By Sandip Dey . BNY Mellon, galardonado como el "Mejor Proveedor de Servicios de ETFs" de las Américas
BNY Mellon, the global leader in investment management and investment services, has been named as the 2012 “Best Service Provider – The Americas” at the ninth annual Global ETF Awards, which is sponsored by exchangetradefunds.com. This is the seventh consecutive year that BNY Mellon has been honored as the top service provider to ETFs (exchanged-traded funds).
“We continue to enhance our industry-leading technology to support an ever-increasing array of ETF categories, including actively managed ETFs, commodity-linked ETFs and global ETFs,” said Joseph F. Keenan, managing director for BNY Mellon Asset Servicing and head of its global ETF services business. “We view this award as evidence of our passion for delivering the highest quality customer service to product sponsors.”
Since its inception in 1997, Exchangetradefunds.com has been providing information on global ETF, ETC and ETN products on its website. Information on the site consists of product descriptions, products listed on international exchanges, industry info and events, interviews from industry leaders and news. It is also the host of the ETF Global Awards® Dinner and Workshop. Its purpose is to recognize those who have contributed to the development of the ETF industry world-wide and welcomes industry participants from the international community to discuss their respective markets.
Foto cedidaPatrick Summer, Head of Property Equities at Henderson Global Investors. Henderson: The attractions of property equities
In a world of continuing market volatility and low interest rates, investors can still stay invested by seeking opportunities in the right asset classes. Property equities could be one such asset class.
Property equities have returned 13.0% per annum* over the past 10 years to the end of March 2013 – ahead of both equities and government bonds. This includes a period of significant volatility following the onset of the global financial crisis in 2007.
Property equity funds offer the opportunity to invest in a portfolio of listed property stocks and real estate investment trusts (REITs). The latter are publicly traded companies that generate recurring rental income through the ownership of commercial properties in a tax efficient structure. REITs may invest in all kinds of income producing property including shopping malls, offices, apartments, warehouses and hotels. Today, there are approximately 299* publicly traded REITs and property companies globally, with a combined equity market capitalisation of just over one trillion US dollars. The shares of these companies are traded on major stock exchanges, unlike traditional physical real estate investment.
With bond yields offering low, and in some cases negative real rates of return, property equities are becoming increasingly attractive as an alternative investment by providing an attractive dividend yield, liquidity and diversification. Globally, property equities are yielding 3.4%, with 10-year bonds at little more than 1%*. Furthermore, real estate equities have traditionally been viewed as a more defensive asset class than general equities, with lower volatility and a greater proportion of their total return being driven by income.
The characteristics of property equities markets around the world vary significantly. The different regional markets within a portfolio of global property equities can exhibit exceptionally low correlation with each other. The correlations of property equities across the regions is much lower than for other assets, because there are a variety of drivers of returns such as local supply, demand, government policies, regulation and economic factors.
The Henderson Global Property Equities Strategy
The Henderson Global Property Equities Strategy provides investors with diversification benefits in two different ways. Firstly, the fund’s property equities holdings display relatively lowcorrelations with equities and bonds. At the same time, their high levels of income and the stability of underlying asset values make them ideal tools for reducing risk and enhancing returns in a diversified global portfolio. The length of rental agreements ensures a steady, bond-like income stream with a degree of insulation against inflation.
The strategy is co-managed by Patrick Sumner and Guy Barnard. The team collectively manage US$2.3bn globally across a suite of property equity funds (as of 31 December 2012). The global team utilises a disciplined approach where the primary consideration is their bottom-up knowledge of markets, portfolios and people. The team’s investment strategies combine a top-down approach to regional and country allocations with a bottom-up approach to individual stock selection, performed at the regional level. Concentrated portfolios are then built by selecting stocks from defined peer groups, using scoring systems designed to identify relative value.
Global property equities provided a healthy return for investors during the first quarter of 2013, although investors’ risk appetite petered out a little bit. The best performing region was Asia Pacific, ahead of the US, with Europe down overall. In Asia, the majority of gains related to the Bank of Japan’s recent monetary stimulus measures, while performance in Europe was affected by currency exchange rate shifts. US REITs saw divergent performance between the larger-cap names and their smaller peers, with the latter’s outperformance driven by greater risk appetite. Overall, the FTSE EPRA/NAREIT Developed Index gained 6.1%* in US dollar terms over the quarter.
Given this backdrop, over the first quarter of 2013, Henderson’s Global Property Equities strategy modestly outperformed its benchmark, the FTSE EPRA/NAREIT
Developed index*. The strategy of being overweight in Asia-Pacific while underweighting Europe was rewarded. The portfolio’s small-cap names in Europe also performed well. In North America the fund’s bias towards the smaller and mid-cap names reaped rewards, particularly in the healthcare space.
Outlook for global property equities in 2013
Although the global economy remains in the doldrums, consensus forecasts point to sub-par growth in 2013 and it is hard to predict how politicians will balance the conflicting demands of bond markets and citizens — none of this is new news. Whatever uncertainties exist, it may be fair to say that they are ‘in the price’ and risk appetite is increasing, although sovereign bond yields remain at record lows. Against this backdrop, we believe the income return on property looks relatively attractive and has the important advantage of being a tangible asset and a reasonable inflation hedge.
*Source: UBS, Thomson Reuters Datastream, Yieldbook, Morningstar, Henderson Global Investors as at 31 March2013. Note: benchmark is FTSE EPRA/NAREIT Developed REIT Index.
Wikimedia CommonsVideo de Brian Daniel sobre cómo hacer carrera como asistente personal de los individuos UHNW. El headhunter de asistentes personales para ultra ricos expande su negocio en Nueva York
Founder of The Celebrity Personal Assistant Network, Brian Daniel, has expanded his recruitment firm to cater to Greater New York City’s upper echelon hedge fund managers, fashion designers and high net worth families. The areas served include but are not limited to Manhattan (Wall Street/Financial district, Upper East Side/West Side); Staten Island; Long Island (Brooklyn, Queens and the Hamptons); as well as the neighboring communities in Connecticut. As a former personal assistant to Hollywood A-list, billionaires and royalty, Daniel is the world’s only headhunter with such first-hand experience.
Daniel’s network of top-tier executive assistants, estate mangers and personal assistants represent the best of the best in New York City and have worked for high profile families, Wall Street finance gurus and fashion icons of industry – among others.
Daniel’s recruitment firm is the only one of its kind and exclusively offers concierge service: 9 am to 9 pm seven days a week 365 days a year, so high profile individuals and hedge fund managers with demanding schedules have the kind of accessibility that fits their lifestyle.
In the attached video Daniel explains that a nomal Personal Assistant earns about $100,000 a year, plus bonus and perks that can amount to an additional $150,000 a year. The market is big enough with 50,000 households in the US with a net worth of between $50 million and $500 million, and more than 9 million millionaires in the US alone, and 1,200 billionaires in the world, with almost half of them in US.
Wikimedia CommonsAmerican Psycho. Mexican Investors Show Growing Optimism for Stocks, But Stick to More Conservative Strategies in 2013
Virtually all Mexican investors (95%) are optimistic about meeting their long-term investment goals, yet stock ownership is low and investment return expectations are high, according to the 2013 Franklin Templeton Global Investor Sentiment Survey. The survey polled 9,518 investors in 19 countries across Asia Pacific, the Americas and Europe on their current attitudes towards investing and their expectations for 2013 and the decade ahead.
Two thirds of Mexican investors think they will be able to meet their long-term investment goals without stocks, and Mexico has the lowest level of stock ownership (16%) of all 19 markets surveyed. By comparison, Hong Kong investors reported the highest level of stock ownership at 87% and US respondents reported 64%. Mexican investors predict a 10.8% market return in 2013 and a 14.9% average annual return on their investments over the next 10 years, the survey showed. In addition, more Mexican investor say they will be adopting a more conservative investment strategy (59%) this year than will be adopting a more aggressive one (38%).
“Given the research on expected long-term investment returns for different asset classes, there appears to be a clear disconnect between Mexican investors’ high expectations for returns and their lack of equity exposure,” said Hugo Petricioli, Franklin Templeton’s country head for Mexico and Central America. “Portfolio diversification, including stock ownership, has historically proven essential to long-term investment returns, so clearly some investor education is needed.”
Global Investing, Benefits of Working with a Financial Professional
Like investors in most countries, Mexican investors have a home country investment bias. Mexican investors currently allocate nearly two thirds of their investments to Mexico, although they expect this percentage to decline slightly over the next 10 years as a larger percentage is allocated to developed markets. However, Mexican investors show concern about investing about their own country, with nearly half of those surveyed citing lack of knowledge as the main barrier, followed by the impact of exchange rates on their investment returns and regulatory restrictions.
Globally, those who work with a financial professional are more geographically diversified with their investments, had a more accurate view of past stock market performance and were more likely to identify themselves as being optimistic about reaching their financial goals (82%) than those who do not (76%).
Global Survey Results
While over 60% of global investors believe their country’s stock market will be up in 2013, risk continues to be a concern. In addition, two-thirds (66%) of investors now expect the best equity and fixed income opportunities will be found outside their home market this year (2013), reflecting growing optimism for global investing.
Overwhelmingly, investors around the globe have higher expectations for 2013 stock market performance, particularly in emerging markets where 66% expect their local stock market will improve (versus 58% in developed markets). However, despite this optimism, 57% of those surveyed plan to pursue a more conservative investment strategy this year, with younger investors (aged 25 to 34) leading the charge toward “safer” havens.
“In spite of investors’ positive outlook, it appears that avoiding loss, rather than achieving higher returns, is still their top priority,” said Greg Johnson, president and chief executive of Franklin Templeton Investments. “Clearly the market volatility over the past five years has reinforced a preference among investors for capital retention over investment gains. As seen in recent years, this risk avoidance has led many investors to remain on the sidelines, missing opportunities.
Wylie Tollette, director of Performance Analysis and Investment Risk for Franklin Templeton Investments added, “Many investors need to rethink risk and focus on the long term. Risk avoidance and risk management are two different things. Trying to avoid short- term risk and volatility entirely may expose investors to other kinds of risks, such as inflation and the impact of rising interest rates. These longer-term risks can negatively impact their ability to meet their financial goals.”
Contributing to investor risk aversion, more than half (51%) of investors globally incorrectly believe their domestic stock market was flat or down last year, when in reality, every market surveyed experienced an increase except Spain—and the MSCI World Index was up nearly 17%.
Investors See Best Opportunities Abroad
Despite reporting an overall tendency toward more conservative investing, investors recognize the opportunities of investing abroad.
Reflecting growing optimism for global investing, two-thirds (66%) of investors now expect the best equity and fixed income opportunities will be found outside their home market this year (2013).
Considering performance of equities by geographic region, the highest portion of investors (28%) believes that Asia will provide the best equity return opportunity in 2013. Asia was also selected, with the portion increasing slightly to 33%, when investors considered equity returns over a 10-year period.
While investors are not quite ready to send the majority of their assets overseas in 2013, they do plan to invest nearly 40% of their assets in foreign markets over the next 10 years, split evenly between developed and emerging markets.
Only in Australia and the United States do the majority of investors see the best equity and fixed income opportunities at home rather than abroad, as they plan to keep about three-quarters (78% in Australia and 74% in the United States) of their assets at home over the next 10 years.
Retirement is Top Investment Goal
Retirement is the top investment priority globally, with about a third (31%) of investors selecting it as their top investment goal in 2013. The selection of retirement was highest in the United States and Canada (54%), while lowest among investors in Latin America (19% in Mexico) and parts of Asia Pacific (29%). The top goal in those two regions is saving to purchase a new home (37% in Mexico and 31% in Asia Pacific). At 12%, Europe had the highest number of investors who indicated that saving for emergencies was their top goal.
Younger Investors Most Conservative, Global-Minded
Over two-thirds of younger investors (aged 25 to 34) do not see stocks as essential to meeting their long-term investment goals, the same figure for all Mexican investors. Compared to the other age groups surveyed, younger investors are also least likely to expect stocks to outperform other asset classes and more likely to be conservative in 2013.
That said, younger investors have more of their assets currently invested abroad, at an average of 37%, and show a greater willingness to invest abroad going forward.
Stocks, Precious Metals Lead Asset Class Expectations
Globally, stocks and precious metals were each selected by 21% of investors as the asset classes expected to perform best in 2013. However, those residing in developed markets generally have a more favorable outlook for equities, with Australia, Canada, Hong Kong, Japan, Singapore and the United States expecting stocks to be the top performing asset class this year.
As investors look further into the future, they expect real estate to outperform all other asset classes over a 10-year period, with the largest portion of investors (22%) seeing the greatest investment return in that asset class. Stocks and precious metals, each selected by 19% of investors, were not far behind.
In Mexico, the expected top-performing asset classes in 2013 and over the next decade are:
2013 Expectations
Top-Performing Asset Class
10-Year Expectations
Top-Performing Asset Class
Precious Metals (61%)
Precious Metals (57%)
Real Estate (56%)
Real Estate (54%)
Non-Metal Commodities (39%)
Non-Metal Commodities (43%)
By comparison, Mexican investors ranked stocks fourth, after the asset classes noted above, for 2013 and 10-year expected returns
Foto: NASA. El Grupo deVere abre su primera oficina en el Caribe en las Islas Caimán
The deVere Group Caymans Ltd will mark the company’s first office in the Caribbean and will be headed by Chief Executive Officer Mr Nigel Green and long-time deVere Executive, Mr Simon Pratt, said the firm in a statemtent.
The deVere Group Cayman Islands presence is expected to be established on West Bay Road in Grand Cayman – in the heart of the Cayman Islands‘ financial industry. The deVere Group Caymans Ltd will specialise in Insurance Brokerage, whilst delivering yet another promise to its clientele to be wherever they choose to live around the world. Nigel Green expects the ‘final touches’ to be finalised shortly, as the company is looking to obtain the operating licence in the coming weeks.
“Until now, despite the Cayman Islands‘ attraction as a tax haven for wealthy individuals, few financial advisers have sought to base themselves in the British territory. For this reason, we believe that this venture will help us bridge the gap in the market, whilst keeping in line with the company’s growth objectives.”
“The deVere Group is the world’s largest independent international financial consultancy. International investors and expatriates employ us to find financial services products that suit their medium to long term requirements for investments, savings and pensions. With in excess of US$9 billion of funds under administration and management, deVere has more than 70,000 clients in over 100 countries”, said the firm in a statement.
Wikimedia Commons. Catorce ideas filantrópicas para sorprender a Mamá
Morgan Stanley Wealth Management announce the publication of its first Mother’s Day “Gifts for Good” Wish List, an extension of its Gifts for Good philanthropic series. In this electronic catalogue, the Philanthropy Management team highlights 14 gift ideas from companies that are determined to make their local communities, the nation and the world a better place through their products.
Each of the featured gifts is helping to drive social change, in ways such as fighting hunger, eliminating poverty or empowering women. The companies featured include: Alex and Ani, FEED Projects, Flex Watches, glassybaby, Krochet Kids intl., Laughing Man Coffee & Tea, Nepali by TDM, Prosperity Candle, International PrincessTMProject, SAME SKY, Sseko Designs, StoryCorps, sweetriot and Warby Parker.
According to Melanie Schnoll Begun, Managing Director and Head of Philanthropy Management at Morgan Stanley Private Wealth Management, “We set out to create a collection of gifts that not only celebrates all the moms and important women in our lives but also helps to make the world a better place. I can’t think of a better way to honor a special mom than with a beautiful scarf or candle that she will love to wear or have in her home that is also helping to end hunger, provide vision, offer employment or better sanitation to people around the world.”
“I am thrilled that Morgan Stanley offered FEED the opportunity to be featured in their Mother’s Day “Gifts for Good” catalog,” said Lauren Bush Lauren, Founder and CEO of FEED. “FEED’s mission is to ‘Create good products that help FEED the world,’ and partnering with a world class institution like Morgan Stanley will extend our reach and the number of meals we are able to provide to children globally.”
FEED’s featured gift, the FEED 2 Kenya Bag, not only provides school meals to two children in Kenya for one year with its purchase, but it also provides meaningful employment to a co-op of women and deaf artisans in Kenya.
View the Mother’s Day “Gifts for Good” Catalog here.
Keith J. Gardner. WAMCO Considers Peso Denominated Investments as a Seeking Alpha Alternative
Keith J. Gardner, Head of Emerging Markets at Western Asset Management (WAMCO), one of the world’s leading fixed income managers, talks with Funds Society about their expectations for Mexico, the firm’s investment process and the possibility of increasing their dedicated Mexican product offering.
“Amongst emerging markets Mexico is one of our favorites,” says Gardner, mentioning Mexico’s strong fundamentals, and the positive prospects that could come about if the reforms are approved. He also mentions that at WAMCO, they are excited about the fact that all three parties are aligned when it comes to the reform agenda, which he believes could propel México to the next level and separate them from countries like Brazil. They also believe that the reduction of the informal economy, a stronger competitive landscape in the telecom, and various key industries, as well as a stable currency and low interest rates could be beneficial for both the government and the private sector in the short run. Of particular interest is the energy reform, which if properly paired with the fiscal reform, could have an immediate impact on GDP.
Speaking about their process, the executive mentions that as Dollar based investors, the positions they take in Peso denominated assets– normally on the 10yr part of the curve- in the Mexican market allows them to get alpha by having off benchmark investments. “We consider local bonds the most attractive, because even at current levels, they still offer an interesting pick-up. We continue to be constructive on the peso” mentions Gardner.
When it comes to evaluating a potential investment at WAMCO, besides considering historical yields, the various teams -located in Pasadena, Hong Kong, London, Melbourne, New York, São Paulo, Singapore, Tokyo and Dubai- check and ponder the relative value compared to the region’s and the world’s.
Keith J. Gardner has over 30 years experience in analysis and portfolio management. He started his career as analyst in Salomon Brothers in 1983, and has been managing portfolios since 1985. He joined Western Asset Management in 1994 after a two year tenure at Legg Mason. He currently serves as Head of Emerging Markets at WAMCO.
Foto: Thomas Bresson. . La minera Coeur distinguida en México como Empresa Socialmente Responsable
Coeur d’Alene Mines Corporation announced that its Mexican subsidiary Coeur Mexicana was recognized with the Socially Responsible Business Distinction Award for 2012 (“Distintivo Empresa Socialmente Responsable 2012”) for its Palmarejo silver-gold mine operation in Chihuahua, Mexico.
“We are honored that the Mexican Centre for Philanthropy has once again recognized Coeur for its dedication to corporate social responsibility in Mexico”
Coeur Mexicana received this national award for the fifth consecutive year in recognition of its demonstrated leadership excellence in corporate social responsibility, environmental stewardship and sustainability in Mexico. The award also recognized the way Coeur Mexicana personnel conduct business in Mexico and the positive working environment Coeur Mexicana creates for employees and contractors.
“We are honored that the Mexican Centre for Philanthropy has once again recognized Coeur for its dedication to corporate social responsibility in Mexico,” said Mitchell J. Krebs, Coeur’s President and Chief Executive Officer. “We are solidly committed to conducting all of our operations in a socially and environmentally responsible manner that respects our workers, the environment and our host communities.”
Each year the Mexican Centre for Philanthropy (“Centro Mexicano para la Filantropia”) recognizes companies that have demonstrated responsible corporate ethics and governance practices as well as a dedication to improving the social and environmental landscapes in which they operate.
The Palmarejo mine, located in the state of Chihuahua in northern Mexico, is a silver and gold mine commissioned in 2009. Mining at Palmarejo is conducted both underground and on the surface. Coeur’s operations in Mexico employ over 880 people.
Coeur d’Alene Mines Corporation is the largest U.S.-based primary silver producer and a growing gold producer. Coeur has four precious metals mines in the Americas generating strong production, sales and cash flow in continued robust metals markets. Coeur produces from its wholly owned operations: the Palmarejo silver-gold mine in Mexico, the San Bartolomé silver mine in Bolivia, the Rochester silver-gold mine in Nevada and the Kensington gold mine in Alaska. Coeur also owns a non-operating interest in a mine in Australia, and conducts ongoing exploration activities in Mexico, Argentina, Nevada, Alaska and Bolivia. In addition, Coeur owns strategic investment positions in eight silver and gold development companies with projects in North and South America.
Foto: Erik A. Ellison . Glenn H. Schiffman se une a Guggenheim Securities como senior managing director
Guggenheim Partners today announced that Glenn H. Schiffman has joined Guggenheim Securities as a Senior Managing Director. A seasoned investment banker with well over $100 billion in executed deals over his career, Mr. Schiffman brings with him significant transactional, leadership and managerial skills and will assist in the continued build out and growth of Guggenheim Securities’ Investment Banking platform.
“Over the years, I’ve had the opportunity to work with Glenn on both sides of the table in numerous projects, and have witnessed first-hand his client impact and ability to serve as a trusted advisor,” said Alan Schwartz, Executive Chairman of Guggenheim Partners. “Glenn’s track record both in building and managing successful businesses and in advising clients in major transactions is unmatched, and I am very pleased to have him join our growing team. His extensive experience advising across domestic and international situations will be invaluable to Guggenheim and to our clients.”
A 20-year veteran of Wall Street, Mr. Schiffman joins Guggenheim from The Raine Group, where he was a Partner. Prior to The Raine Group, Schiffman served as Head of Investment Banking for the Americas and CEO of Nomura Securities North America as well as Head of Investment Banking Asia-Pacific for Nomura and previously Lehman Brothers. At Lehman and subsequently at Nomura, Schiffman led teams that achieved number one rankings in Asia-Pacific M&A and was named Atlas Awards Asia M&A Banker of the Year in 2009. Before that, Mr. Schiffman was Co-head of the Global Media Group at Lehman Brothers
Foto cedidaJesús Zabalza, new CEO of Santander Brasil. Jesús Zabalza named CEO of Santander Brasil; Javier San Felix replaces him as head of the Americas division
Marcial Portela, head of the Group’s businesses in Brazil, has resigned from his executive role at Banco Santander Brasil. However, he will continue as chairman of the board of directors. Jesús Zabalza will be the new CEO of Santander Brasil. Javier San Felix will head the Americas division, replacing Jesús Zabalza. The Americas division comprises Grupo Santander’s businesses in Latin America excluding Brazil.
Marcial Portela (Vigo, 1945) managed the integration of Santander Brasil and Banco Real, which was acquired from Dutch group ABN Amro, and has been head of this subsidiary for the last three years.
Jesús Zabalza (Baracaldo, 1958), who has in-depth knowledge of the Latin American financial market, has held executive roles in BBV, Argentaria, La Caixa and, since 2002, as senior executive vice president of Banco Santander in the Americas division, which he has headed since last year.
Javier San Félix (Madrid, 1967), senior executive vice president at Banco Santander and Banesto’s CEO until its merger with Banco Santander, will head the Americas division. He joined Santander Consumer Finance in 2004, where he took up responsibilities as director of strategic planning, head of the non-euro business area and head of integration of mergers and acquisitions. In May, 2012, he was appointed CEO of Banesto, which will complete its legal merger with Banco Santander in the next few days.
The appointments of Marcial Portela and Jesús Zabalza are subject to the relevant regulatory approvals in Brazil.
