TD Ameritrade’s president, Tom Bradley, gave his long term vision into 2020 of the investing landscape.  Some highlights - 

(a)  He predicts that by 2020 $45 trillion will be held by investors

(b) The $8 trillion women hold will grow to $22 trillion by 2020

(c) He thinks RIAs have an advantage over other money managers due to their Fiduciary responsibility and product agnosticism.

More can be found out from Bradley here - http://bit.ly/zRdF78

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Scorpio Partnership reports Private Bank new moneys from clients has fallen by 19% in 2011.  The Merrill Lynch / Cap Gemini sponsored report that most families have recovered from the 2008 financial market meltdown.  However, they are leery of investing new monies into their private banks.  With fees frequently around 2-3% and returns less than that, potential clients have lost interest in the relationship.  AUM at private banks fell by 16% in 2008 but only rose by 18% when the following year and by 11.4% in 2010.  Conversely, there has been a flight to size as larger private banks have raised more AUM despite better performance from smaller firms managing less than $20 billion.  There is more info here - http://on.ft.com/x1sKad

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Birch Caring Capital claims that too many wealthy families responded to the 2008 financial meltodown by diversifying their holdings to too many financial institutions.  As a result objectives can be at adverse aims and fee schedules can be beyond the ability of families to decipher.  Birch recommends these families look at a consolidated solution where family wealth is managed by an executive who acts to coordinate the diversified holdings in multiple fashions.  You can read more here, http://bit.ly/zlstRr

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The team at Merlin Securities has released a new white paper on the increasing sophistication of investor due diligence.  In a few short years the due diligence market has moved from an artisan craft to a quantitative discipline that is increasingly widespread.  Expectations for Fund managers is for a statistical/data driven process demanding more granularity (daily) and transparency than ever.  More from Merlin here, http://bit.ly/wifkZC

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Purnur Schneider from InschQuantrend Ltd. has forwarded this note for our blog readers:

I would like to bring to your attention our most recent publication, entitled “PIBS or PUBS? Permanent Interest Bearing Shares or Probably Uninteresting Building Societies?”.

Following our study of bonds and structured notes, we now turn our attention to the risks and returns pertaining to PIBS – Permanent Interest Bearing Shares. PIBS are a niche high yield instrument issued by UK building societies. In the research paper we cover their advantages and risks and assess their suitability for investor portfolios.

We hope you will enjoy reading it.

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Risk.net published an interview of Kathyrn Shih of head of UBS Asia Private Banking.  The article is titled "Private banks hit by cost and revenue pressures"

Shih reveals in the article that:

"In 2010, we had a restructuring of our investment products and services to prepare UBS for the future of banking, a future in which clients want to be more involved in the investment process and they will judge their bank based on the value added to their portfolios. "

No comments were made on the impact to UBS of  the substantial cut back in investment banking services made this year as a result of the $2.2 billion trading loss suffered by a rogue trader and through the volatile trading market place.  

 You can find more here - http://bit.ly/ul35zG 

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 Bridgewater Associates has piled roughly half of its Assets into emerging markets ETFs.  While everyone else is concerned about an emerging markets slowdown, Dalio is getting more bullish.  Or it may be a diversification strategy away from Europe.  More interesting information is that Dalio is moving into Healthcare and financial stocks.  

You can find more info here - http://bit.ly/taIKyH

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Family Advisor magazine reports that more small family offices, those managing less than $500 million are chosing to outsource their Chief Investment Officer (CIO) function.  The study reports as many as 75% of SFOs with assets below $500 million are outsourcing.  

There was no report of what the split was in outsourced CIO function between Private Banks, Multi-Family Offices, Wealth Managers, Consultant, etc.   Nor did it report the number of respondents.  For more info on the study go to http://bit.ly/tXqUR4

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Bloomberg reports that Michael Steinhardt has pledged part of his $200 million Art fortune as collateral for his latest real estate venture.  Some of the art financing experts mentioned in the article, including Christies and Herrick Feinstein, will be speaking at the Boca Raton IvyPlus 2012 Family Office Outlook Event we are holding in conjunction with the Art Basel festival in South Florida.  For more information on art financing you can read the Bloomberg article here, http://buswk.co/oI4XdK.  For more info on the IvyPlus December family office event or our other events, please contact us here - http://www.ivyplus.biz/contact.html

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John Thaler’s JAT Capital is said to be up by 31% YTD based on market neutral bets on Chinese internet companies.  Assets have tripled in the NYC fund since the beginning of the year.   JAT employs 31 people and is has a contingent of employes including Thaler who originate from Shumway Capital.  More here, http://bloom.bg/qu9ec9

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