Liability Driven Investment Europe 2011Rosa Cortez
Managing pension funds towards a liability efficient frontier in an uncertain global economic environment.
After a one year gap, Finance IQ’s Liability Driven Investment Europe 2011 brings together the entire institutional investment chain including plan sponsors, pension trustees, regulators and carefully selected asset management organisations to discuss cutting edge strategies to mitigate pension fund risk through LDI.
The conference will cover the latest insights into asset – liability matching, strategic asset allocation and upcoming European regulations to educate plan sponsors on building an optimal LDI pension strategy.
Lending Platforms - Presentation by Samir Desai, Co-Founder & CEO of Funding Circle at the NOAH Conference London 2017, Old Billingsgate on the 3rd of November 2017.
Liability Driven Investment Europe 2011Rosa Cortez
Managing pension funds towards a liability efficient frontier in an uncertain global economic environment.
After a one year gap, Finance IQ’s Liability Driven Investment Europe 2011 brings together the entire institutional investment chain including plan sponsors, pension trustees, regulators and carefully selected asset management organisations to discuss cutting edge strategies to mitigate pension fund risk through LDI.
The conference will cover the latest insights into asset – liability matching, strategic asset allocation and upcoming European regulations to educate plan sponsors on building an optimal LDI pension strategy.
Lending Platforms - Presentation by Samir Desai, Co-Founder & CEO of Funding Circle at the NOAH Conference London 2017, Old Billingsgate on the 3rd of November 2017.
Since its emergence in 2008, robo advisers have grown remarkably. It currently controls $100 billion of the world's assets under management (AUM) and it is projected to control 10% of global AUM by 2020. Still, many are unaware of what it is. We break it down in less than 10 slides with a preview of what a robo adviser actually looks like.
Dubai Conference - Legal and Regulatory UpdateBishr Shiblaq
This seminar gave an update on the Luxembourg UCITS framework, addressed the Alternative Investment Fund Managers Directive (AIFMD), provided an update on the tax-treaty network with a particular focus on Turkey and India as well as present practical cases of recent Shari’ah-compliant transactions and updates on the existing legal framework.
Fuchs & Associes - LPEA: "Private Equity, the Long Term Investor Journey"Rajaa Mekouar
Initiated by Rajaa Mekouar, of Fuchs & Associés, this event aims to provide a unique insight into Private Equity as a viable investment alternative for private investors. At a time of volatile markets and rising macro uncertainty we are witnessing the dislocation of the traditional allocation model of Fixed Income+ Equities mix. This brings about the advent of a new investment allocation paradigm where investors are pushed to explore new asset classes in the search for yield. In this context, Private Equity is gaining ground as a viable alternative that offers an attractive risk/return profile to the well-advised investor.
Organiser/Moderator: Rajaa Mekouar
Keynote speaker: Ian Prideaux, CIO, Grosvenor Estate
Surprise Guest: Yaron Valler, Partner, Target Global
Panelists:
Stephanie Delperdange, SOFINA
Matthias Ummenhofer, Mojo.Capital
Jerome Wittamer, Expon Capital
The presentation at Aspen Investment Forum (www.AspenInvestmentForum.com) on January 6th, 2014 about a partnership between one of the largest equity crowdfunding platforms in Europe, OurCrowd and GE.
Global Derivatives Trading Risk & Management Event - Barcelona, 8/12 May 2017...Daniele Bernardi
Mapping the global Robo-advisory phenomenon.
Establishing the principal business model of Robo-Advisors and identifying the opportunities for the quant industry
Puzzle Software`s Creditworthiness Rating Report by Bisnode, 2014Jelena Bogdanic
Are you looking for a business partner abroad? How do you measure its business success? Is it safe and secure to work with some foreign company, especially if we are talking about outsourcing services? Do you use a creditworthiness rating as the proof of its stability? How do you gain a trust towards the next cooperation?
Creditworthiness rating is above-average rating value of entities - economic operators. It is based on the entities' financial statements for the last business year and forecasts the safety of operations in the next twelve months. Companies with excellent solvency operate above average and it is less likely that their transaction account will be frozen next year.
This year, Puzzle Software has achieved excellence AA rating by Bisnode. A brief presentation explains this kind of rating – report shows statistical and methodological indicators as the foundation of Puzzle Software`s certificate.
Certificate of AA Creditworthiness Rating classifies Puzzle Software as your proven business partner!
Since its emergence in 2008, robo advisers have grown remarkably. It currently controls $100 billion of the world's assets under management (AUM) and it is projected to control 10% of global AUM by 2020. Still, many are unaware of what it is. We break it down in less than 10 slides with a preview of what a robo adviser actually looks like.
Dubai Conference - Legal and Regulatory UpdateBishr Shiblaq
This seminar gave an update on the Luxembourg UCITS framework, addressed the Alternative Investment Fund Managers Directive (AIFMD), provided an update on the tax-treaty network with a particular focus on Turkey and India as well as present practical cases of recent Shari’ah-compliant transactions and updates on the existing legal framework.
Fuchs & Associes - LPEA: "Private Equity, the Long Term Investor Journey"Rajaa Mekouar
Initiated by Rajaa Mekouar, of Fuchs & Associés, this event aims to provide a unique insight into Private Equity as a viable investment alternative for private investors. At a time of volatile markets and rising macro uncertainty we are witnessing the dislocation of the traditional allocation model of Fixed Income+ Equities mix. This brings about the advent of a new investment allocation paradigm where investors are pushed to explore new asset classes in the search for yield. In this context, Private Equity is gaining ground as a viable alternative that offers an attractive risk/return profile to the well-advised investor.
Organiser/Moderator: Rajaa Mekouar
Keynote speaker: Ian Prideaux, CIO, Grosvenor Estate
Surprise Guest: Yaron Valler, Partner, Target Global
Panelists:
Stephanie Delperdange, SOFINA
Matthias Ummenhofer, Mojo.Capital
Jerome Wittamer, Expon Capital
The presentation at Aspen Investment Forum (www.AspenInvestmentForum.com) on January 6th, 2014 about a partnership between one of the largest equity crowdfunding platforms in Europe, OurCrowd and GE.
Global Derivatives Trading Risk & Management Event - Barcelona, 8/12 May 2017...Daniele Bernardi
Mapping the global Robo-advisory phenomenon.
Establishing the principal business model of Robo-Advisors and identifying the opportunities for the quant industry
Puzzle Software`s Creditworthiness Rating Report by Bisnode, 2014Jelena Bogdanic
Are you looking for a business partner abroad? How do you measure its business success? Is it safe and secure to work with some foreign company, especially if we are talking about outsourcing services? Do you use a creditworthiness rating as the proof of its stability? How do you gain a trust towards the next cooperation?
Creditworthiness rating is above-average rating value of entities - economic operators. It is based on the entities' financial statements for the last business year and forecasts the safety of operations in the next twelve months. Companies with excellent solvency operate above average and it is less likely that their transaction account will be frozen next year.
This year, Puzzle Software has achieved excellence AA rating by Bisnode. A brief presentation explains this kind of rating – report shows statistical and methodological indicators as the foundation of Puzzle Software`s certificate.
Certificate of AA Creditworthiness Rating classifies Puzzle Software as your proven business partner!
Since the previous Intrum Justitia and Oliver Wyman report in 2008, Retail and SME credit
markets across Europe have been hard hit by the banking and government debt crises.
New lending and growth stagnated across developed European countries, though signs
of recovery are now emerging. Non-performing loans are a significant ongoing issue,
particularly in Southern European markets.
Etude PwC Loan Portfolio Market Survey 2015PwC France
A l’occasion de la 6ème conférence annuelle sur la restructuration des banques et les portefeuilles de crédits réunissant à Londres près de 600 banquiers et investisseurs, PwC révèle sa dernière étude « Market Survey 2015 ».
Cette étude dévoile deux enseignements clés :
• 5 années supplémentaires de transactions sur les portefeuilles de crédits seront nécessaires aux banques pour céder la totalité des créances non stratégiques et des crédits non performants.
• L’Europe Centrale et de l'Est ainsi que l’Italie sont les marchés émergents pour ce type de transactions
As banks shrink their balance sheets, the restructuring and lending landscape is developing more like in the US market, with alternative lenders in Europe and asset based lenders playing a bigger role. Deloitte expects their influence to strengthen further in 2015, though some of the newer funds are yet to be tested on the success of their investment strategies.
It’s exciting times for Hong Kong. DLA Piper, KPMG and Thomson Reuters are pleased to be working with the Hong Kong Internet Finance Council (HKIFC) to help establish Hong Kong as a FinTech hub.
Hong Kong has right ingredients to become a global centre for FinTech innovation and growth.
FinTech is a disruptive, innovative and potentially massive game changer for the financial services industry. With government guidance and incentives, and strong commitment by major corporations and the community, Hong Kong has an opportunity to become a key player in this space.
The new report also discusses Hong Kong’s route to FinTech success and potential broader economic benefits.
A number of high-profile FinTech entrepreneurs in Hong Kong have participated and shared their insights in the report, including reasons for choosing Hong Kong as their headquarters.
Accenture 2015 Global Risk Management Study: North American Banking Report Ke...accenture
Accenture’s 2015 Global Risk Management Study: North American Banking Report provides the insights of 50 banking industry executives from the retail, corporate, mortgage and card banking areas, including in-depth qualitative interviews with senior banking executives. Among the findings are three key challenges facing banks and their risk management functions today. See the attached presentation for more on the report's findings and insights. Visit www.accenture.com/riskstudy2015 to learn more.
Expert Judgement Credit Rating for SME & Commercial CustomersMike Coates
A high-level presentation from GBRW Consulting on some of the key issues relevant to developing and then implementing a sound credit scoring and rating system for Small- to Medium-sized Enterprises (SMEs) and commercial banking customers. It focuses on the implementation of an 'expert judgement' approach to credit rating as an alternative to statistical approaches where data is inadequate. It is particularly relevant for emerging market or start-up banks where historical financial statement analysis may be easily accessible or reliable.
A bank for digital startups - Deutsche Handelsbank - NOAH19 LondonNOAH Advisors
FinTech & InsurTech: Company presentation by Jens Munk, co-CEO of Deutsche Handelsbank at the NOAH Conference London 2019, 30-31 October, Old Billingsgate.
Deutsche Handelsbank is a specialized bank for digital startups and growth companies that accompanies digital startups and growth companies from various industries along their way with growth financing, working capital, banking-as-a-service, and factoring solutions.
N26 Deep-Dive In Pursuit of Profit by c-InnovationC-Innovation
In Pursuit of Profit: N26's Urgent Drive to Stay Competitive
In this deep-dive, C-Innovation offers a comprehensive analysis of N26's strategic adaptation in the evolving digital banking landscape amidst a backdrop of regulatory challenges. This report unveils N26's transformative journey throughout 2023 and into 2024, dissecting its efforts to enhance profitability while maintaining competitiveness despite regulatory hurdles. N26 navigated regulatory obstacles, including its exit from Brazil, a decline in valuation, and challenges with customer growth. Furthermore, regulatory constraints in key markets like Germany and Italy limited service expansion, posing obstacles to achieving a sustainable business model.
N26's Recent Initiatives
N26 has shown agility in embracing innovative technology and customer-centric solutions while streamlining operations, including a 4% staff reduction in April 2023. In November 2023, it ceased operations in Brazil. Anticipating profitability by the second half of 2024, N26 focuses on core markets like Germany, France, Spain, and Italy.
2016 Annual General Meeting of Shareholders Aegon N.V.Aegon
Shareholders are invited to attend the 2016 Annual General Meeting of Shareholders (AGM) of Aegon N.V. on Friday May 20, 2016 at 10.00 a.m. at Aegon's head office in The Hague, the Netherlands.
PKF Francis Clark is hosting a seminar which brings together providers of business funding, including both debt and equity; business support agencies including grant specialists; our own corporate finance experts and business owners themselves to provide short, sharp presentations in order to assist business owners and managers in assessing which funding stream is right for them.
Breakfast Forum: The Current State of the Capital Markets 2015BoyarMiller
As part of its ongoing Breakfast Forum series, BoyarMiller gathered industry experts for a panel discussion on the Current State of the Capital Markets. Speakers included:
• Drew Kanaly, Kanaly Trust – Equity & the Public Markets
• Colt Luedde, GulfStar Group – Private Equity and M&A
• Brandon Annett, Texas Capital Bank – Commercial Banking & Real Estate Lending
What types of European bank loan portfolios will investment banks, hedge funds and private equity firms invest in and in which territories over the next year?
Start-up Stage - Fintech & Payment - Presentation by Marcus Laube, CEO & Founder of Crossinx at the NOAH 2015 Conference in London, Old Billingsgate on the 13th of November 2015.
PwC - Investment and Corporate Insight's for SIA's In This Together SeriesSales Impact Academy
- According to PWC Venture Capital survey 36% of VCs see a 20% price reduction, 30% see a 30% reduction, and a further 30% see >30% price reduction
- Series B investors are more bullish than early-stage investors
- View from corporates is huge financial and operational
distractions which extends sales cycles unless the need is critical
- M&A is happening, cash-rich companies are taking advantage of the 20-30% drop in price. Corporate venture appetite is tied entirely to business performance
- One of the many cashflow management nuggets included "Burn fat, not muscle!" and develop a cash culture
PwC - Investment and Corporate Insight's for SIA's In This Together Series Paul Fifield
- According to PWC Venture Capital survey 36% of VCs see a 20% price reduction, 30% see a 30% reduction, and a further 30% see >30% price reduction
- Series B investors are more bullish than early-stage investors
- View from corporates is huge financial and operational
distractions which extends sales cycles unless the need is critical
- M&A is happening, cash-rich companies are taking advantage of the 20-30% drop in price. Corporate venture appetite is tied entirely to business performance
- One of the many cashflow management nuggets included "Burn fat, not muscle!" and develop a cash culture
Private Debt Investor is a global publication tracking the institutions, the funds and the transactions shaping the private debt markets.
What's included?
Seven things you need to know about Europe.
How to avoid an over-reliance on the UK, using a pan-European approach.
Blackrock's Stephen Caron on Europe's untapped prospects.
A European roundtable revealing opportunities in specialisation, regulation and the growth of markets outside the UK.
The three-steps guide for successful litigation procedures. Information about third-party litigation funding included. Worthwhile literature provided by Redress Solutions, London, UK.
This article provides an overview of the Italian real estate market, its current situation and future prospects as it continues on the road to recovery.
Deloitte UK Restructuring Sector Outlook 2016 - Education Industry in Unchart...Thorsten Lederer 托尔斯滕
Uncertainty on funding and government policy implications is further exacerbated by reducing student numbers which together are putting both fnancial and operational pressure on institutions. At best, these changes will require a shift in management skills and adjustment in operations but could result in some institutions being no longer viable. Excellent read.
Deloitte UK Restructuring Sector Outlook 2016 - Adult Social Care in Troubled...Thorsten Lederer 托尔斯滕
The Adult Social Care sector in the UK is in difficulty. The sector is experiencing the perfect storm of an ageing UK population which is increasing demand for services at the same time as it tries to respond to five years of real term funding cuts, significant wage inflation and increasing regulation. Worthwhile reading.
EY Global Market Outlook 2016 - Trends in Real Estate Private EquityThorsten Lederer 托尔斯滕
We are heading into new economic territory as 2015 draws to a close, and with this comes a new environment for real estate fund managers that have become accustomed to low interest rates and rising values. Many fund managers are lightly tapping the brakes given competition for deals, an abundance of debt and equity capital, and an awareness of the typical duration of a real estate bull market. What does this mean for the industry? Read more in this EY publication.
This brochure highlights some of the main tax implications of restructuring transactions and insolvency procedures across Europe to give the reader advance warning of the areas where specialist advice might be required.
The European tax landscape is in flux as governments evaluate and begin to enact the output from OECD’s base erosion and profit shifting (“BEPS”) initiatives. Tried and tested cross-border restructuring techniques may need to be reconsidered in what is a tricky environment where there are yet few certainties. Excellent read provided by Deloitte UK.
The strong positive momentum seen in European commercial real estate lending throughout 2014 showed no signs of abating during the first quarter of 2015. In a sector characterised by a high volume of investment deals, debt was widely available from a variety of lenders including banks, institutional investors and private equity funds.
This report has been prepared by Cushman & Wakefield to provide an overview of the world’s key commercial real estate investment markets in 2014 and an indication of performance in 2015.
The 2015 Global Investor Sentiment Report shows international property investors anticipate an increase in investment volumes across markets over the next 12 months, despite a mixed bag of economic performance worldwide. The survey results suggest that a significant proportion of investors expect higher risk markets to maintain existing levels of investment rather than to experience further significant inflows or outflows.
Allocations of distressed investments look set to increase in 2015, with funds increasingly pouring money into Europe, according to Debtwire Europe’s 11th European Distressed Debt Outlook, produced in association with Rothschild and Orrick.
For the third consecutive year, Lindorf conducts a survey for executives across Europa about how they believe leading indicators in the credit management services market will develop in the upcoming year.
This edition covers 38 countries and explains the different stages of amicable settlement, financial regulations around collections, legal proceedings and insolvency procedures in every single country.
The secondary loan markets attract a wide and diverse range of investor and as nonbank entities continue to fill the lending gap in the financial markets generally, the secondary loan market is no exception to this.
Irrespective of the type of investor, the trading of loans can raise complex legal issues particularly in relation to guarantees and security, withholding tax, confidentiality and regulation. On cross border transactions, the local laws of each relevant jurisdiction need to be considered.
Acorn Recovery: Restore IT infra within minutesIP ServerOne
Introducing Acorn Recovery as a Service, a simple, fast, and secure managed disaster recovery (DRaaS) by IP ServerOne. A DR solution that helps restore your IT infra within minutes.
0x01 - Newton's Third Law: Static vs. Dynamic AbusersOWASP Beja
f you offer a service on the web, odds are that someone will abuse it. Be it an API, a SaaS, a PaaS, or even a static website, someone somewhere will try to figure out a way to use it to their own needs. In this talk we'll compare measures that are effective against static attackers and how to battle a dynamic attacker who adapts to your counter-measures.
About the Speaker
===============
Diogo Sousa, Engineering Manager @ Canonical
An opinionated individual with an interest in cryptography and its intersection with secure software development.
Sharpen existing tools or get a new toolbox? Contemporary cluster initiatives...Orkestra
UIIN Conference, Madrid, 27-29 May 2024
James Wilson, Orkestra and Deusto Business School
Emily Wise, Lund University
Madeline Smith, The Glasgow School of Art
This presentation by Morris Kleiner (University of Minnesota), was made during the discussion “Competition and Regulation in Professions and Occupations” held at the Working Party No. 2 on Competition and Regulation on 10 June 2024. More papers and presentations on the topic can be found out at oe.cd/crps.
This presentation was uploaded with the author’s consent.
Have you ever wondered how search works while visiting an e-commerce site, internal website, or searching through other types of online resources? Look no further than this informative session on the ways that taxonomies help end-users navigate the internet! Hear from taxonomists and other information professionals who have first-hand experience creating and working with taxonomies that aid in navigation, search, and discovery across a range of disciplines.
19. Luxembourg securitization companies
Hot topics
• Revival of European securitisation
• White paper by EcB and BoE (May 2014)
• Simple, Transparent, Comparable/Standardized (STC/STS)
securitisation
• EU STS securitisation framework proposal (September 2015)
• Basel Committee STC securitisation consultation paper (November 2015)
• Capital Requirements Directive/Regulation (CRD IV/CRR), Liquidity
Coverage Ratio (LCR)
• Renaissance of European Commercial Mortgage-Backed Securities
(CMBS)
• Real Estate: From single-loan to multi-loan securitisation
20. Luxembourg securitization companies
Benefits to originators, investors and asset managers
• Balance sheet restructuring
• Continue long-standing business relationships with clients
• Leverage on knowledge of asset managers/loan servicers
• Cheaper financing/refinancing
• Multi-compartment structure
• Pooling of loans
• Cost savings
• Bulk purchases (e.g. in shipping industry)
• Potential role in revised business model for Luxembourg banks
& branches
• Existing commercial client base
• Local knowledge and untapped opportunities
• “Skin in the game” and beyond
21. Luxembourg securitization companies
Tapping opportunities in the market
• Shipping
• Operating vessels: Bulker, Container, Tankers
• Storage: Tankers
• Real Estate
• Legacy portfolios
• Multiple-loan CMBS
• U.S.: Single-family rental (SFR)
• Infrastructure
• Renewables (e.g., wind, solar)
• German Mittelstand
• Pooling by industry
• Brewery loans
22. Luxembourg securitization companies
Challenges
• Wants of originator/sponsor vs needs of investors
• Choice of vehicle
• Note structure (e.g., simple, tranching, profit participating, indexing)
• Rating and listing
• Loan/asset documentation
• Incomplete/missing documentation
• Staffing
• Small/medium-sized originators/asset managers
• Missing track record
• Lack of resources
• Loan servicing platform
23. Luxembourg securitization companies
Your contacts
Deloitte Tax & Consulting S.à r.l.
560, rue de Neudorf
L-2220 Luxembourg
Grand Duchy of Luxembourg
Phone: +352 451 494 991
Mobile: +352 661 452 436
sebos@deloitte.lu
www.deloitte.lu
Dr. Sebastian Bos
Senior Manager
Restructuring
Deloitte Tax & Consulting S.à r.l.
560, rue de Neudorf
L-2220 Luxembourg
Grand Duchy of Luxembourg
Phone: +352 451 454 985
Mobile: +352 621 302 154
E-mail: ecollard@deloitte.lu
www.deloitte.lu
Eric Collard
Partner
Restructuring
Deloitte Tax & Consulting S.à r.l.
560, rue de Neudorf
L-2220 Luxembourg
Grand Duchy of Luxembourg
Phone: +352 451 452 345
Mobile: +352 661 452 707
opeter@deloitte.lu
www.deloitte.lu
Olivier Peter
Senior Manager
Restructuring
Deloitte Tax & Consulting S.à r.l.
560, rue de Neudorf
L-2220 Luxembourg
Grand Duchy of Luxembourg
Phone: +352 451 452 449
Mobile: +352 621 243 238
E-mail: michamartin@deloitte.lu
www.deloitte.lu
Michael JJ Martin
Partner
Restructuring
24. 3
Fireside chat - Perspective from a GP
Chris Connelly, Head of Operations, Partner ICG interviewed by Nick Tabone, Partner, Deloitte
Conference Agenda
1
Introduction
Alexandre Prost-Gargoz, Partner, Deloitte
2
Evolution of the private debt industry in Luxembourg
Alexandre Prost-Gargoz, Partner, Deloitte
4
Luxembourg securitization companies: Loan portfolio restructuring & (re)financing
Dr. Sebastian Bos, Senior Manager, Deloitte
5
Hot topics:
a) What's new on tax side? Christophe Diricks, Partner, Deloitte
b) Due Diligence process and Risk management. Nicolas Schoukens, Director, Deloitte