en América Latina. Worldfund es una organización con sede en Estados Unidos, cuya finalidad es financiar e impulsar iniciativas que fomenten la educación en América Latina para transformar vidas y reducir la pobreza en la región.
Desde el año 2006, la Asociación de Bancos de México y las instituciones bancarias que la integran, han hecho posible el programa Bécalos, en conjunto con la Fundación Televisa. Bécalos es el principal programa de apoyo a la educación impulsado por la sociedad civil. Las becas se otorgan en áreas prioritarias para el desarrollo del país: ingenierías, ciencias, y carreras técnicas con lo que se brinda apoyo a propuestas innovadoras en materia educativa.
Entre sus resultados más notables del programa Bécalos cabe destacar:
163.874 becarios han sido beneficiados entre 2006 y 2012
34.000 jóvenes beneficiarios han concluido sus estudios de bachillerato y educación superior.
4.000 maestros y directivos de toda la República han participado en los congresos educativos de Bécalos.
700 maestros y directivos premiados con diplomados en la Universidad Autónoma de Madrid.
Por su parte, entre los logros del Worldfund destaca:
Ha invertido más de 12 millones de pesos en programas educativos en la región desde su lanzamiento en 2002.
Lo anterior ha beneficiado a más de 400.000 estudiantes anualmente.
La meta es apoyar a alrededor de un millón de estudiantes anualmente para el 2015.
El Premio Anual de Liderazgo en Educación ha sido otorgado en otros años a personalidades como Carlos Slim, Presidente de Teléfonos de México, Emilio Azcárraga Jean, Presidente de Grupo Televisa, José Antonio Fernández Carbajal, Presidente de FEMSA y Claudio X. González Laporte, Presidente de Kimberly-Clark de México, entre otros.
Pershing LLC, a BNY Mellon company, released a new report offering a look at the makeup of today’s affluent advisor/client relationship. The report, entitled “Investor of the Future: The Quest for Tomorrow’s Affluent Clients Must Start Today,“ offers best practices that firms and advisors can adopt in support of changing client demographics. In the report, Pershing gauges advisors’ perceptions of the broader market, and offers insight into which clients may be most influential in shaping advisors’ businesses in the future.
Unveiled today at INSITE™ 2013, Pershing’s annual financial solutions conference, the report shows that today’s family is fundamentally different than in years past. Today’s modern family no longer primarily consists of married, heterosexual couples with two or more children. Today, half (51%) of Americans are single (some are single parents), many women are the sole or primary breadwinners in their families, same-sex marriage is now legal in ten states and it is estimated that racial minorities will become the majority in the U.S. by 2042 (Source: U.S. Census). So it’s important that advisors recognize the unique financial needs of each of these groups to be able to deliver effective solutions.
“As we see continued shifts in wealth and advisory services, advisors that align their businesses with quickly evolving client dynamics will ensure continued mutual success and growth,” says Kim Dellarocca, head of practice management and segment marketing at Pershing.
The report revealed that advisors’ perceptions of their client-base versus the actual affluent market profiles of these groups are often misaligned. As client segments such as minority groups, younger investors and women comprise a growing percentage of the affluent market, their economic influence will grow. Advisors who neglect to strategically engage these segments as part of today’s client mix may risk a plateau or decline in their business in the future.
The report further concludes that advisors are missing out on an enormous opportunity to keep their clients’ children as investors. Even though more than half of clients considered to be affluent have children 18 years and older, advisors have only talked with about 35% of this investor group about their finances or future investments. Furthermore, only half of advisors (52%) offer expertise in intergenerational wealth transfer and less than half (46%) offer expertise in trust services.
Another important point made in the research is that over-diversification is not necessarily effective. The report warns that advisors put themselves at risk of not being able to meet client expectations if they spread their business across too many different client segments. Rather, it suggests that advisors should identify and focus on a few key groups. This kind of specialization will help advisors deliver greater value and distinguish themselves from competitors.
Wikimedia Commons. Grupo Modelo Closes the Sale with Anheuser-Busch InBev a Year After Their Announcement
Anheuser-Busch InBev and Grupo Modelo, S.A.B. de C.V. announced that AB InBev has successfully completed its combination with Grupo Modelo in a transaction valued at $20.1 billion.
The combination is a natural next step given the successful long-term partnership between AB InBev and Grupo Modelo, which started more than 20 years ago. The combined company will benefit from the significant growth potential that Modelo brands such as Corona have globally outside of the U.S., as well as locally in Mexico, where there will also be opportunities to introduce AB InBev brands through Modelo’s distribution network.
The combined company will lead the global beer industry with roughly 400 million hectoliters of beer volume annually, bringing together five of the top six most valuable beer brands in the world. Mexico is the world’s fourth largest profit pool for beer and a very attractive market due to its projected growth. The combination is also expected to generate approximately $1 billion in cost synergies.
Carlos Brito , CEO of Anheuser-Busch InBev, said, “We have tremendous respect for Grupo Modelo and its brands, and we are thrilled to welcome our Grupo Modelo colleagues to the global team. We look forward to realizing our opportunities for growth and bringing our beers to more consumers around the world as we join two world-class brewers.”
As previously announced, Ricardo Tadeu will serve as Zone President Mexico and Chief Executive Officer of Grupo Modelo, effective immediately. Mexico will become AB InBev’s seventh Zone. Grupo Modelo’s headquarters will remain in Mexico City, and it will continue to have a local board, which will be appointed by AB InBev at the next shareholders meeting of the company. Carlos Fernandez , Maria Asuncion Aramburuzabala and Valentin Diez Morodo have been invited to continue to play an important role on Grupo Modelo’s Board of Directors.
Maria Asuncion Aramburuzabala and Valentin Diez Morodo will also join AB InBev’s Board of Directors, subject to the approval of AB InBev’s shareholders at the next shareholders meeting.
Tender Offer Settlement
In connection with the completion of the combination, AB InBev announced the successful settlement of the all-cash tender offer for the remaining shares of Grupo Modelo that it did not already own for $9.15 per share. As of May 31, 2013, approximately 89% of Grupo Modelo’s outstanding Series C common shares were validly tendered and acquired in the tender offer by a subsidiary of AB InBev. AB InBev now owns approximately 95% of Grupo Modelo’s outstanding common shares.
Grupo Modelo will be fully consolidated in the AB InBev financial reporting as of June 4, 2013. Later today, AB InBev will establish and fund a trust that will accept further tender of shares by Grupo Modelo shareholders at a price of USD 9.15 per share over a period of up to 25 months, during which time Grupo Modelo shares will continue to be quoted on the Mexican Stock Exchange. AB InBev will recognize in its financial reports the amount deposited with the trust as restricted cash and will recognize a liability for the Grupo Modelo shares it did not acquire by the end of the MTO.
U.S. Divestiture
The related transaction with Constellation Brands, including the sale of Grupo Modelo’s Piedras Negras brewery, Grupo Modelo’s 50% stake in Crown Imports and perpetual rights to Grupo Modelo’s brands in the U.S., is expected to close on June 7, 2013.
Tim Stevenson, manager of the Henderson Horizon Pan European Equity Fund. Europe is dead. Long live Europe!
After such a strong rise in markets since last year’s “Whatever it takes” speech from Mario Draghi, President of the European Central Bank, many investors are asking whether European markets can make further gains. Given that wide parts of the press persist with the same old, same old ‘Europe is dead’ lament, such questions are entirely justified. There are a number of reasons why I, in fact, remain confident that patient investors will see a positive return from increasing their exposure to European equities.
Firstly, after two years of earnings declines, both “top down” and “bottom up” estimates for 2013 and 2014 are gravitating towards 6% followed by 14% growth. Both these estimates look realistic to me, even in the context of a global push to capture tax from previously hidden earnings. Hence although European markets have rerated from very low levels a year ago, earnings growth should help sustain markets from here. Viewed from a Shiller cyclically adjusted price to earnings perspective (the Shiller CAPE method), European markets are, even today, at historically low levels. From an income perspective, European equities currently have a higher yield than even Investment Grade bonds.
Secondly, there is a “weight of money” argument. While I fully accept that these can be the weakest rationale ever for buying a market, there is significant evidence that international investors are rebuilding their European allocation, precisely at the time when domestic institutional investors are also switching away from bonds, which are at present at historically high levels in portfolios as well as in terms of valuations. Recent bond market weakness may be a further incentive for investors to accelerate this move. Furthermore, if inflation is the route that Central Banks and Finance Ministries attempt to choose in preference to deflation and long term stagnation as a way to grind down the global debt burden, then equities are a far better investment. There is a lot of evidence that a sustained period of negative interest rates is a means of grinding those debt levels down over a number of years. That also explains recent reports that Central Banks have been buying equities.
Thirdly, there has started to be a concerted attempt to move the debate in Europe on from “austerity” to “growth”. That may be easier said than done, but I suspect that the recent change in rhetoric from all European leaders is highly significant. This is not Europe backing away from the underlying principle of trying to run its economy properly, but recognition of the fact that European electorates will no longer tolerate rising unemployment, especially amongst the younger population. It is more of a case of changing the “flight path” to fiscal sustainability. The fact that Germany faces elections in a few months also fuels the rationale for more economic stimulus from Europe’s strongest economy. Global economies are starting to see growth return and it looks like Europe could be in a position to join that trend as early as next year.
Related to all these points is a more widespread recognition of the leadership position of many European companies. Global investors are realising they cannot longer afford to ignore some of the world’s leading companies listed in Europe.
Recent equity market volatility is once again a typical, utterly irrational reaction to what is, in fact, good news. Clearly the world will need to wean itself off the artificial stimulus of quantitative easing – QE –, in the same way as patient in hospital will only slowly recuperate from a major illness. The fact that the QE drugs are slowly being withdrawn is the logical consequence of a more sustainable growth in years to come.
That growth will remain low, and working off the global debt burden will be a lengthy process, preventing rapid economic growth. But that does certainly not mean it is time to run away from European equities – in fact, we do believe that it is quite the opposite: continue to add on during the inevitable corrections that are bound to occur. The press may say Europe is dead, but as an investor I can declare: Long live Europe.
Opinion article by Tim Stevenson, manager of the Henderson Horizon Pan European Equity Fund
H.I.G. Capital, LLC, a leading global private equity firm, is pleased to announce that its affiliate has made a strategic investment in Raymond Express International. Founded in 1983, REI is an asset-light logistics provider specializing in transportation solutions for temperature-sensitive products. From its facilities in San Francisco, Los Angeles, and Seattle, the Company primarily services military and commercial customers seeking to transport perishables from the West Coast of the United States to Asia.
“H.I.G. recognizes the critical role we play for our customers and is committed to expanding our capabilities to even better serve our markets.”
H.I.G. has partnered with REI’s founder, CEO Raymond Wong, and his co-shareholder and EVP David Moore to continue the Company’s thirty-year track record of providing the most reliable and efficient logistics services to its customer base. Enlightenment Capital, an aerospace, defense & government focused investment firm, invested alongside H.I.G.Capital.
“We are excited to have H.I.G. Capital lead this investment in REI,” said Raymond Wong. “H.I.G. recognizes the critical role we play for our customers and is committed to expanding our capabilities to even better serve our markets.” Dave Moore added, “We see a number of factors driving greater demand for our services in the years ahead and this investment will help us grow to meet that demand with our same exceptional customer service levels.”
H.I.G. is a global private equity investment firm with more than $12 billion of equity capital under management. Based in Miami, and with offices in Atlanta, Boston, Chicago, Dallas, New York, and San Francisco in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Paris, and Rio de Janeiro, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential.
Raymond Express is an asset-light logistics solutions provider headquartered in South San Francisco, California. REI provides logistics and transportation solutions for perishable, temperature sensitive products, including fresh fruits and vegetables, meat, seafood, and medicine. The Company specializes in the movement of goods from the U.S. West Coast to Asia.
Northern Trust has appointed Fiona Moore as head of fund administration for its exchange traded funds (ETF) business across Europe, Middle East and Africa.
Based in Dublin, Moore is responsible for managing all ETF administration activities for Northern Trust’s clients across the region. She replaces Liam Butler who has assumed the role of head of Northern Trust’s hedge fund servicing group.
Moore joined Northern Trust as part of its acquisition of Bank of Ireland Securities Services and was most recently a senior relationship manager in the company’s Global Fund Services business. During her 17 years of experience in financial services, Moore has had responsibility for managing a diverse range of client relationships and structures, including physical and synthetic ETF structures.
“Fiona’s experience and expertise across the broad spectrum of markets, structures and services pertaining to ETF administration in Europe will be valuable as we continue to evolve our solutions and services supporting this specialist area, here in Ireland,” said Clive Bellows, country head Ireland, Northern Trust
Northern Trust’s Global Funds Services group has been providing fund administration solutions for European ETFs for more than 10 years. It supports physical, synthetic and hybrid ETF models, including both cash and in-specie dealing methodologies for a broad range of global assets, including equities, fixed income, real estate, infrastructure, listed private equity, regional and sector specific ETFs.
Deutsche Asset & Wealth Management today announced the launch of the db X-trackers Municipal Infrastructure Revenue Bond Fund and the db X-trackers Regulated Utilities Fund. RVNU is the only exchange-traded fund (ETF) on the market offering investors targeted access to municipal infrastructure revenue bonds and UTLT is first ETF to provide investors with 100% exposure to regulated utilities.
“UTLT and RVNU are unique in allowing access to two new market sectors. The new ETFs further demonstrate our commitment to growing the db X-trackers platform in the U.S. with first-to-market products that fill gaps in investor demand”
The new funds offer unique investment opportunities in markets not previously served by ETFs. RVNU invests in municipal infrastructure revenue bonds which are backed by dedicated revenue streams from infrastructure projects. UTLT provides investors exposure to regulated utilities, an asset class backed by a government regulated rate base that produces stable earnings.
“UTLT and RVNU are unique in allowing access to two new market sectors. The new ETFs further demonstrate our commitment to growing the db X-trackers platform in the U.S. with first-to-market products that fill gaps in investor demand,” said Martin Kremenstein, Deutsche Asset & Wealth Management Americas Head of Passive Asset Management.
RVNU seeks to track the DBIQ Municipal Infrastructure Revenue Bond Index, a proprietary index of long-term U.S. tax-exempt bonds focusing on investment-grade bonds issued for infrastructure purposes that are backed by dedicated revenue streams. The index has over 500 constituents representing approximately 150 unique municipal obligors with approximately $73 billion in total market value.
UTLT seeks to track the DBIQ Regulated Utility Index, a proprietary index of regulated utility companies from developed international markets. This index includes companies whose primary business operations are in the regulated utility sector. This includes companies whose non-utility businesses and/or unregulated utilities businesses represent 25% or less of EBITDA (or if EBITDA is not available, net income or operating income) in any year on a three-year look back basis.
Deutsche Asset & Wealth Management’s U.S. exchange traded products (ETP) platform includes 55 ETPs, with approximately $11.6 billion in assets under management. Deutsche Asset & Wealth Management’s ETP platform was launched in 2006 and has risen to become the second largest ETP provider in Europe and the fifth largest in the world, with approximately $63 billion in assets under management as of May 24, 2013.
Oppenheimer & Co. Inc., a unit of Oppenheimer Holdings, is pleased to announce the continued expansion of its Global Emerging Markets (EM)Fixed Income business. The Firm has hired three new Managing Directors on its New York Sales Desk, including Michael Bellero, Alex Gutierrez and Ken Lockyer. They will report to Peter Albano, Managing Director – Taxable Fixed Income Sales, and Greg Fisher, Managing Director – Institutional Emerging Markets Sales. “As other companies exit the Emerging Markets business or reduce their commitment to it, we are expanding our franchise,” said Greg Fisher.
“As other companies exit the Emerging Markets business or reduce their commitment to it, we are expanding our franchise”
Cliff Huang joined the Firm in Hong Kong as Managing Director – Head of Fixed Income Sales and Trading in Asia. In addition, the firm hired John Coates in London as Head of Emerging Markets Trading for EMEA Sovereign and Corporate Bonds. Cliff Huang was most recently at Knight Capital Asia Limited, where he was responsible for establishing the Hong Kong office in 2004 and overseeing their fixed income business. Prior to that, Cliff worked for Citicorp, HSBC and Bankers Trust, always in the High Yield and Emerging Markets Fixed Income business.
Michael Bellero has focused exclusively on Emerging Markets sales for over 25 years. At Jefferies he expanded distribution with some of Jefferies’ largest EM Fixed Income institutional customers. He served as a senior institutional salesperson at Bear Stearns for six years and was a founding member of ABN AMRO’s EM Fixed Income group.
Alex Gutierrez has 25 years of Global High Yield and Emerging Markets experience. Before joining Oppenheimer, he headed Institutional Fixed Income at Atlas One, and most recently held a senior sales role at Knight. Alex has focused on Latin American and U.S. institutional sales for the majority of his career, and was responsible for Latin American distribution at Bear Stearns, where he worked for 14 years.
Ken Lockyer joins Oppenheimer from Jefferies where he was a Managing Director in its Emerging Markets sales team. With over 28 years of global fixed income markets experience, Ken has particular expertise in Global High Yield and Emerging Markets credit products. Ken worked at Bear Stearns for 17 years and was a founding member of its EM Fixed Income Desk.
John Coates has over 20 years of global fixed income trading experience, with all forms of corporate and sovereign debt instruments. Before joining Oppenheimer, John was Director of European Corporate Debt Trading at Mizuho, and held senior trading positions at Landsbanki and Mitsubishi.
Oppenheimer & Co. Inc. (Oppenheimer), a principal subsidiary of Oppenheimer Holdings Inc. (OPY on the New York Stock Exchange), and its affiliates provide a full range of wealth management, securities brokerage and investment banking services to high-net-worth individuals, families, corporate executives, local governments, businesses and institutions.
Foto: Taxiarchos228. Los dividendos constituyen un componente significativo de retorno a largo plazo
In performance return analysis for a single year, a stock (or the market) dividend return is easily swamped by capital value changes resulting from either a change in earnings, or change in valuation (earnings multiple). However, over the long-term changes in valuation in the most part revert to the mean, while earnings growth (for the market) approximates nominal GDP growth. That leaves dividends, which reinvested deliver a significant and growing contribution to total return over the long term.
This a simple and compelling way of understanding investment in equities, as explained by Jonathan Crown, Global Equity Portfolio Manager atThreadneedle in a whitepaper which examines the contribution of dividends over the longer term in different markets and also highlights their importance to total return, even in markets such as the US and Japan, where traditionally dividend payments have not been commonplace.
The results show that the UK and Australian markets, where dividend culture is well established, have been the best performing markets since 1970.
Mr. Crown highlights an interesting development in the US, which is changing corporate attitudes to dividends. With margins at highs and pay-out ratios at lows, corporate balance sheets are swollen with cash. Companies such as Apple are embarking on vast share buy-back programs but also initiating and in many cases increasing dividend pay- outs. Investor demand for dividends has grown strongly and companies that are meeting these demands are being rewarded. As a result, managements are increasingly likely to prioritize dividends over other forms of capital returns and Threadneedle continues to expect dividend yields on US stocks to rise over the next few years.
Wikimedia CommonsFoto: Poco a poco. Amundi compra una gestora especializada en renta fija en Estados Unidos
Amundi today announced the signing of an agreement to acquire Smith Breeden Associates. Paris, France-based Amundi is a leading European asset management firm with close to EUR 750 billion ($1 trillion) in assets. Durham, NC-based Smith Breeden Associates, with an AUM of $6.4 billion, is an institutional asset management firm specializing in the major U.S. fixed income sectors.
The final agreement between Amundi and Smith Breeden is subject to customary conditions, including informing regulatory authorities and gaining the approval of certain clients and shareholders. The closing of the transaction should take place by the end of September 2013.
For Amundi, the acquisition of Smith Breeden has three key objectives:
Offering an asset management expertise in U.S. dollar products to its institutional and corporate clients in Europe, Asia and the Middle East.
Strengthening the U.S. component of its Global Fixed Income expertise.
Enhancing the development of Amundi’s expertise in the U.S.
For Smith Breeden, the rationale for this transaction is equally compelling, as it gives Smith Breeden the opportunity to:
Strengthen its relationships with U.S. clients.
Reach out to Amundi’s worldwide institutional client base.
Benefit from Amundi’s global investment, research, client servicing and operating resources.
Upon the closing of this transaction, Smith Breeden will be renamed Amundi Smith Breeden, and be a fully-owned and controlled subsidiary within the Amundi group. Patrick Pagni, currently Amundi’s Senior Regional Officer for North America, will serve as Executive Chairman of Amundi Smith Breeden, and Mike Giarla will continue to manage the company as Chief Executive Officer. All key people within Smith Breeden expressed their support of the transaction. The company will be part of Amundi’s Fixed Income organization; there will be no change in Smith Breeden’s investment process or personnel. The acquisition of Smith Breeden is a significant contribution toward Amundi’s goal of creating a global fixed income platform with established regional expertise.
