Archive for August, 2014

Market timid on Pork, Sweet River IPO misses target

VM Wealth Management Limited says the initial public offering of shares in Sweet River Abattoir Supplies Company closed with a preliminary take-up of some 30.6 million shares, valued at approximately $118 million.

The subscription fell short of the $180 million target, but the Westmoreland-based meat-processing company secured the $50 million minimum it needed to qualify for listing on the junior market of the Jamaica Stock Exchange.

The Sweet River offer was on the market for two weeks, from August 12 to August 26.

Of the 46.633 million shares offered, 25.87 million was offered to the general public at J$3.86 per share. Other shares were reserved for employees, mentors and pig farmers, priced at $3.67 per share.

VM Wealth Management and Money Masters Limited managed the offer.

The final tally of shares, funds received and basis of allocation was to have been disclosed late Friday.

The invitation from Sweet River was made to Jamaican residents only with the issue aimed at raising equity to assist the company in expanding its processing facility.

The company, in its prospectus, says it will use the proceeds to pay down bank loans, complete construction for installation of a solar-energy generation system, working capital, and to pay expenses of the invitation which, the company estimates, would not exceed J$10 million.

Sweet River currently has a $190.6 million credit facility with First Global Bank, from which it has already drawn down $150 million for construction of a new processing facility.

Sweet River Abattoir Supplies is in the business of slaughtering and performing first-level processing of pigs and small ruminants, and has planned, it said in it prospectus, to add sheep and goats in the near term.

The company was previously owned and operated as a part of a GraceKennedy Company Limited subsidiary for some 40 years.

The majority of its current owners are said to be pig farmers.

avia.collinder@gleanerjm.com

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Sunday, August 31st, 2014 EN No Comments

Takaud appoints new sales management team to support ongoing growth

Aug 30 2014

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Bahrain -30th August 2014, TAKAUD, the specialist savings and pensions provider for the MENA region, today announces that it has strengthened its business with the appointment of an experienced sales management team, which will be based in Bahrain. The new appointments include Loay Ragheb as Chief Distribution Officer and Jason Reeves and Nabil Karameh both as Senior Managers responsible for regional distribution.

Mr. Ragheb has over 20 years of regional and international experience in the financial services industry. Prior to taking up his new role at TAKAUD, he was Head of Wealth Management Group Benefits for National Bonds Corporation in Dubai, UAE. In this role, he managed the IDIKHARI initiative with the Dubai Government and its 42 institutions. Previously, he held senior positions at Royal Bank of Canada, Universal Private Asset Management and Investors Group Corporation in Montreal, Canada. He holds a B.Com degree in International Business from Concordia University.

Mr. Reeves has worked in the banking and insurance sector for over 20 years and was previously Private Client Director at Fisher Investments Europe, where he advised high net worth individuals on investment solutions and asset allocation. Prior to this he was head of SME banking at BMI Bank (formerly Bank Muscat International). Earlier in his career, he held senior advisory positions at Barclays Bank and Aviva. He holds a B.Sc. in Economic and Social History from the University of Birmingham alongside a number of professional certificates in financial planning, mortgage advice and pensions.

Mr Karameh has 20 years of industry experience in sales, marketing and the underwriting of Individual and Group Life, Health and Employee Benefit Schemes. He has held senior positions most recently at Medgulf Allianz Takaful in Qatar and previously at Gulf Life Insurance Company (a subsidiary of Gulf Insurance Company) in Kuwait and Libano Suisse Insurance Company in Lebanon. He is a graduate from the Lebanese American University and a holder of a diploma from the Chartered Insurance Institute as well as the Professional Insurance certificate from the Bahrain Institute of Banking and Finance.

Commenting on the new appointments, Mr. Eric Van Biesen, Acting Chief Executive Officer TAKAUD, said: “Our new appointments underpin the on-going growth momentum of our business as we focus on expanding our direct and third party distribution channels (banks, financial intermediaries, professional consultants) to support the on-going rollout of our innovative savings and pension solutions for both Retail and Corporate clients across the region. As we focus on recruiting leading industry talent, we are committed to delivering a best-in-class service to our client base. I would like to welcome Loay, Jason and Nabil on board who are all highly qualified and whose in-depth knowledge and experience will play a key role in our on-going expansion.”

-Ends-

About TAKAUD Savings and Pensions B.S.C (c)
TAKAUD Savings and Pensions B.S.C. (c) is licensed as an Investment Business Firm (Category 1) by the Central Bank of Bahrain (CBB) and is a closed joint stock company incorporated in the Kingdom of Bahrain. TAKAUD specialises in providing long term savings and pensions solutions to individuals and corporations in the local and expatriate communities across the MENA region. TAKAUD is 50% owned by Kuwait Projects Company (Holding) K.S.C. (c) (KIPCO) and 50% by United Gulf Bank a member of The KIPCO Group. The KIPCO Group is one of the biggest holding companies in the Middle East and North Africa, with consolidated assets of US$ 32 billion as at 31 March, 2014. The Group has significant ownership interests in over 60 companies operating across 24 countries. The group’s main business sectors are financial services, media, real estate and manufacturing. Through its core companies, subsidiaries and affiliates, KIPCO also has interests in the education and medical sectors.

TAKAUD Savings and Pensions B.S.C. (c),
UGB Tower 7th Floor | Diplomatic Area |P.O Box 65 167| Manama| Kingdom of Bahrain
Office: (+973) 17511611
Email: info@takaud.com
www.takaud.com

Media Contacts:
Ghizlane Rahali
Takaud Savings and Pensions
Email: ghizlane.rahali@takaud.com
Mobile: +97317511611

Shane Dolan
FTI Consulting
Email: shane.dolan@fticonsulting.com
Direct: +971 4 437 2109

© Press Release 2014


© Copyright Zawya. All Rights Reserved.


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Saturday, August 30th, 2014 EN No Comments

Murray joins Wells Fargo Wealth Management Team

Posted: Friday, August 29, 2014 3:00 pm

Murray joins Wells Fargo Wealth Management Team


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Wells Fargo announced that Jason Murray has joined the Wells Fargo Wealth Management Team, along with his associate Clorissa Cervantes. They previously worked at J.P. Morgan Chase. Murray will continue his practice as a financial advisor, assisting clients meet their financial goals.

© 2014 El Paso Inc.. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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Friday, August 29th, 2014 EN No Comments

Multi-asset fund strategies catching on

MULTI – asset fund strategies appear to be riding high and fund managers expect demand to continue to be strong, thanks to a challenging investment environment.

In the retail space, multi-asset portfolios that aim to generate income have been launched to great success. In the institutional space, managers say clients are keen on mandates that aim for a target return in excess of a benchmark such as inflation or Sibor.

Recently Nikko Asset Management announced that it will base its global multi-asset capability in Singapore, where it will transfer the management of some US$24 billion in assets.

Schroder Investment Management has seen assets in multi-asset strategies in Asia more than double from US$6 billion three years ago, to US$14 billion at end-June. In the retail market, its Asian Income fund, which invests in equities and fixed income, currently has roughly S$1.1 billion in assets. It aims to distribute an annual income of 5 to 6 per cent.

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Friday, August 29th, 2014 EN No Comments

Canadian banks enjoy strong earnings boosted by sizzling stock markets


By Linda Nguyen, The Canadian Press on August 29, 2014.

TORONTO – Red hot stock markets have helped generate big profits at Canadian banks this year, with nearly all of the country’s largest lenders reporting record third-quarter results this week.

Canada’s largest bank, Royal Bank (TSX:RY), kicked off the slew of bank earnings on Aug. 22, as it reported profits that grew by four per cent to $2.38 billion in its latest quarter, mainly due to a surge from its capital markets division.

Royal said profits from its capital markets climbed by 66 per cent year over year, earning $641 million on higher trading fees, more business from advising on takeovers and arranging stock sales.

In fact, this arm did so well that new president and CEO Dave McKay warned that the bank might even start reining in the division if profits continue to surpass Royal’s internal target of making up more than 25 per cent of earnings. Capital markets contributed nearly 27 per cent of Royal’s earnings in the most recent quarter.

It was a similar story at the other banks, which also mostly credited strong markets as the reason for their stellar earnings.

CIBC (TSX:CM) said its profits were up by five per cent this past quarter due to a strong performance from its wealth management division, which was propped up by higher commissions and the sales of mutual funds. The division earned a net income of $121 million, up $19 million, or 19 per cent, from the third quarter a year ago.

National Bank saw its profits from wealth management climb 31 per cent year over year, and its financial markets segment jump 21 per cent. The Montreal-based lender’s trading was up 25 per cent while advisory fees jumped by 36 per cent in the quarter compared with a year ago.

It has been a positive year for markets, with the Toronto Stock Exchange up about 14 per cent year to date. In the U.S., the Dow Jones is up about three per cent, the Nasdaq has gained more than nine per cent and the SP 500 is ahead by more than eight per cent.

This has translated to more profits at capital markets divisions at banks, which benefit from underwriting and advisory fees that increase with investments.

Dan Werner, an equity analyst with Morningstar Inc., said the markets have created a perfect storm for underwriting fees because low rates have helped debt underwriting and high stock prices have helped with equities underwriting.

Wealth management operations have also seen their profits climb in good market conditions because the value of assets under management has gone up. The more assets there are, the more the banks will earn on a percentage of those asset values.

In general, the banks have done a good job at diversification, particularly emphasizing their personal and commercial unit, which will help shield them from the future volatility of the stock markets, Werner added.

“They will still generate a significant amount of profits,” he said in an interview from Chicago.

“Is it going to be the record profits we’ve seen this quarter? Likely not, but are they still going to earn high return on equity, a double digit return on equity? I think that’s likely in the near term because for most of the banks, Canadian personal and commercial banking segment is their bread and butter, a significant part of their net income and revenue. That segment is still going to do pretty well in the near term in terms of generating spread and generating profit.”

Managing director and portfolio manager Patrick Blais of Manulife Asset Management said that although the majority of the banks met or exceeded analyst expectations on earnings, they were still perceived as “lesser quality” than the market had hoped.

“The reality is that the capital markets division is typically seen as more volatile and earnings derived from that division are less sustainable,” he said. “The market is more comfortable with the personal and commercial division where earnings are sustainable, more resilient and recurring than capital markets. “

Blais said the banks recognize that volatility and have tried to set targets on how much of their results they want these divisions to account for.

“That just speaks to the concerned nature of the bank,” he said.

Follow @LindaNguyenTO on Twitter.



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Friday, August 29th, 2014 EN No Comments

Introvert, Extrovert or Ambivert: Which One Are You?

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I just found out I’m an Ambivert. That means I fall dab smack in the middle of the introvert-extrovert spectrum. According to Susan Cain, author of Quiet: The Power of Introverts in a World That Can’t Stop Talking, ambiverts enjoy the best of both worlds. We are able to tap into either pole as needed.

I’ve been hearing about Cain’s book, most recently while talking with Ross Ozer, head of marketing for Fidelity Institutional Wealth Services, who hired Cain to provide her insights in the form of keynote speeches to Fidelity advisors and special guests in 2012.

In thinking about my own strengths and tendencies, I was unsure whether I was an introvert or an extrovert. Hmmm … I like parties and mingling at FPA events but, on the flipside, I like to write out my thoughts in a quiet, uninterrupted space, and find that the best way to recharge my batteries is by taking long, quiet walks.

My business partner, Leslie Swid, and my long-time husband, Bill Swift, are both self-declared introverts who sometimes swing into “pretend extrovert” roles, when needed. So I could clearly see a pattern and similarities there. And, I have to say, that their balanced insights and reflective approach add so much value to my life. But I am a risk taker and a bit of a blabbermouth when I get wound up, so their strengths balance mine out quite nicely.

So, I Googled the subject and up came Cain’s twelve question quiz. Frankly, until I took the quiz and got my results, I didn’t even know there was such as thing as an ambivert. But it’s kind of comforting to know I fit into some sort of bucket – I’m not just an oddball.

You might be interested in taking the Quiet Quiz, too: http://www.thepowerofintroverts.com/about-the-book/quiet-quiz-are-you-an-introvert

What did you find? Go take the quiz then come back and share your insights here.

 

 

Marie Swift is President and CEO of Impact Communications, a full-service marketing communications firm serving a select group of independent financial advisors and allied institutions.

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Friday, August 29th, 2014 EN No Comments

BRIEF-Bancorp Wealth Management New Zealand raises FY 2013/2014 …

Fri Aug 29, 2014 2:09am EDT

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Friday, August 29th, 2014 EN No Comments

Amana Global, Asset and Capital gear for growth, refreshes brand identity

Amana Global new facadeAmana Global recently unveiled a sleek, new brand identity along with its partner companies, Amana Capital and Amana Asset Management, all under the Amana Holdings Limited umbrella. Having undergone a thorough brand and purpose transformation, the group reinvents itself under the same familiar name with a contemporary new outlook.

“Our interests stemmed from banking and have now grown to serve almost every financial requirement of the market.  We were misperceived through time to be catering only to a specific segment of consumers which we have reasonably overcome with due time and are now known to be relevant to all sections of the market. Our new brand identity seeks to portray our growing reputation for professionalism and expertise in the financial solutions and advisory landscape,” said Aashiq Aminuddin, Head of Marketing and Business Development, Amana Global Limited, on the reasons for the change. The companies are involved in investment banking, risk management, wealth and asset management.

The renewed identity reflects the sharp, dynamic and iconic professionalism of its new thinking.  It leads now with a simple yet compelling ‘A.’ as its logo.   The digital presence of the company addresses the more sophisticated needs of modern day clients and an expanding international clientele.  The group is already established in the Maldives and is in the process of setting up operations in Malaysia.

“We are on a constant drive to maximise growth opportunities which recently point beyond the shores of Sri Lanka as well.  By assuming a regional presence we will be better positioned to offer even local clients innovative opportunities.

“Our new objectives called for a refreshing change within ourselves and what we offer our partners.  One of the steps taken in this endeavour was to bring about a change to our Brand Identity making it more relevant and versatile. We consciously associate with the past whilst communicating a renewal of purpose.  Hence, the name was maintained and an iconic “A” was adopted to symbolise our drive for excellence.  It also reflects our simple but fine clarity of purpose, delivering a comprehensive portfolio of financial solutions to end users and industry partners, symbolised by the “full stop,” Aminuddin explained.

The group of companies, Amana Global, Amana Capital and Amana Asset Management, leverages specialist insight and financial acumen to provide a breadth of financial solutions including customised and sustainable financial advisory services for corporate and High-Net-Worth individuals on debt and equity financing, private wealth management, fund management, structuring, financial brokering, corporate finance and real estate management.

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Friday, August 29th, 2014 EN No Comments

Wasankar Wealth told to refund in 7 days

Market regulator Sebi has directed Wasankar Wealth Management and its related entities to refund, within seven days, the money collected from public along with the interest rate.

The Securities and Exchange Board of India (Sebi) also barred these entities from mobilising funds from public as well as from offering any portfolio management activities or any other unregistered activity.

The regulator found that Wasankar was collecting funds from public for making investment in securities market without registering as an intermediary with Sebi.

It further said “Wasankar Wealth Management Ltd (WWML) and Wasankar Investments (WI) that were in the nature of portfolio management schemes without obtaining registration as a portfolio management services.”

Consequently, Sebi in its interim order passed yesterday, directed Wasankar Wealth Management, Wasankar Investments, Prashant Wasankar, Vinay Wasankar, Mithila Wasankar, Abhijit Wasankar and Bhagyashree Wasankar “to cease and desist from undertaking the portfolio management activities or any unregistered activity in the securities market, directly or indirectly, in any manner whatsoever.”

It asked them to refund the money collected from their clients and other investors in its various schemes “alongwith income, profits or returns promised to them under such schemes or interest at the rate of 10 per cent per annum, whichever is higher from the date of investment till the date of refund, within a period of seven days
(i.E., by September 3, 2014) and submit a repayment report to Sebi.”

Sebi also restrained these entities from dealing in the securities market till further directions. It also prohibited them from transferring the funds mobilised from investors or from disposing of any asset
for purposes other than refund.

The regulator said that there was huge mismatch in the data provided by the company with regard to the number of clients and the fee collected from them.

“Prior to inspection, WWML had submitted that it had collected fee amounting to Rs 16.02 crore from 2,560 clients.” it said.

The direction comes after Sebi received complaints stating that WWML and WI are collecting money from public in Nagpur promising a return of 300 per cent on an investment for 48 months, a return of 250 per cent on an investment for 30 months and a return of 125 per cent on an investment for 12 months.

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Friday, August 29th, 2014 EN No Comments

Islamic Wealth Management As A Way Of Life

By Murni Mat Nasri

JOHOR BAHARU (Bernama) — Being rich is the goal of most people earning a living by working for others or working on their own.

The dream of becoming rich is fuelled by the perception that when one is rich, life is more fulfilling.

Islam itself encourages its adherents to be wealthy so that they can use their wealth to help others. A wealthy society has the means to make others wealthy too.

The process of accumulating wealth starts as soon as one is able to earn an income, and continues even after the person has amassed vast amount of movable and immovable assets exceeding their every day needs.

This wealth gathering should continue not only for those who are still struggling to be rich, but also for people who are already wealthy because it is a prerequisite for a holistic success in this life and the hereafter.

WEALTH MANAGEMENT

This process is called “wealth management”, according to Norsa’adah Ahmad, Islamic financial planner and the author of “Mudahnya Mengurus Kekayaan Dalam Islam” (It Is Easy To Manage Wealth In Islam), published by TrueWealth Sdn Bhd.

The person who takes steps to ensure his income and assets are used prudently is one who knows how to manage wealth, she told Bernama in an interview.

Norsa’adah, who has more than five years’ experience in the financial planning industry, is an Islamic Financial Planner certified by the Financial Planning Association of Malaysia (FPAM) and the Islamic Banking and Finance Institute Malaysia (IBFIM). She is also a certified accountant with the Malaysian Institute of Accountants (MIA).

Wealth management, said Norsa’adah, covers a wide area in a person’s life cycle from the asset and wealth creation stage to accumulation, protection, and distribution.

WEALTH CREATION

“Financial management is one part of wealth management and in entails access to a formal system such as banking, insurance and takaful”, she said.

This wealth management process, according to Norsa’adah, starts when a person manages one’s own money and continues until after death, whereupon the wealth is managed and administered for distribution to the next-of-kin.

Unlike conventional wealth management, there are four stages in Islamic wealth management. These consist of wealth creation, accumulation, protection and distribution.

The first component of the wealth management process kicks off when a person generates or creates own income, through active participation such as working for other people or for own business or via passive activity such as the income that one receives from real estate or book royalties, among others.

It is the person’s responsibility to ensure that the income derived is from sources or activities that are ‘halal’ and shariah compliant.

Important elements in this process of wealth creation are savings, daily expenses, expenses incurred by his living space, medical, “zakat”, “infaq” and taxes.

WEALTH ACCUMULATION

The second component, wealth accumulation, can be done via investments in shariah compliant funds.

In her book, Norsa’adah explains that a person can add a higher value to his/her assets and income by investing in real estate, equities, gold and silver, unit trusts and fixed deposits.

He can choose to invest in the product that is similar to the conventional fixed deposit that is designed to adhere to the Islamic laws, which is offered by Islamic banks.

An individual should take precautions by gathering information before making any investments to make sure that the gains from these investments are ‘halal’ and at the same time avoid pitfalls that may trap him/her later on.

“Investing in a company that is operating an internet investment scheme for example, is of course not shariah compliant”, Norsa’adah said.

WEALTH PROTECTION

As mentioned in her book, the third component outlines how one should take precautions to protect his/her income and assets from risks such as damages, accidents and financial burdens when he/she is no longer able to generate good income.

In conventional banking, purchasing an insurance policy will provide this cover. Similarly, under an Islamic financial practice, one can obtain a takaful policy for the same purpose.

“It is imperative to start the third process as early on as possible, especially when one has dependants and financial liabilities like loans”, Norsa’adah added.

Wealth protection is critical – especially for the sole breadwinner – because it ensures that in the event one is incapacitated and no longer able to earn an income to support his family, the proceeds from the takaful policy can take care of the contingencies.

“Wealth accumulation and protection normally start simultaneously. One has to put aside a portion of one’s income for investment purposes, but savings should be top priority for those who have no dependants yet”, she said.

WEALTH DISTRIBUTION

The last component that one has to observe under Islamic wealth management is to ensure that the wealth distribution is in accordance with shariah principles, to the rightful heirs, after the person dies.

Under the conventional system, when a person passes away the assets will be distributed according to the will one leaves behind. However, in the absence of a will, the assets will be assigned to the heirs in accordance to the Distribution Act.

In Islam, however, when a person dies, the wealth one leaves behind will be apportioned according to the faraid system, which is the Islamic law that deals with the distribution of the estate of a deceased person among his heirs.

Five key issues must be settled before the assets are distributed. The heirs must ensure that the person’s remains are properly buried, all debts – whether to a Muslim or a non-Muslim – are settled, all jointly acquired property claims are addressed, and the will is executed.

These five key elements of the administration of assets after a Muslim dies are explained in detail in the book.

ZAKAT, INFAQ and TAXES

According to the definition furnished by the Lembaga Zakat Selangor on its website, linguistically “zakat” refers to “purification”, “augmentation” and “prosperity”.

For a more specific definition, “zakat” refers to the amount that an obligated Muslim has to pay from his income and assets according to calculations based on the duration of his ownership as well as on the minimum amount of payment to be paid out.

This final amount will distributed to eligible recipients known as asnaf. Meanwhile, infaq or charity is defined in the Malay lexicography as the giving up of assets and properties for a good cause as permitted by the Islamic laws in the form of charity, contributions and patient expenses, expenses for underprivileged children and money for disaster funds, among others.

Paying taxes on the other hand is a citizen’s obligation because the government will then use the tax collections to build facilities and develop infrastructures for the people.

These three activities are included under the wealth generation and creation component and they are the expenses that a person has to bear.

WAQAF

Wealth distribution does not have to happen only after a person dies. A living person can still bequeath his wealth through the process of waqaf.

Waqaf is a concept that refers to the action of a person to return the wealth, which belongs to Allah in the first place, to its rightful owner by using it for causes that can benefit all.

“There are two types of waqaf: one made when during a person’s lifetime, and one which is made after he dies. A person can bequeath his wealth in the form of money or real estate to be used for a good cause. The same applies with the waqaf that one bequeaths after his death.

“The difference is that while a person can give away limitless amount of one’s wealth for waqaf while still alive, only one-third of the entire estate can be given to waqaf after he dies”, said Norsa’adah.

Islam, like any other religion, encourages its followers to continue to improve their lives and seek abundance from halal sources, not only for themselves but also for their families and mankind in general.

ISLAMIC WEALTH MANAGEMENT AS A WAY OF LIFE

According to Norsa’adah, this wealth management knowledge should be learnt early in life, especially so when the person has an income, although one is still far from being rich.

“It is only when a person understands and accepts that wealth management can secure success both in this life and the hereafter, will it be easier for a person to practice it as a way of life”, she added.

— BERNAMA

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Thursday, August 28th, 2014 EN No Comments