In a financial environment characterized by about 11 trillion dollars of bonds showing negative returns, and by 87% of the non-USD hard currency denominated existing securities yielding less than 1.50%, Contingent Convertible bonds, with an average yield to maturity of 5.66%, stand out as an attractive investment opportunity for those who are still seeking returns in the fixed income space.
The Swiss Structured Products Association (SSPA) welcomes AIS Financial Group and Valeur Group, two new broker members, to its ranks. The SSPA now has a total of 43 members from the entire value chain.
Prometeia ha svolto un’istruttoria ad hoc e alla fine è stato scelto come management company Eurizon SA: “Il modello di gestione prevede la delega di parte della gestione a diversi gestori, oltre ad Eurizon sgr, fra questi, Hsbc, Morgan Stanley e Valeur. L’approccio di gestione è impostato su un modello multimanager e multiasset.”
Valeur SA (“Valeur”) has been granted the licence to be appointed as asset manager of foreign collective investment schemes pursuant to the Federal Act on Collective Investment Schemes (CISA; in Italian Legge federale sugli investimenti collettivi di capitale-LICol).
The LICol/CISA licence has been awarded to Valeur by the FINMA, the Swiss Financial Market Supervisory Authority.
This authorization allows Valeur to manage UCITS funds (Undertaking for Collective Investment in Transferable Securities) and SIF funds (specialised investment funds), among others. Valeur will start by managing 4 regulated Luxembourg funds across different investment categories such as fixed income, equity and liquid alternative strategies.
Europe and the Euro-zone have grown accustomed to facing crises; the history of the continent is filled with conflicts, crises and wars. The post-war period, albeit peaceful, has not been much different at least on an economic, monetary and philosophical level and especially so since the introduction of the common currency.
Since the end of World War II, Germany has been associated more with the sponsorship of the common European ideals rather than with the cause of the crises that could undermine the European project. Nonetheless, its exploitation of the stickiness of the common exchange rate regime (what’s stickier than theEuro?) to the detriment of other European countries has been flagged as one of the main causes for the weakness that has arisen in the other countries.
In the kingdom of Creditonia you are the Chief Investment Officer tasked with ensuring that theasset allocation decisions maximise the return of the king’s portfolio. The king is not really worriedabout risk and having seen two would-be investment managers, Mickey and Donald, on “XFactor Investing” he points you to them. They both invest in the only two meaningful assets available in the kingdom: banks’ equity and banks’ debt.
You decide to hold a competition to tell who is going to win your trust and help you invest the king’smoney: for a year they have to pick ten between bank stocks and bonds; at the end of the year the results will be made public and the decision on who is the best performer will be taken.
Lorenzo Vangelisti (in foto) è un manager che lavora da oltre 20 anni nel mondo degli investimenti. Ha iniziato la sua carriera nel 1996 presso Credit Suisse in Svizzera nella divisione di Private Banking. Nel 2007 si è spostato a Londra nella divisione Investment Banking del gruppo elvetico dove, come Director del Team di Fixed Income and Equity Derivatives, era responsabile per Clientela istituzionale in Italia, Svizzera e Montecarlo. Oggi è ceo di Valeur Group.
I mercati negli ultimi sei mesi sembrano aver cambiato direzione. Quale è la vostra opinione su quanto successo e come impatterà il 2019?
Gli ultimi sei mesi hanno segnato un cambio di sentiment del mercato ed in particolare è cambiata la percezione da parte degli investitori sull’andamento dell’economia globale. Tutti gli indicatori di propensione al rischio sono scesi notevolmente, molto più che a Febbraio 2018, e il posizionamento medio di portafoglio degli investitori è diventato molto conservativo.
Dall’altro lato, i dati economici sono rimasti incoraggianti, in particolare per gli Stati Uniti, facendo emergere una biforcazione fra la reale situazione macroeconomica e le aspettative degli investitori. Tutto ciò ha generato volatilità: quasi tutti i mercati sono scesi a fine anno a causa del ribilanciamento dei portafogli, ma l’inizio del 2019 ha visto rialzi diffusi a seguito delle notizie molto positive sulla crescita del lavoro in America e possibili distensioni.
Indaco Sicav-SIF, the Luxembourg fund platform, has launched its first European credit fund, which is available to professional investors only from the 21st of January.
The Indaco Sicav-SIF – Indaco CVC will provide professional investors with access to European credit markets with a focus on the performing loan segment of the market and it is the result of a common effort between CVC Credit Partners and Valeur Capital.
On the uncommonly warm Christmas Eve of 2018, Theresa May the Prime Minister of the United Kingdom is heading back to her residence in Downing Street, curved under the weight of unwieldy responsibilities. She is murmuring protests against the climate change that makes her sweat and against Jean-Claude Juncker, the President of the beloved European Commission, who recently called her foggy. Nebulous in the mind, she spares a thought for David Cameron, her old boss and political partner, who committed suicide a little more than two years earlier by sleepwalking into a lions’ cage at the London Zoo.
Theresa dislikes the spirit of generosity of Christmas – her distrust of immigration and diversity lead to the establishment of the Hostile Environment policy a few years earlier; a policy with no economic sense, that nonetheless pleased the insurgent populistic sentiment.
Valeur Capital è una società indipendente attiva nella gestione di capitali sia di clienti privati che di investitori istituzionali. La società, oltre ad attività di trading ed advisory, gestisce direttamente due SICAV con focus su svariate strategie ed asset class. La strategia di gestione è guidata da un attento monitoraggio del rischio che ha assunto un ruolo d’importanza strategica anche alla luce dei repentini aumenti della volatilità degli ultimi mesi.
The disclaimer is composed of:
1 – Group description
2 – Disclaimer for Valeur Group, Valeur SA, Valeur Securities SA and Valeur Concept SA
“Valeur Group”* comprises five independent companies:
– Valeur Securities SA – Switzerland
– Valeur SA – Switzerland
– Valeur Concept SA – Switzerland
– Valeur Capital Ltd – United Kingdom
– Valeur Pte Ltd – Singapore
* The current “Group” structure has been in operation since 2016. From 2009 to 2015 Valeur had a different company and group structure.
DISCLAIMER VALEUR GROUP, VALEUR SA, VALEUR SECURITIES SA and VALEUR CONCEPT SA
By accessing this website www.valeur-group.com (hereafter “Site”), you explicitly declare that you have read, understood and accepted the following important legal information concerning both the Site and any material and/or information contained therein. In case of non-acceptance of the following legal information, please do not access the Site and its pages.
Limited access and geographical restrictions
This Site has a purely informative purpose for the existing clients of the various companies belonging to the so-called “Valeur Group”. In particular, the information that directly or indirectly refers to the Swiss companies Valeur SA, Valeur Securities SA and Valeur Concept SA, is addressed exclusively to natural and legal persons, as well as to partnerships and collective entities, with domicile or registered office in Switzerland. In this context, the use of the English language is only intended as an aid for our (non-Italian speaking) foreign current and prospective clients domiciled or residing in Switzerland. The Italian language is used because the aforementioned Swiss companies are active in Switzerland – especially in the Canton of Ticino-, where the Italian language is one of the official languages. The use of the Italian language cannot in any way be interpreted as an element of connection with the Republic of Italy or as an indication that the activity of the said companies is aimed at the Italian market.
More generally, please note that this Site, as a whole or in each of its contents, is not addressed to legal or natural persons who, by virtue of their nationality, type of person, domicile or residence, registered office or for any other reason are subject to a legal system that prohibits or limits access thereto, consultation, availability or publication thereof, the presentation of financial services or the marketing of certain financial products.
Restrictions on investment funds and structured products
The Site may contain information that refers directly or indirectly to structured products, as well as to the collective investment schemes that are registered in different jurisdictions and that are only accessible to persons resident in countries that allow the distribution of such types of collective investment schemes: persons who do not meet these requirements cannot access the content of this information. In particular, the aforementioned information is intended exclusively for qualified investors pursuant to Art. 10 Para. 3, 3bis and 3ter of the Swiss Federal Collective Investment Schemes Act (CISA) and for independent asset managers as defined in Art. 3 Para. 2 lit. c CISA with country of residence in Switzerland. The information on the aforementioned products contained in this Site may only be accessible to – and is addressed only to – such category of investors and may not be publicly distributed. Accordingly, persons who do not fully comply with the above conditions may not access the content of such information.
No offer and no recommendation
The content of the Site (information, opinion, as well as data or any document) is for informational purposes only and in no case constitutes an opinion (legal, fiscal or other type of opinion), an invitation, an offer, a recommendation or an inducement to buy or to sell, to apply for or to subscribe to securities, financial instruments, financial or investment products or services, nor a persuasion to effect transactions. Before you make any decision relating to investments, we recommend that you consult with your advisor.
Exclusion of liability
We decline, without limitation, any liability for losses and/or damages of any nature – whether direct, indirect or consequential – possibly arising from the use and/or access to the Site and its contents, or from links that lead to third party websites.
Every care has been taken in preparing the content of the Site; however, no guarantee can be given regarding the correctness, accuracy, completeness, reliability or update of the proposed contents. These contents may be changed at any time, and without notice and there is no obligation to remove information that is no longer up to date from the Site or to explicitly identify it as such.
Link to other websites
No verification is carried out on the websites of third-party providers linked to the Site and therefore we decline any responsibility for the relative contents and for any services offered therein.
The Site does not collect and does not intend to collect sensitive personal data (such as data concerning political opinions, religious beliefs, health or sex life). To the extent that such data should be collected, your consent will be requested in advance. Please note that if you provide sensitive unsolicited personal data, you consent to the same being used.
The content of the Site is covered by copyright: it is therefore not permitted to reproduce (partially or in full), transmit (electronically or otherwise), modify or use the Site, or the content of the same, for any public or commercial purpose without our prior written consent.
Applicable law and place of jurisdiction
Any dispute concerning the use of the Site shall be subject to the Swiss law, which shall exclusively govern the interpretation, application, and effect of all the conditions set out above. The courts of Lugano shall have exclusive jurisdiction over all claims or disputes arising out of or in connection with the Site and its use.
Shareholder Rights Directive (applies to Valeur Capital Ltd)
The Firm has developed an engagement policy with respect to obligations under the Shareholder Rights Directive and will in due course publish in full an appropriate disclosure regarding its policy, related processes, and engagement with investee companies (as per FCA rules at COBS 2.2B.5 R).
I confirm that I have read, understood and accepted all the statements presented in this page, in particular the restrictions concerning the domicile and/or the place of business as well as the limitations pertaining the investment funds and the structured products, and I declare my intent to access to the contents of the Site at my own exclusive initiative, without having been solicited in any way.
WE DO NOT MARKET TO OR ENTER INTO CONTRACTS WITH CHILDREN NOR WE DO COLLECT PERSONAL DATA FROM ANY PERSON UNDER 18 YEARS OF AGE. PLEASE DO NOT ACCESS OR USE THE WEBSITE OR SERVICES IF YOU ARE UNDER 18 YEARS OF AGE.
This policy sets out what personal data we might collect, how we process and protect that data, the lawful grounds for that processing, and your related rights. Essentially ‘personal data’ means any information relating to an identified or identifiable natural person, namely one who can be identified, directly or indirectly from that information alone or in conjunction with other information. In most cases, the lawful ground will be that the processing: (i) is necessary for our legitimate interests in carrying out our business, including to raise and invest the funds / maintain, improve and market our products and services, provided those interests are not outweighed by your rights and interests (‘Legitimate Interests’), (ii) is necessary to perform a contract with you (‘Contract’), or (iii) is necessary to comply with our legal obligations (‘Legal Obligation’). Where processing is based on your consent (‘Consent’), we will identify the processing purposes and provide you with relevant information to make the processing fair and transparent.
As data protection law and practice are constantly developing, we’ll need to update this policy from time to time, which we’ll do by posting a new policy on the Website that takes effect from the date stated. It is your responsibility to return to the Website from time to time and check for changes.
How Do We Obtain Personal Data?
We collect or are provided personal data in the normal course of business, for example:
– you may provide us with your details during discussions about investing in our fund or our fund investing in your business/buying our products or services,
– when you visit the Website, we may collect information about your visit such as your IP address and the pages you visited,
– you may provide us with your details when you ask about our funds or other Services (through the Website, by email or otherwise) and we may obtain legally-compliant lists of potential customers for our funds or other Services for our marketing purposes.
When you provide us with personal data about yourself or another person, you are confirming to us that you are authorised to provide us with that information and that any personal data you give us is accurate and up-to-date.
Sensitive Personal Data
Given the nature of our business, we do not ask for ‘sensitive’ or ‘special categories of personal data’, such as information about your health, political opinions, racial origins or sexual life and we would ask you not to send any to us.
How do we use personal data?
We use personal data in the normal course of our business, for example:
– To respond to enquiries about the funds and other Services, to provide the Websites and Services, to provide advice and support. Lawful basis: Legitimate Interests or Contract.
– To analyze and improve the Website, the funds and other Services, for example for technical or security purposes and to improve the customer experience. Lawful basis: Legitimate Interests, however where for example applicable law requires your consent to use certain cookies, we will ask for your Consent having provided you with relevant information.
– To market our fund(s) and other Services – if we do so, we will provide you with an easy and free way to opt-out of receiving such communications in the future. Lawful basis: Legitimate Interests (or Consent as above).
– To investigate opportunities and make investments by the fund(s).
– In certain circumstances, to share it with a limited number of third parties as described in this policy, for example for operational requirements and business continuity purposes. Lawful basis: most processing will be based on Legitimate Interests, some processing is based on Contract and, where necessary (as above) some processing may be based on your prior Consent.
Sharing Data & International Transfers
We will not give, sell or rent your personal data to third parties so they can market their services to you. Nor do we accept advertising from third parties on the Website. We may share personal data in the following limited circumstances.
– For provision of the Services, and for our own disaster recovery and business continuity purposes, we may store or transmit personal data to or through third party providers, such as with our contractors and advisors to help us operate, secure and analyze our business. Lawful basis: Legitimate Interests or Contract.
– We may be obliged to disclose your personal data to comply with a law, order or request of a court, government authority, other competent legal or regulatory authority or any applicable code of practice or guideline. Lawful basis: Legal Obligation.
In each case, we share the minimum personal data necessary and we have written contracts in place incorporating relevant wording to safeguard that personal data and comply with applicable laws, and we will only share such data as is necessary for the purpose in question. Where possible, we keep personal data within the European Economic Area (‘EEA’). However, in order to carry out the above purposes, we may use third parties and their facilities outside the EEA. In all such cases we will ensure that appropriate security measures are in place to protect your personal data and a valid legal basis for the transfer applies.
As a default position, we will only retain personal data for any statutory retention period, then a reasonable period (if any) necessary for the above purposes. This is subject, for example, to any valid opt-out or withdrawal of consent where processing is based on consent, or other valid exercise of your data subject rights which is effected.
The security of data is very important to our business. In accordance with our legal obligations, we take appropriate technical and organizational measures to protect your personal data and keep those measures under review. However, we can only be responsible for systems that we control, and we would note that the internet itself is not inherently a secure environment.
Third Party Services
You have the right to know if we process any personal data about you and, if we are, with certain limitations, to a copy of that personal data. You also have the right to ask us to remove or correct any of that personal data that is inaccurate, to object to certain processing and to withdraw any consent you may have given us for any processing of your personal data. You also have the right to ask us to restrict processing certain of your personal data, to erase your personal data, and to ‘port’ certain of your personal data to you or another provider, provided in each case that we have such data and certain conditions are met. You have the right, at any time, to object to the processing of your personal data for direct marketing.
If you’ve any question you can always contact us at the address above or by email to email@example.com. You have the right, at all times, to notify a complaint to any regulator such as the UK Information Commissioner, although we would welcome the opportunity to discuss and resolve any complaint with you first.