New book: The State of the Global Asset Management Industry…

Posted on August 28, 2011 by danielenskat

Publishing a new book tomorrow – the state of the global asset management industry – stay tuned for details and videos:

SOTI, Vol 1

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BAILA Society familia – featuring Paulina

Posted on August 14, 2011 by danielenskat

Over the years, we have been blessed with a wonderful extended BASo family of students and friends around the world to round out our BAILA Society family of apprentice and repertory dancers.

BAILA Society family – Annual Report 2010.

Especially this and in the coming months, with our 5-year anniversary, the NY Congress and the second installment of Bailando por Una Causa at the Museo del Barrio in Spanish Harlem on October 4th, we feel blessed to have with us such a special group of people.

And this year, we are expanding the family for the NY Congress and Bailando with an extraordinary guest addition: Paulina Posadas Dagio from Mexico.

Paulina Posadas Dagio

Paulina has won several awards as a dancer, such as:

• 1st Place in the 3rd National Sports Salsa Championship 2005 “Federación Mexicana de Baile, AC Mexico D. F..
• 1st Place in the “1 World Salsa Congress in Acapulco”, 2005
• 1st Place in the “3 World Salsa Congress in Acapulco, 2007
• 1st Place “World Salsa Congress in Acapulco “2008
• 1st Place in the “National Salsa Championship Mexico 2010”
• 1st Place in “Toronto Salsa Congress 2010” Toronto, CA.
• 1st Place in the San Francisco Salsa Congress 2010 “San Francisco, CA
• 3rd place in the competition “World Cup Latin Dance San Diego, CA 2010.

She travels the world representing México with her partner David Zepeda, and we have the tremendous pleasure to have her dance with BAILA Society at the NY Salsa Congress 2011 and Bailando por Una Causa 2011.

Paulina has been training with us since the last week, and, much more important than her many achievements in dance and education is how humble and professional she is.

Paulina will teach a few workshops in New York city leading up to the NY Congress, so mark your calendars and reserve your spot:

1. BASo Ladies Spinning & Styling Class featuring Paulina, Friday August 19 7pm-8:30pm (regular class)

2. Cha cha cha workshop with styling with Paulina Posadas Dagio, Sunday August 21 4pm-5:30pm

3. Body movement and Latin Performance Technique, open class, Wednesday August 24, 2:30pm-4pm

Welcome to the BASo familia, Paulina.

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Website relaunch…

Posted on August 14, 2011 by danielenskat

So while I am working on completely redoing my website – currently assessing different teams and quotes from around the world, I at least killed the extremely outdated with a simpler version to incorporate various feeds.

The relaunch of BAILA Society gave me great ideas on what is needed and I can’t wait to get it all implemented online – stay tuned.

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Old vs. New in Emerging Markets… HK, The Upper House

Posted on August 14, 2011 by danielenskat

I just touched down again in my second home, HK, for a few days of speeches, meetings and research planning.

For almost a decade now I have been staying at the MO and the Landmark MO, both exquisite hotels with unmatched service and attention to detail.

Thinking it was time for a change, I asked my assistant to look for new digs – and she completely outdid herself, with the Upper House. The UH is located in Pacific Place and is so secret, that I never noticed it right next to Pacific Place.

What makes the place special is a unique understated sense of cool, while keeping the same top level service as the MO/LMO (also with a Michelin star restaurant on the top floor – but while Amber (LMO) is on the seventh floor and Pierre II (MO) on twenty-five, Cafe Gray is on forty-eight.

More importantly, I got the sense of old vs. new in emerging markets comparing the hotels. The rooms are huge, and the views of the HK harbour magnificent, something the Mandarins have a challenge with, but on top of that two major differences stand out for me:

1. IT: The UH not only provides free wireless throughout the hotel (the Mandarin charges $30 per day and per device, i.e. with $90 with a laptop, ipad and iphone), but everything else in the room is top-notch. An ipod touch controls the whole room and gives all service details – no more old room service guides or multiple remotes: curtains, lights, room service, television, music (duh) and more.

2. Convenience: Everything in the room is included and tricked out – that means everything in the mini-bar except for the champagne, a personal shiny Illy espresso machine (you score with me on that for sure – and I assume with many a jetlagged client), shoe shining, a personalized vanity bag with everything your heart desires (and for you to keep), and more.

There is also a lobby level garden lounge with a bar that gives you a relaxing environment to work in.

Lastly, the service matches (and partially outdoes) the legendary Mandarin. I asked for some recommendations on current events in the city and places to go to. Within 15 minutes I had a package of recommendations to secret new bars and more, along with the latest TimeOut HK and a personal message from the young intern that checked me in, Natalie.

It’s already too late for some developed markets to wake up to the power, creativity and innovation to emerging markets, but even within EM there is a dichotomy between Old vs. New. Did I mention it costs less?

Better get ready.

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All Eyes on Asia & Latin America for Fund Managers and Private Banks

Posted on August 1, 2011 by danielenskat

Tonight I will publish a new report, “Emerging Market Bridges: All Eyes on Asia & Latin America for Fund Managers & Private Banks”, co-written with Jamie Maak, our London-based director of client services.

Jamie Maak, Strategic Insight Client Service Director

A few highlights below:

• Asia & Latin America drive private banking growth: UBS reported net cash contributions mostly from “strategic growth areas of the Asia Pacific region and the emerging markets”; Julius Baer’s emerging market flows offset low growth in the firm’s European offshore book – Asia now represents 15% of Baer’s assets, and the stake in Brazil’s GPS is a door into Latin America’s HNW investors; Credit Suisse’s asset management net revenues increased 25%, with strong gains to multi-asset class solutions, and performance fees up due to gains from Hedging-Griffo in Brazil; HSBC recorded double digit revenue growth from Asia and Latin America.

• Client projects and discussions center around Emerging Markets: Client projects for US and European asset managers are increasingly focused around Asia and Latin America strategies – both from an investment and distribution standpoint, largely driven by continued outflows from local developed markets versus broad-based gains from emerging regions.

• Absolute Return in Europe, West-to-East: With sovereign debt concerns, year-to-date results for locally-domiciled European funds show pronounced fixed income outflows, but many cross-border international funds continue to expand, especially in the bond space – and with contributions from Asia. Additional gains year-to-date come from absolute return strategies, commodities and multi-asset class solutions.

• Asia flows show continued opportunities: The region’s local inflows are more than double those of local Europe. Unlike in Europe, Asian investors showed little fear over defaults, with $11 billion year-to-date in fixed income flows locally alone. Top-selling themes include: high yield, Australian dollar, Renminbi and convertible themes.

• Broad-based Latin America appeal: $30 billion in year-to-date bond fund flows in Brazil and an overall $1 trillion local industry attract international fund managers strategically, while existing cross-border fund flows to pension funds in Chile, Peru and Colombia offer current and future growth. Asia themes feature prominently in pension funds for all three markets.

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All Eyes on Asia and Latin America/Brazil for Global Private Banks

Posted on July 29, 2011 by danielenskat

This week we saw a number of Swiss private banks report their quarterly results.

Building on our recent “Spotlight on Switzerland“, jointly written with my HK-based senior research analyst Bryan Liu, growth primarily came from the wealth management units of those banks, with net cash flows overwhelmingly from Asia and Emerging Markets.

– UBS reported close to CHF6 billion in net cash contribution from “our strategic growth areas of the Asia Pacific region and the emerging markets as well as from ultra high net worth clients, despite continued outflows from the cross-border business relating to neighboring countries of Switzerland.” On the firm’s asset management side, UBS showed lower performance fees especially in the alternative and quantitative businesses.

– Julius Baer highlighted strong growth momentum in Asia and its recently acquired stake in the largest Brazilian Wealth Manager GPS, with additional growth in Russia and Eastern Europe (the latter having been a focus for JB for a while). Similarly to UBS, strong flows in emerging markets outweighed low growth in the firm’s European offshore book – Asia now represent 15% of assets for Julius Baer and the firm during the last quarter became the first private bank to be granted a QFII license. With the GPS partnership, JB plans to learn about the Brazil and LatAm WM space and accelerate growth.

– Credit Suisse talked about a challenging quarter for the investment bank, but continued cash inflows to private banking (CHF11.5 billion for the quarter) – wealth management had broad-based inflows, but two-thirds came from international regions. Notably, asset management net revenues were up by 25% year on year with strong flows to multi-asset class solutions, and performance fees were up as well due to “significantly higher semi-annual performance fees from Hedging-Griffo (CS owns 50% plus one share of the Brazil fund manager).

For more details on the growth from Asia, Latin America and other emerging markets for Swiss and international private banks and asset managers, please review our half dozen recent research studies on http://www.sionline.com.

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China is Taking Over Times Square

Posted on July 26, 2011 by danielenskat

Starting next Monday, China will take over the “crossroads of the world”, on New York’s 2 Times Square. Renting the most prominent location on the building for up to $500,000 per month, China’s Xinhua is announcing its presence to the world – once again.

As reported by the NY Times, the 60 feet times high and 40 feet wide sign is rented by Xinhua for over six years – a strong long-term statement on globally shifting tectonic plates of economic power.

It is yet another sign of what I have called the metatrend “West-to-East” in recent years. However, we don’t only see the trend “West-to-East”.

“East-to-West” as a trend is becoming a global force.

A few examples around wealth management:

– China is the second largest economy in the world.

– Asia-Pac HNW investors are the second largest in the world (both for number of investors and wealth).

– China for HNW investors occupies fourth place (behind the US, Japan, and Germany).

– Private Wealth grew at more than double the global average in Asia-Pac last year, at a rate of over 17%.

– Through 2015, wealth will grow fastest in Asia-Pac, at a rate of 11.5%.

– Clients in Asia-Pacific are more hands-on – less than 10% of the region is in discretionary mandates.

– RMB products are a huge growth market in Asia and abroad (HSBC and BOC have introduced them offshore).

Also, a few recent blogs on the metatrend:

– The View from Asia: Running a Successful Pan-Asia Asset Management

– Co-branded Standard Chartered/Apple Campaign: Regaining Client Trust with Mobile Apps

– World Wealth Report 2011 – HNW Investment Trends: Metatrends, Asset Allocation and Bridges

– Building Bridges: Asia and Global Asset Management – Views from Top Institutions and Distributors

– Asia Fund Passport: The future of fund distribution in Asia

In case you haven’t noticed, take note of how “developed” and “emerging” markets are being redefined.

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New Beginnings… Dance & Business & Family

Posted on July 24, 2011 by danielenskat

What a week.

For Strategic Insight, we “onboarded” two of our new London & Hong Kong analysts in New York this week, rounding out our strong team. Ella and Arthur had a week full of meetings with various teams to learn about Asset International and SI holistically, including specific research and analytical assignments. I hope they at least got to enjoy the Big Apple a little bit.

We took the opportunity to host a global team dinner Thursday night at Avra around the corner from our office at 805 Third, a rare and fun chance to hang out with everybody. Both Ella and Arthur are now in London, but Arthur will start in Hong Kong next week. Amazing to see how the company in 2011 is closing in on 200 people in offices all over the world. #GLOBAL.

Indeed, it was a week of new beginnings.

At BAILA Society, we held private auditions for two new apprentice spots on Alto, and welcomed Zeynep and Cindy to their trial month with the company. We already know both of them from the last performance class cycle and prior studio work, but are excited to see the fresh energy they both bring.

New beginnings at the same time remind me of how blessed we are with the current team – our global family.

Friday after classes and rehearsal I had a long conversation around the culture, history, legacy and sophistication of dance as an art form with our new rep dancer Andrew. It reminds me how lucky we are to be with like-minded, passionate, kind people. The picture shows some of them… Andrew w/ Ahtoy, Kisha, Dre, Ayako and Rebekah and Glenn. R&G are in Singapore at the moment, but soon enough we will have them back with us in NY.

From Singapore to Mexico. I spent many great moments with Mariana, in the studio, on stage (as shown here) and anywhere in between. She is back home showcasing her beauty and talent, but I can’t stop smiling when I think of our time together.

New beginnings and reminiscing could never be complete without our first repertory member, Gulsaya, a world class dancer and amazing human being. Gulsaya is now in Dubai, after displaying her beauty and talents in Singapore and Canada, but she continues to be with us for shows and events. While I miss her dearly every day, I feel that she will be with us again full-time, soon.

GT & DSE at the Masacote Charity Fundraiser for homeless children in Boston


More on the familia soon. #COUNTYOURBLESSINGS

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Strategic Insight Spotlight on Brazil: Equities, Brazil and Emerging Market Bridges

Posted on July 22, 2011 by danielenskat

I recently published a new research piece, “Equities, Brazil and Emerging Market Bridges”. Below is the discussion of the results with my LatAm analyst, Marlon Valle.

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The View from Asia: Running a Successful Pan-Asia Asset Management

Posted on July 21, 2011 by danielenskat

FOR IMMEDIATE RELEASE
Daniel Enskat, Head of Global Consulting, Senior Managing Director
+1-212 217 6859; +852 2251 8248, daniel@sionline.com

RUNNING A SUCCESSFUL PAN-ASIA ASSET MANAGEMENT BUSINESS: LESSONS FROM FRANKLIN TEMPLETON AND NIKKO ASSET MANAGEMENT

New York and Hong Kong – July 17, 2011 – A new Strategic Insight study examines the “View from Asia: how to run a successful Pan-Asia asset management business”. The report combines details from a thought leadership interview at Fund Forum International 2011 in Monaco with Vijay Advani, EVP Global Advisory Services at Franklin Templeton, Tim McCarthy, Chairman and CEO at Nikko Asset Management, and Daniel Enskat, Head of Global Consulting at Strategic Insight, with proprietary Strategic Insight research and data.

Noted Enskat: “For the first time in Franklin Templeton’s history, net cash flows outside of the US dwarfed those in the US in 2010, catapulting the firm to the top cash-flow spot in the industry worldwide, with $44 billion in long-term ex-US flows in 2010, and $12 billion year-to-date in 2011. Similarly, Nikko in Japan gathered $4.3 billion in long-term fund flows in 2011 year-to-date, competing with Nomura for the top spot. These flows came on top of $11.5 billion in 2010 in the long-term space for Nikko.”

“At the same time, Asia captured 58% of global net flow market share in the pre-crisis days of 2007, but since then saw its net flow share plunge to 12% last year, while Europe and the US rebounded”, commented Enskat. “This makes the cash flow results for Nikko and Franklin Templeton, and other select blockbuster fund firms, all the more impressive.”

Key themes addressed in the report include:

– Asia since the crisis and in the next 10 years: How important a contributor to your overall business has the region (or specific markets and channels) been to your firm since the crisis? How important a role will Asia and other emerging markets, such as Latin America, play in the global asset management industry 10 years from now?

– Investment & distribution: From a global asset management perspective, how important is Asia-Pacific from an investment and distribution standpoint? How important is the region for your business specifically?

– Regional fragmentation – how to deal with a “glocal” business: Will Asia ever be a region, or will it continue to be a fragmented collection of local markets and business drivers? Are there economies of scale on a regional level and how do you organize “Asia”?

– Local vs. offshore: How do you view UCITS assets sourced from Asia, funds in local domiciles, and the impact of the European alternative UCITS discussion for the region and the possibility of creating an “Asia passport”?

For a copy of the report, please contact Chantelle Davis (cdavis@sionline.com) or Lise Carpenter (lcarpenter@sionline.com).

About Strategic Insight
Strategic Insight is a research and consulting firm that supports over 250 companies around the world with analysis, perspective, and data on the fund industry; its Simfund databases, the world’s analytical source for mutual fund business intelligence, track flows, assets, performance, ratings, and other intelligence on more than 65,000 portfolios and many more fund share classes globally.

STRATEGIC INSIGHT, an Asset International Company

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