Wealth & Finance March 2015 by AI Global Media

March 2015

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Wealth

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f i n a n c e

The business leaders making a difference

age to start a business

Asset Manager of the Month

Plus... Hang out with the A-list in Palm Springs

2015â&#x20AC;&#x2122;s Most Innovative CEOs

Rise of the Olderpreneur Why 50 is the perfect

We speak to Texas-based SMH Capital Advisors

Finance in Mauritius

Why the island nation could be the jurisdiction for you

The One to Watch in Hedge Funds

We speak to Zurich-based fund of hedge funds manager, Ayaltis AG about their funds, their approach and undertaking new challenges

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March 2015 | Contents

6-9 News & Appointments Funds 12 Asset Manager of the Month We take a look at Fort Worth, Texas-based SMH Capital Advisors, an investment manager with an emphasis on high-yield corporate bonds

14 Ones to Watch in Hedge Funds Ernesto Prado, CIO, and Son Nguyen, CEO, are managing partners and founders of Ayaltis AG. They spoke to us about their funds and their management approach

Finance Focus 16

The Rise of the Older Entrepreneur Retire at 50? It’s the perfect age to set up a new business, says Shweta Jhajharia, Principal Coach and founder of The London Coaching Group

18 Mauritius: Your Ideal Investment Advisory Destination Arch Global tell us why the island nation is an ideal financial services platform

Markets Matters 22 2015’s Most Innovative CEOs - Stefan Skarin We spoke to Stefan Skarin, CEO and President of IAR Systems, on why he has the best job in the world, and how it gives him the energy to consistently focus on new achievements

24 2015’s Most Innovative CEOs - John Toomey John Toomey, CEO and COO of the National Consumer Panel, tells us how they are changing the landscape of market research data collection

Taxing Times 26 Offshore Tax Evasion: The Beginning of the End? Governments and politicians worldwide are making it significantly harder for tax evaders to hide their money overseas, says Nigel Brown, Senior Manager (Tax) at Grant Thornton UK LLP

Regulation Review 28 The Secret Lives of CEOs A new CareerBuilder survey reveals common characteristics of senior management

Relax 36 An A-List Experience We check in at the the Triada in the heart of Palm Springs’ Movie Colony district

Editor’s comment Welcome to the March issue of Wealth & Finance. This month, we caught up with Ernesto Prado and Son Nguyen of Zurich-based Ayaltis AG, a provider of specialised funds of hedge funds. They spoke to us about their funds and their management approach (p.14). We also spoke to SMH Capital Advisors, a Fort Worth, Texas-based investment manager and our Asset Manager of the Month (p.12). In the first of a new series of guides to the world’s top offshore jurisdictions, we hear from Arch Global Consult Ltd in Mauritius, and find out why the island nation is such an enticing financial platform (p.18). We’ve also taken a look at some of the business leaders making their mark in 2015 - our Most Innovative CEOs. This month: Stefan Skarin of AIR Systems and John Toomey of the National Consumer Panel (p.20). In our luxury lifestyle section, Relax, we mix with the movie set at the Triada, in Palm Springs (p.32). And of course there’s our regular roundup of the news affecting the major regions and markets from around the world. I hope you enjoy the issue. Ollie John, Editor ollie.john@ai-globalmedia.com

News & Appointments | March 2015

Asian Investors Lead International Commercial Investment in US and Canada Survey finds that 47 percent of Canadian respondents and 41 percent of those in the US indicated that their international clients were from Asian countries International investment in commercial real estate is dominated by Asian interests in both Canada and the US, according to a new survey. The survey, by the Richard J. Rosenthal Center for Real Estate Studies at REALTOR University and the National Association of Realtors, found that 47 percent of Canadian respondents and 41 percent of those in the US indicated that their international clients were from Asian countries. “Commercial real estate has become a global industry, and Realtors from across the US and Canada now regularly serve clients from all over the world,” said NAR President Chris Polychron, executive broker with 1st Choice Realty in Hot Springs, Ark. “This survey proves the fact that while all real estate is local, not all investors are local.” The survey was done in collaboration with the Canadian Real Estate Association and with assistance from the CCIM Institute and Institute of Real Estate Managers. Nearly 3,000 Realtors® answered questions about their international commercial clients and the perceived changes they see in the demand for and utilisation of office space. According to the survey, 45 percent of Realtors who practice commercial real estate in Canada noted an increase in international clients. Similarly in the US, more than a third of responders, 36 percent, observed an increase in international investment. The survey found that in the US, 22.5 percent of international clients came from Europe, 21

percent from Latin America and 20 percent from the Middle East. In Canada, Realtors® said 18 percent of international commercial real estate investment came from the Middle East, 17 percent from Europe and 5 percent from Latin America. It is important to note that the heaviest cross-border investment in commercial real estate continues to be between the US and Canada. International investors brought significant capital into North America, nearly $13bn in the latter half of 2014. Investors from Asia invested $5.7bn in real estate, $4.8bn came from Europe, $1bn came from Oceania and $390 million came from Latin American investors. The survey also found a changing demand for office space in both the US and Canada. Commercial clients are seeking more flexible office spaces, reducing the amount of personal space for workers and increasing the amount of communal space; 40 percent of Canadian respondents and 45 percent in the US said their clients are looking for more open space in their offices. The location of offices spaces is also seeing a shift. In Canada, a majority of investors is looking at property in metropolitan areas with populations of more than 1 million. In the US, however, investors have begun moving away from larger markets into secondary and tertiary markets; more than one-third of US respondents reported investors are interested in markets with populations less than 750,000.

Appointments Moven Founder & CEO Joins Anthemis Group as Venture Partner Anthemis Group, the leading digital financial services investment and advisory firm, has announced that mobile banking visionary and Moven Founder and CEO Brett King is joining the organisation in the role of Venture Partner. He will continue to be at the helm of Moven, the revolutionary mobile banking application he founded in 2012. As a Venture Partner, King will work closely with Anthemis’ global advisory business, offering its clients his experience and insights to source and structure deals amongst startups and incumbents, while also leveraging his extensive network to their benefit. “Having worked with Anthemis as a portfolio company, it is clear that they are one of the most uniquely connected teams in the digital financial space today. Thus, it is only logical that when it came to me personally investing in the FinTech space that I would choose to partner with Anthemis. I look forward to working alongside the team and their clients to further our collective mission,” said King.

Splunk Appoints Amy Chang to Board of Directors Splunk Inc., provider of the leading software platform for real-time Operational Intelligence, has appointed Amy Chang to its Board of Directors. “We are pleased to welcome Amy to the Splunk board,” said Godfrey Sullivan, Chairman and CEO, Splunk. “Amy’s extensive technical background and strategic expertise will be tremendous assets as we bring the benefits of Operational Intelligence to IT environments, large and small.” “It is an honour to work with Splunk at such an important moment in its history,” said Chang. “Splunk’s ability to deliver meaningful analytics regardless of the source or location of the machine data is changing the big data landscape. As a member of the board, I look forward to contributing to Splunk’s success.” Amy Chang is CEO and founder of Accompani, a next-generation networking platform for professionals.

March 2015 | News & Appointments

Confidence and Competition Sees Investors Shift Strategy Greater access to capital and increasing confidence in market conditions is driving a surge of activity in the global real estate market, reigniting investor interest in less traditional sectors, according to new research by KPMG KPMG surveyed investors, who together control real estate assets in excess of €580 billion, about their investment strategies for 2015. The results showed that competition over prime real estate has prompted investors to look further afield and diversify their portfolios. 64% of respondents are now targeting investments globally, rather than in just one continent, compared to just 39% in 2014. Suburban offices and high street retail are also back on the acquisition agenda, with 44% and 68% of investors stating they planned to invest in these asset classes over the next 12 months. However, competition is already pricing out some players from property hot spots in Western Europe.

One in ten investors said they planned to reduce their holdings in the region this year. “Western Europe is slowly heating up and investors are keen to realise their gains and free up capital to invest elsewhere,” said Richard White, UK head of real estate at KPMG. “Intense competition over prime assets has already forced some investors out of the market if they are unable to meet, or justify, the pricing levels.” However, barriers to growth remain. 48% of investors surveyed said a sustainable supply of suitable stock is the main threat facing their business and this had the greatest potential to constrain growth. One in four also cited the performance of the global economy as an area of concern.

“The prolonged economic downturn caused a halt in speculative development and there are simply not enough finished assets to satisfy investor demand. This mismatch between demand and supply is prompting fears of a price bubble in certain markets, which are simply becoming overcrowded,” said White. “While investor confidence has significantly improved, it remains vulnerable to shocks.The recent slowdown in GDP across a number of the key global real estate markets has caused understandable concern within the real estate industry. Poor economic performance could cause investors to suddenly retrench to perceived safe havens of Western Europe, rather than venture further afield.”

News & Appointments | March 2015

Survey Reports Global Increase in Compensation for Management Accountants Results confirm link between certification and new career opportunities Results from the IMA (Institute of Management Accountants) Global Salary Survey reveal that, in 2014, median total compensation for management accounting and finance professionals in the US increased to $113,000 from $105,500 in the prior year – an increase of 7.1 percent. Globally, the data collected from IMA members in 81 countries indicate a median total compensation of $66,000. Approximately 70 percent of survey respondents reported a pay raise following the 2013 Salary Survey. As economic outlook continues to strengthen, the prospects for future raises also appear bright, with more than three-quarters of survey respondents anticipating a raise in the coming year. Compensation by Responsibility According to the survey, salaries remained largely the same or declined for professionals in traditional areas of responsibility such as corporate accounting, taxation, general accounting and internal audit. However, the need for budgeting, planning and cost-control skills has led to an increase in salary for professionals with responsibilities in these and related areas. Based on median total compensation, the highest-paying areas of responsibility are as follows: 1. Information systems 2. Education 3. Corporate accounting 4. General management In the United States, an especially large pay increase occurred in the area of risk management, reflecting greater corporate awareness of this issue. Public accounting remains the lowest-paid area globally.

Global Trends Globally, the Netherlands and Switzerland continue to have the highest average salary and total compensation. Meanwhile Egypt holds the lowest rank for compensation, presumably in large part due to economic and political factors in the country. Asia continues as the region with the lowest average compensation; however, compensation values in Asia and the Middle East/Africa region are showing significant improvement. “Overall, survey respondents in the Asia/Pacific region experienced gains in earnings. For CMA-certified professionals, the earnings opportunity is most pronounced,” said Raef Lawson, Ph.D., CMA, CPA, IMA vice president of research and policy and co-author of the survey. “CMAs in the Asia/Pacific region earn roughly 75 percent more than those without certification. Their employers also benefit by having highly qualified accounting talent capable of competing globally.” The ROI of Education and Certification The 2014 Global Salary Survey shows that while higher degrees are predictably linked with significantly higher compensation, certification leads to both increased pay and new career opportunities. According to the survey, 83 percent of professionals holding the CMA® (Certified Management Accountant) certification believe it strengthens their ability to move across all areas of the business, and 80 percent are confident that certification creates new career opportunities. Globally, CMA-certified professionals earn 59 percent more in salary ($73,000) and 63 percent more in total compensation ($85,000) than the median rates for non-CMAs.

Appointments Nestlé Skin Health Announces Leadership Team Nestlé Skin Health has announced organisational changes at top management level to support the company’s expanded market opportunity and ambition. “Our goal is to grow the number of people the company serves to over a billion within 10 years, by offering skin health solutions that protect, maintain, nourish and enhance skin health and, when skin health is compromised, treat, correct and restore the skin to its healthy state,” said Humberto C. Antunes, CEO of Nestlé Skin Health S.A. and Chairman of the Board of Galderma Pharma S.A. “We are focused on enhancing the quality of life by delivering science-based solutions for the health of skin, hair and nails.” Stuart Raetzman is appointed CEO of Galderma Pharma S.A. which includes Prescription, Self-medication and Aesthetic & Corrective medical solutions. “Our unique focus on the skin clearly positions us as leaders in the dermatology market and this is set to continue,” said Stuart Raetzman.

Peder Sortland Appointed CEO of Global Maritime Group Iteris, Inc., a leader in providing intelligent traffic management and weather information solutions, has appointed Andrew Schmidt as vice president of finance and chief financial officer. Schmidt joins Iteris after serving as CFO of NASDAQ-listed Smith Micro Software for nine years, where he was part of an executive team that drove the company to a worldwide leadership position in connectivity software. Before joining Smith Micro, Schmidt held CFO roles for several public companies, including Genius Products and Mad Catz Interactive, and he also served as vice president of finance for Peregrine Systems. “Andy has extensive experience with growth companies, particularly those in the software industry,” said Kevin Daly, interim CEO of Iteris. “His operational experience, financial acumen and, most importantly, we anticipate his strategic financial perspective will contribute to our growing core businesses and the continued development of our software-based products. I am looking forward to working with Andy on a broad set of initiatives that can draw upon his unique background and skill set.”

March 2015 | News & Appointments

Why Do Promotions Fail? Report offers ways beyond current performance to identify leadership potential Korn Ferry, the preeminent authority on leadership and talent, has released the second report in its “Succession Matters” series. An in-depth global study used as the basis of the report shows that only half of respondents (51 percent) are confident that their organisation knows which candidates they should be investing in as potential future leaders, and only 52 percent are confident they have identified those who are “ready now” for specific roles.

ferings at Korn Ferry and the Korn Ferry Institute. “That can mean wasting years of organisational investment and leaders’ time developing for a role they won’t find engaging or successful.”

“While it’s true to say that most high potentials are high performers, it does not follow that performance is the only indicator of potential,” said Jim Peters, Senior Partner and global head for succession management at Korn Ferry. “Promoting the right people is key in ensuring a smooth transition in the development of a future leadership pipeline.”

2) Learning agility

When considering who has the potential to rise to senior levels within an organisation, Korn Ferry research points to seven key signs: 1) A track record of formative experiences

3) Self-awareness

“The results show us that people are promoted for what they can do, but fail for who they are. It’s critical to take a whole-person perspective, particularly drivers and traits, as otherwise you run the risk of identifying the wrong talent,” said Stu Crandell, Senior Vice President of Global Of-

The Succession Matters survey showed that only 38 percent of respondents said their companies’ succession programs included mid-level managers. “Companies need to identify those in their late 20s and early 30s who have the greatest potential to be future senior leaders, then manage their development and their careers to ensure they are ready and rounded when they need to be,” said Steve Newhall, managing partner, Leadership and Talent Consulting at Korn Ferry.

4) Leadership traits 5) The drive to be a leader 6) Aptitude for logic and reasoning

Survey respondents cited having the right competencies for a role as the No.1 factor for making a promotion decision, but nearly two-thirds (63 percent) say that a lack of well-suited traits and dispositions for a company’s culture was the biggest reason promotions fail.

ered for a succession management pool, including going deeper in an organisation.

7) Managing derailment risks “All the seven signposts can be assessed and quantified. They enable us to predict which leaders have the greatest likelihood of rising up the ranks,” said Crandell. “Organisations can therefore be confident that their people investment is paying off.” However, Korn Ferry recommends that company leaders look beyond the signposts of individual potential to the groups of people being consid-

While identifying high-potential candidates remains a key focus for organisations, high-performing professionals also need to be identified and developed within their functional areas. Yet, the study showed only 13 percent of respondents say their companies’ succession programs included skilled professionals. “The high professionals are the ones that are very difficult to replace because they are your industry experts, so it’s hard to replace that knowledge,” said Paul Van Katwyk, Senior Partner at Korn Ferry. “You need to value and foster these people, making sure that you are giving them just as much attention as your critical leaders.”

At Smythe & Walter we provide high quality financial planning advice to our clients by delivering a clearly-defined service, transparent fee structure and effective investment proposition. Professionalism & Expertise • Transparency • Honesty & Integrity • Independence • Accountability These core values inspire us to act at all times with the utmost degree of integrity and professionalism and to be open and ethical in everything we do, putting our clients’ best interests at the heart of the business.

Smythe & Walter, 2 Grafton Mews, London W1T 5JD Tel: 020 3544 3087

Email: lee@smytheandwalter.co.uk Web: www.smytheandwalter.co.uk

Smythe & Walter is a trading name of Lee Smythe & Associates Limited who are authorised and regulated by the Financial Conduct Authority

Funds | Asset Manager of the Month

Asset Manager of the Month:

SMH Capital Advisors We take a look at Fort Worth, Texas-based SMH Capital Advisors, an investment manager with an emphasis on high-yield corporate bonds

The firm, which was founded in 1989, has a global clientele, catering to individuals, high net worth individuals, investment companies, pension and profit sharing plans, pooled investment vehicles, charitable organisations, corporations and state or municipal government entities. SMHCA strategies are available directly, through platforms, and as well as through RIA’s. As of 31 December 2014, SMHCA managed approximately $1bn in total assets. A key part of the SMHCA offering is managing portfolios of high-yield corporate bonds. Bonds are essentially loans to a company – and that is how SMHCA treats them. “We start our analysis with an asset-based lender mentality,” says Morgan Neff, Vice President & Senior Portfolio Manager. As such, in order to lend money, SMHCA needs to see at least that amount on the company’s balance sheet based on their proprietary analysis. The firm takes a hands-on approach to its work,

says Neff, gaining an understanding of what a company is before dealing with it, learning about its operations, capital deployment and strategic development of the portfolio investments. The firm uses an active, high conviction discipline for the portfolio construction. SMHCA does not believe that approaching the asset class with a passive index mentality is a better substitute for superb credit research, according to Neff. And being based in Fort Worth, Texas – a location some 1,500 miles from the financial hub of Wall Street, means the firm occupies a “unique position”, says Neff.

“

Pursuing high yield SMHCA offers a number of different strategies, all incorporating to various degrees its high yield approach, using a combination of quantitative, fundamental, and technical analysis to make its investments. With their primary strategy, SMHCA High Income, portfolios are managed with a target of 100% high yield corporate and convertible bonds, with residual cash. Occasionally, investment grade bonds may be purchased that, while still rated above high yield, are trading as high yield securities in anticipation of downgrades to follow. It is an approach conceived to provide a higher current yield and total return. “The ultimate goal is to generate a high level of income,” Neff says. The high yield universe is currently comprised of 2,000 or more securities.

We start our analysis with an asset-based lender mentality

“

MHCA Capital Advisors, Inc. (SMHCA) is a privately-owned, value-oriented investment manager based in Fort Worth, Texas, specialising in fixed income management. Dwayne Moyers, Morgan Neff, and Daniel Rudnitsky make up the portfolio team.

Discipline number one of their proprietary investment process targets Credit Risk Reduction. SMHCA conducts financial analysis, looking for inherent value and tangible assets to support the debt, and reduce credit risk. The universe is subsequently reduced to 300-500 securities.

Asset Manager of the Month | Funds

Fort Worth’s historic Stockyards district The second discipline is aimed at Maximising Returns for the Risk. SMHCA selects securities that provide an adequate yield over treasuries. SMHCA does this by avoiding overpriced securities and overpriced markets and by looking for the best relative values in the bonds. Thus the universe is reduced to 50-100 securities. Finally, the third discipline, Reduction of Market Risk, sees the universe reduced to 20-40 securities to be purchased by the SMHCA team. A diversified approach A second strategy, the SMHCA Diversified Income Strategy, targets, at time of purchase, 50% investment grade or AAA bonds and 50% high yield bonds, with residual cash. Thus, it aims to provide income and capital appreciation above investment grade indices, with less risk than a pure high yield portfolio. The strategy is comprised of 50% high yield and 50% AAA bonds – from issuers of the very highest quality, with an exceptional degree of creditworthiness.

SMHCA looks for the highest available coupon for the best price and value, and tries to buy CMOs with an average life of 8 to 11 years based on formulas for pre-paid speed assumptions that are based on market conditions. It’s what SMHCA calls a “credit barbell approach”. The AAA element – one side of the “barbell”, performs well in “flight to quality” markets, or when the economy is waning. It’s also more sensitive to interest rate movement than high yield, which forms the other side of the strategy. The high yield side performs well in a flat and improving economy. And, due to its shorter duration, and typically higher coupon, it is less sensitive to changes in interest rates. All this makes for a well-balanced strategy.

sentiment about the high yield asset class. But despite such challenges, the firm is well positioned to continue to generate excellent returns. “Our strategy is designed to produce a high level of income, with the ability to capture additional return through trading gains.” he says. Their approach has served them well as SMH Capital Advisors has been consistently ranked by Lipper Marketplace as one of the Best Money Managers for their long term results in the Intermediate Fixed Income Category for its Institutional High Yield Composite.

Challenges and the future Asked about challenges for the industry, Neff says they include the high volume of money moving in and out of the asset class. ETFs have made it very accessible to investors which can create unnecessary volatility that coincides with investor

For more information, visit: www.smhca.com

Funds | Ones to Watch in Hedge Funds

Ones to Watch in Hedge Funds:

Ayaltis AG

Ernesto Prado, CIO, and Son Nguyen, CEO, are managing partners and founders of Ayaltis AG. They spoke to us about their funds, their management approach and taking on new challenges

The company is proud of its independency as it is owned by the founders, employees and key strategic partners. With a majority stake in the firm, Son and Ernesto are the firm’s partners. They lead a team of 11 employees who are managing a growing asset management company with AuM approaching USD 650m. The company has managed to achieve consistent risk-adjusted returns by applying a disciplined and proven investment process over many years and investment cycles. Their flagship fund, Areca SICAV SIF – Value Discovery, has won numerous performance awards in Switzerland and abroad. Their client base consists mainly of risk-averse family offices and institutional investors for whom asset

preservation, high risk-adjusted returns with low correlation and a strong diversification are of prime importance. Ernesto explains what makes Ayaltis unique: “We are well-known as a relative value specialist. Son and I were among the rare players in 2007, who not only foreseen the subprime crisis, but were advantageously invested to benefit from it. The magnitude of Ayaltis is our unique investment philosophy: in analysing potential investments and the global economy through a risk-premia framework and a balance sheet perspective, we are able to find mid- to long-term niche hedge funds opportunities.” Son adds: “We put emphasis on investments focusing on selected funds investing in relative value strategies within all asset classes

“

yaltis AG, based in Zurich, Switzerland, is a specialised fund of hedge funds manager with an appetite for undertaking new challenges. The company was founded in October 2008 by Son Nguyen and Ernesto Prado, who aimed to benefit from the opportunities arising from the greatest financial crisis since the Great Depression. Ayaltis is backed by a well-known family office with which the founders have established a sound long-term relationship.

The magnitude of Ayaltis is our unique investment philosophy

with a bias towards fixed income reliability with an equity upside potential. We currently manage three specialised funds of hedge funds and the launch of a new product is in the pipeline. Our flagship fund of hedge funds is Areca SICAV SIF – Value Discovery with a cumulative return of 68.82 % (in USD since inception in December 2008).” Ernesto and Son take pride in the fact that the fund never suffered a negative year and reports an annualised return of 8.86 % p.a. with a volatility of only 4.27% p.a. Ernesto continues: “Despite the challenging market environment, Areca Value Discovery Fund has met its return targets since 2008 while showing very low correlation to any market.” The fund is a Luxembourg-based SICAV SIF with a concentrated portfolio of 20 to 25 underlying positions, which blends deep value relative value strategies. The rationale for creating its flagship fund Areca Value Discovery in the midst of the financial crisis in 2008 was an early belief that global deleveraging would present unique relative value opportunities. Market unstableness creating mispricing and readjustments, reasoned the two founding partners.

Ones to Watch in Hedge Funds | Funds

15 “We see increasing interest in hedge funds products” explains Ernesto, who is very excited about the future of the fund of hedge funds industry. “After 2008, the industry has been evolving and is now more heterogeneous. Large funds of hedge funds companies rather focus on more customised mandates for very big clients, leaving a niche open for Ayaltis’ products.” Son adds: “The fund of the hedge funds industry has recovered well and matured. In this environment, we are able to find experienced partners as service providers to whom we can outsource everything that is not part of our core business. As we only focus on fund of hedge funds, we can optimise our cost while seeking for new talents and supporting the professionals in our own company.” Son even sees an advantage in the high pressure coming from authorities and regulations. “The cost of regulation and the complexity accompanied with it has increased enormously the entrance barrier for new hedge funds players. We believe that only competitors who are fully committed to these challenges will provide value added to their customers. In putting a lot of time and effort to get along with the new regulations, we have become a well regulated entity, benchmarking ourselves against best practices in the financial industry.” As Ayaltis received the Swiss asset manager licence for collective investment schemes (CIS) from the Swiss Financial Market Authority FINMA already in 2013, the company was able to comply with the new EU-wide regulation for alternative investments: the AIFM Directive. As a result, the company’s flagship fund Areca SICAV SIF – Value Discovery was granted the EU-AIFM license in November 2014. As Ernesto continues: “The EUAIFM license is a milestone we have reached that marks a new chapter for the company. With this achievement Ayaltis aligns to the best practices in the alternative asset management industry.”

Ernesto Prado

The two managers are convinced that Ayaltis remains well prepared for the future, taking advantage of the enormous opportunity set the global market still offers due to ongoing deleveraging, changing regulations, lack of lending, disappearance of traditional banking competition and global macro bifurcation.

For more information, visit: www.ayaltis.com

Son Nguyen

Finance Focus | The Rise of the Older Entrpreneur

The Rise of the Older Entrpreneur Retire at 50? It’s the perfect age to set up a new business, says Shweta Jhajharia, Principal Coach and founder of The London Coaching Group

hen Shweta Jhajharia’s father turned 50, he was at the peak of his career managing one of the world’s leading metal producers. Ten years later, as he left the role for his first “retirement”, he carried with him the same passion he had always had for personal growth along with the years of wisdom. Today, at the age of 67, he has completed his Ph.D and is Head of Department at a leading engineering college. His remarkable achievements got Shweta, founder of The London Coaching Group, thinking: A lot of us look at aging as a natural burden and have a strange expectation that we need to stop working and stop producing great things when we reach a certain age. However, as Vivek Wadhwa says, “ideas come from need; understanding of need comes from experience; and experience comes with age.” While the glamour of the entrepreneurial world often goes to people like Mark Zuckerberg, the reality is that experience does make you a better businessperson. A study at Duke University examined 539 technology ventures and the results showed that there is double the number of successful entrepreneurs over 50 as there are those who are under 25. Benjamin Franklin invented bifocals at age 76. The original creator of Coca-Cola founded the company with his reformulated beverage (replac-

ing the cocoa with sugar) at 55. Colonel Sanders job-hopped most of his life and then at age 65 cashed his social security check and created the Kentucky Fried Chicken franchise. Ray Kroc, the guy who made McDonalds what it is today, only bought the business from the McDonald brothers when he was 59. With so many examples out there of seniors taking the business world by storm, it is surprising that the general thought processes in our society still seem to be that business growth is for the young. Shweta, on the other hand, has always maintained that a large part of business growth is consistent repetition of what already works, something that experience teaches you. As a business coach, Shweta often finds that her more seasoned clients are some of the best to work with – when they have seen how business works, they are really aware of when to push themselves and when to ask for help. They are keenly aware of their strengths, and they know when an outside eye will help them achieve the next level in their business. Best of all, senior entrepreneurs know that talk is cheap. Action is what gets results and they know that they have to implement changes in their business, not just talk about it. The main qualifier that separates successful senior entrepreneurs from those in the “shutting down” mode is their quest for growing, doing things that they have not

done before and believing that they can be more successful than they have ever been. Shweta suggests that if you are nearing so-called “retirement age” then it may be time to revisit your mind-set. Are you winding down your brain, or are you revving it up? Which direction should you actually be heading at this point in your life? Now is the time to exercise your business acumen; when you are full of life experience, retain a greater awareness of the long-term implications and have a grounded outlook is when your creativity and innovation can flourish into a practical and successful business venture. Experience comes with age – now may be the time to put that experience to use!

Shweta Jhajharia, Principal Coach and founder of The London Coaching Group, is a multi- award-winning business coach, recognised both by external bodies and the industry awards panels as the top coach in the UK. For more information, visit www.londoncoachinggroup.com

The Rise of the Older Entrpreneur | Finance Focus

Finance Focus | Mauritius: A One-Stop Destination for Your Structuring Needs

Mauritius:

A One-Stop Destination for Your Structuring Needs In the first of a series of guides exploring the world’s top offshore jurisdictions, Arch Global, who provide world class and personalised service to clients looking to structure their businesses through Mauritius, tell us why the island nation is an ideal financial services platform

auritius is recognised as a proven and trusted financial services platform, and has over the years built a sound reputation as a trusted international financial centre for cross border transactions and wealth management. It has also forged a reputation as “Gateway to Africa” and is increasingly being used by Private Equity Investors as a bridge for investments into Africa. As a global business platform, Mauritius has all the advantages of a traditional international financial services centre and offers investors with a diverse product base for planning and optimisation of benefits. Amongst others, Mauritius offers the following major advantages: a) A substantial network of double-taxation avoidance agreements, including 14 with African countries that provide tax efficiency and a number of Investment Promotion and Protection Agreements (“IPPAs”) that offers protection to investors. b) Low tax jurisdiction, no withholding tax on dividends and no capital gains tax and a system of foreign tax credit provided under Mauritius domestic tax law that results into Mauritius tax

liability on foreign source income to an effective rate between 0% and 3%. c) Pool of experienced and qualified professionals. d) Favourable time zone, ideally located between Europe and Asia. e) Presence of major international banks like Barclays, Standard Chartered Bank, Standard Bank, HSBC. Investment Advisory and Portfolio Management Mauritius is becoming increasingly popular for the setting up of entities providing investment advisory and portfolio management services. The Investment Adviser, classified as one of the classes of capital market intermediaries, is licensed by Financial Services Commission in Mauritius under the Securities Act 2005 and also regulated by the Securities (Licensing) Rules 2007.

II. Investment Adviser (Unrestricted) An Investment Adviser (Unrestricted) is authorised to manage, under a mandate, portfolios of securities and give advice on securities transactions through printed materials or any other means. There are more and more investment advisers (unrestricted) being set up in Mauritius to provide portfolio management and advisory services directly to corporate clients and high-net worth individuals. Moreover, Mauritius offers a definitive competitive advantage with respect to cost as it is not mandatory to have an office and employ staff in Mauritius as compared to other jurisdictions. Investment Adviser licence is issued within a reasonable time and require reasonable minimum capital requirements. Family Office

There are basically two types of Investment Advisers’ licence: I. Investment Adviser (Restricted) An Investment Adviser (Restricted) is authorised to give advice on securities transactions through printed materials or any other means.

Mauritius also offers interesting structuring opportunities for family offices which may be set up as a company, trust or private foundation. Mauritius also allows for the setting-up of a Private Trust Company. Trusts are afforded the highest degree of confidentiality under Mauritius law and no

Mauritius: A One-Stop Destination for Your Structuring Needs | Finance Focus

information regarding their establishments, their accounts or their activities are publicly accessible. A Family Office provides the essential management of a family’s wealth by providing very sophisticated service and a higher level of confidentiality which can help protect that wealth and pass it efficiently across generations.

• Confidentiality • Security • Accessibility • Diverse structuring opportunities for family offices • Low tax jurisdiction, no capital gains tax, no withholding tax and free repatriation of profits and capital Our Company

Reasons for the setting up of a Family Office: • Protecting family wealth and efficient wealth transfer between generations • The need for efficient management of the wealth through the advantages of a professional wealth management services provider

Arch Global Consult Ltd (“Arch Global”) is a management company licensed by the Financial Services Commission (“FSC”) in Mauritius. We provide world class and personalised service to clients looking to structure their businesses through Mauritius.

• Back-Office administration and outsourcing • Assisting expatriates on occupation and work permits and acquisition of villas in Mauritius Why Arch Global? • Cost-effective solutions • Proactive and personalised approach to clients’ needs • Excellent working relationships with a pool of experienced professionals from legal, tax, banking, auditing, investment management and other related fields • High-quality service with on-time delivery • Management team easily accessible and flexible to accommodate clients’ schedules

Arch Global is a one-stop destination for your Corporate, Trust, Funds and Foundation services.

• The need to mitigate the risks efficiently • Expert advice for an efficient cost effective structure • The creation of a long term investment approach The major advantages of using Mauritius for your Family office:

Our services include: • Advice on setting up of an entity in Mauritius • Corporate structuring, tax compliance structuring and tax advisory • Company, Trust, Funds and Foundation set up, administration and secretarial services • Accounting services • Listing on the Stock Exchange of Mauritius

Address: The Junction Business Hub, Calebasses, Mauritius Tel: +230 243 7888 Fax: +230 243 7889 Email: info@archglobalconsult.com Web: www.archglobalconsult.com

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Markets Matters | 2015’s Most Innovative CEOs: Stefan Skarin

2015’s Most Innovative CEOs:

Stefan Skarin Stefan Skarin is the CEO and President of IAR Systems, who provide developers of embedded applications and systems with world-leading software tools for developing competitive products based on 8-, 16-, and 32-bit processors. We spoke to him on why he has the best job in the world, and how it gives him the energy to consistently focus on new achievements

s CEO and President of the company, I have a wealth of experience that I can offer to both my colleagues and clients. I have held senior positions within the IT industry since the 1980’s, and what led to my current position as CEO of IAR Systems was being CEO of a holding company. I acquired and divested 25 entities between year 2000 and 2009, and in 2005 I acquired IAR Systems. It was in 2009 and 2010 that I made the last transactions to focus completely on running IAR Systems. Today, IAR Systems has the position of the leading provider of software development tools for the embedded market. The company was established in 1983 and has over 46,000 customers, mainly in the areas of industrial automation, medical devices, consumer electronics, telecommunication, and automotive products. When working for such an exciting company, I believe I have the best job in the world. It’s a job where we’re always looking to improve and develop, and I get to work with the world’s best team in the embedded industry. Continuous digitalization and the Internet of Things are big trends for today and tomorrow

With the world becoming more and more digitalized, the embedded industry is continuously growing. In addition, the industry is in focus due to the market hype of the Internet of Things. The Internet of Things is the concept of physical objects connected to the Internet. Those objects contain embedded technology to interact. The flow of information from things will increase and the huge potential of this trend is an exciting opportunity across industries. Virtually every industry has devices or products that can be further utilized to boost profits. We offer the most complete tools for development of embedded systems, and has a technological leadership position that enables our customers to apply the Internet of Things. This hype is not only another reason to keep doing what we do best, it is also necessary to challenge ourselves more to make the most of our benefits. Global focus and refined product portfolio The last few years, IAR Systems has gone through a sales-focused globalization and at the same time, we have refined and extended our product portfolio. This change in the company, together with our local cultures and strong values, has

made us the world’s largest tools vendor for the embedded industry. One challenge for me as CEO has been to accelerate growth and profit to new record levels. I succeeded doing this, and what’s most rewarding is to see the strength and opportunities it has created. Being CEO – a lifestyle There are several attributes that any chief executive needs to possess to be successful. From my personal point of view, I would say a very important thing to do is to adopt the lifestyle of a CEO combined with a large portion of communication skills. Also, you need to stay focused on matters of importance and be present for everyone. My approach in leading IAR Systems is living the CEO role as a lifestyle. The fact that we are working on a global basis provides an extra challenge for me in being present and focused on all levels. The receipt for this is to make good communication an important part of the daily work. During its more than 30 years in the embedded industry, the company has previously not faced many radical changes. Leading the recent change to a sales focus in a geographically spread organisation has been a challenge, but I have accomplished build-

2015â&#x20AC;&#x2122;s Most Innovative CEOs: Stefan Skarin | Markets Matters

23 ing a global leadership on the basis of clear roles, focus and ambition. Apart from the challenges that come with being a global company, the conservative approach in business models among most vendors in our industry has been hard to overcome. Many players have been around for a long time and feel safe doing things the way they always have. However, going into the future they also need to adapt to the speed of the market growth and the consolidation of the market. Good communication skills and global experience are my keys to success The main two things that have helped me become a strong leader of IAR Systems are good communication skills and my global experience. Since we are a listed company, I would also say that my financial background has helped me a lot, both as a CEO and as a sales manager. Innovative thinking gives new opportunities In my role as CEO, I always need to be in the forefront to maintain IAR Systemsâ&#x20AC;&#x2122; position as a leader in the embedded industry. I believe the future will bring many new ways to establish and cultivate relationships and to boost openness and creativity. Through continued dialogues with our customers, we can ensure that we are always leading the way when it comes to new technology and products. As a CEO, I need stay focused to take full advantage of future opportunities and become an even larger member of the market by addressing new technologies and market demands. The embedded market will continue to consolidate and grow. There are many new market opportunities out there that are unexplored or unstandardized. That includes increased demands for security and safety, especially in applications related to the Internet of Things. We have a good position thanks to a high level of innovative thinking throughout the company. I can assure you that IAR Systems will continue to be innovative, in terms of business models as well as product refinement.

Name: Stefan Skarin Company: IAR Systems Web: www.iar.com

Markets Matters | 2015’s Most Innovative CEOs: John Toomey

2015’s Most Innovative CEOs:

John Toomey The National Consumer Panel is an operational joint venture between the two leading longitudinal consumer insights providers in the United States – IRI and Nielsen. We spoke to their CEO and COO John Toomey, who spoke about how they are changing the landscape of market research data collection

At the moment we are working in a business environment that is continuing to thrive, particularly in North America. In the sector of market research, significant merger and acquisition has consolidated the traditional players, and new start-ups are

entering the field. As a result of working in such a vibrant industry, our focus is on driving value and improving productivity to enable investment in new technologies and innovation. As a Chief Executive, I believe it is essential to have an unrelenting desire to innovate, an ability move quickly, as well as a willingness to take informed risks. One advantage that I have is true hands on subject matter expertise and a passion for what I do. I understand the business at a level that is much deeper than the balance sheet.

“

ith over 25 years of driving innovation in the market research space my latest focus is leveraging and innovating via mobile apps. At National Consumer Panel, we are altering the landscape of market research data collection by augmenting traditional handheld scanning devices. In 2012 we introduced a mobile app to scan the barcodes on products purchased, survey panellists and collect information about purchased items without a barcode. The app is a game changer and is available on the Apple and Android platforms and currently supports English, Spanish and French and is currently in production in multiple countries.

It is essential to have an unrelenting desire to innovate

In order to continue to be at forefront of developments and changes in our industry, I remain curious. I stay abreast of what new technologies are being developed across industries, I watch what competitors are doing, and most importantly I lead a culture that believes the future is different today and that difference is good.

Name: John Toomey Company: National Consumer Panel Web: www.ncppanel.com

2015â&#x20AC;&#x2122;s Most Innovative CEOs: John Toomey | Markets Matters

Taxing Times | Offshore tax evasion: the beginning of the end?

Offshore Tax Evasion: The Beginning of the End? Governments and politicians worldwide are making it significantly harder for tax evaders to hide their money overseas, says Nigel Brown, Senior Manager (Tax) at Grant Thornton UK LLP

oliticians and governments globally are proclaiming the recent signing of the Organisation for Economic Co-operation and Development’s (OECD) standard on the automatic exchange of financial information by 51 separate tax jurisdictions, as the beginning of the end of offshore tax evasion. Only time will tell whether this proves to be true.

for worldwide application. It was developed with the support of G20 member states with a view to facilitating international cooperation in tax matters where lack of effective information exchange has been identified as a key factor in deterring harmful tax practices. As a consequence, the OECD standard is an instrument to allow for global financial information exchange.

size of that withholding tax varied from case to case and was driven by a number of factors.

What is clear is that governments and politicians worldwide are seeking new means to raise public revenues. Tax transparency and the end of banking secrecy are a means to achieve this.

Global cooperation severely hampers the ability of tax evaders to deposit assets offshore without risk of detection. Currently, 92 jurisdictions including Guernsey, Jersey and the Cayman Islands have already agreed to implement the OECD agreement.

Faced with what were very sizeable withholdings in some instances, a significant number of UK taxpayers decided to come clean and to make disclosures to HMRC through the LDF.

Historically tax havens such as Switzerland and Luxembourg were acknowledged and sought after by some investors for the anonymity they offered. However, the global economic downturn and the tightening of public purse strings have been triggers in the pursuit of greater openness and transparency for financial institutions. The OECD Common Reporting Standard The OECD’s standard for automatic exchange of tax information is by no means novel or revolutionary. It follows steps already taken by the USA under the Foreign Account Tax Compliance Act (FATCA) where qualifying financial institutions, regardless of their location, are required to disclose to the US tax authorities details of accounts held by US citizens. What is unique about the OECD’s standard is that it is being championed as a global standard

A helping hand It is no coincidence that authorities globally have made so-called tax amnesties available to encourage citizens to come forward and regularise their tax affairs. In the UK, this is illustrated by the Anglo-Swiss Agreement in 2013 and the concurrent ability for tax evaders to disclose all undeclared worldwide income and gains to HMRC, under beneficial terms through the Liechtenstein Disclosure Facility (LDF) until the end of 2015. The Anglo-Swiss Agreement required UK holders of Swiss investments to decide to either give up their right to anonymity and allow their Swiss investment holders to provide the UK Government directly with details of their investments, or to suffer a ‘withholding tax’ from their account. The

Broadly speaking, the mechanism was designed to deduct the approximate equivalent amount of taxes from accounts that might have been due over time, had those investments been disclosed to HMRC.

Such has been the success of LDF that the UK Government decided to offer similar tax amnesties to investors in the Channel Islands and the Isle of Man. Indeed, HMRC believed it would recover around £1 billion from these jurisdictions over the next six years through the exchange of information. This provides a clear indication that there are a great many taxpayers who could take advantage of the disclosure facilities available. Like LDF, these amnesties will expire at the end of 2015. The advantages of making voluntary disclosures to HMRC through the available amnesties vary and it is important that taxpayers pay close attention to the terms applicable to their own circumstances. The financially beneficial terms available under the disclosure facilities can be significant. Add to those benefits the threat of prosecution if evaders do not come forward voluntarily, and it is plain to see why take-up has been so popular.

Offshore tax evasion: the beginning of the end? | Taxing Times

27 After the current disclosure facilities close at the end of 2015, a tougher ‘last chance’ disclosure facility will be offered between 2016 and mid2017, with penalties of at least 30% on top of tax owed and interest and with no immunity from criminal prosecutions in appropriate cases. The increasing risk of prosecution HMRC has made no secret of its objective to increase the number of criminal prosecutions for tax evasion. In order to stem the loss of billions of pounds to the Exchequer every year through evasion, the UK Government invested an additional £1bn to increase HMRC’s capacity to prosecute those involved. Indeed, HMRC has targeted 1,165 criminal prosecutions in the 2014/15 financial year. Of course, the power to prosecute tax evaders has been available to HMRC for many years. However, following Budget 2015, the Government announced its intention to introduce a “strict liability offence” for those who fail to declare their offshore income and gains. A strict liability offence is a criminal offence where it is not necessary for the court to ascertain the state of mind of the defendant before convicting. This change means that the prosecution would need only demonstrate that a person failed to correctly declare the income or gains, and not that they did so with the intention of defrauding the Exchequer. The Government has already consulted on the introduction of this legislation and there will be a further round of consultation before it becomes law. All change? On the face of it, the environment will be significantly tougher for tax evaders who seek to hide their money overseas. The existence and ownership of investments is likely to be communicated more freely and efficiently between more countries than ever before. Does this mean that international tax evasion will become a thing of the past? Much depends, of course, on how HMRC makes use of all the new data which will imminently be at its disposal. If HMRC executes its plans as intended then we may well see a significant increase in tax revenues. At Budget 2015, the Government announced its intention to invest £4 million in data analytics resource to maximise the yield from the Common Reporting Standard data. Until information exchange really takes effect in 2016, the current disclosure facilities remain available until the end of 2015. Tax evaders might conclude their best option is to come forward now and make their disclosure to HMRC before it is too late.

Regulation Review | The Secret Lives of CEOs

The Secret Lives of CEOs A new CareerBuilder survey reveals common characteristics of senior management

The Secret Lives of CEOs | Regulation Review

Banking Zone | The Secret Lives of CEOs

EOs: They’re just like us (for the most part). While movies and TV want us to believe every company’s senior executives travel via chauffeured limousine, eat only fivestar gourmet meals and sport wardrobes worthy of British royalty, the reality for most company executives is much less extravagant. A lighthearted, newly released survey from CareerBuilder takes a closer look at the personalities and preferences of those who occupy the corner office.

mid-sized sedan, and 1 in 10 (10 percent) cruising around in luxury sedan.

The study was conducted online in November to December 2014 by Harris Poll on behalf of CareerBuilder among more than 500 executives (hiring and human resources managers in senior leadership positions including CEOs, CFOs, COOs and Senior VP).

“Scandal” bigwig Olivia Pope might have a penchant for red wine and the partners of Sterling Cooper on “Mad Men” may sip whiskey on the regular, but in reality, more than 3 in 5 of executives (62 percent) abstain from drinking alcoholic beverages at company happy hours. Instead, they opt for soda (23 percent), water (19 percent), coffee (13 percent) or nothing at all (7 percent). Thirteen percent of executives kick back with a beer, and the same number (13 percent) opt for wine, while 8 percent opt for mixed drinks.

Nearly 1 in 5 executives (18 percent) use environmentally friendly ways to get around, with 9 percent taking public transportation (bus or train), 4 percent driving hybrids, 4 percent walking, and 1 percent riding their bikes. Wining and Dining

Dressing the Part Unlike “30 Rock” head honcho Jack Donaghy, only 1 in 5 executives (20 percent) consider a business suit typical office attire. Most executives (57 percent) outfit themselves in business casual clothing, while 18 percent regularly wear jeans or shorts to work.

Riding in Cars with Bosses Don’t expect to see the chief executive pulling up to the office in a chauffeured town car like top dog Miranda Priestley in “The Devil Wears Prada.” Most executives (79 percent) take themselves to work in an automobile, with 1 in 4 (24 percent) driving an SUV, 1 in 5 (22 percent) opting for a

“

Righties vs. Lefties

“

Black is the clothing color of choice for 32 percent of executives, making it the most popular choice for this group. Navy blue is the second most popular color worn by executives (31 percent), followed by grey (10 percent).

When it comes to their dining habits, nearly half of executives (42 percent) bring their lunch from home, while the rest opt for fast food (22 percent) or food from a sit-down restaurant (14 percent). One in ten (10 percent) of executives say they don’t eat lunch on a typical day.

Black is the clothing color of choice for 32 percent of executives

Right-handers outnumber left-handers by nearly 7 to 1 (80 percent versus 13 percent); however, 8 percent of executives claim to be ambidextrous. When it comes to parting their hair, 3 in 10 executives (29 percent) favor the right side, 19 percent go down the middle, and 15 percent part on the left. One in four (25 percent) don’t part their hair at all, while 11 percent sport a shaved or bald

The Secret Lives of CEOs | Banking Zone

31 head. Working Hard, Working Out When asked how many hours they work in a typical week, 40 was the minimum for most head honchos. Fifty-eight percent of executives say they work 40 to 49 hours a week, and 32 percent work 50 hours or more. Only a lucky few (9 percent) say they work less than 40 hours a week. Despite having a packed schedule, the vast majority of executives (82 percent) are able to squeeze in at least one work out a week, with 39 percent working up a sweat four or more days a week. Nearly 1 in 5 (18 percent) say they “rarely” or “never” work out. Emulating the CEO: Will It Help You Get Ahead? They say you should dress for the job you want, but will dressing and acting like a senior executive help you get there? “Certainly, getting ahead in your career is based largely on your performance,” says Rosemary Haefner, chief human resources officer of CareerBuilder. “The way you present yourself, however, is to many a reflection of how seriously you take your job.” Haefner offers the following tips to dress – and behave – for career success. Follow the leader…The CEO and other senior leaders should set the tone for how to conduct yourself in the workplace, so look toward them for direction when it comes to not just dressing the part, but conducting yourself like a leader as well. Dress for success. But don’t get caught in a “who wore it better” situation. Showing up in the exact same Brooks Brothers suit the boss wore on Monday could be could be perceived as sucking up – or simply creepy. Remember who you are as an individual. Adding accessories like jewelry, scarves or ties to a classic black pant suit, for example, creates a look that is both professional and reflects your personal style. Be the brand. Even when they’re not at the office, CEOs and senior executives are considered the “face” of the brand; therefore, even when they’re not at work, they are living by the company’s brand values. Take this into consideration when you’re out socializing–and posting on social media. Remember that you’re a representation of your company’s (and your personal) brand and how you act reflects on that brand. Ask for what you want. Don’t wait around for your manager to recognize your leadership potential. Take the initiative and ask your manager for more responsibility. Be clear about your career goals and see if you can together to create a clear plan for the future.

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Relax | An A-List Experience

An A-List Experience Mix with the elite at the Triada, in the heart of the prestigious Movie Colony neighbourhood of Palm Springs

An A-List Experience | Relax

Relax |

An A-List Experience

n iconic property rich with local and Hollywood history, Triada Palm Springs was originally designed in 1939 in the style of a traditional Spanish hacienda. Today, Triada is “exactly like nothing else” following an extensive multimillion-dollar renovation. The newly launched Triada Palm Springs offers an elevated experience for guests in 2015, whilst still honouring the original inspiration for the building – which is located in the heart of the prestigious Movie Colony neighbourhood of Palm Springs. With 56 unique guestrooms and three distinct wings, Triada offers majestic views of the San Jacinto Mountains. Each of the ‘three interrelated parts’ (‘triada’, in Spanish) takes influence from contemporary Spanish artists including Miro, Picasso and Dali. A colour scheme ranging from mente (cobalt blue) which is associated with the mind, corazon (burnt orange) associated with the heart, and alma (teal) associated with the soul, means that guests will feel inspired by all areas of the resort, whichever way they turn. Long known as a retreat for the Hollywood elite as much as an artisan enclave, the black & white memories of yesterday’s Palm Springs are coloured today by celebrities and internationally renowned designers and

artists. Today’s Palm Springs is a sparkling cross-section of architecture and design industry aficionados, music festival enthusiasts, Hollywood stars and casual travellers drawn to the desert oasis destination exactly like nothing else. Accommodations Each of the 56 guestrooms has been artfully designed to inspire the mind, heart and soul. No two rooms are exactly alike in any of the hotel’s three distinct wings, and many come with fully appointed kitchens. The elaborate casita features an open kitchen with stainless steel furnishings and features a dining room, living room, bedroom and granite bathroom. Most rooms feature private outside sitting areas and balconies with breath-taking views over the San Jacinto Mountains. Guests can enjoy the use of complimentary WIFI and a 42” TV and docking station in the haven of their own room. The comfort provided by the 300 threadcount linens and plush robes is enhanced by additional features including a Keurig coffee maker, private honour bar and dedicated room service.

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A Storied Past

simply known as “The Spanish Inn.”

Located in the chic Movie Colony district of downtown Palm Springs and nestled in the San Jacinto Mountains, the property first opened over eight decades ago as a private residence. In the 1940s it became The Ambassador Hotel before converting to Alan Ladd’s Spanish Inn during the 1970’s. Over the years, the hotel attracted Hollywood greats and notables like Tyrone Power, Lana Turner, Jimmy Durante, Esther Williams, Elizabeth Taylor and Howard Hughes.

Pacifica Host Hotels bought Triada in 2012 and began working on its reinvention -- honouring the foundation of its 1930’s Spanish hacienda architecture, while keeping current with the needs of 21st century travellers.

Venture capitalist, David Margolius took ownership of the property in 1928 as a private residence and eventually added a courtyard building in 1939 after witnessing the growth of Palm Springs as a resort destination. The two buildings were designed in an eclectic Spanish Colonial Revival style to reflect the romanticized notions of California’s Spanish/Mexican past. In 1948 the property was named The Ambassador Hotel and quickly began attracting Hollywood’s biggest and brightest. In 1972 the hotel was sold to talent agent and widow of film actor Alan Ladd, Sue Carol Ladd, who renamed the hotel, “Alan Ladd’s Spanish Inn,” the name under which it operated until her death in 1982 when it then became

Iluminara Restaurant and culinary experience The intimate Iluminara Restaurant and Lobby Lounge deliver classically chic Palm Springs dining with seasonally inspired California Cuisine created by locally recognised Executive Chef Tom Hogan. Seasonal poolside seating, complete with majestic mountain views, is available or guests can relax with room service in their beautifully appointed guest rooms and suites.

For more info... www.triadapalmsprings.com

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