Halcyon and Guggenheim Partners launch UCITs fund

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Halcyon y Guggenheim Partners lanzan una estrategia UCITS
CC-BY-SA-2.0, FlickrPhoto: Daniel Foster. Halcyon and Guggenheim Partners launch UCITs fund

Halcyon Liquid Strategies UCITS Management and Guggenheim Partners have launched the GFS Halcyon Liquid Opportunities Fund, an opportunistic catalyst-driven UCITS fund domiciled in Ireland. 

Launched on the Guggenheim Fund Solutions platform, the Fund will utilise Halcyon’s investment expertise to identify public equities where there may be structural market inefficiencies or opportunities for asymmetric returns, and will employ strategies including long/short, relative value, liquid credit, and other strategies.

The Fund will offer weekly liquidity and will launch with more than USD40 million in capital.  It will leverage the existing idea generation and investment expertise across Halcyon, an alternative investment firm founded in 1981 and managing approximately USD11 billion.

“We are pleased to partner with Guggenheim, offering Halcyon’s investment expertise to non-US investors in a liquid UCITS format,” says Kevah Konner, Co-Portfolio Manager of the Fund and Vice Chairman of Halcyon Asset Management LLC. Todd Solomon, Co-Portfolio Manager of the Fund, added, “We launched the Fund in response to demand for UCITS strategies that attempt to capture equity upside but limit the downside, and it is part of our growing liquid alternatives business, which was started in 2014 and now manages more than USD200 million.”

Guggenheim Fund Solutions (GFS) is focused on structuring and distributing alternative products that meet increasing demand for greater transparency and risk management, including in the thriving liquid alternatives market. GFS began operations with a focus on hedge-fund managed-account solutions and has expanded its capabilities to help managers access the surging demand for alternative UCITS funds. The GFS platform provides a full-service technology and risk management infrastructure to operate alternative UCITS funds and is able to leverage Guggenheim Partners’ global footprint.

“We launched our UCITS platform in 2014 with the objective of partnering with top-tier managers to bring exceptional investment management capabilities into the rapidly growing liquid alternatives space,” says Diego Winegardner, Senior Managing Director and Head of Guggenheim Fund Solutions.  “We are very excited to be working with Halcyon, a premier alternative asset manager with a long successful history in the catalyst-driven space. The launch of our second alternative UCITS fund allows us to further expand our strategy mix and meet the diverse needs of our clients.”

The Fund will seek to deliver attractive risk-adjusted returns over the long term while attempting to limit drawdown risk through active hedging. Share classes are available in USD, EUR, CHF and SEK.

GSAM Quants in Focus as Javier Rodríguez-Alarcón Joins Miami Summit

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Javier Rodríguez-Alarcón, de Goldman Sachs Asset Management, participará en el Fund Selector Summit Miami 2015
Photo: Javier Rodríguez-Alarcón, managing director at Goldman Sachs Asset Management. GSAM Quants in Focus as Javier Rodríguez-Alarcón Joins Miami Summit

Javier Rodríguez-Alarcón, managing director, Goldman Sachs Asset Management will be taking part as a speaker at the upcoming Fund Selector Summit Miami 2015, taking place 7-8 May at the Ritz-Carlton, Key Biscayne.

Rodríguez-Alarcón is head of the EMEA Client Portfolio Management team at the Quantitative Investment Strategies group at GSAM.

He focuses on product development, communications and strategy for the QIS platform in the institutional, private wealth, and third-party channels for the EMEA region. Previously, he was a senior strategist and head of UK and Europe Strategic Accounts, Client Solutions at Barclays Global Investors, where he worked on the development of BGI’s Multi Strategy Hedge Funds and Global Multi-Asset products in Europe, Latin America and Asia Ex-Japan.

The Funds Society Fund Selector Summit Miami 2015 will bring key fund selectors, primarily from the Miami area but also from other locations where decisions are made regarding the US Offshore market, together with top-performing Asset Managers to explore the latest portfolio management strategies and investment ideas. The Summit is designed specifically for key fund selectors who want to benefit from the knowledge of leading fund managers. You may access further information through this link.

Major Retrospective on Antoni Tàpies in PAMM, Miami

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Gran retrospectiva de Antoni Tàpies en el PAMM de Miami
Foto cedidaembolcall - Antoni Tàpies. Courtesy photo. Major Retrospective on Antoni Tàpies in PAMM, Miami

Pérez Art Museum Miami (PAMM) is now showing a major historical surveyof Catalan master Antoni Tàpies.The first major survey since the artist’s death in 2012, the exhibition is comprised of 50 works, including paintings, assemblages and drawings. Tàpies: From Within features work from the mid-1940’s up through 2011, with notable examples from every decade of the artist’s 70-year long career. All the works were drawn from the artist’s own collection, or that of the Fundació Antoni Tàpies in Barcelona. These pieces, which had personal resonance for Tàpies and remained in the artist’s control throughout his lifetime, offer a unique perspective on his creative process. Many of the works selected have rarely been seen prior to this exhibition, providing an intimate glimpse into Tàpies’ relationship with his practice.

This retrospective was organized jointly by the Museu Nacional d’Art de Catalunya and the Fundació Antoni Tàpies, and curated by formerTate DirectorVincente Todolí. PAMM’s chief curator, Tobias Ostrander, worked closely with the Fundació and Todoli to choose the 50 worksincluded in PAMM’s focused presentation of Tàpies: From Within, which is the sole US presentation of the show. The artist’s early “matter paintings” from the 1950s, up through his recent works, emphasize the materials from which they are made- oil paint mixed with dirt and stones, covered with gestural markings. Their emphasis on “poor” materials contrast with the gleaming surfaces of Miami, creating a critical dialogue with the museum and its surrounding context. Ostander also emphasizes Tàpies’ influence on a new generation of contemporary artists also interested in discarded materials and rich surfaces. PAMM will open a commissioned project by Argentinian artist Diego Bianchi on February 19, whose appropriation of worn and found materials highlights the link between Tapies’ work and that of many of today’s contemporary artists.

Highlights from Tàpies: From Within include:

  • Fils sobre cartó (Threads on Cardboard), 1946
  • Gris amb dues taques negres. N. oXCII (Gray with Two Black Marks, No. XCII), 1959 –
  • Tela encolada (Glued Fabric), 1961,
  • Cadira i roba (Chair and Clothes), 1970
  • Díptic amb dues formes corbes (Diptych with Two Curved Forms), 1988
  • Atman, 1996
  • Sóc terra (I Am Earth), 2004

Global Dividends Reached a New Record in 2014, But a Surging US dollar Clouds the Horizon

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Global dividends soared 10.5% to $1.167 trillion in 2014, a new record, according to the latest Global Dividend Index from Henderson Global Investors.

Underlying growth, was still robust at 8.8%, even with generous special dividends, exchange rate movements and other factors stripped out. The level of the HGDI reached 159.9 at the end of 2014, meaning that dividends have grown almost 60% in just five years.

Growth slowed sharply at the end of the year, however, as the US dollar surged against every global currency except the Swiss franc. The rise in the dollar was enough to knock $10.9bn off Q4 dividends as a result of the value of income paid around the world translating at a lower exchange rate.  This meant the 2014 total payout was just shy of Henderson’s forecast for the year.

The United States was the main engine of global dividend growth over 2014, adding an impressive $52bn to its 2013 contribution (+17% headline, +15.6% underlying). This increase is more than the entire annual contribution from Japan. Only the US mining sector saw dividends decline, where every company in the HGDI cut its payout.

All other sectors saw increases, as rapid growth in the US economy fed through to company earnings.

Enlarge

Emerging markets saw a headline decline of 11.7%, though after adjusting for currency and other factors, underlying growth was 8.5% year on year. On a headline basis, only China saw growth among the BRICS countries, accounting for the majority of emerging markets dividends as economic difficulties beset both Russia and Brazil in particular. Asia Pacific ex Japan grew 2.9% headline (4.9% underlying) with strong underlying growth in Australia wiped out by a falling Australian dollar.  In Hong Kong investors enjoyed bumper special dividends.

Europe ex UK had an excellent year, up 12.3% headline (6.0% underlying), with strong performances from Spain, Switzerland, the Netherlands and France despite a disappointing performance from Germany and Italy.

France is Europe ex UK’s largest payer, accounting for one quarter of the region’s dividends. A distribution of $55.9bn was 7.3% higher than 2013 on a headline basis (+4.8% underlying). Germany is the second largest contributor, but dividends grew just 3.1% on a headline basis ($37.5bn) and fell 3.9% on an underlying basis. Europe’s third largest payer, Switzerland, grew rapidly, up 18.0% (+8.2% underlying) to $32.4bn, while Spain, the fourth largest, grew fastest of all the big markets, rising 24.3% (+11.5% underlying) to $31.2bn.

Italy is a small dividend payer compared to the size of its economy, and is the worst performer among large European countries since 2009. Its dividends grew 1.6% on headline basis to $12.6bn, but fell 2.1% on an underlying basis. Italy’s dividends are still well below 2009, 2010 and 2011 levels in USD terms. The Netherlands posted $7.9bn of dividends, up 9.3% on a headline basis or 5.6% underlying, with almost all Dutch companies increasing what they paid to their investors.

Japanese companies distributed 5.9% more to their shareholders on a headline basis, despite a falling yen, with underlying growth a solid 14.8%.

By sectors

There was a wide divergence in performance at industry level. Technology and consumer stocks were strong, while utilities and mining firms did badly. Lower commodity prices meant the mining sector cut payouts for the third year running.

With the oil price in steep decline in the fourth quarter, oil dividends are worth special attention. They rose 5.8% in 2014 to $134.1bn, making them the second largest contributor at industry level but further growth will be harder to achieve in 2015.

Alex Crooke, Head of Global Equity Income at Henderson Global Investors said: “2014 was a superb year for income investors, with developed markets leading the charge. After such a strong performance in 2014, we now expect a pause for breath in 2015. Since we introduced our 2015 forecast, three key things have changed: first, the global economic outlook has clouded; secondly, the oil price has collapsed to a six year low and thirdly, the US dollar has surged in value.

“We don’t expect developed market oil companies to reduce their dividends in 2015, but there is a strong likelihood that Emerging Market producers will pay out markedly less this year as their profitability comes under pressure.

“Overall, we now expect dividends to grow just 0.8% this year on a headline basis, to $1.176 trillion. Exchange rate movements are a distraction from companies’ ability to deliver growing dividends to their shareholders over the longer term. Our research shows their effect is negligible over the long-term, accounting for just 0.3% of the world’s 60% growth in dividends since 2009. Of course, in any one year, currency swings can make a big difference. So, while US dollar based investors will see somewhat less growth this year than in 2014, we expect UK investors in global equities to enjoy headline dividend growth of 6.6%, while euro-based investors can look forward to growth of 8.8% based on current exchange rates – in each case much better than the dividend growth their own domestic markets are likely to show, demonstrating the value that a global approach to income investing offers.”

86% Thinks Social Media Tools Do Not Add Value To Investment Decisions

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El 86% descarta que las redes sociales influyan en el proceso de inversión
Photo: Hernán Piñera. 86% Thinks Social Media Tools Do Not Add Value To Investment Decisions

According to a poll carried out by CFA Institute, investment analysis includes sophisticated financial analysis, the construction of cash-flow models, strategic and competitive analysis, and various forms of assessing management. However, forming our opinions of a security is only half the battle; the other half is understanding the market’s perception of the very same security — and how that perception is manifested in the security’s price.

Social media can be a tool for gauging the perceptions of others, be it the market’s receptivity to a company’s product or the feelings investors have about a particular stock or bond. Nevertheless, the overwhelming majority of the respondents of the survey among NewsBrief readers rejected the idea that social media adds value when asked on how important social media was to their investment decision-making process. Of the 704 respondents, roughly 86% indicated that social media tools, such as Twitter, are not useful and are even counterproductive. Only 14% believe that social media tools are useful. Are these latter respondents on the vanguard of a new trend in investing? Perhaps learning how to use these new tools to their highest and best use — without getting sucked into time-wasting activities — might sway the masses.

Natixis Has Entered Exclusive Negotiations to Acquire DNCA

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Natixis comienza las negociaciones para comprar la gestora francesa DNCA
Foto: Dennis Jarvis. Natixis Has Entered Exclusive Negotiations to Acquire DNCA

Natixis has entered into exclusive negotiations with TA Associates, Banca Leonardo and the managers of DNCA related to the proposal by Natixis Global Asset Management to acquire their equity interests in DNCA.

The addition of DNCA to Natixis Global Asset Management’s global lineup of affiliates would represent a major step forward in Natixis’ New Frontier strategic plan by making a strong contribution to growth in asset management revenues in Europe, while also offering substantial potential for revenue synergies.

With €14.6bn of assets under management at the end of January 2015, DNCA has pursued an entrepreneurial approach to developing a broad range of high-performing, well-recognised investment solutions for retail clients across Europe.

The combination of the proven expertise of Natixis Global Asset Management’s investment managers, DNCA’s solid investment performance and controlled risk profile, and the strong DNCA brand name would make a substantial contribution to the further development of Natixis Global Asset Management’s global multi-affiliate model and the reinforcement of its existing expertise.

DNCA’s management would remain a shareholder alongside Natixis Global Asset Management and would benefit from a progressive withdrawal mechanism beginning in 2016 that would align medium-term interests and gradually increase Natixis Global Asset Management’s stake in DNCA to 100%.

This projected acquisition was presented to Natixis Global Asset Management’s representative bodies on Wednesday, 18 February.

The planned transaction would provide Natixis Global Asset Management with a unique combination of funds with which to strengthen its position in retail markets.

It would help DNCA step up its international expansion in retail markets outside of France and Italy and deploy its equity solutions to institutional clients by leveraging Natixis Global Asset Management’s global centralised distribution platform and support functions. 

“We hope to welcome DNCA – an entrepreneurial French investment management company with renowned expertise – as one of our affiliates as soon as possible. This projected acquisition furthers Natixis Global Asset Management’s strategy of expanding its multi-affiliate model in Europe and fueling our growth in retail markets through a unique combination of funds,” says Pierre Servant, CEO of Natixis Global Asset Management and member of the senior management committee of Natixis in charge of Investment Solutions.

 “We are looking forward to joining Natixis Global Asset Management and working together on a genuine international project. In view of DNCA Finance’s success over the last 15 years in France and Italy, our preference was to find a fast-growing French group to assist us in new markets, while retaining our own characteristics and our staff’s entrepreneurial strengths. The support and synergies that we will develop with Natixis Global Asset Management’s distribution platform and support functions will help us step up our international expansion,” explains Jean-Charles Mériaux, President of DNCA Finance, and Joseph Châtel, President of DNCA and Company.

Pivotal Role of Digital Media Prompts European Managers to Enlarge Teams

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Las gestoras de fondos amplían sus equipos de comunicación digital, respondiendo a las preferencias del cliente
Photo: Teamwork. Pivotal Role of Digital Media Prompts European Managers to Enlarge Teams

Managers boost specialized teams in recognition of their value in reaching and retaining clients, finds new Cerulli Report European Sales and Marketing Organizations 2014.

The number of digital media teams with more than 10 employees leaped by 15.5% in 2014 compared with the previous year. This increase suggests that managers are reacting to the latest technological trends by hiring specialized people, rather than pre-empting the changes by training existing staff to deal with the advances.

A total of 79% of managers expect digital media headcount to climb further-an increase of more than 50% on those polled the previous year. Only 21% of managers expect to keep their resources at the same level.

Company websites are the top digital media channel used by asset managers to target advisors, institutional investors, distributors, and end consumers, according to Cerulli research. Fully 100% of managers target advisors this way, while 80% of firms use their website to pitch to institutional investors.

It is no surprise that improving websites was asset managers’ most important digital strategy for 2013 and 2014. Several managers surveyed by Cerulli said their company had customized the website with “microsites” containing material that was relevant to specific countries.

Meanwhile, social media strategies were rated less important by managers, compared with the previous year. Cerulli research found that many asset managers allocate fewer resources to social media because of its limited take-up among some channels. Only 45% of managers use social media to reach institutional investors and 35% use it to engage with end consumers.

The challenge for asset managers is to connect with clients across all devices in real time. But social media is more challenging to use as a communications tool in the financial services industry owing to the intricacies of compliance.

“Compliance and regulation are always a big concern for asset managers and the industry in general,” says Barbara Wall, Cerulli Associates’ Europe research director. “Communication is tightly regulated and there is less flexibility to be playful or light-hearted when using social media, compared with other brands,” she adds.

“As regulation, technology, and its users mature, this could change,” says Angelos Gousios, an associate director at Cerulli.

“Several asset managers said that the institutional channel prefers face-to-face interaction and targeted industry information, which is easily accessible on blogs and company websites,” Gousios says. “Social networking on a mobile device in Europe is generally more popular with younger age groups, so we might see usage of social media increase as the workforce ages,” he adds.

Lyxor Launches Currency-Hedged ETF Share Classes on Euro Stoxx 50

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Lyxor lanza el primer ETF con divisa cubierta del Eurostoxx para posicionarse en un escenario más volátil en divisas
Photo: Ares Nieto Porras, Flickr, Creative Commons. Lyxor Launches Currency-Hedged ETF Share Classes on Euro Stoxx 50

Paris headquartered Lyxor AM launched the first currency-hedged ETF share classes on Euro Stoxx 50 index, on 17 February. It has a total expense ratio of 0.20% per annum.

Lyxor said that these hedged ETFs, Lyxor Ucits ETF Euro Stoxx 50 Monthly Hedged C-USD and Lyxor Ucits ETF Euro Stoxx 50 Monthly Hedged C-GBP, are meeting investors’ needs “in an environment where monetary policies’ misalignment has contributed to an increase in currency volatility.”

Fluctuations in foreign-exchange rates can affect the performance between the index returns in its local currency and the returns of a non-hedged ETF listed in a different currency.

Arnaud Llinas, Lyxor’s head of ETFs and Indexing, commented: “Lyxor is always looking for new investment opportunities to meet investor needs and has expanded its ETF range accordingly. Our currency-hedged ETFs tracking the Euro Stoxx 50 Index therefore offer exposure to European equities, while mitigating the fluctuations of the Euro against the listing currency.”

Lyxor has currently $6.5bn (€5.7bn) of assets under management on the Euro Stoxx 50 index, covering 50 stocks from 12 Eurozone countries.

Morgan Stanley Recruits Team of Some of the Most Seasoned RBC WM Professionals in Miami

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Morgan Stanley ficha a uno de los equipos más veteranos de RBC WM en Miami
CC-BY-SA-2.0, FlickrPhoto: Jorge Elías. Morgan Stanley Recruits Team of Some of the Most Seasoned RBC WM Professionals in Miami

A team of some of the most seasoned investment advisors of the international private banking office of Royal Bank of Canada in Miami has joined Morgan Stanley. Robert Alegria, Richard Earle and Javier Valle began working at Morgan Stanley Wealth Management last January.

According to information confirmed to Funds Society by sources close to the company, this group of advisors hired by Morgan Stanley, could be increased in the weeks before the imminent closure of RBC Wealth Management’s international private banking services in Miami, which is scheduled for late February.

Richard Earle and Javier Valle had worked for over 10 years as investment advisors at RBC WM, since 2002. Robert Alegria, CFA, had been working at the Canadian firm since 2001, first as a portfolio manager, and later also as an investment advisor.

RBC Wealth Management has decided to end its international private banking business in the US, confirming the closure of its offices in Miami, Houston, Toronto, and the Caribbean, as well as its international brokerage service known by the company as its International Advisory Group. The US broker dealer business continues to function throughout the country. The closure, which was released exclusively by Funds Society last September, has been carried out gradually in stages, culminating at the end of this month.

Quite a number of investment advisors from RBC’s Wealth Management office in Miami have joined other private banking projects within the market.

Safra Appoints 12 Private Bankers from RBC Wealth Management in Miami and Aventura

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Safra incorpora en Miami y Aventura a 12 banqueros procedentes de RBC Wealth Management
. Safra Appoints 12 Private Bankers from RBC Wealth Management in Miami and Aventura

Safra National Bank of New York, Safra Securities, and J. Safra Asset Management, have finalized the recruitment of a large group of investment advisors from RBC Wealth Management, which is closing its international business later this February.

 Safra’s Office in Miami

Safra Securities’ Miami office has recruited Julian Stienstra, former Managing Director Americas Private Banking at RBC Wealth Management. Stienstra has been involved in the RBC group since 1976, when he joined the group in Argentina, his home country. Since then, he has worked at several divisions of the Canadian bank, both in its retail banking division and in wealth management, based in different countries, including Brazil, Canada, and finally USA (Miami). Stienstra joins the Safra team in Miami as Executive Vice President, along with three Senior Vice Presidents, Diana Gangone, Arlette Ctraro and Julio Revuleta, a Vice President, Lupe Wong, and four Assistant Vice Presidents, Nanci Zarate, Claudia Foco, Jocelyn Gonzalez, and Monica Forgang. All of them worked previously at RBC Wealth Management.

Appointments to the Aventura office and to J. Safra Asset Management

In addition, Safra Bank’s New York Aventura office has hired Diana Duys and Cybelle Marinello, also from RBC Wealth Management, both as first VPs; finally, Michael Dejana joins J. Safra Asset Management as investment advisor and Senior Vice President. Michael Dejana worked as CIO for RBC WM in New York for over12 years, and had previously held the same position for 15 years at Barclays Wealth. Mr. Dejana will be working between Ney York and Miami.