IAIR N.3-4 - TOP 60 by Le Fonti S.r.l.

Volume 19-20 www.iaireview.org

July - December 2014

Number 3-4

An African investment firm with global standards

excelling

BEYOND THE BENCHMARK

Argon Asset Management is a wholly owner-managed investment management organisation. We provide investment management services to institutional investors including retirement funds, medical schemes, and other institutions that require investment management services. Underpinning our investment offering to our clients is a fundamental research-driven investment process and a coherent risk management programme. We benchmark our firm against global investment management industry standards. The values underpinning our investment offering to our clients are honesty, integrity, thoroughness, accountability, respect for ourselves and others, and good ethics. We strive to add value to client portfolios by outperforming relevant benchmarks over the medium to long term. Our investment offering spans the asset class spectrum and includes equity, fixed income and multi asset class strategies. For more information please visit our website www.argonassetmanagement.co.za or contact: Luyanda Joxo, CFA

Mothobi Seseli

Head of Institutional Business

Chief Executive Officer

Email: luyanda@argonasset.co.za Tel: +27 21 670 6576

Email: mothobi@argonasset.co.za Tel: +27 21 670 6580

Address: Cape Town: 1st Floor, Colinton House, The Oval, 1 Oakdale Road, Newlands, 7700, South Africa Johannesburg: 7th Floor, Fredman Towers, 13 Fredman Drive, Sandton, 2146, South Africa Argon Asset Management is an authorised Financial Services Provider (FSP 835)

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Contents 12 WORLD NEWS IAIR AWARDS 16

Virtual Financial Summit: A Success Beyond the Expectations by Arianna Venegoni

ICD, SABB Takaful, Ragavan Seetharaman and Nashwa Al Ruwaini Among IAIR Awards Winners 2014 in Dubai

ALTERNATIVE ASSETS 84

IAIR Awards® 2014 Winners Europeran Edition 86

Jabre Capital: a Winning Investment Strategy in the Hedge Funds Sector

Mashreq, Best Bank of the Middle East at IAIR Awards 2014

Streamlining Bank Connectivity by Andreas Lutz

GLOBAL ECONOMY 88

The Adaptation Imperative by Achim Steiner

Power Japan Plus Recognized

JenLab and Karsten König triumph at IAIR® Awards 2014

Innovation or obsolescence by Nigel Cox

Al Ruwaini: I dedicate this honor to the late Mohammad Khalaf Al-Mazrouei

The French 9/11 by Dominique Moisi

Can Japan Reboot? by Kenneth Rogoff

FOREX, CFD AND FINANCIAL SPREADBETTING 77

IMS Forex Awarded for Excellence in FX Service in IAIR®

by Alessia Rosa

The Wonderful World of Forex has Never Been so Close by InstaForex

Stability and Prosperity in Monetary Union by Mario Draghi

EVENTS & CONFERENCES

102 JOB & CAREERS

Solforex - providing customized FX solutions by Alessia Rosa

Head Office Editrice Le Fonti S.r.l. Via R. Franchetti, 1 20124 Milan, Italy Tel. +39 02 8721 3688 Fax +39 02 7063 5839 E-mail info@iaireview.org www.iaireview.org

Pubblisher/Director Guido Giommi Chief Editor Alessia Liparoti Editor, America Scarlett Williams Editor, Asia Eric Davide Editors Claudia Chiari Alessia Rosa Sara Tamburini Arianna Venegoni

International Subscription Kate Rios Art Director Gloria Lancelotti Graphic Design Valentina Russotti We thank Project Syndicate for contribution of the following articles: Mario Draghi, Dominique Moisi, Kenneth Rogoff and Achim Steiner.

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Reproduction in whole or in part is prohibited without prior written permission of IAI Review. Information is based solely on sources believed to be reliable, though the accuracy has not been verified by IAI Review. Neither the information in IAI Review nor the opinions expressed should be taken as a solicitation for investment. IAI Review accepts no liability for actions based on the information herein.

WORLD NEWS

World News ACTIVIST HEDGE FUNDS DRIVING IMPROVEMENTS IN COMPANY PERFORMANCE – AIMA PAPER Activist hedge funds globally are driving improvements in the share price, operating performance and governance of the companies in which they invest, according to a new paper by AIMA, the global hedge fund industry body. The findings are contained in a paper, titled “Unlocking Value: The Positive Role of Activist Hedge Funds”, which AIMA has produced in conjunction with the law firm Simmons & Simmons. Among its findings: ·Activist engagement by hedge funds is positively correlated to improvements in the share price and operating performance of targeted companies ·Activist hedge funds seek higher standards of corporate governance from the companies in which they invest, which improves alignment of interest between management, shareholders and other stakeholders ·Activist hedge funds leave a positive and lasting legacy, with a 25% improvement on average in the share price of targeted companies two years after an exit ·Activist hedge funds are long-term shareholders, with an average holding period of about two years, compared to the equities market average of just three months ·Contrary to popular belief, most engagement by activist hedge funds is collaborative and constructive ·The activist hedge fund sector worldwide comprises around 165 firms and manages approximately $120 billion in assets – a six-fold increase in the last 10 years ·The sector’s compound returns from 2012-2014 were over 50% Jack Inglis, AIMA CEO, said: “An assessment of the value of activist hedge funds to the broader economy is long overdue. We regard activist hedge funds as the keys that are unlocking value in public and private enterprises, delivering gains to their investors, the companies in which they invest, and ultimately, the broader economy. “By taking significant but non-controlling stakes in companies, and holding those positions often for years at a time, activist hedge funds are supporting improvements in the performance of thousands of firms around the world. Struggling businesses are being turned around, well-run businesses improved, capital more efficiently allocated and the interests of managers, shareholders and other stakeholders better aligned. “What this means, more broadly, is that activist hedge funds are bringing improvements to the efficient allocation of capital and resources in the economy overall, which is one of the key benefits of capital markets financing as opposed to bank financing.” The full paper as well as a four-page summary are available on the AIMA website. HALCYON AND GUGGENHEIM PARTNERS LAUNCH UCITS FUND Halcyon Liquid Strategies UCITS Management and Guggenheim Partners (Guggenheim) have launched the GFS Halcyon Liquid Opportunities Fund, an opportunistic catalyst-driven UCITS fund domiciled in Ireland. Launched on the Guggenheim Fund Solutions platform, the Fund will utilise Halcyon’s investment expertise to identify public equities where there may be structural market inefficiencies or opportunities for asymmetric returns, and will employ strategies including long/short, relative value, liquid credit, and other strategies. The Fund will offer weekly liquidity and will launch with more than USD40 million in capital.

It will leverage the existing idea generation and investment expertise across Halcyon, an alternative investment firm founded in 1981 and managing approximately USD11 billion. CONFRONTING CHALLENGES IN AGRICULTURAL LOGISTICS INVESTORS WILL DISCUSS OPPORTUNITIES AT NEXT WEEK’S GLOBAL AGINVESTING CONFERENCE IN DUBAI The Gulf’s prowess in energy production, financial services and international trade makes it one of the most influential and fascinating economic regions of the world. But the area remains gripped by geopolitical tensions, a challenging climate and lackluster investment in its agricultural sector. One of the most complex challenges for agriculture in the region centers on the lack of best-in-class logistics, despite remarkable food import levels of 80 to 90 percent. Investors and agriculture industry experts will gather to discuss these challenges and the opportunities they present at Global AgInvesting Middle East, the region’s premier agriculture investment conference, at the Jumeirah Emirates Towers in Dubai next week, 23-25 February. “What we see is a lack of quality logistics, strategic warehousing and other important infrastructure, leading to problems in the food supply chain,” said Farid Masood, director, Advisory Services & Asset Management, ICD-Islamic Development Bank Group. “For example, a country like Saudi Arabia does not have mechanized grain terminals today. As a result, you will have a seven to eight percent loss of grains.” Investment has improved in recent years, but the current infrastructure allocation remains inadequate for the region’s modern needs. Dubai, for example, has boosted deep-freeze storage and has the space and the funding to store food in bulk. However, increased investment will need to be placed in refrigerated transportation to maintain quality. “One challenge that is making it harder to attract investors is the lack of scale in the region,” Masood said, adding that fund managers will require time and patient capital to prove that investments are adding value, meeting food security challenges and returning a profit. “The goal of starting a fund is to show that it can be done with a profitable track record.” Join this discussion at Global AgInvesting Middle East next week. TAX PAID BY UK HEDGE FUND INDUSTRY AT RECORD LEVELS AIMA clarifies facts on the taxation of the hedge fund industry in the UK. UK hedge fund firms and employees paid £4bn in tax in 2014 - more than double the amount in 2009 Assertions about hedge fund tax breaks and loopholes shown to be myths The tax contribution of the UK hedge fund industry has never been greater than it is today, according to new research from AIMA, the global hedge fund industry body. The hedge fund sector in the UK last year produced profits and income that have generated an estimated £4 billion in tax receipts to HM Revenue and Customs, up from about £1.7 billion in 2009, according to AIMA. The increase was due to the growth of the industry in the UK and recent changes to the tax system. AIMA added that it expects the tax take to further increase in 2015 as a result of changes to partnership tax rules that were introduced last year. AIMA said £4 billion in tax receipts could pay for around a dozen new NHS

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WORLD NEWS

hospitals. The release of the data comes amid claims that hedge funds have received tax breaks or are exploiting loopholes, claims which AIMA disputes in a briefing note also released today. In the briefing note, AIMA challenges a number of recent assertions: A measure described as a “tax giveaway” worth £145m to the hedge fund industry in fact benefits UK authorised funds including unit trusts and open-ended investment companies. These investment vehicles are not hedge funds, nor are they permitted to adopt investment strategies of the sort used by hedge funds. The UK hedge fund industry therefore did not benefit directly or indirectly from the repeal last year of this stamp tax. Hedge funds are said to be exploiting a “loophole” to avoid paying stamp tax on UK share purchases. There is not, and never has been, an exemption from stamp duty on equities transactions for hedge funds, which are liable to pay stamp duty on purchases of UK equities in the same way as other market participants. The use of derivatives to access exposure to UK equities is being described as a “loophole” since these kinds of derivatives are not taxed. This investment strategy has been employed for over two decades by all levels of investors in the UK stock market, not just hedge funds. Its removal would have very damaging consequences to the UK stock market and ordinary savers. Jack Inglis, AIMA CEO, said: “Despite some of the recent highly publicised claims, it is clear that the tax contribution of the 500 firms and 40,000 people working in the hedge fund sector in Britain has actually increased to record levels in recent years. “There has been some confusion over two different stamp tax regimes. The repeal of stamp duty payments on UK authorised unit trusts and open-ended investment companies last year benefits ordinary savers and pensioners and has nothing to do with hedge funds. “Secondly, the proposal to impose stamp duty on certain derivatives transactions would impact all participants on the London Stock Exchange, from ordinary savers to large institutional investors. Financial transaction taxes always damage equities markets and this one, were it to be introduced, would undermine the competitiveness of the City of London and increase the cost of capital to ordinary British businesses.” The AIMA briefing note is available on the AIMA website.

AIMA PARLIAMENTARY RECEPTION DISCUSSES HOW HEDGE FUNDS CAN HELP TO CLOSE THE ‘PENSIONS GAP’

A reception at the UK Parliament hosted by the Alternative Investment Management Association (AIMA), the global hedge fund association, has heard how hedge funds can help pension funds to close the “pensions gap”. Speaking at the reception were the Labour MP Dame Anne Begg, Chair of the Commons Work and Pensions Select Committee; the Labour MP Chris Evans, Parliamentary Private Secretary to Chris Leslie MP, Shadow Chief Secretary to the Treasury; Kathryn Graham, Head of Strategy Co-ordination for the Universities Superannuation Scheme (USS), one of the UK’s biggest pension funds; and Jack Inglis, CEO, AIMA. The event drew more than 30 MPs and advisers from all parties, as well as representatives of think tanks, pension funds and AIMA manager members. The “pensions gap” refers to the difference between what people need for an adequate standard of living in their retirement and the

pension amount they can currently expect to receive. It is considered a particularly acute problem in the UK, with roughly one in three of the UK’s working population thought to be affected. Jack Inglis, AIMA CEO, said: “We believe that hedge funds can be a vital means of reducing the pensions gap. The low interest rate environment which is likely to persist over time adds another challenge to the ability of pension funds to deliver on their basic objectives, since returns on traditional assets such as bonds are being squeezed. It is therefore not a surprise that pension fund managers are increasingly turning to investment management alternatives such as hedge funds. “As hedge funds have outperformed traditional assets such as stocks and bonds over the last 20 years, with less volatility and risk, they are now considered to be a safe and stable way to achieve returns and preserve capital.” The parliamentary reception also marked the launch of “The Way Ahead: Helping trustees navigate the hedge fund sector”, a joint paper by AIMA and the CAIA Association which found that pensions and other hedge fund investors have earned around $1.5 trillion from their hedge fund investments since 2005. The paper also found that one in every four dollars managed by hedge funds today is invested by public and private sector pensions. Global AgInvesting returns to the UAE for high-level discussions on agriculture investment opportunities to ensure food security and financial returns With the world population predicted to grow to nine billion by 2050, and a 40% population growth expected in the Middle East and North Africa (MENA) region during that time with a need for 50% more food locally, this area is stepping up their multibillion-dollar search for food security, and in some cases, food self-sufficiency. These fundamental issues will take center stage at the third annual Global AgInvesting (GAI) Middle East conference in Dubai on 23-25 February 2015 at Jumeirah Emirates Towers. This premier event will offer two and a half days of educational panel discussions, in-depth analysis, and unrivaled opportunities to network with forward-thinking investors and industry executives who see agriculture investing as a critical strategy to ensure food security as well as financial returns. According to an article released by Global AgInvesting Media, the Gulf Cooperation Council (GCC) nations have depended heavily on food imports since World War II, and last year imported 80% to 90% of all food consumed. Foreign farmland investments have been the focus of the past few decades, and Deutsche Bank research suggests that the United Arab Emirates (UAE) now rivals the United States and China in investment in foreign agricultural assets. This strategy will continue to be part of the food security solution, as more oversight is put in place and the FAO’s Principles for Responsible Investment in Agriculture and Food Systems are more universally recognized. In addition to the foreign investment strategy, the Gulf States and the private sector will need to invest locally in smart agriculture to produce more food at home. Opportunities abound in areas such as controlled environment agriculture, sustainable aquaculture, crop monitoring and water conservation. Over 55 international thought leaders will speak at GAI Middle East 2015 and continue this discussion, and will present strategies for diversified agriculture portfolios such as regional variation and opportunities in dairy and aquaculture. Panels will highlight innovations for challen-

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ging agricultural environments, the GCC agri-food sector, supply chain logistics and more. Registration is available exclusively at www.globalaginvesting.com/Dubai15 THINKFOREX ANNOUNCES ROBUST FINANCIAL POSITION FOLLOWING SWISS SITUATION

ThinkForex, a global leader in foreignannouncesexchange strong financial position and business as usual following the Swiss National Bank’s(SNB) closure of the EUR/CHF currency floor. Stefan Lucas, Group Head of Marketing, commented: “We continue to hold capital well in excess of all ASIC regulatory requirements, and confirm that trading on all CHF markets is currently ‘close-only’.Clients with existing open positions are free to hold these positions, and can close them at their convenience. As markets return to normal, we expect trading on CHF markets to resume again. We will keep clients notified in due course.” Mr Lucas went on to say: “We are pleased to report that due to our strong financial situation with market-leading risk management technologies and processes, we are able to operate business as usual and have suffered no material losses as a result of these movements or any trading activity.” ABACUS LAUNCHES CLOUD PANEL Abacus Group, LLC, a provider of hosted IT solutions for hedge funds and private equity funds, has launched the Abacus Cloud Panel This web-based portal enhances the visibility and management of AbacusFLEX Mail for chief executive officers (CEOs) and chief technology officers (CTOs). The solution delivers on demand reporting and increased transparency, minimising infrastructure costs and enhancing control of deployment. Abacus Cloud Panel is a hosted exchange control panel that allows business owners the freedom to provision resources directly from the web. It gives business owners the flexibility to create their own mailboxes, distribution groups and public folders as well as to manage individual permissions, change email addresses and assign a corporate disclaimer for the organisation all from their enterprise cloud.

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IAIR AWARDS

Virtual Financial Summit: A Success Beyond the Expectations Arianna Venegoni

A virtual fair, a 3D platform that allows visitors to the event to move among the booths, download documents and apps, watch videos and conferences in the Auditorium. This is the Virtual Financial Summit, promoted by Editrice Le Fonti. Among the sponsors and contributors there are: Bnp Paribas, Oracle, Coface, IWBank, Deutsche Bank, Allianz

Global Investors, Franklin Templeton Investments, etcâ&#x20AC;Ś Virtual Financial Summit is the only event linked to real events as Premio Le Fonti and IAIR Awards. In fact, the next edition of the Virtual Financial Summit will take place on the 28th of April, after the two IAIR Awards Ceremonies: the first one in Hong Kong on the 10th of March and the second

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one in New York on the 16th of April. Furthermore it will involve all the greatest business personalities who will attend the Awards thanks to the CEO Summit, a round table with CEO, country heads and managing directors. The first edition of the Virtual Financial Summit took place last 3rd December in its Italian version. The success of the event was be-

yond the expectations. As Guido Giommi, the President of Editrice Le Fonti, declared: â&#x20AC;&#x153;For this first Italian version we had 27 speakers, a maximum peak of users of 1.944 on the day of the fair, totaling 3.492 visitors that day and it will increase to more than 17.000 in a month. The platform will be open 365 days, so we expect great things from our initiative.â&#x20AC;? Among

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IAIR AWARDS

the inter views and the summits in the Auditorium area of the fair, appear important people such as the French economist Thomas Piketty, Ragavan Seetharama CEO of Doha Bank, the Pulitzer winner Glenn Greenwald and many others. The fil rouge for this first Italian edition was the role of the innovation in the finan-

cial/banking area: the digital transformation. In fact, finance needs new tools to meet their investorsâ&#x20AC;&#x2122; necessity. Because of this need the Virtual Financial Summit was born. The choice of this new tool is linked to the wish to include on our innovative platform the concrete requests of digital evolution in the economic area.

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IAIR AWARDS

The meeting point between virtual and real events, guarantees great networking opportunities, participating in debates and sharing of different views about the economic global reality. As we mentioned before, the next international edition of the Virtual Financial Summit will be on the 28th of April in conjunction with

the IAIR Awards of Hong Kong and New York. For the next Italian version, the event will be on the 30th of June, just after the Premio Le Fonti, that will take place, as usual, at Palazzo Mezzanotte in Milan, on the nights of the 11th and 25th of June. The Awards Ceremony is sponsored by the European Commission.

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IAIR AWARDS

ICD, SABB TAKAFUL, RAGAVAN SEETHARAMAN AND NASHWA AL RUWAINI AMONG IAIR AWARDS® WINNERS 2014 IN DUBAI

“The advancement of a nation will never be achieved without innovation and excellence in everything”. The vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum for Dubai has always been about inventing, creating, innovating, achieving, succeeding. These same ideals are also the guiding principles of the IAIR Awards. IAIR AWARDS® – Excellence in Global Economy & Sustainability(www.iairawards. com) took place on the 20th of November 2014 in Dubai at the Palace Downtown Dubai. More than 20 companies have been recognized for their leadership in strategic fields in the Middle East like real estate, sustainability and banking. Among them: ICD, SABB Takaful, Mashreq Bank, Doha Bank, Drydocks Worlds and Paris Gallery. «This evening we will be awarding best in class across sectors such as Banking, Legal, Property and Finance – said Mr. Guido Giommi, President of IAIR Group -. And tonight, we will also be celebrating two very special categories – Woman of the Year and Man of the Year. This pair of recipients are outstanding women and men, and we are truly privileged, and pleased, to be able to honor their talent, character and contribution». Dr. Ragavan Seetharaman, CEO of Doha Bank was awarded as Man of the Year 2014 in the Middle East «for to his contribution 20

to sustainable development and his promotion of cross border investment opportunities between the GCC and the rest of the world, representing an undisputed point of reference in the banking industry and a concrete supporter of the economic cooperation». Most Influential Woman of the Year 2014 (in the same category, the male recipient of this accolade was the French Economist, Thomas Piketty) has been Nashwa Al Ruwaini, CEO of the largest TV production company in the Middle East, Pyramedia: »for her charismatic leadership that makes her one of the most powerful Arab all-stars. Founding Pyramedia, she has been able to introduce new and modern content, changing the social fabric of the audience and influencing the public opinion with a special reference to women’s rights». During the event, two other prominent ambassadors of leadership and attention to social and green principles were celebrated as Women of the Year: Maryam Matar, Founder of UAE: Maryam Matar, Founder of UAE Genetic Diseases Association and First Emirati Woman to be entrusted as Director General within the Government of Dubai and Stella Thomas, Founder and Managing Director of Global Water Fund. Among the companies, the IAIR Awards went to a driving sector in the Middle East, like Property: Idea, Aldar Properties, Paris Gallery (Luxury Retail), Bachir Nader and

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IAIR AWARDS

Mr. Guido Giommi, President of IAIR Group Draw Link (Interior Design). In the maritime industry, Drydocks World and in the mining sector, Hancock Prospecting. Green companies like Global Water Fund (Water Solutions), Dhybrid (Photovoltaic) and Tidal Sails (Ocean Energy) achieved the Sustainability and Corporate Awards. In the legal sector, Abou Jaoude & Associates Law Firm and Alessandro De Rosa from Tonucci & Partners established themselves as leading law firms. Mashreq Bank, The Islamic Corporation for the Development of the Private Sector (ICD), National Bank of Oman, Bank Sohar and Doha Bank won the IAIR Banking Awards; One Financial Markets

and Mill Trade the IAIR Forex Awards and SABB Takaful the IAIR Insurance Awards. «Congratulations again to all the winners – said Mr. Guido Giommi, IAIR President -. All of them were nominated by a global audience of 50,000 IAIR readers. These nominations were then carefully assessed by a panel of judges, comprised of consultants and editors, who specialize in the fields of legal, economic and financial journalism. Let’s remember that IAIR publications enjoy regular contributions from global economists, politicians and Nobel Prize winners». The next stops of the IAIR Awards Global Roadshow will be in Hong Kong on March 10th and in New York on April 16th.

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IAIR AWARDS

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IAIR AWARDS

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IAIR AWARDS

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IAIR AWARDS

MAN OF THE YEAR Man of the Year - Banking - Middle East

Dr. Ragavan Seetharaman CEO of Doha Bank For his ability in leading his bank to the highest levels, combining technological innovations to social responsibility. Thanks to his contribution to sustainable development and his promotion of cross border investment opportunities between the GCC and the rest of the world, he represents an undisputed point of reference in the banking industry and a concrete supporter of the economic cooperation.

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IAIR AWARDS

WOMAN OF THE YEAR Most Influential Woman of the Year

Nashwa Al Ruwaini CEO of Pyramedia For her pioneering and innovative approach to the TV industry in the Middle East and her charismatic leadership that makes her one of the most powerful Arab all-stars. Founding Pyramedia, now the biggest production company in the region, she has been able to introduce new and modern content, changing the social fabric of the audience and influencing the public opinion with a special reference to womenâ&#x20AC;&#x2122;s rights.

Woman of the Year Europe

Stella Thomas Founder of Global Water Fund For her influential role in navigating the most crucial water challenges thanks to her undisputed ability in creating networks among Heads of State, financial institutions and corporations, raising the awareness of sustainable development with greener solutions worldwide.

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IAIR AWARDS

Woman of the Year Middle East

Maryam Matar Founder of UAE Genetic Diseases Association For her praiseworthy commitment to healthcare and social development, carried out through her scientific, political and philanthropic role. As one of the UAEâ&#x20AC;&#x2122;s finest public servants and most powerful Arab woman, she has been able to create different associations, obtaining wonderful achievements in the fight of genetic diseases and becoming a privileged spokesperson.

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IAIR AWARDS

IAIR CORPORATE AWARDS Best Company for Leadership - Mining Australia

Hancock Prospecting For being engaged in the exploration and development of mineral resources for over 50 years and for the significant plans for future development especially in the iron ore sector in the region of Western Australia and other region of that country.

Best Company for Leadership - Luxury Retail Middle East

Paris Gallery For being leading retailer of luxury lifestyle goods, offering a premium collection of over 550 international brands and 85 outlets, and for enhancing the best shopping experience with new concepts retails and the highest level of service. Mohammed Abdul Rahim Al Fahim, CEO of Paris Gallery Group of Companies, commenting on the award: “I am thankful to the IAIR Awards committee for this recognition. It is an honour to receive this prestigious award as it recognizes our dedication to quality and superior customer service standards as we continually align ourselves with the vision of Dubai’s leadership to become a key player locally, regionally and globally. Thanks to our partners, employees and customers for their immense contribution in seeing Paris Gallery excel in the luxury retail sector. Thanks also to the UAE government, who, under the wise leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, has put Dubai on the map of the world’s most preferred places for shopping, leisure and entertainment.”

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IAIR AWARDS

Best Company for Innovation Solar Photovoltaic Sector

Dhybrid For being a leading provider for industrial-scale Diesel-Photovoltaic Hybrid Systems and for offering independent self-consumption solutions. Through its 17 years of experience in the field of engineering services and the provision of economic and ecologic proven technology, Dhybrid represents a reliable partner for the successful implementation of global energy projects.

Best Company for Leadership - Interior Design UAE

Draw Link Group For making every project a work of art, not forgetting the importance of the practical aspects. Thanks to its creativity, Draw Link makes its projects not only look good, but able to make you feel good too.

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IAIR AWARDS

Best Company for Leadership - Maritime UAE

Drydocks World For being a world leading Ship Repair, Conversion, Ship Building, Maritime Cluster and Offshore Organization with over 30 years of activity, for committing to operate in a safe and ethical manner, using the best technologies available, without forgetting to implement several new environmentally friendly initiatives.

Best Company for Leadership - Interior Design Lebanon

Bachir Nader Interior Design Firm For being an interior architect and industrial designer with over 100 projects in his name throughout Lebanon, the Gulf and the entire world, both for public and private use. Believing that each project is his own responsibility and striving to transform spaces, finding himself with a challenge at hand, Bachir Nader is a real protagonist in his field.

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IAIR AWARDS

IAIR FOREX AWARDS Best Forex Broker Investment Programs

Mill Trade For providing the opportunity to earn money in the Forex market with the maximum comfort and a high quality service. Thanks to its Golden 7 Program, customers have the opportunity to invest with the 7 best traders of the Mill Trade Dealing Center.

Best Broker - Online Trading Middle East

One Financial Markets For being a global online trader providing trading facilities to retail and institutional investors in Forex and CFDs. Through the offer of a wide range of instruments and even a Sharia compliant service, One Financial Markets represents the ideal broker for Online Trading.

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IAIR AWARDS

IAIR INSURANCE AWARDS Best Islamic Insurance Provider Saudi Arabia

SABB Takaful For being one of the leading and most trusted insurance providers in the Kingdom of Saudi Arabia, following the values of the Sharia law. SABB Takaful, using their global expertise and knowledge provide their customers protection, investment and savings plans with risk minimizing solutions fully tailored to their needs, making them pioneer in the insurance market with a competitive edge.

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IAIR AWARDS

IAIR BANKING AWARDS Best Bank Middle East

Mashreq Bank For providing banking and financial services to millions of customer with a growing retail presence and a wide range of products, for the strong financial position in the market gained over the last decade and for the innovative approach to banking that anticipate clients’ needs. John Iossifidis, Head of International Banking Group, Mashreq said: “These are exciting times for Mashreq, a leading bank in the United Arab Emirates (UAE) and one of the most successful in the Middle East. In addition to our UAE operations, Mashreq has 26 overseas offices in 12 countries in Europe, USA, Asia and Africa. On behalf of the Bank, I am honored with this business award and delighted to collect it on behalf of Mashreq. This award is certainly a reflection of Mashreq’s continuous success in the business arena as well as in the community it operates in. Mashreq’s approach to customer service is founded upon its pursuit of excellence, which is the cultural and commercial catalyst for everything we do”.

Best Private Sector Developer Islamic Finance Middle East

The Islamic Corporation for the Development of the Private Sector (ICD) For its economic development initiatives through the provision of finance to private sector projects in accordance with the principles of the Shariah law. For being the leader in the Islamic finance for the private sector in more than 32 countries, complementing the role played by the international financial institution, the Islamic Development Bank, for economic growth and prosperity.

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IAIR AWARDS

Best Bank for Fast Growth Middle East

Bank Sohar For its commitment to excellence and its development of the finest and most advanced IT banking solutions, being able to understand and even anticipate its customersâ&#x20AC;&#x2122; needs. Thanks to its distinct cost-efficient and flexible approach, Bank Sohar represents a trustful economic partner and advisor for both individuals and enterprises.

Best Bank in Qatar

Doha Bank For its continuous growth and its participative leadership business model, enforced by its CEO management and innovative technologies. Thanks to its strong financial fundamentals, asset quality and robust liquidity, Doha Bank provides individual and commercial, corporate and institutional clients across Qatar and internationally, new and better ways to manage their financial lives.

International Alternative Investment Review 3-4 - 2014

IAIR AWARDS

Excellence in Banking Oman

National Bank of Oman For the passion and the excellence driving all the activitiesâ&#x20AC;&#x2122; success, along with the highest standard and ethical behavior, and for comprehensive banking solutions to corporate clients operating in a wide range of sector.

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IAIR AWARDS

IAIR LEGAL AWARDS Best Lawyer - Boutique of Excellence Italy

Alessandro De Rosa (Tonucci & Partners) For the strong acceleration given to the process of creating a widespread international network for the benefit of the customers, with a marked vocation towards the emerging economies, and for the contribution given to the merger between the Spadafora De Rosa and Tonucci & Partners law firms.

Best Law Firm Banking & Finance Lebanon

Abou Jaoude & Associates Law Firm For being one of the largest multi-practice law firm in Lebanon capitalizing on an in-depth specialization and a sharp understanding of its clientsâ&#x20AC;&#x2122; businesses, for advising local and foreign banks and financial companies on banking operations, for being an excellence in the structured finance and large-scale project financing.

International Alternative Investment Review 3-4 - 2014

IAIR AWARDS

IAIR REAL ESTATE AWARDS Best Company for Leadership - Real Estate Middle East

Aldar Properties For being the most trusted and recognized Real Estate lifestyle developer in Abu Dhabi and other Middle East cities. Thanks to its team spirit, ambition and commitment, Aldar Properties aims at maximizing the stakeholderâ&#x20AC;&#x2122;s value by creating quality living spaces.

Best Company for Leadership - Real Estate Lebanon

Idea For being a dynamic consulting firm, offering professional services in architectural design, urban design, construction and project management for decades. Thanks to its local, regional and international experience and its constant update to state of the art technology, Idea represents a veritable leader in its field.

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IAIR AWARDS

IAIR INSURANCE AWARDS Best Islamic Insurance Provider Saudi Arabia

International Alternative Investment Review 3-4 - 2014

Financial Research Associates presents

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IAIR AWARDS

IAIR SUSTAINABILITY AWARDS Excellence in Sustainability Credit Cards

Dunia Finance For delivering high quality products and services, creating a sustainable long-term shareholder value and long-lasting relationships with clients, for the integrity, ethics and transparency that represent the milestone of all activities and strategies to forward.

Best Company for Sustainability Water Solutions

Global Water Fund For its prominent role in addressing the worldâ&#x20AC;&#x2122;s water challenges thanks to its unique partnership platform that links national governments, industry leaders and universities. By creating strategic investment opportunities, the company and its charismatic director are able to promote regional water management and mobilize financial tools and technical resources.

International Alternative Investment Review 3-4 - 2014

IAIR AWARDS

Best Company for Sustainability Ocean Energy - Norway

Tidal Sails For the foresight of its founder and his commitment to produce clean, renewable electricity that brought the company to a revolutionary patented technology using tidal and ocean energy. Thanks to an innovative and sustainable approach, it has been able to design a lightweight, low-cost and eco-friendly solution.

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IAIR AWARDS

International Alternative Investment Review 3-4 - 2014

IAIR AWARDS

IAIR AWARDS ® 2014 WINNERS EUROPEAN EDITION IAIR AWARDS® – Excellence in Global Economy & Sustainability (www. iairawards.com) took place on October 10th 2014 in Milan at Palazzo Mezzanotte, headquarter of the Italian Stock Exchange. During the event global companies and local excellences were both awarded and acknowledged for their leadership in strategic fields like innovation and sustainability. There were more than 40 companies that attended, coming from Europe and overseas. Among them: Philips, Subaru, BPC, Veeam Software, Deutsche Bank, Power Japan Plus, Eurasian Bank, B2X Care Solutions and Thomas Piketty as Most Influential Man of the Year. «Congratulations again to all the winners – said Mr. Guido Giommi, IAIR President -. Along with the IAIR AWARDS, our publishing house doesn’t

forget its commitment to innovation and new forms of global communication For this reason we have introduced a new kind of event, the VIRTUAL FINANCIAL SUMMIT (www.virtualfinancialsummit. com), a complete 3D interactive fair with top players from financial, entrepreneurial and consulting sectors, live webcast, audio broadcasting, video and slideshow. In Hong Alessia Liparoti Kong next March, the 10th we will host the CEO Summit, with the top players of the market. The event will be broadcasted in the Virtual Financial Summit and CEOs will interact directly with 100 thousand users also from their mobile devices and a focus on international financial publications will follow». The next stops of the IAIR Awards Global Roadshow will be Dubai on November 20th, Hong Kong on March 10th and New York on April 16th.

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IAIR AWARDS

International Alternative Investment Review 3-4 - 2014

IAIR AWARDS

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IAIR AWARDS

MAN OF THE YEAR Most Influential Man of the Year

Thomas Piketty For the essential contribution give to the economic debate through your book, Capital in the XXI century, concentrating on the attention to the origin of inequality. Thanks to your indepth analysis and historical excursuses, you have been able to give a true example of how to work and rethink the approach to wealth in a more responsible and equal way.

Man of the Year Biomedicine

Prof. Karsten Kรถnigfrom - President and CEO JenLab For his commitment to science and innovation, not only through his academic studies and teachings, but also through his continuous work to find new, pioneering instruments for skin disease diagnosis and early skin cancer detection. Thanks also to his contribution to deserving students through the JenLab Young Investigator Award, Prof. Kรถnig represents a true example and a sponsor for next generation scientists and entrepreneurs.

International Alternative Investment Review 3-4 - 2014

IAIR AWARDS

IAIR CORPORATE AWARDS Best Company for Innovation Global

Philips For the leadership of its management and its high quality and revolutionary products, thanks also to the constant support of Philips Research department, now in its 100th anniversary. Philips is a pioneer innovator, focused on delivering personalized experiences into digital solutions.

Best Company for Innovation - Automotive USA

Subaru For its innovative sales marketing of high quality products resulting in highest sales growth in US market.

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IAIR AWARDS

Best Company for Innovation & Leadership - Telecommunications Europe

B2X Care Solutions For being a leading provider of customer care solutions for electronic devices to manufacturers, insurance providers, mobile network operators and retailers globally. Thanks to its leadership, B2X is the choice for companies in more than 110 countries worldwide and aims to become THE go-to customer care company for electronic devices globally.

Best Company for Leadership - Higher Education - Hospitality Europe

Glion For the excellence of its standard quality and the innovation of its international programs that make Glion one of the worldâ&#x20AC;&#x2122;s leading schools in the hospitality field. Thanks to its 50 years of experience and reputation in Switzerland and now also in the UK, Glion has been able to have its students hired in the most strategic management positions worldwide.

International Alternative Investment Review 3-4 - 2014

IAIR AWARDS

Best Company for Innovation - Payment Technologies Europe

BPC Banking Technologies For its innovative products and payment solutions, like SmartVista, that are able to achieve the main technology ranking thanks to its flexibility, high performances and reliability. Its undisputed expertise along with its commitment to excellence, makes BPC a trustworthy and efficient partner for millions of customers every day.

Best Company for Leadership - Elevators Southern Europe

IGV Group For continuing to be a leader in the field of elevators, for over forty years of activity. For exporting in over 50 countries across the world a wide range of products, from elevators to their various components, all of which are the outcome of a great manufacturing tradition.

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IAIR AWARDS

Best Company for Leadership - OTT Denmark

Xtream For its leadership in the Over-The-Top and TV Everywhere market, providing also online video management solutions. Thanks to its over 14 years’ of experience, it is able to offer the industry’s most comprehensive and scalable services with unmatched flexibility, customizability and usability, allowing its clients to manage and deliver cutting-edge quality TV to any connected platform, anticipating the demands of the future.

Best Company for Leadership - Food Slovakia

Púchovský Mäsový Priemysel For its recognized leadership in meat products manufacturing. Through the use of the most modern technologies in the process of production and packaging and the support of a culture based on traditional homemade products, preferring quality instead of quantity, it fulfills almost all its customers’ wishes.

International Alternative Investment Review 3-4 - 2014

IAIR AWARDS

Best Company for Innovation & Leadership - Civil Drones Italy

Skyrobotic For being the first Italian factory of unmanned aircraft systems, and the undisputed leadership in the field of civil drones for commercial use: for taking care of the whole industrial chain, from design to integration of the system to the turn-key production of a range of products that are suitable to cover both the needs of companies and skilled operators.

Best Company for Innovation & Leadership - Biomedicine Germany

JenLab For the leadership in the biomedicine sector, in particular in the femtosecond laser technology and for the foresight among the medical diagnostics systems based on high-resolution tissue imaging tomograph, able to detect melanoma and skin cancer.

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IAIR AWARDS

Best Company for Innovation & Leadership - Motor Oils Germany

Bizol For the leadership in manufacturing innovative motor oils and safe lubricants, for customer care, based on high quality, transparency and protection, for the international presence and the attention given to each detail, including a special designed packaging.

International Alternative Investment Review 3-4 - 2014

Financial Research Associates presents

The liquids alternatives space is growing rapidly. Many fund firms have launched new products and are eager to find an investor audience. Our all-star faculty will answer all of your questions about how liquid alts are best utilized across the various market channels. We’ll explore the distribution landscape, utilization trends, strategic product placement, the acute need for client education, risk management, regulatory and compliance considerations, and more.

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- Mention FMP180 for 10% Discount To Register: CALL 800-280-8440 OR VISIT US AT WWW.FRALLC.COM

IAIR AWARDS

IAIR FOREX AWARDS Best Institutional Provider Global

Solforex For being an execution-only Forex trading firm that provides trading solutions sophisticated enough for veteran traders, yet simple enough for the Forex novice. Through the offering of a superior technology that uses fast executions, low spreads, and intelligent customer-service, Solforex is able to provide a better trading experience.

Best Broker Bonus Programs Europe

Mill Trade For offering a variety of trading tools, instant execution of orders and free contests with real cash prizes. Thanks to its exclusive bonus programs, Mill Trade represents a first class broker who really cares about customers and their profits.

International Alternative Investment Review 3-4 - 2014

IAIR AWARDS

Best Stock Broker East Europe

FINAM For its leadership based on the highest turnover on the Russian stock market and the largest active client portfolio in the country. Thanks to its wide range of brokerage services, its customized approach and its investment capabilities with a focus on high-tech solutions and IPO arrangements, it is able to provide convenient and efficient services for both institutional and individual investors. “It’s a very pleasant thing for us that the respectful jury marked the company’s efforts by one of the most prestigious awards in the world of finance. We treat this award as another recognition of the company’s achievements in brokerage business by the international financial community. The victory in the Best Stock Broker East Europe category emphasizes that the company reached a new level of development after being recognized as a global player. Our victory shows that CJSC FINAM has been moving in the right direction. And we are sure about our ability to attain new heights,” CJSC FINAM General Director Sergei Lukyanov said.

Excellence in FX Services UK

IMS FX For being a global online trader in Forex, CFDs, Commodity Futures and Precious Metal. Thanks to its advanced technologies, the unparalleled trading capability and the ultra-competitive spread for market products, IMS FX is home to experienced financial professionals, Forex experts, and software elites.

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IAIR AWARDS

Excellence in Binary Option Trading UK

Banc De Binary For its commitment to providing the simplest, safest and most user-friendly online trading experience. Being at the cutting edge of the binary options trading revolution, Banc de Binary is able to guarantee a safe and risk-controlled environment for all its valued clients and help them in over 100 countries to realize their financial goals.

International Alternative Investment Review 3-4 - 2014

IAIR AWARDS

IAIR BANKING AWARDS Best Bank Europe

Deutsche Bank For the ability to ensure the best results by integrating passion and precision in the relationship with the customer who is offered the added value of a reality that is rooted in the tradition of excellence.

Best Private Bank for Sustainable Growth Europe

Banca March For its sustainable approach to the investments, based on its almost a century of experience and its essence of family bank with the highest European levels of solvency. Thanks to its team of professionals and the accurate management of its directors, Banca March has been able to combine long-term value creation with wealth protection along with the profitability of its products and its customersâ&#x20AC;&#x2122; satisfaction.

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IAIR AWARDS

Excellence in Banking Services - Payment Technology Europe

Fides Treasury Services For its leadership in enabling global multibanking, connecting hundreds of companies worldwide to over two thousand banks, offering reporting and cash pooling. Thanks to its undisputed know-how in the field and a combination of centralized global visibility and execution of payments, Fides is able to deliver customized solutions in unbeatable time-tomarket.

Excellence in Corporate Banking Middle East

Saudi Hollandi Bank For its ability in maintaining its supremacy in the banking field, being the first institution in Saudi Arabia with around 90 years of experience. Thanks to its continuous growth and development, its technological innovations and its customized products and services, it has been able to become a model for other banks and an undisputed landmark for large and mid-size corporates, but also for SME and retail customers. Saudi Hollandi Bank is delighted to win the Excellence in Corporate Banking/Middle East award for a second year running. As the longest-established provider of financial products and services to the Kingdomâ&#x20AC;&#x2122;s leading companies - from the largest corporations to its fast-growing smaller enterprises - we are proud that this leadership has once again been reflected in this prestigious award. We will continue to gather our resources around our customers to help them realize their opportunities. 58

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IAIR AWARDS

Best Bank Kazakhstan

Eurasian Bank For its innovative approach to investors’ needs, based on the successful management of its current CEO, Mr. Michael Eggleton. Eurasian Bank has been able to change Kazakh banking market with global standards thanks to its up-to-date products and offers - the latest one being the mobile application Smartbank – the car in a day financing and its ‘Branch of the Future’ program, that increased the types of self-service transactions for customers.

Excellence in Banking Azerbaijan

Bank Technique For being based in modernity, feasibility and innovation that have contributed to a constant growth in financial services, both for institutional and corporate clients, thanks also to the reliable technology platform that facilitates the network of relationships created by the bank itself.

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IAIR AWARDS

Excellence in Financial Services - Boutique Turkey

Farazad Investments For its unique and unconventional approach in the market, that strengthens its distinctive identity in the field. Thanks to its customized products, its international solutions and its focus on equity investment, Farazad has been able to become a landmark in providing in-house financing programs in different continents.

Excellence in Private Equity Turkey

IS Private Equity For the visionary approach and the relevant level of experience achieved in facing challenges with the primary goal to create sustainable value, implementing financial and operational efficiency. In particular the excellence refers to the deal Aras Kargo and the exit investment realized. Turkey’s IS Private Equity (Is Girisim Sermayesi/ISGSY) took IAIR AWARDS® in 2014 specifically for its Aras Kargo deal in July 2013. ISGSY sold its 20% stake in Aras Kargo with a realized profit of TRY 82.5 (or $ 42.9 million at that time) in just 24 months, generating an IRR of 165 % and a 5.3x money multiple in US dollar basis. Considered as one of the most profitable exit to date in Turkish PE industry; the deal has also been the main driver of IS Girisim’s record profit for the year 2013.

International Alternative Investment Review 3-4 - 2014

IAIR AWARDS

IAIR LEGAL AWARDS Best Law Firm International Tax Italy

CBA Studio Legale e Tributario For the proven record of delivering quality services thanks to the presence of professionals excellence in every area of legal and fiscal assistance. The recognition of IAIR Awards comes after an important year for CBA Tax and Law Firm, starring in a number of significant transactions, including the restructuring Gardenia, Lemon and Tecnimont. In the tax sector, it is worth mentioning their extraordinary transactions such as the sale by Ardian or buying Italmatch Chemicals. The ability to guard with excellent skills and international spaces of the most dynamic foreign jurisdictions, are a strategic element for the success of the Firm.

Best Lawyer Boutique of Excellence Italy

Alessandro De Rosa di

Spadafora De Rosa Studio Legale e Tributario For the strong acceleration given to the process of creating a widespread international network for the benefit of the customers, with a marked vocation towards the emerging economies, in line with the pioneering spirit that has always characterized the boutique.

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IAIR AWARDS

Best Italian Law Firm In Russia

Carnelutti Moscow For the expertise developed by highly qualified specialists of the Moscow office that are able to support the business in Russia at 360 degrees, allowing to build a lasting relationship and deep trust with the customers.

Best Law Firm M&A Small Medium Enterprises Italy

Studio Legale Lambertini & Associati For corporate advisory performed alongside small and medium-sized Italian enterprises within mergers and acquisitions, particularly with regard to interventions in the capital scored in the sectors of tourism, hotel and food & beverage.

International Alternative Investment Review 3-4 - 2014

IAIR AWARDS

Best Professional Firm Compliance & Risk Management Italy

CarnĂ & Partners For the strong work ethic that characterizes the choice of each assignment, for the compliance activities carried out successfully even beyond national borders, especially in the USA and the UK, and the leadership in activities to combat corruption and money laundering, particularly with regard to public bodies. We are very proud to have received, for the third consecutive year, the award for Best Professional Firm in Compliance & Risk Management sector. For many years, we have being supporting our customers with a commitment to spreading a culture of business ethics, both through the preparation, implementation and monitoring of codes of ethics, organizational models and anti-corruption programs, and through governance compliance risks, not forgetting the operational and financial risks, as elements for economic and competitive enterprise success.

Best Law Firm Tax Luxembourg

Bonn Steichen & Partners For being constantly top tier rated by clients and peers thanks to the tailored solutions offered in every tax matters to national and international clients, allowing them to enjoy an overall high-standard service assured by the strong collaboration with every department. Bonn Steichen & Partners is very honoured to receive this award from IAIR, as our continuous effort in offering the best solution to our clients. We would also like to express our sincere gratitude to IAIR and to the jury that have recognised the features of expertise and knowledge in us and in our tax practice in particular.

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IAIR AWARDS

Excellence in Legal Practice Energy France

CGR Legal For being a French multi-specialized law firm with forty-people staff and over ten years of experience in the energy sector. Accompanying its clients in developing and securing their industrial projects both in France and abroad, CGR Legal proves to be an independent law firm with an international outlook.

Best Law Firm M&A France

TAJ For having successfully completed major restructurings, acquisitions and disposals, thanks to the deep knowledge and the dedicated attention of professionals, providing to each client specific tax solutions matched with different industry sector.

International Alternative Investment Review 3-4 - 2014

IAIR AWARDS

IAIR SUSTAINABILITY AWARDS Best Company for Sustainability Carbon Global

Power Japan Plus For its undisputed leadership in creating a dual carbon battery, 100% recyclable that provides superior performances without compromising the environment. Thanks to its worldâ&#x20AC;&#x2122;s first and only organic carbon material and its usage to develop the first electric vehicle in this field, it represents a sustainable and innovative landmark worldwide.

Best Company for Sustainability Industrial Packaging

Greif For being a world leader in industrial packaging products and services. Thanks to the focus on diversity initiatives throughout its business, the maximization of the full potential of each individual and the improvement of its operating results, Greif is able to provide the packaging that gives ultimate value to the customers.

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IAIR AWARDS

IAIR ASSET MANAGEMENT AWARDS Excellence in Wealth Management - Responsible Investment Europe

Kaiser Partner For the reliability of its wealth management approach, based on trust, proactivity and close personal relationship with the clients and guided by a desire for both profitability and sustainability. Thanks to its efficient services, its independence, and its innovative way of creating wealth and preserving it for the long term, Kaiser Partner has been able to help global families and HWNI to responsibly grow.

Excellence in Asset Management - Corporate Social Investment Africa

Argon Asset Management For its ability in combining global standards with African investment needs, helping the growth of new projects in the continent, thanks to its diversified managed products for institutional clients. Following principles like corporate social responsibility, integrity and accountability, Argon has become the point of reference for South African but also worldwide investors.

International Alternative Investment Review 3-4 - 2014

IAIR AWARDS

Best Hedge Fund Manager - Overall Europe

Jabre Capital Partners For the diversified range of investment management products where traditional and alternative approach are matched and for the high level of performance reached, especially with the multi strategy fund that encompasses strategies such as trades equities and convertible bonds. Jabre Capital was founded in 2007 to continue Philippe Jabreâ&#x20AC;&#x2122;s commitment to creating exceptional returns for his investors. We were delighted to see this commitment acknowledged and receive the award for Best European Hedge Fund Manager.

Excellence in Hedge - Funds Management - Event Driven Europe

Tyrus Capital For protecting the portfolio position despite the marketâ&#x20AC;&#x2122;s volatility, and creating optionality to gain on the upside at the same time. For the strong team culture and philosophy based on investment banking, legal and tax structuring and the innovative proprietary systems that are a reliable and strong key success factor.

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IAIR AWARDS

Excellence in Asset Management - Hedge Funds Southern Europe

Byron Capital Partners For being a proactive consultant, able to mix advisory, international asset management and alternatives, achieving remarkable results. In particular through its fixed income UCITS funds and its multi-strategy products, Byron Capital Partners has been able to reach important performing relative value and to provide strong multi-cyclical returns with diversification benefits to traditional asset classes.

International Alternative Investment Review 3-4 - 2014

IAIR AWARDS

Jabre Capital: a Winning Investment Strategy in the Hedge Funds Sector Interview with Mark Cecil, Co-Founder at Jabre Capital Partners Claudia Chiari

Jabre Capital has been awarded as Best Fund Manager in Europe at IAIR Awards 2014. What do you think are the key factors that lead you to success? The key part of our success has been our ability to combine rigorous fundamental stock selection with an aggressive and dynamic top down asset allocation process. This has allowed us to continually exploit opportunities at the micro level but protect the portfolio during down turns in the market cycle. As a result, over a very long period of time, we have successfully avoided the trap of benchmarks and instead been able to deliver exceptional absolute returns for our clients. What range of investment management services does Jabre Capital Partners offer? Jabre Capital offers a number of investment Funds both offshore and onshore UCITS compliant all of which focus on providing non correlated absolute returns to investors. Our main focus is on the Global Equity markets but we also have a strong expertise in convertible bonds and other credit instruments as we feel they offer a skewed risk reward profile. Jabre Capital was one of the largest new launches in recent years. What are the goals to be achieved for the coming years? Our goal is to continue to achieve exceptional returns for investors. As a Firm, we are managing approximately $2bn and we would like to modestly grow this number but never to compromise our opportunities by becoming too big. Jabre Capital Partners diversifies the investment management products using traditional and alternative approaches. Can you give details about the strategies used? The line between traditional and alternative strategies has become increasingly blurred and we do not feel it is an important distinction because ulti-

mately investors are all looking for the same outcome. Our investment process has always had a traditional methodology but we become alternative by not following any indexes so that our opportunity set is never compromised. For us, Philippe Jabre every investment must be considered on its own merits and then when they are combined together, a disciplined risk overlay is applied to ensure that we do not leave ourselves open to exogenous or unexpected market events. In 2007 Jabre Capital launched JABCAP Convertible Bond Fund: what are the key benefits for the convertible? Philippe Jabre started his career in convertibles more than 30 years ago and is well recognized as one of the experts of the asset class. Given that our focus is always on achieving absolute returns, convertible bonds are particularly attractive because they provide investors with an equity opportunity but with a limited downside provided by the intrinsic credit floor. As a result, over a long period of time, our investors have been able to achieve equity like returns but with a materially lower volatility and most importantly a lower draw down risk. Given the higher volatility in the markets currently and an attractive valuation in the asset class generally, we feel that convertibles currently offer investors an exceptional opportunity for growth in the medium term. For more info www.jabcap.com - info@jabcap.net

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IAIR AWARDS

Mashreq, Best Bank of the Middle East at IAIR Awards 2014

Interview with John Iossifidis, Head of International Banking Group, Mashreq Claudia Chiari Mashreq has been awarded Best Bank in the Middle East at IAIR Awards 2014. What are the most relevant results achieved so far and what are your goals for the future? Receiving the Best Bank in Middle East

Award by IAIR was a privilege. It is the latest in a string of recent accolades bestowed on Mashreq which may illustrate the areas where we are most rapidly succeeding: • Best Corporate Account Product, 2014 • Best Investment Bank in UAE, 2014 • Best Cash Management Services in Middle East 2014 • Cash Management & Trade Award 2014 • SME Bank of the Year 2014 • Best Regional Retail Bank 2014 • Best Banking Group in UAE These awards not only recognize Mashreq as a leading regional franchise but also motivate our people to live up to the billing. We are always locked into a continuous process of improving our services and solutions. Our focus is always to innovate, and our goal is to provide our clients with the most rewarding banking relationship. The reason we have been recognized so often is because the client is indeed central to our long-term goals, and we are always striving to fulfill their needs on an end-to-end basis. Our relationship-based approach coupled with superior service to achieve primary bank status is a continuous journey. Growing banking presence and multichannel approaches result in daily increases in clientele. Could you tell us more about that? The bank is investing in branches and digitization at the same time in order to meet and streamline growth. Our technologyenabled approach makes us nimble and our operations scalable. We have invested in state of the art technology through online

International Alternative Investment Review 3-4 - 2014

IAIR AWARDS

banking channels for retail and wholesale banking relationships; mashreqMatrix our award winning online banking portal for wholesale banking which allows our clients to initiate cash and trade transactions at the click of a button, e-Cube retail concept, virtual branches and tellers are a reality in Mashreq. Our ATM network accounts for 65% of our retail division’s financial transactions. We will be significantly increasing our investment in digitization & grooming talent in 2015. Our channels offer multiple benefits to our clients such as utility payments, credit card applications, mobile topups across 103 countries and 228 operators, money transfers, e-forms…the list goes on. At Mashreq, with the help of technology we help clients start their journey to meet emotional and not just financial goals; with a Dream Saver our retail clients can set up savings objectives that will monitor progress towards their goal and allow them to share their achievements with loved ones. We continue to grow our team and invest in talent - our most important asset. This year we were recognized for our excellence in creating a sustainable culture of employee engagement by winning the Gallup Great Workplace award. Our investments have resulted in an exponential increase in client engagement – through Mashreq’s digital network and branch distribution model, which complement each other very well. What range of solutions does Mashreq offer to its international clients? At Mashreq our culture is relationship

driven. We believe that success depends on establishing lasting, mutually beneficial partnerships. This extends to the ecosystem of financial institutions in emerging and frontier markets. Mashreq plays an important role as a banker for local banks in these geographies. At the same time we are an important service provider to corporate and emerging corporate clients in the GCC region. We clearly understand our place in the financial value chain – connecting domestic businesses globally. Mashreq’s international operations cater to various customer segments – Retail, Corporate, Emerging corporate and Financial institutions (FIs). We offer a full range of services in each of these segments such as corporate advisory services, cash management services, trade and structured trade solutions, investment products, and many more. Our goal is to provide a totally comprehensive, end-to-end solution for our clients. Tailored solutions and bespoke service is the formula of Mashreq. What are your most successful solutions? Mashreq continues to excel in both the retail and wholesale banking space. In wholesale banking: • We have a strong FI services proposition through which we offer solutions to a multitude of banks in the region and emerging markets from Asia to Africa. In most of the emerging markets we take pride in being leaders in the FI segment. • Our cash management solutions not only provide the ease of making electronic pay-

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IAIR AWARDS

ments from anywhere but also enable clients to perform complex liquidity management functions. These features have been well received and praised by users. • We take pride in offering documentary trade and structured trade solutions to some of the largest corporations in the region. • Our capabilities in leading loan syndications and advisory services for corporate and banks are amongst the best in the region. • We are market leader in contracting finance business. In Retail banking: • In our quest for technological innovation, we pioneered UAE’s first bank ith the launch of Tap n Go, the country’s first NFC (Near Field Communication) Sticker solution. It’s a simple solution that converts any mobile phone into a credit card. • SMEs are growth engines of economy, reaffirming our support for the thriving business sector, we launched Mashreq SMEXchange. This platform is available to all SME’s i.e. Mashreq and non Mashreq relationships; it’s designed to encourage SME’s to more actively participate in the UAE’s vision for growth. • At Mashreq we have a comprehensive range of credit and debit cards with awardwinning propositions built on the back of a thorough understanding of market need and customer insight. Our cards are designed to cater to different lifestyles of people like dining, health and wellness privileges, best returns, luxury brands etc. We

also have the largest and most successful co-branded card partnerships in the UAE across Cinema, Aviation and Telecommunications. Each of these cards is a leader in its own right either through sheer numbers or by the benefits that it offers. The success of each of these solutions is endorsed by testimonials from clients, awards by leading organizations, and through detailed surveys. Over the years we have serviced our clients across countries where we are present by offering a single window for regional requirements and expanded it further with help of technology, where there are no boundaries. Headquartered in Dubai with an international network, what kind of coverage does Mashreq reach now? Mashreq is present in 12 countries with 23 overseas offices including branches in Qatar, Bahrain, Kuwait, Egypt and in the major financial hubs of Dubai, New York, London, Mumbai and Hong Kong. Our presence in these economic centers is effectively supported by representative offices in Bangladesh, Nepal and Pakistan, as well as a global network of correspondent banks covering over 80 countries. Mashreq is the only regional bank with a network as large as this. Our solutions in the FI space are unparalleled. Our geographic footprint and focus is entirely consistent with the UAE’s role of being at the center of Asian, Middle East and African trade. Mashreq has extensive knowledge of world-wide markets, regulations and authorities arising from deep-rooted experience.

International Alternative Investment Review 3-4 - 2014

March 30-31, 2015 Financial Research Associates presents

New York, NY

ESG, SRI, & Impact Investing Summit From Integration to Performance Measurement and Everything in Between

Attend Financial Research Associates’ conference on ESG, SRI & Impact Investing on March 30-31 in New York City to get the latest information from thought leaders in this unique investment space. Through in-depth research with a wide-array of quality thought leaders, we’ve carefully crafted an agenda that’s primed to be the ultimate ESG/SRI/Impacting investing event of the year. Mention FMP153 for 15% Registration Discount To Register:

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IAIR AWARDS

Power Japan Plus Recognized “Best Company for Sustainability” at IAIR® Awards Alessia Liparoti

Power Japan Plus is a materials engineer for a new class of carbon material that balances economics, performance and sustainability in a world of constrained resources. The company envisions a world of possibilities powered by the patented Carbon Complex, the first and only organic carbon material and is located at the center of the materials innovation industry in Tokyo, Japan (www.powerjapanplus.com)

Materials engineer Power Japan Plus, won IAIR global award as Best Company for Sustainability in the Carbon sector. The award was received on October 10th during the IAIR AWARDS® fourth annual edition at Palazzo Mezzanotte, in Milan.Mr. Guido Giommi, IAIR President explained the official motivation of the victory by saying: “Thanks to Power Japan Plus’ world’s first and only organic carbon material and its undisputed leadership in creating a Dual Carbon battery, 100% recyclable that provides superior performance without compromising the environment. It represents a sustainable and innovative landmark worldwide”. The Japanese company has continually demarked itself by the quality and performance of its Ryden Dual Carbon battery; the first cotton-derived organic carbon battery in the world. First launched in May 2014, the Dual Carbon battery has a unique battery chemistry that includes safety, reliability, sustainability and performance for Electric Vehicles and various energy storage applications such as HEMS and BEMS. “We are very pleased that Power Japan Plus has been recognized as a best of breed solution in the Carbon industry” said Mr. Dou Kani, CEO & Co-founder of the company. “The award is a source of great pride to our company, and shows our dedication to creating a better and sustainable world. We hope such reward will encourage other companies to get involved in global action”.

International Alternative Investment Review 3-4 - 2014

IAIR AWARDS

JenLab and Karsten König triumph at IAIR® AWARDS 2014 Stephanie Lang

MILAN - JenLab won IAIR Awards® as Best German Company for Innovation & Leadership in the Biomedicine sector and his President, Prof. Karsten König the prestigious accolade as European Man of the Year. The recognition was received on October 10th during the IAIR Awards fourth annual edition at Palazzo Mezzanotte in Milan. «For the leadership in the biomedicine sector, in particular in the femtosecond laser technology and for the foresight among the medical diagnostics systems based on high-resolution tissue imaging tomograph, able to detect melanoma and skin cancer» said. Guido Giommi, IAIR Group President. Regarding Prof. König’s victory, he added: «For his commitment to science and innovation, not only through his academic studies, but also through his continuous work to find new, pioneering instruments for skin disease diagnosis and early skin cancer detection. Thanks also to his contribution to deserving students through the JenLab Young Investigator Award, he represents a true example and a sponsor for next generation scientists and entrepreneurs». «JenLab and myself are both very proud to receive these two prestigious awards, said Prof. Karsten König, President and CEO of JenLab -. This is a great recognition for our pioneering work on biomedical applications of femtosecond lasers. We provide label-free optical biopsies within seconds and with the best resolution of all tissue imaging methods. Using our multiphoton tomographs, skin cancer can be detected

early, anti-aging cosmetics tested and the surgeon throughout brain surgery guided». Also it must be remembered that astronauts face significant skin ageing problems. JenLab is working for the European Space Agency and can monitor the astronauts after they work for half a year in the international space lab. «In the future it is hoped that JenLab’s tomographs will help reduce the number of surgical procedures needed in diagnostic purposes. The intention is to gather precise information on the exact tumor borders within seconds». Along with his commitment to science, in 1989 Prof. König was the protagonist of an historical and athletic adventure that has become a documentary called ‘The last escape’.

3-4 - 2014 - International Alternative Investment Review

IAIR AWARDS

Al Ruwaini: I dedicate this honor to the late Mohammad Khalaf Al-Mazrouei

IAIR ® Selects Nashwa Al Ruwaini as One of the Most Influential Women in the World Stephanie Lang With support from the European Commission and Milan Expo 2015, IAIR has awarded Nashwa Al Ruwaini , CEO of Pyramedia, the prestigious title of most influential woman in the world. A huge ceremony was held on the 20th of November, 2014 in Dubai to honor some of the most influential figures in economic and banking institutions of various countries around the world.

IAIR noted that Al Ruwaini heads one of the largest media production companies in the Middle East. Her charisma has made her one the most influential people in the Arab World. Through her many major media and cultural projects, she has been able to offer new and original content throughout many Arabic channels. Her efforts have altered the social fabric and swerved public opinion in the direction of women’s rights. On this momentous occasion, Nashwa Al Ruwaini, CEO of Pyramedia, expressed her delight in this award, which, in her own words, “embodies the attention of media and its developmental role in the advancement of women”. She elaborated that “in the past few decades we have witnessed an increasing acknowledgement of the role Arab women aspire to attain in society, especially in light of global efforts such as the Universal Declaration of Human Rights aiming to end discrimination against women and ensure her joint cooperation with men in development processes of all kinds.” Pyramedia CEO added that all countries of the world agree that women’s standing in community, political, economic, cultural, and social arenas is on an upswing. Women’s involvement in decision-making is an indicator of societal development; therefore, the issue of women is an essential cog in the wheel of social change and comprehensive development aiming to build a free and balanced democratic society. Al Ruwaini dedicated this award to the soul of the late Mohammad Khalaf Al-Mazrouei, Advisor of Culture and Heritage at the Diwan of the Crown Prince of Abu Dhabi, who passed away on the thirteenth of this month. He was exemplary in giving support to women in the UAE.

International Alternative Investment Review 3-4 - 2014

FOREX , CFD AND FINANCIAL SPREADBETTING

IMS Forex Awarded for Excellence in FX Service in IAIR® Alessia Rosa

The IAIR Awards- Excellence in Global Economy & Sustainability (www.iairawards.com) often focuses its researches on the Forex &Trading industry. During the last edition of the ceremony in Europe (Milan), IMS FX was awarded Excellence in FX Services with the following motivation: “For being a global online trader in Forex, CFDs, Commodity Futures and Precious Metal. Thanks to its advanced technologies, the unparalleled trading capability and the ultra-competitive spread for market products, IMS FX is home to experienced financial professionals, Forex experts, and software elites”. IMS FX is global online trading broker which focuses on foreign exchange. Its headquarters is located in London, UK. In order to provide progressive technologies and perfect service all over the world, IMS FX has set up more than ten offices in Germany, France, Switzerland, Hong Kong, etc. It is famous for high standards of trade execution, transparent pricing, advanced trading tools and 24-hour customer services in 10 languages. In addition, IMS FX has plenty of advantages, global investment professionals, excellence credibility, optimal transaction costs, fund security, specialized guidance. LMS FX LTD is striving for finding more opportunities of global investment for them and meeting their unique needs in global investment products. With the situation of clear and broad view in global investment, we have won wide recognition from customers by quality services.

3-4 - 2014 - International Alternative Investment Review

FOREX , CFD AND FINANCIAL SPREADBETTING

The Wonderful World of Forex has Never Been so Close InstaForex

Investment attractiveness of various markets is hardly stable. Most often investors favor one or another market or a market segment. However, there is one market that becomes an efficient investment platform when other markets are reeling from illiquidity, or excessive volatility and uncertainty. What type of the market is it? In fact, it is the one that serves all the rest markets providing them with cash. The foreign exchange market is considered a safe investment harbor giving quick capital gains and an intermediate between other markets. But its main feature is flexibility. Forex can be a good investment target, regardless of the political or economic background. Investors can take advantage from it even in crisis times, both in a regional and global scale. Whatever happens in the world, Forex will always respond to all newsworthy events and speculations, thus inviting investors to make some money. However, it is generally admitted that forex trading is not a breeze; it is a hard work, pure and simple. And if you are a person of great ambition, you have to sweat your guts out. Moreover, to start your trading career, you need to find a broker to be your guide, counselor and assistant in the field of foreign exchange investing. With all the abundance of brokers and dealing centers, you should choose from the top 10, at least from the top 20 leading and proven ones. InstaFo78

rex has been among the worldâ&#x20AC;&#x2122;s ten best brokers for several years. The company was established at the beginning of online trading. It managed to fill a niche in the market and was one of the pioneers in providing customers with not only high-quality service and favorable trading conditions, but also with cutting-edge technology. Today, InstaForex has more than 1,200,000 clients in more than 70 countries, 250 offices and a team of several hundred professionals. But letâ&#x20AC;&#x2122;s get back to the matter at hand. By no means all beginning traders regard themselves as potential professionals devoting their time to technical analysis and keeping abreast of market quotes in real time. Most of newcomers having some amount to start with want to make some money with minimal time spent on trading. InstaForex offers a range of services especially for this type of traders, enabling them to feel part of the market with no need to spend all their free time on trades. First of all, letâ&#x20AC;&#x2122;s start with PAMM accounts. It is one of the most simple and intuitive services. The PAMM system is an investment model within a broader model of currency investing. There is a great deal of professional traders registered with InstaForex PAMM system. They have solid trading experience and offer investors to put money into their trades and let capitalists get subsequent share of profit proportionate to their in-

International Alternative Investment Review 3-4 - 2014

FOREX , CFD AND FINANCIAL SPREADBETTING

vestment. In other words, experienced traders accept investments in their trading and then distribute profits between their investors. An advantage of the PAMM system is that capable traders can trade greater sums, thus getting bigger profits. Meanwhile, investors choose credible traders based on extensive information available and invest in them without wasting time on individual market research. Thanks to InstaForex PAMM system, it is possible to make profits and be a good investor without losing precious time. Another system provided by InstaForex is even simpler allowing traders to trade on their own. It is ForexCopy, a system copying deals of successful traders. The idea of the service is that novices do not invest in successful traders, as in the PAMM system. They subscribe to traders’ deals, getting all their trading data and following them step-by-step. The ForexCopy system by InstaForex gives newbies a chance not to wander around dark corners of the currency market, but to follow in successful traders’ footsteps. Thus, they will boost overall profitability of their trades and their trading skills. Anyway, copying deals of experienced traders, a beginner gains an insight into their methodology, logic and strategy. The third solution InstaForex offers is perfect for tyros with burning ambition and lack of time. This is intraday binary options. This product is fundamentally different from

the previous ones. You have no guide or savvy trader to follow. It’s all in hands of the beginner. But understanding options trading is not as difficult as it may seem. All a trader needs to do is guess where a trading instrument (currency pair) will go, i.e. which currency will fall and which one will rise. You can draw an analogy between this type of trading and roulette, where you bet on red or black. However, binary options are somewhat different. In roulette, you cannot predict which color will hit next. Meanwhile, Forex provides a range of tools to analyze in what direction a currency will move. They are analytical reviews, news, technical and fundamental analyses, economic calendar, etc. All this will help you buy a right option. Although InstaForex cannot guarantee profit as a result of its clients’ trades, the company offers a vast array of information so that customers will surely boost their chances to gain it. Summing up, there is nothing to fear in the modern forex market. Yes, it is complex, but versatile on the other hand. It runs the gamut of possibilities so that anyone with the desire to earn can take advantage of it, regardless of their expertise and time they can devote. InstaForex business creed has included this concept from the very beginning. InstaForex is the company that has made a significant contribution to the contemporary forex market, making it as accessible as it is now.

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FOREX , CFD AND FINANCIAL SPREADBETTING

Solforex - providing customized FX solutions worldwide The interview with Steve Tang, Vice President and Head of Asia sales. Alessia Rosa

Steve Tang has been with the company since its beginnings. He is second in command when it comes to running Solforex, while being responsible for leading the companyâ&#x20AC;&#x2122;s global and, more importantly, Asian expansion so far. Mr. Tang has numerous years of experience in the forex domain, gained by working with names such as Woori Financial Group and IRON FX Financial Service. Owner of a degree in the financial sector, with several years of studies abroad in countries such as China, Korea and Singapore, as well as a variety of official financial certifications such as Foreign Exchange Specialist, Treasure Manager, Investment Consultant Derivatives, Financial Wealth Manager, Insurance Counselors, and Securities & Real estate Fund Managers, adds to an impressive qualification in the financial sector. His experience has served Solforex exceptionally well, helping to increase its rapid growth.

While being a relatively new name on the market, Solforex has managed to form an impressive reputation in a very short time span. The company was formed by an experienced management team with years of previous experience in the forex domain. It all rose from the desire to provide a hands down trading experience for both veterans and novice traders, in which their trading abilities and potential are used to the fullest capacity.With a massive track record of profitable growth in these past months, the company started as an ECN brokerage firm targeted mainly towards the Asian market; meanwhile, by strong demand, it has slowly transitioned to catering to clients worldwide. By providing a full range of attentive services, accompanied by seasonal promotions and contests meant to reward its clients, Solforex gained more and more attention in the brokerage market, and has since managed to maintain its uprising status. The New Zealand based company is an FDR member, with clientsâ&#x20AC;&#x2122; accounts being independently supervised by the FSP. Solforexâ&#x20AC;&#x2122; main goal is to make forex trading an enjoyable experience, in a professional and reliable environment. All this is made possible thanks to the 24/5 support system, a variety of currency pairs, metals and oil commodities, highly reliable IT infrastructure and an up to speed support staff, all that without the headaches of having to deal with a dealing desk. Solforex is looking to always push boundaries with new and innovative additions to its arsenal.

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FOREX , CFD AND FINANCIAL SPREADBETTING

1.You have recently been awarded globally as Best Institutional Provider 2014, how do you feel about that? We are very excited to reap the benefits of our commitment to treating our clients with high professionalism. The company was founded in 2013, based on the high tech background of our parent company, Sol Technology service. So, our clients appreciate our management team’s experience. I also feel that we have to provide the same high quality service in trading environment to retail clients all over the world. We will continue to strive in order to provide even better services to both institutional and retail clients in the future.

commodities. Our up to par technology, current IB and affiliate companies program, counseling license, mobile devices and advanced online trading platforms is what make our name a paramount to the widespread success here at Solforex. In addition to that, even when our clients are not actively trading, they are still enjoying the benefit of a 2.5% annual interest paid on a monthly basis for the free margin, just like a commercial bank would offer. We also support each institutional companies self-promotion. Most of all, I think our ECN / STP trading system is to be praised because it provides a rapid speed, with no re-quote, making it the best possible trading environment.

2. Why do so many institutional companies decide to trade with Solforex? What`s the key factor to your success? With so many companies starting to offer Institutional programs, selecting one that is both trustworthy and experienced is vital. One company leading the field in breadth of product and quality of service is Solforex. We were previously awarded as Fastest Growing ECN Broker Asia Pacific, which I think proves something. Our team of industry leading experts caters to corporate and institutional clients around the world, offering customized and dynamic management of institutional FX solutions. Solforex provides one stop FX solution packages, containing a high standard of its current products, metal and

3. What sets you apart from other competitors? We like to think we raise the heat to attract customers by constantly adding and changing promotional offers, and this definitely draws potential clients’ attention. Our ads are focused on retail customers, like many of our competitor brokers do. But what actually sets us apart from other brokerage firms is our way of targeting corporations and IB’s who will attract much more traffic, rather than focusing on individual customers. Of course, we understand and respect every individual customer’s needs and we try to be as supportive as it gets, no matter how small the client is. I think that catering to every client’s need as well as targeting bigger corporations at the same time

International Alternative Investment Review 3-4 - 2014

FOREX , CFD AND FINANCIAL SPREADBETTING

is what really puts us in full display on the market. Secondly, we have taken it upon ourselves to support socially disadvantaged children from developing countries. Solforex has a transit fee income which helps children providing them with life-saving vaccines, meals, educational opportunities and so on. For instance, educational projects in Cambodia have been on our radar recently. We feel that education is the way to a brighter future, and by helping with pedagogic assistance (such as scholarships, teaching materials, free teacher training, stationeries), we are doing our part in paying in forward. We inspire to create a growing business model all together. In addition to everything, we are currently expanding our increasingly growing sales network with offices in Africa and South America.

brokerage firm. This will be a welcome addition to our current way of functioning, in which we provide customers with one-step personalized services that are easy to follow for both novices and highly skilled traders. We are also planning on building a system that can connect us to new brokers and companies, so that we are able to provide our own API to clients who want to get direct feed. Solforex is prepared to act as an exchange market leading over-the-counter financial transactions while proceeding to offer the best trading environment with a reliable system.

4. What are some future perspectives of your company? The general direction we are heading towards is starting the preparation to become a prime

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ALTERNATIVE ASSETS

Innovation or obsolescence By Nigel Cox, General Manager BPC Banking Technologies Europe

Nigel Cox is General Manager of BPC Banking Technologies’ business in Europe. Nigel has spent the last 25 years in a variety of executive positions in the IT industry at companies such as IBM, Sun Microsystems and Oracle. His roles involved delivering competitive advantage and business efficiency to clients across all branches of industry in Europe and Africa. At first glance the card business seems to have weathered the storm well – the number of cards in circulation is rising, transaction volumes are increasing and the digitisation of payments is accelerating. But dive beneath the surface and a different picture emerges. New competitors with new technologies are challenging the status quo. Regulators and government agencies are challenging traditional profit sources. Attacks by fraudsters are more frequent and more damaging. And of course, consumers are continuing to demand more – more products, more services and more channels – while expecting to pay less or often nothing at all. As competitive intensity increases and as barriers to entry continue to fall, the only sustainable competitive advantage is continuous innovation. As Steve Jobs said “innovation distinguishes between a leader and a follower”. Of course it is easier said than done. The

challenges associated with continuous innovation are many, but it all starts with the original idea. The idea is mostly driven by a view of how the future will unfold. Peter Drucker – the management consultant – said “the best way to predict the future is to create it”, but how do you create the future, how do you predict where it is going to lead? Predictions usually start with facts. Predictions usually start with spotting trends before they become obvious to everyone. So what are the relevant facts with regard to payments: • FACT #1 – the digitisation of payments is driving a strong and sustained increase in transactions. Nilson reported nearly 178 billion transactions in 2012, an increase of nearly 10% • FACT #2 – Costing more than $11 billion per annum and growing at more than 11%, the fraud business is big, growing and it represents a serious threat to businesses. • FACT #3 – Consumers have more choice than ever before – from virtual cards to virtual currencies, from person to person payments to person to person lending – the choices are seemingly endless • FACT #4 – Mobile is transforming consumer behaviour and business models across the world. Apple reported that more than 1m payment cards were activated in the 72 hours after the launch of Apple Pay. Is complexity the enemy of innovation? These facts, and many others clearly show that the payments landscape is increasingly complex. This complexity creates challenges and these challenges can create opportunities. Technology companies say they can help, but their help usually requires a “complete replacement” of existing infrastructures. And unless you have a magic wand, complete replacements are simply not pos-

International Alternative Investment Review 3-4 - 2014

ALTERNATIVE ASSETS

sible. So you are left with a conflict between your complex payments infrastructure and the need to capitalise on opportunities as they present themselves. As a result of working with some of the world’s most innovative financial institutions BPC Banking Technologies believes that the complexity of most payments infrastructures can be used as an advantage rather than a business blocker. Underneath all that complexity lies a tremendous set of functional capabilities, so the key is to unlock those capabilities by unleashing the assets. Unleashing the assets For many years technology has promised to “seamlessly integrate” or to “plug and play” with existing systems. However the truth has often been very different. Different standards and disparate hardware have conspired to turn integration into an expensive, problematic process. And the final product is often closer to “barely connected” than to “seamlessly integrated”. Today’s leading payment systems, powered by service oriented architectures and designed to operate as Payment Services Hubs provide the solution to this problem. While they can replace entire infrastructures they have been created with coexistence or gradual replacement in mind. They have been designed to plug into the existing infrastructures and deliver new products and services, without requiring fundamental change. The best solutions, including those from BPC Banking Technologies, deliver immediate innovation while also unleashing assets. For example, by providing common workflow processing across old and new systems, gaps can be eliminated in existing processes and common steps such as credit checking, can be re-used across multiple processes and channels. Or by linking new capabilities such as advanced fraud prevention and so-

phisticated support for mobile payments to existing architectures, they can be used to rollout new mobile products while reducing risk exposures across the product portfolio. It is different this time To many observers this sounds very familiar, it sounds like the promises made by the vendors of previous generations of technologies. That’s because much of the context today is the same as it was a decade ago. Businesses today need to adapt to changing customer needs, they have legacy payment infrastructures that are hampering their ability to execute their business plans and visions. What is different is the proven ability of technology companies to turn their vision into reality. What is different is that analyst firms have reviewed the marketplace and have determined not only that it is possible to make the change but they have outlined successful approaches, technologies and partners. The bottom line is not only are customers demanding innovation from their payment providers but the technologies and methodologies do exist to provide that innovation. And even better they can do it without requiring the complete replacement of entire payment infrastructures. With payment services hub solutions such as those provided by BPC Banking Technologies, innovative companies can rapidly add new capabilities while protecting decades of investment. Since 1995, BPC has helped more than 130 companies in 48 countries combine the latest technologies with their existing payment infrastructures, delivering business agility while protecting existing investments.

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ALTERNATIVE ASSETS

Streamlining Bank Connectivity Managing corporate banking relationships is extremely complex and demanding. It is riddled with challenges such as overseeing connectivity with multiple banks, handling payment types and formats, keeping up with changing and varied communications requirements, and dealing with inconsistent security standards. As a result, it is increasingly challenging to manage payments, liquidity, regulatory compliance and security – not to mention meet the need for improved productivity and efficiency. For corporates that operate in a multibank environment, outsourcing their connectivity needs is an increasingly attractive option. Fides is providing access to more than 2000 banks worldwide and allows corporations to manage services across their financial supply chain through one single channel in their format of choice. Whether it is for payments or reporting, Fides is offering the true one stop shop experience for global Corporate Mulitbanking.

Key Features and Benefits: Flexibility • Hybrid Service Bureau Model (connecting through Corporate BIC or the FIDES BIC) • Greatest reach of banks worldwide through the SWIFT network or any alternative channels, like EBICS, H2H and more • Flexible, bespoke multibanking processing services • Comprehensive library of reporting and payment formats Ease of Implementation • Robust bank network of over 2000 banks worldwide • «Turn-key» approach to implement Commitment • Fully committed to maintaining a Service Bureau business environment. Fides does not have a cross selling agenda Processing and Monitoring • 24/7 system monitoring and processing • Separate data center with unique risk profiles • Regular internal and external audits performed Seurity and Control • ISAE 3402 Type II certified • Oversight by Credit Suisse’s internal Audit and BCM team • Employees legally bound to the Swiss bank data confidentiality law Dedicated Services • Multilingual client services experts • Experienced project managers • Internal platform development Back-Office Efficiency • Quality, validation and regulatory checks are an integrated part of the Fides offering • Operations services around connectivity are core services 86

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ALTERNATIVE ASSETS

Corporate Treasurer

ERP, TMS, Web one-channel

one-format Connectivity •Communication •Conversion Value Added Services •Validation •Repairing •Enrichment •Bank Management

Multichannel / Multiformat

Benefits to Corporate Customers of using Fides Treasury Services Using Fides, companies are a able to consolidate the many steps and processes associated with financial messaging for both inbound activities, such as bank balance and transaction reporting, and outbound activities, including payments and FX confirmations. Fides will enable corporates to dramatically streamline processes and connectivity as well as normalize formats to create a more efficient payment and cash management environment.

Andreas Lutz Fides Treasury Services Ltd. Director | Head of Client Relations & Projects

About Fides Treasury Services Fides is the leading provider of Corporate Multibanking Services in North America, Europe and APAC. The unique hybrid access and member concentrator model, combined with a broad range of conversion, validation and security services provide the true one stop shop for global Corporate Multibanking. Fides is a member of the Credit Suisse Group AG but operates an independent Corporate Service Bureau. For more information, please visit www.fides.ch

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GLOBAL ECONOMY

The Adaptation Imperative Achim Steiner

NAIROBI – In the run-up to the recent United Nations meeting on climate change in Lima, Peru, much of the world’s attention focused on how strongly countries would commit to a framework for cutting greenhouse-gas emissions. Governments’ commitment to such a framework, after all, is vital to ensure that the agreement to be signed in Paris in December will keep global temperatures from rising more than 2º Celsius above pre-industrial levels. The good news is that the Lima “Call for Climate Action” made sufficient progress to enable preparations for a comprehensive climate deal in Paris. But it also left many questions unresolved – a shortcoming that was reflected in discussions on adaptation. Though the new emphasis on this important topic is welcome, how to deliver the funding, technology, and knowledge that countries, communities, and ecosystems need to adjust to climate change requires further articulation. Even if we limit the rise in global temperatures, climate change is here to stay. Communities are already facing more extreme and frequent droughts, floods, and other weather events. These consequences will only intensify. Yet the UN Environ-

ment Programme’s first adaptation report, released in Lima, showed that the world remains wholly unprepared to cover the costs of adaptation. And those costs will be far higher than was previously thought. According to the report, even if the temperature target is met, the cost of adaptation will reach 2-3 times the previously anticipated $70-100 billion per year by 2050 (an increase of as much as fivefold is possible, though less likely). If global temperatures exceed the two-degree ceiling significantly, adaptation costs could reach double the worst-case figures, placing a crippling burden on the world economy. If world leaders needed another compelling reason to reach a deal in Paris that keeps global temperatures below the target, this is it. The burden of adjustment will be borne by everyone. But it will be heaviest for developing countries, least-developed countries, and Small Island Developing States. Though international funding will be available, costs will fall largely to countries, with governments forced to divert scarce resources from development projects to adaptation initiatives. To be sure, the world is making some progress toward addressing adaptation needs. Adaptation funding from public sources reached $23-26 billion in 2012-2013. According to a recent assessment by the UN Framework Convention on Climate Change, global financial flows for mitigation and adaptation measures amounted to $340-650 billion

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GLOBAL ECONOMY

in 2011-2012. Furthermore, pledges at the Lima conference by Australia, Austria, Belgium, Colombia, Norway, and Peru bring the Green Climate Fund to nearly $10.2 billion. And the impact of climate change is increasingly, though still inadequately, being factored into national and local budgets. But much more financing will be needed to prevent a funding gap after 2020. The Green Climate Fund, for example, is supposed to reach $100 billion per year – ten times higher than it is now – in the next five years. Commitments on adaptation in the Paris agreement would go a long way toward closing this gap. The international auctioning of emissions allowances and allowances in domestic emissions-trading schemes, a carbon tax, revenues from international transport, a surcharge on electricity transmission, and financial transaction taxes could generate as much as $220 billion per year in additional revenues. Of course, funding is not the only component of a successful adaptation strategy. As the adaptation report emphasizes, closing gaps in technology and knowledge is also crucial. Many technologies that could help countries adapt to the consequences of climate change already exist. For example, by planting scientifically engineered crops that grow faster, farmers can harvest them before, say, cyclone season, which will become increasingly violent as global temperatures rise. But there remain significant barriers to adoption –

barriers that governments should dismantle through a combination of incentives, regulatory reform, and institutional upgrading. The benefits of such action would extend beyond increased climate resilience. Accelerating harvests would mean higher, more reliable production with less labor – a formula for stronger, more stable livelihoods. Policymakers should thus pursue integrated solutions that combine climate-change adaptation and mitigation with broader societal concerns, including development. Knowledge would offer similarly monumental benefits. Science magazine recently published research suggesting that universal education, by giving populations the appropriate intellectual tools and skills they need, is the single most efficient mechanism for adapting to climate change and reducing fatalities associated with extreme weather events. International support on adaptation – incorporating financing, technology, and knowledge – could go a long way toward advancing countries’ sustainable-development aspirations. World leaders should recognize this – and establish adaptation as an integral part of the global climate-change agreement to be reached in Paris. Some argue that the global economy cannot afford adaptation. But, as the latest evidence shows, delaying action will mean higher costs later. If we truly want to build a sustainable, prosperous, and equitable future, we cannot afford to wait.

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GLOBAL ECONOMY

The French 9/11 Dominique Moisi

PARIS – “France’s 9/11.” In the immediate aftermath of the massacre at the satirical magazine Charlie Hebdo, the comparison with Al Qaeda’s 2001 attack on the United States has taken hold across France. Indeed, the January 7 attack was the most murderous France has known since the end of the Algerian War in 1962. But how accurate is the analogy? At first blush, the comparison seems artificial and farfetched. Twelve people died in Paris, whereas nearly 3,000 were killed in the attacks on New York and Washington, DC. The attackers used Kalashnikovs, not hijacked planes. And, unlike the 9/11 attackers, they were all citizens of the country they were attacking. That is why the attack in Paris 2015 looks more like a combination of two other attacks: the London Underground bombing in 2005 (the terrorists were all national citizens) and the plot executed in Mumbai in 2008 (the terrorists used small arms and targeted people individually). Yet, despite the major differences, the attacks in Paris and in New York share the same essence. Both cities incarnate a similar universal dream. Both are metaphors for light and freedom. Both belong to the world, not only to their respective countries. Moreover, in both cases, the targets chosen by the terrorists were highly symbolic. In New York, the Twin Towers embodied capitalist ambition

and achievement. In Paris, Charlie Hebdo has given form to the spirit of democratic freedom: the ability to write, draw, and publish anything – even extreme (and at times vulgar) provocations. There is a strong sense in Paris, as there was in New York, that the real target was Western civilization itself. Like most Frenchmen, I say, out of disgust for the attack and empathy for the victims, Je suis Charlie – a phrase that recalls the newspaper Le Monde’s declaration, immediately after 9/11: Nous sommes tous Américains. But I must admit that I did not always feel that way. In 2005, I had reservations about the decision by the Danish newspaper Jyllands-Posten to publish a series of caricatures of the Prophet Muhammad – and about Charlie Hebdo’s choice to reproduce the cartoons the following year. At the time, I felt that it was a dangerous and unnecessary – and thus politically irresponsible – provocation. One does not play with matches next to a gas pipeline or a bundle of dynamite. Our era is probably much more religious than the eighteenth century ever was. To invoke Voltaire is one thing, I thought at the time, but to act responsibly may presuppose refraining from insulting what is most sacred to others, whether it be Christ, Muhammad, or the Shoah. Today, given the nature of the attack, I leave those reservations behind, though I resist the temptation to sacralize the victims’ memories, as so many Frenchmen are doing. In France, laïcité, wrongly translated in English as “secularism,” is the equivalent of a religion – the religion of the Republic. For the cartoonists of Charlie Hebdo, religion was just another ideology, and they

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took aim at all three major monotheistic faiths (though perhaps with a greater emphasis on Islam, probably owing to its more visible fundamentalist face). So far, a climate of national unity is prevailing in France, just as it did in America immediately after 9/11. And that is as it should be, for unity is crucial to countering terrorists, whose priority is to create division, incite confrontation, and marginalize moderates. Indeed, even Marine Le Pen, the leader of the far-right National Front, initially warned against the dangers of an anti-Muslim backlash, stating that a few lost young men were in no way representative of the majority of French Muslims. But how long will national unity prevail? The scars of colonialism are fresher in France than anywhere else in Europe; the country has Europe’s largest Muslim minority; and, with moderates seeming particularly weak and divided, the extreme right is cresting in opinion polls. These ingredients could constitute a recipe for disaster. Already, Le Pen appears to be reverting to form. “National unity is a pathetic political maneuver,” she complained, after she was not invited to a rally the day after the attack. But, if the right leaders are at the helm, the January 7 attack could spur a renewed sense of collective purpose and political revival. We French must face this terrorist attack the same way the Americans did after 9/11: firmly and clearly, but also with responsibility. That means, above all, that we must avoid becoming like America in 2003, when President George W. Bush extended the “global war on terror” to Iraq. France’s task now is to uphold the values that have made it a target.

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Can Japan Reboot? Kenneth Rogoff

CAMBRIDGE – Japanese Prime Minister Shinzo Abe’s recent policy decisions – to increase monetary stimulus dramatically, to postpone a consumption-tax increase, and to call a snap election in mid-December – have returned his country to the forefront of an intense policy debate. The problem is simple: How can aging advanced economies revive growth after a financial crisis? The solution is not. It is now clear that the first round of Abe’s reforms – known as “Abenomics” – has failed to generate sustained inflation. Hopes for continued recovery have now given way to two consecutive quarters of negative growth. The question is whether Abenomics 2.0 will put Japan’s economy back on the path to renewed prosperity.My own view is that the “three arrows” of Abenomics 1.0 basically had it right: “whatever it takes” monetary policy to restore inflation, supportive fiscal policy, and structural reforms to boost long-run growth. But, though the central bank, under Governor Haruhiko Kuroda, has been delivering on its side of the bargain, the other two “arrows” of Abenomics have fallen far short. There has been no significant progress on

supply-side reforms, especially on the core issue of how to expand the labor force. With an aging and shrinking population, Japan’s government must find ways to encourage more women to work, entice older Japanese to remain in the labor force, and develop more family-friendly labor policies. Above all, Japan needs to create a more welcoming environment for immigrant workers.There has been some movement on immigration. Panicked by deadlines for the 2020 Summer Olympics in Tokyo, the government managed to clear the import of foreign construction workers (though the decision had to make its way through a halfdozen ministries). But overall progress has been slow. Japan desperately needs more nurses and hospice workers to care for its aging population, but bureaucratic and political resistance to immigration is deeply entrenched. When I first started asking my Japanese academic friends about Abe’s supply-side reforms, they said, “Don’t worry, they’re coming.” Then, after a while, they would say, “Don’t worry, they’re coming – but slowly.” Recently, the mantra has changed to, “Don’t worry, we still think they’re coming.” One can only hope so. Without structural reforms, especially of the labor market, Abenomics cannot succeed in the long run.The timing of the April 2014 consumption-tax hike (from 5% to 8%) was also unfortunate. It would not have been easy for Abe to postpone the

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move, given that it had been locked in place by broad-based political agreement before he took office. But the government could have engaged in more aggressive fiscal stimulus to counteract the hike’s short-term effects. Instead, two successive quarters of negative growth have had a dispiriting psychological impact. True, the slump is partly an illusion: the earlier boom was fueled by Japanese households’ effort to beat the tax by front-loading purchases of consumer durables – a nuance that seems to have been lost in the public debate. But the big picture remains: Abenomics so far has failed to turn around a deflationary mindset. Mind you, Japan’s outsize government debt and undersize pension assets are a huge problem, and only the most reckless and crude Keynesian would advise the authorities to ignore it. For the moment, the risks are notional, with interest rates on ten-year government debt below 0.5%. But saying that Japan’s debt is irrelevant is like saying that a highly leveraged hedge fund is completely safe; the risks may be remote, but they are not trivial. Think about what would happen if the Bank of Japan actually managed to convince the public that inflation will average 2% on a sustained basis. Would ten-year interest rates still be 0.5%? What if other factors – say, a sharp decline in emerging-market growth – led to a sharp rise in global real interest rates, or a rise in risk premia on Japanese debt? In princi-

ple, Japan could weather such shocks without high inflation or other extreme measures, but it is folly to deny the country’s vulnerability. A hedge fund can simply go out of business; that is not an option for a great nation. Fiscal sustainability requires an eventual rise in the consumption tax, and of course Japan should not wait until international investors start doubting its willpower. The problem is in the timing and tactics. Postponing the second consumption-tax increase seems like a good compromise between pushing Abenomics to escape velocity and maintaining longrun credibility. But this brings us back to Japan’s deeper problems. Demand policies alone will not alone prevent two more lost decades, much less guarantee two golden ones. Demographic decline was a key factor in setting off Japan’s 1992 financial crisis and the long malaise that followed. Japan is still a rich country, but its ranking in terms of real per capita income has now slipped below that of many other advanced economies – including the United Kingdom, by some measures – and far below that of the United States. Japan’s experience holds important lessons for Europe, the main one being that stimulus policies, though necessary in the short run to support demand, cannot address long-term structural deficiencies. If Abenomics 2.0 fails to embrace deep structural reform, it will fare no better than the original.

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Stability and Prosperity in Monetary Union Mario Draghi

FRANKFURT– There is a common misconception that the euro area is a monetary union without a political union. But this reflects a deep misunderstanding of what monetary union means. Monetary union is possible only because of the substantial integration already achieved among European Union countries – and sharing a single currency deepens that integration. If European monetary union has proved more resilient than many thought, it is only because those who doubted it misjudged this political dimension. They underestimated the ties among its members, how much they had collectively invested, and their willingness to come together to solve common problems when it mattered most. Yet it is also clear that our monetary union is still incomplete. This was the diagnosis offered two years ago by the so-called “Four Presidents” (the European council president in close collaboration with the presidents of the European Commission, the European Central Bank, and the Eurogroup). And, though important progress has been made in some areas, unfinished business remains in others. But what does it mean to “complete” a monetary union?

Most important, it means having conditions in place that make countries more stable and prosperous than they would be if they were not members. They have to be better off inside than they would be outside. In other political unions, cohesion is maintained through a strong common identity, but often also through permanent fiscal transfers between richer and poorer regions that even out incomes ex post. In the euro area, such one-way transfers between countries are not foreseen (transfers do exist as part of the EU’s cohesion policy, but are limited in size and are primarily designed to support the “catching-up” process in lower income countries or regions). This means that we need a different approach to ensure that each country is permanently better off inside the euro area. This implies two main things. First, we have to create the conditions for all countries to thrive independently. All members need to be able to exploit comparative advantages within the Single Market, attract capital, and generate jobs. And they need to have enough flexibility to respond quickly to short-term shocks. This comes down to structural reforms that spur competition, reduce unnecessary red tape, and make labor markets more adaptable. Until now, whether or not to carry out such reforms has largely been a national prerogative. But in a union such as ours they are a clear common interest. Euro area countries depend on one another for

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growth. And, more fundamentally, if a lack of structural reforms leads to permanent divergence within the monetary union, this raises the specter of exit â&#x20AC;&#x201C; from which all members ultimately suffer. In the euro area, stability and prosperity anywhere depend on countries thriving everywhere. So there is a strong case for sharing more sovereignty in this area â&#x20AC;&#x201C; for building a genuine economic union. This means more than beefing up existing procedures. It means governing together: shifting from coordination to common decision-making, and from rules to institutions. The second implication of the absence of fiscal transfers is that countries need to invest more in other mechanisms to share the cost of shocks. Even with more flexible economies, internal adjustment will always be slower than it would be if countries had their own exchange rate. Risk-sharing is thus essential to prevent recessions from leaving permanent scars and reinforcing economic divergence. A key part of the solution is to improve private risk-sharing by deepening financial integration. Indeed, the less public risksharing we want, the more private risksharing we need. A banking union for the euro area should be catalytic in encouraging deeper integration of the banking sector. But risk-sharing is also about deepening capital markets, especially for equity, which is why we also need to advance quickly with a capital markets union. Still, we

have to acknowledge the vital role of fiscal policies in a monetary union. A single monetary policy focused on price stability in the euro area cannot react to shocks that affect only one country or region. So, to avoid prolonged local slumps, it is critical that national fiscal policies can perform their stabilization role. To allow national fiscal stabilizers to work, governments must be able to borrow at an affordable cost in times of economic stress. A strong fiscal framework is indispensable to achieve this, and protects countries from contagion. But the crisis experience suggests that, in times of extreme market tensions, even a sound initial fiscal position may not offer absolute protection from spillovers. This is a further reason why we need economic union: markets would be less likely to react negatively to temporarily higher deficits if they were more confident in future growth prospects. By committing governments to structural reforms, economic union provides the credibility that countries can indeed grow out of debt. Ultimately, economic convergence among countries cannot be only an entry criterion for monetary union, or a condition that is met some of the time. It has to be a condition that is fulfilled all of the time. And for this reason, to complete monetary union we will ultimately have to deepen our political union further: to lay down its rights and obligations in a renewed institutional order.

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Events and Conferences Private Equity 2015 March 5, The Yale Club New York Private Equity 2015, March 5, The Yale Club New York: Accepting nominations for companies seeking capital. The upcoming conference will provide you or your nominee with a target-rich environment and a most favorable setting to reach a paid roster of qualified investors who are there to see deals, not to be speakers, panelists or judges. This series of deal-oriented venues has been the best investor-attended events of its kind in the U.S. for the last 14 years. Many private and angel investors with principals from 150+ investment groups representing more than $25 billion in capital for early and later-stage companies are expected to attend. A list of recent investor attendees by sector focus can be found athttp://www.starlightcapital.com/?id=276 For more information, please visit https://starlight.isrefer.com/go/events/alessandropirani/ or write Bryan Emerson at emersonb@ starlightcapital.com The Mutual Fund Growth Strategy Summit March 9-10, Boston Sales and marketing teams must innovate and collaborate to get the attention of gatekeepers and investors. The Mutual Fund Growth Strategy Summit brings together an all-star speaking faculty to discuss how marketing & sales teams can work together to develop a consistent brand message and utilize data to create targeted content marketing and streamlined sales strategies for your retail and institutional offerings. Plus, earn up to 14.5 CPE Credits! View the conference brochure: https://www.frallc.com/pdf/B953.pdf Subscribers of I.A.I Review are entitled to a 10% discount. Mention FMP180 during registration to enjoy this offer. For more information, please contact Kathie Eberhard at 704-341-2439 orkeberhard@frallc.com Investment Consultants Forum March 10, New York Opal Financial Group’s investment consultants conference provides a unique environment for developing dialogue between plan sponsors, managers and consultants. The role of the institutional consultant is more important than ever in making investment decisions, often being asked to take on more than just the evaluation of investment managers. This event will feature panel-driven discussions focused on specific investment techniques of fixed income and hedge fund managers, the evolving role of institutional consultants, the manager evaluation process, transition management, investing in global markets, and more. Link: www.opalgroup.net/trk/icfc1522.html Family Office Winter Forum March 10, 2015 - New York Marriott Marquis, New York, NY As part of the Private Wealth Series, the Family Office Winter Forum will explore the challenges and opportunities associated with investing in emerging markets, alternative investments, real estate, direct energy, numerous other asset classes and will also address many of the softer issues related to the family office such as tax and regulation, asset protection, philanthropy, structuring a family office, and many more. With today’s changing landscape in the wealth industry, family offices are becoming more and more prevalent. Today’s new wave of generational wealth is developing at a rapid pace all over North America and in many areas of the world. We are starting to see a shift in market dominance and the direction many high net worth families are taking with their investments. With, a rise in the need to include philanthropic endeavors into a family’s portfolio and making investments from an impact investing standpoint, soft issues are just as important as investment management to the family office now more than ever. Come and join us for a highly intense day of engaging discussions on the latest investment trends and soft issues with some of the most well established and senior Family offices, Private investors, money managers, and private wealth service providers from around the globe. Link: www.opalgroup.net/trk/fowfc1510.html CFO Rising East Summit March, 11, 12, 2015 - Miami One of the most influential CFO summits, the CFO Rising East Summit is returning to Miami on March 11 & 12. We are offering all IAIR members an exclusive 20% off all summit passes. View the current agenda here: http://bit.ly/1Khj4AO This year hear how: - Stanley Black & Decker are implementing Hyperion to transform their global planning and reporting processes. - Northrop Grumman is adapting to cyberterrorism and the evolving risk landscape. - Sears is integrating data science into decision making. - Walmart are using financial plans to monitor corporate performance. - Sprint is developing financial leaders through its CFO program. If you are interested in attending or you would like more information, please contact Simi atsimigarcha@cfo.com (+1 415 992 6362) and quote the discount code ‘IAIR20.’ Alternatively you can confirm you place here: http://bit.ly/13SREjq

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South-East Europe Exhibitions

March 11, 13 - 2015, Inter Expo Center, Sofia The 2015 edition will promote the latest energy developments and encourage their large-scale implementation in South-East Europe as well as speed up foreign investment in the regional economy. It is a great networking place for the international and local industry players. The Exhibition in 2014 Leading companies from Austria, Bulgaria, China, Czech Republic, Greece, Denmark, Germany, Italy, Lithuania, Poland, Romania, the Netherlands and Ukraine showcased products and innovations. Among the exhibitors were AB Energy Romania, Austep, Biogest Energie- und Wassertechnik, CPM Europe, Dreyer & Bosse, Eqtec, Global Hydro Energy, Hitachi Zosen Inova, Nahtec, Polytechnik Luft-und Feuerungstechnik, Solare Datensysteme, Weiss, etc. For 5th year in a row there was an Austrian Pavilion, located at a larger exhibition area. Exhibition index: energy efficient solutions for heating, cooling, ventilation and lighting; bio-, hydro-, solar-, geothermal- and wind energy, waste-to-energy, electric vehicles, etc. For more info, please http://via-expo.com/en/pages/ee-re-exhibition BHA Select Private Markets Summit March 19-20, 2015 - Sea Island, GA BHA Select Private Markets Summit is a two day conference dedicated to 1-on-1 meetings between premier institutional and family office investors from around the globe and select private equity, venture capital, and real estate firms. Intimate meetings will take place in private suites at the luxurious Five-Star Sea Island Resort on the beautiful Atlantic coast of Georgia. As with all BHA Select events, attendance is by invitation only and governed through an application process. Those granted access will have an unrivaled opportunity to find new LP capital, meet, and diligence managers currently raising new capital and network in one of the most beautiful golf resorts in the world. For more information, please www.brightonhouseassociates.com/web/bha/summit-2015/ China Airport Construction and Investment Forum 2015 March 25, 26 2015 - Zhengzhou, Henan Province, China With the support and suggestion of CAAC and Henan Province Airport Group ,our company will organize the China Airport Construction and Investment Forum 2015 (ACIF 2015)in Zhengzhou, Henan Province, China during 25-26, March, 2015.We are expecting more than 25 speakers,20 sponsors and 200 delegates from both China and Overseas in this great event. We believe our ACIF 2015 will be the best platform for you to learn about the airport market and policy of China, communicate and do networking with china airport players and develop your business in China. Event Web: http://www.giccgroup.com/acif/ The Mutual Fund Marketing & Sales Summit

March 30-31, 2015 - New York, NY Crafting a portfolio of investments that gives solid returns while helping your fund meet social and environmental goals is no easy task. As you increase your investments in the SRI/ESG and impact investing space, how can you sift amongst the various options while performing adequate due diligence? Do you have a solid strategy in place for integrating these investments into your portfolio? And how will you assess performance both in terms of ROI and impact? Join us March 30-31 at the Princeton Club in New York, where Financial Research Associatesâ&#x20AC;&#x2122; brings together leading minds into this niche area to thoroughly explore these topics. View the conference brochure: https://www.frallc.com/pdf/B954.pdf Subscribers of I.A.I Review are entitled to a 10% discount. Mention FMP180 during registration to enjoy this offer. For more information, please contact Joshua Price at 704-341-2441 orjprice@frallc.com

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IFINTEC Finance Technologies Conference and Exhibition April 14-16, 2015 - Istanbul, Turkey IFINTEC Finance Technologies Conference and Exhibition will be held on 14-16 April 2015 in Istanbul, Turkey at Istanbul Congress Center which is the biggest convention center in Turkey. IFINTEC is a dedicated conference focusing on technology solutions for finance industry. IFINTEC Conference serves a perfect platform to introduce and demonstrate platform, system, hardware, software, consultancy, training, security and service solutions. Finance Technology, Banking Technology, Core Banking, Retail Banking, Payment Systems, Mobile Banking, Asset Management, Fraud Prevention, Governance Risk Compliance, Insurance Technology, Banking IT and Big Data are key topics of the conference. With 1000+ attendees, attendance from 15+ countries, 24 Sponsors/Exhibitors, 65+ speakers, 60+ speaking sessions, IFINTEC 2014 was organized very successfully. IFINTEC is one of the biggest events in EMEA region in its category. An intensive participation is expected to the IFINTEC 2015 from Turkey and many other countries as well. IFINTEC is an unmissable event. IFINTEC Conference serves a platform at where speakers will share their experience, knowledge, visions and future forecasts with the visitors. The speeches will be either Turkish or English and simultaneous translation to Turkish or English will be available. There will be an exhibition area at where sponsor/exhibitor companies will introduce their solutions to the visitors at their booths. For more information about IFINTEC Conference, please visit event website www.ifintec.com or contact info@ ifintec.com. Family Office & Endowment Investment Forum April 15-16, 2015, Sheraton Centre Toronto Hotel, Toronto, Ontario Following the success of Opal Financial Group’s annual Family Office/Private Wealth Management Forum in the United States, we are proud to bring this event to Canada! As part of the Private Wealth Series, this Family Office & Endowment Investment Forum is one of Opal’s premier events. Investors and asset managers from around the world will engage in two days of discussions on the latest investment trends. Today’s new wave of generational wealth is developing at a rapid pace in many areas of the world. We are starting to see a shift in market dominance and the direction many investors are taking with their investments. With a rise in the need to include philanthropic endeavors into a family’s portfolio and making investments from an impact investing standpoint, soft issues are just as important as investment management to the family office now more than ever. Come and join us for engaging discussions on the latest investment trends with some of the most well established investors, money managers, and private wealth service providers from around the globe. The GAFM Global Academy of Finance & Management™ is the world’s fastest growing professional society with approximately 50,000 members in over 150 countries hosting and accrediting certification training worldwide and offering exclusive board certified designations to candidates who meet the highest professional standards and assessment criteria. The GAFM will grant full annual CE (7.5 Credits for 1 day, 15 Credits for 2 days) for those who attend this conference. Link: www.opalgroup.net/trk/focc1508.html Cap Intro : Credit and Fixed Income | Alternative Investing April 20, 2015 - New York City Catalyst Cap Intro Events are sector focused, investor driven events that host hand-picked investment managers and investors that are introduced to each other with a view to become investment partners. This Catalyst Cap Intro Event focuses only on the Credit and Fixed Income alternative investing sectors. Introductions are accomplished through private meetings which are arranged prior the events, in an investor driven fashion based on the merits of each investment manager and the requests made by the investors. If a manager has not enough interest, they may cancel their participation, with full refund of fees. Investors are pre-screened and pre-qualified prior the events, by questionnaires and talks. Investors constitute predominantly single and multi-family offices, endowment and foundations, and their advisors, located on the US East Coast corridor, but also internationally. Catalyst has a reputed history as one of the leading, specialist cap intro providers, with an

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investor events model showing a track record of resulting allocations. For more information, please: http://catalystforum.com/node/311 Liquid Alts 2015 April 20-21, 2015, New York, NY The liquids alternatives space is growing rapidly. Many fund firms have launched new products and are eager to find an investor audience. Advisors, consultants, and investment platforms are hungry for more information on how to incorporate these products into the mainstream. Liquid Alts 2015 provides fund firms and wealth managers with a roadmap to successfully utilizing liquid alt products in the retail and institutional markets. View the conference brochure: https://www.frallc.com/pdf/B958.pdf Subscribers of I.A.I Review are entitled to a 10% discount. Mention FMP180 during registration to enjoy this offer. For more information, please contact Kathie Eberhard at 704-341-2439 orkeberhard@frallc.com OCIO Summit April 22-23, 2015, Boston, MA Attend the 4th Annual OCIO Summit, April 22-23 to get cutting-edge, actionable insights from top foundations and endowments. This conference provides critical intelligence about governance and fiduciary issues surrounding the management of the CIO relationship, ways to benchmark and evaluate the partnership, and challenges surrounding the maintenance of the agreement and potential pitfalls to be wary of. View the conference brochure: https://www.frallc.com/pdf/B952.pdf Subscribers of I.A.I Review are entitled to a 10% discount. Mention FMP180 during registration to enjoy this offer. For more information, please contact Whitney Betts at 704-341-2445 orwbetts@frallc.com Sub-Advisory Funfs Forum April 22-23, 2015 - Boston, MA There are many factors in today’s complex and ever-competitive landscape that are changing the course for subadvisory. Join us this April 22 – 23, 2015 at Boston’s historic Fairmont Copley Plaza and ensure that you continue to stay in-tune and relevant with all of the latest twists and turns this industry will face. View the conference brochure: https://www.frallc.com/pdf/B951.pdf Subscribers of I.A.I Review are entitled to a 10% discount. Mention FMP180 during registration to enjoy this offer. For more information, please contact Kathie Eberhard at 704-341-2439 orkeberhard@frallc.com 7th China Unconventional Oil & Gas Summit and Exhibition 2015 April 22, 24 - 2015 - Chongqing, China With the support and suggestion of CNPC,Sinopec ,CNOOC, Shanxi Provincial CBM Association and International Energy Agency ,our company will organize the 7th China Unconventional Oil & Gas Summit and Exhibition 2015 (UOG 2015) in Chongqing, China during 22-24, April, 2015.We are expecting more than 25 speakers,20 sponsors and 200 delegates from both China and Overseas in this great event. Building on the massive success of the past SIX Unconventional Oil & Gas Events, the 7th China Unconventional Oil & Gas Summit and Exhibition 2015 has generated a timely and strategic three-day program to discuss the promotion policies, investment and the exploration and production technologies in the field of coalbed methane and shale gas industry. This unique gathering will be a must-attend event for industry professionals by bringing together China national oil companies, energy regulators, IOCs, local oil service companies, international producers, suppliers, seismic, drilling and oilfield service companies. Web: www.giccgroup.com/uog7

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Direct & Co-Investing April 27, 28 2015 - New York, NY Co-Investing 2015, an interactive forum, jumps right into the fray, highlighting the biggest challenges and concerns in this growing trend. Due diligence on deals and sponsors, governance, investor rights, regulatory concern, valuation, and recordkeepingâ&#x20AC;&#x201D;it all changes in co-investing. Register today and join us at the Princeton Club of New York on April 27 - 28, 2015 to get the most out of your co-investment deals! View the conference brochure: https://www.frallc.com/pdf/B956.pdf Subscribers of I.A.I Review are entitled to a 10% discount. Mention FMP180 during registration to enjoy this offer. For more information, please contact Joshua Price at 704-341-2441 orjprice@frallc.com Global AgInvesting April 27-30, 2015 - New York City Global AgInvesting in New York City, April 27-30, 2015 will offer a comprehensive overview of agriculture investment opportunities, risks and return profiles across all major global production regions, as well as strategies for diversified ag portfolios including regional variation, private equity, and liquid investments. In addition to the main conference, participants can choose to register for the popular Short Course on Ag Fundamentals on April 27 and the third annual GAI AgTech Investment Summit on April 30. www.globalaginvesting.com Buildexpo May 02 - 04, 2015 Kenya As a medium-sized company, Expogroup began its operations in 1996 starting with export-oriented International Trade Exhibitions in the Middle East & Africa. Since then, it has been organizing annual trade fairs in 14 countries within the region itself. Apart from that, Expogroup has presented several other events in emerging markets such as the CIS, Australia, Latin America & India. After 17, years Expogroup has spread its network in more than 37 countries managing more than 20 trade fairs annually in various counties. Most of the hard work was done in absence of modern communication systems and facilities but come another 15 years, we foresee double the growth. AFRICA details Africa details is the preferred online provider of all related matters, discussions, events & services in the African continent. We are the market-leading online portal about Africa aimed at a cooperate & professional viewership which contains a selection of key articles from the African continent: Africa details also provides a platform for stakeholders to promote their investment opportunities in the website and through an online advertising campaign as well as a monthly email journal distributed to over 50 000 business people with a track record of all African details. Catalyst Cap Intro: Growth Private Equity May 18, 2015 - New York City Catalyst Cap Intro Events are sector focused, investor driven events that host hand-picked investment managers and investors that are introduced to each other with a view to become investment partners. This Catalyst Cap Intro Event focuses only on Private Equity Funds focusing on growth company investing. Introductions are accomplished through private meetings which are arranged prior the events, in an investor driven fashion based on the merits of each investment manager and the requests made by the investors. If a manager has not enough interest, they may cancel their participation, with full refund of fees. Investors are pre-screened and pre-qualified prior the events, by questionnaires and talks. Investors constitute predominantly single and multifamily offices, endowment and foundations, and their advisors, located on the US East Coast corridor, but also internationally. Catalyst has a reputed history as one of the leading, specialist cap intro providers, with an investor events model showing a track record of resulting allocations. For more information, http://catalystforum.com/node/312

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JOB & CAREERS

Job & Careers VIRTUS PARTNERS ACQUIRES SETTLEMENT Virtus Partners has acquired the business and assets of Trade Settlement, Inc (TSI), a New York-based primary and secondary loan trading settlement and documentation service provider. “We are excited about the opportunities this acquisition provides to our clients and the everevolving loan market,” says Kelly Faykus, Co-Founder and Managing Partner of Virtus. “The combination of Virtus’ expansive database of loan market information and TSI’s strong settlement capabilities will create substantial opportunities to reduce trade settlement times while providing more robust management reporting and a framework to enhance market liquidity.”Virtus provides a comprehensive, integrated suite of front, middle, and back office alternative asset administrative and analytical services. Its global offering extends across collateral administration services for structured transactions, middle office outsourcing, global loan data, loan agency, accounting and analytics. Today, the company administers over USD180 billion in assets across its platform.

CONSTELLATION ADVISERS OPENS SAN FRANCISCO OFFICE Constellations Advisers, a provider of accounting, compliance, operational support, and due diligence services to the investment management industry has opened a new office in San Francisco. The move reflects Constellations’ ever growing client base in the Western United States and Asia. Constellation’s San Francisco office, located at 75 Broadway, offers a full range of services, including accounting, compliance, operations support, due diligence, dispute resolution and other consulting services and support. Constellation serves hedge funds, RIAs, private equity/private equity portfolio companies, venture capital and start-up technology firms, other commercial enterprises, as well as their service providers and investors. BLUEBAY ASSET MANAGEMENT APPOINTS NEW SALES DIRECTOR FOR ALTERNATIVES Fixed income asset manager BlueBay Asset Management has appointed Katherine Wentrup-Estupinan as a Sales Director to support the growth of the firm’s Alternatives business. Wentrup-Estupinan is joining from Strategic Investments Group, a boutique alternative investments advisory firm, where she led the business development and investor relations effort within Southern Europe. Previously, she held a variety of business development roles at Alpha4x Asset Management, HSBC Global Asset Management and HSBC Securities Inc., managing client relationships across Europe, the US and Latin America.

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International Alternative Investment Review 3-4 - 2014

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