Foreign asset managers entering the German
market often seem to be reinventing the wheel,
observes asset management consultant Markus
Hill. Based on his conversations with investors
and industry experts, he shares some thoughts
on factors for success and stumbling blocks.
www.markus-hill.com
2008 - 2013 - some things almost never change.
This document describes a worked example for the design of a 6-storey building using Eurocode 2 (EC2). It includes a description of the building, the actions (loads) to be considered, requirements for durability and materials. Three different floor solutions are proposed for conceptual design: slab on beams, flat slab, and slab with embedded lighting elements. The document provides background on EC2 and discusses durability based on exposure classes and concrete cover requirements.
Pragmatics is the study of contextual meaning and how more is communicated than what is explicitly said. It examines invisible meanings, inferences, and assumptions that arise from linguistic and physical context. Key aspects of pragmatics include deixis, which are expressions like pronouns that depend on context to be understood, and speech acts, such as requests, that depend on context and politeness conventions. Politeness aims to save face by mitigating threats to people's self-image and sense of independence or belonging.
The document discusses good dispensing practices for pharmacists. It emphasizes that pharmacists have an ethical duty to ensure patients receive the right drug, dosage, and instructions to avoid harm. A good dispensing environment is clean, organized and provides a professional space for patients. When handling prescriptions, pharmacists must carefully check for completeness and accuracy before dispensing to avoid mistakes. They should also counsel patients thoroughly about their medication to ensure safe use.
This document provides installation instructions for a wireless security detector. It recommends mounting the detector indoors, at least 1 meter away from large metal objects to avoid false alarms. The detector should be mounted on a stable surface between 2-3 meters high for optimal coverage of up to 15 meters. Instructions are provided for removing the chassis and battery, as well as adjusting mounting height and coverage area through settings.
This document describes a worked example for the design of a 6-storey building using Eurocode 2 (EC2). It includes a description of the building, the actions (loads) to be considered, requirements for durability and materials. Three different floor solutions are proposed for conceptual design: slab on beams, flat slab, and slab with embedded lighting elements. The document provides background on EC2 and discusses durability based on exposure classes and concrete cover requirements.
Pragmatics is the study of contextual meaning and how more is communicated than what is explicitly said. It examines invisible meanings, inferences, and assumptions that arise from linguistic and physical context. Key aspects of pragmatics include deixis, which are expressions like pronouns that depend on context to be understood, and speech acts, such as requests, that depend on context and politeness conventions. Politeness aims to save face by mitigating threats to people's self-image and sense of independence or belonging.
The document discusses good dispensing practices for pharmacists. It emphasizes that pharmacists have an ethical duty to ensure patients receive the right drug, dosage, and instructions to avoid harm. A good dispensing environment is clean, organized and provides a professional space for patients. When handling prescriptions, pharmacists must carefully check for completeness and accuracy before dispensing to avoid mistakes. They should also counsel patients thoroughly about their medication to ensure safe use.
This document provides installation instructions for a wireless security detector. It recommends mounting the detector indoors, at least 1 meter away from large metal objects to avoid false alarms. The detector should be mounted on a stable surface between 2-3 meters high for optimal coverage of up to 15 meters. Instructions are provided for removing the chassis and battery, as well as adjusting mounting height and coverage area through settings.
Social commerce utilizes social media to facilitate online shopping and product sales. It allows companies to integrate e-commerce functions directly into social platforms like Facebook, and also integrate social features into online stores. This allows companies to interact directly with customers, and for customers to discuss products with friends who can influence purchasing decisions. While still developing, social commerce is expected to be a significant driver of online sales and brand loyalty going forward.
The document discusses several endangered animal species. It mentions that there were originally nine tiger species, but three are now extinct and others are endangered. It also provides information on pandas, stating there are around 2,000 remaining in the wild and about 200 in captivity in China and other countries. Additionally, it briefly describes giraffes as the world's tallest mammal and alligators as the largest reptile in North America.
This document contains schedules and information for an intertidal ecology course between January and March. It includes schedules for classes on different marine invertebrate groups like sponges, jellies, anemones, worms, mollusks and arthropods. It also provides details on tide levels and locations for intertidal pool activities. Additionally, it lists what to bring for intertidal trips, including appropriate clothing, buckets and cameras.
Rural retailing in India is a major opportunity as over 70% of India's population lives in rural areas. Major players like Godrej, Reliance, and MAX are establishing rural retail hubs and stores to provide farmers with supplies and sell their produce. Rural consumption is growing at over 10% annually. Effective supply chain management, including cold storage infrastructure, is key to success. Horticulture is experiencing a 4% growth in India, driven by retail demand and investments from groups like the World Bank. Public-private partnerships are improving rural infrastructure like roads, warehouses, and IT networks to support rural retailing.
Starting a new job could be a stressful time of one's life. It seems that all the pressure's on to make the perfect impression but not annoy any future colleagues. How to manage this transition? Ron Elsdon specializes in career development and walks us through navigating the first 90 days of a new job. See the complete webinar at http://bit.ly/aT9F3I
This document discusses the rise of social commerce and key trends driving e-commerce growth. It notes that [1] websites are losing traffic to Facebook pages, [2] Facebook stores acquire visitors at no cost and can build monthly user bases up to 10% of fan bases, and [3] Facebook commerce conversion rates are on par with websites. The document also promotes GTA Internet Marketing, an innovative Puerto Rico firm specialized in online marketing, programming, art and technology to provide e-commerce and data analytics services.
배휘동 - 연구실에서 살기 시작한다는 것 in 130323 KAIST CS 아주 소소한 진로 설명회Yunseok Jang
3/03/23 KAIST CS 학부를 졸업한 이후 어떠한 선택들을 하게 될 지에 대해, 한번쯤 진지하게 생각해봤으면 해서 마련해 보았던 자리인 '아주 소소한 진로 설명회'의 슬라이드 중, 배휘동 연사님의 슬라이드입니다.
<전체_슬라이드_주소>
http://www.slideshare.net/yunseok/130323-kaist-cs
<연락처>
배휘동 : spilist@gmail.com
Frankfurt 2018: Auftakt LEBENSWEGE ERKUNDENMarkus Hill
Save the Date!
17. Januar 2018, 18h30 – 21h30
Soirée in der Philosophischen Praxis
Goethestr. 21, 5. OG, Frankfurt am Main
Auftaktveranstaltung zur berufsgruppenübergreifenden Jahresarbeit: LEBENSWEGE ERKUNDEN
Auftakt - Lebenswege erkunden - Frankfurt 2018Markus Hill
Save the Date!
17. Januar 2018, 18h30 – 21h30
Soirée in der Philosophischen Praxis
Goethestr. 21, 5. OG, Frankfurt am Main
Auftaktveranstaltung zur berufsgruppenübergreifenden Jahresarbeit: Lebenswege Erkunden
Social commerce utilizes social media to facilitate online shopping and product sales. It allows companies to integrate e-commerce functions directly into social platforms like Facebook, and also integrate social features into online stores. This allows companies to interact directly with customers, and for customers to discuss products with friends who can influence purchasing decisions. While still developing, social commerce is expected to be a significant driver of online sales and brand loyalty going forward.
The document discusses several endangered animal species. It mentions that there were originally nine tiger species, but three are now extinct and others are endangered. It also provides information on pandas, stating there are around 2,000 remaining in the wild and about 200 in captivity in China and other countries. Additionally, it briefly describes giraffes as the world's tallest mammal and alligators as the largest reptile in North America.
This document contains schedules and information for an intertidal ecology course between January and March. It includes schedules for classes on different marine invertebrate groups like sponges, jellies, anemones, worms, mollusks and arthropods. It also provides details on tide levels and locations for intertidal pool activities. Additionally, it lists what to bring for intertidal trips, including appropriate clothing, buckets and cameras.
Rural retailing in India is a major opportunity as over 70% of India's population lives in rural areas. Major players like Godrej, Reliance, and MAX are establishing rural retail hubs and stores to provide farmers with supplies and sell their produce. Rural consumption is growing at over 10% annually. Effective supply chain management, including cold storage infrastructure, is key to success. Horticulture is experiencing a 4% growth in India, driven by retail demand and investments from groups like the World Bank. Public-private partnerships are improving rural infrastructure like roads, warehouses, and IT networks to support rural retailing.
Starting a new job could be a stressful time of one's life. It seems that all the pressure's on to make the perfect impression but not annoy any future colleagues. How to manage this transition? Ron Elsdon specializes in career development and walks us through navigating the first 90 days of a new job. See the complete webinar at http://bit.ly/aT9F3I
This document discusses the rise of social commerce and key trends driving e-commerce growth. It notes that [1] websites are losing traffic to Facebook pages, [2] Facebook stores acquire visitors at no cost and can build monthly user bases up to 10% of fan bases, and [3] Facebook commerce conversion rates are on par with websites. The document also promotes GTA Internet Marketing, an innovative Puerto Rico firm specialized in online marketing, programming, art and technology to provide e-commerce and data analytics services.
배휘동 - 연구실에서 살기 시작한다는 것 in 130323 KAIST CS 아주 소소한 진로 설명회Yunseok Jang
3/03/23 KAIST CS 학부를 졸업한 이후 어떠한 선택들을 하게 될 지에 대해, 한번쯤 진지하게 생각해봤으면 해서 마련해 보았던 자리인 '아주 소소한 진로 설명회'의 슬라이드 중, 배휘동 연사님의 슬라이드입니다.
<전체_슬라이드_주소>
http://www.slideshare.net/yunseok/130323-kaist-cs
<연락처>
배휘동 : spilist@gmail.com
Frankfurt 2018: Auftakt LEBENSWEGE ERKUNDENMarkus Hill
Save the Date!
17. Januar 2018, 18h30 – 21h30
Soirée in der Philosophischen Praxis
Goethestr. 21, 5. OG, Frankfurt am Main
Auftaktveranstaltung zur berufsgruppenübergreifenden Jahresarbeit: LEBENSWEGE ERKUNDEN
Auftakt - Lebenswege erkunden - Frankfurt 2018Markus Hill
Save the Date!
17. Januar 2018, 18h30 – 21h30
Soirée in der Philosophischen Praxis
Goethestr. 21, 5. OG, Frankfurt am Main
Auftaktveranstaltung zur berufsgruppenübergreifenden Jahresarbeit: Lebenswege Erkunden
FrankfurtImpactInvesting_Program_RI-Workshop_02102015Markus Hill
This document provides an agenda for a workshop on ethics in finance and investment. The workshop will consist of four panels with presentations and discussions. The panels will address topics such as positive impact investing, corporate social responsibility in finance, considering social and environmental impacts beyond due diligence, and reforming corporate culture. A keynote speech will kick off the workshop, focusing on positive impact investing, sustainable development goals, and changes in the finance industry. The workshop aims to create opportunities for positive impacts and sustainable financial innovation.
Frankfurter Dialog für Family Offices und Vermögensverwalter (Präsentation)Markus Hill
„Die Aufsicht sieht solche Advisory-Lösungen kritisch und prüft im Einzelfall sehr genau“ ( Interview - Dr. C. Gringel und K. Weinand-Härer, HEUKING KÜHN LÜER WOJTEK, 30.10.14)
Family Offices, Vermögensverwalter und Stiftungen beobachten derzeit verstärkt die Chancen und Risiken, die sich aufgrund der Einführung des KAGB in Bereichen wie Fondsauflage, Club Deals und Besteuerung ergeben. Um bei Investments die Vorteile von professionellen Netzwerken effizient nutzen zu können, ist Rechtssicherheit gefragt. Markus Hill sprach für IPE Institutional Investment mit den Partnern Dr. Christoph Gringel und Klaus Weinand-Härer von der Wirtschaftskanzlei HEUKING KÜHN LÜER WOJTEK über den gegenwärtigen Stand der Diskussion.
Dr. Christoph Gringel (oben) und Klaus Weinand-Härer
Hill: Regulierung ist oft kein Lieblingsthema für Akteure in der Asset Management-Industrie. Die ersten Wellen haben sich gelegt in der Finanzindustrie. Die neue Welt des KAGB ist Realität geworden. Was bedeutet dies für Family Offices und Vermögensverwalter?
Gringel: Beide Gruppen mussten durch die Einführung des KAGB überprüfen, ob Sie auch für das neue regulatorische Umfeld passend aufgestellt sind. So sehen wir bei unabhängigen Vermögensverwaltern seit der Einführung des KAGB die Tendenz, lieber als Anlageberater für einen Fonds zu agieren anstatt als dessen Portfoliomanager. Denn im Zusammenhang mit dem Portfoliomanagement von Fonds sind durch das KAGB weitere Pflichten hinzugekommen, die von den Kapitalverwaltungsgesellschaften auf den Portfoliomanager übertragen werden. Allerdings sieht die Aufsicht solche Advisory-Lösungen kritisch und prüft im Einzelfall auch sehr genau, ob nicht die Grenze zum Portfoliomanagement überschritten wird.
Weinand-Härer: Für Family Offices ging es dahingegen um die Frage, ob einzelne Tätigkeiten künftig in den Anwendungsbereich des KAGB fallen und wie man darauf reagiert. Da sind die verschiedenen Family Offices je nach Tätigkeitsfeld zu ganz unterschiedlichen Ergebnissen und Konsequenzen gekommen. Dies kann bis zum Aufsetzen einer eigenen Kapitalverwaltungsgesellschaft gehen. Für die Family Offices gibt es diesbezüglich sicherlich keinen Ansatz der für alle Family Offices passt.
Hill: Die Themen Know-how, Netzwerke und Club Deals werden intensiv bei Family Offices und Stiftungen diskutiert. Durch die Konzeption und Durchführung von Club Deals ergeben sich große Chancen für Family Offices, Stiftungen und andere Marktteilnehmer. Gibt es auch Risiken, auf die die Beteiligten vor dem Hintergrund vom KAGB achten sollten?
Gringel: Grundsätzlich ist auch bei einem Club-Deal immer zu prüfen, ob nicht das KAGB Anwendung findet, denn eine generelle Ausnahme für Club-Deals sieht das KAGB gerade nicht vor. Allerdings können Club-Deals so strukturiert werden, dass eine Anwendbarkeit des KAGB vermieden wird. Jedoch muss die gewählte Struktur für den Einzelfall passen und auch entspreche
Aspekte der Stiftungseignung eines Vermögensverwalters (BVI-Seminar)Markus Hill
Vermögensverwalter, Banken, Family Offices - Dienstleister, die von Stiftungen gerne in Anspruch genommen werden. Was können mögliche Kriterien für die Auswahl eines Vermögensverwalters sein? Wo ergänzen sich VV, FO und Stiftung? Warum sind die Faktoren Knowhow, Netzwerk und Vertrauen gerade bei unabhängigen Dienstleistern von grosser Bedeutung?
Aspekte: Auswahl von Vermögensverwaltern
- Stiftungen und Vermögensverwalter („Asset Manager“)
- Quantitative Faktoren bei Vermögensverwalterauswahl
- Qualitative Faktoren bei Vermögensverwalterauswahl
- Vertrauen und andere „sachfremde“ Selektionskriterien
- Added Value
- Vermögensverwalter - Fondsboutiquen
- Produkte von Vermögensverwaltern
- Dienstleistungen von Vermögensverwaltern
- Rolle von Kapitalverwaltungsgesellschaften
- Bedeutung von Wissensmanagement / Netzwerken
- Family Offices – Stiftungs-Offices
- „Stolpersteine“ bei Vermögensverwalterauswahl
- Ausblick
- Anhang: Kurzinfo (Kommentare „Stiftungen“ etc.)
- Zusatzinfo zum Themenkreis: Quo vadis Family Office: Was die weltweit führenden Multi-Family Offices Ihren Kunden versprechen (Prof. Dr. Carolin Decker, Vortrag, FINANZPLANER FORUM, 27.9.2014) – Vortrag erhältlich per Mail: carolin.decker@uni-bremen.de
International Expansion & Market Entry Germany: Initial Thoughts & ServicesMarkus Hill
Markus Hill of MH Services provides advice on international expansion for asset managers. The document discusses the opportunities and challenges of expanding overseas, including differing regulations, competition, and sales strategies between markets. It outlines a multi-stage process for evaluating markets and channels, developing business plans, and implementing an international strategy with the help of internal staff and external consultants. The implementation stage requires "roadmaps and roadside assistance" to execute the sales and marketing efforts successfully.
MH Services was founded in 2005 by Markus Hill to provide customized business solutions and asset management distribution strategies in Germany. The firm offers tailored plans to help clients understand the German market and achieve growth. MH Services also provides ongoing support to ensure long-term client success. The firm's services include assessing sales potential, developing strategies, and advising on execution for asset managers seeking to enter the German market. MH Services has a variety of asset manager and wealth management clients and helps firms expand their businesses in Germany.
Endowments And Asset Management in Germany - Panel In FrankfurtMarkus Hill
Open discussion: Endowments And Asset Management in Germany - input, ideas and suggestions are always welcome! Panel discussion (participants are foundation representatives and Markus Hill, moderated by the leading magazine DIE STIFTUNG in Germany) on topic "Foundations and Asset Management in Germany" (interest rates, assets, creative solutions for endowments to survive), Germany on 3 July 2013 On establishing many foundations in Germany banks are advising it. Currently they are facing great problems in identifying attractive investment opportunities in the low interest rate. It is interesting to acquire information how foundations from foreign countries deal with this crisis, since the purpose of the foundation must be a secure long term guarantee. The following questions could be an example to stress the points on a panel with a professional commentary: 1) Currently which investment alternatives are there for foundations ?
2) What role do banks abroad play concerning foundations? 3) What is the values of an external consultants for foundations? 4) What role can independent asset managers play? 5) Does foreign foundations conduct professionally than the German foreign foundations in asset management? 6) What creative possibilities are there in fundraising in the long term to fulfill the purpose of the foundation? 7 Is international know-how networks functioning (exchange of ideas) in which small and medium-sized foundations can also benefit? Many of the questions asked above is familiar to me in German speaking Europe. Nonetheless it is stimulating to know how German foundations can improve their angle from foreign foundations.
Presentation germanymarketentryandmanagerselection2009Markus Hill
Markus Hill presented on the significance of domestic and foreign fund boutiques in Germany. He discussed the growing private label fund (PLF) market in Germany, noting that PLFs account for about EUR 40 billion of the over EUR 700 billion in total mutual fund assets. He also examined target client behavior and manager selection procedures, highlighting various distribution channels and institutional investors as key target groups for PLFs.
Markus Hill (MSc in Economics) is an independent asset management consultant based in Frankfurt, Germany Professional experience includes SEB Bank and Credit Suisse Asset Management. In addition, he worked as head of sales and PR for a German fund boutique. Since 2005 he specialized in the management of mandates, sales, marketing, and PR (consulting, "introducing"). Markus is also involved in selecting themes in the specialist areas of target funds with a multi-management aspect, fund boutiques and mutual funds for institutional investors (product scouting, fund selection). Furthermore he is actively engaged in cooperation with the market-leading Private Label Funds/Master KAG in Germany (Universal-Investment) promoting the idea of independent asset management and was the Co-Initiator of the first all-German Consultant survey in 2005 and the first "UCITS-survey" in 2003. Market entry into Germany, behavior of fund selectors and fund providers in German asset management industry are often discussed by him, e.g. in his asset-management-publication MH-Focus. Through many articles, columns and presentations (national and international) he has become a highly recognized expert in the German asset management industry. "Industry multiplier" is a term often used by journalists and clients to describe his style and personality. (Markus Hill/ MH Services assigned in the role of Media Partner for: UCITS Alternatives Conference in Zürich, September 2011)
Institutional Fund Forum International, Amsterdam
23 February 2009
Spotlight On Germany: Strategies For Ongoing Manager Research &
Monitoring: Establishing A Consistent Entry & Exit Strategy
For Incumbent Managers
Spotlight On Germany: What Is The Significance Of
Domestic And Foreign Fund Boutiques?
Observations On Market Entry And Manager Selection
• Market overview: Boutiques & Private Label Funds
• Target client behaviour and manager selection procedures
• Marketing Distribution - Myths and Reality
The document discusses considerations for a U.S. firm looking to expand internationally. It notes that international expansion can benefit firms but is more complicated than expected and requires adapting skills. Non-U.S. markets are heterogeneous and require targeted strategies. Firms should assess if their products, capabilities and organization are well-positioned for international expansion before pursuing it. A multi-stage process for evaluating and testing opportunities is recommended.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
Mutual Fund Taxation – How Mutual Funds Are Taxeddhvikdiva
Divadhvik explains Mutual Fund Taxation clearly: Equity funds held over a year are taxed at 10% for gains over ₹1 lakh, while short-term gains are taxed at 15%. Debt funds held over three years are taxed at 20% post-indexation. Short-term gains are taxed as per your income slab.
13 Jun 24 ILC Retirement Income Summit - slides.pptxILC- UK
ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
Every business, big or small, deals with outgoing payments. Whether it’s to suppliers for inventory, to employees for salaries, or to vendors for services rendered, keeping track of these expenses is crucial. This is where payment vouchers come in – the unsung heroes of the accounting world.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
2. A
s the military strategist
Clausewitz remarks: “After
the first shot all plans may
have to be revised.” This well
describes a phenomenon observed
after a foreign asset manager enters
the German market. Germany is one
of the choicest markets in Europe
and is at the top of the list for many
foreign investors of fund products
and alternative investments. It
seems that some companies have
done their homework and
positioned themselves successfully
– profitably or not. The attitudes of
certain other fund companies can
often make you wonder. Without
naming these, one frequently has
the impression that the wheel is
invented all over again and again.
Since 2001 I have been in contact
and discourse with various
representatives of foreign investment
firms with a focus on sales and
business development – dependant
and independent offerors (fund
boutiques). Questions invariably arise
concerning market entrance,
products, target groups and other
regulating factors. Bused on personal
experience in practical sales with a
foreign firm and branch know-how, it
was often possible to “support” one
another (even including the
experiences with successful and
“lame” investment products). It is
also helpful to talk to the investor side
when writing an article since they
value such a dialogue.
Some points that constantly arise
seem worth thinking about. Without a
claim to all-inclusiveness, there are
subject areas in market entrancing
which either bring opportunities or
prove to be stumbling blocks. Here,
then, are some brief and “unfiltered”
factors discussed during the last
weeks, and a lot of feedback on the
subject from experts in the field. It is
interesting to note that most of these
experts wish not to be quoted when
it comes to the points mentioned –
and “confidential means confidential”
is an iron rule with me.
Does too much analysis
lead to paralysis?
Many foreign firms resort to various
market research sources as their
analysis base. These sources are
firms that work in Germany, and use
foreign sources of information or
other openly accessible material.
However, even the best figures and
questionnaires are, in my opinion, no
substitute for a direct talk with
investors. It is remarkable that the
decision to enter a market is often
based purely on figures. One wants
a certain piece of the cake without
considering certain obstacles or
draws the wrong conclusions. Pure
marketing principles can often
conflict with practical, hands-on
sales thinking.
Sales targets –wishful thinking?
Based on personal experience and
that of many top level sales
managers, one can conclude that
“dream” figures and bare reality
mostly lie far apart. Being well-known
in a foreign market says little about
the prospects for success on the
German market. German competition
is strong and there is much “captive
business” among the branch leaders
in Germany. A foreign company or
fund boutique should thoroughly
research its chances before entering
the arena. A failed attempt can lead
not only to financial losses but also to
a loss of reputation with investors.
Unrealistic sales prognosis combined
with a “lame” product are certain to
lead to frustration for a fund company
and the responsible sales managers
in Germany. An example would be
Letter from
Germany
34 > efm 36 | may/june 2008
Even the best figures and questionnaires are, in my
opinion, no substitute for a direct talk with investors.
It is remarkable that the decision to enter a market is
often based purely on figures.
> european focus
Foreign asset managers entering the German
market often seem to be reinventing the wheel,
observes asset management consultant Markus
Hill. Based on his conversations with investors
and industry experts, he shares some thoughts
on factors for success and stumbling blocks.
3. the 333rd global investment fund
found in the third quarter of the so-
called hit lists.
Another interesting phenomenon:
the firm that discovers – after
entering the market – that legal
regulations limit its sales potential in
Germany because one wanted to
save the costs of initial legal
counseling. This leads to unending
mail and telephone costs between
the sales force in Germany and the
foreign head office. In essence,
country head Germany: “I need X
and Y and Y if I want sales success
in Germany”. Head office: “You
won’t get X and Y until you’ve
achieved sales figures A and B.”
How often does one speak of
“strategic aims” when one merely
means the “fast ticket”?
Measures – how much helps a lot?
One frequent pattern consists of
inadequate market research paired
with a lack of commitment. Flying in
from abroad once a week to do
business in Germany! Firms whose
products can preferably be found in
the first quartile are often on the lists
of recommendation of every well-
known consultant and may have
some success although they fall short
of their potentials by this. Many other
firms have had bad experience with
such methods. Even top products
don’t sell themselves. Institutions or
semi-institutional clients (fund of
funds managers etc.) value personal
contacts to balance and compliment
professional bulletins and data banks.
Roadshows can be successful if
the product quality, infrastructure
(processing), and sales organization
are all in place. Frequent invitations to
such events (product choice) have
confronted me with a wide spectrum
of quality. Then there is the
management of expectations. The
fast Euro is rare. As a rule, it is a long
and hard road to fortune. Entering the
retail market often calls for large
personnel force; market transparency
is high with asset management
products (mutual funds) but the
management choice of institutional
investors, (see consultants). Germany
also has enough foreign offerors who
surpass each other in product
performance – the ultimate
catchword! No amount of calls to the
investors can compensate for
average or under-average
performance in the long run. In the
area of marketing and public relations
it is “the pig stays a pig even with a
golden collar”, too.
Opportunities for
Foreign Asset Managers
It was remarkable how often
investors and top sales managers
emphasized the importance of
personnel. How do I find good sales
people? How do I go about finding
good services for marketing, sales,
and public relations? Many foreign
firms have had good experience here
but have also paid a price for learning.
The “purely salesman” is rarely the
man with a concept or a vision. One
is looking for the “wide-spectrum”
abilities – the all-rounder with detailed
product know-how. The institutional
client in Germany also values the
“solution provider”. A country head
or even an only temporary external
service is expected to be an ideal
business developer: clear goals
combined with long-term profitability
– i.e. “tickets”.
You may be halfway down the
road with good personnel, realistic
and practice-orientated market
research, and an excellent product.
The other half should, however, be
emphasized again and again.
Investment in asset management
products is often a long term venture.
The stress of thinking in terms of
basis points shows this aspect. It
would be of great value if this
thinking could also prevail in the
working of the market. Hit-and-run
market entrances are counter-
productive. Foreign fund boutiques or
owner-managed firms are living proof
of this philosophy. Perhaps many
foreign investment “salesmen” can
cast a more friendly eye on the many
successful domestic asset managers
who have opted for a combination of
qualified personnel and excellent
products, i.e., investment concepts
and sales practices in accordance
with the German saying “A steady
drip can split a stone”.
Markus Hill is an independent asset
management consultant. His
professional background includes,
among others, the SEB Bank and
Credit Suisse Management. His
activities include management of
mandates (for example: Arcturus/BG
Funds) in the areas of sales,
marketing, and public relations. He
is also active in the areas selecting
themes in the special areas of target
funds with a multi-management
aspect based on special tasks with
special themes of fund boutiques
and mutual funds for institutional
investors. He is further actively
engaged in the cooperation with the
market-leading Private Label Funds
Master KAG in Germany (Universal
Investment). He is an initiator of
such authoritative studies on the
first all-German Consultant
Questionnnaire by RCP-Telos etc.
Various publications here and abroad
underscore his wide-ranging
activities as branch networker.
Contact:
Markus Hill
Schäfergasse 42 - 44
60313 Frankfurt
email: markus.hill.cologne@t-online.de
Being well-known in a foreign market says little about the
prospects for success on the German market.