AI June 2016

www.acquisition-intl.com • June 2016

2016 Most Innovative Business Leader

Pulling the strings behind this international company is Ralph Skalleberg, who lifts the lid on how he guides his firm towards continued success. /32

The Next Generation Gen2 Partners (“Gen2”) is one of the leaders in customised Asian hedge funds for institutional investors and family offices.

We spoke to them to find out more about their highly innovate fund strategies, and how they have achieved continued success. /16

C 2 GEN2 PARTNERS

CEO of the Month: USA David Jones, the founder of OCEANWORX, a global sports marketing, media production and distribution company, talks about how his passion for sports became the foundation for the highly successful business he runs today. /26

CFO of the Month: USA Teresa C. Hack, Channel Products CFO, reveals the firms experience, proven technology, and unparalleled customer service as well as the challenges she faces at the helm of it. /28

Copperstone Capital /111

The Rise of Online Dispute Resolution

Leading M&A Adviser for 2016

OGR Stock Denton LLP tell us how they like nothing more than using their skills, knowledge and vast experience to help businesses thrive. /79

We speak to Haitong International Securities Group Limited. /24

Deal of the Month We profile Next Group and their landmark deal to Acquire Lubar Technologies. /57

Transfer Pricing

2016’s Most Innovative Law Firm – Switzerland

We speak to BDO Nederland, PART OF an international network of public accounting, tax and advisory firms which perform professional services under the name of BDO. /60

Deschenaux, Hornblower & Partners, LLP is an entrepreneurial international jurists firm specialising in corporate and government financings and intellectual property securitisation. /22

- CEO of the Month: India

2016 Most Innovative Hedge Fund Manager - USA

Most Trusted for High-Value Transactions in the Caribbean

Mr. Ajay Singh the man who turned around the airline from near death with his exceptional hands on approach to give the world one of the best performing airline stocks of all times. /62

We caught up with Vida Capital, an alternative asset manager solely focused on longevity-contingent assets, including life settlements, synthetic products, annuities, notes, and structured settlements. /18

Emmanuel Jacques Almosnino is well renowned law firm in the French West Indies. They reveal why they are the law firm of choice for high value transactions in the region. /21

Legal Technology Philip Knight, Director of Programmes at LSG, tells us about his company and how they remain at the forefront of their industry. /70

Contents

Editor’s Comment Welcome to the June edition of Acquisition International Magazine. This issue begins with the exciting and significant news that Microsoft is to acquire LinkedIn. Microsoft Corp and LinkedIn Corporation announced they have entered into a definitive agreement under which Microsoft will acquire LinkedIn for $196 per share in an allcash transaction, valued at $26.2 billion.

In other news, Zenith Hygiene Group announced on 7th June the completion of its acquisition of ABC Hygiene Limited for an undisclosed sum, and Corinthia Hotels revealed their acquisition of the Grand Hotel Astoria in Brussels.

‘Defining Corporate Governance in 2016’ is the title of an in-depth roundtable, the second in a series sponsored by Hawksford, discussing corporate governance and its role in the financial services industry, with a specific focus on Asia.

Leading the roundtable is David Rimmer, Client Manager at Hawksford, a provider of corporate, private client and fund services.

Other features include 2016’s Most Innovative Hedge Fund Manager in the Jersey & Hong Kong region, Gen2 Partners Limited Gen2. This firm is one of the leaders in customised Asian hedge funds for institutional investors and family offices, we spoke to them to find out more about their highly innovate fund strategies, and how they have achieved continued success.

In addition, a private equity round-up and an update on technology M&A is provided by regular contributor Bureau van Dijk. Other stand-out features include the Rise of Online Dispute Resolution and Executive Coaching to name but a few. I hope that you find something of interest in this crammed edition, published by AI Global Media Ltd, now members of the CPD Certification Service.

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

Jonathan Miles, Editor Jonathan.Miles@ai-globalmedia.com Acquisition International & Wealth & Finance INTL June Edition Online Learning

AI GLOBAL MEDIA LTD No information contained on or in this website constitutes investment (10347) advice or an offer Certificate to invest or to provide management services and No: isJune subject completion and amendment without notice.

2016 to correction, A002970 Neither AI nor any of its associated entities are authorised to give financial advice of any nature nor are they regulated by the Financial Services Authority.

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Prior to making any investment, AI recommends that any prospective investor should consult with its own investment, accounting, legal and tax advisers to evaluate independently the risks, consequences and suitability of that investment.

2016’s Most Innovative Hedge Fund Manager Gen2 Partners (“Gen2”) is one of the leaders in customised Asian hedge funds for institutional investors and family offices. We spoke to them to find out more about their highly innovate fund strategies, and how they have achieved continued success. /16 4/ 10/ 18/ 21/ 22/ 24/ 26/ 28/ 30/ 32/ 34/ 37/ 38/ 41/ 43/ 45/ 46/ 49/ 50/

News Acquisition International Roundtable 2016 Most Innovative Hedge Fund Manager - USA Most Trusted for High-Value Transactions in the Caribbean 2016’s Most Innovative Law Firm – Switzerland Leading M&A Adviser for 2016 CEO of the Month: USA - OCEANWORX CFO of the Month: USA - Channel Sector Talk 2016 Most Innovative Business Leader Cryptography in 2016 2016’s Most Innovative Hedge Fund Manager, Luxembourg - Carlisle 2016’s Most Innovative Hedge Fund Manager, France - La Française 2016’s Most Innovative Hedge Fund Manager, Bermuda - Equilibria Capital 2016’s Most Innovative Hedge Fund Manager, UK - Armstrong Most Innovative Law Firm 2016 Ones to Watch in IP, 2016 Most Innovative Accountancy Firms of 2016, UK - Accountancy 4 Wealth Most Innovative Accountancy Firms of 2016, the USA - Grant Thornton

How to get in touch AI welcomes news and views from its readers.

Correspondence should be sent to; Address/ Acquisition International, First Floor Suite F, The Maltsters, 1-2 Wetmore Road, Burton on Trent, Staffordshire, DE14 1LS. Tel/ +44 (0) 1283 712447 Email/ reception@acquisition-intl.com Website/ www.acquisition-intl.com

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Dispute Resolution Elite in Arbitration, China 2016’s Most Innovative Hedge Fund Manager, Singapore 57/ Deal of the Month 59/ African Business Awards 2016 60/ Transfer Pricing 62/ CEO of the Month: India 65/ The Possibilities of P2P Lending 67/ Business Leaders of 2016 69/ Automated Workflow Project of the Year: COBRA 70/ Legal Technology 72/ Executive Coaching: The Secret to Sustained Success 74/ The Culture of Diversity 77/ Ones to Watch for 2016: The Best Boutique Law Firms 79/ The Rise of Online Dispute Resolution 81/ Ones to Watch in IP, 2016 82/ Ones to Watch for 2016: The Best Boutique Law Firms 84/ 2016’s Ones to Watch in Environmental Due Diligence 86/ Ones to Watch in IP, 2016 - Australia 88/ Best Caribbean Restaurant - USA / Q1 Update 89/ In Profile - Saikrishna & Associates 91/ First Quarter Update 93/ Best Classical Music Promotions Company – UK 94/ Best Independent Investment Manager – Louisiana & Recognised Leaders in Fixed Income & Macro Strategy 96/ Winners Directory 99/ Appletree - Special AI Supplement 103/ Steel Dynamics - Special AI Supplement 107/ Auto Europe Group - Special AI Supplement Acquisition International - June 2016 3

News: from around the world

Microsoft to acquire LinkedIn Microsoft Corp. (Nasdaq: MSFT) and LinkedIn Corporation (NYSE: LNKD) on Monday 13th June announced they have entered into a definitive agreement under which Microsoft will acquire LinkedIn for $196 per share in an all-cash transaction valued at $26.2 billion, inclusive of LinkedIn’s net cash. LinkedIn will retain its distinct brand, culture and independence. Jeff Weiner will remain CEO of LinkedIn, reporting to Satya Nadella, CEO of Microsoft. Reid Hoffman, chairman of the board, co-founder and controlling shareholder of LinkedIn, and Weiner both fully support this transaction. The transaction is expected to close this calendar year.

LinkedIn is the world’s largest and most valuable professional network and continues to build a strong and growing business. Over the past year, the company has launched a new version of its mobile app that has led to increased member engagement; enhanced the LinkedIn newsfeed to deliver better business insights; acquired a leading online learning platform called Lynda.com to enter a new market; and rolled out a new version of its Recruiter product to its enterprise customers. These innovations have resulted in increased membership, engagement and financial results, specifically: • 19 percent growth year over year (YOY) to more than 433 million members worldwide; • 9 percent growth YOY to more than 105 million unique visiting members per month; • 49 percent growth YOY to 60 percent mobile usage; • 34 percent growth YOY to more than 45 billion quarterly member page views; • 101 percent growth YOY to more than 7 million active job listings.

“The LinkedIn team has grown a fantastic business centered on connecting the world’s professionals,” Nadella said. “Together we can accelerate the growth of LinkedIn, as well as Microsoft Office 365 and Dynamics as we seek to empower every person and organization on the planet.”

“Just as we have changed the way the world connects to opportunity, this relationship with Microsoft, and the combination of their cloud and LinkedIn’s network, now gives us a chance to also change the way the world works,” Weiner said. “For the last 13 years, we’ve been uniquely positioned to connect professionals to make them more productive and successful, and I’m looking forward to leading our team through the next chapter of our story.”

The transaction has been unanimously approved by the Boards of Directors of both LinkedIn and Microsoft. The deal is expected to close this calendar year and is subject to approval by LinkedIn’s shareholders, the satisfaction of certain regulatory approvals and other customary closing conditions.

“Today is a re-founding moment for LinkedIn. I see incredible opportunity for our members and customers and look forward to supporting this new and combined business,” said Hoffman. “I fully support this transaction and the Board’s decision to pursue it, and will vote my shares in accordance with their recommendation on it.”

Microsoft will finance the transaction primarily through the issuance of new indebtedness. Upon closing, Microsoft expects LinkedIn’s financials to be reported as part of Microsoft’s Productivity and Business Processes segment. Microsoft expects the acquisition to have minimal dilution of ~1 percent to non-GAAP earnings per share for the remainder of fiscal year 2017 post-closing and for fiscal year 2018 based on the expected close date, and become accretive to Microsoft’s non-GAAP earnings per share in Microsoft’s fiscal year 2019 or less than two years post-closing. Non-GAAP includes stock-based compensation expense consistent with Microsoft’s reporting practice, and excludes expected impact of purchase accounting adjustments as well as integration and transaction-related expenses. In addition, Microsoft also reiterated its intention to complete its existing $40 billion share repurchase authorization by Dec. 31, 2016, the same timeframe as previously committed.

Morgan Stanley is acting as exclusive financial advisor to Microsoft, and Simpson Thacher & Bartlett LLP is acting as legal advisor to Microsoft. Qatalyst Partners and Allen & Company LLC are acting as financial advisors to LinkedIn, while Wilson Sonsini Goodrich & Rosati, Professional Corporation, is acting as legal advisor.

GongTo / Shutterstock.com 4 Acquisition International - June 2016

News: from around the world

News: from around the world

Qingdao Haier Acquires GE Appliances Qingdao Haier Co., Ltd. (SHA: 600690; “Qingdao Haier”), a Shanghai stock exchange listed company that is 41% owned by Haier Group (“Haier”) and General Electric Company (NYSE: GE; “GE”) recently announced the signing of closing documents for Qingdao Haier’s acquisition of GE Appliances from General Electric. This marks the beginning of GE Appliances as it officially becomes part of Qingdao Haier.

As previously announced, GE Appliances will continue to be headquartered in Louisville, Kentucky and operated independently under the day to day direction of the current management team. A board of directors, with representatives from the senior leadership teams of Qingdao Haier and GE Appliances, and two independent directors, will help guide the strategy and operations of the business.

Mr. Zhang Ruimin, Chairman and CEO of Haier Group said: “Haier and GE Appliances have always sought to adapt to changing times and customer preferences. We share the same vision of the future and, by acquiring GE Appliances, both companies will be able to achieve significant synergies. Haier is on an exciting journey as it transforms itself into a true ‘Internet enterprise’, which fosters and cultivates innovation and customer choice. GE Appliances has great employees and a strong global customer base and I am confident that, together, we will be able to embrace the digital era and offer customers the best possible choice and service, now and in the future.”

Mr. Liang Haishan, Chairman of Qingdao Haier said: “This announcement is positive news for employees, users, business partners and shareholders. Investing and growing in the U.S. is a key part of Haier’s strategy and the acquisition of GE Appliances will help us accelerate that expansion. We have great respect for and trust in GE Appliances’ talented management team and we look forward to working closely together to create a truly global leader in the design and manufacture of innovative, high-quality home appliances.”

Mr Yannick Fierling, CEO Haier Europe said: “In the context of Haier’s overriding strategy to actively listen to customers as a way to understand them and best respond to their needs, we are convinced that the acquisition of GE appliances will accelerate the implementation of our mission, ‘Zero Distance with the customer’. This translates into developing innovations that are of high-end quality, with utmost relevance and utility for the home user, and not to mention introducing products with breakthrough designs. We are currently discussing the details of

our cooperation in the European market and will be able to share more precise plans by the end of the year.”

President and CEO of GE Appliances, Chip Blankenship said: “We are excited to become an important part of a global appliance company. Haier loves appliances as much as we do and shares our goal to be the most competitive, innovative and customer-focused company in the world. Together we will find new and better ways to help people improve their lives at home”.

This announcement follows the previously announced Memorandum of Understanding between Haier Group and GE to cooperate globally and pursue joint growth projects in areas including advanced manufacturing, healthcare and Industrial Internet.

Zenith Hygiene Group acquires ABC Hygiene Limited Zenith Hygiene Group, the UK’s largest integrated, independent manufacturer, supplier and distributor of cleaning and hygiene chemicals and products, on 7th June announced the completion of its acquisition of ABC Hygiene Limited for an undisclosed sum. A provider of high-quality washroom services equipment, ABC Hygiene will provide Zenith Hygiene with a new sector of products for customers nationwide.

Founded in 2003 by Oliver Johnson and Karen Rook and based in Hertfordshire, ABC Hygiene provides washroom services across a multitude of sectors, covering areas such as feminine hygiene, air purification, floor and entrance matting, urinal care, vending solutions and nappy disposal.

The Company is strategically located to cater to London and the Home Counties while also securing national coverage through the Independent Washroom Services Association (IWSA) network.

ABC Hygiene will come under the Zenith Hygiene brand name with its director Oliver Johnson remaining in place to oversee operations and the transition.

Ringo Francis, Zenith Hygiene Group CEO, said “We are delighted to welcome Oliver and his team to the growing Zenith family. The washroom services market is experiencing substantial growth at the moment, and ABC Hygiene’s operations and specialist knowledge in this area perfectly complement our current offering. [Such a breadth of services will also allow both new and existing customers to consolidate suppliers; something we know is increasingly becoming an operational requirement.] We will continue to seek out targeted and selective acquisitions to further complement our business.”

Oliver Johnson, Director of ABC Hygiene Limited said: “We are really excited to be joining Zenith Hygiene and I know it will be a great fit for us.

We both have strong customer bases and have honed our unique industry knowledge to meet their ever changing needs and market demands.”

Acquisition International - June 2016 5

News: from around the world

Chime Communications' VCCP Enters USA - Acquires Leading Agency VCCP, the London-based top five UK advertising agency owned by the leading international sports marketing and communications group, Chime Communications, announced in late May that it is expanding its reach to the U.S. with the acquisition of MUH-TAY-ZIK | HOF-FER, a highly awarded, San Francisco-based, full-service advertising agency. The combined group will form an international network spanning London, San Francisco, Paris, Madrid, Prague, Sydney and Berlin.

Developing a presence in the U.S. market has been a key strategic goal for VCCP and coincides with MUHTAY-ZIK | HOF-FER’s rapid growth and high-profile account wins since its inception in 2010. In the past year MUH-TAY-ZIK | HOF-FER has more than doubled its staff from 40 to 85 people, with plans to open an office in New York City, and increased its revenue by 88% from $9 million to $17 million.

VCCP intends to further grow its presence in Europe and Australia and MUH-TAY-ZIK | HOF-FER in the Americas and Asia.

The partnership between the two agencies heralds the creation of a “Challenger Network for Challenger Brands” with both sharing creative and business objectives centred on challenger brands, that will be amplified into greater global opportunities. VCCP’s current clients (O2, BMW Motorcycles, Molson Coors, and EasyJet), will be joining the likes of AAA, Audi, method, Netflix, OXO, and SoFi from the roster of MUH-TAY-ZIK | HOF-FER.

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The acquisition has been financed by Providence Equity Partners, a private equity investor in media and communications businesses, which acquired Chime Communications in 2015. Terms of the deal are not disclosed.

“We believe that creativity is the biggest multplier for any business and together with MUH-TAY-ZIK| HOF-FER we will be able to deliver campaigns all over the world as we continue to expand and grow the business.”

Adrian Coleman, Co-Founder and Chief Executive Officer of VCCP, commented: “This marks a landmark achievement for VCCP, which has experienced rapid growth since it was founded 14 years ago. We’ve grown to become an increasingly global advertising agency of 500 people and continue to deliver disruptive and creative campaigns for our clients.

John Matejczyk, Co-Founder and Executive Creative Director at MUH-TAY-ZIK | HOF-FER, commented: “At MUH-TAY-ZIK | HOF-FER, we look forward to working with VCCP to realise our shared visions, grow the business and to unleash creativity for our clients.”

Matt Hofherr, Co-Founder and Director of Strategy at MUH-TAY-ZIK | HOF-FER, commented: “VCCP is a perfect fit for our agency. We share a like-minded attitude, culture and unique dedication to the brands we work with.”

Andrew Tisdale, Managing Director at Providence Equity Partners, added: “This is a really exciting combination for both agencies. John, Matt, Adrian and Charles have a really clear view of how they will collaborate closely to bring great ideas to their clients around the world and build a strong global business together.”

News: from around the world

News: from around the world

CBPE Acquires Majority Stake in ABI Livingstone advised the shareholders of ABI, including management and private equity investor LGV Capital, on CBPE Capital LLP’s acquisition of a majority stake from LGV Capital.

ABI is a leading manufacturer of caravan holiday homes and one of the most highly regarded and established brands in the caravan holiday home industry. The company manufactures its caravan holiday homes in Beverley, East Yorkshire where it employs over 400 people. ABI is the second largest supplier into the UK market by volume and supplies all of the major holiday park groups, as well as smaller groups, independent parks and a number of dealerships in the UK market.

The Livingstone team previously advised ABI’s management team in 2011 when ABI was sold to LGV. Mel Copper, Chief Executive at ABI commented: “The management team are investing alongside CBPE, who have a strong pedigree in the sector and who have agreed to support the business in the next stage of its development. In LGV, the Livingstone team found a great owner for the business, who shared the management team’s vision for growth.

When LGV were looking to exit, we had no hesitation to ask for their advice again.”

Copper added: “We are delighted to have the support of CBPE as our new investors, and look forward to continuing to develop the business and build on our position as one of the UK’s leading caravan holiday home manufacturers.”

Michael Mowlem, who led the investment for LGV, reflected: “Our partnership with ABI has been a highly successful one. I would like to thank Livingstone, who provided outstanding guidance and support to the shareholders from start to finish.”

Graham Carberry, Partner at Livingstone concluded: “Since advising on the original investment by Mel and his team and LGV, we maintained a close relationship and watched with pleasure as the business continued to grow. To have been able to work with them, and LGV, has been a pleasure. We know in CBPE that management have a partner who will continue to support them, and we look forward to watching the next phase of the company’s development.”

Duff & Phelps Acquires Corporate Finance Ireland (CFI) Duff & Phelps, the premier global valuation and corporate finance advisor, on 23rd May announced the acquisition of Corporate Finance Ireland (CFI), a leading corporate finance firm in the Republic of Ireland.

The acquisition contributes to Duff & Phelps’ growth in Ireland, and follows the firm’s acquisition of the Restructuring and Insolvency Division of RSM Farrell Grant Sparks and Kinetic Partners in the past two years.

Established in 1987, CFI has a strong reputation in M&A and Property Asset Management in Ireland. Over the past 24 months CFI has secured in excess of €150m in debt funding for privately held businesses to support growth strategies on a domestic and cross jurisdictional basis.

CFI also operates a real estate portfolio management business, providing varied property services to syndicated co-ownerships with a client list of 300 investors. The company has acquired over 70 commercial properties on behalf of clients and manages a significant real estate portfolio in Ireland and across Europe.

Duff & Phelps’ Irish business now includes over 70 professionals specialising in restructuring, insolvency, M&A, compliance and regulatory consulting, fairness opinions, private capital raising and real estate advisory. With the addition of CFI, the firm’s global Corporate Finance practice has more than 400 professionals across Europe, the U.S. and Canada.

Commenting on the announcement, Anne O’Dwyer, Managing Director of Duff & Phelps Ireland, said: “We are delighted that CFI has chosen to join Duff & Phelps and welcome their M&A and property asset management expertise. The addition of CFI will help us meet the growing demand of clients looking to take their businesses to the next level. Duff & Phelps is committed to increasing the value we bring to our clients in Ireland and the services we offer the Irish market.”

Luke Mooney, Director of CFI, added: “Joining Duff & Phelps is a fantastic opportunity for the evolution of CFI and the right strategic fit for both companies. The Irish economic recovery has resulted in more firms looking to raise capital with plans to expand domestically and internationally.

Duff & Phelps’ scale and global reach in terms of debt advisory and access to private equity capital will immediately benefit our existing client base by allowing us to draw on their international expertise and broader range of services.”

Acquisition International - June 2016 7

News: from around the world

Beacon Rail Enters into an Agreement to Acquire Ascendos Rail Leasing Beacon Rail Leasing (“Beacon”), a leading Pan-European rolling stock lessor, is pleased to announce that it has entered into an agreement to acquire Ascendos Rail Leasing S.à r.l. (“Ascendos”), a European locomotive and rolling stock leasing company. The completion of the transaction is subject to customary conditions, including clearance with the German competition authorities. The transaction is expected to be completed during the second quarter of 2016.

Headquartered in Luxembourg, with additional offices in London and Munich, Ascendos’ current portfolio includes 35 locomotives and 100 freight wagons on lease in Belgium, the Netherlands and Germany, 35 passenger train units on lease in Germany, and 67 double decker coaches on lease in Denmark.

Beacon owns a diverse portfolio of freight and passenger train rolling stock and leases these assets to operating companies in the UK and Continental Europe. It owns and manages a modern fleet of 190 locomotives, 944 freight wagons and 20 passenger train units. Beacon’s customers include many of the top freight operators in the UK and leading locomotive and rolling stock operators throughout Europe and Scandinavia.

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Commenting on the transaction, Ted Gaffney, Chief Executive Officer of Beacon, said: “The acquisition of Ascendos allows us to continue to build our portfolio of locomotives and is in line with our strategy and commitment to being a leader in this segment of the market. Ascendos’ portfolio of rolling stock nicely complements our existing fleet of locomotives and allows us to expand our presence into the European passenger train market. Overall, we believe that the portfolio and staff of Ascendos is a great fit for Beacon and is additive to our existing platform.”

Pamplona Capital Management (“Pamplona”) acquired Beacon in May 2014 through Pamplona Capital Partners III, LP, a 2011 vehicle with $2.7 billion of committed capital. Since closing, Beacon has been an active acquirer of assets through portfolio acquisitions, the placement of new build orders and the closing of sale / leaseback transactions with various freight and passenger operators, significantly increasing the scale of the portfolio and diversifying both the lessee and asset base.

Committed debt financing for the transaction has been provided by ING Bank and Deutsche Bank AG, London Branch. Berwin Leighton Paisner LLP and Lowenstein Sandler LLP acted as legal counsel for Beacon and Pamplona. Clifford Chance LLP acted as legal counsel for the lenders.

Ascendos is currently owned by Everest Babcock & Brown Opportunities Fund, BBSFF EU Rail Lessor Limited (a subsidiary of Global Investments Limited listed on the Singapore Exchange) and BOSSAF Rail Limited.

News: from around the world

News: from around the world

Corinthia Hotels Announces the Acquisition of the Grand Hotel Astoria, Brussels Corinthia Hotels announces the acquisition of the Hotel Astoria in Brussels.

This part-listed, trophy property has stood vacant for 10 years, but will now be fully refurbished as the city’s leading luxury hotel, branded the Corinthia Grand Hotel Astoria.

The Corinthia Grand Hotel Astoria will comprise 121 bedrooms and suites, as well as extensive banqueting, dining and spa facilities.

Situated in a prime location on Rue Royale in the heart of the city, the hotel was built in 1909 at the request of King Leopold II. It was for many years considered to be among the world’s finest luxury hotels and has welcomed a number of illustrious guests during the course of its history including former British Prime Minister Sir Winston Churchill and former US President Dwight Eisenhower.

Corinthia is committed to restoring the property, which has been vacant for the past decade, to its former glory.

Corinthia chairman Alfred Pisani said: “We have earned an unparalleled reputation for restoring buildings of historical value and turning them into luxury hotels. The Corinthia Grand Hotel Astoria will be no exception.

“We aim to make this hotel the best in Brussels – committing the same passion and attention to detail as we have done with our hotel redevelopments in London, Budapest, St Petersburg and other major cities. We have full confidence in the city and are proud to have acquired such a gem in the heart of Europe.”

The Corinthia Grand Hotel Astoria’s façade and ground floor enjoy listed protection status, though the upper bedroom floors are currently stripped down to brick work awaiting full reconstruction. The property also includes adjoining land upon which the current structure will be extended. Works shall commence once all designs are completed.

Further luxury hotel projects are expected to be announced in the coming weeks to complement Corinthia’s growing portfolio of luxury hotels in prime locations.

Transcosmos Acquires 100% Ownership of Social Gear transcosmos inc. has made additional investment in SOCIAL GEAR PTE LTD (Headquarters: Singapore; CEO: Shunsuke Sato; hereafter, Social Gear), a company which provides social media operational support, and acquired 100% ownership of the company.

At the same time, transcosmos elected Mr. Shunsuke Sato, CEO of Social Gear, a candidate for its Director & CMO. Social Gear owns 2 official certifications such as “Community Management” and “Ad Technology” in the “Facebook Marketing Partner”, the official Marketing Partner Program of Facebook. The company provides ads distribution/ optimisation services through sophisticated Facebook operational support capability with leveraging Facebook insights and “social gear Ads+”, the Facebook Ads operational service tool. transcosmos has been providing social media operation and ads support in multi-languages in Japan and ASEAN countries since the company signed strategic alliance agreement with Social Gear in June 2015. With making Social Gear a wholly owned subsidiary, transcosmos, together with Social Gear, will drive efforts on developing services for Facebook while sharing technology, people and know-how. transcosmos continues to enhance its services that support client companies’ activities in sales & marketing arena and customer care on Facebook platform which has huge global growth potential.

Shunsuke Sato, Social Gear’s CEO said: “Social Gear, started as a venture business, is now up for a challenge to perform scalable business through leveraging contact centers and global offices that transcosmos owns. I am confident that you will be thrilled and enjoy our unprecedented new services that we will co-create by combining the capital and people of a large company with innovative challenging spirit of the venture business.”

Acquisition International - June 2016 9

1512CG20

Defining Corporate Governance in 2016

ACQUISITIONINTERNATIONAL

The following roundtable, the second in a series sponsored by Hawksford, discusses corporate governance and its role in the financial services industry, with a specific focus on Asia.

Helping us to tackle some of the most pertinent issues are four leading financial services professionals who will give us the inside track on the recent trends and developments in implementing good corporate governance practices. Leading the roundtable is David Rimmer, Client Manager at Hawksford, a provider of corporate, private client and fund services.

Meet the Panellists David Rimmer, Client Manager, Hawksford David has in-depth knowledge of corporate governance, having worked in trust administration for over 20 years with Asian clients and their advisers, as well as those based in the UK, Canada, the US, Latin America and the Far East to deliver cross-border planning solutions.

Denise Jong, Partner, Reed Smith, Hong Kong Based in Hong Kong, Denise is a seasoned attorney, and has been a Partner of Reed Smith Richards Butler since 1998. Throughout her distinguished career, she has worked internationally, with a particular emphasis on transactions in Greater China and South-east Asia.

Ng Siew Quan, Corporate Governance Leader, Risk Assurance, PwC, Singapore Ng Siew Quan is Corporate Governance Leader of PricewaterhouseCoopers LLP (PwC) Singapore. He has over 25 years’ experience in professional services and is active in the corporate governance scene. He is often invited to conduct seminars on corporate governance by organisations such as the Singapore Institute of Directors (SID) and the Singapore Exchange (SGX).

Sinyee Koh, Director, Compliance and Regulatory Consulting Division, Duff & Phelps, Singapore Sinyee Koh manages the Compliance and Regulatory Consulting Practice in Singapore. She advises financial services firms on licensing and ongoing Singapore and cross-border regulatory requirements and reviews firms’ risk management, internal controls and compliance arrangements.

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How would you define corporate governance and why is it important today?

David Rimmer The world has changed significantly since the Enron Scandal in 2001. The Sarbanes-Oxley Act of 2002 started the charge to combat the issue of poor governance, weak internal controls and lack of auditor independence. Fast forward to 2016 and the world recognises the importance of good governance for every aspect of a business’ life cycle. There are three key stakeholders to a successful business; (i) long standing shareholders, (ii) happy clients and (iii) a professional workforce. A business with strong governance methodology will continue to attract these stakeholder groups to ensure business profitability, growth and survival.

Denise Jong Corporate governance is an expected mode of behaviour with various objectives, such as better transparency of information to all of the stakeholders across a company, including shareholders, directors, employees and even potential investors.

As a mode of behaviour, corporate governance standards act as a benchmark by which a business is judged, and as such it changes with a company, evolving and improving as the firm develops. If a corporation conducts itself in a socially accepted manner, it creates an environment allowing it to thrive, increase profits, jobs and market share, benefitting all stakeholders.

Ng Siew Quan Only the largest shareholders of a company would usually be able to exert influence on corporate affairs outside of shareholder general meetings. The vast majority of market participants rely on board supervision to preserve and grow the value of their equity.

With the board acting as an independent check on management, shareholders derive greater comfort over the quality of decision-making at a company with good corporate governance, as well as its contin-

Acquisition International Roundtable

Singapore

Acquisition International - June 2016 11

Defining Corporate Governance in 2016

ued compliance with legal and regulatory requirements. Governance mechanisms, as implemented by companies which prioritise substance over form, help to align the interests of various parties in an open and transparent way. Corporate governance is therefore instrumental in promoting efficient equity market functioning as well as healthy levels of investment.

Sinyee Koh Financial services are increasingly sophisticated, cross-border, regulated and dependent on technology. Running a financial firm demands many different skill sets, functions, teams and work streams working in parallel, and therefore I personally would define corporate governance as the check and balance role played by the board and senior management.

This role is of vital importance because, with growing technical complexity inherent in financial services now, corporate governance is the glue holding all moving parts together. It ensures that a firm works effectively, efficiently and rationally in favour of customers. Ineffective governance can result in poor decision-making processes, unsatisfactory controls and increased technical, legal and regulatory risks.

cation and transparency of information for shareholders about the company. If all goes well, it should bring greater enterprise value as an increased number of shareholders are prepared to invest in a company.

Ng Siew Quan There are many academic studies to suggest that there is a strong correlation between good corporate governance and company performance. While the way a company performs and creates value is specific and unique to each business, having good corporate governance in place helps encourage behaviour and activities that not only enable long-term value protection, but also value creation and enhancement.

Sinyee Koh Corporate governance provides many advantages to a business, but I will highlight two of these. Firstly, corporate governance is a powerful tool for operational efficiency, and helpful for the whole firm to be clear about processes, initiatives and strategy. As already mentioned, there is a general trend of financial services becoming more specialised, technical and fragmented. Therefore, the governance role of the board and senior management is to play ultimate umpire, where need be, calling time or asking questions.

ACQUISITIONINTERNATIONAL

Denise Jong Corporate governance is modelled on issues such as black letter regulations and regulators’ expectations.

Often companies use a mixed bag of regulation and self-driven initiatives to improve the business. We consider what are the minimum requirements and how can they be improved upon through better financial reporting, and communication with shareholders and other stakeholders. In addition, we take note of developments in the United Kingdom and corporate developments there, which are not always applicable to Hong Kong but, bearing in mind the colonial connection, it is a place we look to for improvements.

Ng Siew Quan Corporate governance begins and ends with the board, which is responsible for crystallising a clear corporate purpose, exhibiting the right values, and ensuring that these are being acted upon. The “tone at the top”, set by corporate leaders, establishes expectations for behaviour throughout a company.

Boards must recognise their critical role in overseeing good corporate governance, and work with senior management to reinforce good practices as well as ensure that established processes are adhered to.

Following the global financial crisis there is a general public perception that corporate governance has a part to play in helping to prevent a re-occurrence of the misalignment of interests that lead to the crisis.

An emphasis on corporate governance reinforces the accountability of individuals for their actions, and renews faith in the financial system.

Secondly, strong and effective corporate governance enables a firm to grow by building customer and investor confidence, and is essential in order to promote trust in the allocation of capital within the financial system. This is especially so at present where confidence in the financial services industry has been eroded.

What, in your view, does corporate governance bring to the financial services industry?

How does your company implement effective corporate governance?

David Rimmer Businesses and individuals are becoming increasingly international and seek solutions which will allow them to work and live internationally, whilst keeping tight reigns on their assets. With this brings increasingly more complicated circumstances.

David Rimmer Corporate governance is important for any business and jurisdiction wishing to promote best practice of their services to clients. Jurisdictions accredited for their controls and governance attract clients, corporations and governments who want to be transparent and compliant. When all finance centres and jurisdictions implement and follow good governance and controls, the world will become more difficult for criminals to engage in tax avoidance schemes or other criminal financial activity. This would ensure that all global financial services institutions would be on a level playing field, agreeing that only tax compliant structures are supported, and thereby working positively with governments around the world.

David Rimmer Hawksford has embedded a strong compliance culture within the organisation. Corporate governance within our financial business is divided into two distinctive responsibilities. Firstly Hawksford has its own effective systems and controls; secondly, senior management take responsibility for corporate governance issues, by providing risk representation at board level. Examples include a formal escalation committee framework to ensure that the correct level of approval is obtained.

Financial institutions have had to invest in internal processes to deal with the new reporting standards such as FATCA/CRS reporting, and are constantly reviewing and ensuring that efficient risk and compliance frameworks are in place. Staying ahead of tax developments and what this means for structures and their administration is why it is important that clients choose directors for their businesses and wealth structures which are abreast of international legislation and policy, and always considering the wider and longer term implications.

Any good business has extensive policies and procedures to implement proactive corporate governance.

Hawksford’s corporate governance strategy is built on compliance, internal policies & procedures, governance (our boardroom conduct), working with our regulator, and audit & risk. We follow an agreed set of Codes of Conduct and best practice, which have been designed around each strategic measure to ensure that Hawksford is best placed to protect our clients, our business and employees.

Denise Jong Part of corporate governance is legal and regulatory compliance. From my perspective it is regulation, including tax legislation and cross-border planning which drives corporate behaviour and not necessarily, the other way around. Corporations are answerable to shareholders to deliver better enterprise value and they will adopt what their professional advisers recommend for better compliance (tax legislation and cross-border planning included).

Denise Jong In the corporate finance industry within which I operate, many of my clients are from listed companies, where corporate governance is all about best practice and, specifically, a way of ensuring better communi-

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How does tax legislation impact upon corporate governance and cross-border planning solutions?

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ACQUISITIONINTERNATIONAL

Defining Corporate Governance in 2016

What are some of the recent trends and developments in how to implement good corporate governance practices?

David Rimmer Good corporate governance practices involve collaboration between a jurisdictional business (internal) and its regulator (external). All businesses and jurisdictions must remain competitive to retain and attract new business. Over the past 15 years, we have seen how governments, as well as changes in legislation, have altered the mindset of global businesses to ensure that internal systems and controls, documentation processes, senior management responsibility and regulatory expertise have shaped the way a business conducts its affairs. Clients are looking for security and confidentiality when handing over their wealth to a trusted adviser or fiduciary service provider, and therefore businesses must be able to demonstrate discipline in this area.

Jersey law is constantly amended to ensure that our industry and our Codes of Practice deal with financial crime effectively. We have seen recently that more and more financial institutions are being fined for financial wrongdoing. Our industry is fully aware of anti-money laundering legislation and other anti-financial crime laws, which help us work with our regulator and financial crime partners. Our regulator’s Codes of Conduct policies1 ensure that we implement and constantly monitor best corporate governance practices when working with our clients and regulator.

Denise Jong Corporate governance is especially important in our region as there are many regulatory changes facing businesses in Hong Kong. One key development in Hong Kong is that as of next year, there will be a set of environmental and social governance requirements for listed companies there. This means that regulators will intensify disclosure requirements around labour policies and the environmental impacts of their businesses. With more disclosure will come closer scrutiny by the stakeholders of a company.

There are quite a few interesting things on the horizon, so in order to report on these new developments some listed companies in Hong Kong have engaged with professionals to come up with criteria that is easy to explain, and the steps in place to monitor them. This includes good Key Performance Indicators in terms of labour and environmental policies.

Ng Siew Quan There has been a fair bit of coverage of late in relation to the general state of corporate governance disclosures made by companies listed on the Singa-

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pore Exchange (SGX). Specifically, the regulatory arm of the stock exchange has taken issue with the fact that, in their view, many of our companies have taken to providing sub-standard disclosures to the extent of using boiler-plate statements to explain non-compliance to the provisions of the code.

Companies must either seek to comply with the principles and guidelines contained in the code, or adequately explain the non-compliance. The code is thus not voluntary and failing to comply or to adequately explain the non-compliance is a breach of the listing rules.

The challenge for regulators is to ensure the right mix between the hard and soft prescriptive and proscriptive elements, so that companies will engage in ethical, responsible and transparent corporate governance practices without being unduly burdened by them.

Sinyee Koh Singapore’s financial services regulator, the Monetary Authority of Singapore (MAS), encourages the financial firms it regulates to implement good corporate governance practices by clearly setting out what it expects the board and senior management to do, while leaving flexibility for firms to build upon the suggested baseline standards based on the complexity, size and structure of the individual firm’s operations.

The MAS has issued detailed supervisory guidelines on risk management practices, namely, by way of the Guidelines on Risk Management Practices2. The guidelines have a whole chapter on the MAS’ expectation of the role of the board and senior management in risk management. For instance, MAS suggests that firms should think through how often their board and senior management should be apprised of specific issues or consider certain matters relating to the firm’s risk. The MAS also suggests what boards and senior management should be equipped with to effectively oversee risk management, for example, ensuring that the board is adequately trained to proper understand how to evaluate and oversee risk.

As a result of the MAS encouraging firms to have good corporate governance, more financial firms in Singapore are documenting the role of their board and senior management in risk management.

Finally, what support is available to businesses looking to implement new governance statutes or looking to respond to allegations of wrongdoing?

David Rimmer There is plenty of support in the marketplace for businesses wanting to adopt best governance practices and there is no excuse for a business not to upgrade its corporate governance policy and

procedures. The regulator of any jurisdiction will be more than happy to share its expertise about corporate governance regulatory reform and best practice. Businesses should employ qualified experts to build an internal corporate governance framework and have healthy communication with its regulator and auditors for on-going independent reviews of a business’s systems, controls and processes. Once a business adopts good governance reforms and announces this as part of its mission statement, the business will be recognised as a key contributor to the economy. This will attract like-minded employees wishing to grow the business and clients will be happy to be part of a company with strong governance attributes. If a company raises its bar beyond reproach, there is less chance for a company to be challenged for wrongdoing, and as a result the business will be better placed to provide the client with improved confidential services.

Ng Siew Quan Businesses can look internally to their legal counsel or a company secretary for guidance on the implementation of new governance statutes. The directors sitting on the board may also be a useful resource, depending on their specialisations. Externally, businesses may consider approaching professional bodies such as the Singapore Institute of Directors (SID) or professional services firms such as PwC to help in advising them in this area.

Sinyee Koh Having good corporate governance policies, and effective business oversight and risk management by the board and senior management will pre-emptively enable firms to steer clear of allegations of wrongdoing. However, if firms happen to be charged with alleged wrongdoing, it helps to have trusted advisers to turn to, to quickly engage them at the earliest opportunity to discuss the best way forward and to respond appropriately. Above all, firms need good record keeping and audit trails so that what really happened at the time of the alleged wrongdoing can be determined, and evidence can be gathered.

Efficient escalation channels and action trackers will allow a firm to demonstrate that where things go wrong, as they do in all businesses, they are appropriately remediated and resolved.

https://www.jerseyfsc.org/pdf/TCB-Codes-1July-2014.pdf 2 Link to the Guidelines here: http://www.mas. gov.sg/~/media/MAS/Regulations%20and%20 Financial%20Stability/Regulatory%20and%20 Supervisory%20Framework/Risk%20Management/Board%20and%20Senior%20Mgmt_1%20 Apr%202013.pdf 1

Acquisition International Roundtable

Hong Kong

Hawksford Hawksford is an international provider of corporate, private client and funds services. We offer a comprehensive range of services and solutions to and for trusts, companies, foundations, partnerships, family offices and investment funds. We also provide listing services, wills, probate, succession planning and employee solutions. We employ over 220 people working across Europe, Asia and the Caribbean.

Our independence enables us to offer creative and pragmatic solutions for a wide range of institutional, entrepreneurial and high-net-worth clients. We have expanded our global footprint and service offering, moving into core regional markets and drawing on a global network of leading professionals and advisers. www.hawksford.com

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C 2 GEN2 PARTNERS Company: Gen2 Partners Limited Email: info@gen2ks.com Web: www.gen2ks.com Address: Unit 7702B, Level 77, International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong Telephone: (852) 37274500

2016's Most Innovative Hedge Fund Manager Gen2 Partners (“Gen2”) is one of the leaders in customised Asian hedge funds for institutional investors and family offices. We spoke to them to find out more about their highly innovate fund strategies, and how they have achieved continued success.

We are one of the most renowned alternative investment firms in Asia, and our senior investment professionals provide our investors with a wealth of experience and expertise in this field. We began our company in 2008, and in spite of being born during the Global Financial Crisis, have continued to go from strength to strength. In 2010, the company raised its debut fund the KS Asia Absolute Return Fund at the BNP Paribas Innocap platform which has Middle East Sovereign Fund seeded $100m as an anchor investor. Moreover, KS Korea Credit Fund was launched in 2010 which was seeded by sovereign Korean Pension Fund and now has grown to more than $100m.

When looking back upon our success, we believe that there are a number of reasons behind the continued growth of our company. Firstly, we have a proven track record in following the same successful investment strategy. Our Partner Kyle Shin was the head of Kingdon Capital Korea, and is one of the first Korean national to set up a hedge fund in Asia who has hedge fund experience in tier 1 hedge fund, Kingdon Capital Management.

Across our firm, the investment professionals in the Gen2 hedge fund team have a diverse set of backgrounds. The majority joined the team after successful careers in some of the world’s leading financial institutions. Others are extraordinarily gifted professionals who would like to work in an environment where they can flourish. They offer a diversity of input from the market with extensive local network, with close proximity to company executives and decision makers who are influential in the future economic landscape of Asia. Alongside this expertise, we have an unsurpassed knowledge of Asian hedge funds, and we typically meet and have conference calls on a one-on-one basis to generate market ideas.

In terms of our ethos, we would consider ourselves a very people-orientated firm and communication really is at the heart of everything we do. We have a dedicated team of senior partners focused on investor relations. We seek out feedback from our investors on our reporting, transparency and accessibility.

We understand that every client is different, which is why our investment opportunities are highly customised. We have an unsurpassed ability among our peers to tailor fund solutions for our clients.

Moreover, any of our single strategy funds have been created at the request / suggestion of our pension, institutional and wealth management clients.

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Furthermore, another differentiating factor is our proprietary risk management system. This system constantly monitors investment breaches by our Portfolio Managers. As such, our independent risk monitor firm and in-house risk team together produces monthly risk reports using state of the art risk management system, IMAGINE, that many of global banks and asset managers relying on.

Risk teams produce more than 30 different kinds of risk reports per fund and tracks over factors, including VAR (Value at Risk), scenario analysis, sensitivity analysis, cross correlations, underlying asset performance, risk factor exposure (equity, fixed income and country risks), P/L attribution, liquidity analysis, tracking versus our peer group, etc.

To cope with investors’ needs, our founding partner and CEO, Kyle Shin, is in process to set up on-shore hedge fund management firm in Korea to better service Korean institutional clients and potentially bring more talents who can contribute to generate alpha and achieve absolute returns regardless of market directions.

Ultimately, our culture successfully combines an entrepreneurial partnership structure with a disciplined institutional investment process. We align the interests of the investment team with our investors as much as possible.

As for the award, we are delighted to be recognised as ‘2016’s Most Innovative Hedge Fund Manager’ and is further evidence of our success. Prior to this achievement, we were winners in Acquisition International’s Hedge Fund Awards in 2015 and 2016, so it is wonderful to receive further recognition of the work we are doing. We hope to build on our success and continue to deliver exceptional results in the future.

2016’s Most Innovative Hedge Fund Manager

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Company: Vida Capital Inc. Name: William Tice Email: William.Tice@ vidacapitalinc.com Web: www.vidacapitalinc.com Address: 805 Las Cimas Parkway Suite 350 Austin, TX 78746 Phone: 1-512-879-1750

2016 Most Innovative Hedge Fund Manager - USA Vida Capital is an alternative asset manager focused exclusively on longevitycontingent assets, including life settlements, annuities, notes, and structured settlements. Vida seeks to provide strong absolute and risk-adjusted returns.

The Vida team are value investors and take a fundamental, bottoms-up approach to analysing investment opportunities.

Considered investments require significant data-driven analysis and mathematic rigor, and as such, the firm has developed significant in-house resources. In addition, Vida has internal proprietary models and stress-testing capabilities, which enhance the investing approach. Vida believes that the best investment outcomes are achieved through a 100 % dedicated and focused approach.

Vida Capital is focused exclusively on longevitycontingent investing and both managing and pricing longevity risk. Vida is a vertically-integrated asset manager and all key investment processes are performed in-house by experienced and fully dedicated professionals. Vida believes that longevity risk and other life-contingent products may enhance investment portfolios by providing diversification and attractive risk-adjusted outcomes. Moreover, Vida believes that longevity-contingent investments may show little correlation to the return drivers associated with other asset classes. Vida has 36 employees and over $1.1 billion in equity under management.

What Vida Capital Specialises in Vida is an alternative investment firm focused on the purchase of unwanted and/or unneeded life insurance policies. When an individual no longer wants or needs his or her life insurance policy, the insured can surrender the policy to the insurance carrier, or he or she can sell the policy in the life settlement market, often for a premium to the policy’s cash surrender value. 1Vida is able to re-underwrite

the health of the insured at the time of purchase, and is thereby able to establish a more current value of the policy based on the insured’s health, age, and actuarial science. Assets are priced individually, and are held within large diversified investment pools. The risk profile in a pool of assets versus an investment into a single asset is significantly different, and Vida aims to benefit from the more predictable outcomes that are derived from a large diversified pool. By holding a pool of policies, Vida is able to diversify away idiosyncratic risk such as carrier concentration and the variability of life expectancies.

Once Vida purchases the policy, Vida assumes the funding of all the premium payments and becomes the ultimate beneficiary of the policy. Vida’s inhouse originator, Magna Life Settlements, Inc. has consistently been ranked as a top secondary market life settlement provider.2 Magna is an active player in both the regulated and unregulated sides of the market. The U.S. life insurance market is vast, with approximately $20 trillion3 of face value currently in force. Moreover, it is estimated that $182 billion of face value lapses irrationally each year.4 In addition to life settlements, Vida has experience with other longevity-contingent assets, including asset backed loans and synthetic structures. The expertise of the team in the pricing and managing of these specific risks is highly developed and specific.

How Vida Capital Stands out from the Crowd Vida believes that the firm’s unique dedicated strategy is what separates Vida from other alternative managers. Furthermore, Vida believes that the focused knowledge of actuarial science and pricing of longevity risk that the firm contains differentiates itself from other competitors. The firm has significantly outperformed the HFRX Global Hedge Fund Index based on the unique attributes of its investment focus and the depth of its in-house capabilities.

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2016 Most Innovative Hedge Fund Manager - USA

With regards to the life settlement market, one of the most notable differentiators between Vida and its competitors is the firm’s integration with Magna, a leading, regulated life settlement provider. While most of Vida’s competitors outsource their sourcing and underwriting to third party vendors, Vida’s integration with Magna provides the opportunity to directly participate in regulated secondary market transactions, and provides confidence to Vida that each policy is thoroughly analysed and vetted prior to its acquisition. Vida believes that thorough and detailed due diligence is the greatest responsibility of the investment manager.

The Role People Play in the Success of Vida Capital The staff at Vida is a critical element in the management of life settlement assets, with 36 employees who have extensive experience in the life settlement and longevity-contingent market.

Vida’s senior management team has over 100 years of life settlements and life insurance experience, cumulatively, and extensive knowledge of alternative

investing. The firm’s asset management team is highly specialised and involved with industry groups, with employees sitting on the Board of the Life Insurance Settlements Association (LISA) and Institutional Longevity Markets Association (ILMA) and serving as the Co-Head of the US chapter of BVZL.

1

The Future Vida sees the life settlement market as having a large potential for growth as more insureds and investors become more aware of the space. With increasing awareness of the market, more insureds who are considering lapsing their policy may look to the life settlement market to extract value. Vida will continue to develop its team and proprietary resources with a focus on being a market leader and innovator. With more data and a larger market, the firm anticipates that longevity-contingent assets will become more understood and commonplace within institutional portfolios. The opportunity set is compelling, and the Vida anticipates continued growth and interest in the life settlement and longevity-contingent space.

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Empirical Investigation of Life Settlements: The Secondary Market for Life Insurance Policies, Januário and Naik 2014 The Deal produces an annual life settlement report which outlines the top 15 providers in the secondary space. Magna has been ranked in the top 10 annually since 2011. https://www.soa.org/files/research/exp-study/ research-2007-2009-us-ind-life-pers-report.pdf Conning Life Settlement Report 2015, 7.

General Disclosure: The information contained in this article is distributed for informational purposes only and should not be considered investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. The information contained in this article is accurate as of the date submitted, but is subject to change.

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VIALEGIS is a top-tier Spanish law firm specialised in business law with offices in Madrid and Barcelona.

The Firm services are characterised by its innovative approach, flexibility and capacity to exceed client’s expectations. Work teams are always lead by Amongst the Firm’s clients at least one partner. The number of partners there are large national, involved in a case is determined foreign and multinational by its nature. companies, as well as public organizations, involved in sectors such as: financial services, food & beverage, education, biotech, tourism, retail, construction, engineering, communications, insurance, energy & utilities or transportation.

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www.vialegis.com

Most Trusted for High-Value Transactions in the Caribbean 1605AC32

Most Trusted for High-Value Transactions in the Caribbean Emmanuel Jacques Almosnino is well renowned law firm, comprised of highly skilled international attorneys involved with tax, financing, real property and wealth management. Widely accepted as one of the top boutique law firms among the world in the field of international wealth management for high net worth international private clients, they reveal why they are the law firm of choice for high value transactions in the region.

Name: Emmanuel Jacques Amosnino Email: contact@eja-lawfirm.com Web: www.eja-lawfirm.com Address: 3 rue Lafayette Gustavia - BP 656 97099 Saint-Barthélemy French West Indies Phone: + 590 590 29 71 10

At Emmanuel Jacques Amosnino, the firm takes tremendous pride in its one-of-a-kind service and skills. Through this wealth of experience and expertise, the firm is able to achieve a rare legal concierge oriented practice that caters to the unique needs of international private clients and their legal and financial representatives.

With a highly diverse range of legal services, the attorneys at the Emmanuel Jacques Almosnino law firm also take great pride in establishing long-lasting relationships with clients and their representatives, and maintaining a work ethic that consists of going above and beyond the usual scope of work to ensure their clients’ needs are met.

As a result of their continued success and strong track record, the firm’s clientele includes major international financial institutions and law firms throughout the world. This primarily consists of clients from Hong Kong, Singapore, Dubai, Tel Aviv, Moscow and especially from areas of the US such as New York city, Boston, Washington, and Miami.

Such institutions understand that the personalised service and advice, which the Emmanuel Jacques Almosnino law firm provides, brings great value to the transactions the firm handles on their behalf and the resolution of many complex situations.

With a team of dedicated and experienced multilingual professionals, the law firm of Emmanuel Jacques Almosnino is widely accepted as the leading law firm in Saint Barth and one of the top boutique law firms among the world in the field of international wealth management for high net worth international private clients.

A true testament of their expertise can be found in the continued success of its manager partner and founder: Emmanuel Jacques Amosnino. He grew up in Paris, where he attended private school and graduated with a baccalaureate of sciences and mathematics. Thereafter, Mr. Jacques attended Paris University of Law and graduated at the age of 23, becoming the youngest attorney in France.

Following his graduation, Mr. Jacques was named Director of the Cabinet of the CEO at the Paris Chamber of Commerce, overseeing 2,500 employees. In 1992, in fulfilment of his military

obligation, Mr. Jacques resigned from his cabinet post and served as a civil soldier in Mexico, where he helped French companies settle into the region.

Upon completion of his military obligation in 1993, Mr. Jacques returned to France, resuming his legal career as a junior partner at a Paris law firm. By 1995, at the age of 27, Mr. Jacques established his own practice in Paris, and was later named Of Counsel for a U.S. firm based in Paris’s Avenue Montaigne.

Recognising that every action has the potential for global financial repercussions, Mr. Jacques is one of a select few attorneys who is well versed in international finance, international relations, and management.

Indeed, Mr. Jacques studied Management at the HEC Paris, the highest-ranked business school in Europe; received his diploma in International Relations and Diplomacy at CEDS; and earned his Master’s degree in Corporate Finance. It is this unique combination of legal practice and corporate financial knowledge that has distinguished Mr. Jacques as a truly exceptional talent in international legal advocacy.

Additionally, during his time in Paris, Mr. Jacques taught at the Paris University of Law and was named Vice- President of the parent organisation of the 112 French Chambers of Commerce abroad as well as Special Advisor of the French government for trade with Nordic countries.

For more than 20 years, the Emmanuel Jacques Almosnino law firm has effectively performed negotiations, structuring, and financing of a wide range of high value assets. The firm has successfully negotiated the purchase of properties valued at $60 million; represented American private equity companies in transactions involving five-star hotels in Saint Barths; and successfully handled the negotiation of financing up to $40 million, of commercial leases in the most famous areas of Paris and the acquisition of luxury real estate not only in Saint Barths, but also in Paris and another famous locations of France.

Ultimately, the breadth of experience and expertise at Emmanuel Jacques Amosnino is what makes them a truly unique firm in their region, and is something they endeavour to build upon as they continue to grow and develop in the future.

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2016's Most Innovative Law Firm – Switzerland Company: Deschenaux, Hornblower & Partners, LLP Email: info@deschenaux.com Web: www.deschenaux.com and http://internship.deschenaux.com/ Address: Geneva Office: Rue Kléberg 14 – 1201 Geneva – Switzerland Telephone: +41 22 510.25.00

Deschenaux, Hornblower & Partners, LLP is an entrepreneurial international jurists firm specialising in corporate and government financings and intellectual property securitisation.

We are a law firm of non-bar lawyers or jurists and not of attorneys-at-law. As such, we are not involved with litigation and thus, we have less enemies. This is a big advantage for clients who need support in delicate important matters. As a company we firmly believe going into litigation is already a failure. We do not believe in solutions arising from the courts of law.

Our legal team is entrepreneurial and tends to avoid litigation as much as possible.

In regards to our clients we serve mainly famous entrepreneurs and corporations of all sizes. We approach them through conferences, courses, public speeches, media interviews and articles. The philosophy in place here at Deschenaux, Hornblower & Partners, LLP evolves around teamwork and for us our staff actually makes the success of the firm.

In the modern legal environment, as change is everywhere in the world the pressures on our clients are ever growing. They generate new kinds of constraints to which we must adapt in order to answer their needs. For example, our clients had been complaining about the predominance of the human factor in their investments and expressed a wish to invest into new ideas. As a consequence, our founder, Marc Deschenaux invented Intellectual Property Securitisation, allowing an investor to invest in a technology with limited human factor impact.

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To improve our operations we have teamed up with economists, marketing specialists, financial analysts and investment and commercial bankers. In addition we have established a complete network of various skills covering all of our client’s needs.

In terms of competition we are very fortunate to be operating in an area where the competition isn’t so fierce in comparison to other industries. Most law firms even when they are commercially oriented are very rarely oriented towards risky financing operations.

One of our most recent success stories involved us organising a 1.2 Billion loan for Adriatica Real Estate Corporation. We have also structured a USD 41.5 million private equity offering for Ethical Coffee Corporation that was more than half subscribed and paid to the issuer.

Looking ahead to the future, arguably the biggest challenge our industry will face is investment banks not being able to innovate due to overregulation.

As for the plans we have for the foreseeable future we will be managing an expansion in Morocco, Kiev (Ukraine) and Los Angeles (California) as well as the first major intellectual property securities offering on the NASDAQ.

2016’s Most Innovative Law Firm – Switzerland

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Company: Haitong International Securities Group Limited Email: ir@htisec.com Web: http://www.htisec.com Address: 22/F Li Po Chun Chambers, 189 Des Voeux Road Central, Hong Kong Phone: 852 2213-8678

Leading M&A Adviser for 2016 For Haitong International Securities Group Limited (“Haitong International”; 665.HK), mergers and acquisitions (M&A) is not only one of our key business segments, but the essence that makes us who we are.

Haitong International made its foray into Hong Kong market through acquisition of Taifook Securities Group in 2010, rendering it the first Chinese securities company to have successfully acquired a Hong Kong securities firm. The successful acquisition brought not only a SFC license, but also a huge client database as well as teams of experienced and licensed securities and futures intermediaries. This unprecedented expansion module has sparked a trend in the industry and many of our peers had followed suit.

Under our internationalisation strategy, Haitong International in 2015 made its second M&A adventure by taking over Japaninvest, a UK-based independent equities research institute. With our high execution power, we have established a new business unit - Cash Equities - building on the foundation of equities research, sales trading and research sales functions in six months as part of business consolidation after the acquisition. The takeover helps further expand our business spots from Hong Kong to other major global financial hubs including New York, London, Tokyo and Singapore.

in addition to the industry consolidation worldwide spurred by globalisation, it is expected that Chinese corporates will continuously seek overseas expansion opportunities, and their acquisition activities will probably enter a new era. It is believed that the focus of their acquisitions will be focusing on new technologies such as alternative energy, information technology and green economy, echoing the central government’s advocacy of new economic growth initiatives.

Meanwhile, acquiring the so-called “Soft Power” such as management skills probably would also be one of the considerations when they hunt for their targets.

Through these two significant acquisitions and rapid development of different business units, Haitong International has transformed itself from a local securities company to one of leading market players with global footprint. Haitong International topped the ranking among Hong Kong-listed Chinese securities companies in terms of total assets, net assets, total revenue and net income as of end 2015.

Haitong International - a Pioneer in M&A In order to ride on the new wave of business opportunities in global M&A, we have recently beefed up our Leveraged and Acquisition Finance Department (LAF) with a clearer market positioning focusing on providing corporate clients with a full array of acquisition consultation, bridge financing and project distribution services. Acquisition consultation services include the engineering of acquisition proposal, financing consultation, valuation of target firm, capital structure planning and business negotiation, and so on.

To date, Haitong International is an international financial institution with established presence in Hong Kong and a rapidly expanding network across the globe. It strives to serve as a bridge linking up the Chinese and overseas capital markets. Haitong International is a subsidiary of Haitong International Holdings Limited, a company incorporated in Hong Kong and wholly owned by Haitong Securities Co., Ltd. (“Haitong Securities”, 600837.SH; 6837.HK).

Haitong International is well positioned to serve over 190,000 corporates, institutional and retail clients worldwide. Its well-established investment banking business platform provides corporate finance, brokerage and margin financing, asset management, fixed income, currency and commodities (FICC), leveraged and acquisition finance, equity derivatives and a full spectrum of financial products and services.

In a broader view, under the “Go Out” and “One Belt One Road” policy of Chinese central government, 24 Acquisition International - June 2016

Financing services involve the flexible use of the capital market to provide clients with the most suitable financing solutions. In order to better leverage the asset profile of Haitong International and participate in more top-tier projects, LAF has been actively developing project distribution services, sharing in the forms of convertible bonds, priority debts, structured notes and equity derivatives with investors or other financial institutions.

The projects of LAF can be roughly divided into 3 categories: 1) To assist Chinese corporates to delist from foreign exchange markets and return to the A-share market in order to realise the potential valuation difference; 2) To facilitate local corporates’ overseas acquisition and vice versa and;

Leading M&A Adviser for 2016

3)

To offer proposals and financing solutions to Hong Kong-listed companies in relation to, among others, the acquisition of controlling stake, increase in shareholding by major shareholders, rights issue and placing of shares.

“Our in-depth understanding of the clients’ business and needs, our unique experience and skill-sets in the M&A business, as well as our strong China background and international outreach – are all keys to the success of our clients’ M&A transactions,” said Luke Cheung, head of M&A business of Haitong International.

In 2015, Haitong International actively took part in a number of sizable acquisition projects by offering clients with various bespoke financing solutions.

Within the year, deals that we actively participated exceeded 20 in number and reached HK$10 billion in value. For instance, Haitong International participated in providing financing the privatisation of China Cord Blood Corporation (CO.US).

It also advised and financed China’s Southwest Securities Co. Ltd.’s HK$700m (US$90m) cross-border acquisition of Hong Kong’s Tanrich

Financial Holdings Ltd. (now renamed as Southwest Securities International Securities Ltd. (0812.HK)) in 2014. Haitong International also financed and advised a great number of rights issue and general offer transactions, and is adept at using a broad spectrum financial instruments to facilitate the M&A transactions of its clients.

Strong momentum prevails in our M&A business in 2016. According to Bloomberg league table, Haitong International ranked no.1 in terms of number of M&A deal filtered by Hong Kong region among all Chinese securities houses in the past year ended 30 April 2016. (Please see below table).

To make itself a competitive player in the market, Haitong International’s LAF department currently comprises 21 team members with different backgrounds and most of them have experiences in foreign investment banks, commercial banks and fund houses. All of them are elites in the field with high proficiency in Cantonese, Mandarin and English, professional industry knowledge and extensive experiences in corporate acquisition, overseas acquisition, reverse takeover and VIE integration. All of them are proactively seeking acquisition targets across the globe for local and overseas clients, striking to provide effective and premium acquisition services.

Adviser

Rank

Deal Count

Total Deal Value

Average Deal Value

Haitong Securities Co Ltd CITIC Securities Co Ltd China International Capital Corp Huatai Securities Co Ltd Guotai Junan Securities Co Ltd Southwest Securities Co Ltd China Securities Co Ltd Bank of China Guosen Securities Co Ltd Sinolink Securities Co Ltd

1 2 3 4 5 6 7 8 9 10

13 9 9 7 5 4 3 2 2 2

1336.25 11788.91 6810.24 11519.61 4936.14 764.04 989.36 9416.73 915.18 331.19

102.79 1309.88 756.69 1645.66 987.23 191.01 329.79 4708.36 457.59 165.59

Source: Bloomberg league table from 1 May 2015 to 30 Apr 2016

Haitong International Deputy Chairman & CEO Dr. Lin Yong and senior executives share development roadmap at the 2015 Annual Results Announcement Press Conference.

Acquisition International - June 2016 25

1605EA57

CEO of the Month: USA Name: David Jones Company: Oceanworx Website: oceanworx.com

OCEANWORX is a global sports marketing, media production and distribution founded by international media authority David Jones in the year 2000. Prior to that, Jones was a professional extreme skier and skateboarder, a self- proclaimed ‘ski bum’ and considered a pioneer of professional extreme sports media communication. We spoke to him on how his passion for sports became the foundation for the highly successful business he runs today.

Emerging from humble beginnings, David had no idea that his time spent skiing and skateboarding would eventually lead him to forming his own marketing business. “Back in the day, in what seems like a 100 years ago, I used to do a lot of skiing and skateboarding videos,” says David. “I used to do stunts for catalogue shoots for ski brands and got to know photographers who would book me. I got more involved with extreme sports events and with the help of the photographers and videos we shot the media became interested in what we do and started reporting on us. Low and behold, major companies like Red Bull and Swatch etc. came into play to sponsor or organize major events and insiders like myself were brought in to build credibility. Basically, I was creating a profession out of being a ski bum!”

As time went on, David went on to form his own company Oceanworx who provide a diverse range of marketing services that span across the entire spectrum of sporting activities. “In a nutshell, my company is a sports marketing and media agency,” says David. “I help brands to better communicate their activities, develop content for any kind of media and build credibility with their fan base. I create, write and film content for companies in the sports area and further help brands with issues like what kind of events or athletes they should sponsor, and basically guide them along their way to a successful brand communication.”

When describing their marketing strategy, David makes a rather interesting analogy where he compares their work to the work of the ocean, hence the name ‘Oceanworx’. “The ocean has a very subtle but powerful way of influencing and shaping things with a long lasting result”, explains David. “And this is precisely the way we work. We assess the situation, influence and shape matters to have a long lasting impact for our clients.”

In terms of his approach towards clients, David sums it up in one simple phrase: ‘keeping it real’. “It’s my personal philosophy that we are real with our clients and everyone we work with. Naturally, we meet people who don’t like that, they rather have the classic sales pitch, but this is not the way I like to work. I am straight and honest and this is something our clients really appreciate. Everyone is different and some people like BMWs, some like Mercedes, but this is my personal style and is what has served my company well over the years. Above all, my company was founded on the values of sports, which is bring people together.”

Another value behind Oceanworx is to be as environmentally responsible as possible. As a person 26 Acquisition International - June 2016

who is passionate about skiing, David believes that protecting the climate that facilitates for sports such as these is of the utmost importance. “The environment is a big issue for me personally,” says David. “For example, over the past ten years we have reduced the paper use by 90%, almost everything is digital. Of course, I fly a lot so I do have a carbon footprint, but I also decided to minimise my footprint by working with specialized freelancers according to projects, which allows me to control our environmental impact as a company. If you look at free skiing/riding or surfing, you need the environment. If we don’t have that, we all have no business.”

Despite the unconventional nature of the business, Oceanworx were no exception to the number of companies who had to adapt and react to the Global Financial Crisis in 2008. “We originated from the production and distribution world, helping organise events and producing live footage,” says David.

“However, for economic reasons, we have seen our company move more from production to the development and marketing.”

Furthermore, like any other company working in media, David has had to adapt to the myriad changes that occur in technology. For David, keeping up to speed with these changes has been their biggest challenge. “Keeping up to speed with technology is a constant battle,” says David. “Every month there is a new gimmick that changes the media landscape, and we need to be constantly aware of what’s going on in this area.

“Broadcast technology has become a lot wider than it used to be, and is no longer limited to television.

Social media allows us to broadcast more and more and keeping up to speed with either of these technologies is quite a handful. I am not just the CEO of the company; I develop the marketing strategies and produce content, so I need to be up to speed with what is cutting edge of the industry. In order to achieve this, we constantly have our eye on whatever trends are accusing in the industry and regularly attend conventions in order to learn how we can develop and what tools we need to improve our business.”

In the broadcasting industry, David firmly believes that sports have been instrumental in shaping the sector, and are streets ahead of entertainment in terms of innovation and implementing new ideas.

“As I mentioned earlier, sports are all about connecting people, and I believe that it does a way better job than entertainment, if you look at areas such as brands or teams and their fan-interaction

CEO of the Month: USA

etc. As a result of its popularity, sports is playing a huge part transforming media technology for tomorrow. And by tomorrow, I really mean ‘tomorrow’ and not next year and next week, as things really are changing that fast! So if you’re a marketer with a five year plan, then you’re out of touch!”

Looking upon his business at present and beyond, David is confident that it will continue to grow and prosper. “The company is doing really well at the moment,” says David. “We’re not a big agency, but are a “nail in the shoe” of the multi-million companies, as we do work for majors brands, such as Sportel, which is the only sports marketing & media convention in the world and Oceanworx is responsible of all marketing and content for them.

As a result of working with such well-known brands, we have moved away from our reputation as this funky extreme sports agency to a highly respectable and award winning sports marketing agency. We are determined to build on our great work and continue to provide the highly engaging content for our clients, but still stay funky.”

HSH Prince Albert of Monaco welcoming David Jones Acquisition International - June 2016 27

1606EA05

CFO of the Month: USA Company: Channel Products, Inc. Name: Teresa C. Hack Email: thack@channelproducts.com Web: www.channelproducts.com and www.wildlyobsessed.com Address: 7100 Wilson Mills Rd., Chesterland, Oh 44026 Phone: 440 423 0113

Channel Products is a leading designer and manufacturer of ignition systems, safety controls, and complimentary products for manufacturers worldwide. The Company got its start in 1972 and is headquartered in Cleveland, OH, with sales and distribution offices in both China and Europe.

We spoke Teresa C. Hack who reveals the firms experience, proven technology, and unparalleled customer service as well as the challenges she faces at the helm of it. As well as imparting her thoughts on winning CFO of the Month: USA, she lifts the lid on the company’s exciting plans for the future, and the challenge in being creative and driving intellectual property opportunities in large industries that change at a slow rate.

Can tell us which the areas your company specialises in?

We invent and manufacture component systems and technologies designed to improve safety, ensure reliability, and enhance efficiency. Bestknown in the gas appliance industry for igniters, safety controls, assemblies, and accessories, we provide manufacturers worldwide with high-quality components and systems for a variety of industries.

With 48 patents since our beginning, we lead with experience, proven technology, and unparalleled customer service.

Selling to manufacturers of outdoor grills, fire pits, heaters, and lighting, to indoor commercial appliances, to tier-one military suppliers and much in between, we cover a lot of diverse segments with our products. We are fortunate that while we have an exceptional commercial effort, many customers reach out for us. Channel is one of the few companies I have seen where qualified opportunity is in a constant state of abundance. This is a great way to exist, so long as customers are still being thrilled without neglect.

How does it feel to have been awarded CFO of the Month: USA? I am humbled. Every wise leader surrounds themselves with smart, tenacious, and loyal people.

While I am honoured at the recognition, I am most proud of our strong Channel team and the excellent performance they bring through the doors each and every day. Leaders are made great when they have exceptional followers.

Do you have any plans for 2016 and beyond?

Fundamentally, we will continue to grow our people and Channel at a pace that is smart and exciting.

There will always be organic growth in our plans, but as we move in to the future, we will be looking at complimentary and strategic acquisitions to enhance and expand our offerings.

How the business is going and what challenges do you face at the helm of it?

Since we purchased the company nearly five years ago, business has been strong and we are growing. In addition to our European sales and distribution arm, we recently built and launched our own manufacturing facility in China, adding to our existing sales and engineering office. This global effort compliments our Cleveland-based design and manufacturing facility. While this type of growth and demand comes with inherent challenges, we make it a priority to mitigate the associated risks and control our own destiny.

Can you tell us about your career background prior to attaining your current position?

I had the privilege of working with the excellent team of partners at our parent organisation, Weinberg Capital Group – a private equity firm headquartered in Cleveland, OH, performing due diligence and working with acquisitions to implement operational excellence. Prior to this, I had built an operational and quality leadership background with publicly traded companies.

What kind of clients do you serve and how do you approach them?

28 Acquisition International - June 2016

What challenges lie ahead in 2016 for you as a CFO and also for your company in 2016?

The greatest challenge is always the balance in leading people while managing process, especially during aggressive growth spurts. When this is done well, the business evolves naturally and challenges become stepping stones to greatness. We have a very robust approach to our internal culture that I am asked frequently about.

We believe that human capital is the foundation of everything. I have never seen a plan unfold or a dollar change hands without someone’s personal touch. Mentoring and moulding this touch while ensuring work is getting enthusiastically accomplished is the challenge for 2016 and beyond.

Can you reveal any specific industry based challenges you are facing now and in the future?

While keeping up with aggressively changing technologies is what most companies face, for Channel, being creative and driving intellectual property opportunities in large industries that change slowly is the challenge. This only fuels us in a greater way to be the proverbial sleeping giant.

We exist to make our customer’s products the best in the world while enhancing the life of the end user.

This is demonstrated in our recent patent filings

CFO of the Month: USA

and will continue as our current and future projects give way to market segment disruption and bold competitive advantage for our customers.

Do you have any further insightful remarks to make?

Quality, on-time delivery, and the ability to both manufacture and source globally are merely the price of admission today. Status-quo is not our thing. We have a different philosophy on company culture and its impact on those we serve that sets us apart.

Whether it be our robust design capabilities or how we cultivate and insist upon an internal culture that is Wildly Obsessed with Thrilling Our Customers™, we want to be more and achieve more.

Is there anything else that you would like to add?

CFO of the Month: USA is a tremendous honour given by AI and I hope to always walk worthy of the much appreciated recognition!

Acquisition International - June 2016 29

Technology Transactions Company: Bureau van Dijk E-Mail: bvd@bvdinfo.com Web Address: www.bvdinfo.com

As with many sectors, the value of technology transactions was impressive during the second half of 2015. In all USD 319,086 million-worth of deal making was recorded over the six months, according to Zephyr, the M&A database published by Bureau van Dijk. This represents the sector’s highest value for a half year period in the entire timeframe under review, dating back to the beginning of 2006.

The impressive aggregate value recorded in the second half of 2015 means it was always going to be a big ask to expect the first six months of 2016 to reach a similar level. This looks likely to be the case as, with just one month to go until the end of H1 at the time of writing, aggregate value for the period currently stands at USD 319,086 million, only about half of the value recorded in H2 2015.

However, the figure is much closer to the levels which were recorded in previous periods. Although value may not reach the same heights as H1 2015, when USD 169,660 million was recorded, it has already surpassed the four six month periods spanning 2013 and 2014. 2015 was such an impressive year for M&A worldwide that the decline in H1 2016 may simply be a symptom of things returning to normal and settling at their natural equilibrium, as opposed to a sign of further drops in value to come. Overall value has been held down by deal volume, which is also down in H1 2016. So far 5,618 deals targeting technology companies have been signed off in the year to date, compared to 8,425 in H2 2015 and 8,602 in H1 2015.

The decline in volume has been a large factor in the decrease in value recorded in the first half of this year. This is evidenced by the fact that plenty of high value transactions have been signed off over the five months. All of the top ten technology deals announced over the timeframe were worth more than

USD 2,700 million and three deals broke the USD 7,000 million-barrier.

2016’s most valuable technology deal took the form of a Series A funding round by Chinese online logistics trading platform operator Cainiao Network Technology worth USD 7,705 million.

Participants in the round included GIC Pte, Temasek Holdings, Khazanah Nasional and Primavera Capital Management, among others.

That deal was closely followed by Hellman & Friedman’s acquisition of a majority shareholding in New York-based online healthcare cost management platform operator MultiPlan, which is worth a reported USD 7,500 million. The other deal to break USD 7,000 million was Market’s USD 7,042 million takeover of US business and management consultancy IHS, which was announced in March.

North America once again led the way by both the volume and value of deals targeting the technology sector in 2016 to date, having been targeted in 1,901 deals worth an aggregate USD 73,296 million so far. The Far East and Central Asia placed second by value with USD 34,514 million, followed by Western Europe with USD 21,780 million. The two regions swapped places by volume as Western Europe was second with 1,294 deals, while the Far East and Central Asia followed in third with 1,206.

North America and the Far East and Central Asia’s presence at the head of the rankings is not surprising as of the top ten technology deals announced so far in 2016, nine had targets based in one of these two regions. The only exception involved a Brazilian target as online securities brokerage and credit platform operator CETIP was targeted by stock exchange BM&F Bovespa to the tune of USD 3,163 million in April. That deal is the year’s seventh-largest technology transaction to date.

M&A targeting technology companies appears to be following a similar pattern to many other sectors in 2016, in that results have fallen somewhat after an extremely impressive period of deal making in H2 2015. The second half of this year should provide more of an indication of whether results are likely to settle around this level or whether we could be on course for further declines in the years to come.

30 Acquisition International - June 2016

Sector Talk

Number and Aggregate Value (mil USD) of Technology Deals Globally: 2006-2016 to date (as at 31 May 2016)

Number and Aggregate Value (Mil USD) of Technology Deals Globally by Target Sector: 2006 - 2016 to date (as at 31 May 2016)

Deal half yearly value Number (Announced date) of deals

Aggregate deal value (mil USD)

Zephus classification (target)

Number of deals

Aggregate deal value (mil USD)

H1 2016 to date

5,618

159,574

Computer, IT and Internet services

94,823

1,998,752

H2 2015

8,425

319,086

319,696

8,602

169,660

Industrial, Electric & Electronic Machinery

5,998

H1 2015 H2 2014

8,360

149,716

Personal, Leisure & Business Services

8,930

309,258

H1 2014

7,472

154,369

Wholesaling

3,615

147,644

Public Administration, Education, Health Social Services

1,432

127,816

Retailing

986

70,675

Communications

1,278

66,188

Banking, Insurance & Financial Services

1,557

53,572

Property Services

138

28,817

Miscellaneous Manufacturing

649

22,104

Printing & Publishing

391

19,523

Utilities

32

16,114

Transport, Freight, Storage & Travel Services

346

15,490

Chemicals, Petroleum, Rubber & Plastic

88

10,911

Metals & Metal Products

201

10,352

Mining & Extraction

30

8,348

Construction

155

2,833

Agriculture, Horticulture & Livestock

19

763

H2 2013

7,222

158,872

H1 2013

6,010

93,076

H2 2012

5,266

74,088

H1 2012

4,875

60,281

H2 2011

4,460

75,932

H1 2011

4,038

69,139

H2 2010

3,420

79,750

H1 2010

3,434

56,401

H2 2009

2,669

66,856

H1 2009

2,455

33,571

H2 2008

2,481

39,339

H1 2008

2,736

51,193

H2 2007

2,898

92,515

H1 2007

3,068

92,912

H2 2006

2,959

71,713

H1 2006

3,035

55,251

Number and Aggregate Value (Mil USD) of Technology Deals Globally by Deal Type: 2006-2016 to date (as at 31 May 2016) Deal type

Number of deals

Aggregate deal value (mil USD)

Acquisition

27,271

1,057,135

Minority stake Institutional buy-out Capital increase Management buy-out

61,907 1,612 8,007 430

638,701 263,623 173,571 4,116

Demerger

79

93

Merger

203

37

Management buy-in

30

21

MBI / MBO

18

2

The value of private equity transactions announced during the second half of 2015 was impressive as an aggregate USD 319,296 million was invested across 3,184 transactions, according to Zephyr, the M&A database published by Bureau van Dijk. The increase in value on the first half of 2015 came despite a decline in volume.

Given the surge in deal making which took place towards the end of last year, many will have been expecting figures to decline in the first half of this year as it would be extremely optimistic to believe this level of activity could be sustained indefinitely.

This has proven to be the case; although there is still a month to go until the end of H1 2016, the period does not look likely to reach the same heights recorded in the closing six months of 2015. So far there have been 2,179 private equity transactions worth a combined USD 159,472 million signed off since the beginning of January 2016. If results continue on this trajectory, H1 2016 is likely to be one of the lowest six month periods in terms of the aggregate value of private equity transactions for a number of years.

Unsurprisingly, North America has attracted a large portion of the private equity funds injected so far this year. The region led both the volume and value rankings with 847 deals worth USD 67,620 million.

Western Europe placed second on both fronts with 637 transactions with an aggregate value of USD 37,784 million, while the Far East and Central Asia was third with USD 33,200 million across 501 deals.

To sum up, the declines witnessed across all industries in 2016 to date have extended to private equity transactions. It is difficult to say whether the slide in volume and value is an indication of an upcoming prolonged drop in activity or whether results are likely to recover in the coming months.

The only things that is for sure is that the situation will make for interesting viewing for those watching the markets.

Number and Aggregate Value (Mil USD) of Private Equity Deals Globally by Type: 2006-2016 to date (as at 31 May 2016)

Number of Technology Deals by Region: 2006 - 2016 to date (as at 31 May 2016) World region (target) North America

Private Equity

2012

2013

2014

2015

5,376

6,173

7,259

6,484

2016 to date 1,901

Western Europe Far East and Central Asia Eastern Europe Oceania

2,197 1,276 346 295

2,699 1,632 638 333

3,141 2,605 764 423

3,367 3,969 624 463

1,294 1,206 244 163

Middle East South and Central America Africa

117 274 37

190 388 54

183 420 103

219 283 72

77 73 37

Deal half yearly value Number (Announced date) of deals

Aggregate deal value (mil USD)

H1 2016 to date

2,179

159,472

H2 2015

3,184

319,296

H1 2015

3,291

248,185

H2 2014

2,628

220,522

H1 2014

2,485

198,476

H2 2013

2,404

203,195

Acquisition International - June 2016 31

1606EA24

2016 Most Innovative Business Leader Skaltek is a highly renowned manufacturer of equipment to the cable and wire industry, with customers in all four corners of the globe. Pulling the strings behind this international company is Ralph Skalleberg, who lifts the lid on how he guides his firm towards continued success.

Company: Skaltek Inc Name: Ralph Skalleberg Email: rs@skaltek.com Web: www.skaltek.com Address: 5824-A Peachtree corners east, Norcross, Georgia 30092, USA Telephone: +1 (770) 582-8648

In total, Skaltek have customers in 60 countries and offices in Sweden, Germany, Brazil and Sweden.

According to Skalleberg, the reason why they have been so successful in manufacturing machines is that have genuinely benefitted the lives of the people who operate them, and this is at the heart of everything they do at Skaltek.

“Our success is that we have focused on the life for the operator of the machine,” says Skalleberg. “If the machine is something that helps them and looks great, in turn the operator will have a better life and they will take care of the machine better. Then the machine will last longer, and we will go on to produce even more. At our company, we are firm believers that better technology leads to a better society.

“Our strategy is quite simple and this is just to find what is right and do just that,” says Skalleberg.

“We are quite an informal company, as we have no hierarchy and everyone in the organisation has a business card with their name and face on it. This is to not only make people responsible for what they do, but to also take pride in what they do as well. In our office, we have no walls, and everything is open because we believe in transparency.”

Skalleberg firmly believes that and their values and their commercial success have gone hand in hand, and his positive attitude has bred positive results at their company. “We are doing exceptionally well at the moment,” says Skalleberg. “In a world with more and more turmoil where its leaders want to build even more walls, we are building team work.

We have been in business since 1974 and everyday more and more people are realising the quality of work we do. The key challenge today is to think different and focus on love and not fear.”

In terms of Skalleberg’s background, his experience more practical than academic, having left school at 15 in order to earn his own living. “Throughout my career, I have come a long way, and have learned so much just be working and helping different people,” says Skalleberg. “I firmly believe that positions are earned and those who truly earn a position, will serve. The world needs servants, not bosses, and good examples, not leaders.”

Despite being a global company, Skaltrek main growth strategy is to simply look after their own customers and hope that the word will spread about their experience and expertise. “We typically do not approach customers, they approach us,” says Skaltek. “Over the years we have built up our

32 Acquisition International - June 2016

reputation and this is through providing the very best service for each and every one of our customers. We accommodate for a diverse range of clients, including people who make cables, and this can include electric cables, fiberoptics, tubing and many more.”

The past few years have marked turning point for the company, where they are looking to continue to expand their horizons beyond their current client base. “Our key focus is to make sure our skills and know-how is not only passed onto the next generation but is improved upon,” says Skalleberg.

We have been in North America since 1976 with our first office opening in Atlanta, Georgia in 1981. We are now building a new office for the future, we call this the “conscious work place”.

Two years ago, Skaltek expanded their offices to Brazil, which was a very successful endeavour. “With this office, we hope that we can grow our business even further. At the same time, we are very conscious of growing too fast, and hope to grow organically so we don’t end up compromising the high quality services we offer.”

Like any other successful business, there is constant focus on self-improvement and innovation at the company. Skalleberg believes that this can be achieved by putting your ear to the ground and listening out for what is currently happening. “To be innovative, you must seek a better way to do things,” says. “Typically, a lot of these answers are found when you seek them. However, when you seek answers, you have to be quiet. People that like to discuss, they are typically not seeking. A child’s learning and growing seems to be the most extreme in the first 12 months. An interesting reflection with that is that in that time, they have really not learned to talk yet. It is hard to take in when you talk too much. I think that the value of listening is quite underrated and is fundamental to success.”

Skaltek’s success is also based upon building relationships, and is something that is constantly evolving with the advances in technology and particular social media. “With social media there is a big challenge in holding the society together, “says Skalleberg. “People text each other instead of talking to each other. A big challenge is keeping relationships alive, and we live in a society where the focus is on instant news to the extent that people are emotional and do not take the time to find the facts. I want to build a better world and we do this one customer at the time. We make beautiful machines because we see

2016 Most Innovative Business Leader

the results of that, and the more we interact with each other and build bridges, the more peace we will have.”

Looking more specifically at the manufacturing sector, one of the most challenging developments for Skaltek is in regulation. “In Europe there is too much focus on regulation,” says Skalleberg. “For example, there are too many people that will interpret CE regulations and with the regulations you end up spending a lot of money on consultants that try to interpret the rules. Moreover, buyers of machines are often too focused on short term returns and when you simply focus on short term gains, you have lost your focus. Our focus is not to focus on money, but rather on how our machines can better serve mankind, and this is vision that has served us well and we will continue to follow in the future.”

Acquisition International - June 2016 33

1606AC27

Cryptography in 2016 Kingston Technology was founded in 1987 and has grown to be the world’s largest independent manufacturer of memory products. But what is the story behind their success? And what advice and insight do they offer on the hot topic of the European Union General Data Protection Regulation?

Company: Kingston Technology Name: Christoph Bader, Strategic Marketing Manager B2B Web: www.kingston.com Address: 17600 Newhope Street, Fountain Valley, CA 92708, USA Brooklands Close, Sunbury-on-Thames, TW16 7EP, United Kingdom Telephone: www.kingston.com/ company/contacts

In a nutshell, Kingston offers a full range of memory products that address complex IT business requirements, including DRAM for servers, desktop and notebook computers. In addition, Kingston provides a wide range of Flash memory based products, including encrypted USB drives, to store and protect sensible data. Moreover, in March 2016, Kingston acquired the IronKey encrypted USB business and will utilise the IronKey product line to deliver FIPS 140-2 Level 3 certification solutions for customers who need the highest level of encryption and security (FIPS 140-2 Level 3 certification is a requirement for civilian and government agencies as well as military branches in the United States and Canada).

As such, Kingston serves an international network of distributors, resellers, retailers, OEM customers and data centres on six continents. The company also provides contract manufacturing and supply chain management services for semiconductor manufacturers and system OEMs. From our perspective, perhaps one of the biggest developments in digital technology is the forthcoming European Union General Data Protection Regulation.

The European Union General Data Protection Regulation (EU GDPR) replaces the 1995 Data Protection Directive and aims to better protect personal data of EU residents as well as generally future proof data protection in the EU whilst unifying 28 different national legislations at the same time.

Thinking back to 1995, the Internet was in its early days and most of us used Altavista as a search engine, AOL as an Internet provider as well as instant messaging platform and Amazon was called Cadabra. Companies like Google, Facebook or Twitter who process a big chunk of today’s data and personal data were not around back then and this demonstrates how urgent the need for a new data protection regulation that is digital age-proof was.

As such, the EU Commission put forward a first draft of an updated legislation in 2012 and after four years of negotiations between EU Commission, EU Parliament and the Council of Ministers, the final version of the EU GDPR passed the European Parliament in April this year. There is a two-year transition period which means that the legislation will take full effect in May 2018. So organisations have two years to develop and work on policies, processes and technology to comply with the EU GDPR. The new regulation applies to every organisation that processes personal data, for example name, date of birth, bank details or medical records, of EU

34 Acquisition International - June 2016

residents no matter if the organisation itself is based within or outside the EU. The GDPR furthermore doesn’t prescribe in detail how organisations should protect personal data but strongly recommends carrying out a risk assessment and evaluation and then taking appropriate and state-of-the-art measures such as for instance encrypting data to mitigate the risks found. In case of a data breach businesses will face fines of up to 4% of their global revenue or €20 million (whichever is greater). Additionally, individuals will have the right to be notified if their personal data has been compromised and data breaches must be reported to a national supervisory authority. This means that a data breach in addition to the direct costs like fines or legal fees will also generate indirect costs such as negative publicity, loss of customer trust and ultimately business.

In order to become GDPR compliant, we recommend following five steps. First and foremost, companies need to understand the new regulation and what it means to your organisation. Secondly, they need to understand which personal data your organisation processes and who uses and has access to them.

Once there is an understanding, the third step is to define a strategy for the data and who gets access to which data and on which medium.

Our fourth step refers to the technology being used.

As recommended in the GDPR, hardware encryption and endpoint-management are the options to be considered, especially for data on the move. Lastly, but certainly not least, you need to ensure your staff is aware of the GDPR and best practice data protection policies are followed.

This also applies to data on the move. Mobile devices such as phones, laptops or USB-drives generally have a certain risk of getting stolen, lost or misplaced. Hence employees carrying data out of the office on these devices increase the overall risk of data being compromised and leaving an organisation open to hefty fines, recovery costs and a potential PR disaster. It is also important to remember that this not only applies to data that you need to protect from a legal point of view but also to sensitive data that you want to protect.

As mentioned previously, encryption of personal and sensitive data is currently the recommended and state-of-the art way to be safe. Organisations invest heavily in protecting data inside the network. By investing in encrypted USB drives with 256-bit AES hardware-based encryption organisations can get a small but important item ticked off their GDPR to-do list. Data outside the network or beyond a company’s firewall is every bit as important.

Cryptography in 2016

Naturally, improving network security is an ongoing task for IT departments as hacking is more prevalent.

In an increasingly mobile world where more employees work from home or in a BYOD (bring your own device) environment, companies will need to better address security concerns and this especially includes “data on the go” which is where USB drives come in.

Due to the new regulation and its impact on businesses, we expect encryption to become a boardroom topic. Currently the encryption of personal and sensitive data is more of a topic for IT departments and IT security managers. However, the potential 4% revenue or €20 million fines if a data breach occurs will ensure a heightened overall awareness for encryption within organisations.

Furthermore, Kingston’s close software partner DataLocker® Inc. will continue to manage the SafeConsole® and Enterprise Management Services (EMS) platforms that both Kingston and IronKey managed encrypted drives utilise. Thus IT administrators can centrally manage encrypted USB drives to meet compliance requirements and provide a higher level of support. Features include setting passwords remotely, configuring password and device policies, activating audit for compliance and more.

Although the development is unfamiliar territory for many businesses, we are confident that we can assist any business in meeting its requirements and thereby ensuring them a smooth transition and allowing them to do what they do best.

At Kingston Technology, we offer an affordable business-grade encrypted (DTVP 3.0), highsecurity (DT4000 G2) as well as keypad USB-drives (DT2000), to help make sure organisations comply with the EU General Data Protection Regulation (GDPR) and their data gets the security it deserves.

In addition, Kingston uses the IronKey product line to deliver FIPS 140-2 Level 3 certification solutions for customers who need the highest level of encryption and security.

Acquisition International - June 2016 35

With over 250 primates of 20 different species, Monkey World is the largest sanctuary of its kind in the world. The monkeys and apes that live at the park are mainly there as a result of being abused or neglected in their previous circumstances.

The expert team of primate care staff work around the clock to rehabilitate and integrate the animals into natural living groups.

Combining fun with conservation and animal education, half-hourly talks by the dedicated Primate Care Staff explain all about man’s closest living relative. They love to share their knowledge of all the individuals in their care, so don’t hesitate to ask any questions when the talk is over. Pre-bookable guided tours are also available.

You can support Monkey World in continuing their rescue and rehabilitation work by taking part in the Adopt a Primate Scheme. Prices start from £25 for the year and include a photograph, certificate, three editions of the Ape Rescue Chronicle and free entry to the park for a year.

Monkey World - Ape Rescue Centre, Nr Wareham, Dorset, BH20 6HH Tel No: +44 (0) 1929 462537 email: apes@monkeyworld.org www.monkeyworld.org

2016’s Most Innovative Hedge Fund Manager, Luxembourg 1606JC14

2016's Most Innovative Hedge Fund Manager, Luxembourg Specialising in both, open-ended investment funds and related private equity fund transactions, Carlisle Management Company is a holistic alternative investment manager, assuming a wide range of tasks over the entire life cycle of the investment. Jose Garcia, CEO of Carlisle Management Company, reveals more about their company and the value of alternative investments.

Company: Carlisle Management Company Name: Jose C. Garcia Email: info@cmclux.com Web: www.cmclux.com & www.luxlf.com Address: 9 rue Sainte Zithe, 1st Floor Telephone: +352 268 453 59

From our experience, more and more investors are beginning to see the advantages of alternative investments as a tool for diversification and a compliment to their existing allocations models.

For those of us in the alternative asset sector, who have been able to prove truly uncorrelated returns and consistent long term growth performance, the current market offers many opportunities to approach investors and further educate them on the advantages of alternative investing.

Although the world of alternative investments can be a highly competitive arena, we believe that our wealth of experience and expertise helps separate us from our competitors. The core team at Carlisle has been working together for nearly two decades in various aspects of the business, and the experience and synergy that comes along with such an extended period of partnership has resulted in a very seamless evolution for the direction of the company on both a micro and macro level of development. Furthermore, the company’s proactive stance on internal improvement and its long standing relationships within each of its niche sectors, have allowed Carlisle to excel among its peers in product acquisition and portfolio management and act as pioneer within our niche markets.

Alongside this expertise, we have adopted a proactive stance on management theory and practice, paired with the commitment to staying on the cutting edge of management related technology and new strategies. As such, Carlisle continuously employs forward thinking in its deal sourcing approach which allows the firm to be well positioned to compete in this growing and evolving market.

Ultimately, the culture at Carlisle is one of flexibility, open mindedness and collaboration. The team at Carlisle prides itself on a paradigm of looking towards the future and planning for what is coming as opposed to becoming complacent with the atmosphere of the current period, no matter how successful it may be. The management team at Carlisle encourages an open dialogue within ranks of the organisation, understanding that each individual contributor’s daily involvement can be used to identify, and thus address, the elements and changes that will shape the future of the company and its business.

As for our flagship fund, Carlisle’s award-winning Luxembourg Life Fund is an investment fund that acquires, trades, and manages a portfolio of U.S. based life insurance policies issued by US Life Insurance companies with an average A rating.

These policies generate investment returns for the fund based on the difference between the face value of each policy and the acquisition price plus accumulated premiums at the time of mortality, or through subsequent trading. Furthermore, the fund’s open-ended structure allows investors to diversify their participation across a larger pool of life settlements while maintaining a higher liquidity profile.

The life settlement industry has grown at a phenomenal rate over the last decade, and the Luxembourg Life Fund has been able to take full advantage of this growth by pioneering a number of different fund features in the space. Carlisle first introduced and continues to utilise mark-to-market valuation systems as well as independent service providers as key elements of the underwriting and valuation process.

Moreover, the fund also employs detailed actuarial and financial analysis tools that ensure that assets meet a rigorous series of sensitivity and stress tests.

Combined with tax-optimised, regulated investment structures, it is these innovative measures that have allowed Carlisle to secure consistent above average results while offering fully transparent investment products to its knowledgeable and discerning investor base.

With alternative investments becoming a more attractive opportunity for investors, we are confident that our company will continue to grow in the future.

Of course, there will be challenges along the way, but we are confident that our experience and our dedication, will allow us to overcome any obstacles that come along the way.

Acquisition International - June 2016 37

1606JC15

2016's Most Innovative Hedge Fund Manager, France

Company: La Française Invesment Solutions Name: Luc Dumontier, Head of Factor Investing and Senior Portfolio Manager Email: institutionnels-LFGIS@ lafrancaise-group.com Web: www.lafrancaise-gis.com Address: 128, boulevard Raspail, 75006 Paris Phone: +33 1 44 56 10 00

La Française Investment Solutions (“LFIS”) is an institutional asset management boutique established in 2013 and based in Paris, France.

Together with La Française Bank, Paris branch, LFIS makes up La Française Global Investment Solutions (“LF GIS”), the investment solutions business line of French asset manager La Française Group. LF GIS combines investment banking and asset management expertise and offers a range of investment solutions including hedge funds and dedicated solutions and has seen strong growth since inception with assets currently at $6.5 billion and more than 38 professionals.

LFIS takes a nimble, cross-asset approach to deliver innovative funds including alternative strategies focused on credit and risk premia, solutions funds including hedged equity and enhanced volatility products and dedicated solutions. LFIS’s offer is aligned with the needs and constraints of today’s institutional investors.

Luc Dumontier, Head of Factor Investing and senior Portfolio Manager at La Française Investment solutions comments the “factor investing” phenomenon and presents LFIS’s differentiated offer.

Why investors are so interested in the “factor investing” approach?

Investors have realized that most funds tend to be exposed at best, in benign conditions, to very few risk factors; and at worst, in times of risk aversion, solely to equity risk and thus correlated to market fluctuations. This explains the emergence of risk parity solutions from 2008 that force the diversification to be effective between two historically uncorrelated factors, being equities and government bonds. However, a risk parity allocation, which corresponds to a capital allocation of 15% to equities and 85% to bonds, is ever less appealing given the low level of yields.

Investors also realized that most funds that succeed to beat their benchmark were biased to other factors such as buying the cheapest stocks based on their valuation multiples (value) and the smallest in terms of capitalization (size) for equity portfolios. It was enough to convince investors to directly expose their portfolios to such factors.

Can you tell us more about these factors? Why is it interesting to combine them?

The classical premia approach combines different long/short portfolios which capture the standard alternative factors (value, carry, momentum, low risk) well documented by academics. The factors are implemented across a broad allocation of traditional asset classes (stocks, bonds, currencies and commodities).

38 Acquisition International - June 2016

These factors are expected to deliver returns linked either to additional structural risk (risk premia) or by putting in place strategies that profit from biases linked to market participants’ behaviour, investment constraints and structural flows (style premia).

The rationale behind each of these premia being different is that they are supposed to deliver returns that are less correlated with each other and underlying asset class and so they can serve as blocks to build portfolios expected to deliver strong Sharpe ratios.

Did these solutions have managed to stand out in terms of return and diversification?

According to numerous simulations done by both academics and investment banks, these solutions would have allowed investors to achieve regular returns and mildly correlated with asset classes over the past two decades.

However, since the launch of the first “style premia” solutions in 2013, the reality has been a long way from this idyllic fiction: they have delivered modest average returns and often correlated with the equity markets.

What are your recommendations to achieve stable returns using such framework?

We urge investors to only select robust premia, being those that are understandable, really diversifying and built avoiding over-fitting. Then, it seems crucial to capture other types of premia than the academic ones that are implemented by ever more investors. This diversification can be done using other investment horizons (e.g. medium-frequency strategy that exploit short-term over-reactions) or other asset classes (e.g. volatility, insurance-linked securities and arbitrage strategies). Also, we recommend avoiding factor timing that have proved to be difficult historically. We would rather encourage investors to use allocation techniques that result in highly diversified portfolios among factors (e.g. equally risk contributed) to make the most from their diversification power.

2016’s Most Innovative Hedge Fund Manager, France

Can you present us your premia offer at La Française Investment Solutions?

We are part of the precursors in this investment space with the launch of LFIS Vision – Premia Opportunities (SIF format) at the end of 2013. One year later we launched a UCITS format (end of 2014).

Our strategy goes far beyond the traditional approach that consists to only combine the classical academic premia (value, carry, momentum, etc.) within the major asset classes. We have built a team of fund managers with different backgrounds – from asset management to investment banking – so to be able to expand the investment universe to 2 other premia families – implied parameters and carry liquidity. All premiums are selected using the same strict range of criteria, including the ability of the fund managers to explain the rationale behind the premia and its capacity to bring a real diversification power at the fund level. This very wide range of premia (up to 30) allows both funds to target a Sharpe ratio of 1.5, with an average volatility of 7% for the SIF fund and an average volatility of 5% for the UCITS fund.

The results are above expectations as both funds registered a Sharpe ratio higher than 2 since their respective launches with a strong consistency over time: +6.5 % in 2014, +9.1 % in 2015 and +5.3% in 2016 (as of April 2016) for the LFIS Vision – Premia Opportunities fund. The UCITS fund delivered +5.9% in 2015 and is up +3.9% in 2016 (as of April 2016).

Acquisition International - June 2016 39

Helping you Understand your People – to unlock their full potential

www.psychologica.co.uk

2016’s Most Innovative Hedge Fund Manager, Bermuda 1606JC31

Company: Equilibria Capital Management Ltd. Contacts: Daniel Tafur / Fabio Lopez Ceron Web: www.equilibriacapital.com Telephone: +1 441 295 2233

2016's Most Innovative Hedge Fund Manager, Bermuda Equilibria Capital is a highly innovative asset management company focused on managing investment funds and separate accounts for private and institutional clients. Consistently delivering results for their clients, the firm’s funds and portfolios invest globally across multiple asset classes in both public and private markets.

Avance Global is Equilibria’s flagship fund. The Fund, which invests globally across different asset classes has delivered annualised returns of +5.8% since its inception in 2003 with a volatility of only 6.2% and has only had two years of negative returns. Including 2016, the fund has accumulated five consecutive years of positive returns, despite challenging markets and a prolonged period of underperformance for value-oriented investment styles.

One of the key factors that helps to explain Equilibria’s strong track record and ongoing success is its flexibility. Avance Global, for example, takes a benchmark-free approach to investing which offers its clients the widest array of opportunities and an unrestricted approach to risk management.

Avance Global can invest anywhere in the world, anywhere in a company’s capital structure (providing there is a good degree of liquidity) and across any currency. It is free from benchmark tracking and has the flexibility to have very large cash weightings if the manager believes that is the best allocation of capital.

The Fund’s managers believe that long-term investing offers the best opportunities but that tactical moves can also add significant value in the short term.

Like any successful company, Equilibria is continuously looking at new ways to innovate and develop the services and products that it offers its clients. Equilibria is constantly trying to identify and exploit market inefficiencies, and has the willingness to create specific niche investment vehicles to invest in the opportunities that it identifies.

For example, in 2014 Equilibria launched the EQC Agrifund, a global food and agriculture-themed fund with an absolute return bias. The fund invests in public and private markets, liquid alternatives and real assets in the agriculture space, aiming to capitalise on what the manager believes are unequivocal tailwinds for the sector over the next 1030 years. Again, the results speak for themselves, as the EQC Agrifund has achieved annualised returns of +4.0% since its inception with a Sharpe ratio of 1.56.

This is just one of the examples where Equilibria has diversified its services. The Firm believes that providing alternative and innovative investment strategies is crucial in the asset management industry. With the S&P 500 trading at over 17x forward earnings (an expensive level by historical standards), and with over $9 trillion of negativeyielding bonds outstanding globally, Equilibria’s founders believe that investors should be thinking about risk optimisation and looking for alternative investments opportunities that are able to offer consistent alpha with a focus on capital preservation.

Equilibria’s people are the key to its success. The firm is composed of a highly experienced, cohesive, tested team with a superior track record. Equilibria’s key decision makers are Morgan Stanley veterans with over 20 of asset management and investment banking experience. The Company’s founders have been working together for almost 15 years and, as such, are well equipped to meet the ongoing challenges that the investment industry presents as the Firm continues to build on its successes in 2016 and beyond.

Acquisition International - June 2016 41

BE160068

Thames Valley’s Leading Supplier of uPVC and Aluminium Windows, Doors and Conservatories

www.abbeywindows.co.uk

2016’s Most Innovative Hedge Fund Manager, UK 1606JC35

2016's Most Innovative Hedge Fund Manager, UK AIM is a UK-based asset manager, founded in 2008 by a long-standing team that had formerly managed $6 billion at UBS and $2 billion at Insight. We provide risk-based, inflation-beating solutions to institutional, retail and family office investors in ways that are transparent, cost-effective and liquid.

These products are designed to achieve long-term capital appreciation through flexible and diversified asset allocation across all liquid global assets classes.

Company: Armstrong Investment Managers Name: Dr. Ana Armstrong Email: ana.armstrong@ armstrongim.com Web: www.armstrongim.com Address: 26 Dover Streeet; London W1W 5LY Phone: +44(0)20 3409 6468

Our investment process is built upon a set of key beliefs: 1. An interaction of model-driven strategies with discretionary views as the key to long-term outperformance 2. Identifying strategic opportunities which • generate superior alpha by exploiting asset pricing anomalies • achieve superior returns by harvesting riskpremia within ex-ante volatility bounds 3. Allocating between contrarian & trend following strategies and value-growth & carry investing within and across asset classes 4. Inflation as the ultimate destroyer of long-run purchasing power and real diversification as a key component of our investment style The Hedge Fund Rebound of March 2016 The hedge fund rebound in March came after a terrible start to the years and during a month in which the MSCI World gained over 6% - so much for uncorrelated returns. What we seen time and again from the industry is a sort of whiplash, in which a somewhat reduced volatility in bear markets does not make up for the significant drag that being over-hedged during rallies brings to bear on longterm performance. Far from proving a vindication of hedge funds as a group, this continued underperformance of most of the industry we have seen recently allows for its top players to distinguish themselves from their peers.

It is in the difficult months preceding and following this rally from the bottom, and how managers dealt with risk in January’s rout and finding sources of return in the sideways markets since April, that we ought to look for the additional value that the top hedge fund managers can provide to investors. For us, particularly, deciding when to turn off our trendfollowing strategies, entering profitable relative value opportunities, and making discretionary thematic and hedging decisions around the lead-up to Brexit helped to generate returns in excess of 17% over the last five months.

Investment Philosophy and Successes At the heart of our investment philosophy lies the belief that an interaction of quantitative with discretionary investment processes is the key to producing long-term outperformance. This means that on all levels, from considering the input of quantitative models in our asset allocation and strategy selection, to applying discretionary views

to the output of our model-driven trading, there is a meeting of algorithmic methods with human common sense. This situates us in a niche amongst competitors who are usually either-or in their management style, and our consistent meeting of performance targets speaks for itself in the question of how our company stands out from the rest.

Our AIM Multi Asset fund has earned 17.6% for investors this year while achieving an annualised Sharpe Ratio of 2.5 to-date. This has come during a period in which global equity indices have grown on average by about two percent and most hedge funds have fared even worse. In fact, our consistent outperformance now has us beating the MSCI World Index over one, three and five years in not only riskadjusted but absolute returns, with AIM up by over 117% since inception in 2009.

Innovation in the Investment Community AIM work closely with several universities supporting the quantitative research. The research paper we are currently working on is about (real time) forecasting of energy demand using data at different frequencies. This is done by model averaging and relying on different weighting techniques to select and average the forecasting models. The frequency ranges from ultra-high (5 minutes) to daily.

The data concerns the demand for energy produced from various sources including oil, wind, biomass, nuclear and hydro. Model averaging has shown to have a performance that is superior to that of individual models and also being often completely automated will also eliminate the uncertainty which arises from choosing inappropriate conditioning variables which would automatically be discarded in favour of those producing better in and out of sample forecasts.

Future Challenges • The main challenge for the industry is the macro environment and finding the best ways to implement macro views.

• Macro strategies aim to forecast changes in macro - economic policies such as interest rates and inflation and are frequently driven by significant political events.

• The main themes in the current macro environment are: Brexit, Chinese slowdown, commodities recovery and the Federal Reserve’s interest rates hike.

Acquisition International - June 2016 43

In Transpiramide Ltd transport of your goods is our priority!

GM16038

transpiramide.co.ao

Most Innovative Law Firm 2016 1604JC20

Company: Faber & Allin Inc. Name: Eureka Zandberg (formerly Allin) Email: eureka@faberallin.co.za Web: www.faberallin.co.za Address: Block 1, First Floor, 3 Anerley Road, Parktown, Johannesburg, South Africa.

Telephone: +27 11 0259440

Most Innovative Law Firm 2016 Faber & Allin Inc. is a general legal practice with a specialist focus on litigation. Over the years, the firm has diversified its areas of practice to include intellectual property Law, as well as corporate and commercial law.

We spoke to Eureka Zandberg, Director at Faber & Allin Inc, to find out more about their firm and get their insight into the ever evolving legal landscape.

In the modern legal environment, innovation is crucial for growth and adapting to a rapidly changing business environment and marketplace. Recent years have seen dramatic changes to the legal services industry across the globe, and the need for law firms to improve their efficiency is fundamental in challenging the increased trend of insourcing, as well as outsourced offerings of multidisciplinary teams.

While working in this highly competitive arena, we believe that there are a number of aspects which help differentiate us from our peers. Strong leadership, focused on multi-level staff involvement and client satisfaction, is what drives Faber & Allin Inc. We are committed to provide new services and to implement new models of service delivery by driving efficiency through technology.

More specifically, the firm successfully implemented its ‘digital strategy’ in its move to a paperless and green office. Its Digital Document Management and Filing project not only created new employment opportunities within the firm at entry level, but also, more importantly, resulted in increased productivity across all staff levels and long-term savings in the cost of doing business. The resulting savings and increased productivity has enabled growth for the firm, facilitated successful diversification of practise areas and enabled the firm to appoint a new senior associate to the staff complement.

As with any industry in the modern era, clients require high levels of service without the high cost, particularly as clients today are increasingly knowledgeable and cost-conscious. Embracing change and adapting creates

new opportunities, and the legal profession is no longer an exception to the rule. As such, Faber & Allin Inc. is committed to driving client focus and satisfaction, not to become complacent in its service offerings but to embrace the evolution of and competition in doing business in the 21st century, with courage.

In terms of our clients, we serve a diverse client base, ranging from individual and corporate to commercial clients. Our clients are predominantly referral-based (word-of-mouth), and our client base has increased through networking strategies utilised to promote business-partnering support both within the industry, as well as within associated industries. Additionally, Faber & Allin invests in value-add brand building and supports community-driven initiatives.

As for our ethos, we firmly believe that our success has been predominantly a team effort. Every staff member of the firm is instrumental to the success of the firm and we support a culture of staff involvement and development. As Nixon Peabody’s Harry Trueheart once said, “Better job satisfaction means better client satisfaction ... and all employees must be well-served to serve your clients the very best.” On the whole, our staff are proud to be a part of the firm and we strive to be a ‘best place to work’.

Looking ahead, we are confident that we will continue to be at the forefront of our industry. A big challenge for the legal industry remains in emerging technologies in law firms. With this in mind, firms who do not integrate the many facets of technology across their practices could face an inability to keep pace with emerging developments resulting in ever-increasing costs associated with its delayed implementation.

Moreover, demand in business practices is also moving the legal industry towards a fixed-cost module versus the traditional ‘billable hours’, and law firms are required to be more flexible in their business approach by doing more for less through improved service delivery and productivity.

Faber & Allin Inc. is excited about both the opportunities and the challenges ahead and we look forward to sustained growth through continuous innovation.

Acquisition International - June 2016 45

1605CG45

Ones to Watch in IP, 2016 Company: Jordan & Wagner Name: Helmuth Jordan Email: HELMUTH.JORDAN@ JORDAN-RA.com Web: http://jordan-ra.com/en/ Telephone: 0049 711 25540460

Medical IT Projects - Motivation for Business Leaders to secure IT Data more efficiently?

It is uncontested that all IT Data of our health systems are sensitive data.

To expect specific regulations in the near future that would protect them adequately appears unrealistic at present. Therefore, Medical IT Projects should address and integrate IT Data and Intellectual Property Issues as a top priority of any Medical IT Project.

By reviewing Medical IT projects, it may help a CEO to distinguish between business issues and intellectual property decisions, in particular when it comes to protecting and safeguarding his own business IT data. The insufficiency of effective IT Data Protection is currently the most important Achilles’ heel, but in spite of its importance, it is not given the focus it deserves.

A fresh look on how to improve the situation should not create additional costs, indeed it may result in a shrinking IT Budget by throwing out investments that have little or no impact. By that, one would acknowledge that the real risks are often outside the control of the business entity. Going back to the so-called old fashioned methods may not only save money, but also secure IT Data better with conventional methods. The price would be a slowdown compared to the current communication with electronic speed.

Never before has there been the ability for messages, pictures, graphics and even books to be transferred instantly. Today we are dominated and impressed by that, so we have accepted that our messages can be intercepted. As we do not really know whether it has happened or not, we hope it will prove to be irrelevant.

If this general trend continues, we may share the fate of a chain smoker, in that he or she does not care until they are really hit by the reality of the situation.

In my opinion, this invisible trend needs attention because until now, there is no hard evidence that communication at electronic speed has really prompted an overall improvement of business or other transactions. At least in the world of medicine, the real factor is not speed but quality, but too much speed can cause a lack of concentration, hasty unreflected replies and decisions, such as a tendency to abolish keeping proper files and so on.

A short term solution could be to classify important documents, worth protecting (Class A documents) and documents that require no protecting (Class B documents).

Pending IT Medical Projects Hoa Huu Phuc Ngyyen was born in Vietnam and was picked up by the International Red Cross in open sea at the age of 3, but today he is Director the Oncogenetics Section at the more than 500-year old University of Tübingen. He specialises on the Huntington’s Disease that causes the death of brain cells, currently with no cure. Nevertheless, he has

46 Acquisition International - June 2016

Ones to Watch in IP, 2016

a plan that with a time factor of 10 years, for an effective therapy to surface.

He developed 20 time-consuming animal models in an attempt to mirror the human disease, indeed he shares his IT Data with research groups from around the world, recognising that he cannot do the job alone. In my opinion, any academic researcher who is given the chance can find the breakthrough they seek and the top priority for them must always be to find a solution as quickly as possible. Protecting such data therefore plays a subordinate role compared with the IT Data of businessmen, lawyers or practicing medical doctors. Such data may even protect themselves, but the chances are that no third person will really understand such data.

The research of Christopher Schröder, also a Member of the Oncogenetics Section, investigates 11 genes for the mutations causing cancer. In his research, Schröder realised the need of compiling special data formats, therefore he elected to become a qualified Medical Computer Scientist. Only with this additional degree in his pocket did he really start to understand, manage, compile and interpret not less than certain 7 gigabytes of data. This work concerns the production of just one genome sequence, indeed Schröder shares his results with the Interdisciplinary Tumor Board involving pathologists, immunologists and geneticists. Furthermore, these medical scientists exchange their views on a monthly basis.

This type of work is a door opener for the new trend of Quantum Data, indeed to administer such medical IT Data deserves special attention. Once fully developed in the medical sphere, we may see applications of such principles in other areas.

The tedious work of comparing case law could be quoted as a potential example. A computerised list would provide a judge with all concurring and non-concurring facts and the points of law of similar cases at his fingertips. Needless to say, I think that the precision of interpreting the law will be unprecedented.

Global Health Foundation Global Health Foundation promoted a new Medical IT Project at the Geneva Health Forum in 2016. The idea is to improve the efficiency of medical treatment of elderly people. The first step is to separate certain medical data in cooperation with the patient.

The second step is to keep such data both at the medical centre and at the home of the patient.

An individually preprogrammed computer system ensures the documentation of taking medications on time, checking compliance with medical protocols.

Remotely located Healthcare Providers monitor patients at the time they choose to do so, and they also track down (potential) changes and trends.

Health Care Providers could be alerted about any irregularities or unexpected changes.

Family members of the patient would also get exclusive and registered remote access to vital health information, of course only when endorsed by the elderly patient. Family members would have the opportunity of assisting the patient outside of the medical treatment environment. Such circumstances suggest that staying at home (alone) becomes a safer place, particularly for the elderly patient. Little or no statistics are available on the question, that is

how often a patient cannot react in a timely fashion, but the chances are that medical assistance can be carried out faster and more efficiently.

•

• The most important argument for the elderly patient is that he or she can most probably stay longer at home before being admitted to another facility or hospital. All statistics confirm that most people, at any age, prefer a system that allows them to stay in their own homes as long as possible. The problems of mobility limitations and physical distance between patient and health provider can be significantly reduced in many cases. Patients, doctors and family members therefore waste less time and costs by commuting backwards and forwards.

Getting real-time data can lead to quicker and better amended care plans and a computer programmer, qualified as specialist for the medical industry and organisational management, can greatly assist the needs both of the patient and the health provider.

This would obviously be an ongoing long term process, based on experience in the future. Patient data needs to be presented in tabular and graphic formats, easily understood by patients and family members.

If transferred with electronic speed via the internet, a secure, encrypted line would have to be nonnegotiable for legal reasons, so this requirement is a reminder that the medical contract between the doctor and patient is protected and privileged by the law.

Legal Issues • Preventive steps have to be taken to avoid legal problems, indeed I believe that electronic speed has caused the death of distance.

Attacks on information that requires protection, have become easier than ever before. There is evidence of Product Piracy at an unprecedented scale, estimated to be 7,3 billion EURO in Germany alone.

• To transfer insecure data has become more dangerous than not locking your office.

The recent Singapore High Court decision, that leaked privileged and confidential communications have become freely available online, may not be used as evidence.

• It is a less known fact that effective copyright protection is possible through registration at the Copyright Office in Washington DC. While copyright begins to exist without formal protection, as soon as it comes into being, there is often a dispute solely on that issue. It is easy to violate the copyright by claiming a copyright at an earlier time (after having copied it) and the software of computer programmes can therefore be subject to endless litigation. Therefore, before a new software programme reaches the general public for sale, it should be registered and deposited at the Copyright Office.

• Potential criminal acts may loom around the next corner, so protective measures against theft and disloyal employees, are the same as they are in any other type of business.

• Internet protection can be quite effective and inexpensive, but this is stubbornly ignored at an enormous and totally superfluous price. It is negligent not to change passwords every six weeks, indeed any IT adviser can provide a complete list of precautionary steps in this vein.

• Before a contract is signed, every (potential) contractual partner should be required to sign a watertight pledge of secrecy.

•

• •

Jurisdiction in Switzerland can be recommended for an International Medical IT Project for its proven neutrality and impartiality.

To integrate Swiss Procedural Law would be the next logic step. Since 2011, a new Federal Civil Procedure Law replaced the previous 26 procedural regulations of the Swiss Cantons.

Arbitration would be a cost cutting step, especially when not permitting to appeal the Judgment. The application of the New York Arbitration Convention of 1958 on the Recognition and Enforcement of Foreign Arbitral Awards would help to recognise and execute a Judgement on a very broad international base.

Since the ratification of the NY Convention of Russia and Germany in 1961, a legal gap was closed, when the German and Russian business partners simply agreed to settle their disputes under the umbrella of the NY Convention.

To permit interim injunctions is often also an effective cost cutting measure.

On May 11th 2016, the Defend Trade Secrets Act (DTSA) was signed into Law by President Obama. US Federal Law now allows a private civil cause of action for Trade Secret Misappropriation, including ex parte civil seizure. Trade secret issues arise in every non-disclosure clause, employment agreement and so on. This new and broad reach is one of the most important recent IP developments in the US protecting trade secrets. Therefore, it is suggested to improve the Arbitration Agreement by means of a special clause permitting to secure a Temporary Restraining Order in U.S Courts in the event of a trade secret misappropriation occurring in the US.

Closing Remarks Longevity has become a hallmark of the 20th and 21st century, indeed elderly people certainly do not live in conformity with the 24/7 lifestyle. This new business concept, however, could serve the elderly to reach their goal even better. It would require certain organisational, legal and last but not least, medical adjustments to be made.

A carefully planned Medical IT Project would hardly meet any harsh opposition, indeed, it is difficult to argue against medical progress in favour of the elderly.

Such projects may also move medicine to a more sophisticated level, so successful Medical IT Projects could also become a model for other reform projects.

The key to success, however, is a non-medical issue. The internet must become a ‘clean’ tool of information. Given the unprecedented efficiency of the internet, we cannot allow daily attacks against the Internet to be tolerated any longer. The total economic damage caused by such attacks will in the long run clearly exceed the advantages. In my view, if this problem is not seriously tackled in the near future, we will simply have to remember that the world has not broken down by communicating with slower conventional methods.

Finally, instant communication is not always vital to get things done properly. Even a Medical IT Medical Project may be more reliable and therefore more successful when keeping the internet components at a low level at least from the outset. There are alternatives by applying conventional methods, but an independent safe intranet system would be the best option.

Acquisition International - June 2016 47

Sunrise Immigration Services Ltd

Best Humane Immigration Consultancy - New Zealand

229A Marua Road, Ellerslie, Auckland, 1051, New Zealand +64 27 5708628 + 64 9 5802588

gennier@xtra.co.nz GM16039

Most Innovative Accountancy Firms of 2016, UK 1607BW42

Company: Accountancy 4 Wealth Ltd Name: Ian Beech Email: ian@accountancy4growth.co.uk Web Address: www. accountancy4growth. co.uk Address: 33 Wolverhampton Road, Cannock, WS11 1AP Phone: 0871 222 1920

Most Innovative Accountancy Firms of 2016, UK Accountancy 4 Wealth Ltd is based in Staffordshire, with 4 offices. They are a chartered accountancy practice which helps clients of all sizes to use their accounts as a basis to grow their business.

How this growth manifests itself differs for each businessand takes a number of different forms. Typically, it will simply be increased after-tax profits or increased sale value, but for some growth could simply be less owner inputhours for the same financial rewards.

Whilst accountants can be seen as cost- cutters, their two main specialities steer away from this: i.

Helping with income growth - whilst the company provides all of the usual accountancy functions, it was originally created to focus on this area, leaving the firm sitting in an area where finance meets marketing; ii. Tax minimisation - They fully appreciate that “wealth” for many represents an individual’s spending power remaining aftertax costs. For this reason they provide a range of specialist tax planning services. That this service is also provided to numerous other firms of accountants across the UK, it s a testament to how highly those tax services are regarded.

The company charges on a pre-quoted fixed fee basis and offers many of its business growth services with a “value for money” guarantee meaning that clients pay only what they believe it is worth. In addition, the firm has become well known for its local business growth workshops, seminars and initiatives.

Their staff are instrumental in their clients’s success which in turn is responsible for the company’s success. Every one of their clients is allocated a named employee who is responsible for working with them, for understanding their business, and helping to improve it. They also provide an immediate point of contact for dealing with day to day financial and other business issues.

Remaining Competitive in the 21st Century It is virtually impossible to be all things to all people which is why a network of specialists is essential.

This allows the firm to offer smaller businesses a fuller range of specialisms, without the need to employ full time specialists in every single area. In turn this allows them to offer a full range of services whilst avoiding the need to charge the level of fees associated with international firms. Equally, an openness to change enables them to continually become more effective in the services offered, with resulting benefits to their clients.

The accelerating pace of change in I.T can be helpful to businesses embracing change and when, properly implemented, can and will replace many of the services traditionally provided by the accountancy profession.

However, if these are not implemented properly they can produce flawed information, which in turn creates catastrophic consequences. As a firm, Accountnancy 4 Wealth try to help businesses to embrace and benefit from these changes by assisting them with implementation and training services, whilst offering sound business advice based on the output whilst offering additional complimentary types of advisory services (legal services being the latest new addition).

Whilst there are often some quick wins in working with the company, the businesses that have been most successful have been those where a jointly formulated strategy has been implemented in the correct order over a workable timescale with a realistic budget. Anything is possible where a business possesses a “growth mind-set”

Acquisition International - June 2016 49

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Most Innovative Accountancy Firms of 2016, the USA Founded in Chicago in 1924, Grant Thornton LLP (Grant Thornton) is the U.S. member firm of Grant Thornton International Ltd, one of the world’s leading organisations of independent audit, tax and advisory firms. Grant Thornton has revenue in excess of $1.45 billion and operates 59 offices across the United States with more than 550 partners and 7,000 employees.

Name: James A. Peko National Managing Principal, Transaction Services Company: Grant Thornton, LLP Email: jim.peko@us.gt.com Address: 757 3rd Avenue #9 New York, NY 10017-2013 Phone: +1 646.825.8400

Grant Thornton works with a broad range of publicly and privately held companies, government agencies, financial institutions, and civic and religious organisations. Core industries served include consumer and industrial products, financial services, not-for-profit, private equity and technology. Grant Thornton focuses on serving dynamic organisations that pursue growth holistically — whether through revenue improvement, leadership, mission fulfilment or innovation.

Through a range of service solutions, including supporting mergers and acquisitions (M&A) as a growth strategy, Grant Thornton helps these companies to reach their full potential. The firm leads the industry by teaming with management of growthfocused organisations to address complex business problems, improve performance and maximise shareholder value.

Our assurance, tax and advisory teams work across industry and service lines to deliver solutions that provide solid results. Grant Thornton’s area of specialisation is providing solutions to middle market growth-oriented companies. In 2015 alone, the firm executed more than 500 M&A transactions and more than 70 IPOs, offering support in every phase of the transaction.

There are several attributes that enable Grant Thornton to stay on the cutting edge with respect to delivering high quality solutions and success to our clients: • Full alignment of resources across service lines, industries and geographies to provide clientcentric solutions; • Specialisation in Upper middle-market transactions; • Flexible service approach with a client-centric perspective - we understand one size does not fit all; • Focus on the most critical issues and opportunities; • Staying ahead of emerging trends and issues with our Industry Institutes program; Staying Competitive in the 21st Century Today’s fast-moving and ever-changing business environment requires deeper specialisation and a

50 Acquisition International - June 2016

more comprehensive understanding of how value is created. It requires that everyone within the organisation share responsibility for adding value.

Organisations, including Grant Thornton and its clients, must effectively innovate and manage change.

As both a global organisation with localised service teams – requires an investment in key areas: • Developing and sharing real insights – Businesses need to understand what the future holds and what will be the disruptors. It is not a business-as-usual approach; rather, it requires the ability to identify, well in advance, the emerging challenges and complexities of doing business in the future. Research and analytics are integral functions at all levels of the organisation.

• Sound processes and practical approach to problem-solving that go beyond tried-and-true solutions - Our culture of delivering excellence with agility routinely fosters new ways of looking at problems and innovates solutions.

Professional development in critical thinking and focus on deep industry specialisation are requirements in our organisational curriculum.

• Investments in advanced technology – Providing technology that gives employees the opportunity to leverage knowledge throughout our international firm, empowers our employees at all levels and challenges them to be innovative (vs. executing tasks) to increase their own productivity and to focus on better solutions.

Inspiring Staff Grant Thornton is continually focused on building a healthy, high-performance culture in which our people are inspired, thrive and help our clients prosper and grow. We expect and encourage our personnel at all levels to be engaged with and focus on our clients.

Employees are empowered to respond quickly to client needs and issues, including proposing innovative solutions that measurably enhance productivity and value. Staff is trained in and encourage to listen actively and observe, thereby, enabling the firm to identify and respond to changing situations quickly and spot both the challenges and opportunities on the horizon.

Most Innovative Accountancy Firms of 2016, the USA

In addition to receiving annual functional and/ or industry-related training, our professionals are empowered to make decisions related to client needs locally rather than moving issues up through a complex chain of command. This ensures that our staff remains engaged with the client, actively listens throughout the engagement, and takes responsibility for results.

In the United States, Grant Thornton has been consistently recognised as an employer of choice, receiving honours and awards such as the following: • “Top Company for Executive Women” (NAFE, 2016); • “Top 100 Most Attractive Employers” (Universum, 2016); • “Best Places to Work” (Crain’s Chicago Business, 2013 and 2016); • “Best Accounting Firms to Work For” and “Accounting 50” (Vault.com, 2011–16); • Working Mother’s “Best Companies” (2006–15)

Future Challenges One of the biggest challenges in the accounting industry is finding qualified talent. Demand for top accounting professionals is likely to remain steady as a result of ongoing regulatory compliance requirements and increased workloads. The shortage of qualified people to hire is a concern, especially as those in senior roles near retirement age. Finding and hiring talented professionals is key for Grant Thornton to continue to provide distinctive client service and keep up with the high demands of clients.

Grant Thornton supports work/life balance and offers state-of-the-art office spaces, a “businessappropriate” dress policy, and a high-quality benefits package. We were also the first of the top ten accounting firms to launch “Flexible Time Off,” or “FTO,” a system where employees and their managers work together to develop the time-off plans that make the most sense given that employee’s individual needs and the needs of the business – instead of a predetermined set of paid time off (PTO) days like traditional PTO policies.

Grant Thornton is committed to a culture of trust and empowerment – as well as one of collaboration and professional development – and we endeavour to put people first and emphasise the need for our employees to bring their “whole selves” to work.

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Company: Jincheng Tongda & Neal Shanghai Office Name: Ping Zhao Email: zhaoping@jtnfa.com Web: www.jtnfa.com Address: 9/F, Standard Chartered Tower, 201 Century Avenue, Pudong District, Shanghai, 200120 China Phone: 0086 21 6079 5656

Dispute Resolution Elite in Arbitration, China JT&N has distinguished itself as a leader in multiple areas of legal practice, both international and domestic. JT&N was established in 1992 in Beijing.

Today, JT&N is one of the most dynamic law firms in China, as well as one of the largest with over 500 attorneys. JT&N’s Shanghai office was opened in 2003. Located in Lujiazui, Shanghai’s dynamic international financial zone, the office currently has around 100 attorneys, led by Managing Partner Zhao Ping and other senior partners.

The lawyers at JT&N’s Shanghai office advise a wide range of clients on matters in many areas of the law, including foreign direct investment, mergers and acquisitions, private equity, venture capital, corporate finance and capital markets, real estate, intellectual property, bankruptcy and restructuring, entertainment, commercial litigation and arbitration.

Our firms witnessed a rapid growth this year.

Previously, we were only a medium sized law firm in Shanghai with around 50 lawyers. This year, we are attracting more and more lawyers and even previous judges to join us. Our firm is also one of the only six law firms that exceed a turnover of 100,000,000 RMB in Pudong District of Shanghai.

I would like to highlight that there are a few lawyers who are engaged as the legal consultants of various governments, for example, I myself am the legal consultant of both Shanghai Municipal Government and Shanghai Municipal Commission of Commerce.

In addition, we now have more than 20 lawyers appointed as the arbitrators in around 30 arbitral institutions. I am also appointed as arbitrators by the reputed domestic and international arbitral institutions, such as HKIAC, CIETAC, SHIAC, KLRCA, etc.

Moreover, our firm has successfully organised an international arbitration forum on March 6, 2016, inviting internationally renowned arbitrators to discuss on the hot topics and trend of the international arbitration. Afterwards, we have also held an internationally recognised forum on May 17, 2016 on the Singapore maritime arbitration related issues.

Currently, the following methods are usually adopted to solve disputes: litigation, arbitration, mediation and negotiation. Negotiation is usually the first step parties in disputes would attempt without escalating the disputes to any third party. Failure of solving the disputes by negotiation, parties would tend to involve a neutral third party to settle the differences, where mediation or/and arbitration come into play. Litigation is the most traditional way parties choose to settle their disputes and it is usually more popular when the disputes are domestic ones.

However, recently, Singapore established a Singapore International Commercial Court, which processes none Singaporean commercial disputes. The

52 Acquisition International - June 2016

enforceability of such court judgments remains in discussion. There is also a new emerging resolution mechanism especially designed for construction projects these days called Construction Project Disputes Review. The Construction Project Disputes Review service is usually provided by the commercial arbitration institutions; however, such Review adopts a different set of rules from commercial arbitrations.

Mediation is enjoying rapid developments globally nowadays. However, the binding force of mediation seems to be less effective than arbitration or litigation.

International dispute resolution experts, including UNCITRAL are widely discussing how to improve the enforceability of mediation. Additionally, the professionalism of mediation shall be strengthened in terms of the expertise of the mediators in the practise area as well as the management of the cases of mediation institutions. In China, institutional mediation system is not yet well established and there are a few professional commercial mediation institutions. One of the more reputed mediation institutions is Shanghai Commercial Mediation Centre.

Looking to the Future One major challenge is cost. The cost for running a firm is vastly increasing over the recent years. One typical example is the rental fee of the office. The initial rental fee of our Shanghai office was around 5 RMB/square/day, whilst the current rental fee is now over 10 RMB/square/day. The cost of operating the firm is also increasing in a way that the salaries of the employees are increasing as well as the social insurance. Another big challenge these days is the higher and higher expectations by the clients and lower attorney fees due to a quickly growing number of the attorneys as competitors.

In order to overcome those challenges, we have to improve our professionalism and make sure that our expertise develops in a way much quicker than the other lawyers. In that way, we are reducing

Dispute Resolution Elite in Arbitration, China

competitors and providing better service to our clients with reasonable price, making a good profit to keep the firm running.

As to arbitration, there three main areas where we see promising. One is commercial arbitration. There are more than 240 arbitral institutions established in China, processing more than 110,000 cases annually, with an increase of 20% in the case number and 50% in the amounts of the cases. One is international trade arbitration. More and more international traders now tend to choose arbitration as the dispute resolution mechanism. Another one is investment arbitration. With the increase in the crossborder investments, disputes between the investors and the states are rising. In such disputes, arbitration is also inclined to be a better way to solve disputes than litigation. Bearing these in mind, we are growing our team to suit the development of the trend.

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Strategic IP Alignment Creating IP solutions to meet your business needs Managing your innovation portfolio horizons Discovering untapped opportunities

Enabling your venture to flourish in a forest of competition

www.FlashPointIP.com

IP16036

info@FlashPointIP.com 1-516-301-1649 (US office)

Your Source for Managing IP Worldwide

2016’s Most Innovative Hedge Fund Manager, Singapore 1606JC21

2016's Most Innovative Hedge Fund Manager, Singapore

Company: APS Asset Management Pte Ltd Email: cs@aps.com.sg Web: www.aps.com.sg Address: 3 Anson Rd, #23-01 Springleaf Tower, Singapore 079909 Telephone: 6303 4595

APS Asset Management was founded in 1995 by its CIO, Wong Kok Hoi, in Singapore. In what started as a pioneer among home-grown boutiques, the firm has continued to go from strength to strength. APS began with assets under management (AUM) of just US$15 mn, one office and seven staff and has now expanded to AUM of US$3 bn, 63 staff and six offices worldwide serving global pensions, endowments, family offices, sovereign wealth funds, financial institutions and other institutional asset owners as well as highnetworth individuals . What are the secrets behind their success?

Consistency is the key enabler at APS. By adhering steadfastly to key investment principles and steadily investing in non-investment areas of the business for more than 20 years, APS has been able to develop excellence and expertise which have enabled us to deliver superior returns to our clients.

Our original investment ideas are generated from several approaches: First, we do not view price volatility as risk. Instead, we define risk as valuation risk, business franchise risk, financial risk and people risk. Second, our team of more than 30 analysts and portfolio managers conduct investigative research on investee companies to get a firm grasp of the various risks mentioned above. We talk to the company’s competitors, suppliers, former employees, current employees, management and industry specialists. We construct our own cash flow models and forecasts.

Third, we take a long-term view and are never swayed by short-term noise in the market and sellside agendas. We have clear buy and sell disciplines to which we adhere consistently. We sell when valuation runs ahead of fundamentals or when our initial assumptions are proven wrong, and buy when valuation is low relative to fundamentals. Fourth, we constantly test our investment theses and change them where warranted by the facts. This has been our investment approach since day one and it has seen APS through multiple market cycles, booms and busts. We can’t say we’ve perfected the art and science of investing, though, and continual learning and improvement are part of our process.

Our investing approach has enabled us to spot opportunities and risks before the vast majority do.

For example, we increased our exposure to Indonesia in 4Q2015 when it became clear that President Joko Widodo’s reforms are gaining ground; in light of an improved investment climate, several stocks we’ve thoroughly researched were undervalued. We shorted a Chinese e-commerce company that is the most crowded long among global hedge funds despite not making any profit after 12 years in business, taking significant equity-investment impairments, and not having a viable profit-making strategy. We invested into Venustech Group, an innovative and wellmanaged cybersecurity company in China, before internet security became a hot topic.

APS’ non-investment functions are equally important and we have fully staffed teams for compliance, risk management, equity trading, investment administration, client services, sales and marketing and other corporate functions. We place utmost importance on clients’ needs and our client servicing team is tasked with responding to all client queries within one business day.

Our investment success has been recognized by global organizations over the years. They include “Top-Performing Hedge Fund in 2015: APS Greater China Long Short Fund” by 2016 Preqin Global Hedge Fund Report; “Most Consistent Asian L/S Fund: APS Asia Pacific Long Short Fund” by AI Hedge Fund 2016 Awards; “Best Singapore-Based Hedge Fund: APS Asia Pacific Long Short Fund” by the Eurekahedge Asian Hedge Fund Awards 2016; among others.

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Deal of the Month 1605JC52

Deal of the Month Company: NxtGn Email: info@nxtgn.net Web: www.nxtgn.net Address: NxtGn, Inc., 100 N. Biscayne Boulevard, Miami, Florida 33132 USA Phone: 001 305 356 4620

Next Group is a highly innovative technology company, providing unique telecommunications platforms that are both elegant and efficient. This profile highlights their continued success, particularly their landmark deal concerning Lubar Technologies, and the myriad benefits it will bring to their company.

The technology behind Next Group is truly revolutionary, as it creates robust, switchless, scalable, high density and high performance telecommunication networks. Through this technology, they give their clients proprietary and sustainable competitive advantages in efficiency, stability, security, flexibility, and cost. In turn, this allows them to deliver highest-quality voice, video, and data services at exceptional profit margins.

Moreover, its proprietary network design and software enable traditional IP voice, video, and data services as well as advanced applications such as their NxtGn solution for providing HD video in per-minute billing increments. Alongside this, the NxtGn call routing engines and integrated traffic monitoring, reporting, billing, and infrastructure management platforms deliver scalability, security, cost efficiency, and the best stability in the domestic and international long distance market.

As such, this unique technology enables its clients to offer provisioning, testing, and interconnection with new customers within an hour of contract execution rather than the days usually required for interconnectivity between most international telecommunications wholesalers and their new customers.

Its platform services allow PTTs and other incumbent or emerging carriers to develop and deploy OFDMA WiMAX and other 4G Network applications at a fraction of the infrastructure development, capital expenditures, and other start-up costs associated with rival solutions. Furthermore, the NxtGn communications platform allows their clients to support all their traffic in a compact, single-rack footprint.

August 2015. Headquartered in Fort Lauderdale, FL, Pleasant Kids is America’s premier supplier of naturally balanced alkalised spring water, “healthy water” and all natural apple juice for children.

As a company that is always looking towards providing more efficient and advanced technological solutions, Next Group’s deal with Lubar Technologies is a move that can only benefit both companies.

Founded in 2002, Lubar is in the business of redefining the live gaming experience by developing and providing innovative video conferencing gaming solutions. Lubar applications allow real physical casinos located throughout the world to market their games-including blackjack, poker, roulette, and dice games, among others-to the online gaming market.

Focusing on providing the best video quality, audio clarity, and usability for end users and service providers, Lubar’s video conferencing gaming system transforms the way players participate in online gaming, while enabling physical casino operators profitable new services and revenue streams.

Using Lubar technology, players remotely accessing casino games from their home computers are able to see and talk with the dealer or croupier and with other players, as if they were in the casino. Using real cards, real dice, real casino equipment, and a live dealer preserves the element of randomness and enhances the experience of realism for remote gamers.

The move was part of Next Group’s continuing efforts to maximise commercial application and usage of its NxtGn subsidiary’s proprietary NxtGn AVYDA technology and its HD video network, and to accelerate revenue growth.

Additionally, its automated central network management with 24/7 traffic and network monitoring functionality allow NxtGn clients to grow traffic without increasing operating overheads or incremental operating costs.

“We plan to integrate certain unique features of NxtGn’s proprietary AVYDA HD video technology into Lubar’s products and services, making the Lubar user’s experience even better,” said Arik Maimon, Chairman and CEO of PLKD.

With all of these aspects in mind, the results for their clients include improved call quality, minimised dropped calls, scalable capacity, automated central network management, expedited turn-up times, reduced operational and billing complexities, lost revenues recapture and monetisation of new revenue sources, to name a few.

“Deploying NxtGn AVYDA technology will give us a competitive advantage in the $30 billion per annum online gaming industry,” said Yacob Rafaeli, founder and CEO of Lubar.

With such optimism arising from both parties of the deal, we expect that this deal will bring continued success for both companies.

The landmark acquisition of Lubar Technologies is not the only major deal the company has been involved with over the past 12 months, as the company merged with Pleasant Kids, Inc (PLKD) in Acquisition International - June 2016 57

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African Business Awards 2016 1606CG56

African Business Awards 2016 Kanokanga & Partners, established in 1991, has a reputation for offering high quality legal service. For the firm, clients come first. The firm looks after its clients’ interests as if they were its own. Furthermore, the firm is open, honest and straightforward in all its dealings.

Company: Kanokanga & Partners Name: Davison Kanokanga Email: justice@ kanokangalawfirm.net davison@kanokangalawfirm.net kanokangasc@live.com Web: www.kanokangalawfirm.net Address: Suite 1,1st Floor, Mizrahi House, 33 Robson Manyika Ave, Harare Phone: +263 (4) 756681 / +263 (4) 781439

Kanokanga & Partners’ services include, but are not limited to, the following: Alternative Dispute Resolution, Banking & Finance, Contract Preparation, Commercial Litigation, Cross-Border Litigation, Corporate Law, Consumer Protection; Debt Recovery; Due Diligence, Estate Planning [Trusts, Wills & Estates], Family Law, Joint Ventures; Labour Law, Leases; Loan Agreements and Property Transfers.

Kanokanga & Partners is associated to the following organisations: The Law Society of Zimbabwe; Advocates Africa; Advocates for International Development (A4ID); Advocates International; Europlaw Group; International Lawyers for Africa (ILFA); International Referral (IR Global); Thomson Reuters Foundation (Trust Law Connect); and Reunite International.

In addition, the firm has won the following awards • 2015 - a winner in the 2015 African Corporate Excellence Awards, having been awarded Best Corporate Law Firm in Zimbabwe; • 2016 - the Most Innovative Company in Zimbabwe Award by Acquisition-Intl; • 2016 - the Zimbabwe - Client Care Law Firm of the Year Award by ACQ (Acquisition Finance) Magazine; • 2016 - the Commercial Law Firm of the Year in Zimbabwe Award by Corporate Intl; • 2016 - the Alternative Dispute Resolution Law Firm of the Year in Zimbabwe Award by Corporate Intl; • The Founding Partner has been nominated for Africa’s most prestigious recognition platform for men by Titans www.titans-building-nations.co.za Kanokanga & Partners’ mission is to provide sound, cost-effective, quality legal services to individuals, small to medium size enterprises, non-governmental and inter-governmental organisations, listed and non-listed businesses and international companies intending to set up offices in Zimbabwe or with established offices in Zimbabwe.

Client Testimonials Legal Practitioners of Choice Steady Munyanyi (United Kingdom), Managing Director, Diamond Studios “Some years ago, my recording label had a commercial dispute with another recording label. The matter was referred to the High Court of Zimbabwe.

During the hearing, the other recording label was represented by Kanokanga & Partners which

impressed me with its professionalism and advocacy.

Needless to say, my recording label lost the case.

From that time I dumped my then lawyers and engaged Kanokanga & Partners as my new lawyers.

Since then, Kanokanga & Partners have remained my legal practitioners of choice. Working with them is such a joy.”

High Moral Integrity – Competent Lawyer The Honourable Mr. Justice S V Mubako, Zimbabwe’s Former Ambassador to the USA “Mr. Davison Kanokanga is well known to me.

As a legal practitioner he appeared before me on a number of occasions, when I was a Judge of the High Court of Zimbabwe. I find that he is a competent lawyer and a person of high moral integrity. I know that he is highly thought of by other Judges of both the High Court and Supreme Court of Zimbabwe. Prior to my becoming a Judge of the High Court of Zimbabwe I had the privilege of working with him in his firm Kanokanga & Partners for a year. I found him a pleasant and honest person to work with and indeed in his dealings with other people as well.

I wholeheartedly recommend him as a professional man and a businessman.”

Extreme Professionalism Mrs L Beechey, Bakels Zimbabwe (Pvt) Ltd, Harare, Zimbabwe “Our very first dealings with Kanokanga and Partners were clear we were in highly capable hands. The extensive legal services provided were handled with extreme professionalism – from the initial contact to the request for information and to the handling and execution of each litigation. Lawsuits can be very uncomfortable and stressful while you are going through the process, but Kanokanga and Partners are active listeners and made us feel very comfortable and kept us informed about each case every step of the way, understanding our unique requirements. We endorse and recommend them as a provider of Legal Services.”

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Transfer Pricing Company: BDO Nederland Name: Sjoerd Haringman Email: sjoerd.haringman@bdo.nl Web: www.bdo.nl Address: K.P. van der Mandelelaan 40, 3062 MB, Rotterdam Phone: 010 242 4600

BDO is an international network of public accounting, tax and advisory firms which perform professional services under the name of BDO. We have representation in 157 territories, with 64.300 people working out of over 1.400 offices worldwide.

Our distinctive reputation for maintaining close relationships with our clients is built upon our commitment to all our stakeholders that what matters to them also matters to us. We work with our clients to define what exceptional client service means to them and we always aim to bring insight and up-todate thinking so that they can meet their objectives.

As an international accounting, tax and advisory firm, we provide all relevant services to businesses worldwide. We therefore can provide our client with tailor made services in a wide range of industries.

With respect to transfer pricing, we assist our clients in all aspects. This includes value chain tax structuring, preparation of transfer pricing documentation, provision of benchmark studies, dispute resolution and advance pricing agreements with the tax authorities.

Through our international network we are able to assist clients on a global scale, with the personal and pragmatic BDO approach our clients expect from us.

This means that we maintain a close relationship and take the aspects that are most relevant for our clients as a starting point.

The Transfer Pricing Market Transfer pricing is becoming increasingly important every day. Following the Base Erosion and Profit shifting (BEPS) project of the OECD and G20, businesses worldwide are facing new, more stringent approaches towards transfer pricing. Although at first this can be perceived as an additional burden and compliance costs, we believe these developments present opportunities for our clients both from a tax control as well as from a transparency perspective towards the stakeholders.

The BEPS project resulted in various recommendations towards the OECD member states, specifically towards how documentation should be prepared. These recommendations are also followed by various non-OECD countries. For companies, a global implementation of these recommendations results in a more uniform approach towards transfer pricing. This should significantly lower the burden and tax uncertainty in this respect.

The public domain has become critical towards companies with specific setups and relative tax burdens. A solid transfer pricing model can help prevent negative views on the company’s situation in this respect. Companies that have a transfer pricing model that is aligned with the business model remain in control, which significantly lowers their risks and 60 Acquisition International - June 2016

uncertainty of their tax position, e.g. double taxation and penalties. Ultimately, this allows them to focus on what they can do best: running their business.

Knowing that your transfer pricing model is solid, the client is better able to manage and monitor budgets with the final results which leads to the fact that your annual accounts are correct and thus your tax returns are accurate. This limits the risks of discussions with local tax authorities and increases the level of control. Furthermore, with respect to a possible business model restructuring or merger, having an up-to-date transfer pricing policy reduces the risk that any changes or differences might have an impact on the transfer pricing policy without any notice.

Finding the right TP adviser Due to the increased scrutiny by tax authorities along with new documentation requirements, and envisaged new regulations in the future, being in control of your transfer pricing is very important. It is therefore very important that the TP adviser knows the needs of the client and can anticipate on global transfer pricing developments.

Transfer pricing should have an international approach, whereby specific local regulations play a significant role. A one sided approach or advice from an adviser that does not have sufficient experience or a global network could do more harm than good.

Choosing an adviser that is involved, has an extensive network and is on top of new developments is therefore crucial.

Transfer pricing should be aligned with the business.

Since transfer pricing is very specific to each situation, there is no one-size-fits-all approach that can be applied. Each business needs to be analysed and the situation assessed to determine the most applicable transfer pricing model and thus arm’s length pricing. It is our experience that businesses sometimes have a different approach in this regard than what tax authorities are expecting to see.

Without solid advice and support, a company can think they have a solid transfer pricing model and substantiation, but in fact do not meet the

Transfer Pricing

requirements as imposed by local law and tax authorities. In addition, although the international community is seeking for more coherence, unilateral measurements can have a big impact on local compliance.

The Future International business keeps growing and cross border intercompany transactions will increase significantly. BDO has a strong leadership in the Mid-market and has a growth strategy focussing on corporate clients doing business in different countries. International structuring cannot be achieved without proper value chain analysis and transfer pricing documentation. Therefore, being in control of transfer pricing is key priority for multinational enterprises. We have a strong international network that has much experience in dealing with these type of companies. Within BDO global I am part of the Transfer Pricing Centre of Excellence, assisting with global transfer pricing challenges, further expansion of the network and facilitating best practices towards other BDO member firms. With this network we have the right resources for building and maintaining client relationship which to us is of key importance and providing the clients with services they need.

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1605EA56

CEO of the Month: India Name: Ajay Singh Web: www.spicejet.com

SpiceJet, India’s favourite domestic airline, provide low-cost flights to 41 cities across India and international destinations. Working at the helm of this highly successful company is Chairman and Managing Director (CMD) Ajay Singh, who we caught up with to highlight the success of his company and how he has revitalised it to the highly successful company it is today.

In an interview with the firm’s Chairman & Managing Director (CMD) Ajay Singh, he reveals that they are India’s favourite airline, “delivering economical air fares with a high perceived customer value across all touch-points. An emerging India is providing people the means to be airborne and SpiceJet wishes to be at the harbinger of this wonderful opportunity.”

With India’s economic and business growth, the percentage of traveling population is burgeoning.

More and more Indians are traveling for both business and pleasure and everyone needs to save both time and money. SpiceJet’s vision is to address that and ensure that flying is for everyone.

Singh stresses that the firm are a low fares budget airline, connecting important city pairs across the length and breadth of India, and indeed neighbouring countries. “We maintain an excellent on time performance with a clear customer centric approach. With majority of the 400 plus airports in India not able to handle even a narrow bodied aircraft, we choose to additionally operate a turboprop (Bombardier Q400) to cater/connect to dozens of tier 2 and tier 3 cities” he explains.

“This provides additional feed to metro routes. With the turnaround of the airline, we are also planning to add ancillary services such as door-to-door cargo, and pitching further for ground-handling for self and other carriers” he adds.

Giving some interesting background as to how the firm took off, Singh reveals that SpiceJet Ltd’s first take off was eleven years ago when a commercial flight operated between New Delhi and Ahmedabad. “We currently operate 300 plus flights to 41 destinations, including 35 domestic and 6 international ones. With a young fleet of 25 Boeing 737NG and 14Bombardier Q-400s; and a smart expansion plan, we are comfortably placed to deepen our footprint within the Indian market and gradually expand within short-haul overseas markets” he goes on to explain.

Across their company, whether it is crew or ground staff, the focus is on performance. Each SpiceJet employee is groomed to be smart, friendly, efficient and well-informed, ensuring that any interaction will make our passengers feel welcome and looked after. Experienced pilots, well-trained cabin crew will make every flight a comfortable one. Above all, the philosophy is no-frills but high-performance.

And of course, SpiceJet invests heavily in safety, impeccable maintenance and a high level of

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expertise. Experienced pilots, engineers and maintenance crew go through rigorous training and are hand-picked for their technical knowledge and expertise. So passengers can rest assured that there is no cut-back in this key area of modern day flying.

In order to ensure that they reach the high standards they set themselves, SpiceJet’s key management personnel are all senior, seasoned professionals and have significant international experience in both launching and managing low-cost airlines. With thousands of cumulative hours in the industry, the management is committed to bring to customers in India all the benefits of the global revolution in the skies. SpiceJet aims to make travel comfortable, affordable and refreshingly efficient experience for all.

As Chairman and Managing Director (CMD), Ajay Singh is no exception to the experienced professionals working at SpiceJet. Alongside his role at SpiceJet, he serves as Chairman of Argentum Motors Private Limited, and Indian car manufacturer, and also serves as a Director of Intel Constructions Private Limited, Crosslink Finlease.

When quizzed as to how the business is faring and the challenges he faces at the helm of it, Singh reveals with relish and enthusiasm that SpiceJet in its life has played two innings - using a cricketing analogy. “The turnaround story of SpiceJet since the new management took over in 2015 is well recognised” he stresses. Developing this point, he goes on to say that in FY16, they posted the highest ever annual profit in the entire history of their operations and with a significant increase in revenues from former years - all attributed to Customer Excellence, exemplary on-time performance and a rapidly growing Ancillary Income Stream.

“Unit cost reduction was also achieved through contract renegotiation, higher resource productivity, and restructuring of operations. This is the fifth consecutive profitable quarter for us and we have been recording a load factor of over 90% consistently over the last 12 months, the highest ever in the industry. We have the best utilisation of fleet in the industry. The morale within the organisation is at an all-time high and so is the confidence of our partners, suppliers and (aircraft) lessors” he goes on to explain.

“Our adherence to operational best practices has won back our lost glory. The challenges we face today are to further prune costs by renegotiating many erstwhile contracts related to aircraft leasing, engineering, maintenance and other departments” he adds.

CEO of the Month: India

But prior to the undoubted success in his current position, Singh tells us that he has been exposed to a wide variety of sunrise sectors in a resurgent India post liberalisation of the country. “I was fortunate to be given leadership positions within the government in telecom and IT, and information and broadcasting sectors. The inheritance of learning through both planning and execution roles helped me replicate that in aviation. I have also worked in leading Indian companies with an entrepreneurial ethos and execution demanded from a professional” he explains.

From an education perspective, Singh graduated with a Master’s in Business Administration from Cornell University and holds undergraduate degrees in Law from Delhi University and a Bachelors in Technology from the Indian Institute of Technology.

Ultimately, Singh’s work in rescuing the company has been a phenomenal success, and the continued growth of the airline is certainly something to keep your eyes open for in the future.

The last word goes to Singh, who concludes: “Additionally, India’s infamous position as one of the highest tax regimes for ATF only adds to the burden. Attracting good talent and upskilling existing staff are some of the soft investments we would need to make to enhance our product.

“We would continue to innovate on our product through both capacity up-gradation and soft interventions. The customer experience needs to be seen as one in a constant state of evolvement whilst additional revenue generation opportunities need to be explored both on-and-off ground. A budget airline may offer lower fares but introduce indulgent opportunities for customers at a price.”

Turning to the future, Singh says the firm would like to add 15 aircraft a year from 2017 and thinks that they can easily do that. “We plan to embark on a major fleet expansion and increase existing frequencies. Wet leases that expired recently are being replaced by dry-leased aircraft” he reveals.

“We are working on a sizeable manufacturer order.

While we are in talks with both Airbus and Boeing, they are mindful of the fact that we need early deliveries. As the competition is expected to become bigger, fuel efficiency and maintenance of the aircraft will be the key elements of success from a technical perspective.

“Apart from fleet expansion, we are subsequently targeting for the next level of financial growth, hence regional connectivity will continue to be one of our key focus areas as we increase frequency to existing routes and create new ones” he adds.

And finally, in terms of the challenges that lie ahead for Singh in 2016 as a Chairman and Managing Director (CMD), this concerns “rebuilding customer loyalty, further network rationalisation and a clear focus on revenue has worked well for us.

Oil prices are a looming threat to offering competitive fares as they have increased almost twice over the last five months” he stresses.

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2016 BUSINESS EXCELLENCE

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The Possibilities of P2P Lending 1605EG13

Company: Saving Stream Web: savingstream.co.uk Address: Branksmere House Queens Crescent Southsea, Portsmouth PO5 3HT Telephone: 0800 779 7706

The Possibilities of P2P Lending Saving Stream is a highly innovative peer to peer investment platform launched in 2013 by Lendy Ltd. Generally speaking, peer to peer lending allows investors to finance development projects and property purchases. What Saving Stream ensures is that this process is fast, simple and secure, and delivers a fixed interest rate of 12% per year. All proposals are fully assessed before being made available for investment, with several levels of protection in place meaning you can invest your capital with complete peace of mind.

During this process, lending is secured with a legal charge, and loan amounts do not exceed 70% of the open market value. This means that in the event of a default there is sufficient equity to allow loan funds to be recouped with the sale of the security. A substantial provision fund is also maintained in case of shortfalls.

With regard to the borrowing side, when a borrower approaches our parent company, Lendy Ltd, they begin with a full and in-depth assessment of the project. During this process, professionally qualified chartered surveyors are instructed to value the property being used as security, and this ensures that any loan is a maximum of 70% of the open market value. If the borrower and security meet the criteria, the loan is secured with a legal charge for an average term of six months, and the borrower can repay the loan before the end date.

As for the investment aspect, potential investors can browse the Saving Stream portfolio and select ‘start investing’ when you see a project you wish to support with peer lending. It takes literally minutes to set up an account, add funds and confirm the amount you wish to invest. You begin earning interest of 12% per year immediately, with loans typically repaid after six months. Interest earned is paid into your account monthly and at the end of the term your initial investment and any outstanding interest is paid

into your account for withdrawal or further project funding.

One of the many advantages of Saving Stream is that we do not have a maximum amount you can credit to your account, and the maximum amount of investment you could make to a project is 100% of the required loan. Likewise, there is no minimum investment amount, and funds that you credit to your account but are not committed to a project can be withdrawn at any time.

Alongside these advantages, we make every effort to minimise the risks for our investors and to ensure, where possible, that all investments are repaid in full and on time. To date, we have a 100% success rate with our repayments.

Furthermore, we feel that it is important to make you aware that your capital is at risk and interest payments are not guaranteed if a borrower defaults, however we feel confident that we have a thorough and robust system in place to protect all Saving Stream investors.

Unlike many other Peer to Peer lenders, we do not charge our investors any fees or commission on the interest you earn, so you keep 100% of your earnings, and there will also be no tax deducted from any amounts you receive. There are fees payable by borrowers to our parent company Lendy Ltd when a loan is made.

Since its launch by Lendy Ltd in 2013, Saving Stream has made its profit from the difference in interest rates charged to borrowers and paid to investors.

All Saving Stream investors receive a fixed monthly interest amount of 1%, whereas Lendy Ltd charges interest at 1.5% per month on average. We feel this is a fair margin as the administration costs that are associated with sourcing new projects for investment, and ensuring all property is secured with a legal charge, are substantial.

Ultimately, our process of providing a safe and simple platform has resulted in a number of successful investments, and our numbers simply speak for themselves. As of the 6th of May 2016, we have £130,327,090 loaned with us, 8,006 investors and our investors have earned £7,460,769.

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Mika Isac Kriyasa, S.H. Work for HPRP Lawyers (Hanafiah Ponggawa & Partners)

Most Innovative Lawyer of 2016, Indonesia

Email: mika_isac@hplaw.co.id & mika.hpp@gmail.com Mobile: +62 8119112743 Practice group & interest: Foreign Direct Investment Tech & Telco Banking & Finance Business & Trade Infrastructure 1604WO69

Business Leaders of 2016 1606AC29

Business Leaders of 2016 Regal Food Products Group Plc was established in the heart of Yorkshire in 2010 to cater for the growing needs of the South Asian consumer. Although the company is relatively new, Regal Foods was established upon the foundation of 30 years’ experience in the bakery and confectionary sector.

Company: Regal Food Products Group Plc Name: Younis Chaudhry Email: Younis@rfplc.com Web: www.rfplc.com Address: Regal House, Wallis Street, Bradford, BD8 9RR Telephone: 01274 493 200

With our experience, Regal Food Products Group Plc has in a very dynamic few years demonstrated the ability to establish huge growth in its UK market as a leading manufacturer of food products in the fast-moving consumer goods (FMCG) sector and also as a prominent importer, exporter and overseas distributor.

During this short space of time, acceptance of the brand has been firmly endorsed by major supermarket chains to promote the extensive range of Regal Foods’ products. Tesco, Asda-Walmart, Sainsbury’s, Morrison’s, Netto, One Stop, Bestways, the Co-op Group, Booker Cash & Carry, and B&M Retail, along with some other well-known high street names, all carry our products. The brand has thus become well known and has established itself in record time throughout the United Kingdom.

Furthermore, our product range has grown rapidly as Regal Food’s has identified both ethnic demand and opportunities to complete gaps in the marketplace.

The variety of products created has resulted in a comprehensive list of bakery specialities, savoury snacks, confectionary, spices, recipes, ready meals and fruit juices.

Alongside this, the brand has also seen an increase in popularity internationally with exports seeing a considerable increase. Exports are handled from the U.K. head office and include shipments to nearly all E.C. countries and Scandinavia as well as markets further afield such as the North Americas, the Middle East and South East Asia.

As for my experience, as previously mentioned I have been heavily involved in bakery and confectionary sector. Prior to my role at Regal, one of my biggest achievements was directing the turnaround and subsequent sale of Jesse Oldfield Bakeries, which positioned the company for profitable sale by Yorkshire Cottage Bakeries Group. Furthermore, as Sales Director of Yorkshire Cottage Bakeries Group, I achieved impressive sales growth with the multiple customers, growing annual sales from £4 million to £35 million. Moreover, I also secured and managed competitively critical relationships with all the major multiples customers as well as other world-class corporate customers, achieving a 100% retention ratio among major players in the UK Bakery industry.

As such, conceiving, developing and executing the strategies and initiatives that drive revenues, growth, competitive market positioning, profits and shareholder value is what I do best. Throughout my career in senior executive positions with the leaders in the food industry, I have earned a track-record of success in managing complex business initiatives, and achieving exceptional rather than expected results.

In terms of management style, I have been characterised as a corporate strategy expert and am credited with personal contributions to the top line and bottom line performance success. In this sense, I am highly skilled in visualising and then executing a plan and doing whatever it takes to deliver. I am driven by challenge and undaunted by obstacles, and am accustomed to and effective in high profile executive roles making high stakes decisions. Perhaps the best way to describe my style is as hands on and decisive yet flexible. Furthermore, I value and award creative thinking, initiative, teamwork, commitment and performance.

Although we take tremendous pride in our success to date, we are keen to never rest on our laurels.

Success in the long term depends not just on our financial results but also how we behave. Our commitment to deliver what we promise over time is underpinned by a set of principles that help define how and where we do business, the people we recruit, and the products we sell.

Because we are here for the long-term, Regal Food Products Group Plc will not pursue short-term gain at the expense of long-term value, or chase market share at any price. People’s choices remain their choices we want to give them another option.

Moreover, understanding our customers’ needs today can also help us innovate for the future, to continue our success and further growth. A such, we will research the markets which will identify new opportunities, and we shall develop new products accordingly for all our authentic ranges.

Ultimately, we will continue to build upon the foundation of 30 years’ experience in the bakery and confectionary sector and augment our position in the market place. Regal Food Products Group Plc set itself a vision of being recognised throughout the world as a brand. Our work continues to realise this vision, and we believe we are well on the way to achieving our aim.

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BE160085

Automated Workflow Project of the Year: COBRA BE160226

Name: Brock Walker Email: Brock.Walker@treasury.gov Organisation: Shared Services Division Office of the Deputy Chief Financial Officer U.S. Department of the Treasury Telephone: (202) 368-6081

Automated Workflow Project of the Year: COBRA Brock Walker is the Acting Director of the Shared Services Program (SSP) at the Department of the Treasury. In this role, he manages a small team responsible for the direct corporate budget oversight over the $228+ million Shared Services Program, a collection of over 30 shared service lines of business which provide services to the Department as well as over 30 external federal agencies and organisations. In this article, he reveals more about the work he does, and how his passion for the work he does has helped to drive their success.

As part of the Treasury’s mission, our job is to manage the U.S. government’s finances effectively.

As such, the TFF provides Treasury Bureaus and outside agencies support services on a competitive and fully cost-reimbursable basis. Moreover, The TFF creates and maintains a business relationship and environment that promotes customer participation and satisfaction through delivery of quality performance, teamwork, and continuous improvement, both in service delivery and economic benefit. Through this process, the TFF achieves cost savings, promotes economies of scale, and increases productivity and efficiency in the use of resources by providing centralized services.

In terms of my experience, I actually started working at Treasury upon graduating from my undergraduate degree at the University of Wisconsin-Platteville. My early roles at Treasury allowed me the ability to learn about government and Treasury as well as to work across a broad spectrum of issues from a variety of leaders. Also, my experiences in the MBA Program at George Mason University have helped me learn from these leaders and apply various business principles directly to the job. I find that drawing on past experiences at Treasury and in the MBA Program help me to keep perspective with current issues and identify possible solutions to problems.

Perhaps the most important thing I’ve learned is that passion, in anything, is a huge deal. By finding things that I am passionate in and focusing on them, I have found that my work is less of something I have to do, but more of something I really want to do.

Also, I’ve found that enabling passion in those around you can have significant positive effects for an organisation and is a constant challenge that excites me. As a team leader, I strongly believe in transparency and communication with my team and colleagues and strive to create an atmosphere that allows for collaboration and accountability.

To do this, I focus on spending time to ensure all team members understand the big picture as well as the small details that occur on a daily basis.

The goal is that by identifying the small stuff and understanding the overall landscape, team members can fit the pieces together and feel empowered to act or make recommendations on solutions.

Looking towards the latter half of 2016 and beyond, I am confident that we will continue to succeed.

Our team believes in what we do each day and want to continue attempts to add value to federal financial management. We hope to continue to build awareness for the success COBRA has provided to us and the benefits it provides to our customers so that we can pass on our lessons learned and potentially spread these efficiencies across other organisations.

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1606AN01

Legal Technology LSG is a leading web-based software application and business process outsourcing company with a global network of offices in Europe, North America and Asia-Pacific. We spoke to Philip Knight, Director of Programmes at LSG, to find out more about their company and how they remain at the forefront of their industry.

Emerging from humble beginnings, our company was established in 2005 and initially offered bill review services. However, our product and services portfolio has expanded considerably since then.

Company: LSG Name: Philip D. Knight Web: lsg.com

Today, our solutions now provide electronic business process management tools that focus on planning and performance measurement of the client’s legal and non-legal professional service providers. We specialise in the areas of procurement, and supplier and litigation management.

Furthermore, the company delivers sustainable and demonstrable financial and business benefits for its clients via proprietary applications, services and support solutions. These solutions enable electronic procure-to-pay engagements to be facilitated in the general insurance, claims, legal, banking, finance, mining, construction and energy industries.

As a company immersed in technology, we are of course always looking at new ways to innovate and improve our services. In this world of consolidation, reduced margins and ever-increasing costs, legal firms and related professionals need to leverage efficiency and drive margins with appropriate, secure, electronic platforms that cater for their requirements and that are scalable and flexible enough to handle data from a variety of sources.

As the technology has evolved, LSG has been part of managing significant change and transition projects for our clients via the development, implementation and operation of web-based supplier management tools for an expanding customer base. Our company serves clients in more than 70 countries and is certified ISO 9001:2008 and ISO 27001:2013.

Furthermore, where mergers have occurred there may be multiple platforms and data sources.

Data and efficient data-handling are a key part of contemporary commercial success so smooth transition to proven, secure, cutting-edge technology provides a single repository that reduces costs and inefficiencies.

In terms of our philosophy, we strongly believe that technology and services should support business processes, rather than drive them. Traditionally, we have operated more in the legal sector, providing electronic solutions and services that address litigation and legal spend management, case management, e-billing and legal bill review. More recently we have added e-procurement to our range of products. The products are flexible and geared to improving efficiency, reducing cost, removing unnecessary work for staff and driving best practice.

Moreover, we work very closely with clients and suppliers to achieve these results, understanding that every client has different business requirements.

Client and regulatory requirements drive the necessity for requisite platforms and reporting.

Removal or reduction of paper-handling reduces dramatically mundane and slow-paced administrative overheads, driving efficiency and reducing work for staff involved.

For instance, we understand that our insurance company clients are very focused on their risk exposure and combined ratio, and measurement of operating expenses and supplier management is essential to understanding business performance.

We take a set of key performance metrics from data obtained from a variety of client sources and produce a set of dashboards that provide data visualisation of the required metrics, can facilitate early case assessment/better closing ratio and drive informed decision-making throughout an organisation.

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Our client portfolio includes large insurance companies, Managing Agents in the Lloyd’s market, TPAs, corporate legal departments, suppliers of almost any type. Our approach is to understand what a potential client needs and how we might assist, then talk with them as openly as possible to ensure that a) we understand their requirements, and b) they understand how we can help to solve their problems and provide the services they need.

Despite our success, we have also had to overcome a number of challenges throughout the years. Servicing our customers can bring challenges and risks due to disruptive innovation, changes in client requirements, regulatory necessities or the unexpected. We always try to be the ones to produce innovation, manage client requirements with care, understand and handle risk and provide the means to measure and ensure regulatory compliance. The unexpected are things we deal with and learn from. There is an ever more pressing need for improvements in data analytics quality, particularly in areas driven by regulatory requirements such as Solvency II and we will be working hard to service these requirements.

Looking towards the latter half of 2016 and beyond, we are confident that we will continue to grow and prosper. As a successful company we want to continue to provide excellent service for our clients, drive profitability and ensure our staff are happy, well trained and committed to these ideals. The global

Legal Technology

nature of our business means that challenges can appear at any time.

As such, we aim to be foresighted and nimble enough to handle anything that is thrown at us, quickly and efficiently. Our solutions are flexible and are designed to be adept at accepting change.

We continuously monitor our clients’ needs and expectations in order to realign our solutions’ roadmaps. We build and constantly improve our “technology ecosystem” to offer both enterprise and local level solutions, ensuring fluid inter-connectivity between the various features.

Ultimately, legal technology should be an enabler that eases workload and drives efficiencies. It should be pro-active and flexible, synchronising with clients’ workflows as closely as possible to ensure minimal culture change, training requirements and distraction for staff. Suppliers of legal technology should be committed to supplying what customers want. Not a one-size-fits-all package. Our litigation and supplier management platforms provide support and facilitation, empowering management and staff through efficient, simple workflows, suggestions and prompts, based on data assessments, and data visualisation.

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1605EA20

Company: Protostar Leadership Development Ltd Name: Michael Coates Position – Managing Director Email: Michael@protostar-uk.com Web: www.protostar-uk.com Address: Portland House, Belmont Business Park, Durham, DH1 1TW Phone: +44 (0) 191 3855455

Executive Coaching: The Secret to Sustained Success Set up in 2007 by a group of former HR directors from a global automotive manufacturer, Protostar has weathered the economic crisis that saw so many smaller management consultancies fail.

Our company didn’t get off to an easy start. When we started up, the multibillion global executive coaching industry was unregulated and to many, was simply a staff development spin off and an easy second career for any manager who found themselves redundant.

Since then, the industry has tried very hard to set up accreditation schemes through organisations such as the “Association For Coaching” who also drive academic research, in the same way as the medical professions. Clients, particularly the large international corporations, latched on to this and started to question the return on investment they were getting from coaching and for the first time demanded that coaches be accredited in some way.

to deal with it than they are. That’s where an effective coach can really help to steer a manager through a difficult time and in turn help that organisation to come out the other side, stronger than before.

As you can also imagine, setting up a business in 2007 was quite a daunting task. I remember being in in discussion with a global petrochemical firm who at the time, were spending £1 million per year on coaching, but before the ink was dry on our contract, all coaching around the world was stopped, as they suddenly realised they had no idea what they were getting for this investment.

In the aftermath of the recession, clients are quite understandably still cautious when it comes to coaching. However, this greater client awareness has helped to polarise the industry in to those who say they are a coach (they have a business card that says so) and those who have a proven track record of adding value. Fast forward to 2016 and we are consistently asked by clients for our accreditation and for testimonials, something that never used to happen.

When the economic crisis hit, the global market for executive coaching crashed with it, but those of us who drove forward through that difficult period were able to highlight that challenging times are exactly when most value can be added by a coach. Managers are under pressure, they need to achieve more with less, they are often in crisis mode and typically they have no boss to talk to or their boss is no better able

As such, we took the opportunity to design a 360-degree questionnaire, for which we won an innovation award, to help managers identify if they are displaying the right behaviours during a challenging period. It is this approach that has helped Protostar and the coaching industry to renew our importance, and prove that we are a cost effective solution for achieving higher levels of business performance.

Over the years, we have developed a strong reputation in diagnosing people issues within organisations, or behavioural issues with individual managers, and then providing solutions. Support can range from assisting with re-structuring an organisation, hiring in new talent or coaching the existing leaders and it’s the executive coaching area that has particularly grown.

While there are no set requirements that make a ‘great coach’, intelligence and communication skills, and increasingly technology helps to make the coaching more effective. At Protostar, our coaches utilise a range of award winning online tools such as employee engagement surveys, 360 degree questionnaires and psychometrics, to better identify what the managers should be addressing.

Furthermore, our team all come from business management backgrounds and understand how companies may be in two minds about the concept of coaching. In our former roles, we all used to baulk at paying the fees of a typical consultancy firm, so we have deliberately kept our overheads very low in order to pass on those savings. We also made a conscious decision not to aim at one particular industry, because we tend to find that managers

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Executive Coaching: The Secret to Sustained Success

in any sector face similar people issues, such as communication or dealing with poor performers.

That has allowed us to build up a portfolio of clients that includes a range of well-known global brands, UK universities and more recently, SMEs. The bulk of our clients were typically in the £100m+ turnover bracket, but over the last few years far more SME business owners have been approaching us for a combination of executive coaching for their leaders (often they have never had any form of management training or support). We also assist with that critical transition from being a medium sized business to a large one, as their systems, processes and people were still behaving as if the company was far smaller.

This is particularly rewarding work, as by working closely with the leaders to restructure, implement new systems, hire experienced talent and implement lean techniques, you can see the positive changes all around you.

In addition, as so many managers now travel extensively, video conferencing, online team rooms and cloud based project management tools have allowed us to successfully support them around the world. For instance, recently, I was in our Mexico office, helping a client based in Australia to set up a UK operation, something that would have been nigh on impossible a few years ago.

Looking further down the road, there are still many obstacles we need to overcome in order to make coaching a standard practice for businesses. Potential clients often still don’t understand what a coach does and why such support can more than pay for itself. In addition, clients are increasingly wanting to reduce down their supplier base so are demanding that as well as executive coaching you deliver other development solutions such as training, eLearning and consultancy support, which fortunately we have been providing for 8 years, so have been well placed for this change in demand. However, as a company who thrived during the financial crisis, we are confident that we will be able to combat any headwinds ahead and move towards even greater success.

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1606BW57

The Culture of Diversity Walking the Talk are culture transformation experts. We enable our clients to align culture with strategy to deliver improved business results. Our proven methodology creates powerful culture transformation that leaves organisations with lasting culture leadership and enduring culture management capability.

Simply put, we make culture do-able.

Company: Walking the Talk Name: Amanda Fajak, Regional Director for Europe Email: amanda.fajak@ walkingthetalk.com Web: walkingthetalk.com Address: Keizersgracht 96, 1015 CS Amsterdam, Netherlands

An organisation’s culture is unique and as such, its cultural transformation journey needs to be specifically tailored. Off the peg solutions rarely address the fundamental cultural drivers of an organisation. It is the fit and flow of a bespoke solution that enables us to work with clients at the deepest levels of behaviour and belief which can build a culture of choice not a culture of chance.

Diversity is a great example of where organisations need to go beyond simply recruiting different people, or doing different things, to where they are genuinely fostering a different belief system to drive different behaviours.

Will diversity improve the state of your business?

Categorically yes, but only if you get it right.

The value of diversity Let’s consider gender diversity. There are now many significant studies that highlight the very real bottom­ line benefits resulting from having female board directors. A study of the Fortune 500 by Catalyst found that companies with the highest percentile of women on their boards outperformed those in the lowest percentile by 42% higher return on sales and 53% higher return on equity. This positive impact is echoed in reports from Grant Thornton, McKinsey, Reuters, Leeds University and others. There is strong evidence proving the material gains available due to female board representation. What is less clear is what aspect of gender diversity is having the positive impact.

At a biological level there is a growing body of evidence about the role of the human endocrine system in decision-making. One of the latest studies, published in Nature Journal last year looked at the role of cortisol and testosterone and found that elevated levels may compel traders to make riskier investments. Research undertaken by Imperial College London found that high levels of cortisol motivated risktaking, while increases in testosterone levels made participants more confident to invest in risky rather than safe assets. In short, a more male dominant environment is likely to lead to riskier decision making.

Hormones may also affect group dynamics and team work. Researchers at UCL studied the impact

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of elevated testosterone on women. In the group receiving small testosterone doses, researchers found participants began to act more arrogantly, favouring their own view and dominating debate. No such changes were recorded in the placebo group. On the other side, research has found groups are more co-operative and work better together when exposed to higher levels of oxytocin, a predominantly female hormone.

But there is more than biology at play Diversity brings a difference in experience and perspective that can deliver positive results. Diversity can reduce the impact of ‘groupthink’ and increase the levels of healthy debate and challenge in an organisation. As such, it enhances decision-making.

As diverse as your employee base is, you can be fairly sure that your customer base will be more so. Increasing the range of profiles within your organisation to better reflect the range of profiles of your customers can increase customer understanding leading to improved customer loyalty.

Being open to the best person for the job means you can access the best talent for your business, regardless of gender or ethnicity. One would think that can only be of benefit for your business, but there are challenges.

If you employ a more diverse workforce but fail to adapt and amend the behaviours, symbols and systems within the business to let them thrive, you will create discord and harm. At Walking the Talk we have a deep understanding of the need to align what you say with what you actually do. It is such an important principle for successful cultures that we named ourselves after it.

Do you take a top down or bottom up approach to diversity?

The solution is not an either or, you need both. The art is to be effective with your timing.

In our 25 years of experience we have found that the starting point is nearly always working with the Executive and leadership of an organisation. People get an understanding of their culture from what they hear people say, what they see people do and

The Culture of Diversity

how the business is set up to get things done. The leadership control across these elements is such that without adaptation and change at this level any culture transformation is often stymied.

Generally, it is only once the leaders are aligned and committed to the new cultural principles that you can really begin to build an effective force for change throughout the organisation to reach your cultural tipping point. The principle behind this is that committed leadership will provide the time, financial resources and personal support behind something that they believe in. Trust is built across the business because of the alignment of walk and talk.

Champions of diversity then have the opportunity to step forward and thrive in a supportive environment.

This is when the focus can shift to more bottom-up activities. Often the easiest step to take is to find those members of your organisation that already epitomise and role model the behaviours that are being sought. Connecting with cultural advocates and giving them the tools and skills to spread their influence is one of the most powerful ways to drive organisation-wide culture transformation. Because the drive is from within the business the change feels authentic and organic, not consultant led.

A bottom-up drive does three things: • By creating a coalition of individuals throughout the organisation with a similar mindset it starts to make a new norm more visible, tangible and do-able in the organisation.

• It becomes more difficult for leaders to walk away from the change that they have started; it applies an implicit pressure, holding them to account.

• Finally, the impact of peer behaviour on others should not be underestimated, especially when a peer is part of a new movement. Peer to peer story-telling has the potential to send strong messages that the norms and standards of the organisation are shifting.

But, diversifying the bums on seats is not sufficient to generate benefit. Organisations have to be prepared to work on their culture. Any business in the financial sector that thinks they don’t really do culture is mistaken. You have a culture whether you manage it or not. Every organisation has patterns of thinking and behaving which are being encouraged, discouraged or tolerated. That is your culture. The question is whether it is a culture that you want and that contributes in a positive way to the business outcomes that you seek.

The second is trust. Many organisations are rushing to devise and implement lengthy conduct strategies, partly to meet regulatory requirements but also because tick-boxes and paperwork are being used as a substitute for trust. Underpinning effective trust must be a robust, clear and well communicated risk strategy. The boundaries must be understood and the consequences enforced. This is a harder route than process checks and balances, but we would argue a necessary route if companies want to be the best that they can be.

We would argue that any organisation with a business strategy should have a culture strategy to align behaviours to business deliverables. A recent piece of global research by Duke University found that whilst 90% of CEOs felt that culture was critical to business performance, only 15% said their culture was where it needed to be. Imagine if Duke had found that 90% of CFOs thought financial management was critical but only 15% thought their accounting procedures were suitable? It is an untenable position for accounting, it should be untenable for culture too.

Interestingly we would expect to see both of these being fostered in a well-performing, diverse workforce.

Common culture issues Whilst each company will take a different journey to transform, we are finding repeating culture themes across the Finance Sector. It can best be summarised as a deficit in two key behaviours.

The first behaviour is the ability to see others’ perspectives. Sounds simple, but there is a humility of mindset not often found in financial services underpinning this. It involves debate, discussion and openness. It directly supports diversity as it allows many voices to be heard. It improves decision making because the individual is encouraged to consider the wider view. How many traders believed that defaults on US mortgages would never go above 8% and stuck to this belief in the face of everincreasing evidence? To see another perspective you often have to loosen the grip on your own beliefs.

Challenges for 2016 and beyond We see the trend for ever greater regulation and legislation around accountability, such as the Senior Managers Regime continuing. For many organisations this raises a very real challenge. As people are promoted it is more normal for them to receive finance, strategy, communications, or logistics training than be supported in developing their culture management capability. This is an opportunity for all organisations to invest in building a truly valuable core competency.

We think volatility and adaptability will be strengthening features in the marketplace. Peter Drucker said “Culture eats strategy for breakfast.” We hope that more organisations wake-up to the power of culture as a business management tool as they strive to deliver their business goals. We know that strong culture management capability really does drive adaptability and diversity.

There is a growing cycle of expectation around diversity. As organisations and individuals better understand what good diversity looks like, the pressure to get it right will increase. It’s a positive trend. It brings an ever brighter spotlight on the issue and there is not an issue in history that has not benefitted from the debate and focus light can bring.

Are culture changes in the Finance Sector a necessity?

So far we’ve mainly been focusing on diversity.

Culture is a wider, more complex concept. We need to have clarity about what we mean by diversity and what we mean by culture. Diversity is the make-up of your workforce in terms of physical characteristics and mindsets. Culture is the pattern of behaviours that are encouraged, discouraged and tolerated, by people and systems, over time. You can have an extremely diverse workforce exhibiting an extremely unhealthy and unhelpful culture. Diversity is not, in isolation, a route to a thriving culture.

In terms of diversity the sector can and should do better. In February 2011 just 12.5% of FTSE100 Board positions were occupied by women. By October 2015 this had risen to 26.1% according to the updated Davis report ‘Women on Boards’. You can’t deny a favourable trend, but we should not be complacent. The Empowering Performance report found that whilst women made up 23% of board positions in the finance sector, just 14% were on Executive Committees. If we consider ethnic diversity, Board representation was running at just 2% of directors in the top FTSE150 by the end of 2015. This is not enough and more must be done.

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Making banking transparent & more useful for the end consumer

http://kontomatik.com/

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Ones to Watch for 2016: The Best Boutique Law Firms Enyo Law LLP is a law firm that acts exclusively in complex and high-value disputes whether litigation or arbitration. Enyo is recognised internationally as one of the leading disputes practices in the City of London. We spoke to Simon Twigden, Partner at Enyo, to find out more about the firm he helped to found 6 years ago, and about its expertise across a broad range of industry sectors.

Name: Simon Twigden Email: simon.twigden@ enyolaw.com Web: www.enyolaw.com Address: 11 Pilgrim Street, London EC4V 6RN Telephone: 0203 837 1700

Our team has a reputation for succeeding in some of the highest value, most complex and prominent disputes heard before the High Court in England including cases which inter-relate with proceedings in other jurisdictions.

Furthermore, we also have extensive international arbitration expertise. This experience has been acquired around the world in many different arbitration seats, under the rules of the various international institutions, as well as in cases brought under ad hoc rules. We have the deep knowledge of the arbitration world that is needed for effective advice on identification of arbitrators for selection/nomination.

We also have experience acting in investment treaty arbitrations and have a wealth of understanding of the strategic (and other) considerations in such actions.

Our clients include multinational corporations, major state-owned entities, governments and high profile individuals. These clients are predominantly international, and we are accustomed to dealing with problems that cut across borders and jurisdictions.

We do not operate a formal network connecting us to other lawyers or firms as we wish to retain the flexibility to work with the individuals most appropriate to each client’s needs. We do, however, maintain strong contacts with lawyers in all the principal jurisdictions, including in Europe, the US, the CIS, North Africa, and the Middle East, as well as in the offshore jurisdictions.

We are frequently instructed to co-ordinate lawyers in multiple jurisdictions on a single case.

Moreover, cultural differences are often central to the disputes on which we advise and our language skills and practical experience of working alongside international corporations, institutions and their domestic lawyers inform our strategic advice. Many of the cases we are instructed in have a strong political dimension that calls for particular sensitivity and discretion and we have specialist expertise in handling such cases.

Specialising purely in contentious work, we are the natural choice for clients involved in disputes that would present conflicts for major city law firms or for those clients looking for sensible, commercial advice coupled with a partner-led service.

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innovative and highly regarded coaching and training http://movingyouforward.uk.com/

The Rise of Online Dispute Resolution 1605EG53

Company: OGR Stock Denton LLP Email: info@ogrstockdenton.com Web: www.ogrstockdenton.com Address: Winston House, 349 Regents Park Road, London N3 1DH Phone: +44 (0)20 8349 0321

The Rise of Online Dispute Resolution Being part of a company’s success story means a lot to us: there’s nothing we like more than using our skills, knowledge and vast experience to help businesses thrive.

At OGR Stock Denton, our Company & Commercial department specialises in working with ownermanaged companies based throughout the world.

While many of our clients are based in the UK and North America, a growing number are from Germany, Austria and Switzerland – and we continue to expand to other countries rapidly.

On top of that, we also needed to sort out some fundamental warranties to cover the high-value contracts of the club’s main assets: it’s footballers and coaching staff. Our Employment specialists at the firm helped us draft these – stating that if any of the warranties turned out to be untrue to the value of £1 million, our client could walk away without completing.

We offer a different experience from other City law firms: we’re about fast decisions, swift action and speedy resolutions. We know when it makes sense to wrangle over the precise wording of a clause, but we also keep your business goals in mind and know when pragmatism is needed. We appreciate when your business predicament could benefit from genuine strategic insight – and we’re also aware of when it makes more sense to follow tried-and tested principles.

With one day and two sheets of paper, we’d helped a client buy a football club for over £30 million.

One of our recent cases involved a longstanding client who was in the process of buying a professional football club. The price was in excess of £30 million, and – for reasons relating to the sellers’ particular circumstances – the purchase needed to take place on the day after our client called us. It was our job to negotiate the deal with the sellers and make sure everything was signed on time – and we did exactly that.

Once we were around the table with them, we stated that we’d exchange contracts that day and buy at the agreed price – as long as the sellers gave our client warranties that all subsequent documentation would be accurate, and that they owned all the relevant assets and properties.

The Company & Commercial department provides many other services beyond sales and purchases of companies, of course. Our team is headed up

by Gitta Altmann – who specialises in JVs and commercial contracts, as well as non-contentious employment law issues. Other members of the team have expertise in shareholder agreements, supply/ distribution agreements, commercial contracts, mergers and acquisitions, joint ventures, shareholder disputes and due diligence, among others.

Our command of international law also enables us to advise corporate clients from both the UK and overseas on a wide range of complex cross-border matters, such as business and share sales and acquisitions, joint ventures, commercial contracts, inward investment, and employment law matters. Within the company, we have colleagues who are fluent in a number of languages – including German, French, Hebrew, Spanish, Gujarati, Cantonese and Swedish.

We’re also proud to belong to International Lawyers Group (ILG) – a not-for-profit network of independent law firms and legal practitioners around the world.

Membership is by invitation only, and it’s offered to firms that have proven their commitment to providing legal services of the highest quality.

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Polycarbonate Double Glazed Sealed Units Anti Vandal Double Glazed Sealed Units Window Protection Screens Suppliers of Solid Sheet Polycarbonate

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Virtually Unbreakable Hard Coated Polycarbonate either Polycasa UV SR or Lexan Margard MRX. These units are Ideal for factory, food factory and industrial glazing.

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Virtually Unbreakable Hard Coated Polycarbonate either Polycasa UV SR or Lexan Margard MRX to the outer leaf and Toughened Pilking ton K glass to the inner leaf. These units are Ideal where anti vandal and security glazing where energy saving is required. .

10 year warranty against breakage(Polycarbonate only) 5 year warranty on coating failure.

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Slim polyester powder coated aluminium frame with Lexan Margard MRX or Polycasa UV SR clear polycarbonate. This Screen gives a cost effect virtually unbreakable barrier against attack from vandals or burglars. Easy face fixing.

10 year warranty against breakage.

Suppliers of Solid Sheet Polycarbonate.

CWP OptiGlaze was formed in 2007 to manufacture and supply anti vandal and security glazing products. Since being formed we have researched and developed our range of polycarbonate double glazed sealed units which are suitable for many applications.

Applications include Schools, NHS Health Centres, Secure Detention Units, Special Needs Schools, Industrial Units, Food Factory's, Commercial Buildings and Residential Property.

Our polycarbonate units have been exported to the Philippines for installation into a food canning factory.

We have also developed a window glazing protection system for installation to existing windows and curtain wall to protect the glazing from being broken by vandals.

As as user of solid sheet polycarbonate we take advantage of this and supply it in full sheets or cut to a required size to both the trade and general public.

We deliver through the UK and have the facility to deliver to other countries.

Lexan and Polycasa polycarbonate supplied as full sheets or cut to a required size. Sheet thickness from 3mm to 10mm.

General purpose, Hard coated, Obscure, Georgian wire effect.

UK delivery.

BE160088

CWP OptiGlaze – Polycarbonate Glazing Solutions Unit 2 Havannah Business Centre Havannah Street Congleton Cheshire CW12 2 AG 01260 278869 sales@cwp-optiglaze.com

Ones to Watch in IP, 2016 1606CG26

Ones to Watch in IP, 2016 Chadha & Chadha is a full service Intellectual Property Law Firm, established in 1967 with 10 offices across India. We handle all aspects of IP work from prosecution and protection to enforcement and litigation, as well as licensing and transactional IP matters. We also advise clients on global IP strategies and on creating valuable IP assets and portfolios.

Company: Chadha & Chadha Name: Mr. Chetan Chadha Email: chetan@iprattorneys.com Web: www.iprattorneys.com Address: F-46, Himalaya House, 23 K.G. Marg, New Delhi - 110001, India Phone: 91-11-41513030

Our people are the most important asset to our practice and they have shaped our way to success. We are proud to have some of the best minds in IP at work in our firm with a strong desire to collaborate with the clients to maximise the value of their IP and this allusion has been the stepping stone for our firm on its way to success.

Intangible assets, such as brands, know-how and reputation are “most important and valuable” for businesses in the current economic situation. This is extremely well summed up in a famous observation

by Tom Goodwin: “Uber, the world’s largest taxi company, owns no vehicles. Facebook, the world’s most popular media owner, creates no content.

Alibaba, the most valuable retailer, has no inventory.

And Airbnb, the world’s largest accommodation provider, owns no real estate. Something interesting is happening.”

It is indeed an interesting time for businesses as the intangible assets take precedence over tangible assets as well as over the more traditional business models. Businesses who have realised the potential of Intellectual Property Rights in not just brick and mortar businesses with R&D facilities but also in knowhow, reputation and strong brand value, have managed to leverage their IP to create great success stories across the globe in a relatively short time IP Assets It is quite important for organisations to protect IP assets across the globe and to maximise the value of IP assets. In changing times where product and businesses have a rather short life span and some of the great technology companies have taken a dive in less than 10 years, IP assets are an absolute necessity to gain exclusivity for several years and to keep the competition out for a considerable length of time.

In fact, IP assets are a major reason for success of some of the greatest companies such as Microsoft and Apple who kept the competitors out of business for the longest possible time. Licensing is also becoming an extremely useful tool in expanding businesses across the globe with local players, which proves to be the more successful strategy in several large economies with diverse cultures.

Several success stories of leveraging IP assets and also enforcing IP rights by companies such as Qualcomm lead the way for new age organisations looking to maximise the value of their IP assets.

Developing, Exploiting and Safeguarding IP Assets Business leaders are now on the lookout for leading specialists and “out of the box” solutions for safeguarding and exploiting their IP assets, more than ever. In a global economy, which is flooded by a huge number of IP applications across countries and through various treaties, access to IP assets and knowledge base has become easily available.

The standard approach and solutions do not help companies in getting ahead of competition and several companies are engaging specialists who offer them support in finding new solutions in safeguarding and exploiting their IP. The Rapidly Growing and Ever-Changing Field of IP In our firm, we offer a combination of techno-legal business minds, who are experts in technology and law and skilled in understanding business trends and needs. Our partners and attorneys in the firm attend educational courses at renowned institutes such as the Harvard Business School, and the Indian Institute of Management (IIM - the top ranked Business school in India), to keep abreast with developments in economies and directions for the future. These courses help our attorneys, several having dual degrees in Science and Law, in developing cohesive strategies for businesses in consonance with the rapidly growing and ever changing IP, legal, business and technological fields.

Challenges for the Future Our biggest challenges have been to bring down the time lines for obtaining IP protection in India, and to enhance the liability for IP infringement by more liberal and frequent use of punitive damages

by Courts in India. While we have seen positive developments on both fronts, there is still a long way to go. With a strong commitment to IP rights being demonstrated by the Indian Government, and several initiatives taken as a part of National IPR policy, we believe we will see major positive developments by end of 2017 in both aspects.

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Ones to Watch for 2016: The Best Boutique Law Firms Founded in 1987, Volpe and Koenig, P.C. is a full service intellectual property law firm headquartered in Philadelphia, Pennsylvania, and Princeton, New Jersey. With more than 50 attorneys, patent agents, and technical advisors on our U.S. team and a global network of associated experts, we serve a diverse roster of U.S. and multinational clients across a wide range of industries.

Company: Volpe and Koenig, P.C. Name: Gerald (Jay) B. Halt, Jr. – President and CEO Email: JHalt@vklaw.com Web: www.vklaw.com Address: United Plaza 30 South 17th Street Philadelphia, PA 19103-4009 Phone: 215-568-6400

Volpe and Koenig, P.C. ... At the Forefront of Intellectual Property Law’s Global Evolution Working at the forefront of a dynamic and rapidly evolving field that has come to dominate commercial life, we maximize the value of intellectual property rights, offer proactive guidance for protecting intellectual property portfolios, and provide peace of mind that intellectual property assets are secure.

Our boutique practice provides worldwide client counseling on patents, trademarks, copyrights, trade secrets, e-commerce, Internet issues, technology acquisition and transfer, due diligence, nondisclosure and non-compete agreements, licensing, and enforcement of intellectual property rights.

A Perfect Fit – For Every Client. For Every Issue.

There are no one-size-fits-all strategies and solutions at Volpe and Koenig. Instead, clients benefit from our unique and personalized Perfect Fit approach.

Teams are carefully assembled so that the skills and experience of those involved are individually and collectively best suited to address the client matter at hand. Whether a team needs the expertise of a scientist, a former patent examiner, or an engineer, we have all the bases covered. By taking the time to handpick Perfect Fit teams, we are able to deliver added value to our clients by ensuring that the best people for the job are working on their behalf.

Unlike the model used by many other law firms, we view our clients as firm clients rather than as clients of any single shareholder. While one shareholder may act as a client’s primary point person, the emphasis at Volpe and Koenig is on establishing a mutually supportive Perfect Fit team. Multiple shareholders, associates, and other legal professionals become familiar with a client, allowing different perspectives and experiences to inform decisions; clients feel confident knowing that they will always be able to reach someone with ready answers who knows them well.

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Koenig is able to meet – and most often exceed – the expectations of our clients. Our bench of professionals is both wide and deep, encompassing not only those with legal backgrounds, but also those with business experience, technical experience, and experience dealing with the United States Patent and Trademark Office (USPTO).

Many of our professionals are recognized as intellectual property law “thought leaders” and subject authorities. Their legal analysis and opinion pieces regularly appear in regional, national, and international publications; they are sought after speakers and panel participants at legal conferences and other events across the country; and they hold executive positions within leading legal organizations.

In just the past few months, one of our associates was called to the White House to meet with members of the Senate Judiciary Committee for discussion about candidates to fill the late Justice Scalia’s Supreme Court seat, while one of our shareholders worked with China’s State Intellectual Property Office (SIPO) to lead the Symposium of the SIPO/U.S. Bar Liaison Council.

Volpe and Koenig has been named as one of the area’s “Top Workplaces” by The Philadelphia Inquirer, and we take our commitment to staff training and development very seriously. Through a comprehensive mentoring program, our associates and summer clerks are exposed to multiple contacts throughout the firm and a wide variety of topical issues. Our recruiting brochure highlights the fact that there are “no jerks” at our firm, and we make it a priority to maintain an open door policy for the benefit of shareholders and junior professionals alike.

Volpe and Koenig In The News and In The Community

Finding and Keeping Great People – The Not So Secret Formula for Our Success

Volpe and Koenig is regularly ranked as a “Best Law Firm” in the U.S. News & World Report/ Best Lawyers® annual list, and firm attorneys are frequently honored as “Best Lawyers,” “Pennsylvania Super Lawyers,” and “Pennsylvania Rising Stars.” Many have been publicly recognized with achievement awards by their alma maters and other organizations.

By hiring and retaining smart, talented, and dedicated people and situating them within a vibrant and collaborative work environment, Volpe and

While we deeply appreciate these acknowledgements, we are equally as proud of our contributions to the local community. Since

Ones to Watch for 2016: The Best Boutique Law Firms

2007, Volpe and Koenig has annually awarded two $20,000 grants to deserving local non-profit organizations through our IPromise Charitable Giving Fund. Beyond that, over the last year alone, we have sponsored the Central Bucks Chamber of Commerce Young Citizens Awards and lent a helping hand to organizations including Philadelphia Ronald McDonald House, Toys for Tots, Fox Chase Cancer Center, and the Malawi Project.

Standing Above the Crowd in an Increasingly Complex and Shifting Global Environment Intellectual property laws have changed more over the last few years than they have in the previous quarter century. As the digital world increases in complexity and the global business landscape shifts with the explosion of commerce in China, India, and other markets, keeping up with case law has become more challenging than ever.

But, for all of us at Volpe and Koenig, that’s what keeps things exciting. Our field is constantly evolving, and clients depend on our legal and business expertise to help them stay on top of their games.

Whether we are securing, protecting, or enforcing intellectual property rights, Volpe and Koenig proves every day that you don’t have to be a big firm to be a powerhouse.

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2016's Ones to Watch in Environmental Due Diligence Arcadis is the leading global design and consultancy firm for natural and built assets. There are a number of reasons why we are leaders in the field of natural and built asset consultancy. Perhaps one of the biggest factors is that we apply deep market sector insights and collective design, consultancy, engineering, project and management services, which allow us to work in partnership with our clients and deliver exceptional and sustainable outcomes.

Arcadis takes tremendous pride in the fact that our company has been successfully running for over a century. Arcadis was founded in the Netherlands in 1888, whilst Hyder Consulting, which Arcadis acquired in 2014, can trace its history back to 1875.

From this strong Dutch heritage, Arcadis has grown organically and through acquisition to be one of the leading global natural and built asset design and consultancy firms with over 27,000 people active in more than 70 countries worldwide.

Company: Arcadis Name: Tim Strongman Email: tim.strongman@arcadis.com Web: www.arcadis.com Address: 34 York Way, London, N1 9AB, Phone: +44 (0) 7818 525939

As a result of our wealth of experience and expertise, we support a diverse range of clients that goes right across the spectrum of companies that deal with built and natural assets. These include clients across the following sectors, financial institutions, chemical and pharmaceutical, oil and gas, manufacturing/ conglomerates, power and utility.

Although we provide a number of services for our clients, they can be broadly categorised into five different areas.

• Firstly, we provide ESG, sustainability and property due diligence during acquisitions, divestitures, mergers, joint ventures, and IPOs. • Secondly, we also provide due diligence for project finance against the Equator Principles and International Finance Corporation (IFC) performance standards.

930 645

2,995

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•

•

•

Thirdly, we deliver value through the implementation of ESG policy and strategy development and Fourthly we provide analysis of reserves, provisions, asset retirement obligations, and financial reporting.

Lastly, but certainly not least, we provide postmerger integration support.

From our years of experience, we find that the best approach to investing is one where a well thought out due diligence programme is strongly aligned with the nature of the business being acquired. Whether it’s an investment by a major corporate client or a financial institution following the Principles for Responsible Investment, the increased focus on investment decisions by stakeholders makes the due diligence process more important than ever before.

At the same time, we also need to recognise that every transaction is different and presents a unique set of risks and opportunities. As such, we tailor the scope around ESG (Environmental, Social and Governance), sustainability and property, and work closely with our clients to determine what the key issues are and then produce an output that delivers commercial value at both deal stage and beyond.

The principal aim of the ESG process is to encourage responsible investment and to help companies identify environmental factors that may need to be addressed to minimise risk to the environment and society, as well as delivering commercial value. As such, it is important to consider the wider context of the business from a sustainability standpoint and consider issues such as raw material supply and use, supply chain issues, product stewardship, social impacts, energy and water use. However, any actions under an ESG banner should seek to deliver a benefit to the environment, society and ultimately the balance sheet.

3,980 For the majority of transactions, the key to a successful outcome is technical competency, communication and speed. At Arcadis, we have the ability to field global teams with strong technical expertise, allowing our clients to commission large components of the deal all through a single provider. Our experienced team of advisors then work closely with the other members of the deal team to share knowledge and maximise value for our clients.

2016’s Ones to Watch in Environmental Due Diligence

Studies increasingly show that where ESG factors have been incorporated into the business model, private equity (PE) houses and their portfolio companies are better able to identify wider (sometimes non-financial) opportunities to drive value to the triple bottom line during ownership and to maximise value at exit.

With this in mind, we can expect a growing focus on ESG Principles, linked increasingly with the delivery of enhanced financial returns.

Alongside this expertise, we are also using our global expertise to assess, reduce and monitor environmental risk and, coupled with our deep asset knowledge, we are increasingly advising private equity clients on their investment decisions. With the growing emphasis around ESG issues and the ability to combine these with our infrastructure, water, sustainability and buildings capabilities, Arcadis is able to offer a turnkey solution that manages risk throughout the deal stage and delivers value to the triple bottom line post transaction.

What is clear, is that whilst many organisations have the philosophy or desire to adopt an ESG based approach they often lack the process and/or ability to implement this within their wider organisation. As such, they are missing out on the potential financial gains that are being achieved by those that have well established ESG systems and processes in place.

Although we achieve some exceptional results, our company is much more than just numbers. Our people are critical to the success of the company and it’s essential that they can adopt both a technical and commercial approach during the transaction process to ensure that we are delivering the best outcomes for our clients.

Arcadis brings greater transparency to financial clients on ESG issues and works with the newly acquired business using a proactive approach to deliver ESG value post transaction. However, we appreciate that any such process must be tailored to fit each organization’s investment strategy, approach and available resources.

Looking towards the latter half of 2016 and beyond, we are confident that our company will continue to grow and prosper. Our global transaction services team is in a period of significant growth and the biggest challenge is finding experienced personnel with the right blend of technical knowledge and commercial awareness. However, we are confident that we are well equipped to meet this challenge and move towards continued success.

THE ESG CHECKLIST: Considerations • Environment o Existence of policies and certification o Natural resources consumption (including water) o Energy efficiency o Carbon management o Impact to the environment (air and water emissions, waste) o Development of green products and services o Contaminated land risks o Soil and groundwater potential and known liabilities o Bulk chemical storage o Environmental permitting and compliance o Building contaminants o Flood risk • o o o o o o o o

Social Existence of policies and certification Health and safety Staff turnover and absenteeism rate Training and qualification of workforce Maturity of workforce Social climate Relationship with business partners Employee diversification

• o o o

Governance and ethics Compliance with applicable laws Product Stewardship Anti-Bribery and Corruption policies and implementation Role and responsibilities of governance bodies Transparent financial communication Litigation risks

o o o

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Ones to Watch in IP, 2016 - Australia MacMillan Trade Marks Attorneys provides expert advice in all areas of Australian trademarks and intellectual property (IP). They specialise in providing international clients with efficient and effective protection and enforcement for their trademarks and IP in Australia and provide a fixed fee for most of their work. A registered trademark attorney handles every matter that comes through their door. The firms Principle & Registered Trade Marks Attorney, Tom Rinder , reveals more.

Company: MacMillan Trade Mark Attorneys Name: Tom Rinder, Principle & Registered Trade Marks Attorney Email: info@mtrademarks.com.au Web: macmillantrademarks.com.au Address: Level 13, 200 Queen Street, Melbourne VIC 3000, AUSTRALIA Telephone: +61 1300 76 13 56

To what extent do you think that intangible assets such as brands, know-how and reputation are of key importance to businesses?

Your brand is the first point of contact a potential customer or client has with your business.

A good brand can instantaneously articulate what a company does, its strengths, market position and it can create trust and goodwill. We think this is something pretty important and worth protecting, we say a brands protection is paramount to any business.

Do you think that organisations need to ensure that they maximise the value of their IP assets whilst ensuring that such assets are adequately protected?

If you do not have a trademark to protect your business, you need to ask yourself, what is stopping copycats? Successful trademark registration in Australia provides 10 years of protection, renewable indefinitely and protects the potential your business has when entering a new market.

We see examples time and time again where non protection of trademarks and IP leads to copying without recourse or even worse forfeiture of that brand by the original owner.

Brands can encompass a range of assets, including names, logos, slogans and these should all protected at soon as possible in the business creation process.

Unprotected brands are doomed to fail at some time in their life.

To what extent do business leaders need to create innovative means of developing, exploiting and safeguarding these assets and need to ensure that they seek the know-how and advice of leading specialists in this field to support them in doing so?

With such a crowded marketplace these days innovation through intellectual development of an idea is essential to be successful. Involvement of an attorney who practices in the protection of trademarks and IP at an early stage is mandatory for any business and should be an essential part of the business planning process.

Without proper advice rights can be lost or at worse ownership taken by another party. We have seen many times client’s releasing some form of their IP in the market before the filing of applications for relevant protection, resulting in a loss of rights for that IP.

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You should always contact a trademark attorney first if in doubt.

How do you stand out within your field of expertise within the rapidly growing and ever-changing field of IP? It is no longer enough to be experts in our field, along with extensive expertise we use a plain English approach to simplify the complex legislative and regulatory regimes requires to obtain protection.

Through a 100% commitment to delivering on the promises we make, we can achieve our firms’ mantra of providing industry leading service at the best value for money in our jurisdiction.

The majority of our clients are international companies looking to tap into the Australian market and given this is our specialty we are set up to conduct this better than most, including a 24 hour turn around for filing trademarks. Our service lets our clients concentrate on their core business and they appreciate the surety we offer via our fixed fee structure for protection of their trademark and IP in Australia.

What role do your staff play in the successes of your firm?

Our staff are simply the key to our success. Our staff have expertise in the area of trademarks and IP and through our innovative practices we pride ourselves on building trust with our client’s. We can’t do this without the great staff we have.

Our principle has over 15 years of experience in the IP field is a fellow of the Institute of Patent & Trademark Attorneys Australia (IPTA), the peak body in our jurisdiction, a member of the Intellectual Property Society of Australian & New Zealand (IPSANZ) and International Trademark Association (INTA).

What challenges does your company and / or industry face in 2016 and beyond?

One of the major challenges in our field is getting the message to potential clients to ensure they seek appropriate advice at the right time. We see clients who have the wrong information from online resources or other avenues leading to failure to protect any business assets at all. We spend a significant amount of time in education in the field.

Ones to Watch in IP, 2016 - Australia

With every jurisdiction having its own practice and procedures it’s imperative to contact a local expert with relevant knowledge. In our field there are always amendments to legislation and new case law precedents being set which changes the way we operate.

We say to our client’s follow this quick 5 step trademark checklist: 1. Contact an IP Attorney in the relevant country for advice before you start trading. Even if you have started, the sooner you make contact the better.

2. Audit your IP regularly. Check each brand you have, including names; logos and slogans to ensure they are protected.

3. If you create a new brand or sub brand ensure it is covered.

4. Monitor the marketplace for possible copycats.

5. Once registered use your trademarks or risk losing them!

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Best Caribbean Restaurant - USA / Q1 Update

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Company: Jamaican Grill Restaurants Name: Frank Kenney Email: frank@jamaicangrill.com Web: www.jamaicangrill.com Address: Suite 800 Airport Industrial Center 165 Skyline Drive Tamuning, Guam (USA) 96913 Telephone: 1-671-647-1934/5

Best Caribbean Restaurant - USA Jamaican Grill is a chain of restaurants specialising in offering flavourful, Jamaican cuisine and excellence client service. Here at Jamaican Grill Restaurants is a totally unique BBQ concept that fuses the flavours of Jamaica, Guam and the Philippines. The company began with just two employees (the owners) operating out of a 200 sq. ft. space, and have grown in 22 years to 105 employees.

Our restaurants sales are split 50% - 50% for both full table service and take-out business. Our mission statement is to Wow every single guest we serve with Ya Mon, Serious Food and Serious Service and we believe that these guests drive the success of our business. We have also invested in detailed operations manuals that are the backbone behind aggressive training programs for each and every one of our staff. Our restaurants are known on Guam to provide outstanding customer service at each and every level of guest interaction.

Our menu can also be described as “island style comfort food”, and we aim to ensure that it is of the highest possible quality thus our company motto of “Ya Mon, Serious Food”. Our restaurants are also

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very vibrant and colourful with Reggae music played in the background resulting in a whole lot of Fun! Moving forward we have a number of exciting growth strategies which will provide us with opportunities to expand the business. We are trying to franchise Jamaican Grill into the Philippines and other countries within our region, as well as looking at locations for a 4th branch restaurant and a corporate base here on Guam. In addition, we are developing our Jamaican Jerk Seasoning retail product line into local supermarkets and convenience stores in order to serve a new market.

Q1 Update Mochtar Karuwin Komar (MKK) is one of Indonesia’s oldest firms and celebrates its 45th year in June 2016+. In a nutshell, MKK is a full service law firm focussing on infrastructure, mining, M&A, foreign investment, labour, tax litigation as well as banking and finance.

Company: Mochtar Karuwin Komar Name: Chris Naziris Email: chrisnaziris@mkklaw.net Web: www.mkklaw.net Address: 14th Floor, World Trade Centre, Kav. 31 Jl. Jend. Sudirman, Jakarta 12920 Indonesia Telephone: + 62 21 571 1130

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2016 has been a very exciting year for us so far, as we have been involved in a number of major deals. At the moment, MKK is acting for a number of international consortiums bidding for various gas fired power station projects, lenders on a number of coal mouth private power projects and the project company on the Central Java 2x1,000MW PPP power project. Financial close for the Central Java project is expected in June 2016 and will represent one of the first successful PPP projects to reach financial close.

Furthermore, we are involved in a number of major energy sector acquisitions, including representing a Philippines energy company in a major transaction involving acquisition of a 49% stake in a geothermal project. Alongside this, we have been instructed to assist with a number of global acquisitions advising and assisting on Indonesian aspects which have included the transfer of employees and the establishment of new entities.

Additionally, we have been involved in a number of shareholder buyouts (call options) of joint venture arrangements in a variety of industries for European and North Asian clients. We are also currently advising a number of new and existing mining clients on a range of mineral matters.

In our region, we noticed that there has been a slight slowing of major acquisitions of Indonesian businesses, but this is primarily sector driven. We have also noticed consolidation and changes within the energy sector with new players entering the market and established players divesting certain assets, and M&A work as part of a global acquisition is at about the same level as last year. The uncertainty around the Rupiah, both as to value and obligations for payments to be in Rupiah, is causing investors to pause and assess developments before committing.

Nonetheless, we are confident that our experience and expertise will allow us to overcome the challenges that lie ahead in the coming months.

In Profile - Saikrishna & Associates

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Saikrishna & Associates Company: Saikrishna & Associates Address: A-2E, 2nd Floor, CMA Tower, Tulsi Marg, Sector 24, Noida, Uttar Pradesh 201301, India Phone: +91 120 463 3900

In Profile - Saikrishna & Associates Based in Uttar Pradesh, India, Saikrishna & Associates is a highly renowned independent IP law practice, who over the years have continued to grow and expand their services. We profiled them to put the spotlight on their success.

Initially, Saikrishna & Associates were a tier-1 full service IP law firm. However, as the firm continued to grow, they have expanded their firm into a general practice, with a particular emphasis on sectors such as TMT, life sciences, biotech and online domains.

As a result of the breadth of their experience and expertise, the firm have become known for their work in competition law, regulatory assistance and policy reform, as well as both corporate and commercial law. As such, many of the major IP disputes in India have been dealt with by Saikrishna & Associates.

whose attorneys are constantly adapting and innovating in order to meet the ever evolving demands of this industry.

All of these ingredients combined are what make Saikrishna & Associates the company they are today.

Furthermore, they firmly believe that with their experience and eagerness to innovate, they are well equipped to meet any further challenges they face in the future.

At the heart of everything they do at Saikrishna & Associates is their clients. As such, their attorneys go above and beyond in order to ensure a highly personalised service and achieve the best possible results they can. And of course, as a company immersed in the world of IP, they are a company

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With over 30 years experience in the discipline of Digital, HEXFORENSICS are listed/certified specialist providers of Cyber/Digital Forensic and Expert Witness services to the legal profession, who to date have represented clients, and Barristers in high profile international court cases.

As an extension to the provision of Expert Witness services, HEXFORENSICS provide Digital Investigation, specialist Cyber Threat, and Open Source Intelligence investigation services, as well as delivering Cyber Security and Digital Forensics Training in the UK, and the UAE [Dubai and Abu Dhabi].

For more information contact: +44 7881 625140 / +44 207 8626335 E-mail: john.walker@hexforensics.com 71-75 Shelton Street, Covent Garden, London. WC2H 9JQ

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Digital marketing

Branding, brand development and promotion

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Creative Marketing and Promotion Services Zero is an award-winning graphic design and marketing company with offices in Edinburgh and Chester.

Annual reports, brochures and catalogues

Advertising on-line and in print

We design EVERYTHING to help you launch, market or promote your product or business, from initial brand design and development through to ongoing advertising, marketing and promotion either by campaign or on an item-by-item basis.

To find out more about our skills and what we can offer you, visit totallyzero.com ZERO DESIGN LIMITED | EDINBURGH + CHESTER www.totallyzero.com | hello@totallyzero.com 0131 554 9930 / 01244 310012

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First Quarter Update PJS Law is Puyat Jacinto & Santos, a Philippine-based general professional partnership engaged in the practice of law. Established in 1997, PJS Law has been consistently cited by leading legal and financial publications as one of the leading Philippine law firms recommended for energy and projects, mergers and acquisitions, banking, capital markets, project finance, as well as restructuring and insolvency.

Company: Puyat Jacinto & Santos (PJS) Law Name: Ramil E. Bugayong Email: rebugayong@pjslaw.com Web: www.pjslaw.com Address: 10/F 8 Rockwell, Hidalgo corner Plaza Drives, Rockwell Center, Makati City, Philippines Phone: (+632) 840.5025 to 28

Experiences of Q1 (January-March 2016) The Banking, Finance and Capital Markets Group of PJSLaw has successfully assisted in the negotiation and financial close on the acquisition by Mitsubishi UFJ Financial Group Inc.’s (MUFG) commercial banking unit, BTMU, of 20% of the voting stock of Security Bank Corporation (SBC).

Under the terms of agreement, BTMU will own 150,707,778 common shares and 200,000,000 preferred shares, making BTMU the second largest shareholder of SCB. The transaction is the largest foreign direct in a Philippine financial institution after the liberalization of the banking sector in 2014. See http://www.bloomberg.com/news/ articles/2016-01-14/mufg-said-to-agree-to-buy-stakein-philippines-security-bank for further details.

PJS Law is known for its ability to assist transaction parties in understanding the Philippine legal framework as well as the technical and financial nuances of specific industries. To date, this transaction and industry-focused mindset remains the strongest point of the firm that is recognized

in handling several innovative and pioneering transactions. PJS Law continues to represent clients in the energy industry, for instance, in the dynamic and evolving Philippine market.

As trusted strategic partners of industry stakeholders, PJS Law commits to the value of providing clients with cutting edge legal service and exceptional client care, through a combination of traditional approaches and cutting-edge innovations. From the drawing board to the balance sheet, PJS lawyers seek to contribute value to the clients’ business.

The firm’s transaction experience cuts across various industries ranging from energy, banking, finance, public utilities, infrastructure, manufacturing, trading, food and retail, and business process outsourcing, among others.

We expect PJS Law to remain at the forefront as the Philippines remains at the sweet spot, evidently an attractive target of multinational companies seeking opportunities for growth.

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A leading independent Hungarian boutique law firm specialised in domestic and international business law.

www.hplegal.eu

Best Classical Music Promotions Company – UK BE160229

Best Classical Music Promotions Company – UK From Sweden Productions are a London-based production company specialising in production management and promotions of large-scale high profile concerts, festivals and events with a Swedish connection.

Although event and production management is our main line of business, we are able to offer PR & Marketing campaigns to help you maximise the impact of engagement. In addition we can offer our clients a consulting service to help them maximise the impact of their promotions.

Company: From Sweden Productions Name: Sofie Maria Haag Email: sofie@ fromswedenproductions.com Web: www. fromswedenproductions.com Address: C/O WMYOB, 39 Long Acre, Covent Garden, London WC2E 9LG Telephone: +44 79 7210 4125

In regards to production management most of our competitors are able to cover a broad area, however few of them deal with Swedish focused classical music and events and for us this is how we make ourselves stand out from the crowd.

Making a difference is what this company is all about and for us our knowledge and skills in PR and social media in particular are hugely significant as we look to make our clients aware of the opportunities currently out there.

In terms of our approach to undertaking a new client, we make sure we understand their needs before engaging on the project. For us this is the best and only way of offering an efficient and reliable service.

Our patience has been virtual in the successes of the Embassy of Sweden, Visit Sweden and Musik I Dalarna to name a few.

In regards to managing our staff, we have a collaborative approach where teamwork is a vital element of the process. Pulling together the skills of a group rather than leaving an individual to solve a problem is something we are extremely passionate about.

Arguably one of the most important things we have learnt is to take advantage of the opportunities which come your way because you don’t know if that opportunity will come around again.

It is a great honour to have been awarded ‘Best Classical Music Promotions Company – UK’ when you consider the competition we are up against. In terms of the difference winning this award will make we hope to attract more people to our existing client base.

Looking ahead to the future we will be looking to use this award as a platform for greater success in 2016 and beyond.

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Best Independent Investment Manager – Louisiana & Recognised Leaders in Fixed Income & Macro Strategy IF16033

Best Independent Investment Manager – Louisiana & Recognised Leaders in Fixed Income & Macro Strategy Callais Capital is a family office and independent investment manager based in Southern Louisiana. Harold Callais provides us with a riveting insight into the firm and the financial products it offers.

Company: Callais Capital Management, LLC Name: Harold J Callais II Email: info@callaiscapital.com Web: www.callaiscapital.com Address: 401 Focus St, Thibodaux, LA 70301 USA Telephone: 985-492-2323

Founded by third and fourth generation entrepreneurs, the principals of Callais Capital have found that being opportunistic investors can lead to a continuance of the long-standing family legacy.

In addition to investing for their own account, the firm serves as advisor to a diverse asset strategy mix comprised of real estate project financing, fixed income and other private debt/equity transactions.

The firm structures and manages pooled investment vehicles consisting of outside family members, family offices, and high net worth individuals in order to achieve distinct monetary objectives.

Callais Capital’s investment product offering consists of two private equity funds which aim to maximize capital appreciation. The first fund consists of real estate financing, and the second corporate financing, and other private transactions. The firm’s fixed income product maximizes risk-adjusted income by investing in publicly traded U.S bonds, secondary private debt participations, and highly collateralized direct private debt deals. Investment risk is mitigated by internal controls, external resources, and an extensive due diligence process to ensure that clients are not exposed to unnecessary volatility.

Internally the firm employs a flat corporate structure and has less than 10 employees, providing us with the ability to act quickly, and give the necessary personal touch to investors, portfolio companies and strategic partners. Since we are a young company, we are motivated to build a business which incorporates best practices which the former family owned businesses were known for. We are seeking to grow our network beyond our geographical base, and diversify risk through the exposure to a diverse mix of investments.

Ultimately Callais Capital is a family office in structure but also in fostering an efficient family oriented environment where everyone becomes a part of the Callais family. All of Callais Capital’s stakeholders from employees and companies to strategic partners, and investors, are all treated like family. Our staff is comprised of individuals capable of “forward thinking” and “critical thinking” skills, which are key in the dynamic management of our portfolio. These skills have provided the necessary support to building a unique product mix and business practice. Our employees must be self-motivated and focused on self-improvement, allowing the business to be flexible Looking to the future, we have a number of opportunities ahead which will provide us with a number of opportunities for expansion. By the end of Q2, we anticipate the addition of two new funds which are projected to almost quadruple our current assets under management.

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A law firm established in the Dominican Republic since 1915

www.troncoso-caceres.com

2016 Most Innovative Law Firm – Ecuador Company: EXPERTISE ABOGADOS & CONSULTORES Name: Daniel Alejandro Palbuchta Email: dpalbuchta@expertise.com.ec Web Address: www.expertiselaw.com Address: AV 12 DE OCTUBRE 24-739 Y COLON, Ed. Torre Boreal, Office 605. Quito, Ecuador Telephone: +59323826777 Dispute Resolution Elite in Arbitration, Brazil Company: Escobar Advogados Name: Marcelo R. Escobar Email: escobar@escobaradvogados.com.br Web Address: www.escobaradvogados.com.br Address: Av. Paulista, 2001, 19th floor Telephone: +55 11 32535442

2016 Most Innovative Law Firm - UK Company: Shortlands, Name: Shabana Walayat Email: sw@shortlands.co.uk Web Address: www.shortlands.co.uk Address: Shortlands, 4 Cambridge Court, 210 Shepherds Bush Road, Hammersmith London W6 7NJ Telephone: 0207 629 9905

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2016 Most Innovative Law Firm – Italy Company: Law Firm Name: Tonucci & Partners Email: mail@tonucci.com Web Address: www.tonucci.com Address: Via Principessa Clotilde, 7 – 00196 Rome, ITALY Telephone: +39 06 362271 Most Innovative Law Firm – China Company: NTD Patent & Trademark Agency Ltd Email: mailbox@chinantd.com Web Address: www.chinantd.com Address: 9th-11th Floor, Block A, Investment Plaza, 27 Jinrongdajie, Beijing 100033, P.R.China Telephone: +86 10 6621 1836 2016 Most Innovative Law Firm – Spain Company: Lupicinio International Law Firm Name: Luis Manuel Garcia - Head of Corporate and Banking Email: Lmg@lupicinio.com Web Address: www.lupicinio.com Address: Villanueva, 29 - 28001 Madrid (Spain) Telephone: +34 914 360 090

2016 Most Innovative Law Firm - GREECE Company: Constandinidou – Stavropoulos - Stavropoulou Name: Haroula Constandinidou Email: constandinidou@ath.forthnet.gr Web Address: www.constandinidou.gr Address: 62A Skoufa str. Athens 10680 Telephone: +30 210 3636567, +30 210 3631901, Fax: +30 210 3636088 Most Innovative Accountancy Firms of 2016, UK Company: NP & US Accountants Name: UDAI SINGH Email: info@npus.co.uk Web Address: www.npus.co.uk Address: 4 Lytton Road, New Barnet, EN5 5BY Telephone: 02034688788

Winners Directory

Dispute Resolution Elite in Arbitration, Sweden Company: Olof Johan Rågmark Advokatbyrå AB Name: Olof Rågmark Email: olof.ragmark@ragmark.se Web Address: www.ragmark.se Address: Vikingavägen 17E, 133 36 Saltsjobaden, Sweden Telephone: + 46 8 717 1001, + 46 709 503589 Leading Adviser IP 2016 Company: Agency “Liudmila Gerasimovic, Patent Attorney Email: info@gerasimovic.com Web Address: www.gerasimovic.com Address: Vingriu g. 13-42, LT-01141, Vilnius, Lithuania Telephone: 00 370 5 2 310 827 Most Innovative Law Firms of 2016, South Africa Company: VZLR Inc. Name: Theo Steyn Email: theo@vzlr.co.za Web Address: www.vzlr.co.za Address: Floor 1, Block 3, Monument Office Park, Monument Park, Pretoria, South Africa Telephone: +27124359444

Most Innovative Law Firm, South Africa Company: Ian levitt Attorneys (Sandton Central) Name: Ian Levitt Email: ian@ianlevitt.co.za Address: 19th floor Office Towers, Sandton Square Shopping centre, Sandton, Gauteng / Johannesburg, Sandton PO Box 783244, Sandton, Gauteng, 2146 Telephone: +27 (0)11 784 3310 Most Innovative Offshore Firms 2016 Company Name: SBM Bank (Mauritius) Ltd Address: SBM Tower, 1, Queen Elizabeth II Avenue, Port Louis, Mauritius Web Address: www.sbmgroup.mu Telephone: (230) 202 1111 Fax: (230) 202 1234 Most Innovative Law Firm of 2016, Indonesia Company: Adnan Kelana Haryanto & Hermanto Name: Andy Kelana, Founding Partner Email: lawyers@akhh.com Web Address: www.akhh.com

Global Mobility & Immigration: The 2016 Most Innovative Company – Philippines Company: Golden Summit Immigration Consultancy (GSIC) Name: Joel Miranda Angon Email: joelangon@goldensummitph.com Web Address: www.goldensummitph.com Address: 8 offices in the Philippines (Cebu, Cavite, Davao, Manila, Iloilo, Bacolod, Cagayan De Oro, General Santos) Main Office: Ground Floor - Cebu CL Properties Building, 14 Juana Osmeña cor. J. Llorente Sts., Cebu City, Philippines 6000 Telephone: +63 32 255 4370 Distinguished in Dispute Resolution 2016 Company: Yuasa and Hara Name: Kozo Yabe Email: illiniky@yuasa-hara.co.jp Web Address: www.yuasa-hara.co.jp Address: Section 206, New-Ohtemachi Bldg. 2-1, Ohtemachi 2-Chome, Chiyoda-Ku, Tokyo 100-0004 Japan Telephone: 0081 32706641

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“Our mission is to partner with our clients to deliver quality projects in a timely and cost efficient way through our Civil Engineering design expertise and professionalism.

Our vision is to ensure a sustainable future for the next generations by caring about the people and the environment now.”

www.telamoninc.com

Special AI Supplement

2016's Most Innovative Hedge Fund Manager

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2016's Most Innovative Hedge Fund Manager AppleTree is an awarded alternative investment manager launched in May 2010 by Michael Nicoletos and Dimitris Apistoulas. The firm’s mission is to deliver exceptional value to its investors by strictly adhering to its philosophy of transparency, liquidity, and risk management. From 2012 onwards its flagship, the Violet Emerging Markets Fund, has outperformed all market and peer indices.

Company: AppleTree Capital Ltd Name: Dimitrios Apistoulas Email: info@applettree-capital.com Web: www.appletree-capital.com

In a probing interview, the firm’s Dimitrios Apistoulas provides a fascinating insight into the attributes of a successful alternative asset manager, the benefits of investing in emerging markets and what their investment strategy is. The world of investment is an exciting one, and Apistoulas reveals how the firm’s fund managers challenge and debate everything before they begin their daily routine in the office.

Can you provide an overview of your firm does?

AppleTree Capital focuses on alternative investment strategies especially in the Emerging Market space.

Our flagship fund, the Violet Emerging Markets, is a long-short Emerging Markets Equities Fund focused on Emerging/Developing Europe. The portfolio consists only of listed, liquid equities, bonds and listed derivatives. Since its launch in May of 2010, Violet has significantly outperformed its benchmark, the MSCI EMEA (in 2015 alone, Violet yielded a net return of +18.8% vs a -22.3% drop of the MSCI EMEA).

According to the Barclays Hedge Fund Index, 70% of hedge funds grew within March 2016, with an average growth of just under 2.5%. With this being the sharpest rebounding of such funds since October 2015, why is now the perfect time for the major players of the industry to showcase their services?

The hedge fund industry is currently facing some very turbulent times. There has been a lot of talk lately about hedge fund managers underperforming and not deserving the fees they earn. An increasing number of investors has shown special interest to passive funds, as many of those have outperformed top active managers. We believe we need to look beyond that: if fund managers are good at what they do, illustrate a high level of commitment, vigour and transparency, then there is certainly a value to their role – a value that no passive fund can ever attain.

Of course returns are of paramount importance, but alternative asset management should look beyond that. We believe that on top of beating the market it also all comes down to the client/ manager relationship.

How does your company out from the crowd?

We believe a successful alternative asset manager, irrespective of returns, must safeguard first and 100 Acquisition International - June 2016

foremost its most important assets. Integrity, transparency and trust. We believe that we – at AppleTree – have exemplified this to our investors: not only have we outperformed our benchmarks, but we have also demonstrated that we will always be thoroughly transparent in whatever we do, and fully reliable whenever they need us. Our relationship is about trust, dedication, and perseverance. At such difficult times, with passive funds making important gains, we believe that it is these exact values that will set active managers apart across the industry.

When it comes to our investing strategy, we have a unique approach, which sets our company apart from the crowd and ensures that our fund keeps achieving superior results. We challenge ourselves and our convictions, constantly, to ensure that all angles are covered. Financial markets are full of “noise”. Therefore, our main effort is to distinguish the real market-moving news that have a real effect in our portfolio vs the usual noise which can only cause intra-day or very short term price fluctuations.

How we achieve this? We try to remain at the forefront of Emerging Markets developments by employing a comprehensive data gathering process that allows us to pool information from a number of different sources: we use a network of established relationships with local professionals, who provide a first-hand experience of the political and financial developments on ground; we frequently attend road shows and make company visits to speak directly to companies management ourselves; we do extensive in-house research to identify valuation miss-pricings; we review exhaustively company releases and quarterly results, as well as use a diversified array of 3rd party research; finally, all team members engage in robust monitoring of daily news and macro-level trends, utilizing the latest technology, local feeds, and social media (Bloomberg, Twitter, and so on).

2016’s Most Innovative Hedge Fund Manager

This constant flow of information, as well as our team’s dedication to synthesizing and constantly re-evaluating new developments, provides us with a thorough understanding of all major developments, challenges, and macro trends in the EMEA region.

Every morning, before we begin with our daily routine in the office, the fund Managers begin by debating a very radical and contrarian position in the form of a reduction ad absurdum argument: they assume that the existing portfolio is not optimal. They challenge and debate everything: from our macro/political view, to portfolio net exposure, individual positions and sizing. This debate takes place every morning, and does not settle until the managers are convinced that the strategic investment decisions taken are on the right track.

While unconventional, this investment mentality has proven to be an excellent modus operandi to revise our assumptions, identify behavioural biases (both personal, but also across the industry), and affirm the strongest of our convictions. This profound process of daily re-affirmation of our fund’s strategy through productive debate lies at the core of our investment philosophy.

Can you give any examples of any successes your company has had lately, such as achieved aboveaverage returns, attained strong Sharpe Ratios and overall alpha generation?

Within the course of the past three years, the Violet Emerging Markets fund has achieved very strong returns despite market headwinds yielding a 3-year

net return in excess of +90% vs a more than -20% drop of the MSCI EMEA. We created alpha for our investors in a period where Emerging Markets truly suffered. The reason behind this is, in my view, our dynamic investment decision approach.

Through our process of constant scrutiny where none of our views or convictions are taken for granted until fresh re-affirmation via debate, we have managed to identify early the negative trends for emerging markets (strengthening USD, falling oil prices, fiscal imbalances) and positioned the portfolio accordingly.

By spotting the early the negative trend in oil we kept a short position in Russia which paid off, after evaluating the political situation in Turkey we decided to also short the market despite the investment glut of the time. Moreover, since June 2015 we held a very constructive view on gold and positioned the portfolio accordingly, a view that paid off nicely within the first months of 2016.

What innovation can your company bring to the investment community?

In our view, true innovation in the alternative investment space is the adherence to the traditional values of transparency, integrity and trust. We believe that within the course of the past years many managers have neglected their true roles as partners and gatekeepers for their investors focusing on solely on returns or fancy ways to promote their business and increase their assets. Of course we also

focus on returns and there is no better testament to that than our very strong 3-year performance.

But this is only part of our job. We believe in the strong bond between investor and manager. Clients are not nameless individuals but our true partners and we are always there for them every time they have queries or comments. Our innovation is the return to the roots of the traditional alternative asset management business.

What role do your staff play in the successes of your firm?

Our staff play the most important role. Since our inception we have kept a rather small tightly-knitted team. We communicate very well and there is a high level of consistency in what we do. New additions to the team are selected not only on the basis of their professional credentials but most importantly on the basis of their ability to share our vision and commitment and be a contributing part in our small dedicated clan at AppleTree Capital. We are alternative asset managers, our goodwill, consistency and success depends on our people and our people only.

What challenges and opportunities are does company look forward to in 2016 and beyond?

Following a successful period of 6 years we at AppleTree are happy to announce that we will be moving our main operations to London within 2016, apply for a FCA license and add a new fund to our platform. Myself and Michael have been always very excited to be part of the alternative investments industry and we see 2016 as a pivotal year to a new more interesting era.

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Transparency, Liquidity, and Risk Management 3rd Floor DMS Place 18 Fort Street Georgetown Grand Cayman Tel + 345 7498 628 Email: info@appletree-capital.com

www.appletree-capital.com

Special AI Supplement

CFO of the Month In a special feature interview with Theresa E. Wagler, a highly seasoned professional of Steel Dynamics, she gives fascinating insights into her broad yet vital and fascinating role as CFO of this company.

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CFO of the Month Company: Steel Dynamics, Inc. Name: Theresa E. Wagler Web: www.SteelDynamics.com Address: 7575 W. Jefferson Blvd. / Fort Wayne, Indiana / 46804 / USA Phone: 260.969.3500

In a special feature interview with Theresa E. Wagler, a highly seasoned professional of Steel Dynamics, she gives fascinating insights into her broad yet vital and fascinating role as CFO of this company. How does she ensure that her visions are executed across all sectors of the company? Why are people the most critical component to any business’s success? How does she define innovation? And how is the company uniquely positioned in the steel industry?

These and further questions are explored in this compelling interview.

“The finance role is quite broad at Steel Dynamics” Wagler explains. “It encompasses not only treasury, accounting and taxation, and internal audit, but also, overall risk management, information technology, and external communications” she adds.

As part of the executive leadership team, Wagler is also deeply involved with strategy. She has been blessed to be with the company for some 18 years, “helping the team to implement tremendous growth, beginning as a single steelmaking facility in 1998 to our position today as the 4th largest domestic steel producer, vertically integrated with over 100 locations and 7,500 people” she reveals.

As a CFO, to ensure that her visions are executed across all sectors of the company “it must be a shared vision” Wagler stresses. Elaborating on this thought-provoking point, she says, “the first step is to create an environment that is collaborative, welcoming of debate, and transparent. One might conceive a masterful vision, but if it is not shared by those who will ultimately execute the plan—it’s doomed to mediocrity at best.”

Not content on ending this absorbing insight, she goes on to say that the culture of Steel Dynamics creates a natural tension with her role as CFO, something she believes that has worked to the firm’s benefit. Wagler then remarks that the culture of Steel Dynamics is one of de-centralisation, that is to provide individuals with the right tools, authority and a framework within which to make proactive decisions, while also maintaining accountability and highly levering compensation to the impact of those decisions on bottom-line profitability she believes.

“Over 85% of my total available compensation is at risk to consolidated financial results. Uniquely, over 60% of a production employee’s total available compensation is also at risk to their individual team performance for quality production and cost performance at their individual facility. We also distribute a form of equity to all of our employees annually, and share 8% of our pre-tax profits in the form of profit sharing for retirement.

“Our philosophy—as the company and its stakeholders prosper, so should the team. However, if for whatever reason, whether it be market conditions or equipment failure, in the same manner, if the company is slowing— so should the compensation structure to automatically adjust to the current environment, allowing for sustainability throughout all broader market conditions.

While the firm talks about ‘discipline’ in decisionmaking and emphasises “communication” in order to avoid “bureaucracy”, this allows the company to have “an incredible flat, nimble and efficient organisational structure” she affirms.

CFO of the Month Award On winning the award, Wagler says she doesn’t consider it to be a personal award, but rather “a positive recognition of the entire SDI Team, comprised of individuals that strive for excellence each day, serving our customers, suppliers, service providers, shareholders and one another. On their behalf, we are honoured and humbled to accept this award” she enthuses.

Having the right talent in place While a firm’s success relies not only on adopting the correct strategies and identifying the most viable markets, it is obviously important to put into place the right people to take advantage of any opportunities presented or to tackle any challenges that may arise.

Having the right talent in place at all levels below the CFO is a vital point to consider, and in the view of Wagler she strongly believes that people are the most critical component to any success—especially within Steel Dynamics decentralised operating culture.

“We need individuals who understand the overall strategy and are close to the action to make sound, proactive, and quick decisions. The speed of business has never been quicker—and is likely to only continue on this trajectory based on continued innovation, supported with technology enhancements” she continues.

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COO of the Month

Developing this very interesting point, she goes on to reveal that the role of highperforming individuals at all levels is also critical to succession and ‘key person’ risk mitigation. “If there is a talent or a ‘promotion readiness’ gap in the organisational hierarchy it can be extremely disruptive upon unexpected transitions. Additionally, individuals want and need to see a vision for their own development and progression to remain engaged and motivated within a company” she adds.

Innovation Innovation is of tremendous importance to the company, indeed ‘innovation’ is one of the company’s six strategic pillars. In her opinion, it not only concerns the matters of technology, she views it as a way to improve “how we relate with people, such as customers and suppliers; how we accomplish our jobs, such as processes and tools. We view innovation as an opportunity to challenge the status quo in all things, striving to improve and achieve excellence in all we do”.

Looking to the future, there is no doubt that Steel Dynamics is uniquely positioned in the steel industry. Certainly, they are one of “the most diversified, vertically integrated domestic steel producers” with what they believe is the lowest cost operating position. “We have a record level of liquidity, with a strong capital structure combined with significant optionality. We are postured for growth in a very challenging metals market environment” Wagler concludes.

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one of America’s largest domestic steel producers

www.steeldynamics.com

Driven by Success:

Auto Europe Group - Imad Khalidi CEO of the Month: USA

Special AI Supplement

1605EA30

Company: Auto Europe Group Web: www.autoeurope.com

CEO of the Month: USA Driven by Success: Auto Europe Group - Imad Khalidi For over half a century, Auto Europe has been a leader in worldwide car rental services. Pulling the strings behind this global company is Imad Khalidi, who is profiled here to highlight his continued success.

Like most global businesses, Auto Europe’s success stems from humble beginnings. Initially, the company was founded in the USA with the main idea of renting a VW Beetle to fellow Americans who visited their children stationed in Europe.

From that point on, their concept has developed significantly. To ensure an excellent service, Auto Europe cooperates with international car rental suppliers such as Avis, Budget, Europcar, and Hertz as well as with a great number of national and regional suppliers.

Today, Auto Europe Group have expanded their services to include over 20,000 car rental locations worldwide; luxury and sports car rentals; scheduled air from the USA to Europe; worldwide three, four and five star hotels; chauffeur and transfer services; GPS rentals; and motorhome rentals.

As for Khalidi’s background, he has been involved with the company for 26 years, where he initially began as Executive Vice President of Marketing and Sales, and subsequently served as President since 1992.

Prior to his role at Auto Europe, Khalidi worked with Europcar International S.A. from 1983-1990, where he served as an International Travel Trade Manager and an International Licensee Manager.

With the summer of 2016 now in full swing, it is now an exciting period for Auto Europe Group, and the car rental industry as whole. To provide for the expected increase in business, the company is now offering customers exclusive access to an expanded range of high-demand vehicles during peak summer months at great rates.

As such, Auto Europe has reserved a dedicated fleet of compact cars, premium full-size sedans and 7-9 passenger vans in Italy, Germany and Switzerland through to September. In this sense, Auto Europe customers will enjoy access to renting these automatic and larger sized vehicles during times when inventory is typically scarce. Among the guaranteed models include premium brands such as Mercedes, BMW and Audi.

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Speaking about this initiative, Khalidi said: “We know that securing a rental vehicle during the summer season can be difficult due to the surge in demand causing many suppliers to sell out. That is why we are proud to offer our clients exclusive access to high-demand vehicles which we have sourced through our strategic partnerships with multiple suppliers in key markets. As the only car rental broker to have taken this step for our customers, we expect to have inventory available when others do not.”

This movement to capitalise on the volume of summer car rentals is no surprise, as a recent report by the company stated that there was a record number of car rental bookings secured for summer 2016 Although the first months of 2016 were tumultuous due to international events and a shaky stockmarket, the volume of travel to Europe by U.S. Citizens was up 6.9% for the first two months of this year compared to last based on the March results of the air-travel reports issued by the U.S. Dept. of Commerce, National Travel and Tourism Office. This trend was mirrored in the increase in the number of U.S. residents renting cars abroad during the first quarter.

With a busy season ahead, the latter half of 2016 certainly looks bright for the company. As the company expands its services across the globe, Khalidi and his team are certainly ones to watch out for in the future.

CEO of the Month: USA - Driven by Success: Auto Europe Group - Imad Khalidi

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Over 20,000 Locations in 180 Countries

www.autoeurope.com

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