We are pleased to share with you our findings about the Private Equity Industry.
This report gives a hollistic understanding of the drivers that affect the industry and illustrates our believe that Venture Capital, considering the macroeconomic environment ahead, remains the most attractive strategy, and the one with the biggest Upside Potential.
Digital Disruption in Wealth Management - FinanceConnect SingaporeLinkedIn Singapore
The document discusses digital disruption in the wealth management industry. Some key points:
- Wealth management firms face significant disruption from advances in technology, changing client behaviors and demands, and increasing regulation.
- HNW clients expect their future relationships with firms to be digital and 65% may leave firms lacking integrated digital channels. Younger clients have the highest digital demands.
- Firms have been slow to adopt digital solutions due to myths around clients not wanting digital tools and channels cannibalizing business. However, digital priorities will be essential to providing seamless client experiences.
The Digital Transformation of Asset & Wealth ManagementKurt Harrison
The document discusses the challenges facing the asset and wealth management industry, including poor investment performance, investor preference for passive strategies and ETFs, pressure on trading and operations, the rise of robo-advisory, and increased regulatory requirements. It argues that asset managers will need to adapt by embracing quantitative strategies, passive products, digitization, and hiring staff with skills in areas like artificial intelligence, electronic trading, and digital client experiences. Regulations are also driving the need for more technology-oriented compliance officers.
The document provides an overview of 10 Chinese stocks picks for 2021, including brief summaries of 3 stocks:
Xpeng Inc. - ADR, an electric vehicle manufacturer that saw revenue growth and margin improvements in Q3 2020. It focuses on R&D and autonomous driving technology.
Dada Nexus Ltd. - ADR, an on-demand delivery platform that saw order volume increase significantly during the pandemic. Q3 2020 revenues were up 85% YoY.
Kingsoft Cloud Holdings Ltd., a cloud services provider that provides infrastructure and industry solutions. Q3 2020 revenues grew 14% YoY, with public cloud revenue up 48% and enterprise cloud up 257% YoY.
How to Invest in AI - Top 10 Artificial Intelligence StocksNgoc Truong
Macrovue‘s Webinar: How To Investing in Artificial Intelligence - Top 10 AI Stock Picks
Macrovue, the world's first global thematic investment platform giving Australians the ability to invest in international thematic share portfolios.
In this presentation, you will explore:
• The impact AI will have on the global economy
• The companies at the forefront of AI technology
• Why now is a good time to invest in AI technology
• An overview of some of the AI stocks in the portfolio
• Our stock selection criteria and research methodology.
The Macrovue Investment team has researched and constructed a portfolio focused on the five main AI technology systems in practice now.
These 10 companies are the early AI adopters that combine a strong digital capability with proactive strategies that have higher profit margins and are likely to widen the performance gap with other firms in the future.
Vehicle to-grid Market PPT 2021-26 | Enhancing Huge Growth and Latest Trends ...IMARC Group
According to the latest report by IMARC Group,the global vehicle-to-grid market grew at a CAGR of around 15% during 2015-2020.
Vehicle-to-Grid (V2G) is an advanced technology that enables an electric vehicle (EV) to be charged or discharged by drawing electric power through parked electric automobiles.
Technology and wealth management in digital age by Miles SoftwareMiles_Software123
This document provides an overview of trends in wealth management and how technology is impacting the industry. Some key points:
- The number of wealthy individuals is growing significantly in Asia and India. More high-net-worth individuals are seeking advice from wealth managers on investing and social causes.
- Common investments include real estate, equities, and fixed income. More borrowing is occurring for investments and real estate among younger and wealthier clients.
- Technology solutions are becoming more important for mobility, data analytics, and meeting regulatory requirements. Cloud-based solutions can improve scalability, integration, and lower costs. Case studies show benefits of digital platforms.
- Future opportunities exist in aggregation solutions, social media, and providing a
In today’s digital age, our clients are surrounded by a digitally enabled world to engage in constant, collaborative interactions. There are fundamental forces in the wider landscape that serve as unstoppable digital tailwinds. This presentation by Tej Vakta, Wealth Management Practice Leader, Capgemini, was presented as a keynote at FIBA and it discusses why the Investment Management industry needs to think beyond the Digital Revolution and get influenced by the Digital Disruption happening around their customers to re-imagine the engagement model for driving loyalty and becoming their strategic partner as a primary financial service provider.
1. The document discusses trends in the cryptoasset market including the rise of security tokens, investment in infrastructure by venture capital funds, and new institutional investors like university endowments.
2. It outlines five pillars of institutionalization for cryptoassets: custody solutions, research and valuation, lending markets, market depth and liquidity, and legal/regulatory clarity.
3. Cumberland is introduced as the cryptoasset subsidiary of principal trading firm DRW, providing two-sided liquidity, capital efficient transactions, and streamlined trade settlements for institutional investors in over 35 cryptoassets.
Digital Disruption in Wealth Management - FinanceConnect SingaporeLinkedIn Singapore
The document discusses digital disruption in the wealth management industry. Some key points:
- Wealth management firms face significant disruption from advances in technology, changing client behaviors and demands, and increasing regulation.
- HNW clients expect their future relationships with firms to be digital and 65% may leave firms lacking integrated digital channels. Younger clients have the highest digital demands.
- Firms have been slow to adopt digital solutions due to myths around clients not wanting digital tools and channels cannibalizing business. However, digital priorities will be essential to providing seamless client experiences.
The Digital Transformation of Asset & Wealth ManagementKurt Harrison
The document discusses the challenges facing the asset and wealth management industry, including poor investment performance, investor preference for passive strategies and ETFs, pressure on trading and operations, the rise of robo-advisory, and increased regulatory requirements. It argues that asset managers will need to adapt by embracing quantitative strategies, passive products, digitization, and hiring staff with skills in areas like artificial intelligence, electronic trading, and digital client experiences. Regulations are also driving the need for more technology-oriented compliance officers.
The document provides an overview of 10 Chinese stocks picks for 2021, including brief summaries of 3 stocks:
Xpeng Inc. - ADR, an electric vehicle manufacturer that saw revenue growth and margin improvements in Q3 2020. It focuses on R&D and autonomous driving technology.
Dada Nexus Ltd. - ADR, an on-demand delivery platform that saw order volume increase significantly during the pandemic. Q3 2020 revenues were up 85% YoY.
Kingsoft Cloud Holdings Ltd., a cloud services provider that provides infrastructure and industry solutions. Q3 2020 revenues grew 14% YoY, with public cloud revenue up 48% and enterprise cloud up 257% YoY.
How to Invest in AI - Top 10 Artificial Intelligence StocksNgoc Truong
Macrovue‘s Webinar: How To Investing in Artificial Intelligence - Top 10 AI Stock Picks
Macrovue, the world's first global thematic investment platform giving Australians the ability to invest in international thematic share portfolios.
In this presentation, you will explore:
• The impact AI will have on the global economy
• The companies at the forefront of AI technology
• Why now is a good time to invest in AI technology
• An overview of some of the AI stocks in the portfolio
• Our stock selection criteria and research methodology.
The Macrovue Investment team has researched and constructed a portfolio focused on the five main AI technology systems in practice now.
These 10 companies are the early AI adopters that combine a strong digital capability with proactive strategies that have higher profit margins and are likely to widen the performance gap with other firms in the future.
Vehicle to-grid Market PPT 2021-26 | Enhancing Huge Growth and Latest Trends ...IMARC Group
According to the latest report by IMARC Group,the global vehicle-to-grid market grew at a CAGR of around 15% during 2015-2020.
Vehicle-to-Grid (V2G) is an advanced technology that enables an electric vehicle (EV) to be charged or discharged by drawing electric power through parked electric automobiles.
Technology and wealth management in digital age by Miles SoftwareMiles_Software123
This document provides an overview of trends in wealth management and how technology is impacting the industry. Some key points:
- The number of wealthy individuals is growing significantly in Asia and India. More high-net-worth individuals are seeking advice from wealth managers on investing and social causes.
- Common investments include real estate, equities, and fixed income. More borrowing is occurring for investments and real estate among younger and wealthier clients.
- Technology solutions are becoming more important for mobility, data analytics, and meeting regulatory requirements. Cloud-based solutions can improve scalability, integration, and lower costs. Case studies show benefits of digital platforms.
- Future opportunities exist in aggregation solutions, social media, and providing a
In today’s digital age, our clients are surrounded by a digitally enabled world to engage in constant, collaborative interactions. There are fundamental forces in the wider landscape that serve as unstoppable digital tailwinds. This presentation by Tej Vakta, Wealth Management Practice Leader, Capgemini, was presented as a keynote at FIBA and it discusses why the Investment Management industry needs to think beyond the Digital Revolution and get influenced by the Digital Disruption happening around their customers to re-imagine the engagement model for driving loyalty and becoming their strategic partner as a primary financial service provider.
1. The document discusses trends in the cryptoasset market including the rise of security tokens, investment in infrastructure by venture capital funds, and new institutional investors like university endowments.
2. It outlines five pillars of institutionalization for cryptoassets: custody solutions, research and valuation, lending markets, market depth and liquidity, and legal/regulatory clarity.
3. Cumberland is introduced as the cryptoasset subsidiary of principal trading firm DRW, providing two-sided liquidity, capital efficient transactions, and streamlined trade settlements for institutional investors in over 35 cryptoassets.
This monthly report from Tracxn provides an overview of investment activity in Denmark Tech for May 2021. Some key highlights include:
- A total of $107 million was invested across 5 funding rounds.
- Notable investments included a $45 million Series A round in CytoKi Pharma and a $30 million Series B in Contractbook.
- New investors that entered the market in May included Marcy Venture Partners, Boost VC, and Tiger Global Management.
- Companies upgraded to "minicorn" status based on funding levels included FRVR, Tame, and CytoKi Pharma.
UK Wealth Management Report Scorpio Partnership May 2012 Scorpio Partnership
The document provides an analysis of the UK wealth management sector conducted by Scorpio Partnership. It sizes and values the full sector to develop a common understanding for the industry. Key findings include:
- The sector manages over £2 trillion in assets and generates over £30 billion in annual revenue and nearly £5 billion in profits.
- It employs over 124,000 people with average pay of £63,000 and contributes approximately £7.6 billion to the UK government through taxation.
- The analysis segments the market into wealth managers and service providers and provides data on assets, revenue, profits, taxes, employment and compensation for each segment.
Adrian Jones presentation at InsureTech Connect 2021: What's Next for InsurTech?Adrian Jones
Adrian Jones presentation at InsureTech Connect 2021, covering trends and predictions for the future of insurance technology, innovation, and advice for today's Cuthbert Heaths.
The document analyzes trends in mergers and acquisitions (M&As) and initial public offerings (IPOs) for technology companies in Southeast Asia over the past 15 years. It finds that M&As have been the dominant exit strategy, with 127 M&As and only 11 IPOs during this period. An exponential regression model predicts the number of M&As will continue to grow exponentially, reaching 249 deals by 2020. While IPOs on Southeast Asian exchanges are still challenging for tech startups due to an immature market, M&As are increasingly used by companies to expand across the region and access new markets.
This document provides an outlook on the mutual fund industry for 2015 from Deloitte. It begins with a foreword and then sections on looking back at 2014 predictions and what was accurate, looking forward to key focus areas in 2015. The key focus areas for 2015 according to the report are leveraging technology to drive distribution, unlocking revenue opportunities through new products, managing reputation risk through governance, and targeting growth through operational innovation. The report provides analysis and predictions for each of these focus areas to help industry leaders strategize for the coming year.
Zensar is acquiring 3i Infotech for Rs. 11.1 per share, a 14% premium over the last closing price. The acquisition will provide Zensar entry into new industries like BFSI and cloud computing that 3i Infotech specializes in. It is expected to generate cost synergies of Rs. 127 crores by combining operations. The strategic rationale is that the acquisition fills gaps in Zensar's industry coverage and geographical presence, while 3i Infotech's large customer base and technologies can be leveraged for additional revenue.
While global HNWI wealth has reached record levels and increased over 70% since 2008, wealth management firms have struggled to translate this growth into profits. Firms face challenges such as shifting HNWI demographics and demands, increased regulatory pressures, and new competitors. One of the biggest challenges for firms is to effectively leverage digital technology and cloud platforms to transform their businesses and address revenue and profit issues.
TandemModels® is a software as a service (SaaS) platform that provides investment managers and advisors with tools for asset allocation model design and management, trading, cash flow management, portfolio rebalancing, performance reporting, and custodian reconciliation from a single integrated system. It aims to help managers improve efficiency and focus more on client services by streamlining operational tasks. Unlike other turnkey asset management programs (TAMPs) that rely on separate third-party software, TandemModels® offers a vertically integrated solution.
The document provides an overview of the global fintech ecosystem in 2020. It notes that fintech funding has grown significantly over the past decade, with over $180 billion invested globally. It also discusses trends in fintech like the increasing focus on infrastructure and specialization of offerings. Additionally, it analyzes financing trends and valuations across different global regions and sectors within fintech.
ASX Sectors in Focus: Technology & Retail - June 2017Simon Herrmann
This document discusses industry trends in technology and retail and provides examples of how companies can benefit or be disrupted by responding to trends. It identifies three key trends: 1) mobile payments are growing rapidly, benefiting payment processors, retailers, and banks, 2) social commerce is expanding online shopping through social media and influencers, and 3) collaborative consumption through platforms like Airbnb and Uber is unlocking value from underutilized assets. Case studies show how Trade Me, Crowd Mobile, and Collaborate Corporation have leveraged these trends. The conclusion emphasizes that companies must adapt to remain competitive.
Basel III Mortgages: Australia - Key Themes and Strategic Approachaccenture
The point of view explores the new Basel III reforms and the significant impact they will have on data and systems in Australia. The piece offers a strategic approach to Basel III Mortgages and outlines five key questions Australia’s banks need to ask as they prepare for additional regulatory obligations.
- The document discusses trends in the financial advisor landscape based on research from Cogent Reports.
- It finds that while the total number of advisors is flat, the number of RIAs has increased 7% since 2015. Most advisors now derive over half their compensation from fee-based sources rather than commissions.
- Advisors are increasingly using passively managed and low-fee investments like ETFs and index funds, with allocations to ETFs up 21% since 2015. They also report relationships with fewer mutual fund providers.
In 2013, the ban on general solicitation of accredited investors was lifted, causing the largest change to securities laws in decades. While everyone from startups to hedge funds will enjoy new liberties in investor marketing and outreach campaigns, it’s critical that the new rules are followed to a T, eliminating the chance for exemption rescission.
18th Annual Global CEO Survey - Technology industry key findingsPwC
Technology industry CEOs are optimistic about growth prospects. Most see more opportunities than threats and expect revenue growth over the next three years. However, they also face challenges from disruption, convergence, and new competitors emerging from other industries like professional services and media. To succeed in this environment, CEOs see the need to invest in digital technologies, form new partnerships including with competitors, and demand a more diverse talent pool with broader skills.
As of Dec 28th, #InsurTech raised $7Bn in funding in 2020.
In these slides, I share an investment update on the state of InsurTech investment and its impact on the startups. growth ventures, investors, and incumbent player communities.
I am also sharing a few case studies of winning market players including Oscar, Lemonade, Root, Wefox, and Ant Financial which all did very well in 2020. Also, check-out my 2021 prediction article on LinkedIn, which brings everything together.
How Robo Advisers, Fintech Are Revolutionising Wealth ManagementDinis Guarda
How Robo Advisers, Fintech Are Revolutionising Wealth Management. A Reflection and presentation about trends and ideas related with the topic and what is happening in the industry
1) The document analyzes perverse incentives created by common hedge fund fee structures, noting fees as high as 2-3% annually plus 20% of gains can incentivize inappropriate investments.
2) Research cited finds hedge funds from 1995-2003 returned an average of 8.82% annually, but estimates actual returns for investors were 500-1000 bps lower due to biases.
3) While hedge funds provided some diversification, correlations with stocks were around 0.3 on average, meaning investors paid fees for passive stock exposure rather than skill.
Access and control – “What you need when you need it”.
Shared outlook and mindset.
No jargon. Access to principles. Honest and direct.
Decisive, logical – the people and the systems and analysis that supports them.
Etude PwC "Bridging the gap" sur les investisseurs institutionnels (mai 2015)PwC France
Selon la dernière étude du cabinet d’audit et de conseil PwC, intitulée « Bridging the gap », sept investisseurs institutionnels sur dix (70 %) – parmi les 60 qui ont été interrogés par PwC au plan mondial – affirment qu’ils refuseraient de participer à une levée de fonds de private equity ou à un co-investissement si ceux-ci présentaient un risque environnemental, social ou de gouvernance.
Méthodologie :
Pour réaliser cette étude, PwC a mené des entretiens individuels avec 60 commanditaires de 14 pays, totalisant quelque 500 milliards USD d’allocation aux gérants ou general partners (GP) de fonds de private equity. Les participants à l’enquête ont répondu sur la base du volontariat, d’où une surreprésentation probable des investisseurs relativement avancés dans leur approche de l’investissement responsable. Le panel était composé à 30 % de fonds de pension, à 20 % de gestionnaires d’actifs et à 7 % de fonds souverains ou publics. Parmi les répondants figuraient de grands fonds de pension du monde entier, comme le CalSTRS (caisse de retraite de l’enseignement public de Californie), l’USS (caisse de retraite de l’enseignement supérieur britannique), la caisse de retraite de BT, le West Midlands Pension Fund, le Wellcome Trust, un fonds de pension suédois et des fonds confessionnels aux États-Unis et en Finlande. Parmi les principaux gestionnaires d’actifs figuraient les sociétés Aberdeen, Hermes GPE, F&C et BlackRock. 7 investisseurs français ont aussi participé à cette étude comme par exemple BPI France, Ardian ou OFI Asset Management (devenu depuis SWEN Capital Partners).
Responsible investment is rapidly becoming a mainstream concern within the investment industry. The dramatic growth in the number of investors who have adopted the Principles for Responsible Investment (PRI) is only the latest indicator of the increased attention the sector is paying to the integration of environmental, social and governance (ESG) factors into investment management.
Venture capital (VC) can add value to small and medium enterprises (SMEs) in emerging markets like Sub-Saharan Africa. The document discusses how VC can help SMEs overcome challenges like lack of access to funding, managerial skills, and technology. It outlines how VC brings capital and expertise to help SMEs grow, create jobs, and impact communities. However, investing in emerging markets also poses challenges for VCs around finding good investments and dealing with riskier profiles and limited leverage options.
Perspective on Innovation in Asset ManagementThierry Zois
These slides will give you a good overview on the current asset management market in Europe, South East Asia and US.
Finch believes that it is currently in the right position to be disrupted - come figure out why.
This monthly report from Tracxn provides an overview of investment activity in Denmark Tech for May 2021. Some key highlights include:
- A total of $107 million was invested across 5 funding rounds.
- Notable investments included a $45 million Series A round in CytoKi Pharma and a $30 million Series B in Contractbook.
- New investors that entered the market in May included Marcy Venture Partners, Boost VC, and Tiger Global Management.
- Companies upgraded to "minicorn" status based on funding levels included FRVR, Tame, and CytoKi Pharma.
UK Wealth Management Report Scorpio Partnership May 2012 Scorpio Partnership
The document provides an analysis of the UK wealth management sector conducted by Scorpio Partnership. It sizes and values the full sector to develop a common understanding for the industry. Key findings include:
- The sector manages over £2 trillion in assets and generates over £30 billion in annual revenue and nearly £5 billion in profits.
- It employs over 124,000 people with average pay of £63,000 and contributes approximately £7.6 billion to the UK government through taxation.
- The analysis segments the market into wealth managers and service providers and provides data on assets, revenue, profits, taxes, employment and compensation for each segment.
Adrian Jones presentation at InsureTech Connect 2021: What's Next for InsurTech?Adrian Jones
Adrian Jones presentation at InsureTech Connect 2021, covering trends and predictions for the future of insurance technology, innovation, and advice for today's Cuthbert Heaths.
The document analyzes trends in mergers and acquisitions (M&As) and initial public offerings (IPOs) for technology companies in Southeast Asia over the past 15 years. It finds that M&As have been the dominant exit strategy, with 127 M&As and only 11 IPOs during this period. An exponential regression model predicts the number of M&As will continue to grow exponentially, reaching 249 deals by 2020. While IPOs on Southeast Asian exchanges are still challenging for tech startups due to an immature market, M&As are increasingly used by companies to expand across the region and access new markets.
This document provides an outlook on the mutual fund industry for 2015 from Deloitte. It begins with a foreword and then sections on looking back at 2014 predictions and what was accurate, looking forward to key focus areas in 2015. The key focus areas for 2015 according to the report are leveraging technology to drive distribution, unlocking revenue opportunities through new products, managing reputation risk through governance, and targeting growth through operational innovation. The report provides analysis and predictions for each of these focus areas to help industry leaders strategize for the coming year.
Zensar is acquiring 3i Infotech for Rs. 11.1 per share, a 14% premium over the last closing price. The acquisition will provide Zensar entry into new industries like BFSI and cloud computing that 3i Infotech specializes in. It is expected to generate cost synergies of Rs. 127 crores by combining operations. The strategic rationale is that the acquisition fills gaps in Zensar's industry coverage and geographical presence, while 3i Infotech's large customer base and technologies can be leveraged for additional revenue.
While global HNWI wealth has reached record levels and increased over 70% since 2008, wealth management firms have struggled to translate this growth into profits. Firms face challenges such as shifting HNWI demographics and demands, increased regulatory pressures, and new competitors. One of the biggest challenges for firms is to effectively leverage digital technology and cloud platforms to transform their businesses and address revenue and profit issues.
TandemModels® is a software as a service (SaaS) platform that provides investment managers and advisors with tools for asset allocation model design and management, trading, cash flow management, portfolio rebalancing, performance reporting, and custodian reconciliation from a single integrated system. It aims to help managers improve efficiency and focus more on client services by streamlining operational tasks. Unlike other turnkey asset management programs (TAMPs) that rely on separate third-party software, TandemModels® offers a vertically integrated solution.
The document provides an overview of the global fintech ecosystem in 2020. It notes that fintech funding has grown significantly over the past decade, with over $180 billion invested globally. It also discusses trends in fintech like the increasing focus on infrastructure and specialization of offerings. Additionally, it analyzes financing trends and valuations across different global regions and sectors within fintech.
ASX Sectors in Focus: Technology & Retail - June 2017Simon Herrmann
This document discusses industry trends in technology and retail and provides examples of how companies can benefit or be disrupted by responding to trends. It identifies three key trends: 1) mobile payments are growing rapidly, benefiting payment processors, retailers, and banks, 2) social commerce is expanding online shopping through social media and influencers, and 3) collaborative consumption through platforms like Airbnb and Uber is unlocking value from underutilized assets. Case studies show how Trade Me, Crowd Mobile, and Collaborate Corporation have leveraged these trends. The conclusion emphasizes that companies must adapt to remain competitive.
Basel III Mortgages: Australia - Key Themes and Strategic Approachaccenture
The point of view explores the new Basel III reforms and the significant impact they will have on data and systems in Australia. The piece offers a strategic approach to Basel III Mortgages and outlines five key questions Australia’s banks need to ask as they prepare for additional regulatory obligations.
- The document discusses trends in the financial advisor landscape based on research from Cogent Reports.
- It finds that while the total number of advisors is flat, the number of RIAs has increased 7% since 2015. Most advisors now derive over half their compensation from fee-based sources rather than commissions.
- Advisors are increasingly using passively managed and low-fee investments like ETFs and index funds, with allocations to ETFs up 21% since 2015. They also report relationships with fewer mutual fund providers.
In 2013, the ban on general solicitation of accredited investors was lifted, causing the largest change to securities laws in decades. While everyone from startups to hedge funds will enjoy new liberties in investor marketing and outreach campaigns, it’s critical that the new rules are followed to a T, eliminating the chance for exemption rescission.
18th Annual Global CEO Survey - Technology industry key findingsPwC
Technology industry CEOs are optimistic about growth prospects. Most see more opportunities than threats and expect revenue growth over the next three years. However, they also face challenges from disruption, convergence, and new competitors emerging from other industries like professional services and media. To succeed in this environment, CEOs see the need to invest in digital technologies, form new partnerships including with competitors, and demand a more diverse talent pool with broader skills.
As of Dec 28th, #InsurTech raised $7Bn in funding in 2020.
In these slides, I share an investment update on the state of InsurTech investment and its impact on the startups. growth ventures, investors, and incumbent player communities.
I am also sharing a few case studies of winning market players including Oscar, Lemonade, Root, Wefox, and Ant Financial which all did very well in 2020. Also, check-out my 2021 prediction article on LinkedIn, which brings everything together.
How Robo Advisers, Fintech Are Revolutionising Wealth ManagementDinis Guarda
How Robo Advisers, Fintech Are Revolutionising Wealth Management. A Reflection and presentation about trends and ideas related with the topic and what is happening in the industry
1) The document analyzes perverse incentives created by common hedge fund fee structures, noting fees as high as 2-3% annually plus 20% of gains can incentivize inappropriate investments.
2) Research cited finds hedge funds from 1995-2003 returned an average of 8.82% annually, but estimates actual returns for investors were 500-1000 bps lower due to biases.
3) While hedge funds provided some diversification, correlations with stocks were around 0.3 on average, meaning investors paid fees for passive stock exposure rather than skill.
Access and control – “What you need when you need it”.
Shared outlook and mindset.
No jargon. Access to principles. Honest and direct.
Decisive, logical – the people and the systems and analysis that supports them.
Etude PwC "Bridging the gap" sur les investisseurs institutionnels (mai 2015)PwC France
Selon la dernière étude du cabinet d’audit et de conseil PwC, intitulée « Bridging the gap », sept investisseurs institutionnels sur dix (70 %) – parmi les 60 qui ont été interrogés par PwC au plan mondial – affirment qu’ils refuseraient de participer à une levée de fonds de private equity ou à un co-investissement si ceux-ci présentaient un risque environnemental, social ou de gouvernance.
Méthodologie :
Pour réaliser cette étude, PwC a mené des entretiens individuels avec 60 commanditaires de 14 pays, totalisant quelque 500 milliards USD d’allocation aux gérants ou general partners (GP) de fonds de private equity. Les participants à l’enquête ont répondu sur la base du volontariat, d’où une surreprésentation probable des investisseurs relativement avancés dans leur approche de l’investissement responsable. Le panel était composé à 30 % de fonds de pension, à 20 % de gestionnaires d’actifs et à 7 % de fonds souverains ou publics. Parmi les répondants figuraient de grands fonds de pension du monde entier, comme le CalSTRS (caisse de retraite de l’enseignement public de Californie), l’USS (caisse de retraite de l’enseignement supérieur britannique), la caisse de retraite de BT, le West Midlands Pension Fund, le Wellcome Trust, un fonds de pension suédois et des fonds confessionnels aux États-Unis et en Finlande. Parmi les principaux gestionnaires d’actifs figuraient les sociétés Aberdeen, Hermes GPE, F&C et BlackRock. 7 investisseurs français ont aussi participé à cette étude comme par exemple BPI France, Ardian ou OFI Asset Management (devenu depuis SWEN Capital Partners).
Responsible investment is rapidly becoming a mainstream concern within the investment industry. The dramatic growth in the number of investors who have adopted the Principles for Responsible Investment (PRI) is only the latest indicator of the increased attention the sector is paying to the integration of environmental, social and governance (ESG) factors into investment management.
Venture capital (VC) can add value to small and medium enterprises (SMEs) in emerging markets like Sub-Saharan Africa. The document discusses how VC can help SMEs overcome challenges like lack of access to funding, managerial skills, and technology. It outlines how VC brings capital and expertise to help SMEs grow, create jobs, and impact communities. However, investing in emerging markets also poses challenges for VCs around finding good investments and dealing with riskier profiles and limited leverage options.
Perspective on Innovation in Asset ManagementThierry Zois
These slides will give you a good overview on the current asset management market in Europe, South East Asia and US.
Finch believes that it is currently in the right position to be disrupted - come figure out why.
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.
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
TheFunded.com presentation on the state of venture capital delivered to Harvard Business School faculty in October 2008. See: <a href="http://www.altgate.com/blog/2008/11/venture-capital-is-broken.html">here</a>.
This document provides a summary of a report on global equities. It discusses several topics:
- Rising global temperatures and China's efforts to become more environmentally friendly through its "Beautiful China" initiative.
- China's increasing innovation and investments in renewable energy and infrastructure through its Belt and Road initiative.
- The impact of trade wars on corporate profits and global trade flows.
- Technological disruption across multiple industries and the growing importance of large technology companies.
- Shifting consumer behaviors among millennials and the rise of esports as an alternative to traditional televised sports.
- The portfolio manager's quality growth investment philosophy and the fund's strong risk-adjusted returns.
Dr. John Paglia, lead research for the Pepperdine Private Capital Project, presented a workshop on his cost of private capital model at IACVA-Germany's Fourth Annual Business Valuation Conference on October 8, 2010 in Munich. http://bschool.pepperdine.edu/privatecapital
This document is an investment deck for a Vietnam-based digital brokerage startup called Anfin. The summary is:
Anfin was founded to be Vietnam's first fully digital brokerage, delivering wealth management products through a next-generation mobile app. The deck outlines the large market opportunity in Vietnam as stock market participation grows rapidly. Anfin plans to engage and monetize users through fractional share trading, education resources, and new product offerings over time. Projections show Anfin reaching 80,000 funded accounts by late 2022, generating over $1 million in annualized commission revenue. The founders are seeking a Series A round to accelerate partnerships and customer acquisition.
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2. 2
Private Equity has historically proven to be the Asset Class with
the Best Risk-Adjusted Return, and within it, Top VCs have
outperformed all other PE strategies
Also, VC is the one that, considering the macroeconomic
environment ahead, remains the most attractive and has the
biggest Upside Potential
4. Private Equity Has Been, And Is Expected to Be, the Asset Class
with the Best Risk-Adjusted Return
4
Private Equity is the asset class that has historically yielded the highest returns and is expected to retain
such position during the next 10 years, with an average of 10% annual return.
Historical and Future Expected Returns
9%
4%
6%
9%
13%
5%
1%
3%
6%
10%
Global Equities Cash Fixed Income Real Estate Private Equity
Historical Next 10 Years
(1): Average excluding Private Equity
Source: “Global Private Equity and Venture Capital 2017”, Prequin; “Horizon Q1 2017” Pictet; UBS Asset Management Bloomberg; MIT-CRE; Cambridge Associates; “Guide to Private
Equity and Venture Capital for Pension Funds”, Invest Europe.
Average(1): 7.0%
Average(1): 3.7%
5. Increase
48%
Maintain
46%
Reduce
6%
Consequently, Private Equity AUM Have Steadily Grown and
Investors Show Increased Interest in It
5
Private Equity AUM have doubled in the last decade, and investors still show a considerable appetite from
towards the asset class.
Private Equity Assets Under Management Evolution
($tr)
Increasing Investor Appetite for Private Equity
2017 Investor’s Intended PE Allocation
• 94% of portfolio managers intend to maintain
or increase their exposure to PE assets
Sources: “Global Private Equity and Venture Capital 2017”, Prequin; “Horizon Q1 2017” Pictet; UBS Asset Management Bloomberg; MIT-CRE; Cambridge Associates; “Guide to Private Equity and Venture Capital for
Pension Funds”, Invest Europe.
1,2
1,4
1,7
1,9
2,2
2,5
2006 2008 2010 2012 2014 2016
• Private Equity AuM have doubled in the last
decade proving a strong appetite for this asset
class
6. 6
Thus, Experts Recommend A 10%-20% Allocation to Private Equity
Allocating a small portion of any portfolio to Private Equity during the past 20 years would have improved
significantly its risk-adjusted return.
40%
60%
Traditional Portfolio
40%
40%
20%
Portfolio With Private Equity
Bonds Stocks Private Equity
7,1%
5,7%
8,9%
4,8%
Return Volatility
Traditional Portfolio Portfolio with Private Equity
25% Return
Enhancement
16% Risk Reduction
Sources: “An Overview of Private Equity Investing” 2017, Voya.
20 last years Performance of a Portfolio With & Without a 20% Allocation to Private Equity
8. Sources of Value Creation by Type of Private Equity
Buy-Out and Infrastructure obtain much of their return from the leverage embedded in their transactions.
Unlike these, VC’s main source of return is the innovative nature of the companies it invests in.
8
• Normally, VC is not exposed to debt. Other PE
strategies obtain much of their return from debt-
to-equity optimisation
• There is a good amount of management in VC
although not as important as it can be in buy-
out strategies. VC relies more on the
entrepreneur selection
• Early stages have more market imperfection
because selection is more difficult. There is a lot
to gain from it as compared to other PE
strategies
✓Source of Value Creation
Not a Source of Value Creation
Implications for VC
• VC invests in innovative companies that add
value via the increase in productivity, gaining
market share from zero or simply creating new
sectors. Much more than any other PE strategy
Leverage
Value from debt to equity
optimisation (low interest rates)
Active Ownership
Value from control and active
management
Arbitrage & Selection
Value from selection processes,
including price and terms
arbitrage
Innovation & Technology
Value from technology
breakthroughs
Lobbying & Regulation
Value from lobbying and
optimising around regulatory
frameworks
Venture
Capital
Buy-Out Infrastructure
✓ ✓✓
✓ ✓✓
✓✓ ✓
✓✓
✓ ✓✓
• As all strategies, VC is impacted by regulation.
But the value does not come from playing with
regulation (i.e. tariff controls, etc)
9. Cheap Credit and Historically High Market Prices Have Fuelled Buy-
Out Returns, but ECB’s Growth Predictions Have Now Been Going
Down for +10y
With low interest rates, buy-out funds have found cheap credit and obtained significant returns, also helped
by Market Prices, which are currently over turmoil situation levels, allowing for little room for growth. GDP
and Productivity growths are expected to shrink during the next years. By investing in traditional companies,
investors cannot expect anything much better than 1-2%.
9
Source: Thomson Reuters.
(1) CAPE Ratio or Cyclically Adjusted PE Ratio: Price to earnings ratio that considers today’s price and the average inflation-adjusted earnings of the last 10 years.
(2) European Central Bank.
Low Interest Rates Vs. Buy-Out Returns & Market Prices
Rebasedto100
-100
-80
-60
-40
-20
0
20
40
60
feb.-07
ago.-07
feb.-08
ago.-08
feb.-09
ago.-09
feb.-10
ago.-10
feb.-11
ago.-11
feb.-12
ago.-12
feb.-13
ago.-13
feb.-14
ago.-14
feb.-15
ago.-15
feb.-16
ago.-16
feb.-17
ago.-17
0%
1%
2%
3%
4%
5%
6%
Fed Funds Rate (RHS) Private Equity Index (LHS)
10 year CAPE Ratio (LHS)
+550%
31.3x
27.3x
Current
10y CAPE Ratio(1)
Pre-Financial
Crisis
10y CAPE Ratio(1)
ECB(2) Real GDP Growth Forecasts
(GDP Growth 5 years ahead)
ECB(2) Productivity Growth Forecasts
(Productivity Growth 10 years ahead)
0,0%
0,5%
1,0%
1,5%
2,0%
2,5%
3,0%
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
1.7%
0,0%
0,5%
1,0%
1,5%
2,0%
2,5%
3,0%
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
1.4%
10. The Opportunity Is to Be Invested in Companies that Profit from
Technology Breakthroughs
Mobile Broadband Subscriptions are expected to grow by 50% during the next 6 years, creating
numerous opportunities that companies driving future technology breakthroughs can benefit from, just
like Amazon, Netflix, Airbnb or Uber are doing today.
10
Source: Ericsson Mobility Report November 2017.
Mobile Broadband Subscriptions
(bn)
0
1
2
3
4
5
6
7
8
9
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
8.5bn
Blockchain
Artificial
Intelligence
Internet of
Things
Autonomous
Vehicles
3D and 4D
Printing
Technologies
• Uber disintermediated
the traditional taxi
service by putting in
contact part-time
drivers with willing
clients in a more
effective way$62bn
• Amazon changed, and
is still changing, the
retail industry with a
huge offer, low prices
and a high quality
customer service
• Netflix turned its
business model from
mailing DVD to
delivering video
content online and
eventually killed Block
Buster
• Airbnb leveraged on
hotels’ high prices to
connect prospective
guests with people
that wanted to share
their houses and make
an income out of them
$523bn $86bn
$31bn
5.8bn
c. 50%
11. 11
VC’s Nature Allows for More Value Added and Potential Upside
When properly executed, VC backs companies that not only have higher potential upside but also permit
to achieve more beneficious deals with regard to valuation and terms.
Skills
Direct VC Experience
Sourcing & Screening Power
Multi-Sector Know How
Due Diligence Capabilities
Valuation
Time
Venture & Growth Capital Buy-Out
Enormous
Potential
Upside
• To capitalize on the opportunity VC, the skills that
only firms with direct VC expertise can provide, are
a must-have
Company Lifecycle and Valuation Necessary Skills to Invest in VC
• VC offers a much greater upside potential but VC experience is
required, since the investment process is much more qualitative
1
2
3
4
12. 12
All in, VC Turns Out to Be the Strategy with the Strongest and
Most Solid Fundamentals
Venture Capital is set to benefit from strong fundamentals.
Potentiality Map
MarketTrendStrength
Value Creation Potential
Innovation
&
Technology
Leverage
Lobbying
&
Regulation
Active
Ownership
Arbitrage
&
Selection
Venture
Capital
Leveraged
Buy-Out
Infrastructure
13. Infrastructure Average: 14.6%
The Opportunity Is Such that, Even in a Context Most Favorable to
Buy-Out, Top VCs Have Outperformed All Other PE Strategies
13
Top Quartile IRRs from Vintage Year until 2016: VC vs. Other Private Equity Strategies
(Net IRR for Investors up to 2016)
18,00%
24,50%
27,50%
29,20% 29,60%
10%
15%
20%
25%
30%
2008-16 2009-16 2010-16 2011-16 2012-16
Venture Capital Buyout Distressed Private Equity
Buyout Average: 22.1%
VC Average: 25.8%
Source: “Global Private Equity and Venture Capital 2016”, Prequin; Dealroom.
Despite the cheap credit availability that has fueled Private Equity strategies like Buy-Out, Upper Quartile
VC Funds consistently outperform their upper quartile counterparts, providing greater upside potential.
Fund Vintage - 2016
16. 16
European Society Has Shifted Towards Entrepreneurship
Europe has acquired a strong Entrepreneurial Mindset with a great acceptance of entrepreneurship as a
career path and a high rate of repeat founders with a greater acquired experience.
Evolution of Entrepreneurs by Geography
(Percentage of Entrepreneurs over Working Age Population)
Sources: Atomico Survey.
(1) Total Entrepreneurial Activity –Global Entrepreneurship Monitor 2002 - 2016
of Students think that Entrepreneurship is a valid
career path
79%
85%
of Students are optimistic or think that European
Tech Ecosystem is going to remain about the same
82%
Entrepreneurship is Taught in the Best Universities
5%
7%
10%
6% 6%
7%
5%
6% 6%
5%
5%
8%
2002 2009 2016
Eastern Nordic Southern Western
Acceptance Rate between women, 2% more than in
men
Average 5% 6% 8%
• European Entrepreneurship has almost multiplied by 2x in
the last years, reaching about 8% of working age population
17. 1,1
9,7
0,5
4,5
Graduates Per Annum Graduates Last 10 Years
There Is an Unparalleled Engineering and Science Talent Pool in
Europe
Europe has an unprecedented ecosystem of talent that has been backed by world-class academic
institutions, which are currently producing significantly more talented professionals, focused on the tech
industry, than the US.
17
5 of World’s Top 10 Computer Science Institutions
are European
c. 5m
Source: Atomico, Eurostat.
Developers By Hub
71.497
9.990
27.333
40.538
15.915
9.586
11.346
22.944
83.262
London
Lisbon
Madrid
Paris
Berlin
Oslo
Stockholm
Istanbul
San Francisco
Science, Technology, Engineering and Mathematics
(“STEM”) Graduates
c.
0.5m
Global Rank Institution Location
1 ETH Zurich
3 Oxford Oxford
7 Imperial College London
8 EPF Lausanne
9 TU Munich Munich208.429
18. 17
19
1
2
18
Europe is the Largest Developed and Integrated Market
Europe is the largest developed and integrated market and the best positioned for technology
development due to its impressive size in terms of GDP, Internet Users and Smartphone Users.
321
510
1
2
Population
(Millions of people)
176
228
1
2
Smartphone Users
(Millions of people)
GDP
(PPP, $tr)
Internet users
(Millions of people)
279
405
1
2
Europe is the Largest Developed Market(1)
Source: World Bank, Atomico.
(1) Europe includes EU, Switzerland and Israel.
Benefits of an Integrated Market
Free Capital Movement
Unrestricted Commerce
Unique Regulatory
Environment
Strong Investor Protection
Pan-European Financial
Institutions
Cost-Effective Advantages
1
2
3
4
5
6
19. European VC Industry has Been Built over the past 20 Years,
With Stable Teams Capable of Exploiting the Opportunity
VC teams in Europe have developed a solid experience of c. 10 years proving their ability to select the
best investment opportunities given that they have been through several economic cycles and
understand the challenges involved in the sourcing and selection of the best alternatives.
19
Currently Active European VC Firms by Founding Period
European VC Funds with +10 Years of Experience(1)
5%
16%
25%
31%
22%
1990 - 1994 1995 - 1990 2000 - 2004 2005 - 2009 2010 - 2015
c. 80% of the European VC industry already
has more than 10 years of experience
Source: Invest Europe.
(1) Non-exhaustive list.
Founding Period
20. Results
1.311
308
265
240
229
179
134
118
78
GreenTech & Transport
Energy Efficiency
Education & Support
Agriculture & Food
HealthTech
ICT
DeepTech
General Innovation
Security & Public Services
And Public Institutions Will Continue Supporting Entrepreneurship
20
European Union Programs represent only c. 10% of Public Investment in Europe. The Union will keep
supporting entrepreneurship in Europe, as it has done historically, fuelling many successful businesses.
Source: European Commission
Europe 2020 Initiative is Fuelling Entrepreneurship Post-2020 Europe Investment Plan
Total 2016
Allocation to SMEs
through innovation
programmes
€2.9bn
2020 2027
Horizon 2020 Funding by Topic in 2016
(In €m) High Quality
Proposals Funded
Expected Impact in
the European
Economy
Research &
Innovation
Investment Long-
Term Objective
€80bn of Public Investments €120bn in Public Investments2014
• Focused on Entrepreneurship and Innovation, Horizon 2020 is
“Europe 2020 Initiative” flagship program to support SMEs
Exemplary Program within “Europe 2020”
Achieve a 33% of proposals
funded
(vs. current 20%)
€400bn by 2030
3% of the EU’s GDP,
compared to the current 2%
21. 1
• Mobile, Telecom,
Healthcare and Software
Not Surprisingly, Europe Is Already One of the Largest Global
Tech Hubs…
Europe has been able to develop some of the most powerful tech hubs globally.
(1) Also includes Rhein-Main-Neckar.
(2) Taking into account Cambridge Area too.
Amsterdam & Eindhoven
The Netherlands
• Amsterdam: ICT / Life
Sciences
• Eindhoven: Green Tech and
software
Antwerp & Burssels
Belgium
• Life Sciences
Zurich
Switzerland
• Medtech and pharma / life
sciences
Paris
France
• Media, advertising, e-
commerce, sharing
economy, AI
London & Dublin(2)
UK and Ireland
• Cambridge: Biotech,
wireless
• Dublin: Medtech, hardware
• London: Consumer, finance
Stockholm
Sweden
• Telecoms, Peer to Peer,
Software
Helsinki
Finland
• Mobile telecoms, gaming,
open source
Copenhagen
Denmark
• Life sciences
21
Berlin & Munich(1)
Germany
• Berlin: ICT / Life Sciences
• Munich: Hardaware,
software
• Rhein: IT
Tel Aviv
Israel
Barcelona
Spain
• Mobile Telecom, E-
Comerce, Gaming and
Software
10
11
9
1 2 3 4 5
6
7
8
2
3
4
5
6
7
9
8
10
11
22. …with a Large Deep Tech Startup Ecosystem
22
Europe is thriving with deep tech companies, closing the gap between the continental and American
startup ecosystems. However, European deep tech startups lack the funding levels strengthening US
companies.
Deep Tech Startups Founded since 2011
(Cumulative number of companies)
490
950
687
1252
2011-2013 2014-2016
Europe US
94% increase
• Between these two periods European deep tech startups have
increased at a 94% rate compared to an 82% increase in US
deep tech startups
Source: The State of European Tech 2016 – Atomico.
(1) Data for 9 months only during 2016.
Deep Tech Investment and Exits in Europe(1)
($m Capital Invested and Number of Deals)
• $2.3bn has been invested in Deep Tech since the start of
2015, a 4x increase since 2011
289
244
470
718
1.328
935
2011 2012 2013 2014 2015 2016F
82
55
160
218
296
282
Capital Invested ($m) Number of Deals
23. 23
Able to Build Extremely Successful Precedents
Some of the most successful startups globally have been developed within the European VC landscape
and each year a greater number of European companies achieve this condition, continuing a clear growth
trend.
Source: CB Insights, Crunchbase and GP Bullhound Research.
European Extremely Successful Cases Evolution up to 2018
(Number of companies with a valuation over $1bn)
7
37
70
Up to 2010 Up to 2014 Up to 2018
mobli
+30
+33
24. …And a Proven VC Track Record
24
Venture Capital Teams in Europe have developed a solid experience and have proven to give consistent
and increasing double-digit returns.
(1) Source: The Acceleration Point - Invest Europe. Data as of end of 2015.
(2) Non-exhaustive list.
1,8
4,9
5,3
4
10,2
11,6
14,9
13,3
181
273
312
363
383
529
539
418
2009 2010 2011 2012 2013 2014 2015 2016
Exit Value # of Exits
European VC-Backed Exits
(€bn and Number of Exits)
CAGR 33%
10 18 17 11 27 22 28 32
Average Exit Value (€m/exits)
Double-Digit Net Fund Returns in EIF’s VC Portfolio
(Net Fund IRR since 2007)
33%
23%
16%
66%66%66%
46%
32%
27%
Top 10 FundsTop 20 FundsTop 30 Funds
IRR Boundary Median
25. 3,8 3,8
5,1
5,5
6,4
2012 2013 2014 2015 2016
This Attractiveness is Already Being Perceived by Investors
25
Larger European VC Funds and increased fundraising are finally giving the industry enough scale to
commit Pan-European investments and achieve higher returns.
Source: Invest Europe, EDC, Atomico, Pitchbook 1Q 2017 European Venture Report.
• Europe’s VC industry is coming off two record fundraising years
in which more than €17bn was raised. Before 2015, only in one
year (2008) fundraising had surpassed €6,5bn
• During Q1 2017 the industry raised €2.1bn setting the pace for a
>€8bn fundraising for the third consecutive year
48
66 64
108
127
2012 2013 2014 2015 2016
CAGR 14% CAGR 28%
• European VC Funds are now able to push for the winners
in later funding rounds and support the companies in
turnaround situations
Incremental Fundraising by European VC Funds
(€bn)
Mean Fund Size Evolution
(€m)
26. 1.10x
0.78x
1.58x
1.89x
2005-2010 2011-2015
Conclusion: European VC’s Potential Is Being Untapped
26
European VC Ecosystem offers significant room for growth and represents an attractive alternative
to the US VC market, being the improvement in performance of European VCs a proof of it.
Sources: “Global Private Equity and Venture Capital” 2016, Preqin; NVCA; EVCA; Northzone Ventures and IMF.
United States Europe
20,2 19,7
77
20
United States EuropeSize of the Economy (GDP in $tr)
VC Investments during 2017 (in $bn)
Roomfor
growth
2005-2010 2005-2010 2011-20152011-2015
Economy Size
Vs. Amount of
VC Investments
Venture Fund
Exit Value /
Capital
Commitments
• The economies of the US and Europe are
similar in size but VC investment differs
greatly
• There is significant room for growth in VC
investment in Europe
• From 2011 to 2015 Europe has been able
to deliver more returns on capital
commitments than the US