Archive for September, 2013

Satuit Connects Users For Lively Exchange On CRM For Asset Manager

BRAINTREE, MASS.–(BUSINESS WIRE)–

Satuit Technologies Inc., a global leader in client management software for the institutional asset managers, private equity and wealth management firms, held the first of a series of Client Advisor Meetings this week in the heart of Boston. Future meetings will take place in Boston, Salt Lake, and London. The meetings are part of the client outreach program inaugurated by Satuit to allow clients to meet each other and share ideas on the future of SatuitCRM and related products.

The inaugural meeting, attended by twelve of the top asset managers including in the city of Boston opened with a lively exchange on several subjects including Business Intelligence, business systems integration, mobility and management reporting.

Satuit Technologies CEO, Karen Maguire and other key personnel, including CTO Josh Weiss and Product Manager, Xuan Ho moderated the conversations, but the real contributors were the clients who offered insights and ideas about future enhancements to the SatuitCRM platform, which is used by leading asset managers throughout the globe.

Lunch, followed by a discussion about Satuit’s product roadmap and a demonstration of data visualization capabilities rounded out the day’s events at the Boston Common Hotel and Conference Center in Boston.

“Boston is just the beginning,” CEO Karen Maguire explains. “To better serve and inform our clients, Satuit Technologies plans to hold Client Advisor Meetings across the US and UK over the coming year. Our short list includes visits to Chicago, Salt Lake City, London and Palm Beach.”

ABOUT SATUIT TECHNOLOGIES, INC.

Satuit Technologies, Inc. is the premier provider of CRM software solutions for the Institutional, wealth management, hedge fund and private equity markets. The company’s proprietary software, including SatuitCRM, SecurePDF, and SatuitSIP (secure portal), enable asset and wealth managers to increase sales, better serve their clients, and reduce costs. With offices in the United States and the United Kingdom, Satuit serves clients in more than thirty-five countries. For additional information, visit www.satuit.com.


Copyright Business Wire 2013

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Friday, September 27th, 2013 EN No Comments

Barclays wealth stays, but jobs still at risk

Today

   

Barclays wealth stays, but jobs still at risk

Barclays Wealth will continue to operate in Gibraltar despite Barclays cutting Wealth Management Services by more than half across the world by 2016. But there may still be some job losses in that unit including Barclays Wealth on the Rock, the bank has confirmed.

A Barclays spokesperson said the new strategy would focus on reducing complexity and on competing where it can win.

The plan will see the Wealth Unit focus on 70 markets, which the bank estimates covers 86% of the global wealth market. It will leave countries where it lacks scale or which it deems unprofitable, the FT reported yesterday.

 

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Friday, September 27th, 2013 EN No Comments

Asia to have world’s most millionaires by 2014

WEALTH. Asians to be world's richest, a study shows. File photo of pedestrians walking past Shanghai skyline by AFPWEALTH. Asians to be world’s richest, a study shows. File photo of pedestrians walking past Shanghai skyline by AFP

HONG KONG – Asia will have the world’s largest number of millionaires as early as 2014 despite the expected tapering of the US Federal Reserve’s stimulus program, according to a report published Wednesday, September 25.

With strong growth and high saving rates, the wealth of the region’s millionaires will grow by an annual average 9.8% and reach nearly $16 trillion in 2015, according to the wealth management unit of Royal Bank of Canada.

Despite concerns of devaluing asset prices due to capital outflows triggered by Fed tapering, Asia is set to lead the world in the number of millionaires and their total wealth, the bank said in a report prepared with consulting firm Capgemini.

“The region’s high net worth population and wealth has increased by 31% and 27% respectively since 2007, far outpacing growth in the rest of the world of 14% and 9%,” George Lewis, group head of RBC Wealth Management, said in a statement.

READ: The 50 richest Filipinos

The number of millionaires in Asia surged by 9.4% year-on-year to 3.68 million in 2012, still trailing North America’s 3.73 million.

Millionaires in the report are defined as individuals with investable assets of $1 million or more, excluding residence, collectibles and others.

Asia’s continual population growth, and economic growth expected to continue outperforming the rest of the world, would help it take the lead as early as next year, according to Eric Lascelles, chief economist of RBC Global Asset Management.

He said the Fed’s tapering plan could create “hiccups” but would not affect the trajectory of growth in the region.

The bank said Japan saw the slowest growth in its millionaire population in 2012 among Asian economies, with only a 4.4% increase compared to 2011.

Hong Kong topped its Asian peers in the growth of both millionaire numbers and their investable assets in 2012. The number of millionaires rose by 35.7% year-on-year while their wealth grew by 37.2%.

The firm said the big jump was largely caused by an influx of capital from mainland China as well as rising asset prices. – Rappler.com

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Thursday, September 26th, 2013 EN No Comments

Liontrust’s assets surge 13% in first half of year

Liontrust's assets surge 13% in first half of year

Liontrust saw net inflows of £312 million in the first half of the year, taking its total assets under management up 13% to £3.4 billion.

In a stock market update, the fund group said average monthly gross fund sales were running at £136 million between which March and September, the first half of its accounting year, up from £107 million in its last financial year.

Some 72% of Liontrust’s assets are retail with 15% institutional money and the remainder in offshore mandates.

Chief executive John Ions (pictured) said: ‘After a strong first quarter, it is particularly pleasing to have weathered the more turbulent second quarter with a small positive net inflow but maintaining strong headline gross sales.

‘This highlights the great progress made in both marketing and sales over the last few years. Average monthly gross sales in the last financial year were £107 million compared to £136 million in the current financial year to date.’

‘Liontrust continues to be well positioned for the future with a very clear product proposition and strong investment disciplines and processes across all our fund management teams.’  

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Thursday, September 26th, 2013 EN No Comments

Credit Suisse Eyes Middle East Wealth Management Expansion

Following a review of its global wealth management operations, Credit Suisse is exiting nearly 50 countries, a move that could mean a bigger presence for the Swiss banking giant in the Middle East.

With offices in Dubai, Abu Dhabi, Doha, Riyadh, Cairo and Beirut, the bank’s regional chief executive said further expansion is likely.

“We want to refocus on countries where we can further develop and grow,” Bruno Daher told The Wall Street Journal recently. “The U.A.E, Saudi Arabia and Qatar – we will definitely be more active there,” he said. The bank particularly has its eyes set on Saudi Arabia, the Arab world’s largest economy, where there’s room to further bolster operations.

Credit Suisse is exiting countries such as Angola, Congo and Turkmenistan, places where it says it only has a tiny number of clients. The bank’s reasoning is that exiting those sub-scale markets will reduce the risk of being caught up in regulatory risky situations and free up resources elsewhere.

“We don’t want to be in every country, the regulatory risk is just too big,” Mr. Daher said.

Credit Suisse’s approach to the Middle East is supported by wealth management surveys: private financial wealth in the Middle East and Africa rose to $4.8 trillion in 2012, up 9.1% from $4.4 trillion in 2011, according to the Boston Consulting Group. Qatar ranks number one in the world in terms of having the highest density of millionaires.

The bank also continues serving clients in Egypt and Lebanon even though political tensions continue to simmer there and has startled many investors.

That Credit Suisse continues to see the Middle East as a growth market may not be a surprise, but the Zurich-based firm has scaled back its investment banking operations in the region in recent years, especially in Dubai, where, until the credit crisis hit, it maintained one of the largest operations among the international investment banks.

Meanwhile, many other international wealth management specialists have continued to open new offices and hire relationship managers in the region. Local banks too are increasingly vying to do business with the region’s ultra-rich.

 

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Thursday, September 26th, 2013 EN No Comments

CAP GEMINI : Asia-Pacific Poised to Become Largest Wealth Market as Early as … – 4

Singapore, Hong Kong, September 25, 2013 -The population and wealth of Asia-Pacific’s high net worth individuals (HNWIs1) increased at double and triple the rates of HNWIs in the rest of the world over the last five years (2007-2012), finds the Asia-Pacific Wealth Report 2013 (APWR), published today by Capgemini and RBC Wealth Management. Asia-Pacific built on this trend of strong performance in 2012, its HNWI population expanding by 9.4 percent to reach 3.68 million and their wealth by 12.2 percent to reach US$12 trillion, contributing to record high levels of global HNWI wealth.

North America edged out Asia-Pacific as the largest wealth market by HNWI population, growing by 11.5 percent to reach 3.73 million. However, the report notes that Asia-Pacific is expected to reclaim the top spot in the near future, driven by strong projected HNWI wealth growth at 9.8 percent annually to reach an anticipated US$15.9 trillion by 2015.

“The Asia-Pacific market is clearly one to watch. Its leadership in global high net worth wealth growth positions it to become the largest wealth market by population as early as 2014,” said M. George Lewis, Group Head, RBC Wealth Management RBC Insurance. “Asia-Pacific’s robust growth in 2012 builds on over five years of consistent outperformance. The region’s high net worth population and wealth has increased by 31 percent and 27 percent respectively since 2007, far outpacing growth in the rest of the world of 14 percent and nine percent.”

Added Jean Lassignardie, Chief Sales and Marketing Officer, Capgemini Global Financial Services: “GDP growth of 5.5 percent, which is more than double the global average, combined with strong equity market performance across the region and strong real estate market performance in some markets, drove robust growth in Asia-Pacific’s HNWI population and wealth in 2012.This GDP growth rate is projected to drive Asia-Pacific’s growth in HNWI population and wealth through 2014.”

Distinct trends reflected across Asia-Pacific and compared to rest of world
While all Asia-Pacific markets expanded in 2012, varying rates of growth across countries within the region reflect unique economic policies, pace of reform, regulatory developments, and investor preferences and behaviors.

Hong Kong and India experienced the most significant gains in HNWI population and wealth in 2012, following steep declines in 2011. Hong Kong’s HNWI population grew by 35.7 percent and their wealth by 37.2 percent, while India’s population grew by 22.2 percent and their wealth by 23.4 percent.

Japan and Taiwan were the only markets to experience single-digit increases in HNWI population, though both still showed steady growth at 4.4 percent and 7.0 percent respectively. Growth in Asia-Pacific’s Ultra-HNWI population2 and wealth, at 15.4 percent and 17.8 percent, was the highest among all wealth bands.  It significantly exceeded gains made by Ultra-HNWIs in the rest of the world, who expanded in number by 9.7 percent and wealth by 9.4 percent.

Survey: Asia-Pacific HNWIs highly confident in industry, ability to generate future wealth
Asia-Pacific’s HNWIs are highly confident in the wealth management industry overall and their ability to generate wealth in the near future.

According to this year’s new Global HNW Insights Survey3 with responses from nearly 1,400 HNWIs in Australia, China, Hong Kong, India, Japan, and Singapore (and over 4,400 HNWIs in total), almost 80 percent of  HNWIs in Asia-Pacific (excluding Japan)4 highly trust their wealth managers and firms, compared to about two-thirds of HNWIs in the rest of world.  Additionally, 69.4 percent have high confidence in financial markets and 72.2 percent in regulators, compared to just 44.6 percent and 38.3 percent of HNWIs in other regions. HNWIs in India and China have the highest trust levels, followed, in order, by those in Singapore, Hong Kong, and Australia. Japan’s HNWIs proved an exception to the overall confidence trend, with less than a third having trust in key industry stakeholders.

In line with overall high trust levels, the outlook of Asia-Pacific (ex-Japan) HNWIs is extremely positive, with 90.5 percent confident they can build wealth in the near future, led by those in India (95.7 percent) and China (95.2 percent).

The Asia-Pacific Wealth Report 2013
Expanding on the findings of the World Wealth Report, the Asia-Pacific Wealth Report from Capgemini and RBC Wealth Management provides population and wealth data for ten core markets in Asia-Pacific. Spanning Australia, China, Hong Kong, India, Indonesia, Thailand, Japan, Singapore, South Korea and Taiwan, the report reviews economic and market performance drivers, as well as High Net Worth Individual (HNWI) investing behaviors in the Asia-Pacific region. This year’s report also includes a section that provides an in-depth focus on HNWI perspectives and behavior based on a global survey of over 4,400 HNWIs, including almost 1,400 respondents from Asia Pacific. Through the survey findings we explore HNWI confidence levels, asset allocation decisions, as well as their wealth management advice and service preferences. Download the report at www.asiapacificwealthreport.com.

About Capgemini
With more than 125,000 people in 44 countries, Capgemini is one of the world’s foremost providers of consulting, technology and outsourcing services. The Group reported 2012 global revenues of EUR 10.3 billion. Together with its clients, Capgemini creates and delivers business and technology solutions that fit their needs and drive the results they want. A deeply multicultural organization, Capgemini has developed its own way of working, the Collaborative Business Experience™, and draws on Rightshore®, its worldwide delivery model.
Learn more about us at www.capgemini.com.

Rightshore® is a trademark belonging to Capgemini

About Capgemini’s Financial Services Global Business Unit
Capgemini’s Global Financial Services Business Unit brings deep industry experience, innovative service offerings and next generation global delivery to serve the financial services industry. With a network of 21,000 professionals serving over 900 clients worldwide Capgemini collaborates with leading banks, insurers and capital market companies to deliver business and IT solutions and thought leadership which create tangible value.
More information is available at: www.capgemini.com/financialservices

About RBC Wealth Management
RBC Wealth Management is one of the world’s top 10 largest wealth managers*. RBC Wealth Management directly serves affluent, high-net-worth and ultra-high net worth clients in Canada, the United States, Latin America, Europe, the Middle East, Africa, and Asia with a full suite of banking, investment, trust and other wealth management solutions. The business also provides asset management products and services directly and through RBC and third party distributors to institutional and individual clients, through its RBC Global Asset Management business (which includes BlueBay Asset Management). RBC Wealth Management has more than C$615 billion of assets under administration, more than C$373 billion of assets under management and over 4,400 financial consultants, advisors, private bankers, and trust officers. For more information, please visit www.rbcwealthmanagement.com

About RBC
Royal Bank of Canada (RY on TSX and NYSE) and its subsidiaries operate under the master brand name RBC. We are Canada’s largest bank as measured by assets and market capitalization, and are among the largest banks in the world, based on market capitalization. We are one of North America’s leading diversified financial services companies, and provide personal and commercial banking, wealth management services, insurance, investor services and wholesale banking on a global basis. We employ approximately 80,000 full- and part-time employees who serve more than 15 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 44 other countries. For more information, please visit rbc.com.

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Wednesday, September 25th, 2013 EN No Comments

TD Asset Management Inc. Chooses to Charge Lower Management Fees on …

/CNW/ – TD Asset Management Inc. (TDAM), the
manager of TD Mutual Funds, announced today that it has chosen to
charge a lower management fee than the management fee set out in the
prospectus on nine funds.

While the maximum management fee remains unchanged, TDAM has chosen to
charge a lower management fee on select fixed income, U.S. equity, and
global equity funds, as outlined below:

  • *The maximum management fee as stated in the prospectus remains
    unchanged for the funds noted above. TDAM reserves the right to charge
    up to the maximum management fee at any time without notice.
  • **Management Fee charged prior to September 9th 2013.
  • *** Effective September 9, 2013, TDAM began charging a lower management
    fee for the funds noted above such that the annualized daily rate is as
    reflected in the table.

For more information on these funds, please visit https://www.tdassetmanagement.com/home/index.jsp

About TD Asset Management Inc.

Under the TD Mutual Funds name, TDAM provides a diverse range of 74
mutual funds, 28 professionally managed portfolios and 20 corporate
class funds. TDAM manages retail mutual fund assets on behalf of more
than 1.8 million investors and TD Mutual Funds is one of the most
broadly diversified fund families in Canada. Funds are available at TD
Canada Trust branches (through TD Investment Services Inc.
representatives), TD Direct Investing, TD Wealth Financial Planning and
TD Wealth Private Investment Advice, as well as leading investment
dealers, independent brokers, advisors and financial planners. As of
August 31, 2013, TDAM was the fourth largest mutual fund company in
Canada, with CDN$75.2 billion invested in TD Mutual Funds.

 

SOURCE TD Asset Management Inc.

• Read more articles by TD Asset Management Inc.

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Wednesday, September 25th, 2013 EN No Comments

Credit Suisse to exit wealth management for some countries

Credit Suisse’s wealth management business will pull out or partially withdraw from some 50 countries by the end of the year, a Swiss newspaper reported yesterday, as part of a drive to save 4.4 billion Swiss francs (€3.5 billion).

The move, affecting countries such as Angola, Turkmenistan and Belarus, is part of efforts to save 150 million Swiss francs in the wealth management unit, the Tages Anzeiger daily reported.

In other markets including Denmark and Israel, the bank will shut out less wealthy clients and focus on those with balances over 1 million francs, the paper said.

“It’s been known for months that we will pull out of certain small markets in our cross border business.

“This is a consequence of our strategic review which encompasses all legal, regulatory and operational aspects,” said Credit Suisse spokesman Marc Dosch.

The bank outlined plans to pull back from or close operations in a number of countries at its second quarter presentation in July.

The spokesman declined to confirm which markets would be affected, or how many.

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Wednesday, September 25th, 2013 EN No Comments

C. Suisse to exit wealth management for some countries


ZURICH, Sept 24 |
Tue Sep 24, 2013 7:27am BST

ZURICH, Sept 24 (Reuters) – Credit Suisse’s wealth
management business will pull out or partially withdraw from
some 50 countries by the end of the year, a Swiss newspaper
reported on Tuesday, as part of a drive to save 4.4 billion
Swiss francs ($4.8 bln).

The move, affecting countries such as Angola, Turkmenistan
and Belarus, is part of efforts to save 150 million Swiss francs
in the wealth management unit, the Tages Anzeiger daily reported
on Tuesday.

In other markets including Denmark and Israel, the bank will
shut out less wealthy clients and focus on those with balances
over 1 million francs, the paper said.

“It’s been known for months that we will pull out of certain
small markets in our cross border business. This is a
consequence of our strategic review which encompasses all legal,
regulatory and operational aspects,” said Credit Suisse
spokesman Marc Dosch.

The bank outlined plans to pull back from or close
operations in a number of countries at its second quarter
presentation in July. The spokesman declined to confirm which
markets would be affected, or how many.

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Tuesday, September 24th, 2013 EN No Comments

Sovereign Wealth Funds Put the Pressure on Private Equity

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For the largest, most sophisticated sovereign wealth funds, working with external asset managers is an option, not a necessity — and the balance of power has shifted unmistakably. Nowhere is that more evident than in alternative-­asset classes like private equity, infrastructure and real estate. In the aftermath of the global financial crisis, sovereign wealth funds, which have the ability to insource, are less willing to pay traditional private equity fees that typically include a 2 percent asset management fee and a 20 percent incentive fee known as carry. (See also “Sovereign Wealth Funds Look for Inside Edge by Managing Money In-house”)

At the same time, sovereign wealth funds are still eager to partner with the private equity and infrastructure managers they perceive to be best in class. The result? A rapidly hybridizing private markets industry in which sovereign wealth funds are actively seeking to coinvest with — or even buy into — the managers that deliver the best risk-adjusted returns.

“How sovereign wealth funds choose to play private equity is going to be interesting because almost every single one of them is larger now than it was in precrisis peak,” says Robert Brown, global head of limited-partner services for Boston-based private equity giant Advent International, which last year raised a new fund valued at €8.5 billion ($10.8 billion), the largest in the firm’s three-decade history. “Why is that? These funds are cash flow–generative. They’re not really paying out to cover liabilities — not like pension funds. They’re simply building up assets.”

Despite Advent’s success in raising capital for its latest fund, traditional inflows into private equity funds have been muted since the financial crisis. In 2008 institutions committed $685 billion to private equity funds (including real estate and infrastructure), according to London-based market research firm Preqin. The following year the total committed capital was more than halved, to just $318 billion. It fell even further in 2010, to $290 billion, before starting to recover: In 2012 the total capital committed to private equity funds hit $365 billion.

Nonetheless, private equity firms are reporting a surge in interest among their limited partners for co-investments; essentially, their investors are looking for opportunities to deploy at least an equal amount of capital directly alongside their private equity managers without incurring fees. When such deals are struck with their general partners, sovereign wealth and pension funds can, in effect, dilute their fee loads and reduce the cost of their private equity portfolios. By making co-investments — and an increasing number of direct investments — sovereign wealth funds can also create custom portfolio weightings independent of any specific fund.

“I see this trend toward direct investing as a continuous, long-term development,” says Martin Halusa, CEO of London-based private equity firm Apax Partners. “I think it started off with co-investments in which these funds had the insurance policy of knowing that the most experienced guys in the market were on their side. But as they gain more confidence, I think they’re shifting the weightings.” In the earliest stages of the postcrisis co-investment trend, Halusa says, some of the most autonomous sovereign wealth funds were seeking to deploy 80 percent of their private equity allocations in co-investments and 20 percent in direct investments. “Now some are running a 50-50 split,” he adds, “and some are even 80-20 the other way around.”

In the past five years, a handful of the largest sovereign wealth funds have even opted to take equity stakes in the general partnerships of their private equity managers — a trend that Halusa knows well. In 2009, Apax sold a total stake of 10 percent of its management company to China Investment Corp. (CIC), Australia’s Future Fund and Singapore’s GIC (formerly Government of Singapore Investment Corp.). The partners used the proceeds from the sale to fund a permanent capital vehicle — a balance sheet from which Apax could increase its future deal commitments as a general partner. “If we perform terribly well, the day may come when we will mainly invest our own balance sheet and invite some institutions to coinvest alongside us if they’re interested,” Halusa explains.

The equity ownership stake taken by the three sovereign wealth funds does not affect the daily workings of the private equity firm. “We’re not a subsidiary,” Halusa hastens to say, “and we’re not a captive. We’re still completely independent.” The Future Fund, CIC and GIC bought into Apax with the understanding that they would not get any preferential treatment or terms, the CEO says, but they do participate in the economics of the general partnership, so when Apax makes money on its asset management and incentive fees, they make money too. But they do not have preferential access to co-investment opportunities. The sovereign funds receive one partnership-style perk: They can get hands-on training.


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Tuesday, September 24th, 2013 EN No Comments