Foto cedida. Bolton muda sus oficinas de Miami a la Torre Four Seasons
Bolton Global Capital has leased the penthouse office suite in the Four Seasons Hotel Tower on Brickell Avenue in Miami. The firm has acquired the 20,000 square foot space to accommodate its continued growth in Miami. Since opening its office at 801 Brickell Avenue in 2011, the firm has recruited several high-profile teams from the major banks and wirehouses in Miami. These recruits now manage 3.5 billion dollars in client assets on the Bolton platform.
“Expanding our footprint with space at the Four Seasons Tower underscores Bolton’s position as the premium brand in the international wealth management space” according to Bolton’s CEO, Ray Grenier. The location of the Four Seasons Tower at the southern end of Brickell Avenue was also a significant factor in the firm’s decision to relocate with increasing traffic congestion in the downtown and Brickell area near the Miami River. “In addition to reduced commuting times” Grenier stated “our affiliates will have ample parking, gym access and discounts on Four Seasons dining and lodging for clients.”
Growing at an average annual rate of 20 percent over the last 5 years, Bolton is the largest independent broker dealer in the international wealth management space with 8.5 billion dollars in client assets. The boutique firm offers turnkey office solutions for advisors to convert their practices at the major banks to the independent business model where they own their client book and retain most of the revenue. Bolton provides affiliated advisors with furnished office space, computer equipment and technologies as well as back office, branding and compliance support to achieve an efficient transition to independence.
Pixabay CC0 Public Domain. ¡Cambiemos el reglamento!
Many countries came to support their domestic commercial banks during the meltdown of 2008. Following these ‘bail-outs’, the United States and Europe decided to review the banking legislation. They sought to eliminate the excesses of the past, considered to be at the root of this financial demise.
Certain activities were stopped and others reduced, under the watchful eye of regulators in charge of implementing these new rules. On top of this, the banking industry was asked to reinforce its capital footprint. The declared objective was to avoid soliciting any future taxpayer money for the next crisis.
The overall cost of these interventions was very high. The governments concerned saw their national debt rise significantly. In some cases, this even led to the implementation of austerity policies. Commercial banks tried desperately to comply with the new rules imposed on them. Some even shied away from private sector lending, preferring to fund the public sector (now heavily indebted).
Sovereign public debt is considered less risky for banks under their investment regulation. The result has been weak economic activity in some areas (sub-potential growth) while in others it has been anemic. Faced with slow growth, world Central Banks have resorted to unconventional accommodating monetary mechanisms in the hope of jump-starting these ailing economies.
With fragile economic activity, a policy of low interest rates and higher new capital requirements to pay for, margins on traditional activity has been insufficient, at times, to cover bank financial needs. To some extent, technology has counterbalanced this phenomenon.
Many larger players have heavily invested and successfully improved their operational efficiency, underpinning their bottom line profitability and compensating the weakness in their top line revenue growth. In spite of this, the financial situation of banks remains precarious. Their activity depends on the underlying economy in which these entities operate.
In this context, American banks have sought to push for some changes to the new rulebook. They have focused their attention on the ‘Volcker rules’ considered to be too constraining for their financial market activity (the Volcker rules essentially cover market making and prop-trading restrictions). For one who understands the value of rising financial markets, Mr Trump has been open to entertaining this request. As he sees it, stronger and more profitable banks combined with higher markets could only add to the country’s growth prospects.
The political debate is now open for an adjustment of these rules. Once in place, American Banks will be able to boast of a triple competitive advantage: a resilient economy in which they operate, (the United States is doing relatively better than its European and Japanese counterparts), healthy lending margins supported by positive interest rates (still), and now potentially watered down rules compared to those of their direct foreign competitors.
When ‘tweeking’ the rulebook, the challenge for the authorities is to avoid a return of the excesses of the past. Since 2008, the policy of self-regulation supported by Mr Greenspan and Mr Bernanke has been dismantled. Today, the US regulator has the capacity to find an appropriate balance to undertake such reforms. It has a full set of legal tools at its disposal, which was not the case ten years ago.
Column by Ygal Cohen, President, CEO, and Founding Partner of ASG Capital
Photo: Black Salmon. Black Salmon Acquires U.S. Bank Center In Phoenix With A $107 Million Investment
Black Salmon, a national commercial real estate investment firm, announced the acquisition of U.S. Bank Center in Phoenix with a total capitalization of more than $107 million. The 375,862-square-foot, Class A office building is one of the most prominent towers in the city’s downtown submarket. Black Salmon engaged in a joint venture with privately held real estate merchant bank ScanlanKemperBard Companies (SKB) for the transaction.
Centrally located at 101 North First Avenue, the landmark high-rise is currently 83 percent leased and sits along the new Valley Metro light rail route. Notable tenants include U.S. Bank, WeWork and Jacobs Engineering Group. The transaction also includes a separate, seven-story parking structure that sits in a designated Opportunity Zone.
According to a press release, Black Salmon’s purchase of U.S. Bank Center aligns with the company’s investment strategy to acquire high-performing assets in key markets with an educated workforce, heavily magnetized urban areas, and strong market fundamentals. The firm plans to immediately invest $9 million in a building improvement program to enhance the fitness center and common areas, management and leasing offices, ground floor lobby and exterior façade.
“Downtown Phoenix meets the criteria of our office investment thesis, strategically developed to evaluate the vitality of a market,” said Jorge Escobar, CEO and Managing Partner of Black Salmon. “The acquisition of U.S. Bank Center was a compelling opportunity to add a high-quality asset to our growing portfolio and national footprint.”
More than $4 billion has been invested in Phoenix’s urban core since 2006, including the expansion of the city’s convention center and creation of Arizona State University’s downtown campus, which adds to the area’s already robust talent base. According to the U.S. Census Bureau, Phoenix had the nation’s highest year-over-year population growth in 2018. The city is also recognized as the country’s fifth most populous, with new employers and residents being drawn to its business-friendly environment, expanding technology industry, low cost of living and high employment growth rates.
Isabelle Wheeler, foto cedida. Isabelle Wheeler se une a Foodman CPAs and Advisors
Foodman CPAs and Advisors, a full-service accounting firm specializing in forensic accounting, banking compliance and tax consulting services, has hired Isabelle Wheeler, CFA, AMLCA as Director of Anti-Money Laundering (AML) Compliance.
Wheeler has a storied career as a banking executive and wealth management investment advisor, including every aspect of wealth management at many of the most well-known financial institutions. Wheeler has served as Vice President of Banco Santander, Vice President of Credit Agricole, Senior Vice President of BNP Paribas, and Managing Director of Integro Advisers. She has been responsible for BSA/AML compliance in client on-boarding, as well as client transactions in cash, transfers and securities. Most recently, Wheeler has utilized her extensive career in banking and wealth management to develop training for financial markets and regulatory compliance, including Florida International Banking Association’s (FIBA) Wealth Management Certifications, and is an instructor for the AMLCA Certification. She served for many years on FIBA’s Board of Directors and is a Past President of CFA Miami.
“We are excited to welcome Isabelle Wheeler to our team at Foodman CPAs and Advisors,” said Stanley Foodman, Founder and Chief Executive Officer for Foodman CPAs and Advisors. “Isabelle has an impressive career in banking and wealth management. She is recognized throughout the industry for her leadership in private banking – It’s a honor to have her serve as part of the team at Foodman CPAs and Advisors.”
“I look forward to adding my diverse experience to Foodman CPAs and Advisors and providing their clients with honest, knowledgeable expertise in AML services,” said Wheeler. “Foodman CPAs and Advisors has long been trusted by their clientele and recognized for their dedication to their partners. It’s a pleasure to join an accredited, well-respected company like Foodman CPAs and Advisors.”
Wheeler received a Bachelor of Arts from the University of Virginia and is FIBA AMLCA certified. She has been recognized with the Charted Financial Analyst (CFA) designation and has held FINRA licenses 4, 7 and 24. Additionally, Wheeler has been recognized as one of the Top 30 Most Influential Private Bankers by Terrapin in 2013, 2014, and 2016 and as a Women Leader by Negocios Magazine 2014.
Quentin Ecrepont / Pexels CC0. El sector de fondo de fondos domina en los CERPIs, mientras que en los CKDs los de bienes raíces
The market value of the 111 CKDs and 24 CERPIs in circulation ended July at 13.369 billion dollars and capital calls to be made acount for 11.354 billion dollars. 80% of resources are concentrated by CKDS and 20% by CERPIs.
Although the rise of CERPIs is just over one year old, despite its youth, it is already possible to observe a specialization and tendency in each of the instruments where CKDs have leaned towards the real estate sector (29% share of market in committed amount), while CERPIs by the fund of funds sector (57%). Curiously, in CKDs the fund of funds sector the offer is low (5%), while in CERPIs the offer of real estate alternatives is also low (4%).
It could be said that the Mexican institutional investor has so far preferred to invest in real estate in Mexico through CKDs than to invest in real estate internationally via CERPIs; while international investments in fund of funds call it more attention than in Mexico. It is important to mention that CKDs are private equity investments that are made exclusively in Mexico, while CERPIs investments 90% are made internationally and the rest in Mexico (10%).
In the private equity sector, there is also a specialization since while in the CERPIs it represents a 26% market share in committed amount, being the second most important sector; in the CKD market it reaches 15%, being the third most important sector.
A less concentrated market share can be seen in term of resources committed by sector in the CKDs, as is the case in CERPIs. In CKDs 4 sectors represent 80% (real estate 29%, infrastructure 21%, private equity and energy 15% each), while in the case of CERPIs only two sectors have 83% (fund of funds 57% and private equity 26%).
In the 10 years that the CKDs have been, it can be seen how there are years in which the offer is skewed towards a specific sector. For the real estate sector in 2018, the greatest placement of resources was achieved by committing 1.823 (31%) of the 5.911 million dollars of the sector. For the infrastructure sector, commitments were reached for 1.222 in 2015 (27%) of the 4.469 million dollars the market is worth. For energy it was 2014 (28% of the committed resources of the sector) and for credit it was 2015 (34%).
Between January and July 2019, a total of 4 new CKDs and 5 new CERPIs have been seen that add commitments for 1.707 million dollars, of which 79% of the resources have been for CERPIs dominating the fund of funds raising. As for CKDs, preference for the real estate and infrastructure sector prevails.
Pixabay CC0 Public Domain. invertido_mix_gestoras.jpg
The US yield curve has been reversed again and the United Kingdom is about to do so, which worries investors. According to the main asset managers, the fact that it is invested can indicate that, at best, investors expect the economy to slow down and at worst, that a recession could be on its way.
In the opinion of Keith Wade, chief economist at Schroders, “The US curve is a reliable indicator of recession, the UK curve less so. Nonetheless, if the US goes into recession it is hard for others not to go the same way given its importance as a driver of the world economy. So the double signal is important. There is normally a lag of about one year from inversion to recession so the curves are signalling problems for 2020.”
The same concern is shared by Mark Holman, Chief Executive Officer of Twentyfour AM (Vontobel), who acknowledges that the reversal of the curve is not good news. “In our opinion, the reversal of the yield curve is fully justified given the weight of geopolitical events, and one thing absolutely certain is that an inverted curve is not good news. The only question is how bad this news is and how it could convey and encourage greater economic concern,” he says.
“August doesn’t seem as calm as we would have thought. Tensions continue between the United States and China. The German and Swiss yield curve is in a negative territory, European equity markets continue to live out, while gold continues to rise. On the economic front, recessions in China and Germany are being felt. Although the global economy seems to resist, investors begin to fear that a recession is not far. However, the United States is managing to maintain a solid cycle and the latest figures show an acceleration in consumption. Central bank measures seem to have become the last line of defense to prolong the cycle and alleviate political tensions. However, it is by no means certain that this is sufficient between now and 2020,” says Igor de Maack, fund manager at DNCA, affiliated with Natixis IM.
For Holman, the investment of the curves is explained by the global slowdown that is continuing over time, and that keep markets restless. “A consequence of this is that fixed-income investors increase exposure to risk-free pure assets such as US, German or UK Treasury bonds, but to protect the portfolios they must maintain a duration greater than the normal, which is one of the main catalysts of the curve’s shape. As a result, the curves become lower and flatter, which is perhaps more sinister than higher and flatter returns, ”he explains.
This reading is what alerts the investor, who sees the possibility of a recession as more and more likely. But the managers ask for peace of mind and continue to insist that we are not facing a recession. “While we agree that the risk has increased, a recession over the next year is not yet an inevitable conclusion. Unlike the period prior to other recessions in the past in the US, current financial stability risks appear moderate, balance sheets are solid, family debt is manageable and the personal savings rate is high. All these fundamental factors should help cushion any economic recession,” say Tiffany Wilding, US economist, and Anmol Sinha, fixed income strategist at PIMCO.
The same message came out of the BlackRock Investment Institute (BII) in its weekly report: “We do not believe that the investment in the yield curve is a sign of recession and we believe that the accommodative turn of the central banks is dilating the growth cycle… Assets considered refuge, such as gold, rebounded. We continue to observe limited short-term recession risks, since the accommodative turn of the central banks helps to prolong the economic cycle, although we note that commercial and geopolitical tensions pose fall risks.”
“The reversal of the yield curve does not cause a recession, but it indicates that we are in an advanced phase of the economic cycle. So, instead of considering it a cause for concern, it could be a good time for investors to verify that their portfolios are well diversified and that their fixed-income positions can limit excess risk. In the final stages of the cycle it is especially important to determine whether fixed income positions offer diversification with respect to equities, as well as the appropriate level of balance,” concludes Jeremy Cunningham, Investments Director at Capital Group.
Between February 27-28, 2020 experts and thought-leaders from around the world will gather at the Omni Orlando Resort at ChampionsGate to participate on the INTL FCStone’ Vision 20/20: Global Markets Outlook Conference. There, they will be offered a global vision of the future for more financial and commodity markets, along with detailed market forecasts, insight on the latest technology, and macro-economic outlooks to help you get a clear picture of the factors impacting your bottom line.
The conference, which is sponsored by CME Group and Barchart, will be divided into four tracks with focused programming specific to each area.
The Global Agriculture Outlook track will offer a global view toward developing strategy, protecting profits and driving growth with detailed forecasts based on the latest available data. In addition to essential market outlooks, this event provides invaluable opportunities to make new connections and network with peers.
The Correspondent Clearing Outlook event, sponsored by SDDCo Group, StoneCastle, Mediant and Aberdeen Standard Investments, is an invaluable opportunity for US and international broker-dealers and investment advisors to hear from industry thought-leaders and participate in discussions. Attendees will experience the latest internal and third-party technology and learn more about INTL’s Correspondent Clearing group.
The Dairy Outlook track will offer attendees insights into emerging trends within the industry, along with strategies to protect profits and enable growth in the current environment. In addition to the essential market outlooks and price forecasts, this event provides invaluable opportunities to connect with dairy market experts and make new connections.
The SA Stone Wealth Management event, sponsored by Gladstone Land, is an invaluable opportunity to listen to some of the best speakers and engage with industry experts to learn about how to build and grow your practice. You’ll also have the chance to make new connections and network with peers.
These tracks will combine for a welcome reception, general keynote sessions, meals and a trade show.
Registration will open in the fall. For more information you can contact kari.hennigan@intlfcstone.com
HSBC Global Private Banking, Americas announced that Roberto Teofilo has joined as Managing Director and Senior Relationship Manager for the Brazil market. He will report to George Moscoso, Market Head for Latin America.
“We are thrilled that Roberto has joined HSBC,” said Moscoso, “he is a highly skilled professional who brings great experience over many years meeting the evolving needs of ultra-high net worth individuals and families in Brazil.”
Based in Miami, Teofilo will be responsible for bringing the global resources of HSBC to help ultra-high net worth clients based in Brazil manage, preserve, and grow their wealth.
With a career spanning nearly 20 years, Teofilo has worked at Deutsche Bank, JPMorgan, Merrill Lynch, and Credit Suisse. Earlier in his career, he worked in strategic planning at IBM in New York. He has a Master’s degree from the Thunderbird School of Global Management and earned his undergraduate degree from Auburn University where he graduated summa cum laude and was named the student-athlete of the year in 1995. Before moving to the United States, he participated in several professional tennis tournaments after a successful run in the International Tennis Federation’s Junior Circuits, reaching the top three in Brazil and Top 50 in the World Rankings in 1988.
“Brazil is one of our key markets within Latin America and we look forward to continuing to strengthen our team and our proposition so that we can best serve the needs of ultra-high net worth families and individuals,” added Moscoso. In addition to Brazil, HSBC Global Private Banking’s core markets within Latin America include Mexico, Chile, and Argentina.
The Brazil market team also recently added Cristiane Suzzio, as a Relationship Officer from JP Morgan and Rodrigo Medina, as a Client Service Executive from Banco do Brasil. These additions come after the Bank welcomed Alessandro Merjam and Monica Mavignier as Relationship Managers for the Brazil market team earlier this Summer.
Julius Baer has signed a declaration to support the United Nations (UN) Principles for Responsible Banking making it the first Swiss bank to commit to them. The Bank will formally sign the principles on the occasion of the UN General Assembly in New York in September 2019.
The Principles for Responsible Banking have been developed by the UN Environment Finance Initiative (UNEP FI) and 28 banks from around the world and will be officially launched on 22 September 2019. The Principles set out the banking industry’s role and responsibility in shaping a sustainable future and in aligning the banking sector with the objectives of the UN Sustainable Development Goals and the 2015 Paris Climate Agreement. The principles represent a single framework for the banking industry that aim to embed sustainability across all business areas.
Bernhard Hodler, Chief Executive Officer Julius Baer said: “We are very proud to be the first Swiss bank to commit to the UNEP FI Principles for Responsible Banking. At Julius Baer, we continuously include sustainability practices into our business, meeting a number of notable milestones in our pursuit of long-term value creation for clients, shareholders, and society as a whole. We see our responsibility as encompassing all aspects of sustainability: economic, social, as well as environmental. With our declaration to the Principles for Responsible Banking, we affirm our willingness to assume an active leadership role in sustainable changes.”
The 19th CLAB Financial Technology and Innovation Conference, organized by the Florida International Bankers Association (FIBA) and the Federación Latinoamericana de Bancos (FELABAN), will reunite 1,000 banking executives and tech leaders from across the Americas in Hollywood, FL on September 4-6.
Experts from some of the world’s leading banking, technology and consulting companies, such as Netflix, PayPal, Microsoft, VISA, JP Morgan, Santander, McKinsey, EY, Deloitte, IBM, CITI and BBVA will join regulators and government officials to provide a broad and diverse perspective on how FinTech and digital transformation are impacting the financial services sector.
The speakers’ lineup includes: Jorge Machado, McKinsey; Dan Mendes, Deloitte; Gustavo Monteiro, Netflix; Rene Salazar, PayPal; Alan Koenigsberg, VISA; Fernando Moreno, BBVA; David Zimmerman, IBM; Driss Temsamani, CITI; John Hunter, JP Morgan; Liliana Marcos, CNBV Mexico; Irene Arias, IDB Lab; Nikhil Lele, EY and Belisario Contreras, OAS, in addition to senior executives from leading global organizations and FinTech innovators and entrepreneurs.
In addition, CLAB also announced that Andres Oppenheimer, the multiple award-winning columnist with The Miami Herald, CNN anchor and author of seven books, will deliver the keynote presentation on Friday, September 6 at 10 am.
“There is no question this is one of the best teams of speakers ever assembled for a CLAB event. From RegTech, blockchain and payment innovation to cybersecurity, CX and AI, participants will have first-hand access to the leaders and experts that are directly involved in the ongoing transformation of the financial sector,” said David Schwartz, FIBA president and CEO. “This is the platform to stay current with the leading-edge of FinTech.”
CLAB 2019 is supported by strategic partners, including Ernst & Young, Asi Group, Automation Anywhere, Entrust Datacard, Latinia, Vierge Group, Cloudflare, Microsoft, Infocorp, Prisma Technologies, Grupo Clai, Open Legacy, Tememos, Veritran, Charge Anywhere, Fiserv, ProColombia and more than 85 supporting organizations.
