“In Fixed Income, Technical Factors Currently Are Much Stronger than Valuations”

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“En renta fija, los factores técnicos están siendo más fuertes que las valoraciones”
CC-BY-SA-2.0, FlickrAlan van der Kamp, Vice President, Client Portfolio Manager at Robeco. "In Fixed Income, Technical Factors Currently Are Much Stronger than Valuations"

Mr. Alan van der Kamp, Vice President, Client Portfolio Manager -responsible for representing Robeco’s fixed income investment team on its key capabilities towards investors in the Netherlands, Germany, Spain, Nordics and Latam- thinks that, although valuations generally appear to become less attractive in fixed income universe, the technical factors currently are much stronger than the valuations. Thanks to the support to ECB and this factors, he foresees further spread tightening, in segments as European high yield, subordinated financial bonds and peripheral government bonds. “We therefore currently favor European bonds compared to US bonds”, says in this interview with Funds Society, as the FED will start hiking rates in the second half of 2015.

Are bonds exhausted?

So far this year bonds have performed quite strongly across the board. Although valuations generally appear to become less attractive, the technical factors currently are much stronger than the valuations. This is particular the case in Europe, where the ECB support leads to strong demand for credits and higher-risk asset classes such as high yield and subordinated financial bonds. Also, peripheral government bonds still carry an interesting premium.

Now that prices have been adjusted, is the emerging debt a new source of value?

Value of emerging debt assets indeed looks more favorable after a period of underperformance. Particularly emerging credits stand out relative to developed markets credits while balance sheets of emerging credits are definitely not in a worse state. For local sovereign debt we see quite large differences. Some markets look attractive, but generally economic activity is still subdued which doesn’t help currency performance.

In the developed world … the story seems opposite in Europe and USA. Is there a risk in USA with the imminent rise in interest rates by the Fed?

Definitely the central bank support momentum in Europe is stronger than in US. We therefore currently favor European bonds compared to US bonds. We expect the FED to start hiking rates in the second half of 2015.

Do you expect a European QE?And, how will influence the European bond markets?

For now the ECB has announced the buying of secured bonds and the TLTRO programme. If that would not be sufficient, then we expect the ECB to expand its support programme to other bond categories.

Is there room for further narrowing of spreads on European bonds by the ECB, or already exhausted?

For some pockets in the markets we foresee further spread tightening, such as European high yield, subordinated financial bonds and peripheral government bonds.

Asia is a Story of Productivity and Domestic Consumption

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“El consumo doméstico en China está en el equivalente norteamericano de la década de 1950”
Robert J. Horrocks, CIO, and Jonathan D. Schuman, Head of Global Business Development at Matthews Asia . Asia is a Story of Productivity and Domestic Consumption

Today, markets are dominated by monetary policy, and the environment is complicated in general. Central banks are acting more for either political reasons, as in theECB’s case, or academic, as in the case of the Fed, than for economic reasons, but ultimately, we should be aiming towards more average standards in interest rates. What effect does this have on emerging markets? Robert J. Horrocks, CIO and portfolio manager at Matthews Asia believes that in such environments, the best position is to invest in markets that are independent of the evolution of demand in Europe and the U.S., “Therefore, Asian markets, which are more focused and sensitive to domestic consumption, may be an attractive place to invest.”

At a lunch presentation for a small group of investors in Miami, Horrocks pointed out how, in general, Asian markets have been those which have made the greatest advancements in improving their GDP per capita in relation to that of the U.S. during the last 30 years. Countries like South Korea have gone from having a GDP per capita which was equivalent to 20% of that of the U.S. in 1980 to currently (2010) running very close to 80%. The relative progress for Taiwan is also spectacular, and very noticeable in the case of either China or Thailand. “The secret of these markets is simple, work very hard and save your money, that’s how these countries have reached the point where they are now.” Asia is, notes Horrocks, a story of productivity and domestic consumption. In fact, productivity contributes nearly 3 percentage points to GDP growth in countries like China, despite the wage increase, “it is not affecting corporate profits as workers are becoming increasingly more productive and are thus helping the country to sustain a GDP growth of 7% without the assistance of exports”.

However, in recent years, the region has not had a prominent stock market performance. While in the U.S. profit margins have not done anything but improve, in Asia, they have fallen from an average of 9.84% for the EBIT margin during the period 2001-2008, to an EBIT margin of 7.60% during the period 2009-2014. “The margin squeeze is the main reason why Asian markets have underperformed, although in the last year there has been a stabilization, so the growth in earnings per share in the region is catching up to that of the developed world.”

This, coupled with an attractive valuation in absolute terms (according to the consensus, China is trading at an estimated 2014 PER of 9.7x) and especially in relative terms (the U.S. trades at 15.7x according to the same ratio), and the implementation of reformist governments in China, India and Japan, support investment in the region, but above all Asia is “a story of domestic consumption and middle class boom.”

If the current GDP percapita of several Asian countries is placed in a historical context the conclusions are emphatic. There are a significant number of countries which have a percapita GDP equal to that enjoyed by the U.S. in the nineteenth century, for example India, Philippines, Vietnam, and Pakistan. However much China has progressed in recent years, it is still at the stage that the U.S. was in the 1950s in terms of GDP per capita, while Thailand and Malaysia are not much better and have yet to go through the boom of appliances, tourism, and mass consumption. The more developed markets such as Korea and Taiwan are still in the 1980s; only Singapore and Hong Kong has positioned themselves on the threshold of the 21st century.

As Asianmarkets go reaching the same levels as those in developed countries, “based on working hard and saving,” as Horrocks pointed out at the beginning of this conversation, it opens “huge opportunities for companies that can exploit the consumer boomof the middle class.” The projections presented by Horrocks pointed out that in 2015, the consumption of the middle class in the Asia Pacific region will represent 30% of the total globally. This percentage will rise to 70% in 2040 at Europe’s and North America’s expense.

Toposition their portfolio accordingly, Horrocks’s team discusses the size of certain industries and even individual consumer companies currently operating in the U.S., as an estimate of where their Asian peers could be in a few years. “For example, we identified that the fast food chain business model has incredible potential within the region, while restaurant chains don’t have the same projection. Another area where we definitely want to be present in the future is that of insurance.” Once we identify a sector or business model “we match that with companies available for investing within the region,” adds Jonathan D. Schuman, director of Global Business Development at Mathews Asia, who accompanied Horrocks the presentation. “Likewise, one of the sectors that we like is healthcare, but there are very few companies in Asia where you can invest on that area, so we are very overweight in relation to the benchmark.”

“We are well awarethat when the middle class emerges, it starts consuming not only products, but mostly intangible services, so we see the huge opportunity which exists long-term in sectors such as the afore mentioned insurance and health,” Horrocks added.

The company’sChief Investment Officer concludes by calling attention to the growing importance of dividends as part of the performance of a portfolio invested in Asia. “We like companies that deliver increasing dividends, not only to provide additional yield to our investment, but also because in a market that suffers from questionable and opaque corporate governance, companies that are committed to paying dividends by force are more transparent in their accounts,” says Horrocks.

Markets are Considerably Driven by Herd Behavior

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El “efecto manada” está guiando a los mercados
Photo: Ken Hammond. Markets are Considerably Driven by Herd Behavior

In its last MarketExpress report, ING IM shares its view about the recent setback in the markets: “the reasons for the recent sharp decline in risky assets must primarily be sought in investors’ herd behavior. We admit that some fundamentals – especially in the Eurozone – have weakened, but data suggest that global growth momentum remains intact.”

The asset management firm recons it is not always easy to make sense of the financial market jitters that have plagued us over the past few weeks. When looking for an explanation, it is clear that market technicals should be high on the list. “In this respect we note that the very low interest rates have pushed new types of investors towards risky assets; investors who lack experience with equity investments. As a consequence their behavior is resembling tourists in equity markets who have difficulties to stick to their positions in uncertain times. Instead, they seem more inclined to herd behavior.”

In the meantime, data suggest that global growth momentum remains intact. “Therefore, we stick to our overweight positions in equities (small) and real estate (medium). Having said this, we admit that questions about the underlying fundamentals have also played a role in the market unrest”.

A concern is that markets may disconnect with the real economy

Amidst all uncertainties to ING IM one thing is absolutely clear: There are many moving parts in fundamental space and investors have difficulties to get grip on these parts. This situation is pretty conducive to eliciting bouts of market volatility. Loose global monetary policy has been acting as a very important “dampener” of market volatility. However, in periods in which this dampener is somewhat less effective in calming markets, one invariably starts to hear increased worries that markets may be getting way ahead of the real underlying economic situation.

ING IM thinks there is no widespread overvaluation in risky assets

The firm is clearly not in the camp that believes in widespread overvaluation in risky assets. They give two arguments for their continuous positive view on equities (small overweight) and real estate (medium overweight).

1. Global growth momentum remains intact

Data suggest that global growth momentum remains intact. The Global PMI continues to hover in a range consistent with moderately above potential global growth. Momentum in global retail sales has picked up over the past few months and will receive a further boost from the sharp fall in commodity prices.

2. Global Economy has support from dollar, oil price and yields

Lower oil prices are favourable for disposable incomes of households. Besides, companies will benefit, due to lower input costs. Lower US bond yields imply breathing space for emerging markets. Finally, the stronger dollar is favorable for economic and earnings growth in Europe, Japan and the emerging world.

Transearch International Opens an Office in New York, Placing Carolina Molloy at the Helm

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Transearch International abre una oficina en Nueva York y pone al frente a Carolina Eiris Molloy
Carolina Molloy. Courtesy photo. Transearch International Opens an Office in New York, Placing Carolina Molloy at the Helm

The headhunters’ firm Transearch International has opened an office in New York, which will be headed by Carolina Molloy, a professional with over 20 years experience in the financial and consultancy sectors, who has developed her career between Caracas, Miami, and New York, as she explained to Funds Society.

Transearchhas decided to take the leap into New York, which is the undisputed financial center par excellence, and finance is one of the most important business sectors for this headhunter company based in Miami.

Molloy said in this regard that, “Miami is a major financial center, but undoubtedly, there are certain things which are handled in New York, and that is the reason why Transearch has decided to open an office here,” added Molloy, who is also senior client partner of the company.

Molloy will work closely with Mar Hernandez, head of Transearch’s financial department in Miami, and who, to date, has also worked with clients in New York, some clients will remain under Hernandez’ umbrella, who from now on will be supported by Molloy on the ground.

Likewise, Molloy has the mandate to develop Transearch’s business in New York and attract new customers to the company.

Molloy comes from the First Manhattan Consulting Group, a boutique management consulting firm specializing in financial services, where she specialized in financial services and where she had been working for three years. For Molloy, Transearch is a natural area in which to work given her professional experience, this job will allow her to further leverage her knowledge to transfer it to her new professional field.

Molloy, a systems engineer from the Metropolitan University of Venezuela, has an MBA in Financial Management from the MIT Sloan School of Management. She worked for several years at Citi, both in Caracas and in Miami, where she held various positions in the areas of Consumer and Product and for two years headed that company’s second-largest branch in Miami. Earlier in her career she worked in Socit Gnrale in Budapest and in the global consulting firm Accenture in Venezuela.

Investec AM Gathers Over 200 Investment Professionals in London for its Global Insights Conference

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Investec AM analiza en Londres junto a 200 profesionales los temas clave y motores de los mercados de inversión
Photos: Funds Society. Investec AM Gathers Over 200 Investment Professionals in London for its Global Insights Conference

Last week, and for the seventh consecutive year, Investec Asset Management held its Investec Global Insights 2014 conference in London, bringing together more than 220 professionals from around the world.

Clients from Latin America, United States, Asia, Europe and the UK, from first class institutions like UBS, Citi and Morgan Stanley, amongst others, met in the English capital to work through key issues and drivers of the various investment markets, where they had the opportunity to meet the company’s leading portfolio managers.

The asset management company invited an externalspeaker for the first time, and after a few words of welcome from Investec AM’s managing director, Richard Garland, Peter Oppenheimer, Chief Global Equities Strategist at Morgan Stanley, signaled the start of the event. The conference was marked by an atmosphere of nervousness among the attendees after recent market events; with the S&P reaching all time intraday highs, the general lowering of expectations for growth, and rising deflation after the reduction of inflationary pressures.

For Oppenheimer, “these movements are not consistent with normal cycles. We are in an environment of relatively low growth, although it is true that companies have cash to spend. Their relative valuations will serve as support for equities. Growth in emerging markets will be key, but differentiation is to be expected.”

When Garland launched the audience a question as to which is the preferred region in which to invest in equities, most argued for Europe. The South African firm is also positive with European equities, while acknowledging that there is a need to be selective. “What is clear is that none of our managers are buying ‘plain vanilla’ companies, says Philip Saunders, Co-Head of Multi-Asset. Meanwhile, James Hand, Co-Head for 4Factor Equities, is confident that interesting opportunities are to be found in Scandinavia and Germany, while he leaves the UK out of his radar screen. Clyde Rossouw, Head of Quality, is committed to global European businesses that are making part of their bottom-line externally and he acknowledges that Nespresso is currently his favorite bet.

John Stopford, co-head of the Multi-Asset team, was on hand to try to provide an answer together with his colleagues, to the difficult question of whether it’s possible to find sustainable sources of income, as low interest rates policies have hindered the returns of the safest assets. The search for yield will be supported by demographic issues, policies of low interest rates and low volatility. So, how do we generate income without taking risks?

According to Stopford, credit seems to be the most vulnerable asset. Yields on corporate bonds are close to touching the lowest levels historically, and they are susceptible to an increase in both yields on government bonds and volatility. Furthermore, over exposure to high-yield market makes it unstable and prone to sufferingwhen the time comes to absorb significant volumes of sales, which would result in a lack of liquidity.

The expert assures that credit tends tosell before shares. In previous cycles, six to 18 months have elapsed before the peak in equities.

Profits are usually the driving force behind equities, moving largely to the rhythm of the economic cycle. Credit spreads are closely linked to the uncertainty in profits and volatility. Uncertainty tends to increase as we approach the end of the cycle.

 “The equity market is likely to still have some way to go. Unlike bonds, stock returns are quite high by historical standards. Even so, we are at a favorable moment for equities, in an environment where profits are improving,” said Stopford. “In addition, dividends and growth thereof are likely to remain important drivers for investment in a world of relatively low growth,” he adds.

Meanwhile, Alex Moss, Real Estate consultant, says that the housing sector remains a good source of income. “The cash flow of companies within this sector is improving in general terms and its dividend yield is growing. They also have strong balance sheets and relatively low levels of debt.”

During thepanel, Victoria Harling, portfolio manager for Emerging Markets Corporate Debt, claimed that emerging bonds in local currency offer better value than in hard currency, as they are vulnerable to a widening of credit spreads in developed countries. “In addition, local currency bonds are trading at a decent premium if we analyze historical returns. Emerging currencies are cheap, but not outrageously so, so it makes sense to use them to finance exposure to the Euro or other non-USD currencies.”

In short,managers at Investec Asset Management consider that a wisely built and actively managed portfolio can reduce risk.

And,how can that be achieved? The management company recommends a diversified portfolio, choosing stocks with low beta, managing the risk of bond duration, and covering the risk tactically when it appears markedly.

One Bright Spot in Equity Markets is Japan

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Japón se perfila como un oasis frente al resto de mercados de renta variable
Photo: Oasis in Libya by Sfivat - Own work. One Bright Spot in Equity Markets is Japan

September was a challenging month for risk assets with the S&P 500 index posting a dollar total return of -1.4%. UK equities also declined as the short-term uncertainties relating to the Scottish independence referendum weighed on sentiment, with the FTSE All-Share registering a sterling total return of -2.8%. For the year, the All-Share is now up only 0.6% on a total return basis. Returns from European equity markets diverged in September, with the likes of Italy and Denmark ranking among the stronger European bourses when measured in local currency terms, while Greece and Portugal underperformed. Japanese equities outperformed strongly, which was very pleasing as we continue to favour Japan within our multi-asset portfolios. However, Asian equities struggled, as markets in Hong Kong and China were unsettled by pro-democracy demonstrations in Hong Kong after Beijing ruled out fully democratic elections in 2017. In fixed income, benchmark US 10-year yields moved higher to finish September at 2.48%. Towards the end of the month, there was some volatility in Treasury and credit markets as the departure of Bill Gross from PIMCO led to concerns that the world’s largest bond fund – the c.$220bn PIMCO Total Return Fund – could be forced to exit positions to meet client redemptions.

At the time of writing, risk assets are struggling to make any headway due to the combination of weak European economic data, the first confirmed cases of Ebola in Europe and the US, and ongoing geopolitical worries in Europe, the Middle East and Hong Kong/China.

As I have highlighted in our recent asset allocation update, we have decided to take some money out of high yield (with the proceeds going to cash) as a risk reduction measure; the asset class is widely owned and yet liquidity remains patchy. Core bond yields continue to look poor value versus historic averages, but the deteriorating economic growth outlook in Europe and some signs that the US is moving to a more moderate rate of growth should provide some support for core bond prices, even allowing for the concerns about flows mentioned above.

On the policy front, the market continues to speculate whether the ECB will implement some form of full- blown quantitative easing (QE), but it was interesting to note that Mario Draghi looked somewhat dejected at a recent ECB press conference; it is clear that he would like Europe’s politicians to implement some form of structural or fiscal boost (a ‘cash for clunkers’ scheme is one potential easy win for Europe, especially given Germany’s position as a leading producer of cars) but nothing has been forthcoming. As for QE, I would continue to question the efficacy of sovereign bond purchases when European core yields are already so low. Ever-lower bond yields are unlikely to encourage European banks to lend when demand for credit is subdued and regulatory constraints mean that banks are being forced to conserve capital. However, given the politicians’ inaction on structural reform and fiscal stimulus, Draghi may feel that he has to implement QE because it is the only lever that he can pull.

On balance, we remain constructive on equities versus bonds on a relative basis but, in absolute terms, equities are no longer cheap and on some measures they are expensive. One bright spot in equity markets is Japan, where companies have benefited from the yen’s decline against the dollar; upward earnings revisions continue to come through, and should continue to underpin the relative attractiveness of the asset class, although Japan is unlikely to be immune to any short-term weakness in global equities.

Perhaps the biggest question for investors at the moment is whether the US really can ‘go it alone’ given that much of the developed world remains moribund in economic terms. Certainly dollar strength has been one of the major themes in markets this year and it is telling that US QE is winding down just as Europe seems to be contemplating its own full-blown program of sovereign bond purchases. One thing that is clear is that the dollar is likely to remain healthy in the short term and this should to prove a headwind for asset classes that historically have had a strong negative correlation with the dollar, such as emerging markets.

Mark Burgess is Chief Investment Officer at Threadneedle

“With this Setback, the Markets are Challenging European Politicians to Undertake Change”

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“Con este recorte, los mercados realmente están retando a los políticos europeos a acometer el cambio”
Neil Dwane, Chief Executive Officer of European Equity, Allianz GI. “With this Setback, the Markets are Challenging European Politicians to Undertake Change”

This last week has been tough for the markets. What began on the previous week with a correction in commodity prices has now moved to the stock markets. “Investors have realized that global growth is slowing down,” said Neil Dwane, Chief Investment Officer for European Equities at Allianz GI, in an interview with Funds Society. As pointed out by this expert, this situation was triggered by weaker-than-expected inflation data in China, and especially “the negative PPI data, which raises concerns of a serious scenario for commodities and growth, coinciding with the end of tapering”.

Thus, investors are reacting to a scenario of lower growth and rising interest rates. A combination that last week led to yields on government bonds in Italy and Greece reflecting new concerns about sovereign risk in certain countries of the Eurozone. Some truncated corporate transactions, such as the U.S. pharma AbbVie’s takeover bid on UK’s Shire Pharma, have tumbled an entire sector, “bringing some hedge funds down along the way with bulkier positions,” added Dwane.

“All these factors represent a setback, so maybe it’s time to reassess the positions on our portfolios” he explains, adding that technical factors have also helped to aggravate the situation short-term because up until this week US$20bn of the US$70bn which North American investors had assigned to the European stock markets in recent years, had already flowed out, “but surely last week there were further outflows.”

If before this week, European equities were cheap, both in absolute terms and especially in relative terms to U.S. equities, now they are even cheaper. Dwane points out a number of factors to consider when allocating assets to European equities:

  1. AQR (Asset Quality Review)– in late October, the ECB has to give its verdict on the quality of Eurozone banks. Until the last LTRO auction, this was never considered a very important event as the ECB had not been aggressive with the banks, “which is negative, because the banks need to recapitalize and if they don’t, nothing can change in Europe.” However, Dwane believes that after the banks’ lukewarm reception of the last auction, the ECB will be harder with European banks, forcing them to “ask for capital, which is something that they really need, so that within a year they will be ready to give credit,” thus helping the European economy to grow. So, something that at first may seem negative for banks and for the market as a whole, would be positive in the long term, and will provide an an opportunity to enter the market at more attractive prices.
  2. Changing political disposition– this is an additional source of instability for Europe. Until now, European politicians have not taken the need for change seriously. “Countries like Spain and Ireland have taken measures, but others like Italy are still evasive. With this setback, markets are really challenging politicians to undertake change. While in the short term this means more uncertainty, if there is evidence of a serious political commitment from countries like Italy, France, and even the ECB, the European stock market could rally strongly.
  3. Weak Euro –This is the factor which undoubtedly provides greater support for European corporations, their profits, and therefore their share price. “Unlike the detrimental effect of a stronger dollar on emerging markets, which see a rise in both the cost of the goods they need to import, and the cost of refinancing their debt, for Europe, a weak Euro against the dollar represents an extensive competitive advantage for their companies.” Dwane highlights that the effect of a weaker Euro will start to show up in corporate profits after a while, but even if it comes with a time lag the markets will welcome it. He adds that if you look at historical data, the average dollar rally is usually 20%, in this case it only accumulates a 9% rise so statistically, it could continue. “Probably in a few months we will start to see recommendations from analysts advocating buying Adidas and selling Nike, due to the effect of the dollar,” he added as an example.

Considering the risks and opportunities in European equities, Dwane concludes by pointing out not to lose sight of the attractive valuation of many of the European markets relative to the U.S. Using the cyclically adjusted PE ratio, and not even considering the market drop in recent weeks, the U.S. trades at a PE ration that exceeds 25x, while Germany, Netherlands, France, UK, Spain, Ireland, Italy, Portugal, and of course Greece, are clearly trading below the historical average for this ratio, which is in the vicinity of 17,5x.

This, Dwane notes, “does not have to result in a better performance of European markets over the U.S. in the coming months, but statistically there is a high probability that the annual returns of the U.S. market over the next decade will be around 2%, while that of Greece, would be of 15%.”

Allianz GI suggests two strategies for partaking in this future return given the current market environment: first, quality growth. Dwane explained that “there is corporate growth in Europe, but you have to know where to find it; the current environment is best for stock pickers.” On the other hand, a good argument in times like these is investing in companies with high dividend yields. To begin with, they receive the support of the global search for yield, and currently they offer a higher yield than that of European corporate bonds. In addition, companies that pay dividends tend to behave with less volatility than those that do not.

The Narrow Road to the Deep North Wins the 2014 Man Booker Prize

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“The Narrow Road to the Deep North” gana el Premio Man Booker 2014
Foto cedidaPhoto courtesy of Man Group. The Narrow Road to the Deep North Wins the 2014 Man Booker Prize

Richard Flanagan was announced, on Tuesday 14 October, as the winner of the 2014 Man Booker Prize for Fiction for The Narrow Road to the Deep North, published by Chatto & Windus.

The Tasmanian-born author is the third Australian to win the coveted prize which, for the first time in its 46-year history, is now expanded to include entries from writers of all nationalities, writing originally in English and published in the UK. He joins an impressive literary canon of former winners including fellow Australians Thomas Kenneally (Schindler’s Ark, 1982) and Peter Carey (Oscar & Lucinda, 1988 and The True History of the Kelly Gang, 2001).

The Narrow Road to the Deep North is the sixth novel from Richard Flanagan, who is considered by many to be one of Australia’s finest novelists. It centers upon the experiences of surgeon Dorrigo Evans in a Japanese POW camp on the now infamous Thailand-Burma railway. The Financial Times calls it ‘elegantly wrought, measured and without an ounce of melodrama… nothing short of a masterpiece.’

Named after a famous Japanese book by the haiku poet Basho, The Narrow Road to the Deep North is described by the 2014 judges as ‘a harrowing account of the cost of war to all who are caught up in it’. Questioning the meaning of heroism, the book explores what motivates acts of extreme cruelty and shows that perpetrators may be as much victims as those they abuse. Flanagan’s father, who died the day he finished The Narrow Road to the Deep North, was a survivor of the Burma Death Railway.

Richard Flanagan was announced as the 2014 winner by AC Grayling, Chair of judges, at an awards dinner at London’s Guildhall, which was broadcast live on the BBC News Channel. Flanagan was presented with a trophy from HRH The Duchess of Cornwall and a £50,000 check from Emmanuel Roman, Chief Executive of Man Group. The investment management firm has sponsored the prize since 2002.

AC Grayling comments: ‘The two great themes from the origin of literature are love and war: this is a magnificent novel of love and war. Written in prose of extraordinary elegance and force, it bridges East and West, past and present, with a story of guilt and heroism. This is the book that Richard Flanagan was born to write.’

In addition to his £50,000 prize and trophy, Flanagan also receives a designer bound edition of his book, and a further £2,500 for being shortlisted.

On winning the Man Booker Prize, an author can expect international recognition, not to mention a dramatic increase in book sales. Sales of Hilary Mantel’s winning novels, Wolf Hall and Bring Up the Bodies, have exceeded a million copies in their UK editions, published by Fourth Estate. Her novels have subsequently been adapted for stage and screen, with the highly acclaimed theatre productions of both novels arriving on Broadway in April 2015. Granta, publisher of Eleanor Catton’s 2013 winner, The Luminaries, has sold 300,000 copies of the book in the UK and almost 500,000 worldwide.

AC Grayling, philosopher and author, was joined on the 2014 panel of judges by: Jonathan Bate, Oxford Professor of English Literature and biographer; Sarah Churchwell, UEA’s Professor of American Literature; Daniel Glaser, neuroscientist and cultural commentator; Alastair Niven, former Director of Literature at the British Council and at the Arts Council, and Erica Wagner, former literary editor and writer.

Wells Fargo Advisors Miami Recruits a Team of Four Advisors from Merrill Lynch

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Wells Fargo Advisors Miami ficha a un equipo de cuatro asesores de Merrill Lynch
Wells Fargo Building in downtown Miami. Photo: Daniel Christensen. Wells Fargo Advisors Miami Recruits a Team of Four Advisors from Merrill Lynch

Wells Fargo Advisors Miami International has hired a team of four new advisors for its high net worth families division (HNW); a team which hails from Merrill Lynch, and which will join the company’s international complex in Miami, as was reported by Wells Fargo through a notice published in the Miami Herald, the local newspaper.

Eugene Montoya and Francisco de la Cámara each join the firm as Managing Director of Investments, while Mario Baro joins as Senior Vice President of Investments and Kevin Montoya as Financial Advisor.

According to the company, these four professionals join Wells Fargo Advisors in order to serve the bank’s clients from their international complex in Miami. Wells Fargo has over 100 years’ experience advising HNW families.

HSBC Private Banking Hires Vicente Garcia as Head of Mexican Market for Switzerland and Luxembourg

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HSBC Private Banking contrata a Vicente García como market head México para Suiza y Luxemburgo
Photo: Restu20 . HSBC Private Banking Hires Vicente Garcia as Head of Mexican Market for Switzerland and Luxembourg

According to information passed to Funds Society by sources close to the appointment, HSBC Private Bank has hired Vicente Garcia as the institution’s Head of Mexican Market in Geneva and Luxembourg, a post which he took up a few weeks ago from And Private Wealth of Andbank group.

With over 15 years experience in the Mexican market, living in Mexico during six of those years, he has extensive experience in financial markets, products, and investment and estate planning, as shown by his Linkedin profile.

From1999 until 2011, Vicente Garcia worked between Geneva and Mexico as private banker in Santander Private Banking, where he held the positions of Senior Relationship Manager and Team Leader for Mexico’s table. He began his career as a trader at Banque Kankaku and Cogetex, where he worked in Geneva for two years.

Garcia, CFA, has a degree in International Relations from The Graduate Institute for International Studies (IUHEI).