Archive for April, 2014

Carey Olsen wins Best Private Client Legal Team

Carey Olsen has been named Best Private Client Legal Team at the Wealth Adviser Awards 2014.

Wealth Adviser’s 13,000 subscribers around the world vote for service providers in private banks, independent financial advice, family  offices, wealth management, fund management, taxation, trust, legal, accounting and technology firms.

Carey Olsen partner, Konrad Friedlaender, said: “Winning Best Private Client Legal Team is a great achievement for our team and reinforces Carey Olsen’s reputation for delivering the highest quality private client legal services across our jurisdictions. This award is a significant endorsement of our expertise across the BVI, Cayman Islands, Guernsey and Jersey and reflects our expanding global offering in this sector.”

The Wealth Adviser Awards were established in 2013 to bring together the leaders in global wealth management and this year showcases wealth managers, advisers and service providers who are successfully realigning their business models to deal with the challenges of regulation, deregulation and to profit from consolidation, strong investment models and significant investment in technology.

Pictured: Carey Olsen partner Konrad Friedlaender (right) with Wealthadviser editor James Williams (left)

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Wednesday, April 30th, 2014 EN No Comments

Malaysian Islamic capital market now worth RM1.5 trillion

Malaysian Islamic capital market now worth RM1.5 trillion

April 30, 2014

The Malaysian Islamic capital market (ICM) which grew by 8.8% in 2013 is now worth RM1.5 trillion and continues to be an integral component of the local capital market.

The Islamic capital market now accounts for 56% of the overall Malaysian capital market, said the securities commission deputy chief executive, Datuk Dr Nik Ramlah Mahmood.

“Seventy-one percent of our public listed companies are designated as shariah compliant.

“We also maintained our position as the largest sukuk issuer in the world, accounting for 69% of the global sukuk issuance,” she said at the BNP Paribas-INCEIF Centre for Islamic Wealth Management Symposium today.

She said better wealth creation and investment opportunities for investors had also been made available by increasing the number of full-fledged Islamic fund management companies in Malaysia.

“Our Islamic fund management industry with RM97.5 billion in assets under management is managed by 19 asset management companies licensed to exclusively manage shariah compliant funds.

“Of the total assets under management, RM42 billion is in the form of shariah compliant unit trust funds which grew by 21% in 2013,” said Nik Ramlah.

“Of particular relevance to the Islamic wealth management industry is the fact that Malaysia now has 52 Islamic wholesale funds with almost 15 billion units in circulation with a total net asset value (NAV) of 16.43 billion.

“This represents almost 28% of the NAV of all wholesale funds in Malaysia.

“While it is clear that the local ICM has supported domestic growth by offering a multitude of financing and investment opportunities to domestic businesses and investors, it also continues to leverage on Malaysia’s core strengths to make very significant strides in the international arena and is now increasingly more integrated with the international market,” she added.

According to Nik Ramlah, a milestone was achieved in this regard with the introduction of the revised screening methodology of listed stocks.

“The two-tier quantitative approach introduced in 2013 further aligns our screening process with international practices, thus paving the way for a greater inflow of foreign Islamic funds into the domestic markets.

“By also incorporating a two-tier quantitative benchmark approach comprising business activity and financial ratio benchmarks, the adoption of the revised methodology is envisaged to further enhance the attractiveness of the Malaysian Islamic equity market and fund management segments to international investors.

“With this in place, the wealth management industry should gain more traction with a wider market, especially from investors looking for Shariah compliant wealth management solutions,” she said.

The symposium, jointly organised with the Labuan International Business and Financial Centre, attracted more than 150 delegates.

A total of six speakers and panelists, ranging from regulators, Islamic scholars, academicians and industry practitioners, convened to share their insights and knowledge of the Islamic wealth management industry.

During the one-day symposium, speakers and delegates deliberated on practical issues and challenges in further developing the Islamic wealth management industry and its relevant management structures, such as the Labuan Islamic Trusts and Foundations, to gain a competitive advantage in establishing Malaysia as a preferred Islamic wealth management destination.

At the end of the symposium, chairman of BNP Paribas-INCEIF Centre for Islamic Wealth Management (CIWM) advisory board Datuk Dr Syed Othman Alhabshi said more awareness programmes need to be created, especially for high net worth individuals and financial wealth managers to promote Islamic wealth management in Malaysia.

Labuan IBFC’s chief executive officer Saiful Bahari Baharom said Malaysia had the infrastructure and expertise in the Islamic finance space to develop a strong competitive value proposition in shariah compliant wealth management.

“The Islamic wealth management value chain is long, starting with the acquisition of assets, advisory and management services, in addition to legal, taxation and shariah advice, alongside trust and custodial services. Right at the end is the distribution of the assets.

“Each of these parts contributes to a specific value-added competency that we must strive to enhance to help grow our domestic high-value wealth management industry,” he added. – Bernama, April 30, 2014.

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Wednesday, April 30th, 2014 EN No Comments

Financial Stocks Showed Strength: UBS AG (NYSE:UBS), HSBC Holdings …

UBS Wealth Management Americas (WMA) released its quarterly UBS AG (NYSE:UBS) Investor Watch report, demonstrating the ways high net worth and affluent couples approach financial decision-making. Couples say they are equally involved in the family’s finances. However, while women of all ages are engaged in broad wealth management decisions, they do not take as active a role in investing, which is fundamental to financial security. UBS AG (NYSE:UBS) shares after opening at $20.66 moved to $20.79 on last trade day and at the end of the day closed at $20.72 . Company price to sales ratio in past twelve months was calculated as 4.99 and price to cash ratio as 0.20. UBS AG (NYSE:UBS) showed a positive weekly performance of 0.58%.

HSBC Holdings plc (ADR) (NYSE:HSBC) Finance Corporation announced that its board of directors declared the regular quarterly cash dividend on the company’s Series B preferred stock of $0.3975 per depositary share payable June 13, 2014, to shareholders of record on June 1, 2014. HSBC Holdings plc (ADR) (NYSE:HSBC) shares advanced 1.56% in last trading session and ended the day on $51.51. HSBC return on equity ratio is recorded as 14.20% and its return on assets is 0.90%. HSBC Holdings plc (ADR) (NYSE:HSBC) yearly performance is -1.30%.

Credit Suisse Group AG (ADR) (NYSE:CS) lowered its 2014 demand forecast for solar installations in China, and said the government’s target is hard to achieve. Credit Suisse Group AG (ADR) (NYSE:CS) shares moved up 1.60% in last trading session and was closed at $31.69 while trading in range of $31.58 – $31.83 – Credit Suisse Group AG (ADR) (NYSE:CS) year to date (YTD) performance is 2.09%.

Banco Santander Brasil SA (ADR) (NYSE:BSBR) surged Tuesday after the bank beat analysts’ profit estimates in the first quarter, and its parent company initiated a buyout offer. Banco Santander Brasil SA (ADR) (NYSE:BSBR) weekly performance is 14.43%. On last trading day company shares ended up $6.58. Banco Santander Brasil SA (ADR) (NYSE:BSBR) distance from 50-day simple moving average (SMA50) is 25.10%. Analysts mean target price for the company is $5.93.

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Wednesday, April 30th, 2014 EN No Comments

Webb: Two allies of wealth accumulation

Posted: Monday, April 28, 2014 6:30 am

Webb: Two allies of wealth accumulation

Chris Webb

oanow.com

Just as taxes and inflation are enemies to wealth accumulation, asset management and risk management are two allies of wealth accumulation. They are the beginning stages of a well-developed plan for retirement.


Risk management addresses the opportunities of providing coverage against the uncontrollable possibilities of financial loss. Some events can be expected and planned for if your financial consultant is thorough. The only area of uncertainty for some of these contingencies is when it will happen, not if it will happen. Since we neither have control over when or if an unexpected contingency will occur, risk management is a critical component of the financial planning process.

Risk Management includes

 » Life insurance

= Immediate need: funeral expenses

= Long-term need: debt retirement, income replacement, college tuition, retirement income for surviving spouse, legacy to children and grandchildren, charitable gifting.

 » Disability Insurance or sufficient savings

= Income replacement

 » Health Insurance

 » Long-term care insurance

Asset management addresses the concerns of wealth accumulation and diversity as well as distribution of income at retirement. Accumulating a sufficient nest egg to be able to retire at an appropriate age can be complicated but manageable. It takes a lot of intelligent people working behind the scenes to make your money work for you.

What is the most important asset that you have as an investor? It is your ability to earn income. Financial independence takes your ability to earn a living for immediate income now and your drive and determination to live on a budget to make sure you will have enough to live on when you retire.

If you have a 401K or other retirement plan through your employer, you cannot assume that your 401K and or pension plan will be enough. You must take the initiative to analyze any plan you already have in place to make sure that it is appropriately funded and that it is appropriately diversified.

Asset Management Includes

 » Asset Accumulation

= Building a nest egg

 » Asset Diversification

= Stocks and Bonds are not the only option for diversification in today’s market place

 » Asset Strategies

= What solutions do you need that will suitable for you both now and in the future?

Enemies and Allies; it sounds like a medieval strategy game. It isn’t. It is your financial future that is ultimately in your hands. Know your enemy. Support your allies.

Invest well. Live well.

Chris Webb is a Registered Representative and Financial Consultant with Newsome Financial Group, LLC in Phenix City. Questions or comments can directed to chris.webb@pesmail.com. You can visit www.newsomefinancial.com, or call Chris directly at 334-298-9000.

on

Monday, April 28, 2014 6:30 am.

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Monday, April 28th, 2014 EN No Comments

Invesco Perpetual fined £18.6m for risk failings linked to Woodford funds

Invesco Perpetual fined £18.6m for risk failings linked to Woodford funds

The Financial Conduct Authority (FCA) fined Invesco Perpetual £18.6 million for exposing investors to greater levels of risk than they had been led to expert.

According the the financial watchdog, Invesco Asset Management Limited and Invesco Fund Managers Limited broke the rules designed to limit the risks to investors on 33 occasions across 15 funds, which represented more than 70% of assets under management. The breaches were said to have taken place between May 2008 and November 2012.    

The losses from this risk taking amounted to £5 million, which Invesco compensated to the funds.

The compensation was made to three funds, two of which were managed by the firm’s former star manager Neil Woodford – the Invesco Perpetual High Income and Income funds, which he relinquished earlier this year to set up a boutique. The funds are now managed by Mark Barnett.   

The third fund is Invesco Perpetual Managed Income, which is now managed on team basis by chief investment officer Nick Mustoe. Between January 2008 and December 2010 the fund was managed by Bob Yerbury and the vehicle was impacted as a result of its investment in the Income and High Income funds.      

According ot the FCA, Invesco Perpetual did not comply with investment limits which are designed to protect consumers by limiting their exposure to risk.  

While it noted the £5 million compensation was paid promptly, it highlighted the losses could have been greater.

In addition, the watchdog said the firm did not clearly inform investors or explain the associated risks of its use of derivatives which introduced leverage into the funds, although the firm was allowed to use derivatives in this way.

Tracey McDermott (pictured), FCA director of enforcement and financial crime, said: ‘As a forward looking regulator the FCA takes action where we see risks to consumers, not just after they suffer losses. In this case, investors of all sizes trusted Invesco Perpetual to manage their money. 

‘They signed up for a certain level of risk but we found Invesco Perpetual’s actions were at odds with investors’ reasonable expectations.’

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Monday, April 28th, 2014 EN No Comments

Invesco Perpetual fined £18.6m for risk failings on Woodford funds

Invesco Perpetual fined £18.6m for risk failings linked to Woodford funds

The Financial Conduct Authority (FCA) fined Invesco Perpetual £18.6 million for exposing investors to greater levels of risk than they had been led to expert.

According the the financial watchdog, Invesco Asset Management Limited and Invesco Fund Managers Limited broke the rules designed to limit the risks to investors on 33 occasions across 15 funds, which represented more than 70% of assets under management. The breaches were said to have taken place between May 2008 and November 2012.    

The losses from this risk taking amounted to £5 million, which Invesco compensated to the funds.

The compensation was made to three funds, two of which were managed by the firm’s former star manager Neil Woodford – the Invesco Perpetual High Income and Income funds, which he relinquished earlier this year to set up a boutique. The funds are now managed by Mark Barnett.   

The third fund is Invesco Perpetual Managed Income, which is now managed on team basis by chief investment officer Nick Mustoe. Between January 2008 and December 2010 the fund was managed by Bob Yerbury and the vehicle was impacted as a result of its investment in the Income and High Income funds.      

According ot the FCA, Invesco Perpetual did not comply with investment limits which are designed to protect consumers by limiting their exposure to risk.  

While it noted the £5 million compensation was paid promptly, it highlighted the losses could have been greater.

In addition, the watchdog said the firm did not clearly inform investors or explain the associated risks of its use of derivatives which introduced leverage into the funds, although the firm was allowed to use derivatives in this way.

Tracey McDermott (pictured), FCA director of enforcement and financial crime, said: ‘As a forward looking regulator the FCA takes action where we see risks to consumers, not just after they suffer losses. In this case, investors of all sizes trusted Invesco Perpetual to manage their money. 

‘They signed up for a certain level of risk but we found Invesco Perpetual’s actions were at odds with investors’ reasonable expectations.’

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Monday, April 28th, 2014 EN No Comments

Mover of the Week: Susan Trucco

Susan Trucco was recently hired as a trust adviser for PNC Wealth Management in Meadville and Erie. Her responsibilities include working with a team of financial specialists to offer comprehensive wealth management strategies and provide business development, trust and estate administration for affluent clients.

She has more than 26 years of experience in the financial industry and worked previously as a vice president and manager of agency operations with First National Insurance.

Trucco is a graduate of Conneaut Lake High School and Slippery Rock University of Pennsylvania.

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Sunday, April 27th, 2014 EN No Comments

Byron Ellis and Stephen Bauer are Five Star Wealth Managers

The Paper is an online-only Community Newspaper Serving The Woodlands, SpringNorth Houston, Texas areas.  We Mash Traditional and New Media Journalism and have a staff of editors/journalists and community reporters/columnists who help us to bring timely and relevant content to our site on a 24/7 basis. 

If you would like to Submit a PR Release or Story/Feature Idea for publication consideration in The Paper, click on “Info” in our top navigation menu and then on “How To Submit News” in the sub-menu.  All submissions are subject to our site policies.

 

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Saturday, April 26th, 2014 EN No Comments

Celebrate Earth Day And Shred Some Documents


April 26, 2014

by Special To The …

Egidio Assante Wealth Management, LLC invites the Cheshire community to celebrate Earth Day. A shredding event will take place, rain or shine, on Saturday, May 10, from 9 a.m. to 1 p.m. at Egidio Assante Wealth Management, 20 Realty Dr. A commercial shredder will be on location to accept all types of paper and documents, including hard and soft cover books. No binders, binder clips, or magnetic media will be accepted.
Donations of non-perishable food items, paper products, cleaning supplies, or personal care items may be dropped off at the site for delivery to Cheshire Food Pantry. Also accepted will be old eyeglasses, which will be donated to the Lions Club for distribution.
For additional information, contact Mary Korp at (203) 439-0732 or mary@eawm20.com.

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Saturday, April 26th, 2014 EN No Comments

New beginnings: understanding risk

What is my ‘personal risk profile’?

Determining your personal risk profile is a critical component of financial planning and is a key factor when determining an investment strategy.

A personal risk profile evaluates your willingness to take risks, the level of risk you are required to take on, and your capacity for that risk. It is important that these factors be compared.

There are three components to consider:

– Your willingness to take on risk, or risk tolerance is really psychological, about attitude. How comfortable are you risking an unfavourable outcome to achieve a favourable one?

– Your risk capacity is the extent to which you can withstand the impact of, or to afford, unexpected financial events.

– These days, financial planning software can be used to determine the return required for you. The risk required refers to the level of risk you would need to assume to achieve this return.

This is not an exact science and is based on your financial goals and expectations, your financial position and prospects.

A well-defined, risk-profiling process using financial planning software and other quantitative tools, combined with advisory and communication skills, is essential to develop an accurate personal risk profile.

Aggressive or cautious: What does this mean?

The terminology and methodology used are not legislated and vary depending on the asset manager.

Most risk classifications are based on the volatility or standard deviation of the particular fund. In other words, how far the fund’s price peaks and troughs are from its mean performance.

Calculations require qualitative as well as quantitative analysis. The actual rating is subjective, requiring interpretation.

Some funds indicate risk on a scale, from low to high. Where terminology is used, such as cautious or aggressive, ask the asset manager for clarity.

Typically, investments with a higher equity component are ‘higher risk’ or ‘aggressive’ funds, whilst those with a higher cash or bond weighting are lower risk funds, based on the volatility of the fund price in the short term.

Equity markets require a longer period of investment in order to counter another risk – inflation.

These risk ratings are only intended to provide a guide or indication of the level of risk, but should never replace the need to understand the assets in the fund.

– If you have any questions you would like answered by financial planning experts, please send them to editor@moneyweb.co.za

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Saturday, April 26th, 2014 EN No Comments