Archive for June, 2015

New advisor joins wealth management company

Genovese Burford Brothers announced the hiring of John J. Zezini, CFP, to lead eventually an office in the El Dorado Hills/Folsom area.

Zezini grew up in Sacramento before attending California State University Sacramento, graduating with a degree in Finance. After breaking into the business at Olde, which eventually merged with HR Block, Zezini built his career at Edward Jones over the past 12 years in an office located in the heart of the Serrano Village neighborhood of El Dorado Hills.

“John has the right values and a commitment to a high standard of client care. Our firm is built on our values of integrity, expertise and no short cuts, so John is a natural fit. We are excited to add him as one of the cornerstones for future growth beyond our Sacramento office,” said Mike Genovese, GBB co-founder.

Zezini will transition with training in GBB’s processes and systems through 2015, and will play a significant role spearheading GBB’s growth strategy as the firm looks to open a second office in 2016. He will build his book of clients, helping local businesses and families with their wealth advising needs. He is excited about the opportunity to grow as part of an organization on the rise.

According to partner Kelly Brothers, “GBB is growing, and sustainable growth is built on high-quality talent. John is a CFP professional with a proven track record. He is a great addition.”

John received his Certified Financial Planner designation in 2015. He is the fifth CFP at GBB, to go along with two CFAs (Certified Financial Analyst), two CPAs (Certified Public Accountants) and two AIFs (Accredited Investment Fiduciaries). 

GBB was founded in 1987 and oversees more than $2.2 billion in assets through personal wealth management and corporate retirement plans. GBB’s clients include Sacramento’s leading businesses, individuals and families.

For more information, call (916) 924-7527 or visit gbbwealth.com.

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Tuesday, June 30th, 2015 EN No Comments

Gloria Franz to receive ‘Spirit of Indio’ award

Recognition

Gloria Franz of Franz Tatum Wealth Management in Palm Desert will receive the “Spirit of Indio” award from the Indio Chamber of Commerce at its upcoming Smoke ‘N’ Summer Barbecue and installation dinner at 5 p.m. Tuesday at the The Golf Club at Terra Lago at 84000 Terra Lago Parkway in Indio. The award recognizes her exceptional contributions to the community and to the city of Indio as a volunteer. Franz is the first recipient of this award who does not currently serve on the board of the Indio Chamber.

Job Changes

The Foundation for Palm Springs Unified School District Board of Directors elected three new members at its June 2015 meeting: Dr. Rick Post, J.D. was most recently the interim vice president of academic affairs, Bakersfield College, as well as having more than 16 years at College of the Desert as its dean and assistant to the president. Bruce Purdy is president of Purdy International Consulting, which focuses on urban planning and infrastructure development in emerging economies and change management plans for both public and private organizations. Dr. David Wolfe, PhD., has held administrative positions in healthcare and higher education and has had articles in numerous professional journals, and continues to serve on the editorial boards of professional journals.

Dr. Bobby Butler, DDS, Diplomate American Board of Periodontology, has moved to the Coachella Valley and will join Dr. Ellie Love, DDS, MSD at the Advanced Periodontics Implant Center at 72780 Country Club Drive, Suite 402 in Rancho Mirage. Dr. Butler developed a premier periodontal practice in Seattle 21 years ago and was recognized in the Top Dentist / Periodontists Issue of Seattle Magazine every year since the annual rankings began. Butler has published articles in such journals as Journal of the American Dental Association; Journal of Periodontology; Periodontology 2000; Implant Realities; Journal of Oral-maxillofacial Implants and contributed to textbook chapters. Butler lives full-time in Palm Springs and enjoys the outdoor activities of the Coachella Valley.

Morgan Stanley in Palm Desert announced the formation of the Relationship Group at Morgan Stanley, led by David W. Schrager, vice president, financial advisor and CFP; Catherine A. Eklund Mares, vice president, financial advisor and Janet R. Malachowsky, associate vice president, financial advisor in the firm’s wealth management office in Palm Desert. Each brings their unique set of skills to enhance customer and community relations in their field of expertise.

Philanthropy

Dusty Wings of the Desert, Inc., in Palm Desert, the organization of retired flight attendants, chose Gilda’s Club Cancer Support Community as the recipient of its 2015 charitable contribution. Brigitte Davis, Dusty Wings president, presented a check for $34,000 to Maria Elena Geyer, president and CEO, and Paul D. Golden, board chairman of Gilda’s Club Desert Cities, in Palm Desert at Dusty Wings’ final luncheon of the season held at Las Casuelas Nuevas in Rancho Mirage.

Desert Hot Springs Elks Club held its annual charity awards dinner on June 6, at the Elks Lodge in Desert Hot Springs, where proceeds from the 21st annual Golf Tournament totaled more than $8,500 were split and awarded to the following Desert Hot Springs charities: AYSO Soccer, Desert Hot Springs High School Band, Golf Team, Swim Team and ROTC; along with Little League Baseball, Boys and Girls Club of Coachella Valley, Food Now, Inc., Desert Hot Springs Jr. All American Football and Cheer and the Soroptomist House of Hope.

Openings, expansions renovations

Zaino Mizani, creative director and CEO of Mizani Media in Palm Springs, announced collaboration with Pamela Bieri, a Southern California-based freelance writer and owner of Bieri Marketing Media Relations of Palm Desert, to offer their clients a full spectrum of web and print design solutions, and Internet marketing strategies along with custom copywriting, press, and public relations strategies.

Email announcements to Business@DesertSun.com

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Monday, June 29th, 2015 EN No Comments

Trust Insider: understanding Witan Pacific’s disappearing discount

I recently mentioned Witan Pacific (WPC) in an article on Martin Currie Pacific, pointing out WPC is now the only pan-Pacific fund (Asia including Japan, Australia and India).

It is also different in that, like its much larger stablemate, Witan, it is run as a multi-manager fund.

As I said a few weeks ago, there is a good case for managing money on a pan-Asian basis, given the increasing interdependence of the region’s economies.

For example, China is Japan’s largest trading partner and Japan is China’s largest source of imports and third largest export destination. Hopefully, this reality will help to keep a lid on intra-regional tensions.

WPC was formerly FC Pacific, which was reconstructed in May 2005 when Witan Investment Services became the executive manager of the trust. Aberdeen Asset Management and Nomura Asset Management were given the job of running the portfolio with the assets split evenly between them.

Net asset value (NAV) per share has more than doubled since then but the fund has shrunk through share buy-backs and a tender.

WPC is a little smaller than it was back in 2005 but with a market cap of £171 million is still a reasonable size.

WPC is benchmarked against the MSCI AC Asia Pacific Free index (in sterling). The fund has not beaten this benchmark in every year since it was reconstructed but, over the period from reconstruction to its year end in January 2015, it has beaten the index by 0.8% per annum.

The difficult years were 2013, when it was underweight Japan at a time when that market was doing well; 2006, for exactly the same reason (though the problem was confined to Aberdeen’s portion of the portfolio); and in 2009, when Nomura struggled.

Nomura’s performance continued to disappoint and in April 2012 it was replaced by two new managers, Matthews International Capital Management and MW GaveKal Asia. Matthews was handed 35% of the portfolio and GaveKal 10%.

Since then Matthews’ proportion has been increased at the expense of Aberdeen’s to give them around 45% each. Most readers will be aware of Aberdeen’s management style and I talked about it in the recent article on Aberdeen Japan.

Matthews is managing WPC’s money in accordance with its ‘Asia Dividend strategy’, which looks for dividend-paying companies it believes have sustainable long-term growth prospects. It does not discriminate by size so portfolios can have reasonable exposure (relative to the benchmark) to small and mid cap stocks.

The GaveKal money is invested through its GaveKal Asian Opportunities Ucits fund. This is invested between equities, bonds and cash pools with the idea of benefiting from changes to the macroeconomic environment in Asia. Where they do hold equities, they focus on growth stocks.

All three managers are stock pickers and are unafraid to deviate substantially from the benchmark index. The net effect of this at the moment is that the company tends to be underweight or have no investment in some of the region’s largest stocks but is overweight in medium and smaller sized companies.

With three managers, the portfolio is reasonably well diversified with over 100 holdings.

The two largest holdings are the GaveKal fund and Aberdeen’s Indian equity fund and the top 10 equity positions at the end of May accounted for less than 20% of the portfolio. The portfolio is still materially underweight Japan relative to its benchmark.

Matthew’s portfolio should throw off decent income but the overall focus of the trust is on growing investors’ capital. The fund yields about 1.7%. It tries to grow its dividends each year but was forced in the last accounting year to dip into revenue reserves to pay an uncovered dividend.

Matthews blamed this mainly on the strength of sterling over the period but it is optimistic that the companies in the portfolio are growing earnings fast enough to make up for this in coming years.

One argument often levied against multi-manager funds is the layering of fees. WPC manages to pay institutional rates for its investment management, however.

Aberdeen has the chance of earning performance fees on its portion of the portfolio but has a lower base fee than Matthews. The board tries to keep the ongoing charges ratio below 1% but did not quite manage this over the year to the end of January as the fund shrank through buy-backs. The ratio came out as 1.06%.

Without a high yield to attract investors, the fund is reliant on delivering decent performance.The poor year in 2013 has taken its toll on medium-term performance and unfortunately the fund is lagging the benchmark in its current accounting year (I suspect for the same old reason – the underweight to Japan).

Over the longer term, however, performance is not too bad. The managers have done a good job of driving the discount down over the past few months.It would be nice to see performance pick up and this discount narrowing sustained.

James Carthew is a director at Marten Co

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Monday, June 29th, 2015 EN No Comments

Greek crisis deepen, investors may bail out of European equity funds

MUMBAI: Investors could redeem their investments in European equity funds as uncertainty over the Greek crisis has deepened, said wealth managers. With the economic recovery in Europe expected to be delayed in the wake of the credit crisis, investors in these schemes may find it tough to make returns.

“Uncertainty continues over Greece, and it seems there will be a prolonged crisis. Given this scenario, Indian investors will be better off booking profits and allocating their money to alternative avenues,” says Ashish Shankar, head (investment advisory), Motilal Oswal Private Wealth Management. He feels if Greece were to exit the Eurozone, it could have a contagion impact and worsen matters. Indian investors had put money in these schemes on hopes that the Eurozone crisis would be resolved.

Greek crisis deepen, investors may bail out of European equity funds

Asset management companies launched feeder funds that would invest in European mutual fund schemes. Many Indian investors as a part of their overall geographical diversification invested in funds from JPMorgan Dynamic Offshore Equity Fund, Religare Invesco Pan European Equity Fund, DWS Euroland Fund and Franklin European Feeder Fund.

However, returns over the last one year have been poor. The four funds on an average have given return of 1.65 per cent. As per analysts, the low return is due to a sharp appreciation of the rupee against the euro. “Over the last one year, the euro has lost 15 per cent against the Indian rupee. This has eroded returns from these funds,” explains Vishal Dhawan, chief financial planner, Plan Ahead Wealth Advisors.

Even though these equity funds have exposure primarily to countries like the UK, Germany, Switzerland and France, with negligible direct exposure to Greece, what worries investors is the indirect exposure of European banks.

“Many European banks have an exposure to the Greece economy, which could affect the portfolio,” says Vidya Bala, head of research, Fundsindia.com. The exposure of these banking stocks could affect these funds, in the near-term.

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Monday, June 29th, 2015 EN No Comments

UBS eyes growing wealth management needs of China’s rich

Affluent Chinese are making longer-term investment plans and diversifying their assets overseas, says Swiss banking giant UBS, which sees growing wealth management needs in the country.

As many Chinese attain high net worth (assets above US$2 million) or ultra-high net worth (above US$50 million), their wealth management needs are coming into focus as they consider retirement as well as inheritance and succession matters for the next generation, said Karen Chen, president of UBS (China) Limited.

“This affluent class, who are mostly entrepreneurs, are concerned that their wealth will be diluted significantly after several generations if they don’t seriously consider succession planning earlier,” Chen told the South China Morning Post.

Others are considering wealth management as part of their retirement plans, she said.

Unlike foreign investors who set long-term investment plans for their core assets for five to seven years, Chinese investors might see an investment period of three years as “very long”, Chen said.

Concerns about inheritance and retirement are prompting many to consider more long-term, comprehensive wealth management solutions, she said.

China’s entrepreneurs typically invest a large part of their wealth in developing the family business and invest the surplus in the domestic equity market, which they were more familiar with, Chen said.

Many of the bank’s clients are veteran investors with decades of experience buying stocks in the mainland market, but their investment portfolios are too concentrated in equities that make them vulnerable to market volatility.

“Chinese investors need to draw longer-term and comprehensive financial wealth management plans. We see that they are increasingly interested to look at investment opportunities overseas to diversify risk,” Chen said.

European funds, products under the qualified domestic institutional investor scheme and the Shanghai-Hong Kong Stock Connect were also of interest to them.

“China’s affluent class is relatively young and they are keen to participate in investment decisions, but their emotions may get in the way,” Chen said, adding that professional advisers would help them maintain long-term financial goals.

According to a UBS forecast, personal wealth in China will see more than 15 per cent compound in the next three to five years, which augurs well for the wealth management business.

Following approval from the China Banking Regulatory Commission in 2012, the Swiss banking group converted its Beijing branch, which it opened in 2004, into the locally-incorporated UBS (China) Limited, which can conduct yuan-related business and a wider range of products and services.

The bank opened a sub-branch in Beijing last September to focus on wealth management. A branch in Shanghai is also in the pipeline. Chen said the bank was building a team of client advisers in China.

 

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Monday, June 29th, 2015 EN No Comments

Online funds tempting investors

P2P platforms are proving popular but they face strong competition from other Web products

Online investing has been hailed as the next big financial trend. It might well be.

Money market funds and peer-to-peer lending, which help small businesses expand or set-up new ventures, have become popular. Many see it as an alternative to a savings account in a brick-and-mortar bank or investing in stocks.

“We witnessed a rapid increase in online wealth management products last year. This has made the process of wealth management easier and more transparent,” Wang Tao, an analyst with China Internet Network Information Center, said.

Making your hard-earned cash work for you has helped these Internet wealth management platforms flourish. Ordinary investors can put as little as 10 yuan ($1.6) or as much as 1 million yuan into money market funds, which specialize in bonds and one-year fixed bank deposits.

The average annual return on 2,000 yuan ($321) is around 90 yuan, depending on the interest rate. If you put the same amount into an ordinary savings account with a traditional bank, you would receive just 65 yuan.

“I moved to online investment platforms late in the day, so I understand the yield is not as high as it was before,” Yan Tao, a human resources manager at a multinational consumer goods company in Shanghai, said. “But it is quite easy to handle and still provides a higher margin than an ordinary bank deposit account. Also, it’s important to vary your portfolio.”

Money market funds have become extremely popular online, especially on the Yuebao e-commerce platform, which is part of the Chinese Internet giant Alibaba Group Holding Ltd. Another leading e-commerce player, JD.com Inc, also specializes in similar products.

In the first quarter of this year, Yuebao’s money market fund climbed by more than 132 billion yuan to reach 711 billion yuan. That was an increase of 31.4 percent compared to the same period last year. The e-commerce platform also has 185 million registered users.

But money market funds are not the only products on offer. The P2P lending sector has mushroomed with the boom in smart technology.

Last year, there were about 1,200 Chinese P2P lending companies, including big-hitters such as CreditEase Corp, Shanghai Lujiazui International Financial Asset Exchange, and the Shenzhen-based Hongling Capital.

“In 2014, the turnover of Chinese peer-to-peer lending platforms reached 321.19 billion yuan, up 268.83 percent compared to 2013,” a report released to Xinhua News Agency last month by the Payment Clearing Association of China highlighted.

This year, industry statistics show the total trading volume on P2P online platforms topped 60.9 billion yuan in May, up 10.55 percent from a month earlier. The overall yield rate, or profit, increased by 8 basis points to 14.54 percent in May, but that was still down on last year’s 19.6 percent figure.

“We have noticed that venture capital has accelerated on the P2P market since the beginning of this year,” Yang Shuoyu, chief executive officer of the Shanghai-based P2P company Baotuodai.com, said. “Increased capital will help develop the P2P industry.”

But the online market has suffered problems in the past, such as fraud, leaving investors out of pocket. Last month, up to 59 platforms reported difficulties mainly connected to “improper investments”.

“Quite a few P2P platforms have been shut down,” Wang Suzhen, deputy secretary-general of Payment Clearing Association of China, said. “Some were just to set up as fraudulent enterprises. But tougher regulations and credit systems will soon be in place to stop this from happening.”

Leading online companies are also playing their part by increasing investor protection.

CreditEase Corp reached an agreement with China Guangfa Bank earlier this month to help safeguard investors on Yinrendai.com.

Set up in 2012 by China’s leading P2P lending and wealth management company, Yirendai has 4 million registered users with a trading volume of more than 5 billion yuan.

Its risk reserve fund is valued at almost 100 million yuan and the deal by CreditEase Corp means that China Guangfa Bank will oversee supervision of settlements for investors and borrowers. “This kind of agreement is ideal for China’s booming Internet financial market by safely managing the risk to investors,” Tang Ning, founder and chief executive of CreditEase, told China Daily last month.

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Monday, June 29th, 2015 EN No Comments

Spring FG launches fintech advice service

29 June 2015

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Monday, June 29th, 2015 EN No Comments

Fayeeza and Arif Naqvi awarded the BNP Paribas Prize for Individual Philanthropy

The Prize, now in its 8th year, recognizes outstanding global philanthropists

Aman Foundation commended for its unique track record in healthcare and education

BNP Paribas Wealth Management, a leading global private bank with EUR 332 billion worth of assets under management, has honored Fayeeza and Arif Naqvi, founders of the Aman Foundation in Pakistan, as the BNP Paribas 2015 Grand Prix winners. The announcement was made in Paris at an award ceremony hosted by Vincent Lecomte and Sofia Merlo, Co-CEOs of BNP Paribas Wealth Management.

The Grand Prix honors an individual or family for their overall philanthropic activity, commending the exemplary nature of their actions, their financial engagement, impact and long-term commitment. The Aman Foundation, established by the Naqvi family in 2008 is the largest private social sector enterprise in Pakistan, with a focus on healthcare and education. The Foundation was commended for its outstanding work in creating sustainable and systemic impact through grant-giving and direct investment in a series of programs that have played a transformative role in the social fabric of Karachi.

With the explicit goal of transforming lives and championing dignity and choice for the under-served, the Aman Foundation has built a healthcare eco-system, with a best in class ambulance service that has a response time of nine minutes, in one of the most densely populated cities in the world. AmanAmbulance was recently awarded the ‘Best Institutional Emergency Medical Service across Asia’ and has made over 675,000 interventions to date. The Foundation’s education vertical is underpinned by AmanTech, a vocational training institute that has enrolled over 4,000 underprivileged students, and enabled them to enter the economic mainstream through skills training, professional development and job placement programs.

Accepting the award in Paris, Fayeeza Naqvi, Founding Trustee of the Aman Foundation, said, “I am deeply humbled and honored to accept the BNP Paribas Prize for Individual Philanthropy on behalf of the 2,000 people who are part of the Aman team and my family. Our journey over the past seven years has been one of challenge, hope and motivation as we sought to build an eco-system that put healthcare, education and food security at its core. We are privileged to be supported by an incredible team of colleagues, local and international partners who recognize the value of building scalable and sustainable change in the philanthropic sector. This award represents a milestone in Aman Foundation’s journey and galvanizes us to continue building a better future for our global community”.

The prize laureates for the BNP Paribas Prize for Individual Philanthropy are chosen by an independent jury made up of leading figures across a number of sectors representing business, art, media, finance, industry and philanthropy. The jury is chaired by Suzanne Berger, Professor of Political Science at the Massachusetts Institute of Technology in Cambridge, USA. In studying the profiles of the nominees, the jury made their decisions based on criteria, such as social impact of the laureates’ philanthropic initiatives, their personal and financial commitment, and the sustainability and professionalism of the projects.

For more information on the BNP Paribas Prize for Individual Philanthropy, please visit: https://wealthmanagement.bnpparibas.com/public/en/achieving-your-goals-prize.

About the Aman Foundation: The Aman Foundation is Pakistan’s leading social enterprise with a clear track record of unique scale and success in Pakistan. Through direct interventions in Health and Education, Aman aspires to achieve impact, scale, sustainability and systemic change. Created through an investment of US$ 100M by the Aman Trust, Aman has executed sustainable businesses in Healthcare, and Education.

Aman Foundation also engages in venture philanthropy by providing strategic grants to high-social-impact organizations – including the Acumen Fund, the Aga Khan University, etc. that work in the Foundation’s core focus areas.

The Aman Foundation has an established international network of alliances. It has multi-year partnerships with leading global foundations including the Bill and Melinda Gates Foundation and the David and Lucille Packard Foundation, global donor agencies such as USAID, Pakistan’s public sector and multiple players across the private sector. http://www.theamanfoundation.org/

For more information, please contact Mr. Murtaza Abbas, Public Relations, Aman Foundation at murtaza.abbas@amanfoundation.org, or call (+92) 345-201-4812, and (+92-21) 111-111-823, ext 2407.

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Saturday, June 27th, 2015 EN No Comments

United Asset’s Lee DeLorenzo CFP®, CPWA®, Makes Barron’s "Top 100 … – Virtual

United Asset’s President, Lee DeLorenzo CFP®, CPWA®, has been named one of the “Barron’s Top 100 Women Financial Advisors” of 2015

Garden City, NY (PRWEB) June 27, 2015

Lee DeLorenzo, President of United Asset Strategies, Inc., a wealth management firm, has been named as one of Barron’s 2015 Top 100 Women Financial Advisors for the sixth year in a row. “This honor would not be possible without the commitment to excellence of the enthusiastic and dedicated team at United Asset and to our strict adherence to our firm’s mission statement – ‘At United Asset Strategies, our mission is to be a steward to our clients and to each other, ever-mindful of our clients’ unique financial goals and risk tolerances. We are committed to client satisfaction and prudent, disciplined daily money management,” says DeLorenzo. “We work hard to grow our clients’ assets, even harder to preserve them.” It is this cultural mindset – serving our clients, growing and preserving their assets and keeping our eye on the ball – that contributes to United Asset’s continuing success.

For more information about how you can work with Lee DeLorenzo, CFP ®, CPWA® and United Asset Strategies, located in Garden City, NY, please call (516) 222-0021, or visit us at http://www.unitedassetstrategies.com.

For the original version on PRWeb visit: http://www.prweb.com/releases/2015/06/prweb12813061.htm

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Saturday, June 27th, 2015 EN No Comments

Envestnet, Inc Short Interest Update

Envestnet, Inc (NYSE:ENV) has witnessed a rise of 2% or 34,522 shares in its short figure. The short interest augmentation took it from 1,740,592 on May 29,2015 to 1,775,114 on June 15,2015. In terms of floated shares, the short interest was calculated to be 5.2%. The days to cover are 6 given that the daily volume averaged 287,789 shares. The information was released by Financial Industry Regulatory Authority, Inc (FINRA) on June 24th.

The company shares have dropped 10.66% in the past 52 Weeks. On March 20, 2015 The shares registered one year high of $58.21 and one year low was seen on October 13, 2014 at $37.76. The 50-day moving average is $45.1 and the 200 day moving average is recorded at $50.88. SP 500 has rallied 8.87% during the last 52-weeks.

Envestnet, Inc (NYSE:ENV) : On Thursday heightened volatility was witnessed in Envestnet, Inc (NYSE:ENV) which led to swings in the share price. The shares opened for trading at $42.8 and hit $43.12 on the upside , eventually ending the session at $42.89, with a gain of 0.66% or 0.28 points. The heightened volatility saw the trading volume jump to 176,876 shares. The 52-week high of the share price is $58.21 and the company has a market cap of $1,514 million. The 52-week low of the share price is at $37.76 .

Envestnet, Inc. (Envestnet), is a provider of wealth management solutions to financial advisors and institutions. Through its wealth management offerings, including Envestnet Advisor Suite and Envestnet PMC, it delivers a Web-based gateway to expert, objective, integrated wealth management solutions. Its centrally-hosted technology platform provides financial advisors with a range of investment solutions, services, investment managers and custodians to identify those that are appropriate for their clients. In December 2011, it acquired FundQuest Inc. In April 2012, it acquired Prima Capital Holding, Inc. In May 2012, the Company acquired Tamarac Inc. In July 2013, Envestnet Inc completed the acquisition of the assets of the Wealth Management Solutions division of Prudential Investments. In July 2014, the Companys subsidiary Envestnet Retirement Solutions, completed acquisition of Klein Decisions Inc.

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