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Issue 10 - 2018
1808WF03
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Your Leader in Corporate Advisory Services
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Confidence in Success
FAME Advisory was launched to provide expert Tax Advisory Services – such as Compliance, Estate and specialised Financial Advisory – to business and families, throughout the United Arab Emirates and further afield. Nirav emphasises what FAME Advisory hopes to accomplish, “Our mission is to provide simple yet innovative solutions for meeting client objectives. Experience suggests that needs and objectives of each client is UNIQUE and need to be attained in a customized manner. We consistently keep exploring various alternatives that works well for a defined objective. We have clients from Hong Kong through to South Africa and the UK, and hence we need to be aware of Global Changes taking place and what would work well within these changes.” This International focus marks FAME apart from their peers – speaking of a practiced expertise in region-specific regulation, and a fine-tuned service that is catered to the client.
technology, we spoke to its CEO and Co-founder, Dr Rustom Kanga to discover
Fittingly, FAME Group is an ardent believer in being Future-Focused, keeping apace of developments in this notoriously fast-moving sector, “We keep apace through a continuous learning and sharing of knowledge, mostly through speaking opportunities, which in turn allows us to learn more and understand the impact of employing suitable techniques to our client’s requirements. We need to keep abreast of new developments to enable us to update us and in turn update our clients.” This plays directly into FAME’s approach to its internal culture, “Honesty and Transparency are at the core of what we do. We encourage staff to understand client needs accurately and then debate and develop suitable solutions to meet the needs so identified. Continuous learning is very much a part of that. We have an open environment which encourages staff to give their best.”
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FD170011 Company: Macrocapitales Contact: Dulio Costa Contact Email: dcosta@macrocapitales.com.pe Address: Av. Camino Real 390 - 901, San Isidro, Lima, 27, Peru Phone: 00511 5004400 Website: www.macrocapitales.com.pe
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Macrocapitales is a professional company, established as an investment fund manager under the laws of Peru, regulated by SMV (National Supervisory Commission of Companies and Securities of Peru). Its funds, where the pension funds are invested, are regulated by the SBS (Superintendency of Banking, Insurance and AFP of Peru). Macrocapitales’ team of partners brings together more than 80 years of experience in business management and more than 100 in financial consulting, business buying and selling and capital markets.
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services than they can afford, as family incomes will not increase alongside the rise of medical bills. Macrocapitales’ investment model considers investing mainly in the private sector and analysing the feasibility of investing in Public Private Partnerships (PPP) projects.
As part of its strategy, Macrocapitales partners and executives have a long and successful track record in asset management, structuring, executing investments as well as in restructuring and managing companies through their active participation in advisory mandates, management and Board of Directors in most industrial sectors of the Peruvian economy.
Staff at Macrocapitales focus on a high deficit of medical services infrastructure, a new law – the universalization of Health in Peru, increasing demand for clients, as well as space to improve business organization and management practices. Macrocapitales is General Partner of Fortaleza PE Fund, now launching Fortaleza II PE Fund, an impact fund investing in Peruvian SME’s. Taking advantage of Peru’s opportunity, small and mid-size companies with high growth expectancies. Fortaleza I PE Fund (FIPEF) was launched in July 2012 with USD 50MM in capital. Up to December 2016 FIPEF´s portfolio companies increased 2,000 new jobs (116%), more than doubled sales (103%), EBITDA increased in 153% and 17.0% in NET IRR in USD. Its LPs are Peruvian private pension funds and the government pension fund as well.
Through its partners, the company combines a deep knowledge and understanding of the Peruvian business environment, with a wide network of contacts in the business community, government and civil society. Its partners over time are characterized by a high prestige and reputation for their independence, reliability and level of technical advice. Proven experience, high ethical standards, commitment and dedication to its clients; as well as proven ability to conduct complex transactions and develop creative solutions. Over time, the company has developed a management model that seeks an attractive return based on adequate due diligence processes, which reduce potential risks in the acquisition. As well as an effective control process that allows timely monitoring of key management indicators.
Peru’s economic growth requires improving education so that it can be sustainable. The company has a commitment to its society and so seeks to contribute to the sector as a basis for development at all levels. The sector shows clear opportunities, public education, despite having achieved important changes and improvements in recent years, is still insufficient but improving. However, the private system has an important population bonus and a clear growing technology of family income to support the growth of the sector. The company considers being part of the sector, collaborating with private offer of the best level, not only at school level, but also with technical instruction and university professionals.
Within Peru, the lack of public and private health infrastructure presents a great opportunity to contribute to the development of the sector with high social impact, particularly as health has been considered to be the main focus by the Peruvian government. Rapid economic requires improving basic services. The firm predicts that over the next 10 years, families will be spending more on medical
Contact: Nirav Shah Company: FAME Advisory DMCC Address: 210, Office Court Building, Oud Metha Road, P O Box 103904, Dubai, UAE Website: www.fameadvisory.com www.fame.ae Telephone: 00971 5027 71511
FAME Advisory DMCC is a boutique Tax Advisory firm which specialises in Corporate and Family Planning Services. In July, Wealth & Finance International Magazine named FAME Advisory in the ongoing 2018 Finest in Finance Awards, with the title of Most Outstanding Global Tax Planning Experts in the United Arab Emirates. Following this success, we spoke to Nirav Shah, Director at FAME Advisory, to find out more about how they have achieved their extraordinary success in the often-challenging advisory sector.
Alfa Private provide the most convenient and highly professional wealth management service in Russia and the CIS countries. Recently, we spoke to Managing Director, Katerina Mileeva who provided us with greater insight into Alfa Private following their success in Wealth & Finance’s Best in Banking Awards 2018 where they were awarded the accolade 2018’s Leaders in Private Banking – Russia.
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Over the past decade, there have been traditional patterns of
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According to Nirav, the field of tax advisory is currently undergoing seismic changes, “It’s an exciting time for Tax Advisory services in the UAE and Middle East, with governments introducing Value Added Tax and strengthening other existing taxes and levies to broad base their Inflows and Revenue. The regulations are evolving, which positions us to advise our clients in this changing environment. Global movement towards Tax transparency, strengthening of existing tax rules and changes due to the Organisation for Economic Co-Operation and Development’s Base Erosion and Profit Shifting (BEPS) project are all major influences on the requirements of the clients.” This ties neatly into Nirav’s vision for the future of FAME, “The regulatory landscape is changing rapidly. We need to embrace technology and use it effectively. We are in the process of writing a book on VAT in the United Arab Emirates which we will be launching in e-book as well as hard bound format. Parallel to this Training arm of the Group (www.fametraining.ae, which is approved by KHDA (Knowledge and Human Development Authority, Dubai) is launching some of its programs on e-learning platforms, including one around VAT compliance with a view to extend flexibility for anyone to learn and understand at their pace and convenience.” Wealth & Finance International’s Finest in Finance Awards were launched at the beginning of the year to recognise the global experts in wealth and money management, Tax Advisory and Investment Services. FAME Advisory, as a firm dedicated to ongoing refinement of their services, is an exemplary example of the extraordinary success that is achieved every day around the world in this incredibly important sector.
Wealth & Finance International - Issue 8 - 2018 15
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Issue 8 - 2018
1808WF06
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A Harbinger of Global Financial Change Afghanistan’s World-Leading Banking
A Harbinger of Global Financial Change
Name: Javed Khattak Web: www.linkedin.com/in/javedkhattak Roles: CFO of Humaniq Co-founder & CEO of Zisk Properties Co-founder & CEO of JKCoach Investment Director at Stratamis
Javed Khattak is, among many roles, the Chief Financial Officer for Humaniq, a fintech firm that aims to be the herald of the next generation of financial services. In July, Javed was named as the CFO of the Year for 2018 by Wealth & Finance International Magazine. Following this, we spoke with Javed to find out how he achieved the extraordinary success he celebrates today.
Javed Khattak is a qualified actuary, as a Fellow of the Institute of Actuaries in the UK, and an expert in finance, strategy, risk, investments, technology and start-ups. As a FTSE100 advisor, he is a recognised expert and a strong proponent of blockchain technologies, seeing them as the inevitable next step in the corporate and professional landscapes.
Last month, Azizi Bank was named in Wealth & Finance
It is, however, his role as CFO of Humaniq that brought him to Wealth & Finance’s attention. Javed starts the interview by outlining the importance of the work he is doing at the firm, “Amongst other roles, I am the CFO of Humaniq, this role has been my primary focus over the last year. Humaniq is a financial inclusion project that, through use of technology in namely blockchain and biometric ID, aims to bring financial services to the unbanked population of the world and has successfully launched in several African countries.”
Global Excellence Awards with – Afghanistan’. On the back of this achievement we spoke with President and CEO, (right) Dr. Mohammad Salem Omaid, to find out how Azizi Bank has forged its remarkable landscape.
in the Healthcare Industry We spoke to CEO of Seal Shield, Bradley Whitchurch to find out how he has driven the success of this
Perhaps a crucial element to Javed’s work is his advocacy for blockchain technologies, believing them to be the ‘next big thing’; a revolutionary development for innumerable sectors and fields. “Humaniq, and many other innovative ventures, are able to come into existence thanks to this technology. This is in two ways; blockchain first made the initial funding for these companies possible through ICO’s, and alongside blockchain also provides these ventures with the tools and technology to execute their novel ideas and make them a reality.” Through effective utilisation of the technology, Javed sees limitless possibilities with most sectors benefitting from it, including technology, financial services and real estate industries, alongside transforming supply chains and empowering end users (e.g. through control of their personal data). However, Javed admits that blockchain is becoming stigmatised due to false parties adopting the name to make money quickly; this is a frequent
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occurrence with an exciting emerging technology but seems to be amplified in the case of blockchain and cryptocurrency. “Blockchain has become a buzz-word which is also attracting the wrong players who are using the opportunity to create outright scams and frauds. We have all seen the various non-blockchain businesses changing their trading names to add the magic word and see their stock prices rise. I believe this will all fade away once the regulators catch up and alongside the non-sophisticated ICO investors or contributors get burnt. Though amongst the noise, there are genuine players of course.” “Fundamentally, I see blockchain as an enabler. It is still early in the technology’s lifecycle, but once the technology matures, it can and will revolutionise lives. I hope that the blockchain will do what the internet did for information and prove to be the empowering tool that helps decentralise the world’s wealth and resources.”
“Fundamentally, I see blockchain as an enabler. It is still early in the technology’s lifecycle, but once the technology matures, it can and will revolutionise lives.” Javed’s work at Humaniq is only one part of his current workload; he is also the Co-founder and Chief Executive Officer of two companies, Zisk Properties and JKCoach. Javed takes a moment to talk us through his history with them, “I founded Zisk Properties in 2014. Zisk is an innovative property investment business, focusing on providing investment options to people with insufficient savings or a lack of financial understanding to have a more secure future and
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Wealth & Finance International - Issue 8 - 2018 17
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Issue 9 - 2018
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A Pioneering Portfolio Manager for the Future of Finance
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Showcasing One of the Top Young CEOs in the EU Market
A Pioneering Portfolio Manager for the Future of Finance
Contact: Miles Clyne, Portfolio Manager Company: The Tycuda Group, a division of Leede Jones Gable Inc. Address: Suite 220, 8621 201st Street, Langley, BC, V2Y 0G9, Canada Website: www.tycuda.com Telephone: +1 604 371 0530
The Tycuda Group is an investment group of Leede Jones Gable Inc., based out of Langley, British Columbia. Earlier this year, Tycuda was awarded the Best Portfolio Manager in Western Canada in Wealth & Finance International Magazine’s 2018 Wealth & Money Management Awards programme. Following this, we spoke to Miles Clyne, Founder and Portfolio Manager for Tycuda, to find out how he provides innovative financial planning services for his clients.
The YBN Group is the pioneer behind the
Since their inception, Tycuda has been a stalwart in the Canadian investment landscape, guiding potential investors to a secure financial future. At the centre of the Tycuda’s success, Miles has spearheaded the development of the Group through his innovative technical-centric strategies that are designed, fundamentally, to account for market anomalies and thrive despite uncertainty or subjectivity.
(VGC). In August, Mahmoud ElSaeed, CEO of YBN Group, was named among Magazine’s CEO Top 50 programme. On the back of this well-deserved achievement, we spoke with Mahmoud to find out more
To start the interview, Miles offered a brief overview of Tycuda’s services: “Tycuda has a very simple purpose, which is to find the truths about investing that is relevant to modelling effective strategies. We trademarked RiskReturnRecovery™, which we believe are the 3R’s of investing. We model according to these three values, as we have come to recognize that investors want the highest returning portfolios, with the least amount of risk along with the shortest recovery cycles compared to their respective benchmarks and objectives. We work with individuals, Trusts and businesses.”
forward-thinking company.
This robust platform has forged the Tycuda’s foundation; as they search for truths among the ‘noise’, as Miles explains. “Investment is just an endless loop of finding truth in a complicated market. When you search only for truth, you never have regrets and it is easier to stay on the right path. In our search for truth, at Tycuda we have come to love data. Data never lies, whereas people may have a special interest in choosing the facts they share. At Tycuda, our culture is pretty simple: look at the data, if it is good, defined as what is demonstrating leadership in the market, then confirm the facts. Work with good people and be good partners.”
Stratajet: Transforming The Private Jet Industry
The conversation changes for a moment to the services that the Group offers; specifically, how the firm ensures that their clients receive the
highest quality of service in an industry that can be unpredictable: “At Tycuda, we believe that investors all need a team of professionals, the greater your wealth the greater your need for specialists potentially. We function in the asset management space as specialists for our clients. Our focus is ensuring our clients are considering all aspects of their finances in that we are building the appropriate strategy based upon tax efficiency and risk return characteristics and educating our investors on how to maximize their after-tax and expense returns.” Miles continues, detailing the steps that Tycuda takes with a new client: “Investors typically give us the privilege of working with their other professionals including accountants, legal and estate planning professionals. As such, we are able to obtain a much better understanding of an individual or business’ needs. We strongly encourage investors to get to know us, review our results comparing them to anyone else and the logic that drives our results. This is where understanding the truths about investing becomes very important. Many investment strategies go well beyond diversification to dilution, which is why index investing has become so popular.” Touching on the difficulties and opportunities of working in the investment sector, Miles emphasises the flexibility that his strategies offer: “Our logic when it comes to investing is incredibly flexible, and we are committed to exploring our clients’ objectives and working around these, moving into almost every sector and possibly country as applicable. This flexibility will remain a constant going forward. After all, money is fluid in that it will flow from asset class to asset class depending upon what is going on regionally and globally. Analysing most liquid asset classes in a way that identifies the better performing assets and
asset classes to move to has historically proven to deliver well above average performance for our investors. Educating our clients is key to helping them understand the logic as to why the likelihood of past performance being repeated.” As we come to the end of the interview, Miles takes a moment to inform us about the future of his business and how they plan to implement technology into their everyday processes. “Currently, Tycuda is looking for the right partner in a portfolio management software suite that has grown beyond our skillset given its potential applications. The software is unique as it incorporates our 3R logic. The goal is to build a tool that will help reshape how our industry understands and can apply risk, return and recovery data to structure investment strategies that deliver more accurate as well as potentially much better results. This is a unique approach to portfolio management, and as such our potential partner will need be an out of the box thinker as traditional portfolio management logic is not applied.” Ultimately, Miles and Tycuda are both dedicated to helping potential investors avoid common pitfalls and ensure the future of their investments. By all regards, Tycuda offers a refreshing tonic in an industry that appears to be preoccupied with ephemeral trends and short-term knee-jerk decisions, which Miles is keen to discuss in his concluding comments. “Whilst none of us can see into the future, I think we can all agree that previous behaviour in the investment market would suggest that great change is possible, and also likely, over the coming years. The goal is to ensure you can adapt appropriately to the changes, and this will be Tycuda’s ongoing focus.”
Founder & CEO of Stratajet, the first real 12 Wealth & Finance International - Issue 9 - 2018
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iM Global Partner has announced the acquisition of a 45% interest in Dynamic Beta investments (previously branded Beachhead Capital). Dynamic Beta investments and iM Global Partner aim to become a major player in the liquid alternatives asset management space across the US and international markets by developing new investment solutions.
iM Global Partner is a leading investment and development platform focused on acquiring strategic investments in best-in-class traditional and alternative investment firms in the U.S., Europe and Asia. Dynamic Beta investments is a New York-based innovator in the liquid alternatives space. Its investment strategies have outperformed relevant industry hedge fund indices and peers over the long term. Dynamic Beta investments is focused on delivering hedge fund performance with reasonable fees, daily liquidity and transparency through three main strategies: • Equity Hedge: leverages the talent and resources of some of the world’s most sophisticated equity long/short hedge funds to deliver equity-like returns with lower risk over time; • Managed Futures: a proven diversifier with almost no correlation to equities to target capital protection during periods of market stress; and • Multi-Asset/Stable Return: an outcome-oriented solution that can provide stable absolute returns through a complete market cycle.
hedge funds with lower fees and less risk than single manager products.” Noted Mathias Mamou-Mani, managing partner of Dynamic Beta investments and head of risk management: “Extensive research on hedge funds proves that most or all pre-fee returns of hedge funds can be captured through dynamically-adjusted portfolios of market instruments. This validates our position that fee reduction can generate meaningful alpha for our clients. We are excited to work with iM Global Partner to introduce our investment solutions to a broader range of investors.” Jeff Seeley, U.S. chief operating officer and head of distribution for iM Global Partner US added: “At the tail end of a long bull market, advisors and investors clearly appreciate the need to diversify into alternatives, yet too many liquid alternative products have underperformed or not met their stated investment objectives. Dynamic Beta investments’ product suite can provide a compelling solution for institutions, financial advisors, RIAs, high net worth clients and intermediary model portfolios – whether through ETFs, separately managed accounts or signal delivery to UMA platforms – to target capital protection and generate positive returns during bear markets.”
Philippe Couvrecelle, chairman and CEO of iM Global Partner, said: “Dynamic Beta investments has developed a proven, clearly articulated, RBC Capital Markets served as research-driven investment process to financial advisor to Dynamic Beta deliver outstanding risk/return profiles investments in this transaction. with daily liquidity and lower fees than traditional hedge funds. Our deep dive into the liquid alternatives space showed that Dynamic Beta investments’ expertise is unique. We look forward to helping to grow Dynamic Beta investments into a leading player in liquid alternative investment firm.” Andrew Beer, managing partner of Dynamic Beta investments added: “Since 2007, we have demonstrated that we can deliver the diversification benefits of hedge funds without high fees, gating/suspension risk, and single manager risk. The next generation of liquid alternative products must be able to match or outperform actual
Ancala Midstream appoints Paul Mitchell as Chief Financial On the 20th September Ancala Midstream Acquisitions Limited (‘Ancala Midstream’), announced the appointment of Paul Mitchell as its Chief Financial Officer. Paul joins the senior executive team as Ancala Midstream, which owns interests in and operates the Scottish Area Gas Evacuation pipeline and terminal (‘SAGE System’) and the Beryl pipeline, seeks to expand its activities in the midstream sector across the North Sea. He will play a key role in the further development and implementation of Ancala Midstream’s strategic plans. The SAGE System comprises a 323-kilometre, 30-inch pipeline and a gas processing terminal located at St Fergus, 65 kilometres north of Aberdeen. The 30-inch Beryl pipeline connects into the SAGE System offshore. Gas is transported through the Beryl pipeline and the SAGE pipeline and processed in the SAGE terminal from 26 offshore fields in the UK and Norwegian sectors of the North Sea.
to these operators which will assist in maximising economic recovery and the longevity of critical UK infrastructure.” Prior to joining Ancala Midstream, Paul was CFO for oil and gas service company Ramco. After qualifying as a chartered accountant with private practice Ritson Smith in 1997, Paul built extensive business experience working for several small, medium and large companies in operator, service and manufacturing companies across a variety of sectors. He held several managing and financial director roles at companies including Stewart Milne, Sparrows Offshore and Gray & Adams.
Jim Halliday, Chief Executive, Ancala Midstream, commented: “I am delighted to welcome Paul to the team. Paul joins us as we pursue new business opportunities, both through SAGE and further afield. We are working with several North Sea operators as they consider development opportunities in both the UK and Norwegian sectors. Paul’s experience, along with that of our Commercial Director, Angela Fletcher, and Operations Director, David Goodwill, further enhances our ability to offer innovative arrangements
Wealth & Finance International - Issue 9 - 2018 5
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