October 25, 2016: HMC Capital is a Latin American investment and financial advisory firm with offices in Chile, Brazil, Peru, Colombia and United States. With $5 billion under distribution (third party funds) and $1 billion under management, HMC provides investment opportunities to institutional and HNW clients. More than 60 professionals with local experience and market knowledge are spread out in its Latam offices, working on a day to day basis managing portfolios and looking for opportunities in the region.

With almost eight years of history as an independent company and five fully dedicated Partners coming from different financial institutions with more than 100 years of aggregate experience, HMC has developed a complete platform of third party products and strategies, and proprietary Latam products maximising the risk/return for its clients in the region and structuring ideas for niche investment opportunities in Latam markets.

Ricardo Morales, Partner and Chairman of HMC Capital

Its main businesses are Third Party Distribution, Asset Management, Private Banking and advisory & Placement. Claudio Guglielmetti, Partner and Head of Private Banking at HMC Capital, says, “There are tremendous opportunities in Latam capital markets. HMC has found some opportunities in this arena on the equity and credit side, contributing for example to develop the debt capital markets financing medium size companies and industries through its regional credit platform.” HMC’s vision for Latam markets involves the creation of solutions for investors, and contribution in the development and scalability of asset classes in the alternatives investment spectrum. In essence, HMC believes in innovating and generating value added strategies, which requires in-depth knowledge of the local markets and understanding investor’s portfolio needs and restrictions. It has been able to quickly identify emerging opportunities for their clients arising from their changing macro-environment, not only economic and financial but regulatory and legal, to which they are subject.

Claudio Guglielmetti, Partner and Head of Private Banking

“It has developed attractive investment strategies on a risk-return adjusted basis, focusing in areas where traditional sources of capital have not played a significant role. Despite a challenging environment in the region, there are significant opportunities in the development of capital markets, improvement of access to financing, and connecting investor’s capital to different segments of the economy,” says Daniel Dancourt, Partner and Head of Asset Management at HMC Capital.

Daniel Dancourt, Partner and Head of Asset Management

Francisco Dianderas, Partner and CFO

Francisco Dianderas, Partner and CFO of HMC, says, “Besides the fact that HMC has a team of competent professionals with extensive experience in the financial industry and the real sector. HMC allows their professionals to increase their opportunities of growing. This unique combination has allowed HMC to become one of the regional leaders in the development and supply of products for investors.”

Felipe Held, Partner and CEO of HMC Capital, says, “Latin America has been very challenging these past few years for investors. A lot of uncertainties around micro, macroeconomics and politics, have affected economic growth and expectations, and therefore have had an impact in markets’ performance. As we know, Latam economies are dependent on commodities such as metals, oil & gas and others, which have suffered due to the slowdown in the global economy, and particularly from China. Besides the fact that we have lived in a low growth scenario, we have also experienced low borrowing costs and great liquidity for a while creating a challenging environment for investors looking for returns and yields. We expect that this scenario to continue in the mid-long run.”

Felipe Held, Partner and CEO of HMC Capital

Ricardo Morales, Partner and Chairman of HMC Capital, adds, “HMC Capital has been unique in its focus, providing the best investment ideas and products to their clients in the alternative investments arena, which means mainly credit, real estate and private equity.”

The post Tapping the opportunities in Latam appeared first on International Finance.

September 14, 2016: Provenir, provider of risk analytics solutions, announced that rent-to-own industry leader Rent-A-Center, Inc. has adopted Provenir’s hosted solution, Provenir Cloud, to support the processing of customer applications for lease purchase agreements in connection with its AcceptanceNow line of business.

“Provenir’s risk analytics and decisioning platform’s scalability and rich functionality provide significant value to Rent-A-Center’s growth plans and transformation,” said Mark Denman, EVP of AcceptanceNow at Rent-a-Center. “By implementing Provenir Cloud to process customer lease applications, we will increase speed, improve delivery and provide our customers better, faster access to our products and services.”

Provenir’s hybrid solution will provide Rent-A-Center with access to on-premises and cloud environments. It will sit in the heart of RAC’s processing workflow, acting as an orchestrating hub and connecting internal and external data with various rules and risk models.

“Provenir is committed to providing Rent-A-Center with a flexible, secure and scalable environment that ensures simplified maintenance for the users so that they can continue to deliver value to their customers while pursuing their growth strategy,” said Paul Thomas, Managing Director at Provenir.

The post Rent-A-Center adopts Provenir Cloud appeared first on International Finance.

May 10, 2016: KBL European Private Bankers (KBL epb), headquartered in Luxembourg and operating in 50 cities in Europe, announced its positive financial results for the 12-month period ending December 31, 2015.

KBL epb reported a group net profit of €81 million for 2015, up 22% from the previous year. Over the same period, group revenues rose slightly, reaching €548 million, compared to €539 million over the earlier 12-month period.

Core private banking assets under management rose by €3.7 billion to €49 billion, up 8%  as of December 31, 2015. Group assets under custody remained largely stable.

As of the same date, KBL epb’s Basel III core tier-1 capital ratio stood at 13.8%, demonstrating the group’s strong solvency position.

Yves Stein, Group CEO, KBL epb, expressed significant satisfaction with these results, which highlight the sustained performance of the group’s private banking activities across its pan-European footprint, despite an external environment characterised by historically low interest rates and volatile market conditions.

“KBL European Private Bankers continues to rise to the challenge of change,” he said. “At a time when our sector is consolidating, we are strengthening our footprint, enhancing our range of products and services, and, most importantly, demonstrating our enduring commitment to meeting the individual needs of each client we serve.”

Stein noted the important revenue contribution made last year by the group’s Institutional & Professional Services business line, which serves family offices, foundations, external asset managers and investment funds.

He also highlighted the positive performance of “Richelieu Investment Funds,” the group’s in-house fund range launched in January 2015, which attracted more than €525 million in net inflows last year.

The disclosure of the group’s positive 2015 annual results follows the recent signing of a preliminary agreement by KBL epb to acquire Amsterdam-headquartered Insinger de Beaufort – representing the group’s third acquisition in 18 months.

Subject to approval by the relevant regulatory authorities and additional stakeholders in the Netherlands, KBL epb intends to merge Insinger de Beaufort with Theodoor Gilissen, its wholly owned Dutch private banking unit.

“As we review our group’s many recent accomplishments,” Stein said, “we must also recognise that the first quarter of 2016 proved difficult for our sector, reflecting prevailing market conditions.

“Our group will nevertheless continue to make significant long-term investments, including strategic acquisitions, the enhancement our IT and Operations activities, and the training and professional development of our staff,” he said.

Stein concluded: “With the full support of our shareholder, our team of 2,200 professionals in 50 European cities remains focused on realising our vision to be recognised as a trusted partner and leading private bank everywhere we operate.”

The post KBL epb 2015 net profit rises 22% appeared first on International Finance.

May 31, 2016: DP World on 27th May launched $1.2 billion Sukuk bond in London Stock Exchange (LSE). It now becomes the fourth Sukuk to be launched this year in LSE. This follows the first ever Sukuk from Islamic Corporation for the Development of the Private Sector (ICD) in April this year. LSE has a strong track record of supporting Sukuk issuance in its markets. More than $47 billion has been raised through 65 Sukuk issues in London, which is also home to six Islamic banks. There are currently 33 active Sukuks on LSE. Nikhil Rathi, CEO, London Stock Exchange & Director of International Development, London Stock Exchange Group said: “The fact that the UK was the first country outside the Islamic world to issue a Sukuk bond, which experienced exceptional demand, underlines London’s standing as the world’s leading international financial centre. And today’s listing of DP World Sukuk on our markets confirms London Stock Exchange as a key destination for foreign, Shariah-compliant financial products. It also showcases UK’s attraction as a leading global financial hub with a deep pool of international capital interested in these products.”

The post DP world launches Sukuk in LSE appeared first on International Finance.

Suparna Goswami Bhattacharya

May 25, 2016: From the time sanctions have been lifted on Iran, it has become a hot destination for investments globally. And there are ample reasons for this interest.

First, one must understand the opportunity that Iran presents and just how high the stakes are. With a GDP of approximately $1.4 trillion, Iran is the 18th largest economy in the world and accounts for 1.5 per cent of the world’s GDP.

In fact, technically, Iran’s economy is better than most countries in Asia and the Middle East. Most Asian economies are still trying to shift out of their dependence on agriculture while the Middle Eastern nations are figuring out a way to diversify from oil. Compared to this, Iran has a strong infrastructure and industrial base. While oil & gas contribute 25% to the country’s wealth, automobile, agriculture, manufacturing & mining industries contribute 10% each.

China won’t be happy

But, China will not be particularly pleased now that Iran is ‘open to all’. Driven primarily by economic interests, the Dragons saw a great opportunity in Iran when other foreign firms retreated in 2011-12.

Erika Welch, Director of Business Development, Middle East, Solidance, says, “As Iran became increasingly estranged from the global economy, China stepped into a lucrative market with no competition in sight. This was feasible for China, as companies there adhere only to the Letter of Resolution 1929, which contains no explicit restrictions on energy investment or trade.”

According to the International Monetary Fund (IMF), trade between China and Iran soared from $4 billion in 2003 to $53 billion by 2013.

In January this year, Chinese President Xi Jinping met Iranian President Hassan Rouhani. They agreed to increase bilateral trade to $600 billion by 2026.

However, it is natural that an open economy will lead to competition between old and new partners. Iranians now crave ‘better quality’ European and Western products. The last few years saw Iranians boycott both Chinese and locally manufactured cars. In high quality sectors such as pharmaceuticals, food and beverages, Iranians prefer obtaining production licences from their European counterparts.

Nadereh Chamlou, International Development Advisor and former Senior Advisor of the World Bank, says, “Iran is now looking for top-grade technology, which China does not provide. But the West is also importing from China because of cost competitiveness. There is no reason for Iran to substitute a large share of its Chinese imports for the far more expensive European products.”

Dr Siamak Goudarzi, CEO, Open Iran Group, agrees Iranians are looking for higher quality products. “If America decides to open its market for Iran, it could pose a real threat to China and even Europe, as people are eager to try American products. It has been almost 40 years since the US has shut its market for Iran,” says Goudarzi.

Old business partners

Since January, many Asian and European countries have made a beeline to Iran to gauge the market and start establishing relationships while their American counterparts are merely looking on, thanks to strict compliance regulations prevalent in the country.

“I would say India, with its fast developing economy and close ties with Iran, is one of the countries that will pose a major threat to China,” says Goudarzi.

Additionally, China can expect face stiff competition from Japan, South Korea and Europe.

“German and Japanese products in particular have strong consumer perceptions in Iran, and Iranians are looking forward to the flood of these foreign products,” remarks Welch.

Having said that, there are advantages that China enjoys.

Yeganeh Eghbalnia, Senior Investment Analyst, Turquoise Partners, is of the view that China has progressed in many strategic industries compatible with their European and American counterparts. “Iranian and Chinese companies, who have been working together over the past 10 years, have developed a comfort level in terms of accountability and compatibility in doing business. Hence, those successful business models will continue to work after sanctions,” says Eghbalnia.

Who will win over the Iranians, only time will tell. For now, Iran is enjoying the new-found attention.

The post Who will win over the Iranians? appeared first on International Finance.

May 19, 2016: Luis Miguel Hincapie, Minister of Foreign Affairs of Panama, met with France’s Presidential Special Appointee for Latin America and the Caribbean, Jean-Pierre Bel. During the meeting in Paris, the Panamanian diplomat emphasised the importance of working under equal conditions to solve the differences between both nations through diplomatic means — to advance the bilateral agenda, and to cooperate effectively on tax issues, without the pressure of being part of a discriminatory list.

Hincapie shared the steps that Panama has taken to reform its legal framework, to strengthen its service center, and to shield it against illegal tax and financial activities. Additionally, he stated that Panama is currently enhancing its capacities to fulfill the existing agreements with France.

“Panama is willing to continue working to improve effectiveness in tax cooperation with the international community, and to continue negotiating agreements about this matter. But we do not think that it is positive that friendly countries such as France insist on not recognizing our efforts and the progress that we have made, taking into account every aspect of our bilateral relationship,” said Hincapie.

He also emphasised the importance of the French investments in Panama and the interest in continuing this relationship expressed by companies in France, as shown by the visit of  Panama Vice President Isabel de Saint Malo de Alvarado last October.

“During the meeting de Saint Malo with the then Minister of Foreign Affairs, Laurent Fabius, it was agreed that we would advance on a mutually beneficial bilateral agenda, including tax cooperation. This would be very difficult if we are part of the non-cooperating countries for tax purposes,” Hincapie added.

The post Panama requests France to work under equal conditions appeared first on International Finance.

May 19, 2016: An EgyptAir plane carrying 66 people has disappeared after taking off from France’s Charles de Gaulle airport late Wednesday night. Flight MS804 was on its way to Cairo when it vanished from radar.

Contact with the airline was lost around ten miles inside Egyptian airspace when the aircraft was travelling at 37,000ft. An Egyptian civil aviation authority said that the plane had most likely crashed into the sea. There were no distress calls either from the plane.

It comes more than two years after Malaysia Airlines flight MH370 disappeared on 8 March 2014.

Jean-Paul Troadec, the former chief of France’s air accident investigation unit, the BEA, said the disappearance suggested a “brutal event” and was “almost certainly” caused by “an attack”.

The Greek Merchant Navy has reported seeing a “flame in the sky” in the south Mediterranean.

The post EgyptAir flight missing appeared first on International Finance.

May 18, 2016: As part of President Juan Carlos Varela administration’s ongoing commitment to financial transparency, a delegation of government officials from Panama will travel to Paris this week to meet with members of the OECD to discuss various issues related to financial transparency. The visit follows an official communication from Panama to the Global Forum of the OECD stating that starting in 2018, the Government would begin implementing the Common Reporting Standard through bilateral agreements.

In a letter to the OECD, Vice President Isabel Saint Malo pointed out that recent events had shown the world the vulnerabilities of the global financial system and that according to the expectations of the international community, Panama would advance in the implementation of automatic exchange of information. Panama will work with the OECD on a framework based on the realities of the country and the region. Panama is currently negotiating such bilateral agreements with countries including Japan, Germany, and Singapore, which expand on existing commitments of a similar nature with other relevant partners.

Panama considers the implementation of CRS through reciprocal bilateral agreements appropriate because it will allow the country to safeguard information and privacy with greater certainty and greater efficiency.
The delegation will also discuss the second phase of Panama’s peer review process by the Global Forum of the OECD, as well as a framework for the Base Erosion and Profit Shifting (BEPS) project, to allow countries and jurisdictions to work together to fight tax avoidance. The BEPS Project helps governments close the loopholes in international rules that cause profit to be artificially shifted between countries.

The meeting will take place in Paris on May 17, 2016, and members of the delegation include Vice Minister of Foreign Affairs, Luis Miguel Hincapie, advisors and technical team from the Ministry of Foreign Affairs and the Ministry of Economy and Finance (from the Income Direction).

The post Delegation from Panama to meet OECD appeared first on International Finance.

IFM Correspondent

May 18, 2016: With the aim of encouraging women to come forward and contribute to the Kingdom’s growth, Saudi Arabia has launched its first women’s business park in Riyadh.

The park is expected to create about 21,000 jobs by 2025. It will serve as an IT hub for the oil and gas, manufacturing, healthcare, telecom and constructions sectors. The site will cover an area of 200,000 square metres on the Princess Nora university campus and will include entrepreneur incubators, daycare centres and a coordination centre for government transactions.

It will open using existing buildings on the campus this year. New buildings will be made available starting in 2017.

The scheme is a joint venture between public women’s institution Princess Nora University and technology company Wipro Arabia.

The post Saudi Arabia gets its first women business park appeared first on International Finance.

May 18, 2016: CENX the global leader of orchestrated service assurance and management solutions for physical and virtualised networks, announced the company has been selected by a Tier-1 global communications service provider, with headquarters in southern Europe, to orchestrate and assure on-demand cloud and data centre services. CENX’s Exanova Service Intelligence software will enable on-demand deployment and real-time assurance of innovative services for the service provider’s international enterprise and wholesale carrier customers. Initial services will include highly reliable connectivity to the public cloud and data centre interconnect (DCI).

“This win represents a significant addition to our European footprint and we look forward to supporting the growth of our customers in the region as they transform their network operations,” said Jay McMullan, Senior Vice President of Sales and Marketing, CENX. “Exanova Service Intelligence enables new, revenue-generating services, in combination with scalability and extensibility, which together provide a future-proof solution for the quick adoption of NFV and SDN infrastructure.”

Exanova Service Intelligence Lifecycle Service Orchestration (LSO) capabilities will provide the cornerstone of corporate customer self-serve offerings for the European service provider. Using a customer portal, subscribers will be able to order, activate, manage and monitor new cloud connectivity and DCI services, on demand. Exanova automates the workflow of the operations tasks required to fulfil customer requests, interfacing with underlying multi-vendor network infrastructure, thus dramatically reducing the time to deploy new services.

The post CENX awarded Tier-1 EMEA service provider contract appeared first on International Finance.