Archive for November, 2013
TSX Symbol: CIX TORONTO , Nov. 27, 2013 /CNW/ – CI Investments Inc. (”CI”) today announced several enhancements to CI Canadian Dividend Growth Fund and CI U.S. Dividend Growth Fund, including the appointment of Cambridge Global Asset Management as portfolio advisor, the introduction of monthly distributions, and name changes for the funds. The award-winning Cambridge team manages over $8 billion in assets, has offices in Boston and Toronto , and is led by Chief Investment Officer Alan Radlo and Portfolio Managers Brandon Snow and Robert Swanson . The group has achieved strong results in managing its funds, which include equity, income and dividend funds. “Investors in these funds will benefit from Cambridge’s proven expertise across a broad range of equity and income mandates,” said Derek J. Green , CI President. “The dividend strategies fit well with Cambridge’s focus on risk-adjusted returns and downside protection.” CI Canadian Dividend Growth Fund will be renamed Cambridge Canadian Dividend Fund and CI U.S. Dividend Growth Fund will be renamed Cambridge U.S. Dividend Fund . Both funds will begin paying a regular monthly distribution to their investors starting in January 2014 . The U.S. dollar version of Cambridge U.S. Dividend Fund will pay its monthly distribution in U.S. dollars. In addition, the requirement to invest in concentrated portfolios has been lifted for both funds, giving the portfolio managers the option of increasing the number of holdings and allowing for increased diversification. Furthermore, the two funds will be made available in CI Private Investment Management , CI’s program for higher net worth investors. The various changes to the funds are expected to be effective from December 16 to December 31, 2013 . “Investors are increasingly responding to low interest rates by relying on equity investments to provide income,” said Mr. Green. “These funds, with the experience of the Cambridge team, a focus on stable dividend-paying firms and the new monthly distribution payouts, will be a solid option for these investors.” Mr. Radlo and Mr. Swanson will be named Portfolio Managers of Cambridge U.S. Dividend Fund and Mr. Snow and Mr. Swanson will be named Portfolio Managers of Cambridge Canadian Dividend Fund . Mr. Radlo has over 30 years of investment experience and joined CI in 2008 to found the Cambridge team. Prior to that, he was a portfolio manager at Fidelity Investments, where he was responsible for approximately $10 billion in assets. Mr. Radlo focuses on Cambridge’s U.S. and global equity funds. Mr. Swanson’s investment career spans three decades. Prior to joining Cambridge in 2011, he worked at Fidelity Investments, where he was lead portfolio manager of several mutual funds with combined assets under management exceeding $20 billion . At CI, Mr. Swanson oversees Cambridge’s diversified income, dividend and balanced mandates. Mr. Snow has 10 years of investment management experience. Prior to joining CI in 2011, he was an analyst and portfolio manager of two Canadian-focused equity mandates at Fidelity Investments with a total of $1.7 billion in assets. He specializes in North American equities and is lead manager of Cambridge’s Canadian equity mandates. Cambridge Global Asset Management is a business name of CI, used in connection with its subsidiary, CI Global Investments Inc. Certain portfolio managers of Cambridge Global Asset Management are registered with CI Investments Inc. About CI Investments – Canada’s Investment Company CI is one of Canada’s largest investment management companies. It offers a broad range of investment products and services, including an industry-leading selection of investment funds, and is on the Web at www.ci.com . CI is a subsidiary of CI Financial Corp. (TSX: CIX), an independent, Canadian-owned wealth management firm with approximately $115 billion in assets as October 31, 2013 . SOURCE CI Investments Inc.
Tags: news
Wed Nov 27, 2013 4:31pm EST
Tags: news
* Borrowing from China lenders up twenty-fold in three years
* Asset purchases grew as more China firms struggled
* End-June debt $17 bln vs top IPO valuation of $16.4 bln
By Elzio Barreto
HONG KONG, Nov 28 (Reuters) – China Cinda Asset Management’s
drive to crank profit out of bad loans has come at a cost – a
debt mountain of its own.
As it homes in on Hong Kong’s biggest initial public
offering this year, the distressed debt manager’s borrowing has
risen twenty-fold in the last three years to more than its
maximum market value at listing.
The surge to 104.1 billion yuan ($17 billion) in debt at the
end of June came as Cinda went on a spree, scooping up
distressed assets from the likes of real estate projects, cement
makers, miners and coal companies unable to pay back loans.
The debt pile, revealed for the first time in Cinda’s IPO
prospectus, doesn’t just expose the company to risk factors
including short- and long-term interest rate hikes. It means
Cinda’s reliance on backing from the government and Chinese
financial institutions to fuel its growth is set to intensify,
even as the sale of up to $2.5 billion in shares attracts some
of the world’s biggest global investors.
“In the end the question is what are the returns they’re
going to get on the assets that they’re buying,” said Charlene
Chu, China bank analyst at Fitch Ratings in Beijing. “Will the
returns be sufficient to pay back the obligations that they
owe?”
The IPO has lured sovereign wealth funds and hedge funds
betting that soured loans will be big business in China’s
slowing economy. Hong Kong market sources say demand for the
shares, due to list on Dec. 12, has been brisk since the
prospectus was launched on Monday.
There’s no suggestion that Cinda’s major shareholder,
China’s Ministry of Finance, or other lenders won’t continue to
support the company or roll over borrowings if Cinda needs more
time to pay back its own debt.
But Cinda said in its IPO prospectus that, “If sufficient
financing is not available to meet our needs, or cannot be
obtained on a commercially acceptable terms, or at all, we may
not be able to fund our operations, investments and business
expansion, introduce new business or compete effectively.”
Company officials said at an IPO presentation in Hong Kong
on Wednesday that they’re comfortable with Cinda’s debt strategy
and are looking to further diversify funding sources in the
future.
BORROWING SHIFT
Cinda was created in 1999 to take on the bad debts of China
Construction Bank (CCB). It initially borrowed money
from the government to take on and process CCB’s bad loans.
The company has since shifted its funding to other entities
beyond China’s Ministry of Finance and the central bank,
according to the IPO prospectus. Cinda increasingly taps other
Chinese financial institutions, referring to these lenders in
the prospectus as “market-oriented sources”.
The 104.1 billion yuan in borrowing at the end of June
compares with just 7.83 billion yuan at the end of 2010.
Nearly half of the loans mature in one year or less. Their
short-term nature underscores the risks Cinda could face in the
event of a cash crunch similar to the one that affected Chinese
markets in June.
“The potential is certainly there for any entity that has
that type of profile,” Fitch’s Chu added.
The vast majority of the borrowings, 95.3 billion yuan, are
unsecured loans, which also exposes lenders in case Cinda faces
any liquidity shortage.
Still, the company has relationships with over 100 banks in
China without any single one having a major exposure, according
to a person familiar with the IPO plans, limiting potential
losses should any crunch occur.
Ultimately, analysts say, the company remains backed by the
Chinese government, and concerns about its future liquidity
would be overblown. After the IPO, the Ministry of Finance will
own 69.6 percent of the company, compared with 83.5 percent
before.
“The core point is it’s supported, or controlled, by the
Chinese government and that gives it a very powerful backing in
the market, no matter the lenders or borrowers,” said Xingyu
Chen, a banking analyst at Phillip Securities in Shanghai.
($1 = 6.0936 Chinese yuan)
(Reporting by Elzio Barreto; Editing by Kenneth Maxwell)
Tags: news
Tue Nov 26, 2013 4:27pm EST
Tags: news
Posted: Tuesday, November 26, 2013 3:06 pm
Shank Wealth Management named Small Business of the Year
By NATE BROWN
Houston Community Newspapers
Shank Wealth Management was recently honored at the 27th Annual Small Business Awards Banquet hosted by the Lone Star College System and the Small Business Advisory Council.
“We are so elated,” said Shank Wealth vice president Christian Shank. “It also is a validation of what we are trying to do. We are humbled that we were chosen. To be included in the group (of other business) was humbling and we are honored.”
The annual banquet honors three small businesses from each of the six Lone Star College areas. Shank Wealth Management was named Small Business of the Year for the Lone Star College – Kingwood area on Nov. 14.
Chick-Fil-A, Fall Creek, owned by Duane and Erica Johnston and Sullivan’s Advanced Paint and Body owned by Danny Sullivan were named as the other two finalists for the Lone Star College – Kingwood area.
Shank Wealth Management started in 2006 when Christian Shank and his father, Bill Shank left A.G. Edwards (now Wells Fargo Investors) to start their own management firm backed by LPL Financial.
“Someone in the headquarters of (A.G. Edwards) looked at a map and wanted to combine the Kingwood and Champions offices – a 42 mile difference,” Shank said. “We’re big on living where we work and working where we live so we started looking at three or four different firms.”
The Shanks chose LPL Financial because of the hands-off freedom LPL Financial allows its partners to practice.
“LPL has a different model than an A.G. Edwards or a Merrill Lynch,” Shank said. “We have the ability to put our name on the door and run our business model as we see fit, but we have the support from a large firm.”
Shank Wealth Management is based in Kingwood in the Chestnut Ridge suites and currently services 300 to 400 households.
For more information about the firm and its services, visit www.shankwm.com
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Tuesday, November 26, 2013 3:06 pm.
Tags: news
Editor’s Note: This is the first in a series of articles
“We’ve been so busy keepin’ up with the Jones’… Four car garage and we’re still building on; Maybe it’s time we got back to the basics of love.” — “Luckenbach, Texas” by Waylon Jennings
Where does your investment advisor live, and what does he/she drive? What are his/her spending habits? And why should you care?
David John Marotta writes in MarottaonMoney.com that there are 10 important safeguards regarding hiring a prospective financial advisor. One is avoiding an advisor with a lavish lifestyle.
“Your best defense is to engage an advisor whose daily practices reflect ways to safeguard the money under his or her fiduciary care,” says Marotta. “As part of identifying such an advisor, make sure there is a mutual understanding that an ostentatious lifestyle is not a valid financial goal.”
Does your investment advisor purchase showy goods like vintage autos and pricey art? If so, according to Marotta, you may want to reevaluate your relationship.
“Wealth is what you save, not what you spend,” he says. “That’s why an ostentatious and excessive lifestyle is a red flag for an investment advisor. The rich buy investments … not liabilities like boats and cars.”
“If Bernie Madoff had bought businesses and investments, he would be able to make restitution of those initial investments. He might even be able to pay a fraction of the gains he claimed to have.”
Madoff owned a $7 million New York penthouse and enjoyed a $3 million Hamptons home on the weekends. This was in addition to a $9.3 million mansion in south Florida. On the French Riviera, Madoff owned a $1 million chalet and operated two boats. He frequently spent $100,000 a month on chartered jets and limousines. In his apartment sat a Steinway concert grand piano. He bought his brother a vintage Aston-Martin, which was used as a company car.
The spending was unbelievable. All on the backs of trusting investors. Obviously, Madoff’s personal wealth management habits were at odds with those of the vast majority of his clients. His own personal investment accounts were not that sizable given the level of his spending.
Madoff’s lifestyle also begs an important question: while he was jetting about, who was managing his clients’ money? Actually managing, monitoring and rebalancing private wealth portfolios requires that an advisor spend countless hours daily, glued to a computer and multiple screens, reading and studying the movement of securities and analyzing industry trends.
If you see your advisor glad-handing at public functions every day or vacationing for months at a time, someone else is probably managing your money. Who that “someone” is and if they actually have your goals and risk tolerance and best interests in mind is another good question you may want to ask.
Margaret R. McDowell, ChFC, AIF, a syndicated economic columnist, chartered financial consultant and accredited investment fiduciary, is the founder of Arbor Wealth Management, LLC, (850-608-6121 — www.arborwealth.net), a fee-only” registered investment advisory firm located near Sandestin. Arbor Wealth specializes in portfolio management for clients with $250,000 or more of investable assets.
Tags: news
Property tax deadline
The final day to receive a 4% discount on property taxes typically is the last day of November. This year that day falls on the Saturday following the Thanksgiving holiday. Because of that, the early payment discount deadline will be extended one business day to Dec. 2.
Mailed tax payments must be postmarked by Nov. 30 to receive the 4% discount. Drop Box payments made on or before Dec. 2 will receive the 4% discount.
Financial advisor launches firm
Financial advisor, Dustin W. Terry, recently announced the launch of Clear Harbor Wealth Management, the Emerald Coast’s newest independent wealth management firm at 4502 Highway 20 East, Suite B, in Niceville. Founded with a vision to provide investors with unbiased investment advisory services, Clear Harbor Wealth Management is dedicated to thoroughly understanding each client’s individual financial priorities.
“It is necessary to have a complete understanding of each client’s individual situation, their future objectives, and potential concerns,” said Terry. “My job is not just to obtain the client’s business but to provide a level of service to ensure a lasting relationship.” Call 850-687-3384 or 850-897-0677.
Legendary Marine ‘#1 Ranked Boat Dealer of the Year’
Legendary Marine was recently named “Dealer of the Year” for the second consecutive year by Boating Industry Magazine as part of its annual TOP 100 awards program held in Orlando Nov. 20. The This award is the single most prestigious and most highly coveted recognition in North America for marine retailers and is presented annually to only one dealer.
“Legendary wowed us with the wave of improvements the company made over the last year, from the Five Star Military VIP Program to the Legends Boating Club,” said Boating Industry Editor in Chief Jonathan Sweet.
“Winning this award two years in a row is a wonderful achievement for our entire team,” said Legendary Marine Managing Partner Fred Pace. “I have to credit each and every person who is part of the Legendary Marine family for their extraordinary performance and contributions to our success. It definitely is a team effort that made this recognition possible.”
Tags: news
BEIJING—China Cinda Asset Management Co., which long ago outlived its original role as a “bad bank,” is about to launch an initial public offering of up to $2.46 billion even as it has been borrowing billions more in an effort to reinvent itself as a lender to cash-strapped Chinese firms, an exchange filing on Monday shows.
The IPO highlights a change in strategy that has seen Cinda emerge as one of the fastest-growing institutions in China’s financial sector, and a major player in the country’s property market. In its traditional role, Cinda used government-backed funds to buy nonperforming loans from Chinese banks that often needed many years to resolve. Now it is betting on faster turnarounds, borrowing from banks to help companies with cash-flow problems, and expecting a payback within three years.
Its initial filing on Monday with Hong Kong’s stock exchange showed that those bets are getting bigger, with the firm’s total assets almost doubling between the end of 2010 and the end of June this year.
While Cinda’s new approach promises lucrative returns, it also carries risks: Given the Chinese economy’s slowing growth, companies that are short of cash today may take longer than anticipated to repay their loans.
With the slowdown coming after a multiyear lending boom, analysts expect bad loans in China’s banking system to start rising. Many of China’s exporters are already under strain, and industries such as solar components, shipping and steel that ramped up borrowing during the good times are saddled with vast production overcapacity.
That has sparked significant investor interest in a company that was created to deal with nonperforming loans in 1999 and help China’s state-owned banks and industries dig out from mountains of debt. Unlike comparable institutions set up in other countries to resolve bad loans, Cinda and three other specially created asset-management corporations weren’t wound down.
Heard on the Street
- Getting a Look into China’s Bad Bank
Instead, in 2006 Beijing directed them to start operating along commercial lines. The four firms started to reinvent themselves as financial-services conglomerates. They added insurance and securities companies, and nonbank lenders such as trust and leasing companies. Such businesses account for about a third of Cinda’s revenue, but only about 5.5% of its profit.
A raft of buyers has committed as cornerstone investors in advance of Cinda’s IPO, including New York-based
Och-Ziff Capital Management Group
OZM +1.10%
Och-Ziff Capital Management LLC
U.S.: NYSE
$13.75
+0.15
+1.10%
Nov. 25, 2013 2:52 pm
Volume (Delayed 15m)
:
602,413
P/E Ratio
N/A
Market Cap
$6.28 Billion
Dividend Yield
7.26%
Rev. per Employee
$3,661,700
More quote details and news »
OZM in
Your Value
Your Change
Short position
LLC and a unit of U.S. fund
Oaktree Capital Group
OAK -0.24%
Oaktree Capital Group LLC Un
U.S.: NYSE
$54.30
-0.13
-0.24%
Nov. 25, 2013 2:53 pm
Volume (Delayed 15m)
:
94,734
P/E Ratio
8.85
Market Cap
$8.24 Billion
Dividend Yield
5.45%
Rev. per Employee
$6,407,210
11/04/13 Rural/Metro Strikes Deal to Se…
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OAK in
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Your Change
Short position
LLC. Last year, Swiss bank
UBS AG
UBSN.VX +2.06%
UBS AG
Switzerland: SWX Europe
CHF16.83
+0.34
+2.06%
Nov. 25, 2013 5:30 pm
Volume :
7.77M
P/E Ratio
99.00
Market Cap
CHF63.35 Billion
Dividend Yield
0.89%
Rev. per Employee
CHF598,949
11/21/13 UBS to Get Immunity in EU Libo…
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UBSN.VX in
Your Value
Your Change
Short position
took a 5% stake in the company as a strategic investor, and U.K. lender
Standard Chartered
STAN.LN +0.79%
Standard Chartered PLC
U.K.: London
GBp1461.00
+11.50
+0.79%
Nov. 25, 2013 4:35 pm
Volume :
2.42M
P/E Ratio
0.14
Market Cap
GBp35.17 Billion
Dividend Yield
2.45%
Rev. per Employee
GBp189,982
11/11/13 Standard Chartered to Streamli…
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11/07/13 India’s New Banking Rules Seen…
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STAN.LN in
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Your Change
Short position
PLC bought 1.5%.
Cinda is going to investors with a relatively new business model. Traditionally the firm would buy bad loans directly from the banks—using government-backed funds—and then try to get some cash or assets out of the borrower.
Over the long term that sometimes yielded high returns, particularly when Cinda was able to swap the bad loans for equity in a company, a process that has left Cinda with stakes in dozens of coal miners. For the most part, reaping profits was a time-consuming process often involving courts and negotiations with local governments that had a vested interest in keeping firms in their area functioning.
Cinda switched gears in 2010 when it started borrowing from banks. By the end of last month the company had amassed 161 billion yuan ($26.4 billion) worth of outstanding loans, mainly from commercial banks, up more than 20 times from 7.8 billion yuan at the end of 2010. In the three months between July and October alone, the company took on an additional 57 billion yuan worth of debt, an increase of 55%.
Cinda still buys nonperforming loans directly from banks and other financial institutions—a business that has grown about sixfold since the end of 2010—but most of the growth in Cinda’s borrowing has gone toward buying debts that companies owe each other, such as when a company sells a product to a customer but doesn’t get paid on time.
“We enhance the value of existing distressed debt assets through restructuring…for enterprises in temporary liquidity difficulties,” the company said in Monday’s filing. Restructuring might include giving the company more time to pay—typically between one and three years—as well as charging an interest rate.
So far, the biggest beneficiaries of Cinda’s new approach are property developers. In an effort to cool a frothy real-estate market, Beijing directed China’s banks and then its trust companies—a type of wealth-management firm—about three years ago to pare back on new lending to developers, leaving many real-estate firms strapped for cash. Cinda stepped in. In the 18 months covering 2012 to mid-2013, the amount of credit Cinda had extended to the real-estate sector rose by 47 billion yuan. That equals roughly 40% of the amount of new financing China’s more than 60 trust companies—the sector’s usual nonbank lender—had extended to the property sector over the same period. In 2010, only 625 million yuan worth of credit extended by Cinda had gone to real estate.
China’s property market remains buoyant, with prices in major cities spiraling upward, but some analysts say smaller cities are showing signs of having an oversupply of apartments, which could cause problems for debtholders.
Cinda posted profit of 7.217 billion yuan in 2012, up 6.3% from 6.786 billion the year before. The 2011 figure was down 9.5% from a year earlier in part due to the company’s insurance operations. Insurance companies often post losses in their early years as they build the business.
—Grace Zhu contributed
to this article.
Tags: news
HighTower Advisors is speeding up recruitment as the year draws to a close with the addition of an elite New York-based Merrill Lynch broker to its partnership, the firm said on Monday.
Laurie C. Kamhi is breaking away from Merrill Lynch Wealth Management’s Private Banking and Investment Group, where she managed $320 million for well-heeled clients and institutions. Also moving with Kamhi is her all-woman team, which also includes a financial analyst and an associate, known as LCK Wealth Management.
The announcement marks the third team that HighTower has brought on board within the past three weeks. The teams managed $1.23 billion for clients at wirehouse outposts in the Northeast.
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Ms. Kamhi worked in international stock and option trading as well as institutional sales at the now-defunct firms Dean Witter and Kidder Peabody. She started at Merrill in 1993, according to a Merrill biography that previously appeared on the firm’s website.
Ana Sollitto, a spokeswoman for Merrill parent Bank of America Corp., declined to comment.
The team is the 41st to join HighTower since the firm was founded in 2008. But the recent pace of recruiting for the firm has slowed considerably from the past three years, according to data in the InvestmentNews Advisers on the Move database.
Tags: news
Dallas, Texas (PRWEB) November 24, 2013
These reports are a thorough analysis of China’s Wealth Management and Private Banking sector, and the opportunities and challenges that it faces. It provides the latest asset allocations of China HNWIs across 13 asset classes and also includes projections of the volume, wealth and asset allocations of China HNWIs to 2017 and a comprehensive and robust background of the local economy. Demographic trends (2008-2012) and findings of the proprietary Wealth Insight HNWI Database are also mentioned.
In 2012, there were approximately 1.4 million core millionaires in China, with a combined wealth of US$3.8 trillion and an average wealth of US$2.6 million. The number of core HNWIs increased by 89.8% from 755,503 in 2008 to 1,472,276 in 2012. According to this research projections, the number of core HNWIs in China will grow by 34% over the forecast period to reach 2,364,857 by 2017.
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- Number of wealth managers in each city
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- Largest domestic private banks by AuM
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Tags: news