Archive for October, 2014

Convergent Client Funds Safe After CEO’s Apparent Suicide, Chairman Says – Financial







Client funds at a $8.6 billion RIA firm are safe following the apparent suicide of the company’s CEO, says the firm’s chairman, prominent wealth management executive Steve Lockshin.

David R. Zier, who was CEO at Convergent Wealth Advisors, based in Potomac, Md., died on Oct. 15; Lockshin confirms that the death appeared to be a suicide.

“This was a shock to everyone but it had nothing to do with Convergent,” Lockshin says. “The clients’ assets are all fine.”


Zier’s death occurred after “irregularities came to light in an investment fund that Zier had been running outside Convergent,” Barron’s first reported over the weekend.

Zier ran that fund for his friends and family, outside of Convergent, Lockshin says. He adds that the money in that fund was not part of the assets managed by Convergent — although, he notes, it could have been possible for a client to have invested separately in the fund.

“So, let’s say Dave’s best friend is in the fund — and I’m just making this up — and also is Convergent client,” Lockshin said, “Those two facts are independent of each other.”

Convergent’s president and COO, Doug Wolford, who handles most of the day-to-day operations of the firm, failed to return several requests for comment. When finally reached by phone, said he was in a meeting and unable to talk.

Privately owned City National, based in Los Angeles, bought Convergent in 2007. The bank’s wealth management division has about $61.2 billion in assets under management, according to a bank spokeswoman.

Barron’s had named Zier the No. 5 top independent investment advisor this year.


Not all facts are known — and “may never be,” Lockshin says — about what transpired with Zier’s outside fund, called ZAM, for Zier Asset Management.

He says he first hired Zier at Convergent in the late 1990s. “We really operated like partners,” Lockshin says. “He was like a brother to me, full of vigor, full of life, very positive and always made you laugh, always enjoyed a good time and always did the right thing. That was my experience with him.”

“I think he just made a bad decision,” Lockshin adds –“because whatever he may have done, you can pretty much fix most problems.”

A memorial held for Zier at his home — prior to the Barron’s report — attracted about 400 people, Lockshin says.

Read more:

  • Convergent Snags Recruiting Exec
  • Convergent Launches Programs for RIA Administrative Tasks
  • Wunderlich Reversal: Won’t Hire ‘Discharged’ LPL Broker



Monday, October 27th, 2014 EN No Comments

Wealth Management News – October 27

Tue Oct 28, 2014 1:51am IST


Monday, October 27th, 2014 EN No Comments

Morgan Stanley, BNY Mellon on wealth buildout

Two big US banks have embarked on drives to build out their private wealth businesses in Asia following shifts in distribution strategy. Morgan Stanley is starting from a well-established position, while BNY Mellon last week emerged as a regional newcomer in this area.

Both have long had a presence in the region, so will be under no illusions as to how fiercely competitive and difficult a market this is to crack.

Morgan Stanley Private Wealth Management (MS PWM) plans to add 15-20 relationship managers to its existing 100-strong team in the Hong Kong and Singapore, and an unspecified number of operational staff in the next 12-18 months.

“Competition for private bankers is extremely intense, as global and local firms are expanding,” acknowledged Vincent Chui, Asia head of MS PWM.

Asked what distinguishes his firm from its peers, he said it has access to ideas and products taken from across the group. “Given that Morgan Stanley is a global investment bank, this is a powerful differentiator,” noted Chui. “In contrast, many traditional private banks are stand-alone entities.”

MS PWM recently added a head of sales for Hong Kong and China. Vivien Webb joined on October 16 from Goldman Sachs Wealth Management, replacing Eva Chan, who has taken the newly created role of head of marketing and strategy for wealth management, as reported.

In June last year, Morgan Stanley integrated the firm’s Asian wealth business into its institutional platform, with a view to improving efficiencies and cross-selling opportunities across the divisions. This followed moves by other banks – such as Credit Suisse, Deutsche Bank and HSBC – to restructure their wealth businesses against a backdrop of increasingly strict regulations and cost pressures.

Chui said MS PWM’s move has led to an increase in two-way business referrals between the PWM, investment banking and sales-and-trading businesses. For example, one-third of the capital market transactions with non-state-owned enterprises that the firm pursued in China in 2013 was sourced, directly or indirectly, by the firm’s private bankers.

The private bank’s funds unit has access to products that are soft-closed to new investors and a pipeline of hedge fund principals who are potential clients for the wealth business, added Chui.

MS PWM remains focused on ultra-high-net-worth (UHNW) clients, defined as those with investable assets of at least $100 million, but it is increasing its focus on family offices. The latter segment currently represents a small fraction of the business, though Chui declined to give a figure.

“There have been a lot of new family offices in Hong Kong and Singapore,” he said. “How to migrate from covering stand-alone customers to family offices is a major focus and challenge for us, because we are talking about institutionalising the business.”

Chui added that the firm’s Chinese client segment is its fastest growing in Asia. “Our China wealth business adopts an offshore model and services Chinese clients’ offshore requirements. They are increasingly sophisticated and global in terms of product requirements.

“The US remains the destination of choice for equity, fixed income and real estate investment [among these clients],” noted Chui. “China high yield is also in demand.”

The firm has no plans to expand geographically or to partner with local Chinese banks to further tap the growing number of wealthy mainland Chinese, which the firm services through Hong Kong.

Morgan Stanley PWM had $65 billion in AUM sourced from Asia at the end of last year, according to London-based Private Banker International, but Chui declined comment on that figure. Globally, the firm’s WM business, which includes retail brokerage and private wealth management, had AUM of $2 trillion as of September 30.

Meanwhile, BNY Mellon Wealth Management last week launched discretionary investment wealth management services for HNWIs and family offices in Hong Kong. This comes after it received a licence to offer asset management services in the city in November last year.

This can be seen as an alternative strategy for boosting sales of BNY Mellon Investment Management’s funds in the region. BNY IM has seen several senior departures from its intermediaries division in Asia in the past year and is said to have lost appetite for building out local retail or wholesale businesses, as reported.

Wealth management is an offshore business, allowing the firm to sidestep many of the challenges and costs faced by running a local retail offering.

The firm is focusing its discretionary platform on Americans living in the region and nationals of Asian countries who are liable for US taxes or have a connection with the country.

Charles Long, head of Greater China at BNY Mellon WM, moved to Hong Kong from New York in July last year to build out the business. Over 60% of HNWIs in Hong Kong have $5 million or more, and BNY Mellon WM’s starting threshold is $3 million, he noted. “It’s a big market.”

BNY Mellon WM is starting out with 10 client-facing staff comprising portfolio and wealth directors and 50 staff providing operational support in Asia.

Of the operational staff, some work entirely for the WM business, while some – such as those in compliance and human resources – have responsibilities that overlap with other parts of the group.

The wealth directors source clients, and then portfolio managers take over the relationship.

Though the wealth management arm fits into BNY Mellon’s global investment management business, it is run as an individual unit because the IM business has a much wider range of clients.

Like Morgan Stanley, BNY Mellon sees its global range of wealth management services and products as a differentiator.

BNY Mellon WM managed $187 billion in assets globally as of the end of September this year.


Sunday, October 26th, 2014 EN No Comments

Demand for advice among high net worths climbs

Demand for advice among high net worths climbs

The demand for financial planning advice among high net worth individuals (HNWI) has climbed substantially in the past year with nearly 35 per cent of HNWIs now seeking professional investment advice according to research conducted by Capgemini and RBC Wealth Management.

The Asia-Pacific Wealth Report 2014, compiled by the two groups and released late last week, stated that the preference for professional advice among HNWIs “was strongly prevalent in Australia” and that 34.9 per cent sought professional advice, up from 24.6 per cent in 2013.

Of this group around 40 per cent choose to work with a single advice provider while around 19 per cent consulted multiple advisers or experts while around 27 per cent were willing to pay for specialised advice and services with 23 per cent content with standardized advisory services.

The research behind the report was conducted in the Asia-Pacific region during January and February of this year and found that the HNWI market sector, that is those with more than US$1 million of investable assets outside of residential home, had grown by 5.8 per cent to 219,000 people while their wealth grew by 7.7 per cent to $765 billion.

Home bias remained strong among the HNWI sector with 64.6 per cent of investments held within the Asia-Pacific (ex Japan) region. The report did not break down investments inside of the Asia-Pacific region making it difficult to gauge the level of investment in the Australian market compared with Asian markets.

However investments into Europe by the HNWI sector were around 12 per cent, into Africa and the Middle East at 6.4 per cent, the Americas at 11.9 per cent and Japan at 4.9 per cent.

Australian HNWIs had the highest level of real estate investments in the Asia-Pacific region allocating 33.1 per cent of their portfolio, almost twice the global average of 18.7 per cent, followed by cash at 22.7 per cent and equities 22.3 per cent with fixed income at 11.4 per cent of their allocations and alternative assets at 10.5 per cent.


Sunday, October 26th, 2014 EN No Comments

Private banks bet on Hong Kong as China financial reforms still hazy

Private banks are not waiting around for reforms to bring greater access to the mainland market. Instead, they are placing their bets on Hong Kong as a long-term hub.

“We believe running a wealth management platform based in Hong Kong and Singapore is probably going to serve our purpose for a long time to come,” Vincent Chui, Asia head of private wealth management at Morgan Stanley, said in reply to questions on opening operations on the mainland.

The number of billionaires on the mainland is expected to grow by 80 per cent between 2013 and 2023, according to property firm Knight Frank’s 2014 Wealth Report.

At the same time, the mainland’s high-net-worth individuals – anyone with more than of US$1 million in investable assets – have a strong demand for private banks with offshore asset-allocation capabilities, according to a Bain Co report on private wealth in China.

Bain expects overseas investment among the mainland’s wealthy to have increased by 30 per cent last year. According to a 2013 survey, 37 per cent of mainland high-net-worth people are interested in offshore investment and 30 per cent already have such investments.

That business could be enough to keep private banks busy offshore for years to come. Speculation on the liberalisation of the yuan or cross-border capital flows was not a sound basis for a private banking strategy on the mainland, Chui said.

Newcomers to the regional wealth market, such as Bank of New York Mellon, the world’s largest custodian bank, have placed their bets on wealth management operations in Hong Kong as well.

BNY Mellon, which launched a wealth management service in Hong Kong last week, told the South China Morning Post that while it was interested in managing the mainland’s wealth, it would seek to access that wealth from Hong Kong.

“Hong Kong is a gateway into China without some of the challenges of working in China. If you look at it now, we pretty much have to partner to go into China. I think partnerships are very hard to do,” said Chuck Long, BNY Mellon’s head of wealth management for greater China. “I think it makes more sense for us to say that we want to go into China when we can serve clients the way we serve them here in Hong Kong.”

Several global banks including UBS, Citibank, Standard Chartered and HSBC have set up onshore wealth management operations, with mixed success.

Shanghai’s pilot free trade zone has attracted a wave of international attention since it opened last year on the promise of major – yet encapsulated – financial deregulation. Several global banks have opened offices there but questions still remain on when true financial operations in the zone will take off.

Bank wealth management operations will not necessarily transfer to mainland hubs such as Shanghai in the future, despite the central government’s plan to transform it into one of Asia’s premier financial centres.

Tokyo was a prime example of how aspirations for global financial importance are not always met, Chui said.

Global financial institutions in the 1980s opened their Asia headquarters in the city en masse on the expectation that its global financial importance would rise. Yet, as Tokyo’s financial sector remained largely closed to outsiders, the vast majority relocated to more open hubs, such as Hong Kong and Singapore.

Chui said many of those firms may stay put.


Sunday, October 26th, 2014 EN No Comments

AMP Limited reports third quarter cashflows, AUM and Australian wealth …

AMP Limited today reported cashflows and assets under management (AUM) and an update on its Australian wealth protection business for the third quarter to 30 September 2014.

AMP Chief Executive Craig Meller said: “This continues our solid momentum across the business. Our current range of products are performing well, the focus on Asia continues to deliver results and the performance of our insurance business is in line with guidance”.

Australian Wealth Management net cashflows for the quarter were $476 million, more than doubling flows in Q3 13 of $206 million. Total AUM was $105.2 billion, up from $103.8 billion at the end of Q2 14, reflecting stronger net cashflows and positive investment returns over the quarter. Average AUM increased by 2.6 per cent over the same period.

AMP’s leading wrap platform North recorded its highest ever quarterly net cashflow of$1.5 billion in Q3 14, the sixth consecutive quarter of net cashflows of $1 billion or more. Fifty seven per cent of North’s cashflows were externally sourced.

North exhibited particular strength in attracting retirement income account flows which contributed $951 million to net cashflows for Q3 14. Customers also continued to be attracted to North’s innovative guaranteed options which accounted for approximately 8 per cent of net cashflows in the third quarter. North AUM grew to $13.8 billion at the end of the quarter, up from $12.2 billion at the end of Q2 14.

AMP Flexible Super recorded net cashflows of $500 million in Q3 14. The 12 per cent growth in AMP Flexible Super net cashflows was largely externally driven reflecting higher contributions from new members with strong flows into retirement income accounts. AUM increased by

6.3 per cent over the quarter to $11.9 billion, up from $11.2 billion at the end of Q2 14.

Corporate superannuation net cash inflows were $16 million in Q3 14 compared to a net cash outflow of $52 million for Q3 13 (Q3 13 included a mandate loss of $60 million).

External platform net cash outflows were $311 million in Q3 14 compared to a net cash outflow of $233 million in Q3 13. A significant proportion of the increased net cash outflows from external platforms was captured by North in the third quarter.

AMP SMSF assets under administration were $18.5 billion at the end of Q3 14, an increase of $572 million from Q2 14. At the end of Q3 14 AMP SMSF had 15,491 member accounts under administration (including SuperIQ) up from 15,173 at the end of Q2 14.

AMP Capital had net cash outflows for Q3 14 of $236 million, comprising external net cash inflows of $726 million for the quarter and internal net cash outflows of $961 million.

AMP’s strategic partnership with MUTB in Japan delivered strong flows during the quarter as did other distribution partnerships in Japan across a number of asset classes. The China Life AMP Asset Management Company also contributed to the external net cash inflows for the third quarter and the joint venture now has four products available for Chinese investors. A number of large external mandate wins domestically were largely offset by a single large redemption. Internal outflows relate mainly to the ongoing run-off of mature products closed to new business. Q3 internal outflows were also negatively impacted by transitions of platform sourced cash to be managed by AMP Bank and outflows due to product restructures in New Zealand financial services.

AMP Capital AUM at the end of Q3 14 was $145.4 billion up 0.7 per cent from $144.4 billion at the end of Q2 14. Over the same period, average AUM increased 1.7 per cent.

AMP New Zealand Financial Services’ net cashflows improved to A$105 million in Q3 14, from A$65 million in Q3 13 with growth in cashflows into its KiwiSaver offering and other net cashflows benefitting from advisers transitioning customers onto AMP platforms.

AMP’s mature net outflows in Q3 14 were $456 million, compared to a net outflow of$440 million in Q3 13.

AMP Bank’s mortgage book increased 1.4 per cent to $14.2 billion at the end of Q3 14 from $14.0 billion at Q2 14. In Q3 14, the AMP aligned adviser channel contributed 26 per cent of AMP Bank’s mortgage new business, up from 23 per cent at 1H 14. Over the year, AMP management targets lending growth above system growth, subject to funding availability and return targets. The deposit book was $9.1 billion, up 2.2 percent in Q3 14 from $8.9 billion at the end of Q2 14.

Australian wealth protection annual premium in-force grew by 6.2 per cent in Q3 14 to

$1.935 billion compared to $1.821 billion in Q2 14. Growth in API was primarily driven by a

4.6 per cent increase in individual lump sum insurance and a 16.6 per cent increase in group risk insurance as a result of premium rate increases.
Business update on Australian wealth protection business
During Q3 14, lapse experience across AMP’s insurance business was in line with best estimate assumptions and claims experience continued to perform ahead of best estimate assumptions. The best estimate assumptions outlined at AMP’s FY13 results announcement remain unchanged.


Saturday, October 25th, 2014 EN No Comments

Natixis Global Asset Management to purchase NexGen Financial for CA$7.25 …

Natixis Global Asset Management (Natixis) and NexGen Financial
Corporation (NexGen) (NFX:TSX.V) announced today that NexGen and a
wholly-owned subsidiary of Natixis have entered into an agreement in
which Natixis will acquire all of the outstanding common shares of
NexGen for consideration consisting of CA$7.25 cash per common share,
for an enterprise value of approximately CA$35 million.

The CA$7.25 price per share represents a 107% premium to NexGen’s
closing share price of CA$3.50 on October 23, 2014, the last trading day
before announcement of the transaction.

NexGen is a Toronto-based asset manager with more than CA$919 million
(as of Sept. 30, 2014) in assets under management and a broad
distribution platform.

Rationale for the Transaction

“NexGen is an innovative firm with a strong management team and a solid
lineup of retail mutual funds offered through an expansive distribution
platform,” said John Hailer, chief executive officer of Natixis in the
Americas and Asia. “We are honored to build on the legacy James Hunter
established in one of the largest retail markets in the world. Together
with NexGen, we will be better positioned to serve the market with our
worldwide network of affiliated investment managers.”

Natixis manages more than $930 billion (as of June 30, 2014) in assets
through its global affiliates and was selected as the top U.S. mutual
fund family based on an evaluation of 2013 performance, according to the
annual Barron’s/Lipper ranking of U.S. mutual fund families. The
firm is headquartered in Paris and Boston with offices around the world.
Natixis plans to build upon NexGen’s existing mutual fund platform by
selectively offering its broad range of asset management strategies into
the Canadian retail market.

“We are very pleased to join one of the world’s leading asset managers,”
said Abe Goenka, NexGen co-CEO. “It’s exciting to become part of an
organization with significant resources and an outstanding group of
affiliated asset managers. This gives us greater access to a broad set
of investment strategies that will allow us to create new products
adding to our already diverse fund offerings, allowing us to better
serve current clients and pursue new opportunities.”

Expanding into Canada is part of Natixis’ strategic plan to actively
pursue international growth. In June, the firm announced plans to launch
a new business development initiative in Canada focused on tapping into
the steadily growing Canadian institutional market. In 2013, the firm
established its retail platform in the UK, adding personnel and
launching several mutual funds registered for the UK.

NexGen is recognized for offering tax-efficient wealth management
strategies. Their patent pending proprietary mutual fund structure is
designed to achieve a number of tax planning objectives that are not
publicly offered by any other Canadian mutual fund company. The firm
distributes through more than 1,600 financial advisors and more than 100
dealers throughout Canada.

Transaction Details

The transaction will be completed by way of a statutory plan of
arrangement pursuant to the Business Corporations Act (Ontario). Upon
receipt of the unanimous recommendation of the special committee of
independent directors, the NexGen board approved the transaction and has
resolved to recommend that NexGen shareholders vote in favor of the
transaction at a special meeting of the shareholders to approve the
transaction. Blair Franklin Capital Partners Inc. has provided an
opinion to the NexGen board of directors and special committee that, as
of October 24, 2014, the consideration under the proposed transaction is
fair, from a financial point of view, to NexGen’s shareholders.

Completion of the transaction is subject to customary closing
conditions, including Ontario court approvals, a favorable vote of at
least two-thirds of the votes cast by NexGen shareholders and applicable
regulatory approvals.

In connection with the execution of the arrangement agreement,
shareholders who collectively own over 50% of NexGen’s issued and
outstanding common shares have entered into agreements with Natixis
pursuant to which they have agreed, among other things, that they will
vote all of their NexGen common shares in favour of the transaction,
unless the arrangement agreement is terminated in certain circumstances.

The arrangement agreement includes customary non-solicitation provisions
applicable to NexGen and provides for the payment of a CA$1.75 million
break-up fee to Natixis if the transaction is terminated in certain

NexGen will seek approval for the transaction from its shareholders at a
special meeting, which it expects will be held close to yearend. In
connection with the meeting, NexGen will mail an information circular to
its shareholders providing further details of the transaction.

The proposed transaction will constitute a change of control of NexGen
Financial Limited Partnership, the manager of the NexGen mutual funds,
and investors in the NexGen funds will be sent notice of the change of

In keeping with the Natixis multi-affiliate business model, NexGen will
operate autonomously with the existing senior management team. There are
no immediate plans to make staffing changes or changes to the NexGen
business model.

Assuming timely receipt of all necessary court, shareholder and
regulatory approvals and the satisfaction of all other conditions,
closing is expected to occur in January 2015.


Blair Franklin Capital Partners Inc. is acting as financial advisor to
NexGen and Goodmans LLP is acting as legal counsel to NexGen.

Borden Ladner Gervais LLP is acting as legal counsel to Natixis.

About Natixis Global Asset Management, S.A.

Natixis Global Asset Management, S.A. is a multi-affiliate organization
that offers a single point of access to more than 20 specialized
investment firms in the U.S., Europe and Asia. The firm ranks among the
world’s largest asset managers.1 Through its Durable
Portfolio Construction
® philosophy, the company is
dedicated to providing innovative ideas on asset allocation and risk
management that can help institutions, advisors and individuals address
a range of modern market challenges. Recognized as the #1 U.S. mutual
fund family for 2013 performance in the annual Barron’s/Lipper
Fund Family Ranking,2 Natixis Global Asset Management, S.A.
brings together the expertise of multiple specialized investment
managers based in Europe, the United States and Asia to offer a wide
spectrum of equity, fixed-income and alternative investment strategies.

Headquartered in Paris and Boston, Natixis Global Asset Management,
S.A.’s assets under management totaled $930.5 billion (€679.5 billion)
as of June 30, 2014.3 Natixis Global Asset Management, S.A.
is part of Natixis. Listed on the Paris Stock Exchange, Natixis is a
subsidiary of BPCE, the second-largest banking group in France. Natixis
Global Asset Management, S.A.’s affiliated investment management firms
and distribution and service groups include Absolute Asia Asset
Management; AEW Capital Management; AEW Europe; AlphaSimplex Group;
Aurora Investment Management; Capital Growth Management; Darius Capital
Partners; Gateway Investment Advisers; H2O Asset Management; Harris
Associates; IDFC Asset Management Company; Loomis, Sayles Company;
McDonnell Investment Management; Mirova Asset Management; Natixis Asset
Management; Ossiam; Natixis Environnement Infrastructure Luxembourg;
Reich Tang Asset Management; Snyder Capital Management; Vaughan Nelson
Investment Management; Vega Investment Managers; and Natixis Global
Asset Management Private Equity, which includes Seventure Partners,
Naxicap Partners, Alliance Entreprendre, Euro Private Equity, Caspian
Private Equity and Eagle Asia Partners.

About NexGen Financial

NexGen Financial Corporation was founded to develop value-added
investment solutions for financial advisors and their clients. The firm
is focused on the creation of innovative investment products and
services that meet the needs of Canadians seeking more tax-efficient
investment opportunities and greater control over the tax treatment of
their investments. Managed by strong investment professionals, NexGen’s
unique Registered and Tax-Managed Fund offerings are well positioned as
attractive investment opportunities for Canadians looking to manage the
tax costs associated with traditional investment solutions.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning
of securities legislation and that are based on the expectations,
estimates and projections of management of the parties as of the date of
this news release unless otherwise stated. Forward-looking statements
are generally identifiable by use of the words “expect”, “anticipate”,
“continue”, “estimate”, “objective”, “ongoing”, “may”, “will”,
“project”, “should”, “believe”, “plans”, “intends” or the negative of
these words or other variations on these words or comparable
terminology. More particularly, and without limitation, this news
release contains forward-looking statements and information concerning
expectations regarding the consideration to be issued pursuant to the
transaction, the ability of NexGen and Natixis to consummate the
transaction on the terms and in the manner contemplated thereby, the
anticipated benefits of the transaction, and the anticipated timing of
the transaction. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause actual
results, performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by the
forward-looking statements. Such factors include, among others, the time
required to prepare and mail meeting materials to NexGen shareholders,
the ability of the parties to receive, in a timely manner and on
satisfactory terms, the necessary court, shareholder, stock exchange and
regulatory approvals and the ability of the parties to satisfy, in a
timely manner, the conditions to the closing of the transaction, as well
as other uncertainties and risk factors set out in filings made from
time to time by NexGen with the Canadian securities regulators, which
are available on SEDAR at
Actual results, developments and timetables could vary significantly
from the estimates presented. Readers are cautioned not to put undue
reliance on forward-looking statements.

1 Cerulli Quantitative Update: Global Markets 2014,
ranked Natixis Global Asset Management, S.A. as the 16th largest asset
manager in the world based on assets under management as of December 31,

2 Barron’s/Lipper 2013 one-year fund family ranking
based on 64 qualifying U.S. fund companies. Each fund family must have
at least three funds in Lipper’s general U.S.-stock category, one world
(global and international), one mixed-asset/balanced (stocks and bonds),
two taxable bond and one tax-exempt bond fund. Natixis was not ranked
for the 5- and 10- year periods. Past performance is no guarantee of
future results.

3 Assets under management (AUM) may include assets
for which non-regulatory AUM services are provided. Non-regulatory AUM
includes assets which do not fall within the SEC’s definition of
‘regulatory AUM’ in Form ADV, Part 1.

Regulatory Disclaimer

Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.


Saturday, October 25th, 2014 EN No Comments

Investment Administrator – Manchester

  • Job Role: Investment Consultant
  • Recruiter: IDEX Consulting LLP
  • Location: Manchester
  • Salary: £20000 – £22000 per annum

My Client is a top UK Wealth Management Practice and they are currently looking for an Investment Administrator to join their team in Manchester.

• Run relevant control reports, review, analyse and action as necessary.
• Manage any client level internal requests.
• Perform all Investment Operations processing.
• Investigate and answer any incoming queries.
• Investigate exceptions and errors and apply corrective action.
• Resolve complaint investigations.
• Identify risks to Investment Operations Management.
• Adhere to all company policies and procedures.
• Undertake regular client reporting – valuations, tax packs.
• Carry out tax year sensitive activities, for example ISA funding.
• Any ad hoc tasks as required.


• Platform experience
• Excellent standard of education, with a desire for further development and to undertake relevant examinations i.e. Investment Operations Certificate
• Excellent numeracy skills
• Demonstrable relevant experience within financial services
• Good understanding of investment processes and discretionary investment management, including knowledge of SIPP, Offshore Bond, and ISA products
• Strong accuracy with high attention to detail
• Effective and professional communication both verbal and written
• Positive attitude with excellent problem solving skills
• Excellent interpersonal and customer service skills
• Strong organisational and multi-tasking skills
• Good analytical skills: proficient in Microsoft packages – Excel, Word, Outlook
• Team orientated with a flexible work approach

For more information please contact Graeme Hyland on 07896 933622 or email

Please visit for further opportunities.

Foot Note:

If your application is successful we will contact you to discuss the opportunity in more detail within 2 working days of receiving your application. If your application is unsuccessful, the information supplied may still be retained for use in connection with future vacancies.

Due to the overwhelming application response we receive through various sources, should you not hear from us within one week then please assume your application has been unsuccessful.


Saturday, October 25th, 2014 EN No Comments

Focus Financial RIAs Acquire Firms with $1 Billion in Assets


NEW YORK, Oct 24 (Reuters) – Focus Financial Partners LLC, which has grown by acquiring independent registered investment advisers and teams across the United States, said on Friday that six of its RIAs made acquisitions of their own in recent months adding more than $1 billion in client assets.

Among the largest were acquisitions made by St. Louis-based Buckingham Asset Management and Boston-based The Colony Group.

Buckingham Asset Management acquired Hufford Financial in Indianapolis, adding Hufford’s $400 million in assets under management to the more than $24 billion in client assets Buckingham manages with BAM Advisor Services.

The Colony Group acquired the local Boston RIA Long Wharf Investors, which had $200 million in assets under management, raising The Colony Group’s total assets under management to roughly $3.7 billion.

Other Focus-affiliated independent advisory groups such as IFM Capital Advisers, GW Wade, HoyleCohen and Beirne Wealth Consulting also acquired practices.

In 2014, New York-based Focus Financial Partners has helped its RIAs bring in almost $2 billion in client assets through mergers and acquisitions. (Reporting by Elizabeth Dilts. Editing by Andre Grenon)

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Friday, October 24th, 2014 EN No Comments

BNY Mellon To Sell Stake In Chinese Joint Venture

  • Page 1 of 2

The Bank of New York Mellon Corporation (BK) has received regulatory approval by China Securities Regulatory Commission (CSRC) to dispose off its stake in its joint venture with China’s Western Securities Co. Ltd., one of the major players in the securities brokerage industry.

A slowing economy has deterred mergers between Chinese financial servicing businesses and their foreign counterparts. BNY Mellon has been forced to make this move, following trend of financial restructuring in China.

According to Western Securities, the US shareholder received approval to sell its 49% ownership in the fund manager from CSRC.

A statement released on the Shenzhen stock exchange said that the shares will be sold to another wealth management firm, Shanghai Leadbank Asset Management Co Ltd. Following the sale, Western Fund Management will no longer have any foreign stake, and will continue operating as a local company.

To complete the deal, Shanghai Leadbank will make a payment of 147 million yuan ($24 million) to the New York-based multinational bank.

Deliberations between the two owners, to sell the business, had been going on for the last six months. The business in question is a Sino-US venture, which provides private and public investment services.

BNY Mellon is a relatively older player in the Asian financial market. BNY’s pioneer move was the acquisition of Irving Trust in 1988, a well-heeled brand in the Asian zone with a range of financial services in its portfolio. Currently based in Hong Kong, Irving has a personnel base of 200, which includes 20 veteran investment bankers. According to Alan Harden, Chief Executive for BNY Mellon Investment Management in Asia-Pacific, the business unit is looking to make the addition of another 10 bankers, and portfolio managers.

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Friday, October 24th, 2014 EN No Comments