Page 1

Wealth & Finance International | December 2016

Changing Mentalities About Alternatives?

HighBreed Capital is a financial advisory business established in 2010 in London and Geneva. We spoke to Pierre Bes, CEO of the company to find out more. PAGE 18

World-Class Quality Services

In a special interview with Ahmad Shibley of Swiss Intl. Financial Brokerage Co. K.S.C.C., he reveals more about the world-class quality services they provide for their clients’, and their unrivalled reach into global markets. PAGE 32

Relationship Challenges in Family Businesses and Legacy Families We talk to Edgell Franklin Pyles, PhD and Thomas Edward Pyles, MA, the father and son partnership at Aspen Consulting Team (ACT), a company that works with family businesses and legacy families at the top 1% financial level. PAGE 24

Keeping Your Options Open We profile Michael Lewitt’s Third Friday Management, LLP, the investment manager of The Third Friday Total Return Fund, L.P. and our Hedge Fund Manager of the Year. PAGE 14

Editor’s Comment

Wealth & Finance | December 2016

Inside this issue...

5. News

Welcome to the December edition of Wealth & Finance International magazine, which has a fascinating mix of thoughtprovoking content, including investment, wealth preservation and asset allocation to name a few.

INVESTMENT 10. Don’t Sit on the Fence When It Comes to Corporate Reporting 12. Elysium: Achieving True Excellence 13. Adar Capital Partners: Hedging Their Bets 14. Keeping Your Options Open 16. The Dawn of Major Technological Breakthroughs in Cancer Medicine? 18. Changing Mentalities About Alternatives? 20. Libero Development Fund: Absolute Excellence in Absolute Returns 21. ClearlySo Launches ATLAS Impact Assessment Solution for Private Equity and Venture Capital Invest 22. US Corporate Credit Specialist of the Year – 2016

Radley Yeldar’s Brett Simnett says it is becoming increasingly harder to attract investment in the UK, particularly following the unpredicted Brexit vote. He argues that companies must now, more than ever before, set out a robust investment case through effective and transparent corporate reporting if they want to secure and maintain trust with stakeholders. In recent news, the exchange turnover in investment products and leverage products fell 9% to €25.4 billion on Europe’s financial markets in the third quarter of 2016. This represented a 26.0% decrease year on year. That is one of the outcomes of an analysis by Derivative Partners AG of the latest market data collected by the European Structured Investment Products Association (EUSIPA). China has the world’s largest market for digital shopping, mobile payments, and Internet-enabled financial services according to IMD - International Institute for Management Development. We learn that close to 400 million people in China do most of their payments using their smartphones. In addition, China’s overall business in information technology is a market of well above USD $300 billion, and it is estimated that more than 700 million Chinese have access to Internet. “So, any law impacting the online space—cybersecurity included—will make ripples in the way China does business” we discover. I hope you enjoy reading this end-of-year edition. Jonathan Miles, Editor

READ THIS MONTH’S CPD ACCREDITED ISSUE TO GAIN 6 CPD POINTS The content of the following has been certified by the CPD Certification Service as conforming to continuing professional development principles Acquisition International & Wealth & Finance INTL June Edition Online Learning


June 2016

Certificate No:


The CPD Certification Service, The Coach House, Ealing Green, London W5 5ER. Tel: 020 8840 4383 Fax: 020 8579 3991 E-mail: Web:


The Kinetix Group: Leading the Life Sciences to Success

WEALTH PRESERVATION 24. Relationship Challenges in Family Businesses and Legacy Families ASSET ALLOCATION 31. Making Sense of a Crazy World 32. World-Class Quality Services ACCOUNTING 34. The Cutting Edge of Finance and Technology 37. The Leader in Accountancy PERSONNEL 38. New Website Reveals Gender Pay Gap by Profession 40. An Interesting Thread 42. Cost-Effective Solutions to Disputes Affecting the Supply Chain

SUPPORT SERVICES & TECH 44. Why China’s New Cybersecurity Law Is a Threat to International Businesses and Innovation 47. ThinkingSafe: Cyber Security for the Digital Age MARKETING & PR 48. Folloze Provides 2017 Outlook on B2B Marketing & Sales Industry 50. The Kinetix Group: Leading the Life Sciences to Success LEGAL & REGULATION 52. Darlingtons Solicitors: Raising the Bar 54. Mergers and Acquisitions - the Important Role of Cyber Security PRIVATE BANK OF THE MONTH 56. CIM Group Leases Eleven Floors at 2Cal to City National Bank 59. Winners’ Directory

Real People Real Health We have been helping employers, public government agencies, and real estate properties offer award-winning fitness & wellbeing programs for over 22 years


Turnover down on European Market for Structured Securities Exchange turnover in investment products and leverage products fell 9% to €25.4 billion on Europe’s financial markets in the third quarter of 2016. This represented a 26.0% decrease year on year. That is one of the outcomes of an analysis by Derivative Partners AG of the latest market data collected by the European Structured Investment Products Association (EUSIPA) from its members.

The members of EUSIPA include: Zertifikate Forum Austria (ZFA), Belgian Structured Investment Products Association (BELSIPA), Association Française des Produits Dérivés de Bourse (afpdb), Deutscher Derivate Verband (DDV), Associazione Italiana Certificati e Prodotti di Investimento (ACEPI), Swedish Exchange Traded Investment Products Association (SETIPA), Swiss Structured Products Association (SSPA) and the Netherlands Structured Investment Products Association (NEDSIPA).

The outstanding volume of leverage products climbed to approximately €39.8 billion in the third quarter of the year. This represented growth of 66.0%on the second quarter of 2016. In comparison with the same period of the preceding year, outstanding volume registered plus 336.0%. This increase is mainly attributable to developments in Switzerland. EUSIPA represents the interests of the European structured investment products business. Derivative instruments such as structured investment products and warrants are the focal point of its activities. EUSIPA works to create an attractive and fair regulatory framework for these financial products.

The third quarter turnover in investment products trading on European exchanges amounted to €9.2 billion. This represented a 36.2% share of total transaction volume. Exchange turnover was on a par with the previous quarter’s level and up 3.0% on the figure recorded a year earlier. Turnover in the leverage products segment (Warrants, Knock-Out Warrants, Factor Certificates etc.) came to €16.2 billion in the period from July to September. They therefore accounted for 63.8% of the total turnover. The volume was 13.0% lower than in the second quarter of 2016. This represented a year-on-year loss of 37.0%.

The umbrella association acts as a contact for politicians and the European Securities & Markets Authority (ESMA) in all questions concerning structured products. Whenever the need arises, the association is at hand to provide expert advice and opinions, thus playing an active role in the opinion process on the political level.

At the end of September, trading venues located in EUSIPA member countries were offering 549,495 investment products and 827,523 leverage products. The number of products listed rose by 3.0% in comparison with the previous quarter. The figure was down by 2.0% on the same period of 2015.

Greater protection for investors and more comprehensible and transparent products are important concerns for the association. Together with its members, it is actively engaged in promoting Europe-wide standards throughout the sector. These include clear product classification, standardised technical terms and a broad commitment among the member associations to abide by a code of practice for the sector.

Banks issued a total of 839,744 new investment and leverage products in the third quarter of the year. Compared with the period from April to June, new issuance saw a 5.0% upsurge. However, volume decreased by 10.0% on a year-on-year basis. In total 191,778 new investment products were launched, accounting for 22.8% of all new issues. 647,966 new leverage products were listed, accounting for 77.25 of the aggregate new issues volume. At the end of the third quarter, the market volume of investment and leverage products in Austria, Belgium, Germany and Switzerland came in at €255.8 billion – up 6% on the figure recorded in the previous quarter. The volume rose by 16.0% when compared with the third quarter of 2015. At the end of September, the market volume of investment products totalled €216.0 billion and was on about the same level as in the second quarter. On a year-on-year basis, turnover was up 2.0%.


Wealth & Finance | December November 2016

AIMA Publishes Guide to Managed Accounts The Alternative Investment Management Association (AIMA), the global representative of alternative investment managers, has published a guide for fund managers wishing to establish a managed account, a popular form of investing in hedge funds that gives greater control over the management of the account to the investor.

AIMA’s Managed Account Guide aims to provide fund managers with a better understanding of what to expect when offering managed accounts and what some of the operational and regulatory challenges are.

ment levels and regulatory changes to fees and expenses. Our Managed Accounts Guide will help managers manoeuvre this complex landscape and decide the best course of action for their businesses.”

Its publication comes amid continued investor demand for managed accounts, which offer greater transparency and give investors a bigger say over everything from the investment strategy to the fund’s choice of service providers. Managed accounts can also insulate investors from liquidity fluctuations that can arise in traditional commingled funds when new investors subscribe to the fund or existing investors leave.

The Guide is co-sponsored by Simmons & Simmons, the law firm, and Societe Generale, the financial services group. Devarshi Saksena, Partner at Simmons & Simmons said, “we are delighted to support AIMA in this publication. We are increasingly seeing a wide range of clients structuring managed accounts in response to demand from strategic investors. We are happy to lend our support in sharing our expertise with the industry.”

The guide offers detailed insight on topics that need to be considered when setting up and offering a managed account. It includes sections on structuring, fees and expenses, and conflicts of interest.

Managed accounts and other forms of customised and segregated product offerings are increasingly popular. According to a survey last year by AIMA, KPMG and the Managed Funds Association, around half of all hedge fund managers are offering either “funds of one” or managed accounts, and a further 21% plan to offer such products by 2020.

AIMA’s CEO Jack Inglis said, “managed accounts are increasingly popular among institutional investors and these segregated structures have underpinned the changing investor/manager relationship since the financial crisis. But they are not for everyone, and there are a number of issues for managers and investors to consider, ranging from minimum invest-

For further information, please visit AIMA’s website,



EBRD and Mobiasbanca Join Forces to Help Moldovan Private Sector Access EU Market The European Bank for Reconstruction and Development (EBRD) and the European Union (EU) are stepping up their support for businesses in Moldova.

A joint programme to help domestic small and medium-sized enterprises (SMEs) converge with EU standards was launched on 8th December so that companies can take full advantage of the opportunities offered by the Deep and Comprehensive Free Trade Area (DCFTA) between Moldova and the EU.

and Comprehensive Free Trade Area with the EU is opening a major new market to Moldovan companies, we are partnering again to help local SMEs become more competitive on regional markets. The EU financing for this programme represents very important support enabling companies to make the most of the new opportunities.”

Under the agreement, the EBRD is extending a loan of €10 million to Mobiasbanca - Groupe Société Générale to support the development of local SMEs. The financing will be on-lent to the private sector to help local SMEs invest in improvements to product quality and modernise their services to meet EU standards. This in turn will create an environment that is beneficial to cross-border trade and economic growth in Moldova.

Pirkka Tapiola, EU Ambassador to the Republic of Moldova, commented: “The DCFTA facility is here to help SMEs seize new trade opportunities with the EU. It will also allow companies to take advantage of the increased inflow of foreign direct investment triggered by the DCFTA and the Association Agreement. The signing of the loan between the EBRD and Mobiasbanca represents a practical step in this regard, which will lead to tangible results for the business community in Moldova.”

The EU will provide interested SMEs with grant incentives of up to 15% from the loan amount as well as technical assistance in the form of advisory services from international consultants and the EBRD’s Advice for Small Businesses programme.

Ridha Tekaia, President of the Management Board and CEO of Mobiasbanca, appreciated the sustainable cooperation established between Mobiasbanca and the EBRD, as well as the new opportunities offered to Mobiasbanca’s clients thanks to the EU support. He said: “It is always an honour and a professional satisfaction to cooperate with the EBRD.” The “signing of the agreement completes the range of opportunities for our customers who aim to improve their product quality and access new markets. We are glad to contribute, together with the EBRD, to local business development and the economic growth of the country.”

The establishment of a free-trade area is part of the EU’s Association Agreements with Moldova, signed in 2014. It will offer local firms access to the EU Single Market, the world’s largest free-trade area, and help boost economic development and growth in Moldova. The signing marks the first transaction in Moldova under the EBRD-EU programme under which the EBRD is working with local banks to help businesses further invest in improving product quality and service standards.

A subsidiary of Groupe Société Générale SA, Mobiasbanca is Moldova’s fourth-largest commercial bank, serving over 130,000 active clients in the SME and retail sectors through a network of 58 branches. The EBRD is the largest institutional investor in Moldova, with over €1.1 billion of cumulative investment in more than 110 projects in agribusiness, energy, the financial sector, infrastructure and manufacturing. The EBRD’s operations and policy dialogue in Moldova’s banking sector aim to improve transparency and governance in banks in order to enhance access to credit for SMEs in Moldova, including by increasing the number of banks that can benefit from the EBRD’s lending products and frameworks.

This is part of a larger programme of the EBRD and the EU4Business initiative. In May 2016, the Bank started providing €380 million in loans and trade guarantees to local partner banks and other financial institutions for on-lending to businesses in Georgia, Moldova and Ukraine, while the EU is making available €19 million for technical assistance, investment incentives and risk-sharing. Henry Russell, EBRD director for financial institutions in Moldova, Ukraine, Belarus and the Western Balkans said, “Mobiasbanca is our longstanding partner and has an excellent track record for on-lending EBRD finance to local companies to support their growth. As the Deep


Wealth & Finance | December November 2016

What Could Brexit Mean for Your Mortgage? Contractor Financials, a company dedicated to making financial services easy for contractors, has run an information-gathering campaign designed to highlight the effects on the mortgage market after Brexit.

With house prices up 5.2% from 2015, this article explores a range of different angles and scenarios to provide insight for those feeling concerned following the Brexit decision. This insight is provided through quotes and predictions from industry professionals and influencers who work in the financial world day after day, within banks, mortgage lenders, or financial advisors.

Whether you’re a first-time buyer considering your options, a property developer looking for an opportunity, or a concerned landlord, this article has the valuable information you need to calm your nerves and help you make informed decisions moving forward. For more information on the findings, check out the full article at

Key facts: • *57% of the lenders and financial experts are expecting a 1-5% growth over the next 12 months despite Brexit ‘fears’. • 60% of lenders questioned viewed now was the best time to take out a fixed rate mortgage. • The cost of borrowing has fallen since the vote, with the average mortgage now repaid at a rate of 2.85%- down from 2.99%.

About the company - Contractor Financials was founded in 2001 after identifying a gap in the market for financial help aimed at freelancers and contractors. Since then, they have helped over 22,000 contractors achieve their financial goals, offering a one-stop-shop for financial services including pensions, mortgages, financial protection and investment advice. *The survey was conducted October 2016 - there were 23 respondents.

With first-hand data collected from the field, this information provides a unique overview of the property market, focusing on property investment and mortgages.



FCA Publishes Interim Feedback on Review of the Rules for Crowdfunding On 9th December, the Financial Conduct Authority (FCA) gave an update on the post-implementation review of the loan-based and investment-based crowdfunding market. Their earlier call for input

Based on a review of the feedback received, issues seen during the supervision of crowdfunding platforms currently trading and consideration of applications from firms seeking full authorisation, the FCA believes it is appropriate to modify a number of rules for the market.

• Additional requirements or restrictions on cross-platform investment and; • Extending mortgage-lending standards to loan-based platforms. The FCA’s current rules on loan-based and investment-based crowdfunding platforms came into force in April 2014. They aimed to create a proportionate regulatory framework that provided adequate investor protection whilst allowing for innovation and growth in the market.

Initial findings Loan-based and investment-based crowdfunding For both loan-based and investment-based crowdfunding platforms they have found that, for example: • It is difficult for investors to compare platforms with each other or to compare crowdfunding with other asset classes due to complex and often unclear product offerings; • It is difficult for investors to assess the risks and returns of investing on a platform; • Financial promotions do not always meet their requirement to be ‘clear, fair and not misleading’ and; • The complex structures of some firms introduce operational risks and/or conflicts of interest that are not being managed sufficiently.

The call for input in July 2016 launched a post-implementation review of these rules. The paper summarised market developments since 2014 and some of the FCA’s emerging concerns. Andrew Bailey, Chief Executive of the FCA said, “our focus is ensuring that investor protections are appropriate for the risks in the crowdfunding sector while continuing to promote effective competition in the interests of consumers. Based on our findings to date, we believe it is necessary to strengthen investor protection in a number of areas. We plan to consult next year on new rules to address the issues we have identified.”

Loan-based crowdfunding In the loan-based crowdfunding market in particular they are concerned that, for example: • Certain features, such as some of the provision funds used by platforms, introduce risks to investors that are not adequately disclosed and may not be sufficiently understood by investors; • The plans some firms have for wind-down in the event of their failure are inadequate to successfully run-off loan books to maturity and; • The FCA have challenged some firms to improve their client money handling standards.

Further work Their on-going research and investigatory work should be completed early in 2017. At that stage, the FCA will complete the post-implementation review and determine whether further consultation on rule changes is needed.

Proposals for new rules to be considered in Q1 2017 The FCA plan to consult on additional rules in a number of areas. These include more prescriptive requirements on the content and timing of disclosures by both loan-based and investment-based crowdfunding platforms. For loan-based crowdfunding, the FCA also intend to consult on: • Strengthening rules on wind-down plans;


Wealth & Finance | December 2016

Don’t Sit on the Fence When It Comes to Corporate Reporting It’s becoming increasingly harder to attract investment in the UK, particularly following the unpredicted Brexit vote, which has shrouded Britain’s economic future in uncertainty. Companies must now, more than ever before, set out a robust investment case through effective and transparent corporate reporting if they want to secure and maintain trust with stakeholders. Yet, surprisingly there are many FTSE 100 companies failing to meet the standards of quality annual reporting.


ow Does It Stack Up? Radley Yeldar’s latest and eleventh ‘How Does It Stack Up?’ Report, an annual study of FTSE 100 companies’ corporate reporting, revealed a clear polarisation between those providing high quality, transparent annual reports, and those neglecting to deliver a coherent message, with an overall general neutrality prevailing.

Your entire communications model Providing a joined-up, integrated approach to annual reporting can, without a doubt, help companies lay the groundwork for their communication beyond the printed report. The combined story of management, company secretaries, auditors, communication teams, investor relations and accountants should be told with openness, to reflect both a short and long term company strategy. This story can then frame a business’s entire communications model for the entire year ahead, be it on their website, in announcements, social media or capital market days.

The truth is that investors need to see where a business is going and their fundamental reason for existing. Without this clear communication, FTSE 100 companies stand to shorten their life-span and must produce more than a list of financials. In such precarious economic times, companies need to communicate an opinion of future market conditions and demonstrate a clear case for investment. Sitting on the fence just won’t work. That said, Radley Yeldar’s research did unveil the Top 10 FTSE 100 firms whose corporate reporting embody a clear communication strategy and industry insight.

Explain and measure performance Communicating the essence of a business in all its glory means annual reporting must embrace individual divisions of strategy, KPIs and overall performance. Focusing primarily on one is not enough. Businesses must name the strategy and define how it marries up to performance and KPIs. An investor will ask: “How do the individual divisions contribute to the overall execution of the strategy?” – A very valid question. An open, sustainable annual report should give investors an understanding of how the company measures its success.

The TOP 10 Ranking No. 1 is ARM, whose balanced and transparent annual reporting made for an accurate investment case - unquestionably facilitating its recent sale to Japan’s SoftBank for a staggering £24bn. The leader in microprocessor Intellectual Property, ARM was willing to make its investment case through bold predictions and a display of in-depth market understanding. It clearly understands the value of telling an engaging story with passion, style and above all transparency.

Have an opinion There are those FTSE 100 companies trying to stand out amongst their competitors and position their case for future investment through their annual and sustainable reporting. Those however choosing to say nothing only stand to let their silence in uncertain market forces get the better of them. Investors need to hear that companies are aware of these uncertainties and are managing their businesses accordingly. Having no opinion surely creates more ambiguity around a company’s sustainability.

Other FTSE 100 companies making the TOP 10 were old-timers Fresnillo, Land Securities and Anglo American – whose open and transparent communication never fails to deliver. They were however joined by newcomers in the FTSE 100. Provident Financial Group was one of these first-timers whose annual reporting demonstrated the wider value the business has for customers, while Ashtead scored well with engaging discussion of their business model and market environment.

Tell a compelling story Being able to navigate a company’s annual report is absolutely key to attracting and maintaining investment. A well-written narrative, that highlights progress in a market, outlines critical resources of a business model and is open about risks and the mitigation of these through a considered strategy is an absolute must for a clear course of communication, no matter the industry.



Despite Brexit woes, the country’s future economic obscurity need not dampen the UK’s investment allure, as long as companies communicate a compelling and open narrative though annual reporting. After all, reporting should be a catalyst to clear communication, which translates to an attractive investment case.

Company: Radley Yeldar Name: Brett Simnett, Director of Investor Engagement Email: Web Address: Address: 24 Charlotte Road, London EC2A 3PB Telephone: +44(0)20 7033 0700



Wealth & Finance | December 2016

Elysium: Achieving True Excellence Elysium offers an India-dedicated systematic investment strategy which aims to maximise absolute return over the long term at lower risk levels than that of the index. We caught up with Co- Founder and CEO Vineet Sachdeva to learn more.


ounded in 2013, Elysium offers an innovative investment strategy that aims to build a sound investment portfolio around the growth story of the Indian equity markets whilst eliminating idiosyncratic risks which are characteristic of the Indian public markets.

selection. The portfolio will be well diversified to manage concentration risks. For our market neutral strategy, we use the same underlying portfolio as the long only strategy. We use index options to hedge the risk to the long portfolio.” Looking ahead, Vineet empathises the firm’s ongoing focus on growth and development as it seeks to capitalise on its current success.

Using proprietary in-house developed techniques based on factor models, the strategy builds on an equally weighted portfolio of highly liquid (with investee companies having an average market cap of US$ 6 billion), well diversified (top holding is 3.2% of AUM) and high quality companies (strong corporate governance & cash flows and low indebtedness).

“As we have received a lot of attention from international institutions and investors in a short span of time because we offer a unique fund, and therefore we hope to grow to be a pioneer in the market.”

Since its inception in 2013, the fund has been growing capital at attractive rates, both on an absolute and a relative basis. The fund has delivered significant annualised returns (in USD) of 20% in the long-only; and 16% in the market neutral book; creating an excess return of 17% and 13% over the benchmark Nifty Index respectively. This was achieved with much lower volatility (risk) of 13% (for the long only) compared to volatility of 16% for the benchmark. Vineet, who has nearly two decades of investment management and financial services experience, provides us with a unique overview of the firm’s investment strategy and how this ensures that clients receive superior returns across the portfolio. “Here at Elysium our primary investment objective is to generate longterm capital growth and/or absolute returns from a portfolio of equities, single-stock futures, indices, convertible securities, options cash etc. in India. We believe that the secular growth story in India is one of the strong investment themes globally and seeks to capitalize on this theme. The growth story is predicated on strong macroeconomic and political underpinnings, excellent demographics and quality institutions.

Company: Elysium India Fund Name: Vineet Sachdeva Email: Address: 506, The Capital, A Wing, Bandra Kurla Complex, Mumbai 400051 Telephone: +91 22 6694 0170

“These, coupled with large number of fast growing, well-managed, returns-focused companies across a wide variety of sectors gives investors an opportunity to generate superior returns. We seek to attain this investment objective by following a fundamentally driven investment strategy to create a portfolio of high quality companies. Although the factors in selecting the securities will be fundamental (cash flows, return on capital, dividends etc.), the capital will be deployed systematically over 40-80 companies so that it reduces human biases in security



Wealth & Finance | November 2016


Adar Capital Partners: Hedging Their Bets Adar Capital Partners (ACP) specialises in asset management and wealth management, seeking strong returns for investors by identifying undervalued opportunities that markets sometimes assign without basis. We invited Diego Marynberg to tell us more about the firm and its investment strategy.


dar Capital Partners provides a range of investment vehicles which stand out thanks to their forward thinking attitude and collaborative work ethic, as Diego outlines.

“During the past year we obtained 30% net return in US dollars for our investors. We believe that current portfolios still have more success to achieve, and as such we are confident that 2017 is going to be also an excellent year achieving good results and providing great satisfaction to our investors.”

“Here at ACP our investment decisions are not biased by the media, we invest in fundamentals. As such we prepare portfolios for significant political and social events such as Brexit and the US Elections, so that we are able to consider the options. We have a small and efficient structure with great communication and full support between our team, all of whom work together to ensure that we offer our clients the best possible service. Our staff share the same values, investment philosophy and culture, which makes for a great team whose core focus is always our investors’ interests.”

“Looking ahead, we believe that the world is changing and that brings new challenges for us to adapt to and educate our investors around. Economy, politics, information and technology are changing the way to invest and these all represent opportunities which we look forward to exploring.”

Company: Adar Capital Partners Ltd Name: Diego Marynberg Email: Web Address: Address: One Capital Place, Shedden Road, George Town, Cayman Islands

The firm’s investment approach concentrates on a few annual investments with mid-term horizons of two to five years. After fundamental analysis of each investment, the firm keep it until they reach a target, even when in the short term it does not perform as expected. This patience, dedication is what sets the firm apart, as they go the extra mile, traveling to every company they invest in in order to understand the essence of the deal and monitor the investment. Moving forward, the future looks exciting for ACP, as Diego concludes by discussing how well the firm has performed over the past 12 months and how the company is prepared to adapt around new developments it foresees.

2016 Hedge Fund Awards: Most Innovative Hedge Fund Investor of the Year 2016



Wealth & Finance | December 2016

Keeping Your Options Open Third Friday Management, LLP is the investment manager of The Third Friday Total Return Fund, L.P. (the ‘Fund’). The Fund was founded in May 2007 and follows a proprietary rules-based market neutral options strategy designed to generate strong risk-adjusted returns in all market environments. The Fund does not employ leverage and does not take a view on market direction. Excess collateral is invested in a diverse portfolio of income-generating securities.

The Fund sells at-the-money straddles on the S&P 500 Index on a 3-month rolling basis and hedges those positions with out-of-the-money puts and calls. Each straddle is hedged independently and the hedges are adjusted throughout the cycle to maximise profitability or minimise losses. At all times the Fund focuses on protecting capital and insuring that the first two months of the sequence are fully hedged. The strategy was initially developed in the 1990s and managed in separate accounts. The Fund was started as a family partnership and offered to outside investors for the first time in 2012 when Michael Lewitt joined the General Partner. Since 2012, the Fund has grown significantly while continually working to improve its investment strategy.

the Fund for higher profits and rapid recovery of losses in the following months. As a result, it is very difficult for the Fund to suffer large sustained drawdowns or losses – a unique feature of the strategy that sustains strong risk-adjusted returns over long periods of time. Michael Lewitt serves as the Chief Investment Officer of the firm and General Partner and Portfolio Manager of the Fund. Mr. Lewitt is also the editor of The Credit Strategist, a financial newsletter that is widely read around the world, and is recognized as one of the few investors to correctly predict the 2001-2 credit crisis and 2008 financial crisis. He is the author of two well-regarded investment books, The Death of Capital (2010) and The Committee to Destroy the World (2016). Mr. Lewitt is a long-time critic of the mainstream financial media and consensus policymaking thinking and uses his writing as an integral part of his investment process to formulate independent views that have produced top tier performance for his clients over the last 25 years.

The Fund is available for US investors through a Delaware LP and nonUS investors through a Cayman Islands entity. The Fund has never had a money-losing year and was slightly positive in 2008. In addition to strong and consistent nominal returns, the Fund’s risk-adjusted returns are particularly strong with low correlation to the S&P 500, a high Sharpe Ratio, Sortino Ratio and other impressive risk metrics.

Company: Third Friday Fund Management Name: Michael E. Lewitt Email: Web Address: Address: 515 N Flagler Drive, Suite 300, West Palm Beach, FL 33401

A unique aspect of the Fund’s strategy is that the 3-month structure of the options means that rare losing months coincide with widening options premiums. When a losing straddle rolls off, the Fund is in a position to sell a new straddle 3 months out at a wider premium. This sets up



Hedge Fund Manager of the Year



Wealth & Finance | December 2016

The Dawn of Major Technological Breakthroughs in Cancer Medicine? Inception Capital Management is a venture capital firm specialising in private equity of emerging brand name technology companies and cancer biotech companies. They manage several venture capital funds. Currently, they are excited and busy with their underwriters at Network 1 Financial preparing Genprex ( for a potential IPO on Nasdaq in Q1 2017 after 3 years of development and clinical trials in stage 4 lung cancer with great results. They mainly work with accredited and qualified, wealthy individual investors reveals the firm’s Viet Ly in a compelling interview about the exciting things that are happening at this firm.


pecifically, within the private equity space, what services/ funds do you offer? Our funds offer investors an opportunity to invest in well managed, selected emerging breakthrough companies with high projected revenue growth in biotech and technology with an upcoming projected liquidity event typically 1-3 years out. We focus on hard to source but well known exceptional growth tech companies.

Please give us an overview of the private equity industry in your region currently. What are the major challenges and opportunities you encounter? The venture capital and private equity markets in Seattle is very vibrant and busy. We have amazing tech and biotech start-ups emerging from Seattle all the time and it is a hub of the tech titans from Amazon, Microsoft, Facebook, Google and so on. For the most part start-ups are getting funding for great ideas and startups are more focused on the bottom line than they have previously. The ability to scale with technology and the lowering of operating costs due to Amazon Web Services and Azure has helped many tech start-ups control costs and cash burn and helped move into profitability quicker. Talent has never been better as very smart entrepreneurs either graduate or leave established companies looking to fill niche areas in the marketplace and tech scene. Major opportunities that I am focusing on moving forward, in my opinion is biotech and space endeavours.

How does it feel to win this prestigious award? It feels great and I am thankful to Wealth & Finance International for their recognition and the award and appreciate their support of our industry! What do you feel is the secret behind your firm’s success? The secret is nothing new. Finding great companies to invest in. Putting in the hard work to help these companies, surrounding yourself with those smarter than you in your areas of weakness, learning from those smarter than you, being humble and building great relationships that last was instrumental to our firm’s success.

The Cosmos and the Microcosm present equal challenges and major opportunities. Biotech has a faster ROI but ‘space’ has infinite revenues. I can’t speak glowingly enough about Elon Musk and SpaceX’s mission. It reminds me of the Vanderbilt’s construction of the railroad system in the 19th century. The railroads created new commerce hubs and major cities thus expanding the GDP of the country and SpaceX is fulfilling the same destiny but for interplanetary commerce, colonisation and ultimately building whole new global sources of GDP. SpaceX is building railroads to the stars and when you map out the potential revenues, one can see that infinite revenues are possible in the longer terms and that growth looks potentially unlimited. This is the first time I have ever used the infinite symbol when describing long term revenue growth. In my opinion, SpaceX could be the first trillion-dollar market cap company, if not the first, one of.

Formulas change, investment strategies change but relationships don’t and neither does having a good heart and great integrity. I also learned that it is important to sell what sells. Just because you have a great investment strategy doesn’t mean people will invest in it. What is your firm’s mission and what steps do you take to achieve it? Our firm’s mission is to help eradicate cancer and invest in human progressive endeavours. We can do this by helping and investing into great companies with strong management teams and by working side by side with companies and being an integral part of the management team. Our work at Genprex will continue indefinitely and we believe it will become a major game changer in the cancer biotech industry. We believe mankind is at the beginning of the Great Age of Biotech.

What does the future have in store for your business? Do you have any specific projects or plans you would be willing to share with us? Genprex will keep me busy for a long time, as will working on my foundation and managing our VC funds. Cancer has been exceptionally difficult to treat due to the thousands of different genetic mutations of cancer. Humans are waging a major molecular biological war. I believe we are on the cusp of major technological breakthroughs in cancer medicine. These innovations will also give us the ability to eradicate most cancers or control

I think Genprex could be a global leader in cancer gene therapy. Dr. Jack Roth, the inventor of Oncoprex is a gene therapy pioneer and leading lung cancer surgeon so supporting him, the officers and the company during this development phase was key to its current success. The potential to save and improve the lives of millions of cancer patients around the world is an honour and a major responsibility at the same time.



Private Equity Fund Manager of the Year 2016 - USA

them within the next 25 years. Immunotherapy, regenerative medicine, gene therapy, gene editing, stem cell therapies and robotics will all play a role in helping treat the 10,000 diseases that afflict the human body. We are also planning a documentary on Genprex, biotech start-ups and on the cancer biotech industry later in 2017, chronicling the Genprex story, our journey and to support the fine men and women at our hospitals and research centres, trying to find the cure and to ultimately destroy or control cancer, once and for all. Name: Viet Ly Email: Web Address:; Address: 5400 Carillon Point Road Building 5000, 4th Floor Kirkland, WA 98033 Telephone: + 1 855-22-FUNDS

Do you have anything you would like to add? Yes, look for Genprex’s (GPRX) IPO in late Q1 on Nasdaq, invest in us if you believe in our mission and company and to follow our story.



Wealth & Finance | December 2016

Changing Mentalities About Alternatives? HighBreed Capital is a financial advisory business established in 2010 in London and Geneva. We offer independent portfolio allocation services to our clients and promote a number of differentiating investments in alternative asset classes and private equity. Our clients are pension institutions, insurance, private banks and wealth intermediaries based in the UK and abroad.


ur main task consists of sourcing value-added and differentiating investments and of helping investors to assess the risks and the benefits linked to these investments. We are fully independent and we do not belong to any large financial institution. When we do not have a given expertise in-house, we choose to partner with the best-in-class organisations.

There is a never-ending debate about alternative asset classes and their acceptability factor by investors. The frontier between what is acceptable and what is not is uneasy to set and is quite subjective. Each investor and each institution has its own view, which takes its roots in past experiences and perception of risks. Some of these investors might judge that a real estate investment is much too risky and cyclical. While others might consider investing into arts, wines and luxury watches. When it comes to financial assets, institutions are sometimes willing to allocate a small chunk of their portfolio into Hedge Funds, ILS and cat bonds, CLOs, mortgages, renewable energy and so on. Public pension funds have increased their allocation to alternative investments by 23% between 2010 and 2014, but it represents less than 1/8th of their portfolios, while cash and fixed income still account for more than 50% (source OECD). At HighBreed Capital, we believe that the sole liquidity factor often plays a much too important role in the portfolio allocation decision process to the detriment of other factors such as sustainable returns and correlation. Even if most institutional investors have a long term or a very long term perspective, their primary concern is being able to liquidate their portfolio in case of market turmoil. Past crises have taught us that correlation of most assets tend to surge during periods of turmoil. Well-known factors such as volatility, correlation and market drawdowns are as important as liquidity factors. Some people tend to forget that an asset needs to have a performance of 50% to recover from a drawdown of 1/3rd of its value. Identifying assets which combine a sustainable return with a low correlation to other asset classes is part of our mission. As such, we advised some of our institutional clients to allocate a small portion of their portfolio to reverse life policies, also named life settlements. This market was created by individuals looking to sell their unwanted life policies. Even though this asset class is still young (several billions of life policies traded each year on the secondary market in the US), it offers an unrivalled level of performance with a low volatility almost no correlation to traditional asset classes and a reasonable level of liquidity. Its Sharpe ratio is close to four.



Private equity investments also offer a good source for sustainable long term returns. Investors should in this case be ready to accept almost no liquidity for a number of years. In the longer term, private equity investments have almost always outperformed traditional asset classes. Several factors explain this outperformance, including which the lock-in features of such investments, which prevents investors to withdraw their funds in case of adverse market movements. Typical investment periods extend over a period of several years, which enables managers to optimise the timing of the investments and the exits. Finally, investors have often a better control on these assets thanks to an active role in the management of the companies. Between 2007 and 2012, private equity as an asset class has returned an average annual performance of 4.7% while the MSCI World TR Index has had an average negative performance of minus 2%. Selecting alternative assets and private equity requires a high level of expertise. Few institutional investors have developed this expertise inhouse and the majority of them prefer to delegate this task to external and independent advisors such as our firm. On asset classes, such as private equity, the dispersion of returns between managers can be very important. Between 2003 and 2015, private equity has returned a steady 12% annualised return on average, while US equity has brought 7.50% and US bonds 5%. However, the dispersion of these returns was almost 10 times greater on private equity (1220bp spread between top and bottom quartile managers according to Cambridge Associates). HighBreed Capital has arranged several private equity transactions over different sectors. For the benefit of our clients willing to allocate money into a diversified investment vehicle, we recently launched a private equity fund playing several ‘mega’ investment themes. If we take a closer look at our industry, there is still a lot of work to be done to ‘democratise’ the use of alternative assets and to implement the best market practises. Institutional investors and pension institutions urgently need to increase their exposure to alternative asset classes if they want to achieve their long-term performance objectives. HighBreed Capital put a strong emphasis into identifying valuable investment opportunities in alternative assets and private equity and into providing full and transparent information to its clients.

Company: HighBreed Capital Ltd Name: Pierre Bes, CEO Website: Locations: London & Geneva



Wealth & Finance | December 2016

Libero Development Fund: Absolute Excellence in Absolute Returns

Managed by LIB Management Ltd, the Libero Development Fund offers investors a truly unique investment strategy. We invited CIO Iain Cahill to talk us through this innovative strategy and the opportunities it presents for investors.


ibero Funds was developed through a combination of over 50 years’ experience in Alternative Assets Services, Funds and Financial Services and a deep frustration with poorly performing market correlated investment strategies. In 2012, Mary Murphy (Former Executive Managing Director of IFS) and Iain Cahill decided to create an investment strategy which is low risk with low volatility but generates strong returns in all market conditions.

“As a growing fund our time is spent between fund raising and investment management. While our internal investment team make the day to day trading decisions, we maintain full oversight on the activities. As any investor in a hedge fund should expect, we took the time and effort to ensure that our service providers are best in class which allows us to spend a great deal of our time with both existing and prospective investors. With such a vast array of funds in the market, our ongoing challenge is to create the right investor attention through strong returns which are low risk and with low volatility.”

This strategy became the Libero Development Fund, an absolute return offering with a pioneering strategy which Iain is keen to explain.

Owing to investor demand, Libero have recently launched a complementary second fund, the Libero Growth Fund which seeks to create an important offering for those looking for a more mezzanine type fund and is already garnering significant investor interest.

“Our Libero Development Fund strategy is truly unique in how it is structured and operates. It is designed to achieve consistently positive returns with low risk and low volatility. Based on the fund structure and key risk management policies, and agreed with the Auditors, the Fund only recognises income earned. By not recognising unrealised gains the monthly NAVs reflect actual income earned by the Fund.

As such the future looks bright for Libero Funds, and in his concluding comments Iain outlines the firm’s exciting future plans and how it aims to ensure that clients continue to receive the best possible returns and service across all of the firm’s funds.

“Overall we see our fund as having the potential to aid other funds who hold large cash balances and are concerned about deploying them in the current market environments. As we all know from the moment investor capital is raised, we have a duty of care to both protect their capital but also have it working. Libero can help to bridge that gap for other fund managers.”

“During 2017 at Libero Funds we intend to grow our Libero Development Fund strategy and deliver additional Fund strategies where we see opportunities driven by investor demand. For now, Our driving ambition is to see the Libero Development Fund become a true benchmark fund within the Absolute Returns sector.”

All of Libero’s funds are offshore, non-US investor, funds that offer a flexible framework with several funds for experienced investors who include Family Offices, Fund of Funds and Sophisticated Investors who are seeking a real alternative investment to cash or bond equivalent low risk strategies while at the same time seeking strong capital growth or income. Iain explains how the firm supports clients and ensures that its investment products meet their individual needs.

Hedge Fund Manager of the Year - Isle of Man

Key to how Libero Funds work, is listening to investor requirements and working with experts in all aspects of the funds operation. The fees charged by hedge funds are still a focus for investors and that challenge is a fair one. However, ultimately the onus is on any Fund to first deliver a fair return to investors, and as such we aim to offer the best risk adjusted returns possible.

Company: Libero Development Fund Name: Iain Cahill CIO and Mary Murphy COO Email:, Web Address: Address: 33-37 Athol Street, Douglas, Isle of Man, IM1 1LB Telephone: 0044 7496 057894


Wealth & Finance | November 2016


ClearlySo Launches ATLAS Impact Assessment Solution for Private Equity and Venture Capital Investors ClearlySo, Europe’s leading impact investment bank, announced on 8th December that it has launched ClearlySo ATLAS, an impact assessment solution for private equity and venture capital investors. Octopus Ventures, a London based venture capital firm, focused on backing unusually talented entrepreneurs, is the first customer to go-live and is in the process of rolling out the solution across its portfolio. ClearlySo ATLAS helps private equity and venture capital investors assess the social and environmental impact of their investments and provides practical suggestions for action. Research increasingly shows that there is a positive correlation between impact and financial return, and lack of awareness about negative impact is a risk. The methodology ClearlySo ATLAS uses to assess impact combines current best practices, industry-wide expertise and years of in-house experience developed at ClearlySo. Private Equity Reporting Group, Principles for Responsible Investment, European Union Directives and Red Line Voting are all considered and the results are mapped to the UN Sustainable Development Goals ensuring investors engage with the latest market expectations. Luke Hakes, investment director at Octopus Ventures commented, “we are delighted to be working with ClearlySo to assess the social and economic impact of the companies we back. We are incredibly proud of our portfolio companies which include Antidote and Big Health and the brilliant work they do in their respective sectors. We know that High Growth Small Businesses have a disproportionately high impact on our domestic economy and we are excited to be able to work with ClearlySo to analyse the impact of our venture capital investments.” Further commenting, Lindsay Smart, head of impact innovation at ClearlySo said, “the launch of ClearlySo ATLAS marks a new chapter in assessing the role of impact and sustainability in the venture capital and private equity sphere. We spent 18 months collaborating with industry experts to develop a solution at a time when corporate and financial action continues to garner much scrutiny. We look forward to working with our customers, including our first, Octopus Ventures, renowned for leadership in innovative thinking, as they seize the opportunity to be standard setters for private equity and venture capital investment.” To learn more about ClearlySo ATLAS please visit




US Corporate Credit Specialist of the Year – 2016 Founded in 2003 by Jeffrey Peskind, Phoenix Investment Adviser LLC is a New-York based firm managing a range of strategies invested in the debt and equity securities of high yield issuers. Phoenix Investment Adviser LLC manage three strategies, the first of which is a liquid, actively hedged strategy focusing on discounted bonds with a large margin of safety while exploiting valuation dislocations between the high yield debt and equity markets.

In addition, we have a long-biased strategy focused on deeply discounted performing debt of stressed companies that we believe will avoid bankruptcy. This strategy is focused on low priced stressed debt and seeks asymmetry where the upside is par value and the downside is limited by liquidation value and a very high cash yield.

Our 22-person team are regularly in touch with market professionals and investors, ensuring that our knowledge base is continually up to date. While refinement and improvement have been continuous throughout our history, our strategies target persistent structural inefficiencies in the high yield markets, so the underlying approach has remained consistent.

Finally, we have a long/short equity strategy that uses our value-oriented cross-capital structure research process to identify opportunities in the equities of stressed and levered companies. Given the levered nature of these companies, changes in the fundamentals can have a substantial impact on the value of the equity.

Looking ahead, we expect to continue growing and broadening the ways in which we apply our differentiated investment approach on behalf of investors while remaining small enough to retain an opportunistic edge. Our size allows Phoenix to access a broad opportunity set and permits us to be nimble and responsive as market conditions change. This valuable point of differentiation (particularly relative to ETFs and large firms) can potentially translate into higher returns, so growth will always be managed with an eye towards preserving this advantage.

We have a 13-year track record specialising in US corporate high yield and stressed high yield credit and manage $1.3 billion across three complimentary strategies. As a company, we focus on leveraged capital structures using a value-oriented research process, emphasising fundamental value and asymmetry. In all strategies, we look for downside protection and significant upside potential, using our value-oriented fundamental research-based approach to identify mispricing in the securities of high yield issuers. These issuers are often stressed or out of favour due to situations that we expect to be resolved. Our deep value strategies focus on identifying opportunities where the securities trade at valuations indicative of bankruptcy risk, yet our work suggests that such a threat is remote. Historically, the actual frequency of bankruptcies in our stressed, deep value strategy has been well below market averages and the bankruptcy rate in our senior/secured strategy has been near zero. Our smaller asset base allows us to pursue opportunities in issues too small to be used by the large funds that dominate the high yield market. This results in meaningfully differentiated security selection and can provide access to higher return opportunities.

Company: Phoenix Investment Adviser LLC Email: Web Address: Address: The Graybar Building, 420 Lexington Avenue, Suite 2040 New York, NY 10170 Telephone: +1 212 359 6200

Our strategies have enjoyed a successful year as a result of disciplined security selection and exposure management aligned with market and economic conditions. Going forward we are hopeful of achieving more success as securities in our strategies continue to reprice higher.



Wealth & Finance | December 2016

Relationship Challenges in Family Businesses and Legacy Families At Aspen Consulting Team (ACT), we work with family businesses and legacy families as they walk the balance beam between love and money, socio-emotional wealth. Using a metaphor from the golf course—we go into the deep weeds and thicket of family dynamics and get the ball out to the short grass—so family members and their financial and legal advisors can move it forward. We work with family businesses and legacy families at the top 1% financial level.


he organizing principle in our consultation, including work with our colleagues David Bork and Dr. Will Bledsoe at Family Business Matters Consulting, is based on the Biblical message—build before the rain, from the story of Noah. There will be “rain” in a family business and a legacy family.

as we help families sustain and grow their wealth and at the same time, maintain personal and relationship harmony.

“Our group has been through a litany of psychological consultations. Dr. Edgell was the first facilitator to bring it all together in a coherent, sustainable path for our work.”

We believe four pillars—alignment, boundaries, communication, and competence—provide a framework for building strategy, synergy and structure for managing the relationship challenges and conflicts in a family business and legacy family. Over the years, we have worked for family businesses with 5 employees to over 15,000 employees and legacy families with $50 million to $5 billion in assets under management. At the ownership level, the relationship dynamics are very similar. It is first about trust, then alignment, boundaries, communication and competence at the ownership, family and management levels.

Ryan Ritchie, managing director of Hallador Management, LLC 1. Love and money in a family business or legacy family are symbiotic and immiscible—they are connected but don’t mix together naturally. Love and money, what we call emotional economics, influences nearly everything in business and family relationships. There are no major emotional decisions without an economic dimension, and no major economic decisions without an emotional dimension. Pre-nuptial agreements are an example. 2. Family business and legacy family members must have “thick trust”. The first stage of psychosocial development is trust versus mistrust. We believe there are three types of economic trust. Exchange trust is the basic form, “trust, but verify”’, where we expect to be served and to pay for the meal we ordered. Mutual trust, “tit for tat”, is the most typical type of transaction in business, where we move in response to the first actor. Thick trust, long-term interactions and exchanges, is the only, but hardest, trust strategy for family members to avoid discord and have the advantage of effectiveness and speed. Negotiations are an example. 3. When emotions compete with economics, both lose. In many important decisions, the emotional tail can wag the economic dog. The oldest part of our brain is the emotional system. It evolved long before

Recently, we helped a third generation (G3) family business transition to the fourth generation (G4). This involved the owners doing both strategic and succession planning for the business and establishing a Family Council. We have worked with several family businesses where there was a death by suicide of an heir. Helping these families understand and heal from such a tragedy was critical to their continued success. How ACT helps families sustain and grow their wealth Both psychological and economic theories frame our work. Our task is to resolve and restore breakage in relationships that block and prevent positive economic interaction, longevity and harmony in a family business and legacy family. The foundation of a good family is love and care, and the goal of a successful business is profit and return on investment. These can be in conflict in a family business and legacy family. We define a family business as a company in which two or more family members hold a management, board or ownership position. We define a legacy family as a family unit or office that has $50 million dollars or more in assets under management. Our work is influenced by six theories



Thomas Edward Pyles, MA Tom, founder of FLEX Training, LLC, Principal at Aspen Consulting Team, associate at Family Business Matters Consulting, is an executive coach and co-author of MAPS for Men: A Guide for Fathers and Sons and Family Businesses. Tom works with organisations and clients on the importance of connecting physical, spiritual and emotional fitness to reach their highest individual and professional levels.

Edgell Franklin Pyles, PhD Edgell, founder of Aspen Consulting Team, LLC and Principal at Family Business Matters Consulting, holds degrees in economics, theology and psychology. He consults with business companies on leadership strategies, particularly succession and with legacy families on the complexities of mixing love and money. He has lectured nationally and internationally, including YPO Forums and CEO Universities, on the relationship between fathers and sons. He is the author of three books including MAPS for Men: A Guide for Fathers and Sons and Family Businesses, author with his son Tom.

With a master’s in performance psychology, an undergraduate degree in business, Tom has a 25-year career in the food, sport, and health industries and has logged thousands of hours coaching and challenging individuals and companies toward peak performance. Tom is a member of Institute of Coaching Professional Association, International Society for Coaching Psychology and Corporate Health and Wellness Association.

Fourth generation business owner Charles S. Luck, IV, wrote, “MAPS for Men is one of the most comprehensive guides to families in business that I have ever seen.” Edgell is a Fellow in the American Association of Pastoral Counselors, a Founding Fellow at the Institute of Coaching Professional Association and a member of the Family Firm Institute, Inc.

A competitive athlete and Level 1 CrossFit™ trainer, Tom continues to participate in multiple sports events. In his early 40’s he was the topranked amateur tennis player in Colorado - and the day he turned fifty - he ran fifty miles. Tom and his wife, Linda, an Academic All-American, live in Denver, CO and are the parents of three daughters.

Edgell won two world championships showing cutting and reined cow horses, and competed in rodeos for many years. Edgell and his wife, Marty, an attorney and managing director at Rocky Mountain Institute, live on a small ranch near Aspen, Colorado.


Wealth & Finance | December 2016

our economic system to help us survive. When our emotional system works in a healthy and mature manner it will provide a positive guide to decisions, when it malfunctions in business and economic decisions it will derail productivity, profit and reputation. Succession is an example. 4. A healthy endowment effect can turn into an unhealthy entitlement effect if not managed. Nearly every parent wants to endow his or her child with special opportunities. There is a thin line between endowment and entitlement. Entitlement happens when endowment expectations are not clearly defined and managed and financial gifts enable negative behaviours. Addiction is an example. 5. Every generation must manage their ‘commons’. The Boston Common, the historical park in downtown Boston, is an example of what economists call “the tragedy of the commons”. After 200 years of commercial use by many, it was closed because of overuse by a few. Affluent families and family businesses must have agreements on how to grow resources, limit extravagances and avoid rivalries and feuds that divide and destroy the common assets. Family constitutions are an example. 6. Parents must identity, understand and manage the dynamics of equality and equity, the ‘fairness monster’, among their children. Equality is identical apportionment and exact division of quantity. Equity is justice tempered by ethics and division based on contribution and need. One illustration is how the turkey is carved at the dinner table. Equality would mean that everybody would get the same size and type (white/dark meat) of turkey. Equity would mean that the carver would divide the turkey according to needs and perhaps even wants. Balancing these two dynamics in a legacy family requires the Wisdom of Solomon. Gifting and distributions are examples.

failed transitions of wealth differed from the successful ones. They found that the involvement of all family members in the decisions about the transition of wealth required both trust and communication skills, which helped avoid the dynamic of parents dictating the future to their children. Conducting a quantitative assessment, Dr. Michael Morris, along with Roy Williams, Jeffrey Allen, and Ramon Avila, interviewed 209 family business owners from the second and third generations. Their report, “Correlates of Success in Family Business Transitions’” concluded that relationships within the family had the single greatest impact on the successful transition of ownership and wealth: The dominant variable in successful business transition appears to be family relationships. Family business leaders’ first priorities should be building trust, encouraging open communication, and fostering shared values among the family members.’ The work of Morris, Williams and Preisser reached the conclusion that the major causes of financial failure have more to do with psychological patterns in the family than with legal, financial or business planning. According to their research, 30% of legacy families are successful in transiting wealth, but 70% lose control of their assets. • Success rate in legacy families (30%); • Collapse in trust and communication in the family system (42%); • Failure of parents to adequately prepare their heirs for creating and managing the wealth (17%); • Lack of proper governance structure (8%); and • Insufficient tax and legal planning (3%). Both financial interest and interpersonal dynamics can be successfully managed when family leaders give systematic attention to the following four areas.

“Edgell and Tom do a great job.”

Alignment Alignment in a family business and legacy family requires collaboration, coalition and movement to the same target. Family businesses are poised for long-term success when family members, owners, executives and employees have similar values and are united toward the same goals. The best companies are the best aligned. Strategy, purpose and organisational capabilities must be in sync. Without clear alignment family businesses are vulnerable. Even hairline cracks in the family business can widen and invite disaster.

Alex Hardie, managing director of NextG Partners, LLC How love and money are mixed for the best possible outcome for families, businesses, and individuals is where the rubber meets the road. Relationships follow predictable, evolutionary life cycles that can either create advantage or discord. For legacy families and family businesses to successfully grow, share and transfer financial assets and social values, attention needs to be given, equally and systematically, to wealth, interpersonal, spiritual and human capital, what we call WISH™ investments.

On the one hand, family businesses are the source of family happiness; on the other hand, they can be the source of family heartbreak. Misalignment creates discord, tension and conflict. Alignment creates a process that reinforces the company strategy, increases family and organizational harmony and promotes accountability and profitability. Keep the focus on the business! Its success is what makes other things possible.

Family wealth has a history of not surviving beyond the 3rd generation, called “shirtsleeves to shirtsleeves”. Dr. John Ward, professor at Kellogg School of Management and co-founder of Family Business Consulting Group, Inc., conducted a study on family business succession. He found that only 30% of family companies survive through the second generation, 13% survive through the third generation and only 3% survive beyond the third generation. Less than 5% continue through appointment of a successor from the next generation.

Boundaries Like a Trefoil clover, family businesses have three components: the family, ownership and enterprise. Boundary skills determine how family members, owners, non-family executives and employees will interface for the advantage of the business. ‘Good fences make for good neighbours.’ Unclear boundaries are at the root of many of the problems in family business. Boundaries need to be clear and constantly maintained if they are going to do the job for which they were intended. In order to create and maintain good boundaries family business leaders must define roles, responsibilities and accountability for owners, managers and employees

In one effort to answer the question of why the transfer of wealth in an affluent family is so problematic, Roy Williams and Vic Preisser, authors of Preparing Heirs: Five Steps to a Successful Transition of Family Wealth and Values, interviewed members of families with net worth ranging from $5 million to over $1 billion. They asked questions about how the



and methods for handling certain personal matters. Family members must not meddle in areas for which they do not have responsibility. When a business is large enough to hire family and non-family professionals, use outside advisors, and establish governing boards clear boundaries prevent conflicts of interest.

me at ACT, we decided we needed to work on our relationship before we worked with other fathers and sons on their relationships. M4M is one of the results. We are both a little intense and competitive, so it was an interesting and fulfilling process. MAPS for Men is about how our relationships with our fathers shape much of our self-esteem and professional drive and how this impacts a family business. Interestingly, before writing M4M, I had never worked with a female CEO; since writing M4M I now work with two female CEOs.

Communication Communication is one of the recurring issues that owners and executives in family business identify as a major obstacle to productivity. In a business with more than 200 employees, about 14% of the working week is wasted because of poor communication between staff and management. In a family business, poor communication can turn into personal and professional conflict. It is a family’s ability to manage and resolve conflict that determines its maturity and emotional health. Communication is more than transmission of information; it is the interactional heartbeat of the organisation.

Succession planning in a Family Biz Succession in a family business is often the greatest challenge and it impacts many people, from family members to employees. We have been and are currently involved deeply in helping family business founders’ deal with what we call ‘succession anxiety’. David Bork, in his book, Family Business, Risky Business, identified the issue within a family business, “When succession is left to the whims of fate, the family’s empire begins to crumble under waves of emotion”. There are two succession paths, often walked at the same time, management succession and ownership succession.

All communication is grounded in relationships. Unless we’ve been otherwise educated, most of us unconsciously enact styles of communication and conflict we learned in our families and carry them into the workplace. Whether it’s resolving relationship issues, confronting challenges, managing conflicts or planning for succession, effective communication skills guarantee that every situation will be addressed and resolved in a thoughtful, deliberate, constructive and comprehensive way. Clear, constructive communication must always be the goal.

On average, succession in a family company happens about every twenty years and can create a flood of anxiety, rumours and speculations. In the best of times, succession is a form of stewardship, where our legacy is not limited to what is accomplished in our lifetime, but extends in the hearts, minds and actions of those who follow us. One measurement, in the words of Ken Blanchard from his book, Lead Like Jesus: Lessons for Everyone from the Greatest Leadership Role Model of All Time, is “how well we have prepared others to carry on after our season of leadership influence is completed”.

Competency Competence is about the maturity, fortitude and talent to be an effective leader and team member in the business and successful leader in the family. In a survey of directors serving on boards of family-owned businesses, only 11% reported that the company was effective at developing talent. From those making decisions in the boardroom to those carrying out the day-to-day operations, everyone contributes to the success of the business by knowing how to play his or her position at the highest level. You can’t afford people who are doing just OK. You need high performers. Due to the unique and subtle connections in a family business, leadership and employment standards must be clearly defined, established, reinforced, and rewarded (or not) at every level in the company. This is critical in any succession plan and process. The family in business must understand sound business practice and how it is affected by family dynamics. Competency principles and procedures of leadership and employment improve the company culture.

“Edgell and Tom weave a tapestry of insight for anyone seriously interested in building family relationship bridges that endure generational transitions.” Dennis Carruth, president of Carruth Properties Company

Roles and responsibilities must be consistent with the company strategy and at the same time encourage every employee to have a personal feeling of ownership and investment, to think and act like a leader, and to give their best efforts. This entails attracting, training, retaining and rewarding talent, having the right people in the rights seats and the appropriate family members at the Family Council table.

The endgame and often the most challenging issue in a family business, is the process of transitioning ownership and management from one generation to another. Ivan Lansberg, co-founder of the Family Firm Institute and author of Succeeding Generations: Realising the Dream of Families in Business, emphasises the central problem, “the lack of succession planning has been identified as one of the most important reasons why many first-generation family firms do not survive their founders.” In our work, we address the father-son succession process in a family business as both a management and ownership issue.

MAPS for Men, A Guide for Fathers and Sons and Family Businesses (first person – Edgell) MAPS for Men, A Guide for Fathers and Sons and Family Businesses (M4M) involves over forty years of studying male psychology and working with professional men, especially around the relationship between fathers and sons. I first presented a paper on this topic in 1995 at the Vienna Chief Executive Organization University.

Family financial, political and psychological anxieties can be roadblocks and barriers to succession development and execution. John Davis, an expert on family business management and lecturer at Harvard Business School, believes that family elders are appreciated for their wisdom, but not necessarily liked by all the relatives. “Leaders tell me that they have

Tom had a very successful career with a national business before starting his training firm. When Tom, who has a master’s in psychology, joined


Wealth & Finance | December 2016

a gratifying but tough and often thankless job. Many successful family business leaders tell me that they spend half of their time working to address family and ownership issues and to maintain unity.”

otism, must be understood and managed. The primary skills needed, by both the father and son as they move through this process, are high trust and clear communication around ownership and management issues.

It is a guarantee that tension will increase during what John Ward and Denise Kenyou–Rouvinez, in their book, Family Business Key Issues, call the “hot phase” of the succession process because of the intense work of combining emotions and economics. Customers, clients, non-family managers, financial institutions and family members can apply pressure. The tension can cause announcements, solutions and directions to be presented before issues are clearly defined and processed. How important decisions are handled and communicated will depend on the family and company culture developed over many years.

Succession benchmarks are driven by time. The first issue is the transition style of the founder/owner, the second is the selection of the next family business leader, (either family or non-family) and the third is in the task of transitioning resources and power to the next generation. The first step in the transition and succession process is to define the retirement style of the founder/CEO to overcome a sense of impermanence and indispensability. Harvard Business School Professor, Dr. Jeffrey Sonnenfeld, interviewed executives from over thirty of the best-known corporations for his book, The Hero’s Farewell: What Happens When CEOs Retire. He concluded that many chief executives become like folk heroes within their organisation and depart (or not) in four ways.

“I have worked with Edgell for more than twenty-five years. He has provided counsel to our family, including our two adult sons, and my business and led several seminars for members of our Young Presidents Organization (YPO).”

• Monarchs - who do not leave until they are forced out or die • Generals - who leave only when forced out, but plan a return to power • Governors - who rule for a defined term, then pursue other ventures and interests • Ambassadors - who leave willingly, then returns to a high advisor role It is naturally tempting, but simplistically dangerous, for founding parents to direct, or coerce, their children into the family business or for children to assume a role in the business without maturity and autonomy. Every founder/parent needs to do a realistic assessment of what the business permanence, its economic potential, governance structure and management systems, would look like with one of more of his or her adult children in control.

James Light, chairman of Chaffin Light Management Company Relationships follow predictable stages that can either create advantage or discord. In healthy families, an endowment effect takes place the day a child is born, we give our children special emotional and economic attention simply because they are our children. When an adult child joins a family business this can carry over into the business in the form of an entitlement effect and a special position that can create tension in the family and the business.

Many younger generation members grew up in the business, doing summer jobs and listening to business conversations at the dinner table. This does not qualify them for a serious management role in the company. While blood may be a qualification for entry into the family business, adult children must have the following attributes in order to grow and succeed in the business. The founder parent is in charge of filling out the details on this list.

Succession anxiety can come from many directions. The father-son team and their advisors, must manage not only the corporate process but also the relationship dynamics. A basic psychological rule is that the first thing to fall into a void, real or perceived, is anxiety. There are two types of anxiety. Normal anxiety, like fear, is essential to the human condition, proportionate to the threat, and disappears when the risk is adjusted or removed. Neurotic anxiety is unspecific, vague and attacks the core foundation of a person’s life.

• • •

Rollo May, a minister and one of the best known American existential psychologists, wrote in his book, The Meaning of Anxiety, “Anxiety is the apprehension cued off by a threat to some value that the individual holds essential to his existence.” Succession can be a time of anxiety, when a father is measuring how he lived his life and a son is planning how he will live his life. Spouses, siblings, children, employees and customers will often have an emotional and perhaps a financial stake in the process and outcome.

Paul Schorr, Past President, Chief Executives Organization

Working together in a family business can be a long trek of personal development and organisational transformation for a father and son. The succession hot phase can be like be a fork in the road or a mousetrap on a major highway. Relationship issues, like entitlement, parentage and nep-

Psychological development influences the business relationship between a father and son. John A. Davis, co-author of Generation to Generation: Life Cycles of the Family Business, earned a doctorate from Harvard Business School. Renato Tagiuri received his PhD from Harvard and

Character: trust and communication Competence: education and performance Commitment: loyalty to the company and family

“Edgell enriches lives of those he touches in a most profound way.” The question of when a family heir should start working in the family business is one we are often asked. There is no obvious answer. The life cycle between a family business leader and his or her adult child will have an impact on the decision.



completed the program in psychoanalysis at the Boston Psychoanalytic Institute, before teaching and writing extensively on the topics of management, leadership and family business.

5. Apprenticeship in similar industry (middle 20’s) 6. Success in a comparable business (late 20’s) 7. Desire and commitment to join the family business (early 30’s) 8. Successful progression through different department (mid 30’s) 9. Senior managerial responsibilities (late 30’s) 10. Partnership with the company CEO (early 40’s) 11. Executive and personal leadership respect in the family and company (40’s) 12. Mature succession, the ‘de facto leader’ (mid 40’s)

Davis and Tagiuri used their business and psychological backgrounds to conduct a research project focused on the quality of the work relationship between a father and son. They identified and examined the respective life phases of the father and son based on Erik Erikson’s concept of life stages. They concluded that the quality of the work relationship varies as a function of the respective life-stage development of the father and son. They presented their research in a paper entitled “The Influence of Life Stage on Father-Son Work Relationships in Family Companies.” At an early age,

It is important to determine the qualifications of the successors and to avoid the trap of an inadequate successor, from within or outside the family, such as the following persons. • Good Son - a person with family loyalty, but limited leadership skills • Loyal Servant - a conscientious helper, but impotent leader • Watchful Waiter - a good performer, but with inadequate executive abilities • False Prophet - a talented person, but with the wrong expertise • White Knight – an exceptional leader, but with limited commitment to the business

“Dr Edgell came into my life in a time when I had failed. He helped me turn my life and my company around. I am only one of many whose lives have been infinitely enriched by Edgell.”

The third step is to create a successful succession. In a family firm this will have four stages. 1. Owner-Management Stage - father is the only family involved in the business 2. Training and Development Stage - the son learns the business 3. Partnership Stage - father and son share percent of ownership and management 4. Power Transfer Stage - responsibilities and control shift to the successor

M. Ray Thomasson, PhD. President, Thomasson Partner Associates, Past President, American Geological Institute and American Association of Petroleum Geologists. most sons admire and even worship their fathers. In a family business, this could be the beginning of a thirty-year journey resulting in the father also being the boss.

When family leaders and members work well together in the family and the family business, they can promote a level of leadership transition, company loyalty, brand commitment, long-range investment, effective decisions, rapid action and stewardship impact for which nonfamily businesses yearn, but seldom achieve.

The successful long-term growth of a family business, as with every organisation, requires turning over power to a successor. Max Weber, the German sociologist, referred to this process as the institutionalisation of charisma and saw it as one of primary challenges of leadership.

Though we have been involved with many families at their most intense levels, we have never been fired from a case and only once left a case unresolved. The feedback we get is that we are genuine and pragmatic. As financial success increases in a family the relationship complexity and intensity also increases, thus we have worked with some clients over several years.

Succession in a family business is a process not an event. In the bestcase situations, it is a 3-5-year process, where a strategy is in place before the tension or crisis of transition. This requires a realistic assessment of the skill level of their candidates for handling the wealth or business, pragmatic discussion with all involved family members, practical involvement of senior management and balanced advice from outside legal, financial and business advisors.

We are a small consulting firm in a mountain resort town. Professional relationships are key to our success and how to scale is always a challenge.

The paradox is that only a few family companies give serious attention to the task of handing the business down to the next generation. Resistance factors can come from the founder, family owners, senior management teams and/or family members. The second step of succession—outlining if, when and how a successor from the family will be the next leader—can be a time of celebration or challenge. The heir should be graded against these twelve ideal standards. 1. Innate interest in the business (pre-teens) 2. Natural leadership abilities in the family and school (teens) 3. Exposure and work in the company (late teens) 4. Excellent education and training experiences (early 20’s)

Company: Aspen Consulting Team, LLC Name: Edgell Franklin Pyles, PhD Thomas Edward Pyles, MA Email: Web Address: Address: Box 503, Snowmass, CO USA 81654 Telephone: Edgell +1 970-948-1415, Tom +1 303-518-3520



Making Sense of a Crazy World • Dominant force of policy intervention has turned traditional portfolio construction on its head; • Materially investing in banks on positive momentum, cheap valuations, steepening yield curve and, easier regulatory environment; • Cut back on emerging markets exposure as financially vulnerable to a strong US dollar and higher US bond yields and; • In a topsy-turvy world, it pays to be pragmatic and focus on what you know.


nthony Rayner, manager of Miton’s multi-asset fund range commented that “the last few years have been dominated by policy. First, very loose monetary policy with tight fiscal policy and, more recently, the expectation of loose fiscal policy and a tapering of monetary policy.”

We know a lot more about the economic picture than the political one. Economic data is frequent, broad-based and well-tested, at least in most major developed economies. Political data may be frequent but, as recent events have amply demonstrated, are not broad-based or well-tested. We conclude, therefore, that, until proven otherwise, a decent momentum has built up in the economic growth data. We can also say that political risk has risen, mainly because large parts of the electorate in many countries don’t feel that the elected authorities are fulfilling their part of the social contract.

The nature of the dynamic might sound like an ‘about turn’ but it feels like markets will continue to be dominated by the single dominant force of policy intervention. The first policy mix was central to the ‘lower for longer’ phenomenon. This saw bonds, ‘equity bond-proxies’ and assets like property march higher. Recent months have witnessed a sea-change, with expectations of a major shift in the policy mix leading to a reflationary environment.

This is unlikely to change overnight, as it’s been a long time in the making and policy change is unlikely to be that radical in the very short term. What we avoid doing is forecasting political outcomes: even if the single day binary risk event is called right, it doesn’t necessarily translate into performance. For example, even if we had got all the key political event outcomes right this year, it’s not that obvious that we’d have made money from it.

Many of those assets which excelled during ‘lower for longer’ have struggled. Instead, growth and inflation-sensitive assets have benefited materially. This has turned traditional portfolio construction on its head. So-called safe havens have performed badly in the very recent past. The 10 year US Treasury, which conventional wisdom holds as the ultimate safe haven, lost more than 4% in the month of November alone - not exactly safe haven behaviour. This reminds us that the risk characteristics for asset classes do change over time and to blindly anchor a portfolio around a static perception of government bonds is unwise.

In short, we focus on what we can know and remain pragmatic. As Keynes observed many years ago, ‘When the facts change, I change my mind. What do you do, sir?’

Having such dominant single driver over recent years has meant that identifying diversifiers in portfolios has been difficult and often not very rewarding. Consequently, we’ve been looking for investments that don’t oppose the primary dynamic but are independent of it, or are different but complementary, such as themes like new energy. In a topsy-turvy world, it pays to be pragmatic and focus on what you know. Being truly pragmatic is a constant challenge, especially during such a significant change in policy and with its massive implications for asset classes. We push ourselves to be as open-minded as ever. For example, we’ve cut back our emerging markets exposure. At first sight, these assets might benefit from reflation but they’re financially vulnerable to a strong US dollar and higher US bond yields. We have also invested materially in banks over recent months (having not held any for years) based on positive momentum, cheap valuations, a steepening yield curve and, potentially, an easier regulatory environment. 31


Wealth & Finance | December 2016

World-Class Quality Services Swiss International is a financial services company that facilitates the entire process of participating in global financial markets. Being an integrated service provider - they cover the entire process from ‘research and advisory’ services - to the ultimate ‘execution and clearing’ of a transaction. In a special interview, the firm’s Ahmad Shibley reveals more about the world-class quality services they provide for their clients’, and their unrivalled reach into global markets. The firm is both an asset management company and a finance Boutique with exciting plans and high hopes for the future.

We have worked hard to put together a highly-qualified team of professionals, from the most junior sales executive to the senior management. A cosmopolitan culture consisting of people from various cultural, social and professional backgrounds allows us to interact with and accommodate effectively clients with differing backgrounds and expectations. Some of the most respected and highly renowned names in the country provide the backing and support to our company, which lends us the highest level of recognition socially and professionally.

accounts, carry out internal transfers (real-time) and perform withdrawals and funding. Clients can also try out our ‘Private Cabinet’ by visiting (which is mobile friendly and we will soon be launching an app on smart phones platforms, but trading platforms are already available as an app). Technology is therefore our backbone and it as what we work on to give us a competitive edge against others in the market. How does it feel to have won the award Asset Manager of the Year 2016? It feels great to have been nominated, and indeed to win this prestigious award! This will give the whole team here much motivation to work even harder and to achieve other awards too. The asset management side of the business here is a fairly new division, because our core focus and strength is on providing clients that want to trade international markets with a brokerage account, and we have provided such a platform for over 15 years. While this had been the firm’s core focus, a few years ago, we started received queries from existing and new clients asking about managed accounts, because they did not have the time to trade on their own or the experience to do so.

What specific areas does your firm specialise in? Our reach in global markets is unrivalled in the local markets by providing brokerage accounts for clients to execute their trades. Our coverage includes most geographical and product markets. From simple currency crosses in the spot market to the complexities of the derivatives market, we deal across the spectrum. The products/markets that we currently offer work on the principle of ‘leveraged trading’ (leverage means trading with a face value much larger than the amount provided upfront as a deposit/security) and this leads to unmatchable rates of returns.

How is your company performing at present? The company is currently in its growth stage and we are expanding to other countries and regions, indeed we are really excited about our expansion progress and we will soon open up two new offices in Saudi Arabia, in Riyadh and Jeddah. On a personal level, my focus is on leading the expansion strategy that has been approved by the board here.

Whatever and wherever clients want to trade, our trading platforms offer unparalleled access to the most liquid financial markets in the world. Online and mobile trading services ensure that you are never more than a click or two away from the client’s next trade. How does your firm stand out from the crowd in these competitive times? We are continuously working on developing our IT infrastructure 24/7, we have a specialised IT team of about 15 individuals from various IT backgrounds, all of whom work nonstop to improve and introduce new products to our clients. In the world of finance, IT is crucial to ensure that we can offer services to clients and meet their expectations. We have recently launched our new client onboarding and management platform, called ‘Private Cabinet’ which has improved the effectiveness and speed of client onboarding on a real-time basis.

Can you tell me about your own role in the firm as CEO, and the reputation you have gained for providing your clients innovative and successful money management and advisory services? I am currently the CEO of Swiss International Financial Brokerage Co, having been a founder of the company. Since its inception in 2001, I have worked in all the departments from back office to sales and so on. As the CEO, my overall focus is on the achieving the goals set by the board, whilst at the same time achieving full client satisfaction.

Hence clients can open up an account online from anywhere in the world, and have it approved in real time and fund their account in real time 24 hours a day, 7 days a week. This has proved to be very successful with many of our clients who come from a variety backgrounds and cultures, since our ‘Private Cabinet’ product is available in several languages. Through this product, our clients can also open real-time sub

As for providing our clients with innovative new products, we recently launched our Emerald Fund Managed Account Program in 2016. It has proved to be an instant hit with our clients. Having achieving above average returns, whilst at the same time reducing the risk and overall exposure. The program is managed by one of our expert fund managers, who has over 22 years’ experience as a trader.



Can you provide some more insight into the Emerald Fund Managed Account Program? Emerald Currency Fund offers investors the opportunity to invest directly in the FX Market and potentially benefit when this decreases or increases in value, relative to others. ECF is actively managed on a day-to-day basis and may hold long and short positions in up to twenty currency pairs. The fund is a combination of long-term trend trading and day trading, based on intraday volatility. ECF team has been testing different trading strategies for years and has built the model that consists of our best strategies, which combine long and short term trading. We have a dedicated trading team who work around the clock - monitoring our trades, positions and model and adjust parameters - based on the expectation, news or any possible shock to market. Moreover, we collaborate with a team of analysts that are feeding our trading desk with exclusive research and potential moves in the currency market, based on fundamentals. What role the staff play in the success of your company? First of all, we are proud of our people, and secondly the technology we use. I believe that one does not work without the other. Indeed, it is our people who create growth, builds value and the overall growth that we have achieved. Our staff come from a variety of different cultures, something that brings more tolerance and understanding of each other, because the staff spend more time with colleagues their families at times. We are therefore proud of the firm’s culture and are continuously working on improving the human capital aspect of our work. What challenges and opportunities do you and your company face in the future? Swiss International Financial Brokerage’s most important challenge is always working around the clock to beat our current technology and outpace the market with new and exciting developments. Our second challenge is that along with our expansion into new markets, we have had to work with new regulations that are sometimes more like a barrier to entry into such new markets. As for opportunities in the future, with our expansion into new markets we are working to turn the firm into a publicly listed company that the employees can have a percentage ownership into the company that they helped to build, hence working harder!

Asset Manager of the Year 2016 - Kuwait

Is there anything you would like to add? Just a reminder to our readers is that Swiss Finance is not just an asset management company, but it is also a finance boutique. The company is actually a brokerage house with an asset management department. Hence, we essentially provide a one-stop-shop to all our financial needs and requirements. I would be always more than happy to be answer any questions your readers may have and they can get in touch at any time by using the contact information below.

Company: SWISS INTL. FINANCIAL BROKERAGE CO. K.S.C.C. Name: Ahmad Shibley Email: Web Address: Telephone: +965-22020490



Wealth & Finance | December 2016

The Cutting Edge of Finance and Technology The reporting and analytics team at Qtrade is the other half of the finance team along with the corporate accounting team. While each team has their core responsibilities, the two teams are tied at the hip and have a reliance upon each for information and data exchange.


s previously mentioned, Qtrade is multi-entity, multi-line of business corporation that offers a variety of solutions along the wealth continuum. While each line of business is focused on their own activities, it is up to the reporting and analytics team not to only provide reporting and analytics to the individual entities, but also provide key, critical corporate data and maintain a holistic view of Qtrade.

These are items Qtrade would not have been able to produce without this new team. The team does not have to go looking for information, we are the single, central point of data and information. We ensure that when there is a report, a KPI, a data point, that it should only be provided by reporting and analysis to create reporting and data integrity across the firm. In too many firms, and historically Qtrade was no exception, you had multiple people producing similar reports with inconsistent output. At Qtrade we are well down the path to eliminating this.

At most firms, the role of Business Intelligence (‘BI’) usually falls under the realm of IT. BI is traditionally an IT based function that consists of databases and technical based employees who use databases to create code to produce reports for business users. While the technical employee is familiar with the data and producing code, it is the business users who provide most of the analysis and vetting of the output. However, in 2015 Qtrade essentially created a new reporting and analytics department under the CFO to take over the BI function. It is my honour and responsibility to lead this team.

While the reporting and analytics team does have a technical resource on it to maintain the ETL’s and databases, the rest of the team are finance based analysts who have the ability to code. The team has a mixture of finance, economics and statistical undergraduates and almost every member of the team has or is pursuing a financial designation such as the CPA, CFA and MBA. At Qtrade, we expect that our financial analysts to be fluent in coding and be able to talk about such items as data fields and schemas as well as profitability and gross margins. At Qtrade we firmly believe we are the new breed of financial analysts where finance and IT crossover. We are a hybrid of finance and IT.

At Qtrade, BI is part of the reporting and analytics team, meaning that unlike most firms it is a finance function and not an IT function. In order to accomplish this goal of moving the BI function to finance two things had to occur; first an investment in technology and second, creating a team of financially based analysts who could not only perform the analysis, but write the code to draw upon the data themselves.

By being a hybrid of IT and finance, this creates many opportunities for Qtrade, not the least being efficiencies. By being the familiar with the source data and also being financially savvy, it reduces the amount of back and forth between the end business user for who the reporting and analytics is being created for. However, since the analyst can do both the coding and analysis and is familiar with not only that particular line of business, but what is happening corporate wide, it allows the analyst to provide additional insight to the request. It also allows the team to create their own analytics to support both the CFO and CEO. We turn data into information that decisions can be made on.

For the technology part, Qtrade has created a SQL based data warehouse. While data warehousing is not unique or proprietary to Qtrade, it is an evolutionary step forward for the firm. The challenge with being a multi-line of business firm is that many of the lines of businesses have their own or multiple pieces of software that are used during the course of the day, all containing data. While the data warehouse is now functional at Qtrade, we are still adding new data sources to it. At Qtrade we have identified 26 disparate systems of data we will be incorporating into the data warehouse to provide a single source of information for the whole firm.

The hiring challenge for Qtrade is to find this unique set of individuals, who also possess soft skills such as customer service as the team does see itself as a customer service team to both our B2B partners and internal customers. However, we hold the firm belief that in 10 years from now the hybrid analyst will become the industry standard and we here at Qtrade are trying to be on the cutting edge of creating the new hybrid world of finance and technology!

Combining these disparate data sources, of which two are the finance database and the ERP into one centralised system allows the reporting and analytics team to create some very thorough financial analysis of trades, assets, clients, lines of business etc. to create new holistic reports, channel profitability statements, an A to Z cost per trade analysis and so on.

Name: Gregory Hood Company: Qtrade Financial Group Email:



Most Innovative Finance Team – Canada & Online Brokerage Firm of the Year: Qtrade Investor




The Leader in Accountancy Located in Hong Kong, Zhonghui Anda CPA Limited is a full-service professional services firm offering a range of services including audit and assurance, taxation and accounting. Dr. Terence Wan explains their ambitions to maintain the firm’s reputation in the industry, as well as expanding their client base. Whatever your requirements are, Zhonghui Anda CPA Limited are confident that they have the solution for you.

We provide efficient, effective and high quality audit and assurance services for you to meet your specific requirements. In addition, we conduct our audit and assurance services in accordance with the relevant standards issued by the Hong Kong Institute of Certified Public Accountants and our audit methodology. Our close working relationship with other professional services firms registered in Mainland China and Taiwan allows us to provide complementary audit and assurance services in those regions and countries.

The efforts of our staff have not gone unnoticed and it is their confidentiality and integrity which has helped us build a positive rapport with our clients. Furthermore, we are continuously committed to improving our professional standards, service quality, as well as the ongoing development of our staff. To enhance the efficiency of our services, together with our IT experts, we have developed a comprehensive set of computerised systems covering every aspect of our work. From administrative duties and general management to providing various professional services, our computerised systems always make our work smooth, efficient and reliable.

Our tax professionals here at Zhonghui Anda CPA Limited are committed to providing tax planning services which will help you manage the tax affairs of your business more efficiently and effectively. The team can also assist you in dealing with the tax authority in relation to its enquiries, field audits and investigations. By working with tax professional firms outside of Hong Kong we can also help meet your needs for cross-border taxation advice regarding your operations or assets outside Hong Kong.

Going forward, we are committed to maintaining our reputation in the industry as we look to expand our client base. Furthermore, if we can remain at the cutting edge of new developments we are confident the future is looking bright for Zhonghui Anda CPA Limited.

In regards to accounting our services are based on your specific business needs, so whatever your specific requirements are, we are confident we have the solution. Our accounting team can prepare financial statements and records tailored to your specific circumstances and requirements on a periodic basis. If you are thinking of forming a company in Hong Kong, Mainland China, Taiwan or in any other offshore jurisdiction we can also offer competitive packages to assist you.

Company: Zhonghui Anda CPA Limited Name: Dr. Terence Wan Email: Web Address: Address: Unit 701-3 & 8, Citicorp Centre, 18 Whitfield Road, Causeway Bay, Hong Kong Telephone: (852) 2155 8288

As a company, we embrace the motto of ‘achieving excellence through quality’. With our practical knowledge of doing business in the PRC and taking advantage of our business and professional network in Hong Kong, Mainland China and Taiwan we provide diversified professional services for our clients. We dedicate our effort to our clients and are committed to becoming one of the leading CPA firms in serving the PRC, Taiwan and local markets.

2016 Most Outstanding Accounting Firm


Wealth & Finance | December 2016

New Website Reveals Gender Pay Gap by Profession A new online tool that allows the public to find out the gender pay gap for their occupation has been launched by the UK’s Minister for Women and Equalities, Justine Greening on 9th December.


he online tool, created by the government and the Office for National Statistics, shows construction and building trades, and financial managers and directors have the highest gender pay gaps. The online tool is launched as details of how large employers will have to report their gender pay and gender bonus pay gaps from next April have been published.

Details of how large employers will have to report their gender pay and gender bonus pay gaps have also been published. The regulations, which have been developed in close partnership with businesses, set out how employers will be expected to collect and publish this data from next April. This data will help employers to see where they have further to go in attracting more women into their industry or to support them so that are not held back by caring responsibilities or gender stereotypes.

The regulations, which will affect almost 8,000 employers with around 11 million employees, will shine a light on workplace practices that could be preventing women from reaching the top in their organisations.

The regulations, which have been publicly consulted on and will now be debated in Parliament, set out the proposed requirements for employers in the private and voluntary sectors to:

Tackling injustices like the fact that women earn on average less than men is a key part of building a society and country that works for everyone, as Theresa May made clear in her first speech as Prime Minister.

Publish their median gender pay gap figures By identifying the wage of the middle earner, the median is the best representation of the ‘typical’ gender difference. Employers will be asked to use data from a ‘snapshot’ period in April to calculate this average.

Minister for Women and Equalities Justine Greening said, “Britain has the lowest gender pay gap on record, there are more women in work than ever before, more women-led businesses than ever before and there are now women on every board in the FTSE 100.

Publish their mean gender pay gap figures By taking into account the full earnings distribution, the mean look at both the low and high earners in an organisation – this is particularly useful as women are often over-represented at the low earning extreme and men are over-represented at the high earning extreme. As with the median gender pay gap, employers will use data from a ‘snapshot’ period in April.

“But if we are to help women to reach their potential and eliminate the gender pay gap, we need to shine a light on our workplaces to see where there is more to do to. This tool will empower both men and women to challenge this issue in their profession and help people to make more informed decisions about their career. “Employers must play their part in this too and take action to tackle the gender pay gap in their organisation. That’s why we are requiring large employers to publish their gender pay and gender bonus pay gaps for the first time ever and our regulations mean they can start getting ready to report from April next year.”

Publish the proportion of men & women in each quartile of the pay structure. This data will show the spread of male and female earners across an organisation, helping to show employers where women’s progress might be stalling so they can take action to support their career development.

The online tool uses the latest data from the Annual Survey of Hours and Earnings to provide the most up to date gender pay gap data. The gender pay gap is now at a record low of 18.1% and the online tool will show the gender pay gap by profession, so that the public can see how their job measures up against the national average. Alongside the tool, an online quiz has also been launched allowing people to challenge their knowledge of what the gender pay gap is for a variety of professions.

Publish the gender pay gaps for any bonuses paid out during the year As there is a significant issue around bonus payments in some sectors, employers will also have to publish the proportion of male and proportion of female employees that received a bonus during the year. Jayne-Anne Gadhia, chief executive at Virgin Money and the Government’s Women in Finance champion said, “what gets measured gets managed and what gets published gets managed even better. Gender pay gap reporting will encourage all companies to put diversity and inclusion at the heart of their practices and work hard to ensure progress in this area.”

The benefits of helping women to unlock their talents are huge – eliminating work-related gender gaps could add £150 billion to our annual GDP in 2025. That is an opportunity that neither Government nor businesses can afford to ignore.



Ann Francke, chief executive of the Chartered Management Institute said that, “gender balance provides a big boost to productivity which is one reason why the Government’s gender pay regulations are especially timely. Large organisations will have to report the number of men and women they employ at every quartile, and the difference in their salaries and bonuses. Too many organisations resemble a glass pyramid, with the majority of entry-level roles filled by women, and the number of women reducing the higher up you go.

Acas head of guidance, Stewart Gee commented, “from April next year, any organisation that employs 250 or more employees must report on their gender pay gap. We welcome this new tool as it provides useful insights into the gender pay gaps within specific professions, enabling companies to benchmark themselves against occupation averages. Acas will be launching new guidance for employers on gender pay regulations in the new year.” Laura Hinton, executive board member and head of people at PwC added, “the current rate of progress towards closing the gender pay gap is too slow and gender pay gap reporting is an important step towards tackling both the symptoms and causes of gender inequality in the workplace.

“According to CMI’s long-running research, the gender pay gap has stuck stubbornly around 23%. Men are 40% more likely than women to be promoted in management roles. The combination of transparency and targets will help employers become more aware of their own glass pyramid and encourage them to do something about it. This is great for business because diverse teams are more productive and boost employee engagement. Through our CMI Women campaign we’re working with employers to use best practice and the regulations as a launch pad to achieve gender balance in their teams to drive productivity.”

“Publishing pay data alone won’t change anything - progress will only happen if organisations use this as an opportunity to understand what’s happening in their business and make some fundamental changes as a result. Bold action is needed to create true equality in the workplace. For the first time, we will have comparable gender pay gap figures across organisations which will be a useful tool to drive accountability and action.

Emma Codd, managing partner for talent at Deloitte UK remarked, “Deloitte welcomes the Government Equalities Office announcement on gender pay gap reporting regulations. This is an important milestone on the journey towards greater gender parity at all levels within large UK businesses. Being able to access information about the gender pay gap will enable people to make better-informed decisions about potential future employers, and will also allow companies to consider gender pay data when selecting suppliers and partners. It is critical that government and businesses continue to prioritise this issue; recent Deloitte research found that unless action is taken to tackle it now, the UK gender pay gap will not close until 2069.”

“At PwC, publishing our gender pay gap has allowed us to understand the reasons for the gap and hold ourselves accountable to make changes. For example, we know that a sizeable part of our pay gap is a result of having fewer women in senior positions, so this is an area where we continue to focus our efforts. We’re also challenging our recruitment processes, making more senior jobs available on a flexible or part-time basis, and have introduced a return to work programme.

David Freeman, ONS head of labour market statistics said, “At ONS we realise how important it is to make our figures helpful to their users, so we’re delighted to have been involved in developing this tool to make gender pay gap data more accessible to the general public.”

Occupations with the largest GPG in favour of men

Occupations where average pay is most similar for men & women (i.e. GPG is closest to 0%)

“In our experience. there is no silver bullet and the gender pay gap is just one data point that organisations should be tracking as part of their overall efforts to create a workplace that works for all.”

Occupations with the largest GPG in favour of women

Construction & building Waiters & waitresses, 0.0% trades supervisors, 45.4%

Midwives, -61.8%

Financial managers Bar staff, 0.0% & directors, 36.5%

Probation officers, -25.3%

Printers, 35.1% Fishmongers & poultry dressers, Fitness instructors, -22.9% -0.0% Financial institution managers Nurses, 0.0% & directors, 34.1%

Childminders & related occupations, -20.5%

Assemblers Podiatrists, -0.1% (vehicles & metal goods), 33.5%

Parking & civil enforcement occupations, -18.7%



Wealth & Finance | December 2016

Art of Embroidery Apollo USA is an advertising specialty & promotional product supplier specialising in customised embroidery. Our customers are primarily distributors who in turn work with American corporations. I started Apollo in California with two employees and one embroidery machine, solely doing contract embroidery. Over the past 20 years, even during the economic tur¬moil of 2008-2011, we’ve maintained growth, expanding from our initial two employees to over 200 nationwide.


founded Apollo with my brother in 1996, and have been the company president ever since. Before that, I graduated from the University of Washington with a business degree in accounting and passed CPA upon graduation. My aspiration was to become a successful entrepreneur, and the CPA background helped me tremendously to wisely plan the company’s financials.

matching thread colours and noticing other design details so important to this business. At Apollo, the majority of the management and sales teams are staffed by women, including many single moms. I am a mother with 5 children, and I hope that I have been a positive influence to the other women that I work with. I empower each salesperson and encourage them to think as entrepreneurs; they are allowed to make decision and hire assistants to strengthen their team as needed.

Before entering into this in¬dustry, my research showed that it was mainly populated by small shops lacking quality standards and preset pricing structures. Most owners were operating both the sales and machines. I saw a great need for a well-organised, principled supplier with rapid turnarounds to consistent¬ly meet event dates and rigid deadlines.

Believe it or not, embroidery can be a fun business. Our employees stay up late watching NBA and NFL games because we embroider the championship memorabilia. We also make and decorate merchandise for many new movies and video games. We are proud to beautifully sew many fortune 500 corporate logos on their shirts and caps. Because Apollo’s sales team also loves the work, they naturally interact well with customers and our customers love us for it. We constantly educate employees that ‘The Customer is King’. Many take it to heart by going the extra mile, working overtime and weekends to meet the needs of customers’ rush orders. Our industry’s associations have recognised these efforts with yearly 5-star ratings and ‘Best Supplier’ awards.

I was the first in our industry to shorten sample times from 5 days to 24 hours by pioneering email transmission of digitising overnight service from overseas. With Apollo’s strict quality control, standard price quotes, quick delivery, and trained customer service teams, our business doubled and tripled year over year. In 1999, we opened a new branch in Chicago; in 2004, the New Jersey branch was opened. With three branches across the country, we could cover customers even more efficiently.

As the advertising landscape changes, many corporations are shifting budgets away from promotional products in favour of online campaigns through search engines and social media. Minimum wages are also on the rise. Many smaller contract embroidery shops have closed, but Apollo’s foundation is still broad and deep with its 2000+ customers across the US. Over the past 20 years, even during the economic turmoil of 2008-2011, we’ve maintained growth, expanding from our initial two employees to over 200 nationwide.

Running the business hasn’t always been easy. By 2006, I felt Apollo had reached a plateau and changes were needed… so I went back to school and enrolled in Harvard Business School’s Owner/President Management Program. There, I was taught by some of the world’s best professors in business strategy, marketing, and leadership. Upon returning, I shifted Apollo’s emphasis towards brand building, focusing on our AMC and Simplicity product lines. When sourcing new products, I keep in mind the texture, the stitch quality, retail trends, and giftable packaging. This bridges the product gap between corporate giveaways and desirable gifts that anyone would be happy to receive. Apollo’s product lines now feature scarves set in gift boxes and plush blankets tied with ribbons and bows. These efforts have elevated Apollo beyond simple contract embroidery, and our revenue tripled immediately afterward. I’ve never considered being female as a disadvantage in business. I strongly believe that women can do many things just as well as men, perhaps even better when it comes to the embroidery industry. We work just as hard, multi-task well, and women are often better at picking

I attribute Apollo’s success to managing it as a large corporation but with a close-knit family’s warmth. I treat my employees like family, but expect them to live up to high corporate standards. Our employees are a wide mix of ethnicities and backgrounds - we celebrate Thanksgiving, Christmas, Cinco de Mayo and Chinese New Year together. I involve them in developing new product lines and have an open-door policy, encouraging employees’ input and discussion. Despite the demanding work, many of our employees have stayed with the company 10 to 20 years. Because of our team, I still envision a bright future for Apollo. It all goes back to loving what we do and feeling invested in it as a family. We extend this attitude toward our clients, and it’s what has allowed us to be great at what we do.



Company: Apollo USA Name: Dora Ngan Zhang Email: Web Address: Address: 1650 W Artesia Blvd, Gardena, Ca 90248 Branches: Los Angeles, Chicago, New Jersey Telephone: +1 800 982 2146, +1 310 217 2700

Best Promotional Products Business Owner - USA



Wealth & Finance | December 2016

Cost-Effective Solutions to Disputes Affecting the Supply Chain Strategic Management Partners (SMP) was established in 1990 as a niche management consultancy, advising public quoted and private owned organisations during periods of significant change. International support activities have been delivered across the EU, Asia, Africa, USA, and the Middle East. Managing director Clive Bonny CMC is a certified mediator and member of the Professional Mediators Association with a global reach.


live’s background is in financial services and he has designed the SMP portfolio to meet client needs in line with significant changes in international economic, legal, technological and social environments. He is also certified to audit, register and protect Intellectual Property, and listed by UK Intellectual Property Office to resolve IP disputes.

fying and applying language pattern preferences accelerates empathy between parties and speeds up their resolution of disputes.” SMP’s work in National Health Service Clinical Commissioning Groups led to an investment in Grassroots Suicide Prevention training. Their programme Safe Talk shows how to empathise and safely converse with those who experience extreme stress and inner conflict. Clive says, “enhanced awareness of Micro-Expressions improves skills to conduct sensitive conversations in high risk situations. This improves ability to respond to small but important changes in verbal and non-verbal behaviours. One in four people experience mental instability at work so identifying early warning signals is important.”

Clive shares his view of the big picture, “global conflict is an increasing challenge in every-day life, exacerbated by cross-cultural mass population movement, easy access to the world-wide web and increasing demands on individuals with fewer resources. Conflict impacts every part of your organisation sustainability and dilutes business continuity. Disputes arise between shareholders, employees, suppliers and customers every day. Many escalate unnecessarily absorbing time and money. Too few business leaders and managers are professionally trained to prevent and manage disputes at work. Many do not understand the differences between mediation, conciliation and arbitration. Yet these are fundamental tools to reduce risk and cost.”

“Work-place disputes can also be exacerbated by stress at home. People experiencing stress at home may not always share this with employers or work colleagues. However, it can often affect their motivation and productivity at work without colleagues being aware. Psychological training helps mediators diagnose such issues early on. In such circumstances, mediation can then be deferred to allow other causal issues to be resolved, saving time and costs for all parties.

Clive explains the key differences between the three out of court dispute resolution methods, “arbitration uses outsiders to make decisions for both parties, with legally binding outcomes even if one party disagrees. Conciliation involves third parties offering settlements often by phone, with less engagement and input from both parties. Mediation facilitates both parties in resolving their own issues with more engagement and consequently more opportunity of a sustainable settlement. This is why mediation is usually seen as the most effective route to agreement.”

The causes of workplace disputes include issues with poor psychological engagement and poor physical health of individuals. Absenteeism and under-performance at work often precedes grievances. UK absence averages over one week per person per year and costs up to 5% of profits. Clive sees motivation and engagement as key tools to reduce staff grievances. “We deliver training in stress management and occupational health, and promote staff engagement through nutritional wellbeing. Our associate business SlimRoastUK offers a range of botanical herbal health drinks direct to employers in over 50 countries.”

Mediators have varied skills and backgrounds and Clive highlights attributes which make a difference, “membership of the Professional Mediators Association confirms professional qualifications and provides a quality assurance framework for buyers. The PMA specifies core competences related to impartiality, confidentiality and collaborative behaviour. I have enhanced my own mediation skills by training in psychometrics and neuro-linguistic programming (NLP) which helps disputing parties understand how behavioural styles can be adapted to resolve personal differences. They improve Acuity - the awareness of people’s behaviour and synthesis - the ability to respond quickly and appropriately. Identi-

The Chartered Institute of Personnel and Development reports the offer of fruit and drinks by employers to staff are in the top five motivators for psychological contracting and engagement. “Our herbal health drinks are in safe airtight powder sachets for easy shipping and long-life storage. They blend dozens of clinically proven nutritional supplements to boost energy and performance at work. Employers order online for direct delivery at half the cost of high street drinks.”



Besides supporting corporates Clive has also worked with police, security, fraud prevention and government agencies. He is trained by the School of Government to assess individuals to Background Personnel Security Standards. “We occasionally encounter vexatious litigants in unfair dismissal disputes so extra safeguarding checks before mediation can be helpful.”

Company: Strategic Management Partners Name: Clive Bonny Email: Web Address: Address: 58 Nevill Road, Rottingdean, East Sussex BN2 7HG UK Telephone: UK 44 (0)1273 308865

Commenting on future developments in dispute management Clive refers to his joint venture with award winning Koru Architects who have designed PassivPod, an elliptical office design based on the science of Biophilia. Clive says, “poor environmental working conditions can trigger disputes. Our innovative Biophilic office design combines natural environmental surroundings to reduce physical stress whilst improving cognitive abilities and workplace performance by 15%. It’s another new science improving wellness and engagement at work, reducing grievance disputes.

Mediator of the Year

Clive summarises, “scientific advances in physical and mental wellbeing are important tools to accelerate dispute resolution. We are early adopters of these advanced psychological techniques to ensure our mediation service meets the highest professional standards. We are happy to email free briefing papers to employers on these innovative methods to reduce and prevent disputes.”


Wealth & Finance | December 2016

Why China’s New Cybersecurity Law Is a Threat to International Businesses and Innovation China has the world’s largest market for digital shopping, mobile payments, and Internet-enabled financial services. Close to 400 million people in China do most of their payments using their smartphones. China’s overall business in information technology is a market of well above USD $300 billion, and it is estimated that more than 700 million Chinese have access to Internet. So, any law impacting the online space—cybersecurity included—will make ripples in the way China does business.


hat’s why its new cybersecurity law—due to take effect in June of next year—is particularly alarming. It is part of an ongoing government program to reinforce China’s cybersecurity, and arguably targets non-Chinese hackers. But it comes amidst continuous tensions between the U.S. and China, not just in terms of cybersecurity (each country has accused the other of hacking), but with trade, the economy, and, of course, the U.S. election, which will inevitably change how business is done between the two nations. The law appears to be counterproductive in several ways.

International companies will have to weigh this risk against the opportunity to do business in China. China has had a long reputation for ‘copying’ without getting insider access, and this law could only open the ease to which China’s business sector can review competition. For international companies, there is no easy way forward as the choice is black or white. Either foreign companies will comply, knowing China has a way to peek into what previously was private, or they will choose to stand by principles of privacy at the risk of being excluded from the Chinese market. Despite the challenging dilemma, companies are likely to comply and give in to China’s demands. The market is too huge and far too ripe for future growth, especially when compared to more stagnant outlooks in Europe and the U.S.

First, as the law sets forward, important network equipment and software will have to receive government certifications. This means that specific pieces of intellectual property or technical features will have to be divulged, which could easily be passed on to Chinese companies by the regulators behind cybersecurity. It shouldn’t be forgotten that the state in China has tremendous power and plays a critical role in economic plans. Government interference is much more prevalent than in Western nations. And under the veil of cybersecurity, regulators will have access to proprietary information that could benefit Chinese firms at the expense of foreign business.

In addition to creating barriers for international business in China, this kind of legislative move goes completely against innovation. It could well be considered to be part of what is called ‘indigenous innovation’ in China. This consists in favouring Chinese firms by establishing non-tariff barriers, such as specific standards or regulations on products, in order to prevent non-Chinese firms the access to China’s large and dynamic market. And the impact would be wide-ranging, from consumer electronics to products such as equipment to produce renewable energy, including windmills and solar panels.

The type of businesses most at risk will be those with special hardware and systems for network management. But it could even include data from and for ATMs. New generation ATMs have a much higher level of connectivity with mobile integration and face recognition. This makes them more vulnerable to hacking and means confidential devices and information will have to be used for protection. And under this law, that creates a big entry place for government snooping.

Innovation involves a complex process, but it requires a society to be as open as possible and to allow vibrant exchanges between people. While cybersecurity is important, this law will wrap around the free market as it grips security. Within China, entrepreneurs are, by and large, not bothered by their government’s management of the Internet, called the ‘great firewall’. However, this new law is a new step to tighten the government’s grip on the Internet. Furthermore, far from favouring China’s champions in this very dynamic area, such as Huawei, Lenovo, or TenCent, this law will handicap them in the long term. Maybe the hope is that these companies themselves will fight to alter the law and mitigate the negative implications for China’s Internet landscape.

This law is also counterproductive because companies gathering data in so-called ‘critical areas’ will have to store that data inside China. At this stage, the definition of ‘critical’ is worryingly broad. Complying with this requirement will force international firms to make expensive investments to build duplicate facilities within China. This is in total contradiction with the free flow of data, expected to swell in 2020 after the introduction of 5G.



U.S. companies have already began to strongly lobby against the law, as well as China’s position that the Internet must be managed by authorities. But despite the efforts of any company, Chinese or other, the cybersecurity law is just a piece in a larger ongoing political puzzle that companies will have to deal with. Trump’s stance on trade and is equally, if not more, alarming for business. In the end, agility will be key for companies to succeed in the tense political environment. IMD Professor Georges Haour is a Professor of Technology and Innovation Management at IMD business school and co-author of the new book - Created in China: How China is Becoming a Global Innovator (Bloomsbury, London, 2016).

Company: IMD - International Institute for Management Development Name: Professor Georges Haour Email: Web Address:


People who left a gift in their Will to the GLFB in the past are playing a significant part in the lives of people dealing with sight loss.

Help us Build a Brighter Future

Although some of these supporters may have passed on, their foresight in leaving a legacy is making a real and lasting difference to visually impaired children and adults today. This is because gifts left in Wills are helping to provide services that reduce the isolation sight loss so often brings, enabling people to live much happier, more fulfilling and independent lives.


Isn’t that the kind of legacy we would all love to leave? Please accept our heartfelt thanks if you have already remembered the work of the GLFB in your Will. If you haven’t already done so, please do consider whether you could support our work in this very special way once you have made provision for your loved ones. All legacies, be they large or small, help to change lives. If you would like more information about gifts in Wills, please call us on telephone number 020 7620 4918 or by writing to us at the address below.


Issue Three Autumn 2015

Every day 100 people in the UK start losing their sight – that’s one person every 15 minutes. Sight loss affects people of all ages this edition of Insight you andIn it can strike at any time. A legacy giftfind: to the GLFB will help will ensure that we can provide specialist care from the point • News of how your donations of diagnosis. Thank you.

have helped to fund local blind welfare services

• The positive and lasting difference your support is making to the lives The Greater London Fund for the Fund was established in 1921 to provide blind welfare services in London. of people withthrough sightvoluntary loss donations including gifts in wills, enable us to reach 50,000 people every year. Today, the services we fund,dealing made possible Greater London Fund for the Blind, 12 Whitehorse Mews, 37 Westminster Bridge Road, London, SE1 7QD. • Legacies: leaving a gift of a lifetime Email: Website: Registered charity number 1074958.



ThinkingSafe: Cyber Security for the Digital Age ThinkingSafe is a Surrey based cyber security technology vendor and managed service provider, specialising in cost-effective corporate governance and regulatory compliance solutions. We caught up with Founder and CTO Julian Dean to provide us with an absorbing overview of the firm and the innovative solutions it provides.


hinkingSafe are an award-winning UK Cyber Technology Company that protects businesses of all sizes, from Law Firms and Accountancy Practices to Healthcare, Pharmaceuticals and Government. Julian discusses this burgeoning and ever evolving market and how his firm is dedicated to operating at the forefront of new developments so as to offer cutting edge solutions to clients.

“Alongside supporting a wide range of clients in a variety of industries, we also work extensively on advanced cyber security research projects supported by the UK Government and Ministry of Defence, in collaboration with the Cyber Security Centre at the University of Warwick and the Information Security Group at Royal Holloway University of London.” “Our research programme includes topics such as distributed ledgers and blockchains for secure information services, artificial intelligence for automating cyber defence, encrypted big data analytics for remote medical testing, cyber-physical systems, and securing the internet of things.”

““Ransomware attacks” have become so prevalent and expensive that all businesses need a reliable automated cloud backup service, which secures the data on every computer in the business, and our Recovery Shield Service is the perfect cost-effective solution.

Looking ahead, Julian is keen to discusses the exciting projects the coming is due to launch as it seeks to build upon its current successes.

“In addition, firms and practices that share confidential information with clients and partners are experiencing dramatic increases in “targeted cyber-attacks”, which are designed to steal personal information about their clients, and our flagship Information Shield Service is the ultimate solution for providing “cyber security in the supply chain”.

“Moving forward, we are expecting to reach 10,000 users for the Information Shield Service by the end of 2016, and hoping to exceed 100,000 by April 2017. We also aim to further grow our global customer base for Personnel Shield - our innovative fraud prevention and insider threat detection software.

“Therefore, here at ThinkingSafe we specialise in providing cyber security solutions that are really easy to use, and integrate seamlessly with existing working practices, because we recognise that the best security solutions also improve business efficiency and productivity.

“Looking further ahead, we are also launching a massive export drive with Commonwealth First as one of their UK Cyber Export Champions, and partnering with Vauban Group in Qatar and the wider Middle East.”

“Disaster Recovery Planning and Testing is another of our specialities, ensuring all information systems required by the business can be recovered quickly to alternative locations in the event of a disaster, and ensuring the business continues to function, and is not at greater risk of cyber-attacks during disaster recovery.”

Company: ThinkingSafe Name: Julian Dean Email: Web Address: Address: Orchard Building, Royal Holloway, University of London, Egham, Surrey. TW20 0EX Telephone: 0844 842 8500

Large organisations and managed service providers can use the firm’s technology to implement their own enterprise data protection clouds, but most customers prefer to use ThinkingSafe’s secure UK business and UK government clouds. As a UK Government Approved Cyber Security Supplier and ISO27001 certified managed services provider with UK data centres and UK security operations centre, ThinkingSafe are one of the most highly qualified and respected service providers in the country, and have a highly respected clientele and a range of research projects underway in order to help improve the collective knowledge in the firm’s core focuses, as Julian highlights.

UK Regional Awards 2016: Best in Enterprise Data Protection, in the South East


Wealth & Finance | December 2016

Folloze Provides 2017 Outlook on B2B Marketing & Sales Industry Folloze, an Account Based Marketing (ABM) Sales Platform, recently shared its 2017 outlook for the B2B marketing and sales industry. According to recent research by McKinsey and The Corporate Executive Board, the B2B buying process is changing significantly.


uyers are the ones increasingly driving the process: they have access to immense amounts of information, which creates more pressure on sellers to deliver value. The process is also moving from linear to circular and complex, with more people and departments involved.

buyers browse through it, and as a result create powerful perception of the vendor and intrigues further communication, a trend that will increase in 2017. 3. Marketing and sales collaboration will be redefined The role of the CMO is changing. Marketing is under significant pressure to contribute to sales and revenue, and has a higher bar to meet than ever before. This is only going to increase in 2017, which will lead to a new dynamic between sales & marketing decisions. With marketing being measured on revenue, sales will increasingly support decisions around: • Sales/Marketing Tools: MarTech is exploding, with thousands of tools to choose from. Marketing and sales will share many of the same tools and platforms, and sales will start to have a bigger voice in making decisions about the toolsets being used. • Content Marketing in context: Buyers usually see new content based on what they’ve engaged with previously - it’s all automated through marketing tools and social algorithms. But with buyers getting content fatigue and traditional content marketing becoming less effective, companies are looking at approaches like Audience Marketing or Account Based Marketing to break through the noise and better tailor their outreach to specific prospects. Sales know their prospects better than anyone, so will become more involved in deciding what kinds of content their prospects should see.

At the same time, vendors now have access to more detailed data about their audiences, from profile information to behavioural analytics, which allows them to better target their buyers and provide more relevant and valuable information. This is driving new approaches in sales and marketing tactics. Marketing is also facing increased pressure to directly impact revenue, and is being measured against stricter financial benchmarks each year. “The B2B marketing and sales industry is in transition,” said Etai Beck, CEO, Folloze. “The linear sales funnel model is dead, marketing is being asked to better support sales and revenue, and sales is looking for new tactics to provide value and engage with a buyer that is more informed yet less engaged than ever before. Sales and marketing have begun pivoting to adapt to all of these new realities, and throughout 2017, the trends that have started to emerge, such as Account Based Marketing, will crystalise.” Folloze anticipates the following trends to take shape throughout next year:

4. Sales will become more sophisticated and data-driven The dynamic is shifting between sellers and buyers. The amount of information available to buyers is increasing, and as buyers are becoming more educated, they are now the ones driving the sales process. This means vendors have to become much more sophisticated, consultative and relevant in order to engage with their buyers.

1. Digital Marketing will be adopted by sales and be applied in more advanced stages of the buying cycle Sales has realised that B2B buyers are receptive to information if the content being provided is relevant and uses rich media, or in other words, is easily consumable. Thus, the use of digital marketing – including digital assets – will play a much more significant role in driving sales priorities. For example, the creation of a digital campaign to drive a particular sales territory priority.

Successful vendors will be the ones who understand and constantly educate their customers with highly relevant, valuable information. As sales are on the front line with customers, they are the ones who can best provide this value. They must in a sense become mini marketers. To do this, sales will become more data-driven, using information such as buyers’ specific pain points, the problems they’re trying to solve and more in order to customise their outreach based on the specific audience.

2. Short, easily consumable and rich content will win With the increase in smartphone use and mobile content consumption, buyer attention spans are short – about 8 seconds to be exact.* The majority of people skim rather than read content, similar to window shopping rather than actually going into the store. This requires marketers to create or curate short, visual and compelling content that lets



5. ABM will move from early adopters to mainstream ABM is to the marketing industry as ‘Big Data’ was to the tech industry – it’s the buzzword everyone’s excited about, but most are still struggling with what it really means and how to implement it without bursting the budget or losing their current sales pipeline. In 2016 many companies learned about ABM and the premise of it. Next year companies will more significantly bring ABM to reality. The practices and toolsets will become more clear, and companies will gain a better grasp on the available tools and vendors, how to build a practice, and how to partner with sales in order to adjust to this approach. As part of this, ABM will move from being an innovative program among early adopters to being a core B2B marketing strategy among mainstream enterprises. *Source: Statistic Brain For more information and marketing tips, visit the blog at



Wealth & Finance | December 2016

The Kinetix Group: Leading the Life Sciences to Success The Kinetix Group (TKG) empowers life science companies to effectively engage with health system and payer customers by developing marketing and consulting strategies and real world solutions aimed at impacting the right patient, at the right time, with the right care. Co-Founder, CEO and President Sarah McNulty tells us more.


KG works directly with health systems and payers to build and implement value-based delivery models for identified patient populations. Sarah takes us through her role as CEO and the dynamic TKG environment that is dedicated to developing successful client partnerships driven towards enhancing care delivery.

“I have served as CEO of The Kinetix Group since the beginning, which is now close to 17 years, and have since seen the agency grow from a three-person consulting endeavour to a well-oiled machine of over 100 full-time and contract associates who possess a range of expertise, including clinical protocols, key market drivers, care delivery processes, and B2B market models. Despite our impressive growth, TKG has maintained the culture and teamwork of a small-scale agency, always putting the health and happiness of our employees first in addition to client interests.”

“As CEO of TKG I oversee all client management and account services, utilising my expertise in commercial strategy, promotional and unbranded marketing, branding, clinical integration, communications platform development, and sales training. In addition to fostering strong relationships with our clients and acting as the face of the business, I am also heavily involved in day-to-day client service with our NYC office staff, allowing me to be an essential team member in both our external business partnerships and internal project operations.

Ultimately, both the firm and Sarah face many challenges across the path to success, but Sarah is both optimistic and excited about the future, as she concludes. “A major challenge facing my work, as well as that of TKG as a whole, will be navigating whatever upcoming changes to the healthcare industry we will see after this year’s election. I think we are all unsure of what will happen to the ACA and all of the shifts that have occurred over the last eight years, but we are ready and willing for our agency to evolve in tandem with the healthcare industry under the new administration. This has been our tactic since our founding, and despite the especial uncertainty of today, I am fully confident we will be prepared for tomorrow.”

“One of my favourite aspects of my role as CEO for an agency with a creative breadth as wide as TKG’s is that no two days are the same. In one week, I could be participating in a life science innovations conference in Philadelphia, administering a health systems training workshop in Louisiana, and, of course, providing mentorship to our internal project teams at the New York City office. My role is as malleable and ever-evolving as the healthcare industry itself, but firmly rooted in TKG’s mission to empower life science companies, health systems, and payers in parallel with one another. Within this overarching mission, we have created a unique company culture that places strong emphasis on the importance of family and work/ life balance, which only makes us an even more reliable and stable partner to our clients.” Prior to working for TKG, Sarah partnered with healthcare clients on development and execution of commercial strategies that included marketing development and brand promotions, as well as clinical integration and sales training.

Company: The Kinetix Group Name: Sarah McNulty, Co-Founder and President Email: Web Address: Address: 29 Broadway, 26th Floor, New York, NY 10006 Telephone: +1 (203) 422 0129

She reached her current position as CEO when she and fellow Co-founder of TKG, John Strapp Jr., saw the industry starting to move away from commodity projects towards more customised solutions to meet unique customer needs. As such they decided to build their own marketing agency and consultancy by leveraging their long-term healthcare expertise and network of partners and collaborators. Sarah discusses how the firm has grown and flourished since inception.



CEO of the Year 2016


Wealth & Finance | December November 2016

Darlingtons Solicitors: Raising the Bar Darlingtons Solicitors LLP is a London based law firm with a reputation for dynamism and practical advice, valued by both business and individual clients throughout the city and beyond. We invited Partner Debbie Serota to tell us more.


stablished in 1999, Darlingtons is a fast growing boutique law firm in London, a modern practice with 50 staff. Covering a wide range of specialisms, the firm serves clients ranging from investors and entrepreneurs to long established, international businesses. Debbie talks us through the firm’s core practice areas and how it aims to provide excellence in these areas.

“Clients have historically seen accountants and not lawyers as their primary trusted advisors. Whilst there are good reasons for this, lawyers are also valuable business advisors, not just to instruct when a transaction is needed or for a contract or a dispute. As lawyers, our challenge is to build proactive, valued business advisor relationships with clients and to remain adaptable and flexible to changing market and clients needs.”

“At Darlingtons our corporate and commercial team deals with a full range of corporate transactions and advisory services. We are regularly involved in sale and purchases of businesses or assets and shares, MBO, MBI, corporate restructuring, contracts and commercial, advising shareholders and directors on corporate issues. The team also specialises in advising directors and shareholders in relation to disputes that have arisen between themselves and fellow shareholders and directors. Our reputation is built on commercial, practical and insightful advice.

Company: Darlingtons Solicitors LLP Name: Debbie Serota Email: Web Address: Address: Darlingtons House, Spring Villa Park, Edgware, Middlesex, HA8 7EB Telephone: 0208 951 6666

“Expertise and experience are key to our success, but not far behind is the working relationship between lawyer and client. We are dynamic and proactive, taking the time to understand how clients operate and what their objectives are, resulting in structured and tailored advice at the right cost and according to the client timescale.” Legal practice is changing rapidly, clients are ever more discerning, with perceptions of service quality as well as advice quality just one example of the changes. Debbie outlines how the firm’s ongoing focus remains firmly on providing valuable services in the future.




Opportunities in Brazil

Wealth & Finance | December 2016

Mergers and Acquisitions - the Important Role of Cyber Security When entering a mergers and acquisitions (M&A) deal, the ruling analogy must be likened to that of purchasing a new home. Due diligence dictates that the buyer understands all of the risks, where there are weak points, leaks or any other risks that will be inherited. To do this, the buyer will bring in an inspector, or in the case of a merger or acquisition, a third party to clue up the buyer to any potential sticking points. But also, akin to buying a home, the true faults don’t begin to show until you’ve lived with them – or done business with them - for a while.


hen purchasing a new company, naturally cyber security is often not a top priority and any inspection pre-merger will consist of a casual examination of the results in IT systems, audits of data dumps and a walk-through transaction from the view of the end user. Just like the new home buyer is more concerned with the neighbourhood than the plumbing at first, both parties are more worried about keeping customers and shareholders happy and focusing strongly on the quickest route to profitability. Therefore, post M&A consolidation of the two companies is likely to be rushed. Rushing always leads to poor engineering, and especially poor security. True consolidation can take years to achieve post-merger and this is because of the complexity that is realised when bringing two companies together.

can access them. Privileged accounts are the admin log in that every server, device, router, and IoT toy has; they are the application and service accounts the run every organisation’s most critical software; they are the links that keep all the machine to machine communications humming along. Everyone is dangerous if unchecked. Unlike personal login credentials, privileged identities are not typically linked to any one individual and are often shared among multiple IT administrators with credentials which are seldom changed, making it even easier for the criminals to worm their way through the network. While Organisation A might have well defined processes to keep track of these important accounts, Organisation B could potentially be a mess of who has access to what or over-provisioning (where employees move internally but still have old access permissions). When the two merge, there will also be cases of inherited rights (the dreaded “just give Sally from Organisation B the same rights as Jill from A and be done with it.”) unless rules and policies are well-defined to prevent even more risk being introduced.

And here’s the thing: complexity makes an excellent place for bad guys to hide, whether it’s external cyber criminals looking to take advantage of a chaotic time, or an internal employee feeling uncertain about their position in the new corporate environment. The bad plumbing hides in the walls of the new house, and the security vulnerabilities hide in the 5 layered applications that can’t be changed for fear of lost revenues. The number one real risk from mergers and acquisitions is that this complexity multiplies overnight when Company A amalgamates with Company B. IT complexity isn’t addition, it’s exponential. Cyber criminals under any guise are opportunists and will take advantage while everyone else is distracted.

Put simply, when two corporate IT environments come together, IT and systems administrators come face to face with one of the biggest IT challenges of a successful merger: privileged identity management. Much like that list of projects our home seller has been ignoring for years, the lack of privileged identity management becomes a latent risk to the buyer at the time of M&A. The problem is that if organisations don’t know where their privileged accounts are on the network, they cannot safeguard them. Think of an ostrich; just because it buries its head and is unable to see the problem doesn’t mean that it won’t get attacked. So, the idea is to detect and remediate.

With that in mind, companies need to anticipate that insecure, privileged accounts are a prominent method used by cyber criminals to gain access into a network and think about how this problem is effectively multiplied when two or more IT environments merge. Privileged accounts provide the gateway for viewing and extracting critical data, altering system configuration settings, and running programs on almost every hardware and software asset in the company. And once one privileged account is breached, it is easy for hackers to move around the network almost undetected.

For two companies coming together, proactively sorting out the issues surrounding privileged identity management with a view to minimising cyber related risk can build trust and remove arbitrary access to make sure the process is fair. IT administrators can be quite territorial – which is a good trait that means they are personally invested in the quality of the IT services. When you ask two teams to merge, proper controls over the now merged set of privileged identities can make things transparent. This removes any notion that one team is the special, controlling team, and instead puts the control of administrative power in the hands of a system run by policy.

There are so many privileged accounts in large businesses that many can’t keep track of where all of their privileged accounts reside or who



Mergers and acquisitions can be a highly chaotic time in the corporate world, especially for IT teams and sys admins who need to keep track of employees and sensitive information. When thinking about the number of new staff, the leavers and the movers, it can boggle the mind of even the most astute IT professionals. By keeping a step ahead and taking actions to easily get insight and control over who is accessing what through privileged identities, it can decrease the complexity of bringing two different corporate IT environments together and help keep cyber criminals at bay.

Company: Jonathan Sander, VP of product strategy Name: Lieberman Software Email: Web Address: Address: Lieberman Software Corporation, 1875 Century Park East, Suite 1200, Los Angeles, CA 90067 Telephone: (01) 310 550 8575


Wealth & Finance | December 2016

CIM Group Leases Eleven Floors at 2Cal to City National Bank CIM Group announced on 14th December that City National Bank has signed a long-term lease for eleven floors totalling approximately 300,000 square feet at 2Cal, a 52-story Class A office building located at 350 S. Grand Avenue in the Bunker Hill area of Downtown Los Angeles.


eadquartered in Los Angeles, City National Bank is a major private and business bank that has been serving Southern California for 63 years.

CIM has a long history as an investor and developer in downtown Los Angeles in a variety of projects including residential, retail and office properties. The company has renovated and repositioned numerous assets, including the Flower Street Lofts condominiums, which were the first created under the city’s adaptive reuse ordinance, and has completed ground-up developments including the Market Lofts and Market Lofts Retail that includes the Ralphs supermarket, and Sky Lofts at 801 S. Grand.

2Cal consists of approximately 1.37 million rentable square feet of office space and 44,000 square feet of retail space. As an anchor tenant, City National Bank’s agreement includes prominent building signage and the rebranding of the property as CityNational@2Cal. Renovations to configure the space as an open and efficient workplace to accommodate City National Bank’s employees will commence in 2017 with occupancy anticipated in 2018.

For more information, please visit

Since acquiring the property in 2014, CIM has been instituting a variety of physical and operational improvements. A renovation and expansion of the building lobby and entrances as well as updated landscaping will be completed in early 2017. The lobby features a newly-positioned reception desk, optical turn-styles, optimised ceiling heights and contemporary lighting fixtures, Carrara marble flooring, and abundant seating and gathering areas. Building entrances at the street and plaza levels include glass pop out areas with new automatic sliding glass doors providing a sense of arrival that showcases the renovated lobby. CIM Group’s lease with City National Bank is the second major transaction in the past 12 months. In December 2015, the company signed a lease with law firm Munger Tolles & Olson for approximately 150,500 square feet for five full floors and a portion of the sixth floor. This LEED Platinum certified building is part of a two-tower office complex that shares a retail and restaurant pavilion including a 1.5-acre water court and performance plaza. CIM recently acquired the land beneath 2Cal and the plaza areas as part of the sale of assets of the former Los Angeles Community Redevelopment Agency which led the original public/private development of California Plaza in 1992. 2Cal is also near popular destinations such as the Music Center with the Walt Disney Concert Hall, The Broad, the Cathedral of Our Lady of the Angels, the Museum of Contemporary Art and Los Angeles Central Library, and is in close proximity to significant developments that are transforming Downtown Los Angeles including new cultural, residential, entertainment and transportation infrastructure projects.


Intellectual Property Office and International Law Office


Lilian H. Weinreich Architects Visually powerful, intellectually elegant, and above all timeless Lilian H Weinreich Architects is a boutique multi-disciplinary architectural and interior design firm based in New York City, with roots in Australia 150 Central Park South #502 New York, New York 10019-1566 United States of America +1 (917) 770 1000

Wealth & Finance | December 2016

Winners’ Directory Asset Manager of the Year 2016 – Singapore Company: APS Asset Management Email: Web Address: Address: 3 Anson Rd, Springleaf Tower, #23-01 Singapore 079909 Telephone: + (65) 6303 4595 2016 Private Debt Fund Manager of the Year Company: Abax Global Capital Name: Donald Yang Email: Web Address: Address: Suite 1708, 17/F, International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong, Telephone: +852 3602 1800 Hedge Fund Manager of the Year 2016 – Sweden Company: Origo Capital Name: Anders Nilsson Email: Web Address: Address: Birger Jarlsgatan 18, 114 34 Stockholm, Sweden Telephone: +46 76 8430509 Hedge Fund Manager of the Year 2016 – Canada Company: Marret Asset Management Inc. Name: Kathleen Cooney Email: Web Address: Address: 2 Queen St. East, 12th Floor, Toronto, Ontario M5C 3G7 Canada Telephone: +1 416 214 5800 Real Estate Awards 2016 Investment Bank of the Year 2016 Company: QInvest Name: Craig Cowie, Head of Real Estate Investments & Advisory Email: Web Address: Address: Level 39, Tornado Tower, West Bay, P.O. Box 26222, Doha, Qatar Telephone: +974 4405 6666, +974 4405 6548 Best in Funds & Hedge Fund Manager of the Year 2016 Company: Index Intelligence Name: Juan Carlos Email: Multi Family Office of the Year – Austria Website:



and keep up to date with the latest industry news across both traditional and alternative investment sectors. Distributed each month to more than 130,000 high net worth and ultra-high net worth individuals, fund managers, institutional investors and professional services firms, Wealth & Finance INTL has rapidly become the go-to resource for those looking to make the right decisions when it comes to securing and growing their wealth.

Profile for AI Global Media

Wealth & Finance December 2016  

Wealth & Finance December 2016  


Recommendations could not be loaded

Recommendations could not be loaded

Recommendations could not be loaded

Recommendations could not be loaded