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Credit Suisse to Acquire Morgan Stanley’s Private Wealth Management Businesses in EMEA

Credit Suisse today announced that it has signed an agreement to acquire Morgan Stanley’s wealth management businesses in Europe, Middle East and Africa (EMEA), excluding Switzerland. The businesses with a total of over USD 13 bn of assets under management are based in the UK, Italy and Dubai, serving predominantly international Ultra High Net Worth (UHNW) and High Net Worth (HNW) clients across Europe.

The transaction complements Credit Suisse’s leading wealth management business in Europe and reinforces the bank’s focus on growing its UHNW and HNW client segments. The acquisition will add scale to the bank’s core growth markets in EMEA including the UK, Italy, Nordics, Russia and the Middle East. In the UK market, the acquisition will significantly increase Credit Suisse’s client base, making the bank a top ten player and leading wealth manager.

The businesses acquired will be integrated into Credit Suisse’s Private Banking & Wealth Management division. The acquisition will offer Morgan Stanley’s private banking clients, relationship managers and other employees an opportunity to benefit from a leading product platform and client offering, broad expertise and the highest quality standards of one of the world’s longest established private banks.

Romeo Lacher, Head of Private Banking for Western Europe at Credit Suisse, said: “Accelerating our growth momentum in our international markets and in our UHNW client segment remains a key priority for Credit Suisse. Morgan Stanley has developed a strong foothold in wealth management over the past years and its high quality client base and experienced employees perfectly complement our ambitions to grow our share in these areas. We look forward to welcoming Morgan Stanley’s clients and employees to Credit Suisse and working with them to deliver a strong portfolio of products, services and expertise across our private banking platform.”

Credit Suisse combines the strengths and expertise of its Private Banking & Wealth Management, including Asset Management services, and Investment Banking. The unique value proposition of Credit Suisse’s integrated banking services remains a key strength in its client offering. It enables the bank to offer customized and innovative solutions to its clients, especially to UHNW clients, the fastest growing segment at Credit Suisse.

The acquisition is structured as an asset purchase for the businesses involved. Subject to satisfying certain closing conditions, it is expected to close later this year.

SMFG and SMBC restructure its business to focus on emerging markets

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Sumitomo Mitsui Financial Group, Inc. (SMFG) and Sumitomo Mitsui Banking Corporation (SMBC) today announced changes to the organizational structure of SMFG and SMBC as below, effective April 1, 2013.

1. International business

(1) Strengthen business in emerging markets (SMBC and SMFG)

“Emerging Markets Business Division” will be newly established within International Banking Unit of SMBC to develop business strategies and plans for further intensifying our commitment to emerging markets, including the fast growing Asia, and steadily developing the commercial banking business with Asia as our home market.

“Global Business Planning Department” will be newly established within SMFG to strengthen collaboration between group companies on international business, mainly in emerging markets.

(2) Strengthen overseas transaction banking business (SMBC)

The structure for promoting overseas transaction banking business, including ancillary financing, mainly in Asia where commercial flows are increasing in step with the economic development of the region, will be strengthened as below.

(a) Global Transaction Banking Department, formerly a sub-department of Electronic Commerce Banking Department and in charge of managing cross-border cash management and settlement related businesses, will become an independent department; and the name of Electronic Commerce Banking Department will be changed to “Transaction Banking Department.”

(b) “Global Supply Chain Finance Department” will be newly established within Global Trade Finance Department.

2. Domestic retail business

(1) Strengthen bank-securities collaboration (SMBC)

“Securities Business Collaboration Planning Department” will be newly established within Consumer Banking Unit in order to further strengthen collaboration between SMBC and SMBC Nikko Securities Inc. in asset management services for retail clients.

We will further enhance the products and services offered through the bank-securities collaboration by testing and verifying new bank-securities collaboration models, mainly by the new department.

(2) Concentration of head-office functions for asset succession related business (SMBC)

The head-office functions related to asset-succession planning business will be strengthened and concentrated in Private Advisory Business Department in order to accommodate such needs of business owners and retail clients in an integrated manner.

Specifically, the functions of Wealth Management Department related to advising retail clients on wealth succession and testamentary trust planning will be transferred to Private Advisory Business Department which advises business owners on business succession planning.

Further, “Testamentary Trust Department” will be newly established within Private Advisory Business Department and functions related to testamentary trust planning will be concentrated in the department as the business requires tailored client support by highly expert staff.

As a result, Wealth Management Department will be abolished and its functions related to asset management consulting will be transferred to Financial Consulting Department.

3. Domestic corporate banking business

(1) Restructure and strengthen corporate advisory functions (SMBC)

Corporate Advisory Division in charge of advisory business will be restructuredto comprise three advisory departments, “Advisory Department I – III”, and “Corporate Research Department”, and experienced staff with expert knowledge of industries will be concentrated in these departments. Advisory Department I – III will each conduct advisory business specializing in certain industries, and Corporate Research Department will conduct research on industries and individual companies. Further, overseas representatives will also be deployed by Advisory Department I – III to build up knowledge on a global basis.

Under the new structure, we will further enhance our research and solution providing capabilities and strengthen our ability to support the strategy planning of large companies from the early stage.

(2) Concentration of support functions for banking offices (SMBC)

Banking office support functions related to developing total solutions to business restructuring and financial products and services needs of our corporate clients, mainly to medium-sized companies and small and medium-sized enterprises (SME), will be transferred from Corporate Advisory Division and Business Promotion & Solution Department to a newly established department, “Strategic Corporate Business Department,” straddling Corporate Banking Unit and Middle Market Banking Unit, in order to more effectively accommodate such needs.

Further, Business Promotion & Solution Department will be abolished and its functions related to managing operations of banking offices will be transferred to Planning Department, Corporate Banking Unit & Middle Market Banking Unit.

(3) Strengthen capability to respond effectively to financing needs of SME (SMBC)

“Corporate Financial Consulting Office” will be newly established within Financial Development Office and functions related to supervising and supporting banking offices on facilitating financing to SME will be transferred to the new department from Credit Monitoring Departments of Credit Department I and Credit Department II, Middle Market Banking Unit, in order to offer even more tailored financial services to SME clients after the expiration of the SME Financing Facilitation Act.

Credit Monitoring Departments will be abolished and their remaining functions will be integrated into Credit Departments.

(4) Framework for assessing medium- to long-term corporate business strategies (SMBC)

“Corporate Business Strategy Planning Department” will be newly established within Planning Department, Corporate Banking Unit & Middle Market Banking Unit to assess our corporate business from a medium- to long-term perspective.

4. Strengthen other business planning functions and internal control functions

(1) Strengthen planning and management functions related to securities business (SMBC and SMFG)

Securities Business Planning Department, a sub-department of Planning Department, Investment Banking Unit (“PDIVB”), will become an independent department within Corporate Staff Unit and renamed “Securities Business Department,” and asset management related business, which is high compatible with securities business, of Strategic Products Department, the other sub-department of PDIVB, will be transferred to Securities Business Department in order to strengthen the planning and management functions related to securities business and intensify the bank-securities collaboration at both retail and wholesale levels. Strategic Products Department will be abolished and its remaining functions will be integrated into PDIVB.

Investment Banking Planning Department of SMFG will be renamed “Securities Business Department,” in order to plan and manage securities related business of SMBC and SMFG in an integrated manner.

(2) Strengthen credit screening capability (SMBC)

Structured Finance Credit Department, Investment Banking Unit will become a sub-department of Corporate Credit Department in order to further enhance the overall level of our credit screening capability by strengthening cooperation between relevant departments on screening individual companies and credit structures.

(3) Strengthen IT planning support (SMBC)

IT Business Strategy Planning Department, a sub-department of IT Planning Department, will be abolished and its functions will be transferred to IT Planning Department in order to further strengthen and more effectively support the IT planning of business units.

ING IM: Developed economies show resilience

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ING IM: Las economías desarrolladas resisten mejor — Wikimedia CommonsPhoto: HarueFukuiJapan. ING IM: Developed economies show resilience

The increased political uncertainty is having little effect on market sentiment. ING IM points out that although demand for government bonds increased, equities and riskier bonds are continuing their upward trend.

Unconclusive election results in Italy, unrest about the bail-out of Cyprus and the failure of US politicians to broker a deal on automatic cuts were outweighed by indicators confirming that the global economic recovery is persisting. This recovery is most visible in the US, Germany and Japan, while emerging markets are noticeably lagging behind.

In its last Marketscope ING IM explains how the recovery in Japan, driven by stimulatory fiscal and monetary policies, is one of the reasons for the lack of popularity among emerging markets. “The sharp drop of the yen squeezes other Asian exporters and makes it more likely that currencies in Asia will fall rather than rise in value. This removes a major reason for investors to invest in this región and is resulting in outflow from bond and equity funds. It is also a reason for us to be more cautious about emerging market equities and debt.”

Japan is ING IM’s favourite market
Japan is now the asset manager’s favourite equity market as the sharp drop in the yen is having a highly positive effect on corporate earnings. “We have again raised our forecasts for earnings growth this year, from +25% to +37%. Valuations also remain attractive and foreign investor flows into Japan are clearly on the rise. All in all, we are keeping to our moderate risk-on positioning, with overweights in equities and real estate, but we are being more selective with respect to regions and sectors.”

Where are the best opportunities in the Real Estate Market in Latin America?

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The Latin America GRI 2013 will bring together the leading international and national decision-makers driving the real estate business in Latin America on 23-24 May in Miami. From global powerhouse Brazil and US dependent Mexico, to commodities driven Chile and Peru, Latin American economies have weathered the crisis surprisingly well.

A growing, young and increasingly more affluent population is luring back local capital exiled for decades and attracting world class investors into a blooming of industrial facilities, class A office space, new residential developments and an unheard of fever for shopping centres. Where are the best opportunities in such a diverse market?

Engage directly with top-level decision makers in the industry and strengthen your high value networks across Latin America. Discuss the latest opportunities, challenges and trends in a dynamic environment of informal group discussions covering the key real estate investment topics for 2013.

Some of the participating companies:

Bank Of America Merrill Lynch • Barclays • Brazilian Securities • Capitalis S.A.E.C.A. Cranium Colombia S.A.S. • Faria Lima Prime Properties • Fondo De Inversión En Bienes Raíces – Fibra • Fontis Capital Group • Four Seasons Hotels And Resorts • Grupo IGS Houlihan Lokey • IFC-International Finance Corporation • Integracion AFAP S.A. Marriott International • Orange Investments • Pine • Prudential Real Estate Investors Latin America • Rio Branco Empreendimentos Imobiliários Ltda • Starwood Hotels & Resorts Sol Melia • Tishman Speyer • Transwestern • VBI Real Estate • Vertex Real Estate

Over 20 discussions including,

Latin America – promising but what do investors expect?
Brazil – do promises hold or slowdown?
Mexican FIBRAs: just a new product or a true revolution for Latam public markets
Caribbean Hospitality: What is Hot Next?
South America – is it investor friendly enough?

If you need more information click here.

Florida’s students have a lot to thank to Lottery players

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Los estudiantes de Florida tienen mucho que agradecer a los jugadores de lotería — Wikimedia CommonsPhoto: Andrei Niemimäki . Florida's students have a lot to thank to Lottery players

The Florida Lottery announced today a record $25 billion in transfers to Florida’s Educational Enhancement Trust Fund. For the past 25 years, the Florida Lottery has firmly established itself as an essential and dependable funding source for public education; contributing more than $1 billion annually for the past 10 consecutive fiscal years. Lottery education funds are appropriated by the Florida Legislature and then administered by the Florida Department of Education.

“We are proud of this accomplishment and are very thankful to all Lottery players and retailers who have helped us reach such a significant milestone,” said Florida Lottery Secretary Cynthia O’Connell. “We will continue to strive to increase funding for education programs in our state for the next 25 years and beyond.”

Florida voters, by a two-to-one margin, approved a constitutional amendment in 1986 authorizing the state to operate a lottery for the purpose of generating additional funding for education. These additional funds have contributed to K-12 programs in Florida’s 67 school districts, community colleges and state universities, the Bright Futures Scholarship Program, other state student financial aid, and the construction and maintenance of public schools through the Classrooms First and Classrooms for Kids programs.

Tailor-made Master’s Degree for Heirs of Large Fortunes

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Un máster a medida para herederos de grandes fortunas — Wikimedia CommonsLeopoldo Abadía Junior. Tailor-made Master’s Degree for Heirs of Large Fortunes

If the heir of a large fortune, who has the label of being the son of… and who carries the burden of having to prove his self-worth 24/7, doesn’t succeed for lack of confidence or because from a young age works in the family business and doesn’t have the time needed to enroll in a traditional Master’s Degree program, now he has the option of getting enrolled in a tailor-made Master’s Degree program which was specifically designed for the wealthy.

This is where Leopoldo Abadía Junior makes his appearance, who also carries the label of being the son of Leopoldo Abadía, and is certainly tired of being asked whether he is the son of… Leopoldo Abadía Senior is one of the founders of IESE Business School, and also a Spanish professor and writer who became famous in Spain with the “Ninja Theory”. “The Ninja Theory” is an analysis which in a very clear and plain language explained the causes for the subprime mortgage crisis in the United States and its consequences on the rest of the world at the beginning of 2008. The echo of that article, which Leopoldo Abadía Senior at first shared with his sons, coworkers and friends, became a huge media phenomenon whose impact broke all boundaries.

Abadía Junior has dedicated 25 years of his life to the tailor-made education business, and is an expert like few in the resolution of family disputes over large assets and family businesses. He has estimated that since 1987, he has taught over 210 students, accepting not more than 7/10 cases a year. Besides, not all candidates are admitted, the reason being is that simply they don’t need it. The tailor-made course is currently taught to two students from Spain, four students from Latin America, and there are another eight on the waiting list.

Heirs of large fortunes from Spain, France, Mexico, Portugal and Russia are amongst his pupils but he only talks about one of them and the reason being is because the student himself has discussed his experience in more than one occasion. The aforementioned student is Manuel Lao Gorina, who in the late 80s received a tailor-made Master’s Degree from Abadía. Despite not having received higher education, Lao Gorina, son of Manuel Lao Hernandez, the founder of the game and leisure multinational Cirsa among numerous other companies, has become a very successful executive.

“It is always the same profile, low self-esteem and lack of affection”, notes Abadía. Usually these are people who’s parents are not present daily, whot grew up on their own and for many the nanny has been the only adult who has been present during their growth. “They are so obsessed with following in their father’s footsteps that they lose their way”. Abadía works as if he was putting together a puzzle, once the pieces have been found the student is ready to demonstrate his finest qualities.

In respect to the Master’s program methodology, Abadía explains that he uses an executive training program similar to the one used by the leading business schools in the world, whose professors are top executives of numerous companies, and are also former students from those business schools. These executives give lectures in the area or areas of their expertise.

The Master’s Degree program is always individual and local, and is carried out at the speed the student feels most comfortable at. Usually the program extends over a period of time ranging between a year and a year and a half, up until the moment it is proven that the student has conquered all of his fears and that he has successfully resolved his confidence issues.

Fitch: North American Corporates Find Opportunities Amid Challenges in Latin America

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Strong demand and market conditions are driving Latin American growth opportunities for North American corporates in a number of industries, according to a new Fitch Ratings report. Fitch’s report aggregates public comments made by 22 North American companies across five industry sectors.

Fitch forecasts 3.7% Latin America GDP growth in 2013 and 2.9% in 2014, up from forecasted growth of 2.8% in 2012. At the micro level, demand from consumers remains robust in most countries due to low unemployment levels, rising wages, modest inflation and improving consumer confidence. Inflation remains a key regional risk with several Latin American central banks having taken actions to weaken their currencies.

For companies in the natural resources sectors, aggressive oil/gas production targets by Latin American National Oil Companies (NOCs) continue to drive high levels of demand for drilling and service providers. Likewise, U.S. refiners are benefiting from robust demand for refined product imports in Latin America, matched with regional capacity constraints and select operational issues.

Latin America continues to provide a strong growth platform for agrochemical companies operating in the region with Brazil and Argentina producing large soybean crops and growing corn plantings

The full report ‘Latin American Demand: What North American Corporates are Saying in Q4’ is available at ‘www.fitchratings.com‘.

AXA enters into exclusivity in connection with the potential sale of a majority stake in AXA Private Equity

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AXA IM vende su negocio de private equity — Foto: Fletcher6. AXA enters into exclusivity in connection with the potential sale of a majority stake in AXA Private Equity

AXA Investment Managers announced that its asset management subsidiary, AXA Investment Managers (“AXA IM”) has received an irrevocable offer from an investor group for its entire stake in AXA Investment Managers Private Equity SA (“AXA Private Equity”).

The proposed transaction would be structured with a view to protecting AXA Private Equity’s investment expertise and performance-driven culture, and to ensuring that its clients continue to benefit from the outstanding service and performance they have enjoyed over the past several years. The transaction would enable AXA to monetize its interest in AXA Private Equity, a business successfully developed by the Group since 1996, and would provide a strong foundation for the next growth phase of one of Europe’s leading private equity firms.

The acquiring investors would be composed of AXA Private Equity’s senior management, led by Dominique Senequier, a group of institutions and French family offices and AXA Group. AXA Private Equity’s 298 employees would be given the opportunity to participate in the transaction through a dedicated vehicle.

Upon the completion of the proposed transaction, AXA Private Equity’s voting share capital would be held as follows:

AXA Private Equity’s management and employees: 40.00%
External investors: 33.14%
AXA Group: 26.86%

The proposed transaction would enable AXA Private Equity to become an independent private equity firm, with a powerful international network and reach. With USD 31 billion (or Euro 24 billion) assets under management raised from investors worldwide, the firm would offer its 255 investors a broad spectrum of asset classes: Funds of Funds, Direct Funds (comprising 160 portfolio companies), including Mid and Small Market Enterprise Capital, Infrastructure, Innovation & Growth, Co-Investment and Private Debt.

The proposed transaction is subject to customary conditions, including the completion of the works council consultation process and obtaining required regulatory approvals and should be finalized before the end of Q3 2013.

The transaction would value AXA Private Equity at Euro 510 million for 100%. The sale of AXA IM’s entire stake would result in AXA IM receiving a total consideration up to Euro 488 million. The consideration would be divided into an upfront payment of approximately Euro 348 million and deferred consideration up to Euro 140 million, to be paid in installments subject to achieving certain targets and meeting certain conditions.

Investors Embrace ETFs & Exposure to More Specialized Markets

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Retail investors are embracing ETFs and the exposure they can provide to more specialized markets, according to recent client data from TD Ameritrade, Inc. (“TD Ameritrade”), a brokerage subsidiary of TD Ameritrade Holding Corporation.

“When we set out to develop a better commission-free offering, our goal was to help investors build long-term portfolios more cost effectively while staying true to our core philosophy of doing the right thing for the client”

Close to 30 percent of ETF holdings among TD Ameritrade retail clients provide exposure to commodities and alternatives. Around 45 percent of ETF holdings provide exposure to US equities, about 15 percent provide international equity exposure and bond ETFs make up 10 percent of ETF positions.

“Over the past five years, our retail client ETF holdings have more than doubled,” said Lule Demmissie, managing director of investment products and retirement, TD Ameritrade. “And, more than ever, we’re seeing investors take advantage of the exposure to more specialized markets that ETFs can provide. More investors, young and old, are using ETFs in increasingly sophisticated ways.”

There is a correlation between age and the likelihood of having ETFs in a portfolio, and a slight difference in what type of ETFs might be held:

		Age 26-35		12.7% of assets are held in ETFs, and more likely than other age groups to hold international ETFs
		Age 36-45		11.3% of assets are held in ETFs
		Age 46-55		8.6% of assets are held in ETFs
		Age 56-65		7.3% of assets are held in ETFs, less likely to hold US stock ETFs; and more likely to hold bond and metals ETFs
		Age 66-75		6.2% of assets held in ETFs, even less likely to hold US stock ETFs; and even more likely to hold bond and metals ETFs

Since its inception nearly 20 years ago, the ETF market has expanded to provide exposure to specific markets, such as international markets, fixed income and commodities, which, while having unique risks, can help round out a diversified long-term investment portfolio, and investors are increasingly taking advantage of the possibilities.

This evolution and the demand from clients was the impetus for TD Ameritrade to, in 2010, create the first-ever commission-free ETF list with more than 100 ETFs, objectively selected by investment experts at Morningstar Associates, LLC, a registered investment advisor and unit of Morningstar. The list is made up of a wide selection of ETFs from among the largest and most well-known issuers of ETFs in today’s market. TD Ameritrade receives no special compensation or fees from any of the ETF providers included on the list.

Henderson: Cyprus wobble demonstrates need for corporate solidity

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Henderson: Las turbulencias en Chipre demuestran la necesidad de encontrar solidez corporativa — Foto cedidaChris Bullock, portoflio manager of the Henderson European Corporate Bond Fund. Henderson: Cyprus wobble demonstrates need for corporate solidity

We are conscious of the rising risks represented by the Italian election result (demonstrating the increasing influence of populist politics as the electorate rail against the austerity approach) and the on-going saga in Cyprus, which again threatens to undermine the credibility of eurozone officials as they continue to adopt a case-by-case approach to each new crisis. Whether Cypriot authorities insist on a levy on depositors or not, it shows that in a weak banking system with a weak sovereign, impairments are likely to result. At current market levels, the risk/reward in the eurozone periphery looks considerably less appetising than last summer, whilst investor positioning in credit is longer than it has been for some time.

Therefore, within the Henderson Horizon Euro Corporate Bond Fund we have taken advantage of the recent resilience to trade up in quality, targeting issuers that exhibit defensive characteristics, have demonstrable fundamental improvement, and have more of a global reach (rather than a domestic European focus).

· Quality: securities from ‘core’ countries (evidenced by a sustainable debt position or independent monetary policy), companies that are globally diversified in terms of revenues and that have stable or improving credit rating momentum. Examples include bonds issued by BAT (global tobacco), Amcor (global packaging), and Telstra (Australian telecom).

· Focus on alpha: deleveraging/turnaround stories that apply regardless of market direction or euro crisis. Examples include: Gecina, a property company that is reducing leverage (it was upgraded by both Standard & Poor’s and Moody’s in 4Q12); and GKN, a high yield issuer but with a credible strategy to regain an investment grade rating over the next 12-18 months

· Global: European companies with low exposure to domestic Europe, and/or international companies issuing in euro

Our expectation is that good stock selection (alpha) will be more important than beta in driving returns in 2013.