Year: 2014

Chalhoub Group: building brands in the Middle East

Posted on by Ashton Wenborn

The adventure started almost 60 years ago with the opening of the first Christofle boutique in Damascus. Since then a lot has changed. Today, with the strength of over five decades of expertise in the luxury industry, the Chalhoub Group is the leading player in the region in the beauty, fashion and gifts sectors. Over the years, the group has been able to build brands in the region, acting as a bridge while making sure to bring value to each brand.

While Dubai will remain the retail heart of the UAE, the drivers of growth are now shifting towards Abu Dhabi, Saudi Arabia, Qatar and Kuwait

To reach where it stands today, various efforts were undertaken by the Chalhoub Group to offer service excellence to all its partners and a unique experience to its customers. Three main activities exist at a group level: distribution, retail and marketing services. The group facilitates direct access to regional markets through its distribution companies and strategic alliances with major international groups.

The group also has 25 years of experience in the travel retail business, which is part of the distribution activities. In fact, Chalhoub Group acts as a leading supplier to various duty frees and exclusive airlines. It also manages in-flight and airport duty frees. Another activity is marketing services, which helps creating a link between the brand and the consumer. The group also acts as a brand representative, maximising opportunities and minimising risks for the brands operating in the region.

Models of business
Within the retail sector, the group operates through three types of business models: joint ventures, franchises and ‘own concepts’. The joint venture, a regional agreement between the brand and the group, allows a co-management with the brand. Some of Chalhoub’s joint ventures include Louis Vuitton, Dior Couture, Sephora, Fendi, Louboutin and Berlutti.

The franchise model, where the Chalhoub Group manages the brand following international guidelines, ensures excellent results. Some of the group’s franchises include Saks Fifth Avenue, Loewe, Carolina Herrera, Swarovski, Lacoste and Michael Kors. ‘Own Concepts’, a specific Chalhoub model, fills a gap in the market.

Tanagra was the first Chalhoub concept store, and was created more than 30 years ago. It is an inspiring, refined array of unique lifestyle gifts and art de vivre under one roof, targeting customers with discerning taste, from contemporary, iconic and chic to classic and collectible.

Tanagra, The Avenues, Kuwait
The Chalhoub Group’s first concept store, Tanagra, is located in Kuwait

In 1986, Faces was created, a beauty haven filled to the brim with a tantalising array of fragrances, makeup and skincare products. Faces offers a vibrant choice of luxury, unconventional niche and specialty brands, as well as expert advice to fulfil every need of the beauty savvy.

Katakeet is a children’s wear store conceived around the idea of storytelling. The store was developed to ensure a unique retail experience for both parents and children. Level Shoe District, meanwhile, is the world’s finest shoe metropolis, targeting the luxury consumer through its unparalleled collection of exclusive footwear and bespoke services.

This iconic district, spanning 96,000 square feet, is recognised as a global fashion destination, with a curated space divided into 40 designer boutiques and four multi-brand areas: women’s designer, contemporary, men’s, and trend. Bespoke services comprise a VIP Lounge, Vogue designer eateries, a luxury sole lounge, a high-end cobbler, shoe stylists and the latest in retail technology. All these stores are multi-brand concepts unique in their own way.

Strategy and opportunity
Another element ensuring the group’s success is its knowledge of changing market dynamics, especially the distribution and retail landscape, and consumers’ attitudes and behaviour. In fact, the group’s philosophy focuses on consistently building and adding value by considering long-term strategies vs. short-term opportunities and investing in core activities such as infrastructure, IT, business intelligence, but most importantly in developing employee skillsets.

Chalhoub Group by numbers

9,000+

Workforce

14

Countries of operation

470

Retail outlets

Chalhoub’s accomplishments rely on the skilled and dedicated people projecting its values of respect, excellence and entrepreneurial spirit. With a growing workforce of more than 9,000 people, presence in 14 countries, and operating over 470 retail outlets, the group is continuously growing. These highly skilled and dedicated teams symbolise the professionalism and passion that fuel the group’s competitive edge in today’s market.

The group has focused on developing the personnel within the company. Therefore, the Chalhoub Retail Academy was established in 2007 in Dubai and in 2009 in Saudi Arabia. Nevertheless, Chalhoub’s Co-CEO, Patrick Chalhoub, believes that the real growth is yet to come, and the group is aiming to expand its franchise and own concepts networks.

“New brands, ventures and doors will join the group in the next couple of years while the market evolution and trends will keep on feeding us to create and develop our own concepts and likewise, tap market gaps and answer our consumers’ needs and aspirations,” says Chalhoub.

“In this world, change is the only constant,” he adds. “Change is happening around us at all levels – social, political, economic, and behavioural – especially in the Middle East and the Gulf with its young and dynamic population. As such, we need to permanently deepen our knowledge of the environment, the market, and the consumer, capture the evolving dynamic and then make sure that we adapt and evolve accordingly.”

This is why 10 years ago the group established a Business Intelligence Unit to monitor, capture and analyse these evolutions.

Value through experience
In order to better understand regional trends, the group recently published its first white paper to share its expertise with its partners and contributors. This document focuses on the Middle East, making the region known to the world while referencing Chalhoub’s position as an expert on luxury.

The group’s ambition is to bring value to its customers through an unparalleled experience that they would not find anywhere else. To that end, it is focused on developing new ways of offering a personalised service – a necessity in today’s evolving market. There has been a shift from a customer focused on price two decades ago, to a consumer now looking for choice. Consumer assertiveness has increased, and is leading to a quest for personalised service and a holistic shopping experience.

“Dubai will remain the retail heart of the GCC, yet gradually the other emirates are rising,” says Chalhoub. “While Dubai will remain the retail heart of the UAE, the drivers of growth are now shifting towards Abu Dhabi, Saudi Arabia, Qatar and Kuwait, especially with secondary cities.”

The Chalhoub Group has placed education at the heart of its corporate social responsibility (CSR) strategy. The group aims to empower the youth living in the Arab world by supporting academic institutes in the Middle East and Europe. These investments are holistic but widespread in their approach, ranging from building a library at the International College in Lebanon, the alma mater of Anthony and Patrick Chalhoub, to developing a professorship in luxury brand management with the American University of Sharjah (AUS).

The group’s dynamic role is reinforced by a specialised internship programme for only those students attending partner universities, allowing for a designated space for career development.

By being committed to implementing sustainable practices into their business, the Chalhoub Group has been recognised by the Dubai Chamber of Commerce and was awarded the CSR Label in 2013. Being a frontrunner in luxury retail, a pioneer in brand building, a reference point in philanthropy, the Chalhoub Group remains one of the Middle East’s most prominent luxury leaders.

Latin American banks need to embrace mobile technology

Posted on by Ashton Wenborn

Many banks in Latin America are facing major challenges, while going through one of the most prosperous economic periods in recent history. Despite the global turmoil affecting the US, Asia and most of Europe, Latin America has maintained stable fiscal results.

In this region, portfolios are growing at a constant double-digit rate. At Banco Occidental de Descuento (BOD), we have observed a strengthening of the equity base, which has increased corporate income and profitability, while maintaining margins to deal with adversity.

The prudence of Latin American bankers is to – among other factors – maintain enough liquid reserves to allow a positive response to national and international economic downturns by being precautious. These precautions have allowed greater capitalisation and an increase in credit and regional bank expansion, according to the latest reports by the Latin American Banks Federation, Felaban.

Gaining a wider client reach
The challenge now is to attain a larger coverage of individual and entrepreneurial clients. This is ascertained by reaching out to the production sector – particularly small to middle-size companies – while looking for larger opportunities, with a strong awareness of risk assessment and sourcing innovation.

I personally think that a greater availability of reasonably priced financial services, including services of a higher effective usage is still needed in the region. Until now, access to formal financial services has been implemented with a particular emphasis on non-traditional channels.

Additionally, in several countries in the region, non-banking correspondents already outnumber traditional channels, and have since continued to grow. Given that trend, new channels for financial access are required.

As the President of Cartera de Inversiones Venezolanas – a Venezuelan entrepreneurial holding that extends to several Caribbean countries – I am able to assure you that with the present situation, there are a number of challenges in innovation that once they are solved, would provide more customers and company growth.

It is impossible to bank without technology, and even harder to compete in the global economy without it. I understand that for this very reason, banks in Latin America are largely focusing their technology investments in innovation.

In order to take advantage of the emerging technological opportunities used to generate growth, companies in Latin American are reducing costs, improving product quality and customer experience.

Harnessing social media
In the industry we need to develop new access channels, oriented towards fostering inclusion for non-banking segments. We should take advantage of social media and networks in order to connect, communicate and collaborate with customers in real time and in multiple ways.

Overall mobile penetration

According to a recent study by Gartner, almost 60 percent of Latin American banks project to increase their investment in updatable applications, especially in core systems and service-oriented architectures. This is in order to improve the integration levels across all of their apps, reduce costs, and improve the ‘time to market’ ratio, therefore winning over a larger competitive advantage. In this regard, I consider that the Latin American banking industry needs to tackle important challenges in the years to come by implementing changes.

These are to reduce the low banking-inclusion levels in the region, reduce risks and fight fraud. There is a need to reinvent the banking model, fostering the adoption and use of new technologies in order to reduce branch-office transactions and improve its role as a centre for financial advice and doing business.

To achieve this, emerging technologies offer a world of opportunities. Proof of that is the case of the cell phones’ ever-increasing presence, and the advances this entails for mobile banking. Cell phone usage in Latin America is already reaching levels close to 100 percent, and has grown exponentially in the last few years. This has also been the case with the use of 3G and 4G technologies and smart phones, which have been growing dramatically – especially in Brazil, Argentina and Mexico – according to a report on the future of Mobile Banking in Latin America, published by the Deloitte consultancy (see Fig. 1 and Fig. 2).

3G Usage

In 2010, cell phone connections in Latin America already exceeded 563 million, with an average of 1.02 connections per capita, and it is estimated that by 2015 mobile banking will have 140 million users and a penetration of mobile payments close to six percent, similar to penetration levels expected in other regions.

Collaborative development
This mobile penetration – together with important developments attained in the region by non-banking correspondents – has encouraged government policies to support the development of mobile technology. We will also develop and deepen the financial support in the banking industry, especially in the low-income areas.

In fact, a study by Gartner reveals that almost 45 percent of Latin American countries now offer the so-called G2P – Government To Person – operations, for payments of social benefits and other subsidies. Of course, if we go beyond cell phones, we find that other technologies also offer great opportunities to shift service operations from branch offices to self-service channels that are more convenient for the customers.

Such is the case of kiosks and multi-function ATMs that today allow operations such as payment of utilities and services, the purchase of travel tickets, cash and check deposits, cell-phone card reloads, among others. Banks are changing their services portfolio so that many include new transaction possibilities, such as web, IVR and other modalities, 365 days a year, 24 hours a day. This service frees up branch offices, optimising response time for specialised services.

Technological advances have allowed banks to rapidly get in touch with their customers in order to offer new products and services

Currently, internet penetration in the region is close to 38 percent, with more than 220 million users. It is expected that by 2014 this will reach 47 percent. If we consider internet access over mobile devices, this could reach 65 percent by 2015, according to a projection by Deloitte. This penetration level will allow the development of financial and business models over social media, networks, blogs, video streaming and others, making use of every advantage offered by the web in order to leverage the growth of the banking business in the region, and to improve contact experience with all of our current and potential customers.

Technological advances have allowed banks to rapidly get in touch with their customers in order to offer new products and services, while also competing with other institutions to capture a larger market share. Banks must also compete with companies that offer financial services, and to achieve this they should regularly survey the market, ready to make timely decisions, by relying on their strengths and experience in the banking and financial sector as well as on the necessary investments required for updating technology, and recruit qualified personnel.

In terms of attacking the scourge of fraud, Latin America is one of the regions that have rapidly adopted the EMV or “smart card” technology, worldwide. According to figures published by EMVCO, the adoption of such cards and suitable terminals has already surpassed 49 percent and 78 percent respectively, with over 400 million cards in use and more than 5.6 million terminals. The region is now behind only Europe in this regard.

On another front, many banks in the region are implementing biometric authentication systems and digital certifications, to reinforce security in their channels. In general and based on the experience of the banks I preside in, I consider that technology has transformed and will keep on transforming the banking industry.

The adoption of cell phone-based technologies, mobile payments, and electronic transactions over the internet, ATMs and points of purchase will soon cast aside the use of cash and cheques. Imagination is limitless, and with it, new trends will blossom in the banking industry to reach and service more customers, and for transforming the business of banking into a more innovative, high quality, and reliable experience than it already is.

ICB sees Bangladeshi economy go from strength to strength

Posted on by Ashton Wenborn

Since 1976, the Investment Corporation of Bangladesh (ICB) has been a catalyst in fostering rapid economic growth. Now the local economy is growing at full tilt, with the ICB reaping the financial rewards. Bangladesh’s economy grew by above six percent on average over the last four years and is set to continue growing by six percent this year.

This is due to decades of hard work and investments by a number of institutions; chief among them is the ICB, which has been tasked with “encouraging private enterprise and investment” with “investment-driven institutional support to meet the equity gap of first generation industrial entrepreneurs,” according to its Managing Director, Mohammad Fayekuzzaman.

Socialist and nationalist cohesion
Fostering development is still a main challenge in Bangladesh, and for some time the government strategy has been to privatise the numerous companies that were nationalised after independence.

“Bangladesh had a socialist economy after its independence in 1971, and around that time it nationalised all industries. However, the country has since revisited its economic policy as it undergoes reforms to stimulate at the creation of experienced entrepreneurs, managers, administrators, engineers, and technicians due to lack of private initiatives,” explains Fayekuzzaman.

“ICB emerged as a state-led corporation that played a fundamental role alongside the government and regulatory authorities to transform the economy of Bangladesh and develop a new industrial capacity.”

Today ICB continues to perform this vital role, but it has also evolved into one of the most prominent financial institutions in the country. It aims to provide responsible and environment-friendly services and to develop as a company “that competitors and society keep an interest in, acknowledge, admire and emulate as a successful and ideal model in the sector,” says Fayekuzzaman.

“ICB is the pioneer organisation for initiating mutual funds, unit funds, building efficient portfolios and providing other financial solutions in Bangladesh. ICB’s contribution to the development of the local capital market by creating demand and supply of securities has been remarkable.”

Bangladesh GDP constant prices

Bangladesh has a lot of potential for rapid economic growth. Over the past 20 years the country’s GDP has expanded on average five percent a year (see Fig. 1) and is now considered one of the most attractive destinations for investment in the region. It has already surpassed other South East Asian countries in a number of fundamental economic and development indicators.

The Bangladesh Chamber of Commerce and Industry has recently announced that it expects that by 2030 Bangladesh should be among the 30 largest economies in the world – it’s currently the 58th largest – and that this should be a goal for the country. ICB is perfectly positioned to develop its business during this unprecedented growth spurt.

“ICB is one of the fastest growing institutions in the country. As it operates in the economic and financial sectors, it can successfully reap benefits of the economic growth of the country,” explains Fayekuzzaman.

“It can also contribute greatly to the economic development of the country. Investors and the other stakeholders have a lot of confidence in ICB. They trust the corporation because it is backed by the government and has a track record in delivering a high quality of service and governance. Therefore, there is huge potential for foreign investment in many areas of the Bangladesh economy through ICB,” he says.

Institutions such as ICB are vital in developing markets similar to Bangladesh. ICB today not only fosters growth and development, but also delivers substantial returns to its main stakeholders. According to Fayekuzzaman, the corporation has experienced strong growth across all areas of business since undergoing reforms in 2002. “The net profit of BDT 107m in 2002 increased to BDT 3.76bn in 2013, registering a 35 times growth in just 10 years.”

During that time, ICB single-handedly orchestrated the launch of the Bangladesh Fund, a BDT 50bn open ended mutual fund – the biggest ever in the history of Bangladesh – in 2010. “ICB took this initiative because it was of national interest, despite a lot of risks,” says Fayekuzzaman.

In order to continue performing soundly, ICB has recently undergone a series of reforms initiated by the local government and the Asian Development Bank. As a result, ICB Capital Management, ICB Securities Trading Company and ICB Asset Management Company have been created and incorporated as subsidiaries of ICB to carry out merchant banking, stock brokerage functions and mutual fund operations respectively.

“The subsidiary companies are operated by independent boards and management pursuant to their own memorandum and articles of association,” explains Fayekuzzaman.

“The three subsidiaries of ICB have already outperformed expectations and emerged with a very promising outlook and wonderful working environments. The restructuring of ICB is one of the most successful reforms in the financial sector of Bangladesh to date.”

A well-hedged operation
Over the years, ICB has expanded its business lines and revenue streams in order to ensure that it remains flexible and efficient. As a leading institutional investor, today ICB is mostly involved in trading securities.

“ICB has built up a strong and diversified portfolio of listed and non-listed securities,” says Fayekuzzaman. “These portfolios are managed by expert teams so that they are balanced and adequately hedged to absorb any share market bumps.”

In addition to this professional management of all investments, the corporation has also introduced the mark to market system of accounting for valuing investments in marketable securities. It has been a tremendous success according to Fayekuzzaman.

“It is a point of satisfaction that there was no equity price risk on ICB’s investment in securities as of 30 June, 2012, as the market price of the securities were higher than that of the cost price despite prolonged share market crash that started in 2010.”

ICB is extremely strict about its operations, in the sense that it seeks to maximise returns without compromising its approach towards risks

ICB is extremely strict about its operations, in the sense that it seeks to maximise returns without compromising its approach towards risks. The corporation has intentionally diversified its product range in order to naturally hedge against potential downturns in particular sectors.

“The corporation’s presence in the relatively volatile equity segment is balanced by its presence in the moderately stable project financing business. ICB’s main project finance platforms are the extension of bridge loans, debenture loan, share buy-back agreement, trustee and custodian services, leasing and consumer credit,” says Fayekuzzaman.

“Similarly, its presence in the mutual funds industry, issue management and other brokerage services is expected to be contra-cyclical to its presence in the equity business.”

The corporation operates across a variety of areas within the financial services space, therefore each operation is conducted under separate subsidiary companies and is regulated by a different authority.

“ICB operates primarily under the Banking Division of the Ministry of Finance,” explains Fayekuzzaman. “Our subsidiaries are registered and regulated by Bangladesh Securities and Exchange Commission for merchant banking, stock broking, depository participants, portfolio management and mutual fund businesses. We are also registered with the Bangladesh Bank.”

The corporation’s presence in a variety of financial segments requires constant vigilance on the compliance side with the evolving requirements of its various regulators. Any violation or transgression could invite censure, affecting the corporation’s reputation and so, a zero tolerance policy is maintained in governance and compliance issues.

The company has also developed a number of social development projects aimed at fostering entrepreneurism alongside the Bangladeshi government. It currently manages the government’s flagship Equity and Entrepreneurism Fund (EEF), an extremely popular scheme aimed at providing financing for “promising young, educated, skilled and low-income rural people to develop businesses in agro-based, fisheries, food-processing and software projects for poverty reduction at mass level,” according to Fayekuzzaman.

“So far, under the EEF scheme more than 1000 projects have been sanctioned, which are providing significant contributions to GDP and have generated about 35,000 permanent and seasonal jobs.”

ICB invests over BDT 500m a year in this initiative alone, though it is by no means its only CSR project. “We allocate a huge amount for CSR activities every year in education, health and sanitation, disaster management and other noble welfare initiatives to benefit employees, customers and the community at large.”

Fayekuzzaman is keen to restate the important role that ICB has to play within the financial services industry in Bangladesh.

“Our vision is to continue to be the leading, responsible and environment friendly financial institution operating in such a way that our fellow competitors and the society watch, acknowledge, admire and emulate us as a successful and ideal model in the sector,” he says. “Our principal mission is for ICB to be recognised as a responsible institution, a financial architect, an innovative solution provider and a performance leader.”

Leadership development through coaching: a case study

Posted on by Ashton Wenborn

Training, executive education and leadership development programming are part of many organisations’ overall talent-management packages, providing key and rising leaders with structured opportunities for skills development and general self-improvement. There’s no doubt about it: investing in learning and leadership development is a win-win for the organisations and individuals who benefit from it.

However, a growing body of evidence shows that training and leadership development programmes are more effective when they include a coaching component. Because coaching is client-driven, it is inherently open to individualisation. As such, it is the perfect complement to already existing programming, providing a structured opportunity to set and pursue goals and put learning from mentoring conversations and classroom training into action.

Putting coaching to the test: The Defence Acquisition University
The Defence Acquisition University (DAU) provides a powerful example of how coaching can reinforce and enhance an already-world-class training and development programme. As the corporate university for the US’ defence acquisition workforce, the DAU provides in-person and virtual learning opportunities and leadership development to the 152,000 military and civilian professionals associated with the largest buying enterprise in the world. In late 2007, the DAU began to explore the possibility of adding a coaching service to its portfolio of offerings in order to improve acquisition outcomes and enhance the leadership capacity of key leaders.

The DAU’s coaching programme impacts leaders in all functional areas of the defence acquisition workforce

After extensive research and benchmarking, the following year the DAU piloted a rigorous coach-training programme oriented around the International Coach Federation’s (ICF) Core Competencies and Code of Ethics and adapted to the unique needs of the defence acquisition workforce. The DAU’s coaching programme impacts leaders in all functional areas of the defence acquisition workforce, including governance and oversight, programme management, contracting, systems engineering, business and financial management, production and quality management, testing and evaluation, and life cycle logistics.

To date, more than 49 DAU faculty members have completed the university’s training programme and deployed their services to meet the needs of nearly 60 major buying organisations. Through one-on-one and team coaching engagements, these coaches – all of whom are themselves senior faculty members and seasoned defence acquisition professionals – have reached more than 220 key leaders at the strategic and organisational levels. Meanwhile, nearly 3,000 supervisors and mid- and senior-grade leaders have benefitted from a portfolio of targeted leadership development courses designed to extend the understanding and use of coaching skills throughout the defence-acquisition workforce.

Success and progress 
In recognition of the DAU’s outstanding use of coaching to augment existing training programmes and empower key leaders to achieve personal and organisational goals, ICF Global awarded the organisation an honourable mention through the 2013 ICF International Prism Award programme. The International Prism Award programme honours organisations that have achieved a standard of excellence in the implementation of coaching programmes; fulfilling rigorous professional standards, addressing key strategic goals, shaping organisational culture, and yielding discernible and measureable positive impacts.

DAU coaching clients have reported a high return on expectations in areas including organisational change, networking, strategic thought and leadership, leadership confidence, teamwork, communication, and time management. This is consistent with ICF research around the benefits of coaching. According to the 2009 ICF Global Coaching Client Study, coaching clients have cited positive impacts on self-confidence (80 percent), communication skills (72 percent), interpersonal skills (71 percent), overall work performance (70 percent) and team effectiveness (51 percent).

The DAU has also cited coaching success stories within the defence acquisition workforce. In the DAU’s International Prism Award application, ICF Associate Certified Coach and DAU Director of Leadership Programmes and Coaching, Richard Hansen, told the story of an admiral who spoke at a recent Wounded Warriors banquet about the key role executive coaching played in helping her reach her current rank.

“People say that culture trumps strategy,” Hansen wrote. “Our coaching initiative is realising a synergy between strategy and culture as our leaders embrace the positive impact of coaching.”

An aircraft programme manager who was initially sceptical of coaching reported “immediate and astonishing” results from his engagement with a DAU coach. In a testimonial, he wrote that coaching helped him turn a well-run programme into a benchmark programme where people knew their value and were empowered to “accelerate through change and land on top.”

330%

DAU’s non-financial return on investment in coaching

743%

DAU’s financial return on investment in coaching

Savings and efficiencies
With an annual acquisition budget of $350bn, the defence acquisition operating environment demands a high return on every investment of time, manpower and money. The DAU’s initiative has met this demand, with measurable results throughout the coaching programme’s 60 client organisations. One hi-tech programme manager who regularly oversaw projects with annual budgets of more than $5m reported that coaching was instrumental in yielding millions of dollars in cost savings and efficiencies.

Meanwhile, the DAU has tracked the workforce-wide impacts of its coaching programme and calculated a non-financial return on investment of 330 percent and a reported financial return on investment of 743 percent.

For more information about how coaching can augment your organisation’s executive education and leadership development programming, visit ICF’s ‘Need Coaching?’ resource at the URL below. This information-packed booklet will help make the case for coaching to decision-makers in your organisation with a concise explanation of what coaching is (and what it isn’t), and a host of compelling data showing that, in organisations of all sizes and across all sectors, coaching works.

For more information, visit coachfederation.org/need or coachfederation.org/prism

Trust Insurance Cyprus prospers despite financial crisis

Posted on by Ashton Wenborn

Foreseeing a large-scale financial crisis is something that not many can claim genuine credit for. While some have insisted they knew all along that an economic downturn was on the horizon, there are only few examples of companies preparing for such a devastating event. There is no more obvious an example of a country burying its head in the sand than that of Cyprus.

While the Mediterranean island became a heaven for international investors over the last decade, successive governments during this period have been blamed for not updating the regulatory framework and curbing excessive spending in order to prepare for any eventual downturn.

The country’s insurance industry has seen steady growth for a number of years, but as with the rest of the economy, was badly affected by the financial crisis that struck in 2012. However, Trust Insurance Cyprus had the good foresight to take a cautious approach in the boom years leading up to the crisis.

World Finance spoke to Christos Christodoulou, the company’s CEO, about the long overdue reforms the country is undergoing, how the insurance market is growing, and why Trust Insurance Cyprus is set to play a leading role in its future.

The chance to start anew
When the crisis hit Cyprus in 2012, many of the country’s leading financial institutions faced a catastrophic collapse in the value of their assets.  However, such a scenario could have been avoided, if political leaders and heads of those financial institutions had not been so profligate during the preceding years.

As a result of the crisis and the €10bn bailout it received from the EU, the newly installed government has begun to implement a number of structural reforms to its economy. Christodoulou believes that things are likely to get worse before they get better, but sees this as an opportunity to learn from past mistakes.

Cypriots are hard-working people, the island still has very strong competitive advantages to offer as a service centre, we have bright minds and excellent professionals and I am sure at the end we will make it

“Cyprus is going through significant changes as a result of the latest bail in and public finance issues. We expect that the financial crisis will slow the economy, or even decrease it. Nevertheless we should take this as a challenge to correct some incongruities. After all it’s the right time to build some new solid foundations for our economy.”

He adds that the coming year is likely to show just how much more reform is needed.

“2014 will show how the economy will behave. If the economy behaves as expected and no more taxes will be implemented, I think we are looking at a couple more years of recession and then things will start to pick up again. If more drastic measures have to be taken, such as higher taxes, then it’s a different story.”

According to Christodoulou, when Cyprus gained EU membership in 2004, the government should have instigated sweeping reforms to the market to bring it in line with its European counterparts.

“These corrective measures are long overdue. In 2004, when we joined Europe, we should have had reforms. Cyprus had to compete in a new environment and the parliament failed to realise that changes were necessary. A small nation joining a big society of nations couldn’t just stay behind. However, we failed to do the necessary changes at the time and so the financial crisis was inevitable.”

He adds that the reforms – many of which are being pushed forward by outside forces – mean that finally the government can tackle issues like employment, which they would have previously been too scared to do.

“Now some third parties are coming in and forcing these changes, such as facing down the unions. Also, slowing down the pace of increasing staff costs, which was not related to productivity. No one has the political courage to connect staff costs to productivity.”

Despite the unprecedented financial situation the country is facing today, Christodoulou sees light at the end of the tunnel.

“Cypriots are hard-working people, the island still has very strong competitive advantages to offer as a service centre, we have bright minds and excellent professionals and I am sure at the end we will make it. And not only that but with the momentum of gas findings the Cyprus economy will flourish again in the years to come. It’s just that we have to make the cycle. The earlier we turn things the better. This is why Trust is investing, and will continue to invest in Cyprus. We believe in the island, and its people. After all we share some very important values and this cannot be ignored.”

Internationally-led productivity
Cyprus’s insurance industry has long been linked to that of the UK. When the country was granted independence from Britain in 1960, the market itself was operated from London for a number of years. However, since 1969, a local industry has sprung up and now there are around 30 insurance companies on the island.

“Awareness of insurance has increased and the level of services offered is higher. They are now comparable to the more developed European nations, like the UK. This is a drastic change in the insurance industry. The quality of service is very much comparable to other regions,” Christodoulou explains.

There is however, still an international presence. “A lot of international companies started here, and there are also a lot of companies owned by or affiliated with international groups, and that helps local companies to develop faster. In Cyprus, insurance accounts for between four and five percent of our GDP, whereas in other countries across Europe this figure is about nine percent. So there is room for development, and that is the reason why there is interest from international companies to set up in Cyprus.”

Although the rest of the economy has suffered a difficult 18 months, the insurance industry has had a less stormy time. Christodoulou says the growth rates have slowed, but only by between three and five percent. “We do not think this is significant. In fact, the insurance industry is steady.”

The industry however, is facing a number of reforms in the coming years, nonetheless the Solvency II rules. “The biggest challenge – even greater than the financial crisis – is Solvency II. A lot of companies have lost assets through the bail in, such as the drop in real estate prices and the shareholding in the banks. The likely consequence of the financial crisis is that companies that were preparing for the Solvency II capital requirement rules will now struggle to meet them, forcing a level of industry consolidation.

“The capital requirements of Solvency II will push a lot of the companies to merge. We expect to see over the next few years in the industry changes with regards to who the key players are. There will be a lot of consolidation. The industry has been preparing for the past three or four years for Solvency II. However, now with the financial crisis, I am not sure whether some companies will be facing worse problems, as a result of their assets decreasing.”

Covering a number of bases
Established in 1990, yet only starting domestic operations in Cyprus in 2009, Trust was relatively unscathed by the financial crisis because many of its assets were based abroad. Although the new regulations and the crisis have placed great pressure on the industry, Trust was well prepared for both.

“We have been preparing for the last four years. We have a risk management team preparing our procedures and the structure of the company so that is in line with Solvency II. Most of our assets were abroad, so we were not affected so much by the financial crisis in a way that would slow down the growth of the company.”

We see the financial crisis as an opportunity to grow and become a leader in the Cyprus insurance industry

In fact, the company sees the crisis positively, “We see the financial crisis as an opportunity to grow and become a leader in the Cyprus insurance industry. We’ve invested heavily in technology, we keep investing in our people and try to be innovative when it comes to products and services.”

Currently focused on the general, travel and health insurance sectors, Trust is increasingly signing up more corporate clients. This is seen as a huge opportunity because the banks that usually offered the services are scaling back their operations. Trust also hopes to enter the life insurance business in the future, says Christodoulou.

“However, we need to have a separate company to do that, so currently we’re looking in the market to see if there are any potential companies that we could buy or to start our own company.”

As part of the international Nest Group, Trust has a strong financial backer and broad network within the global insurance industry. They hope, however, to persuade Nest that Cyprus should be the hub of its global insurance operations.

“Our plan is to convince the Nest Group to consider Cyprus as their insurance centre. Nest owns eight insurance companies. We want to show that we have the know-how and expertise that can be transferred to other countries.”

Having the financial security that comes from being part of a recognised international group of insurance companies like the Nest Group means that Trust is able to court new customers with confidence.

“Currently in Cyprus, an insurance company has to be financially strong in order to inspire security to its customers. Trust is financially strong, as it is part of the global power of Nest Group. We are a financially sound organisation, unaffected by the economic crisis. We have convinced the market that we can sustain high growth rates, but at the same time be able to respond to how the market changes.

“At the same time, we offer innovative products and are trying to be unbeatable with regards to customer service. Day by day we are proving to customers that we are the next generation of insurers.”

The extraordinary progress of the hedge fund industry

Posted on by Ashton Wenborn

Headstart Advisers has been active in the hedge fund industry since 1990 and has witnessed first-hand how it has evolved and adapted to new challenges, be they on the investment front or from a business perspective. Industry progress has been extraordinary over this period, growing from approximately 610 funds managing around $20bn to over 10,000 funds managing around $2.5trn today (see Fig. 1). This growth has come despite some of the most tumultuous markets in history, including the crash of 1998, the bursting of the dotcom bubble and subsequent bear market of 2000-2002, and most recently the 2008 credit crisis, the aftermath of which is still impacting markets. The industry has also had to survive some high profile failures such as Long-Term Capital Management, which nearly collapsed the global financial system, and more recently the downfalls of a number of prominent, well known, multibillion-dollar firms, not to mention its fair share of high profile frauds.

It has been widely reported that hedge funds have been forced to institutionalise. Firms have invested huge sums in building out their infrastructure, back office systems, compliance and improving their transparency to deal with the demands of a more sophisticated investor, as well as a more involved regulatory regime with both SEC registration and the AIFMD. Hedge fund firms are ultimately entrepreneurial, and while the 2008 financial crisis uncovered a number of shortcomings for the hedge fund industry as a whole, there are a wide number of firms that survived the crisis and learnt valuable lessons. While no crisis is ever the same, the ability to survive and learn from past experiences is hugely valuable. The steps that both investors and the hedge funds themselves have implemented place the industry on a firm footing.

Performance on an industry-wide basis, as reported by the various fund of hedge funds indices, remains anaemic. However, many funds have bucked this trend, taking advantage of an increased opportunity to produce attractive returns. No hedge fund or fund of hedge funds is the same and investing in them requires detailed understanding. The significant gulf between the performance of the top-performing managers and the fund of funds index can be highlighted by comparing the return of the Headstart Fund of Funds and the HFRI FOF Index since January 1 2009. Through October 31 2013, based on almost five years of data, the Headstart Fund of Funds has returned 71 percent with a Sharpe Ratio of 1.81; meanwhile, the HFRI FOF Index returned an estimated 25 percent with a Sharpe Ratio of approximately one.

Navigating markets
After a 30-year bull market for bonds, interest rates are at historic lows. Meanwhile, global equity markets are at or approaching all-time highs. This is at a time when governments continue to intervene in markets and capital allocators are faced with the significant issue of having to re-allocate vast amounts of capital away from what was previously considered a risk-free fixed income market which is producing a negative real yield. In this environment a well-managed portfolio of hedge funds can offer a truly diversifying return stream uncorrelated to traditional assets, having proven itself capable of navigating across market cycles.

While the case for investment in hedge funds is particularly compelling given the investment landscape, history has shown that you should not invest in a hedge fund on the basis of size or brand name (a misconceived safety), a ‘star manager’ or past track record alone, and that in-depth due diligence, transparency, experience and a portfolio approach is required. In addition, many of the most established, successful and well-known hedge fund firms have seen their assets under management rise to all-time highs, both reaching capacity and closing to new investment or in some cases returning outside capital in part or entirely, and transitioning to a family office. The vast majority of these funds continue to have draconian investment terms with typically poor liquidity and high fees, as well as there being a direct correlation between a significant growth in assets and the degradation of returns. Simply, very large hedge funds can often find themselves paralysed by their size and find it significantly more difficult to create attractive risk adjusted returns. There are, however, a number of high quality managers who have remained closed to new investment for many years. These managers have typically controlled the growth of their assets under management and maintain significant investments in their funds, aligning their interests with investors. In addition, since 2008, a number of these managers have also improved the liquidity terms of their funds. Fund of hedge funds can offer their investors exposure to these managers that they would not otherwise have access to.

[M]any of the most established, successful and well-known hedge fund firms have seen their assets under management rise to all-time highs, both reaching capacity and closing to new investment

Investing directly in hedge funds requires more than just capital. Many fund of hedge fund portfolios, such as the Headstart Fund of Funds, are effectively not replicable. Hedge funds should be considered long-term investments. It is vitally important for the hedge fund investor to build a relationship with the hedge funds and their management in order to best understand their trading strategies, positioning and how that fund fits within the investor’s portfolio.

Managing a portfolio of hedge funds is just as much art as it is science and comes down to experience and a strong understanding of the strategies of the underlying managers and how they correlate to one another. It is important that within a portfolio you have true diversification. Managers should not all be making money at the same time otherwise the likelihood is that they are all correlated to one underlying risk factor. The skill is in identifying managers who, when there is a lack of opportunity in their strategy, do not chase returns and thus increase risk. This enhances the stability of returns within the overall portfolio, limiting drawdowns and allowing for the compounding of returns at the portfolio level. One of the most important aspects of managing a portfolio of hedge funds is understanding the right time to redeem. While hedge fund investments are ideally long-term in nature, changes in the investment landscape or at the asset manager can happen quickly, and the management of the portfolio requires an active approach.

The hedge fund cycle
The ability to offer exposure to a seasoned balanced portfolio of funds is a key benefit that a fund of funds can continue to offer to an underlying investor who does not possess the capital, experience and infrastructure to manage a portfolio directly. Importantly, however, a fund of hedge funds can offer an investor the ability to invest into the next generation of hedge fund managers. One of the major developments that we are witnessing is the ability to access a new array of talent leaving existing prominent firms and starting new hedge funds.

Having the necessary contacts and importantly experience allows a fund of funds a first mover advantage, where the prize is the ability to gain capacity as well as attractive fee breaks in talented managers when they are at their most nimble, asset wise. However, correctly identifying the right early stage manager requires experience.

Typically, a hedge fund requires a strong business model and a repeatable investment process. Having managed a successful hedge fund strategy, Headstart is in a position to better assess the trading hurdles, of which there are many that managers will inevitably encounter. Managing a hedge fund is as much managing a business as a trading strategy and requires a significant investment from the principals in both capital and time.

Legal Awards 2014

Posted on by Ashton Wenborn

Algeria

Best Banking & Finance Firm
Cabinets d’Avocats Samir Hamouda

Best M&A Firm
Law Office of Yamina Kebir

Best Tax Firm
Ben Abderrahmane & Partners

Best Tax Consultant
Dahmane Ben Abderrahmane at Ben Abderrahmane & Partners

Best Corporate & Commercial Firm
Law Office of Yamina Kebir

Best Dispute Resolution Firm
Lefèvre Pelletier & associés

Best Property Firm
Lefèvre Pelletier & associés

Best Intellectual Property Firm
Cabinet Sator

Best Competition & Anti-trust Firm
Lefèvre Pelletier & associés

Best Insolvency & Restructuring Firm
Lefèvre Pelletier & associés

Best Employment Firm
Hamza & Associates Law Firm

Best Lawyer
Amine Ghellal at Ghellal & Mekerba

Best Transfer Pricing Firm
Ben Abderrahmane & Partners

Best Capital Markets Firm
Cabinets d’Avocats Samir Hamouda

Best Private Equity Firm
Aidoud Law Firm

Best Litigation Department
Ghellal & Mekerba

Best PPP Firm
Ghellal & Mekerba

Best Cross-border Transactions Firm
Ghellal & Mekerba

Best In-House Legal Team
Cevital

Best White Collar Firm
Aidoud Law Firm

Best Energy Firm
Cabinets D’Avocats Samir Hamouda

Angola

Best Banking & Finance Firm
Eduardo Vera-Cruz Advogados

Best M&A Firm
FBL Advogados

Best Tax Firm
Fátima Freitas Advogados

Best Corporate & Commercial Firm
AVM Advogados

Best Dispute Resolution Firm
FBL Advogados

Best Property Firm
GLA

Best Intellectual Property Firm
FCB&A

Best Competition & Anti-trust Firm
GLA

Best Insolvency & Restructuring Firm
GLA

Best Employment Firm
MG Advogados

Best Lawyer
Fátima Freitas at Fátima Freitas Advogados

Best Transfer Pricing Firm
Fátima Freitas Advogados

Best Foreign Investment Firm
Fátima Freitas Advogados

Best Capital Markets Firm
Eduardo Vera-Cruz Advogados

Best Private Equity Firm
Eduardo Vera-Cruz Advogados

Best Litigation Department
MG Advogados

Best PPP Firm
FBL Advogados

Best Cross-border Transactions Firm
AVM Abogados

Best In-House Legal Team
Angonave UEE

Best White Collar Firm
FBL Advogados

Best Energy Firm
Baker Botts

Argentina

Best Banking & Finance Firm
Bruchou, Fernández Madero & Lombardi

Best M&A Firm
Marval O’Farrell Mairal

Best Tax Firm
Teijeiro y Ballone Abogados

Best Tax Consultant
Ruben O Asorey at Asorey & Navarrine

Best Corporate & Commercial Firm
Estudio Beccar Varela

Best Dispute Resolution Firm
Estudio Trevisán

Best Property Firm
Zang, Bergel & Viñes Abogados

Best Intellectual Property Firm
Sanchez, Lupi & Associates

Best Competition & Anti-trust Firm
Estudio Beccar Varela

Best Insolvency & Restructuring Firm
Abeledo Gottheil Abogados

Best Employment Firm
Funes de Rioja & Asociados

Best Transfer Pricing Firm
Abeledo Gottheil Abogados

Best Foreign Investment Firm
Alfaro Abogados

Best Capital Markets Firm
Bruchou, Fernández Madero & Lombardi

Best Private Equity Firm
Marval O’Farrell Mairal

Best Litigation Department
M & M Bomchil

Best PPP Firm
Marval O’Farrell Mairal

Best Cross-border Transactions Firm
Bruchou, Fernández Madero & Lombardi

Best In-House Legal Team
Accenture

Best White Collar Firm
Fontán Balestra & Asociados

Best Energy Firm
Errecondo González Funes Abogados

Australia

Best Banking & Finance Firm
King & Wood Mallesons SJ Berwin

Best M&A Firm
Allens

Best Tax Firm
Greenwoods & Freehills

Best Tax Consultant
Larry Magid at Allens

Best Corporate & Commercial Firm
Allens

Best Dispute Resolution Firm
King & Wood Mallesons SJ Berwin

Best Property Firm
Herbert Smith Freehills

Best Intellectual Property Firm
Allens

Best Competition & Anti-trust Firm
Gilbert + Tobin

Best Insolvency & Restructuring Firm
Henry Davis York

Best Employment Firm
Minter Ellison

Best Lawyer
Philippa Stone at Herbert Smith Freehills

Best Transfer Pricing Firm
Corrs Chambers Westgarth

Best Foreign Investment Firm
Corrs Chambers Westgarth

Best Capital Markets Firm
King & Wood Mallesons SJ Berwin

Best Private Equity Firm
Gilbert + Tobin

Best Litigation Department
Herbert Smith Freehills

Best PPP Firm
Clayton Utz

Best Cross-border Transactions Firm
Ashurst

Best In-House Legal Team
Commonwealth Bank

Best White Collar Firm
Herbert Smith Freehills

Best Energy Firm
King & Wood Mallesons SJ Berwin

Bahamas

Best Banking & Finance Firm
Graham Thompson & Co

Best M&A Firm
Higgs & Johnson

Best Tax Firm
Baycourt Chambers

Best Tax Consultant
Arthur K Parris, Jr at ParrisWhittaker

Best Corporate & Commercial Firm
Dupuch & Turnquest & Co

Best Dispute Resolution Firm
McKinney, Bancroft & Hughes

Best Property Firm
McKinney, Bancroft & Hughes

Best Intellectual Property Firm
JD Sellier+Co

Best Competition & Anti-trust Firm
McKinney, Bancroft & Hughes

Best Insolvency & Restructuring Firm
Higgs & Johnson

Best Employment Firm
Lennox Paton

Best Lawyer
Michael Paton at Lennox Paton

Best Transfer Pricing Firm
Lennox Paton

Best Foreign Investment Firm
Lennox Paton

Best Capital Markets Firm
Graham Thompson & Co

Best Private Equity Firm
Higgs & Johnson

Best Litigation Department
Callenders & Co

Best PPP Firm
Chancellors Chambers

Best Cross-border Transactions Firm
Higgs & Johnson

Best In-House Legal Team
Bahamas Oil Refining Company International

Best White Collar Firm
Callenders & Co

Bahrain

Best Banking & Finance Firm
ASAR

Best M&A Firm
Hassan Radhi & Associates

Best Tax Firm
ASAR

Best Tax Consultant
Qays Zu’bi at Zu’bi & Partners

Best Corporate & Commercial Firm
Zu’bi & Partners

Best Dispute Resolution Firm
Hassan Radhi & Associates

Best Property Firm
Trowers & Hamlins

Best Intellectual Property Firm
Zu’bi & Partners

Best Competition & Anti-trust Firm
Freshfields Bruckhaus Deringer

Best Insolvency & Restructuring Firm
Haya Rashed Al Khalifa, Attorneys at Law & Legal Consultants

Best Employment Firm
Haya Rashed Al Khalifa, Attorneys at Law & Legal Consultants

Best Lawyer & Legal Consultants
Jalila Sayed at Jalila Sayed Attorneys

Best Transfer Pricing Firm
ASAR

Best Foreign Investment Firm
Zu’bi & Partners

Best Capital Markets Firm
ASAR

Best Private Equity Firm
Blake, Cassels & Graydon

Best Litigation Department
Hassan Radhi & Associates

Best PPP Firm
Zu’bi & Partners

Best Cross-border Transactions Firm
Haya Rashed Al Khalifa, Attorneys at Law & Legal Consultants

Best In-House Legal Team
Al Ahlia Insurance

Best White Collar Firm
Hassan Radhi & Associates

Bangladesh

Best Banking & Finance Firm
Dr Kamal Hossain & Associates

Best M&A Firm
SIA&A

Best Tax Firm
Dr Kamal Hossain & Associates

Best Tax Consultant
Nihad Kabir at SIA&A

Best Corporate & Commercial Firm
Dr Kamal Hossain & Associates

Best Dispute Resolution Firm
Huq & Co

Best Property Firm
Akhtar Imam & Associates

Best Intellectual Property Firm
Remfry & Son

Best Competition & Anti-trust Firm
The Law Counsel

Best Insolvency & Restructuring Firm
A Hossain & Associates

Best Employment Firm
Dr Kamal Hossain & Associates

Best Lawyer
Ajmalul Hossain at A Hossain & Associates

Best Transfer Pricing Firm
Amir & Amir Law Associates

Best Foreign Investment Firm
The Law Counsel

Best Capital Markets Firm
The Legal Circle

Best Private Equity Firm
The Legal Circle

Best Litigation Department
Huq & Co

Best PPP Firm
Doulah & Doulah

Best Cross-border Transactions Firm
The Legal Circle

Best In-House Legal Team
ACI

Best White Collar Firm
Akhtar Imam & Associates

Best Energy Firm
Dr Kamal Hossain & Associates

Barbados

Best Banking & Finance Firm
LEX Caribbean

Best M&A Firm
Clarke Gittens Farmer

Best Tax Firm
Chancery Chambers

Best Tax Consultant
Andrew Ferreira

Best Corporate & Commercial Firm
Chancery Chambers

Best Dispute Resolution Firm
LEX Caribbean

Best Property Firm
Clarke Gittens Farmer

Best Intellectual Property Firm
Clarke Gittens Farmer

Best Insolvency & Restructuring Firm
LEX Caribbean

Best Employment Firm
George Walton Payne & Co

Best Lawyer
Trevor A Carmichael at Chancery Chambers

Best Transfer Pricing Firm
George Walton Payne & Co

Best Foreign Investment Firm
LEX Caribbean

Best Capital Markets Firm
Chancery Chambers

Best Private Equity Firm
LEX Caribbean

Best Litigation Department
Clarke Gittens Farmer

Best PPP Firm
Clarke Gittens Farmer

Best Cross-border Transactions Firm
LEX Caribbean

Best In-House Legal Team
Goddard Enterprises

Best White Collar Firm
LEX Caribbean

Best Energy Firm
Egorov Puginsky Afanasiev & Partners

Belarus

Best Banking & Finance Firm
Vlasova Mikhel & Partners

Best M&A Firm
SORAINEN

Best Tax Firm
Stepanovski, Papakul and Partners

Best Tax Consultant
Alexander Botian at Borovtsov & Salei

Best Corporate & Commercial Firm
Egorov Pugisky Afanasiev & Partners

Best Dispute Resolution Firm
Verkhovodko & Partners

Best Property Firm
Vlasova Mikhel & Partners

Best Intellectual Property Firm
Verkhovodko & Partners

Best Competition & Anti-trust Firm
Stepanovski, Papakul and Partners

Best Insolvency & Restructuring Firm
Stepanovski, Papakul and Partners

Best Employment Firm
bnt attorneys-at-law

Best Lawyer
Dmitry Bokhan at Verkhovodko & Partners

Best Transfer Pricing Firm
SORAINEN

Best Foreign Investment Firm
Glimstedt & Partners

Best Capital Markets Firm
Vlasova Mikhel & Partners

Best Private Equity Firm
SORAINEN

Best Litigation Department
Stepanovski, Papakul and Partners

Best PPP Firm
Borovtsov & Salei

Best Cross-border Transactions Firm
Egorov Pugisky Afanasiev & Partners

Best In-House Legal Team
BelCel

Best White Collar Firm
Glimstedt & Partners

Belgium

Best Banking & Finance Firm
Buyle Legal

Best M&A Firm
Clifford Chance

Best Tax Firm
Afschrift Law Firm

Best Tax Consultant
Daniel Garabedian at Liedekerke Wilters Waelbroeck Kirkpatrick

Best Corporate & Commercial Firm
Eubelius

Best Dispute Resolution Firm
Hanotiau & van den Berg

Best Property Firm
Allen & Overy

Best Intellectual Property Firm
Altius

Best Competition & Anti-trust Firm
Cleary Gottlieb Steen & Hamilton

Best Insolvency & Restructuring Firm
White & Case

Best Employment Firm
Stibbe

Best Lawyer
Thierry Afschrift at Afschrift Law Firm

Best Transfer Pricing Firm
EY

Best Foreign Investment Firm
McDermott Will & Emery

Best Capital Markets Firm
Allen & Overy

Best Private Equity Firm
Allen & Overy

Best Litigation Department
Covington & Burling

Best PPP Firm
DLA Piper

Best Cross-border Transactions Firm
VVGB

Best White Collar Firm
Afschrift Law Firm

Best Energy Firm
DLA Piper

Benin

Best Banking & Finance Firm
Cabinet Cakpo-Assogba

Best M&A Firm
Cabinet Djogbenou

Best Tax Firm
Cabinet Cakpo-Assogba

Best Tax Consultant
Thierno Olory-Togbe at OTL CONSEILS

Best Corporate & Commercial Firm
Cabinet Djogbenou

Best Dispute Resolution Firm
Cabinet Djikui

Best Property Firm
Cabinet Cakpo-Assogba

Best Intellectual Property Firm
OTL CONSEILS

Best Competition & Anti-trust Firm
Cabinet Djogbenou

Best Insolvency & Restructuring Firm
OTL CONSEILS

Best Employment Firm
Cabinet Robert M Dossou

Best Lawyer
Alfred Pognon at Cabinet Me Alfred Pognon

Best Transfer Pricing Firm
Cabinet Cakpo-Assogba

Best Foreign Investment Firm
Cabinet Cakpo-Assogba

Best Capital Markets Firm
Cabinet Djogbenou

Best Private Equity Firm
Cabinet Djogbenou

Best Litigation Department
Cabinet Me Alfred Pognon

Best PPP Firm
Cabinet Djogbenou

Best Cross-border Transactions Firm
Cabinet Me Alfred Pognon

Best In-House Legal Team
SHB-Bohicon

Best White Collar Firm
Cabinet Djogbenou

Best Energy Firm
Cabinet Me Alfred Pognon

Bermuda

Best Banking & Finance Firm
Appleby

Best M&A Firm
Conyers Dill & Pearman

Best Corporate & Commercial Firm
Conyers Dill & Pearman

Best Property Firm
Attride-Stirling & Woloniecki

Best Intellectual Property Firm
Conyers Dill & Pearman

Best Insolvency & Restructuring Firm
Attride-Stirling & Woloniecki

Best Employment Firm
Appleby

Best Transfer Pricing Firm
Appleby

Best Foreign Investment Firm
Appleby

Best Capital Markets Firm
Conyers Dill & Pearman

Best Private Equity Firm
Conyers Dill & Pearman

Best Litigation Department
Appleby

Best PPP Firm
Appleby

Best Cross-border Transactions Firm
Conyers Dill & Pearman

Best In-House Legal Team
Bermuda Container Line

Best Energy Firm
Conyers Dill & Pearman

Botswana

Best Banking & Finance Firm
Armstrongs

Best M&A Firm
Armstrongs

Best Tax Firm
Kantor & Immerman

Best Corporate & Commercial Firm
Khan Corporate Law

Best Dispute Resolution Firm
Minchin & Kelly (Botswana)

Best Property Firm
Bookbinder Business Law

Best Intellectual Property Firm
Armstrongs

Best Competition & Anti-trust Firm
Armstrongs

Best Insolvency & Restructuring Firm
Minchin & Kelly (Botswana)

Best Employment Firm
Minchin & Kelly (Botswana)

Best Lawyer
Jeffrey Bookbinder at Bookbinder Business Law

Best Foreign Investment Firm
Minchin & Kelly (Botswana)

Best Capital Markets Firm
Armstrongs

Best Private Equity Firm
Collins Newman & Co

Best Litigation Department
Armstrongs

Best PPP Firm
Collins Newman & Co

Best Cross-border Transactions Firm
Bookbinder Business Law

Best In-House Legal Team
Arup Botswana

Best Energy Firm
Minchin & Kelly (Botswana)

Brazil

Best Banking & Finance Firm
Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados

Best M&A Firm
Andrioli, Giacomini, Porto e Cortez Advogados

Best Tax Firm
Sevilha Contabilidade

Best Tax Consultant
Vicente Sevilha at Sevilha Contabilidade

Best Corporate & Commercial Firm
Andrioli, Giacomini, Porto e Cortez Advogados

Best Dispute Resolution Firm
Pinheiro Neto Advogados

Best Property Firm
Campos Mello Advogados

Best Intellectual Property Firm
Bhering Advogados

Best Competition & Anti-trust Firm
Magalhães e Dias

Best Insolvency & Restructuring Firm
Renato Mange Advogados Associados

Best Employment Firm
Demarest Advogados

Best Lawyer
Antonio S Giacomini Jr at Andrioli, Giacomini, Porto e Cortez Advogadoss

Best Transfer Pricing Firm
Deloitte – Brazil

Best Foreign Investment Firm
Campos Mello Advogados

Best Capital Markets Firm
Lefosse Advogados

Best Private Equity Firm
Souza, Cescon, Barrieu & Flesch

Best Litigation Department
FCDG

Best PPP Firm
Veirano Advogados

Best Cross-border Transactions Firm
Campos Fialho Canabrava Borja Andrade Salles Advogados

Best In-House Legal Team
Klabin

Best White Collar Firm
Moraes Pitombo Advogados

Best Energy Firm
LO Baptista, Schmidt, Valois, Miranda, Ferreira, Agel

Cameroon

Best Banking & Finance Firm
JING & Partners

Best M&A Firm
Cabinet Marie-Andrée Ngwe

Best Tax Firm
CAC International

Best Corporate & Commercial Firm
Cabinet Marie-Andrée Ngwe

Best Dispute Resolution Firm
Cabinet Ekobo

Best Property Firm
Cabinet Marie-Andrée Ngwe

Best Intellectual Property Firm
Nico Halle & Co Law Firm

Best Competition & Anti-trust Firm
Boyo & Associates

Best Insolvency & Restructuring Firm
JING & Partners

Best Employment Firm
Cabinet Ngassam Njike

Best Lawyer
Marie-Andrée Ngwe at Cabinet Marie-Andrée Ngwe

Best Transfer Pricing Firm
CAC International

Best Foreign Investment Firm
ETAH-NAN & Co

Best Capital Markets Firm
Cabinet Marie-Andrée Ngwe

Best Private Equity Firm
Cabinet Marie-Andrée Ngwe

Best Litigation Department
Cabinet Ekobo

Best PPP Firm
Henri Job Law Firm

Best Cross-border Transactions Firm
Cabinet Ngassam Njike

Best In-House Legal Team
AES-SONEL

Best White Collar Firm
Cabinet Marie-Andrée Ngwe

Best Energy Firm
ETAH-NAN & Co

Canada

Best Banking & Finance Firm
BD&P

Best M&A Firm
McCarthy Tétrault

Best Tax Firm
Dentons

Best Tax Consultant
Robert Couzin at Couzin Taylor

Best Corporate & Commercial Firm
Davies Ward Phillips & Vineberg

Best Dispute Resolution Firm
Lenczner Slaght

Best Property Firm
McCarthy Tétrault

Best Intellectual Property Firm
Smart & Biggar/Fetherstonhaugh

Best Competition & Anti-trust Firm
Dentons

Best Insolvency & Restructuring Firm
Gowlings

Best Employment Firm
Filion Wakely Thorup Angeletti

Best Lawyer
Niels Ortved at McCarthy Tétrault

Best Transfer Pricing Firm
McCarthy Tétrault

Best Foreign Investment Firm
Stikeman Elliott

Best Capital Markets Firm
Goodmans

Best Private Equity Firm
Fasken Martineau

Best Litigation Department
BLG

Best PPP Firm
Heenan Blaikie

Best Cross-border Transactions Firm
Cassels Brock Lawyers

Best In-House Legal Team
Resolute Forest Products

Best White Collar Firm
Blake, Cassels & Graydon

Best Energy Firm
BLG

Cayman Islands

Best Banking & Finance Firm
Conyers Dill & Pearman

Best M&A Firm
Walkers

Best Tax Firm
Stuarts Walker Hersant

Best Tax Consultant
George PE Giglioli at Giglioli & Company

Best Corporate & Commercial Firm
Ogier

Best Dispute Resolution Firm
Mourant Ozannes

Best Property Firm
Bodden & Bodden

Best Intellectual Property Firm
Solomon Harris

Best Competition & Anti-trust Firm
J Barry Smith

Best Insolvency & Restructuring Firm
Ritch & Conolly

Best Employment Firm
Travers Thorp Alberga

Best Lawyer
Paul Scrivener at Solomon Harris

Best Transfer Pricing Firm
Stuarts Walker Hersant

Best Foreign Investment Firm
Maples and Calder

Best Capital Markets Firm
Conyers Dill & Pearman

Best Private Equity Firm
Maples and Calder

Best Litigation Department
Mourant Ozannes

Best PPP Firm
Conyers Dill & Pearman

Best Cross-border Transactions Firm
Harneys

Best In-House Legal Team
Asia Cassava Resources Holdings

Best White Collar Firm
Walkers

Best Energy Firm
Appleby

Chile

Best Banking & Finance Firm
Claro & Cia

Best M&A Firm
Philippi, Yrarrázaval, Pulido & Brunner

Best Tax Firm
Carey

Best Tax Consultant
Arnaldo Gorziglia at Portaluppi Guzmán & Bezanilla

Best Corporate & Commercial Firm
Bofill Mir & Alvarez Jana Abogados

Best Dispute Resolution Firm
Rodríguez, Vergara & Cía

Best Property Firm
Fontaine & Cía Abogados

Best Intellectual Property Firm
Sargent & Krahn

Best Competition & Anti-trust Firm
FerradaNehme

Best Insolvency & Restructuring Firm
Cariola Díez Pérez-Cotapos & Cía

Best Employment Firm
UH&C

Best Lawyer
Diego Peralto at Carey

Best Transfer Pricing Firm
Philippi, Yrarrázaval, Pulido & Brunner

Best Foreign Investment Firm
Avendaño Merino Abogados

Best Capital Markets Firm
Morales & Besa

Best Private Equity Firm
Cariola Díez Pérez-Cotapos & Cía

Best Litigation Department
Carey

Best PPP Firm
Reymond & Fleischmann

Best Cross-border Transactions Firm
Barros & Errázuriz Abogados

Best In-House Legal Team
Agricola Chorombo

Best White Collar Firm
Vergara, Labarca & Cía

Best Energy Firm
Philippi, Yrarrázaval, Pulido & Brunner

Colombia

Best Banking & Finance Firm
Gómez-Pinzón Zuleta

Best M&A Firm
Brigard & Urrutia

Best Tax Firm
Lewin & Wills

Best Tax Consultant
Alfredo Lewin at Lewin & Wills

Best Corporate & Commercial Firm
Lloreda Camacho & Co

Best Dispute Resolution Firm
Gómez-Pinzón Zuleta

Best Property Firm
Prietocarrizosa

Best Intellectual Property Firm
Cárdenas & Cárdenas

Best Competition & Anti-trust Firm
Esguerra Barrera Arriaga

Best Insolvency & Restructuring Firm
Lloreda Camacho & Co

Best Employment Firm
Godoy Cordoba Abogados

Best Lawyer
Andrés Forero at Forero Medina & Abogados Asociados

Best Transfer Pricing Firm
Brigard & Urrutia

Best Foreign Investment Firm
Brigard & Urrutia

Best Capital Markets Firm
Posse Herrera Ruiz

Best Private Equity Firm
Posse Herrera Ruiz

Best Litigation Department
Martínez Neira Abogados

Best PPP Firm
Posse Herrera Ruiz

Best Cross-border Transactions Firm
Parra Rodríguez Sanín

Best In-House Legal Team
Interconexion Electrica

Best White Collar Firm
Fowler Rodriguez

Best Energy Firm
Prietocarrizosa

Costa Rica

Best Banking & Finance Firm
Cordero & Cordero Abogados

Best M&A Firm
Lang & Asociados

Best Tax Firm
Pacheco Coto

Best Tax Consultant
Diego Salto at AFC

Best Corporate & Commercial Firm
Central Law Quiros Abogados

Best Dispute Resolution Firm
Batalla

Best Property Firm
Arias & Muñoz

Best Intellectual Property Firm
Zürcher Odio & Raven

Best Competition & Anti-trust Firm
Nassar Abogados

Best Insolvency & Restructuring Firm
Pacheco Coto

Best Employment Firm
BDS Asesores

Best Lawyer
Humberto Pacheco Alpizar at Pacheco Coto

Best Transfer Pricing Firm
AFC

Best Foreign Investment Firm
LLM Abogados

Best Capital Markets Firm
Gómez & Galindo Abogados

Best Private Equity Firm
Cordero & Cordero Abogados

Best Litigation Department
Facio & Cañas

Best PPP Firm
BLP Abogados

Best Cross-border Transactions Firm
Arias & Muñoz

Best In-House Legal Team
Atlas Electrica

Best White Collar Firm
Arias & Muñoz

Best Energy Firm
Central Law Quiros Abogados

Cyprus

Best Banking & Finance Firm
Stelios Americanos & Co

Best M&A Firm
Dr K Chrysostomides & Co

Best Tax Firm
Neocleous & Co

Best Tax Consultant
Stavros Pavlou at Patrikios Pavlou & Associates

Best Corporate & Commercial Firm
Patrikios Pavlou & Associates

Best Dispute Resolution Firm
Neocleous & Co

Best Property Firm
George Z Georgiou & Associates

Best Intellectual Property Firm
Andreas Neocleous & Co

Best Competition & Anti-trust Firm
George Z Georgiou & Associates

Best Insolvency & Restructuring Firm
Chrysses Demetriades & Co

Best Employment Firm
Antis Triantafyllides & Sons

Best Lawyer
Pambos Ioannides at Ioannidis Demetriou Law Office

Best Transfer Pricing Firm
PricewaterHouseCoopers

Best Foreign Investment Firm
Michael Kyprianou & Co

Best Capital Markets Firm
Georgiades & Pelides

Best Private Equity Firm
Chrysses Demetriades & Co

Best Litigation Department
Andreas Neocleous & Co

Best PPP Firm
Patrikios Pavlou & Associates

Best Cross-border Transactions Firm
Michael Kyprianou & Co

Best In-House Legal Team
Astarti Development

Best White Collar Firm
Chrysses Demetriades & Co

Best Energy Firm
Andreas Neocleous & Co

Egypt

Best Banking & Finance Firm
Zulficar & Partners

Best M&A Firm
Helmy, Hamza & Partners

Best Tax Firm
Zaki Hashem & Partners Attorneys at Law

Best Tax Consultant
Mohamed Dawood at Hafez

Best Corporate & Commercial Firm
Zaki Hashem & Partners Attorneys at Law

Best Dispute Resolution Firm
Kosheri, Rashed & Riad

Best Property Firm
Mena Associates

Best Intellectual Property Firm
NAL & Partners

Best Competition & Anti-trust Firm
Karim Adel Law Office

Best Insolvency & Restructuring Firm
Nassar Law

Best Employment Firm
Sarwat A Shahid Law Firm

Best Transfer Pricing Firm
Sherif Saad Law Offices

Best Foreign Investment Firm
Hassouna & Abou Ali

Best Capital Markets Firm
DLA Matouk Bassiouny

Best Private Equity Firm
Ibrachy & Dermarkar

Best Litigation Department
Dentons

Best PPP Firm
Shalakany Law Office

Best Cross-border Transactions Firm
Zaki Hashem & Partners, Attorneys at Law

Best In-House Legal Team
Commercial International Bank

Best White Collar Firm
Kosheri, Rashed & Riad

Best Energy Firm
Sherif Saad Law Offices

Georgia

Best Banking & Finance Firm
BGI Legal

Best M&A Firm
MKD

Best Tax Firm
BLC Law Office

Best Tax Consultant
Natela Otaridze at DLA Piper Georgia

Best Corporate & Commercial Firm
Gvinadze & Partners

Best Dispute Resolution Firm
VBAT

Best Property Firm
MKD

Best Intellectual Property Firm
VBAT

Best Competition & Anti-trust Firm
Begiashvili & Co

Best Insolvency & Restructuring Firm
CFS Legal, Guledani & Partners

Best Employment Firm
Getsadze & Pateishvili

Best Lawyer
Ketti Kvartskhava at BLC Law Office

Best Transfer Pricing Firm
DLA Piper Georgia

Best Foreign Investment Firm
BLC Law Office

Best Capital Markets Firm
BGI Legal

Best Private Equity Firm
Business Legal Bureau

Best Litigation Department
Gvinadze & Partners

Best PPP Firm
Business Legal Bureau

Best Cross-border Transactions Firm
Begiashvili & Co

Best In-House Legal Team
Bank of Georgia

Best White Collar Firm
BGI Legal

Germany

Best Banking & Finance Firm
Hengeler Mueller

Best M&A Firm
Noerr

Best Tax Firm
Noerr

Best Tax Consultant
Prof Dr Alexander Hemmelrath at Norton Rose Fulbright

Best Corporate & Commercial Firm
Oppenhoff & Partner

Best Dispute Resolution Firm
Heuking Kühn Lüer Wojtek

Best Property Firm
Gehrke Zumbroich & Partner

Best Intellectual Property Firm
Gulde Hengelhaupt Ziebig & Schneider

Best Competition & Anti-trust Firm
Gleiss Lutz

Best Insolvency & Restructuring Firm
GÖRG

Best Employment Firm
Kliemt & Vollstädt

Best Lawyer
Prof Dr Alexander Hemmelrath at Norton Rose Fulbright

Best Transfer Pricing Firm
Oppenhoff & Partner

Best Foreign Investment Firm
P+P Pöllath + Partners

Best Capital Markets Firm
Freshfields Bruckhaus Deringer

Best Private Equity Firm
P+P Pöllath + Partners

Best Litigation Department
Hengeler Mueller

Best PPP Firm
Watson, Farley & Williams

Best Cross-border Transactions Firm
Hengeler Mueller

Best In-House Legal Team
Volkswagen Group

Best White Collar Firm
Noerr

Best Energy Firm
Noerr

Ghana

Best Banking & Finance Firm
Bentsi-Enchill, Letsa & Ankomah

Best M&A Firm
Fugar & Co

Best Tax Firm
Reindorf Chambers

Best Tax Consultant
Theophilus Emuwa at ÆLEX

Best Corporate & Commercial Firm
Kimathi & Partners Corporate Attorneys

Best Dispute Resolution Firm
Blay & Associates

Best Lawyer
David Ofosu-Dorte, AB& David

Best Property Firm
Heward Mills & Company

Best Intellectual Property Firm
AB & David

Best Competition & Anti-trust Firm
Bentsi-Enchill, Letsa & Ankomah

Best Insolvency & Restructuring Firm
Kimathi & Partners, Corporate Attorneys

Best Employment Firm
Oxford & Beaumont Solicitors

Best Transfer Pricing Firm
ÆLEX

Best Foreign Investment Firm
Oxford & Beaumont Solicitors

Best Capital Markets Firm
AB & David

Best Private Equity Firm
Bentsi-Enchill, Letsa & Ankomah

Best Litigation Department
Beyuo & Co

Best PPP Firm
Reindorf Chambers

Best Cross-border Transactions Firm
Bentsi-Enchill, Letsa & Ankomah

Best In-House Legal Team
Aluworks

Best White Collar Firm
Fugar & Company

Best Energy Firm
JLD & MB Legal Consultancy

Greece

Best Banking & Finance Firm
M & P Bernitsas Law Offices

Best M&A Firm
Kyriakides Georgopoulos

Best Tax Firm
Dryllerakis & Associates

Best Tax Consultant
Vissaria Kalamaki at Remantas & Linardakis Law Firm

Best Corporate & Commercial Firm
Dryllerakis & Associates

Best Dispute Resolution Firm
Kyriakides Georgopoulos

Best Property Firm
M & P Bernitsas Law Offices

Best Intellectual Property Firm
Kyriakides Georgopoulos

Best Competition & Anti-trust Firm
Dryllerakis & Associates

Best Insolvency & Restructuring Firm
Koutalidis Law Firm

Best Employment Firm
Lixouriotis – Theodosis & Partners Law Firm

Best Lawyer
Dimitris G Tsibanoulis at Tsibanoulis & Partners

Best Transfer Pricing Firm
Stavropoulos & Partners

Best Foreign Investment Firm
Dryllerakis & Associates

Best Capital Markets Firm
POTAMITISVEKRIS

Best Private Equity Firm
Zepos & Yannopoulos

Best Litigation Department
Dryllerakis & Associates

Best PPP Firm
M & P Bernitsas Law Offices

Best Cross-border Transactions Firm
Rokas

Best In-House Legal Team
Motor Oil

Best White Collar Firm
POTAMITISVEKRIS

Best Energy Firm
Kyriakides Georgopoulos

Hong Kong

Best Banking & Finance Firm
Gallant YT Ho & Co

Best M&A Firm
Oldham, Li & Nie

Best Tax Firm
Deacons

Best Tax Consultant
Michael Olesnicky at Baker & McKenzie

Best Corporate & Commercial Firm
Woo Kwan Lee & Lo

Best Dispute Resolution Firm
Tanner De Witt

Best Property Firm
DLA Piper

Best Intellectual Property Firm
Yu & Partners in association with Rouse Legal

Best Competition & Anti-trust Firm
Fangda Partners

Best Insolvency & Restructuring Firm
Fangda Partners

Best Employment Firm
Oldham, Li & Nie

Best Lawyer
Milton Cheng at Baker & McKenzie

Best Transfer Pricing Firm
DLA Piper

Best Foreign Investment Firm
O’Melveny & Myers

Best Capital Markets Firm
DeHeng Law Offices

Best Private Equity Firm
Kirkland & Ellis

Best Litigation Department
King & Wood Mallesons SJ Berwin

Best PPP Firm
White & Case

Best Cross-border Transactions Firm
Fried, Frank, Harris, Shriver & Jacobson

Best In-House Legal Team
Poly Property

Best White Collar Firm
Haldanes

Best Energy Firm
Jun He Law Offices

India

Best Banking & Finance Firm
Dave & Girish & Co

Best M&A Firm
Bharucha & Partners

Best Tax Firm
Lakshmikumaran & Sridharan

Best Tax Consultant
Porus Kaka

Best Corporate & Commercial Firm
Trilegal

Best Dispute Resolution Firm
PH Parekh & Co

Best Property Firm
Poovayya & Co

Best Intellectual Property Firm
Anand & Anand Advocates

Best Competition & Anti-trust Firm
Archer & Angel

Best Insolvency & Restructuring Firm
Sibal & Co

Best Employment Firm
Luthra & Luthra Law Office

Best Lawyer
Harish Salve

Best Transfer Pricing Firm
Economic Laws Practice

Best Foreign Investment Firm
Amarchand & Mangaldas & Suresh A Shroff & Co

Best Capital Markets Firm
AZB & Partners

Best Private Equity Firm
AZB & Partners

Best Litigation Department
Karanjawala & Co

Best PPP Firm
Amarchand & Mangaldas & Suresh A Shroff & Co

Best Cross-border Transactions Firm
Nishith Desai Associates

Best In-House Legal Team
Reliance Industries

Best White Collar Firm
MZM Legal

Best Energy Firms
Link Legal

Indonesia

Best Banking & Finance Firm
ABNR

Best M&A Firm
Hadiputranto, Hadinoto & Partners

Best Tax Firm
Mochtar Karuwin Komar

Best Tax Consultant
Wimbanu Widyatmoko at Hadiputranto, Hadinoto & Partners

Best Corporate & Commercial Firm
Hiswara Bunjamin & Tandjung

Best Dispute Resolution Firm
Frans Winarta & Partners

Best Property Firm
Makarim & Taira S

Best Intellectual Property Firm
Cita Citrawinda Noerhadi & Associates

Best Competition & Anti-trust Firm
Lubis Ganie Surowidjojo

Best Insolvency & Restructuring Firm
Lubis, Santosa & Maramis

Best Employment Firm
Kemalsjah & Associates

Best Lawyer
Luhut Pangaribuan at LMPP

Best Transfer Pricing Firm
Hadiputranto, Hadinoto & Partners

Best Foreign Investment Firm
Hiswara Bunjamin & Tandjung

Best Capital Markets Firm
Assegaf Hamzah & Partners

Best Private Equity Firm
Melli Darsa & Co

Best Litigation Department
KarimSyah

Best PPP Firm
Soemadipradja & Taher

Best Cross-border Transactions Firm
ABNR

Best In-House Legal Team
Bakrie Sumatera Plantations

Best Energy Firm
SSEK

Italy

Best Banking & Finance Firm
Legance

Best M&A Firm
Bonelli Erede Pappalardo

Best Tax Firm
Tremonti Vitali Romagnoli Piccardi e Associati

Best Tax Consultant
Vittorio Salvadori di Wiesenhoff at Freshfields Bruckhaus Deringer

Best Corporate & Commercial Firm
Gattai, Minoli & Partners

Best Dispute Resolution Firm
Pedersoli e Associati

Best Property Firm
Gianni, Origoni, Grippo, Cappelli & Partners

Best Intellectual Property Firm
Avv Prof Adriano Vanzetti e Associati

Best Competition & Anti-trust Firm
Grimaldi Studio Legale

Best Insolvency & Restructuring Firm
Lombardi Molinari e Associati

Best Employment Firm
Trifirò & Partners

Best Lawyer
Bruno Gattai at Gattai, Minoli & Partners

Best Transfer Pricing Firm
Maisto e Associati

Best Foreign Investment Firm
NCTM Studio Legale Associato

Best Capital Markets Firm
Studio Legale Riolo Calderaro Crisostomo e Associati

Best Private Equity Firm
Chiomenti Studio Legale

Best Litigation Department
Lombardi Molinari e Associati

Best PPP Firm
Macchi di Cellere Gangemi

Best Cross-border Transactions Firm
Chiomenti Studio Legale

Best In-House Legal Team
Exor

Best White Collar Firm
Giliberti Pappalettera Triscornia e Associati

Best Energy Firm
Gianni, Origoni, Grippo, Cappelli & Partners

Ivory Coast

Best Banking & Finance Firm
SCPA DOGUE-ABBE YAO & Associés

Best M&A Firm
Bilé-Aka, Brizoua Bi & Associés

Best Tax Firm
AnyRay & Partners

Best Tax Consultant
Theodore Hoegah at Cabinet Hoegah & Etté

Best Corporate & Commercial Firm
Bile-Aka, Brizoua-Bi & Associés

Best Dispute Resolution Firm
Bile-Aka, Brizoua-Bi & Associés

Best Property Firm
Cabinet Hoegah & Etté

Best Intellectual Property Firm
KSK Société d’Avocats

Best Competition & Anti-trust Firm
Bile-Aka, Brizoua-Bi & Associés

Best Insolvency & Restructuring Firm
Bile-Aka, Brizoua-Bi & Associés

Best Employment Firm
FDKA

Best Lawyer
Karim Fadika at FDKA

Best Transfer Pricing Firm
AnyRay & Partners

Best Foreign Investment Firm
SCPA DOGUE-ABBE YAO & Associés

Best Capital Markets Firm
KSK Société d’Avocats

Best Private Equity Firm
Cabinet Hoegah & Etté

Best Litigation Department
Elisha & Associés

Best PPP Firm
Cabinet Jean-François Chauveau

Best Cross-border Transactions Firm
SCPA DOGUE-ABBE YAO & Associés

Best In-House Legal Team
FDKA

Best White Collar Firm
Elisha & Associés

Best Energy Firm
AnyRay & Partners

Jordan

Best Banking & Finance Firm
Khalifeh & Partners

Best M&A Firm
Ali Sharif Zu’bi Advocates & Legal Consultants

Best Tax Firm
Nabulsi & Associates

Best Tax Consultant
Rajai KW Dajani at Rajai KW Dajani & Associates

Best Corporate & Commercial Firm
Obeidat & Freihat

Best Dispute Resolution Firm
Dajani & Associates

Best Property Firm
Hashem Law Office

Best Intellectual Property Firm
PETRA for Law and Intellectual Property

Best Competition & Anti-trust Firm
Aljazy & Co

Best Insolvency & Restructuring Firm
Obeidat & Freihat

Best Employment Firm
Hashem Law Office

Best Lawyer
Omar N Nabulsi at Nabulsi & Associates

Best Transfer Pricing Firm
Khalifeh & Partners

Best Foreign Investment Firm
Ali Sharif Zu’bi Advocates & Legal Consultants

Best Capital Markets Firm
Khalifeh & Partners

Best Private Equity Firm
IBLAW

Best Litigation Department
Beiruti Attorneys & Counselors at Law

Best PPP Firm
Ali Sharif Zu’bi Advocates & Legal Consultants

Best Cross-border Transactions Firm
Tamimi & Company

Best In-House Legal Team
Khalifeh & Partners

Best White Collar Firm
Sanad Law Group in association with Eversheds KSLG

Best Energy Firm
IBLAW

Kenya

Best Banking & Finance Firm
Anjawalla & Khanna

Best M&A Firm
Coulson Harney

Best Tax Firm
TripleOKlaw Advocates

Best Tax Consultant
Eric Kinoti at PwC Kenya

Best Corporate & Commercial Firm
Anjawalla & Khanna

Best Dispute Resolution Firm
Oraro & Company Advocates

Best Property Firm
Walker Kontos

Best Intellectual Property Firm
Coulson Harney

Best Competition & Anti-trust Firm
Iseme, Kamau & Maema Advocates

Best Insolvency & Restructuring Firm
Daly & Figgis

Best Employment Firm
Kaplan & Stratton

Best Lawyer
Michael Kontos at Walker Kontos

Best Transfer Pricing Firm
Kaplan & Stratton

Best Foreign Investment Firm
Daly & Figgis

Best Capital Markets Firm
Anjawalla & Khanna

Best Private Equity Firm
Coulson Harney

Best Litigation Department
Hamilton Harrison & Mathews

Best PPP Firm
Anjawalla & Khanna

Best Cross-border Transactions Firm
Daly & Figgis

Best White Collar Firm
Oraro & Company Advocates

Best Energy Firm
Anjawalla & Khanna

Kuwait

Best Banking & Finance Firm
Al Markaz Law Firm

Best M&A Firm
DLA Piper Kuwait in association with (NEN) Al-Wagayan, Al Awadhi and Al-Saif

Best Tax Firm
Al Markaz Law Firm

Best Tax Consultant
Mary Ann Sharp at Dentons

Best Corporate & Commercial Firm
Al-Twaijri & Partners Law Firm

Best Dispute Resolution Firm
Al-Twaijri & Partners Law Firm

Best Property Firm
The Law Office of Bader Saud Al-Bader & Partners

Best Intellectual Property Firm
ASAR in association with Stephenson Harwood

Best Competition & Anti-trust Firm
International Legal Group in association with Dentons

Best Insolvency & Restructuring Firm
Abdullah Kh Al-Ayoub & Associates

Best Employment Firm
Al-Hekook Law Firm

Best Lawyer
Ahmed Barakat at ASAR

Best Transfer Pricing Firm
DLA Piper Kuwait in association with (NEN) Al-Wagayan, Al Awadhi and Al-Saif

Best Foreign Investment Firm
Abdullah Kh Al-Ayoub & Associates

Best Capital Markets Firm
AlBisher Legal Group

Best Private Equity Firm
Al Markaz Law Firm

Best Litigation Department
ASAR in association with Stephenson Harwood

Best PPP Firm
Al Tamimi & Co

Best Cross-border Transactions Firm
AlBisher Legal Group

Best In-House Legal Team
KIPCO

Best White Collar Firm
ASAR in association with Stephenson Harwood

Lebanon

Best Banking & Finance Firm
AMNCC

Best M&A Firm
Alem & Associates

Best Tax Firm
Moghaizel Law Offices

Best Tax Consultant
Carlos Abou Jaoude at Abou Jaoude & Associates Law Firm

Best Corporate & Commercial Firm
Badri and Salim El Meouchi Law Firm

Best Dispute Resolution Firm
Obeid Law Firm

Best Property Firm
Nabil Abdel-Malek Law Offices

Best Intellectual Property Firm
Obeid Law Firm

Best Competition & Anti-trust Firm
AMNCC

Best Insolvency & Restructuring Firm
AMNCC

Best Employment Firm
Raphaël & Associés

Best Lawyer
Salim El Meouchi at Badri and Salim El Meouchi Firm

Best Transfer Pricing Firm
Alem & Associates

Best Foreign Investment Firm
Nabil Abdel-Malek Law Offices

Best Capital Markets Firm
AMNCC

Best Private Equity Firm
Ramzi Joreige & Partners

Best Litigation Department
Raphaël & Associés

Best PPP Firm
Abousleiman & Partners

Best Cross-border Transactions Firm
Alem & Asscoiates

Best White Collar Firm
Marcel Sioufi Law Office

Macedonia

Best Banking & Finance Firm
CAKMAKOVA Advocates

Best M&A Firm
DDK

Best Tax Firm
Attorneys office Trpenoski

Best Tax Consultant
Ivan Debarliev at DDK

Best Corporate & Commercial Firm
Polenak Law Firm

Best Dispute Resolution Firm
Polenak Law Firm

Best Property Firm
CAKMAKOVA Advocates

Best Intellectual Property Firm
Pepeljugoski Law Office

Best Competition & Anti-trust Firm
CAKMAKOVA Advocates

Best Insolvency & Restructuring Firm
Attorneys office Trpenoski

Best Employment Firm
CAKMAKOVA Advocates

Best Lawyer
Valentin Pepeljugoski at Pepeljugoski Law Office

Best Transfer Pricing Firm
DDK

Best Foreign Investment Firm
Lawyers Antevski

Best Capital Markets Firm
Polenak Law Firm

Best Private Equity Firm
Karanovic & Nikolic

Best Litigation Department
Polenak Law Firm

Best PPP Firm
Law Office Knezović & Associates

Best Cross-border Transactions Firm
DDK

Best Energy Firm
Georgi Dimitrov Law Office

Mexico

Best Banking & Finance Firm
Oscos Abogados

Best M&A Firm
Creel, García-Cuéllar, Aiza y Enríquez

Best Tax Firm
Jáuregui and Del Valle

Best Tax Consultant
Luis Gerardo Del Valle Torres at Jáuregui and Del Valle

Best Corporate & Commercial Firm
Creel, García-Cuéllar, Aiza y Enríquez

Best Dispute Resolution Firm
González de Castilla, Abogados

Best Property Firm
Nader, Hayaux & Goebel

Best Intellectual Property Firm
Arochi, Marroquín & Lindner

Best Competition & Anti-trust Firm
Barrera, Siqueiros y Torres Landa

Best Insolvency & Restructuring Firm
Oscos Abogados

Best Employment Firm
Natividad Abogados

Best Lawyer
Dario Oscos at Oscos Abogados

Best Transfer Pricing Firm
Ortiz, Sainz y Erreguerena

Best Foreign Investment Firm
Gimenez & Asociados

Best Capital Markets Firm
Mijares, Angoitia, Cortés y Fuentes

Best Private Equity Firm
Ritch Mueller

Best Litigation Department
Von Wobeser & Sierra

Best PPP Firm
Mijares, Angoitia, Cortés y Fuentes

Best Cross-border Transactions Firm
Creel, García-Cuéllar, Aiza y Enríquez

Best In-House Legal Team
FEMSA

Best White Collar Firm
Bufete Zamora-Pierce

Best Energy Firm
López Velarde, Heftye & Soria

Morocco

Best Banking & Finance Firm
Benzakour Law Firm

Best M&A Firm
Hamzi Law Firm

Best Tax Firm
Benzakour Law Firm

Best Tax Consultant
Mohamed Dhid at Saaidi & Hdid Consultants

Best Corporate & Commercial Firm
Benzakour Law Firm

Best Dispute Resolution Firm
Kettani Law Firm

Best Property Firm
Cuatrecasas, Gonçalves Pereira

Best Intellectual Property Firm
Hamzi Law Firm

Best Competition & Anti-trust Firm
Garrigues

Best Insolvency & Restructuring Firm
Garrigues

Best Employment Firm
Chassany Watrelot & Associés

Best Lawyer
Azzedine Kettani at Kettani Law Firm

Best Transfer Pricing Firm
Benzakour Law Firm

Best Foreign Investment Firm
Hamzi Law Firm

Best Capital Markets Firm
Garrigues

Best Private Equity Firm
Kettani Law Firm

Best Litigation Department
Benzakour Law Firm

Best PPP Firm
Mernissi-FIGES

Best Cross-border Transactions Firm
Hajji & Associés

Best In-House Legal Team
Banque Centrale Populaire

Best White Collar Firm
Kettani Law Firm

Best Energy Firm
Naciri & Associés Allen & Overy

Netherlands

Best Banking & Finance Firm
Stek

Best M&A Firm
Stek

Best Tax Firm
Loyens & Loeff

Best Tax Consultant
Dick Hofland at De Brauw Blackstone Westbroek

Best Corporate & Commercial Firm
Stek

Best Dispute Resolution Firm
Pels Rijcken

Best Property Firm
Lexence

Best Intellectual Property Firm
Brinkhof

Best Competition & Anti-trust Firm
Brinkhof

Best Insolvency & Restructuring Firm
RESOR

Best Employment Firm
Van Doorne

Best Lawyer
Hester De Vries at Kennedy Van der Laan

Best Transfer Pricing Firm
Hamelink & Van den Tooren

Best Foreign Investment Firm
BarentsKrans

Best Capital Markets Firm
Stibbe

Best Private Equity Firm
CORP

Best Litigation Department
Lemstra Van der Korst

Best PPP Firm
Pels Rijcken

Best Cross-border Transactions Firm
BarentsKrans

Best In-House Legal Team
Royal Dutch Shell

Best White Collar Firm
Boekel De Nerée

Best Energy Firm
De Brauw Blackstone Westbroek

Nigeria

Best Banking & Finance Firm
Olaniwun Ajayi

Best M&A Firm
Jackson, Etti & Edu

Best Tax Firm
Adepetun Caxton-Martins Agbor & Segun

Best Tax Consultant
Damilola Adetunji at Odujinrin & Adefulu

Best Corporate & Commercial Firm
Adepetun Caxton-Martins Agbor & Segun

Best Dispute Resolution Firm
Abdulai Taiwo & Co

Best Property Firm
Aluko & Oyebode

Best Intellectual Property Firm
ÆLEX

Best Competition & Anti-trust Firm
Olaniwun Ajayi

Best Insolvency & Restructuring Firm
Olaniwun Ajayi

Best Employment Firm
Udo Udoma & Belo-Osagie

Best Lawyer
Konyinsola Ajayi at Olaniwun Ajayi

Best Transfer Pricing Firm
ÆLEX

Best Foreign Investment Firm
Olaniwun Ajayi

Best Capital Markets Firm
Aluko & Oyebode

Best Private Equity Firm
Udo Udoma & Belo-Osagie

Best Litigation Department
Udo Udoma & Belo-Osagie

Best PPP Firm
Abdulai, Taiwo & Co

Best Cross-border Transactions Firm
ÆLEX

Best In-House Legal Team
Olaniwun Ajayi

Best White Collar Firm
Udo Udoma & Belo-Osagie

Best Energy Firm
Templars

Norway

Best Banking & Finance Firm
Simonsen Vogt Wiig

Best M&A Firm
Selmer

Best Tax Firm
Wikborg Rein

Best Tax Consultant
Per Sandvik at Kluge

Best Corporate & Commercial Firm
Schjødt

Best Dispute Resolution Firm
Kluge Advokatfirma

Best Property Firm
Steenstrup Stordrange

Best Intellectual Property Firm
Thommessen

Best Competition & Anti-trust Firm
Schjødt

Best Insolvency & Restructuring Firm
Brækhus Dege

Best Employment Firm
BA-HR

Best Lawyer
Christian Fredrik Michelet at Arntzen de Besche

Best Transfer Pricing Firm
PricewaterHouseCoopers

Best Foreign Investment Firm
Wiersholm

Best Capital Markets Firm
CLP

Best Private Equity Firm
Arntzen de Besche

Best Litigation Department
Schjødt

Best PPP Firm
Kyllingstad Kleveland

Best Cross-border Transactions Firm
Selmer

Best In-House Legal Team
DNB

Best Energy Firms
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Godwin Emefiele on corporate governance | Zenith Bank | Video

Posted on by World Finance

Africa’s banking market – it offers vast potential, while remaining relatively untapped. Zenith Bank CEO Godwin Emefiele discusses the bank’s long history of strong risk management and corporate governance practices, and its importance for attracting investors in light of Zenith’s listing on the London Stock Exchange.

World Finance: Godwin, what level is banking in Africa currently at?

Godwin Emefiele:The level of banking in Africa has evolved from just a rudimentary level, I would say, several years ago, to, I would say, among some of the more developed in the world today.

If you consider the fact that African banks today rank among the biggest banks in the world. Certainly African banks have come a long way. Both in terms of shareholders’ funds, in terms of profitability. Some of the banks in Nigeria and South Africa particularly have really come of age, and I think we need to commend that.

“The level of governance in the financial system is a major advantage for Africa today”

World Finance: Well people talk about the potential in Africa, but in reality, how easy is it to operate there?

Godwin Emefiele: If you consider the fact that several years ago, Africa was mainly dominated by military regimes? Then today Africa has come of age, because practically all the countries in Africa today are democratically elected governments. I would think the level of development in terms of politics has really come of age.

And when you have an environment where democracy has been properly instituted, then you can be sure that a level of governance that you have in the financial system will be strong. And I think that is a major advantage for Africa today.

World Finance: Focusing on corporate governance now, and how developed is Africa in this field?

Godwin Emefiele: The level of transparency in doing business has improved, particularly in the very recent past. For instance, in Nigeria the monetary authorities insist that banks must publish their accounts at the same time. The monetary authorities have begun to insist that even the boards of banks need to get involved in some of the detailed issues that are involved in running banks today.

And so today I think, the level of governance has improved.

“The level of transparency in doing business has improved, particularly in the very recent past”

World Finance: What’s Zenith’s approach to corporate governance, and what challenges have you faced, and as a result, overcome?

Godwin Emefiele: We’re really come off it because in 23 years when the bank was set up, the bank was set up with strong risk management policies and practices put in place, and strong governance also was put in place. So today, when people begin to talk about, “Oh, what is the level of governance?” we take it for granted. Because the bank itself was set up with strong risk management and governance practices put in place.

World Finance: But what were the challenges you faced in that field, and how did you overcome them?

Godwin Emefiele: Some of the challenges are that because a new regulation is coming, and certain things need to be done the way they’re supposed to be done. At the initial stage they tended to be alien to our environment, but of course, we were able to overcome them by insisting that we had the right people in the board, we had the right people taking on certain jobs in the bank. And with that, the challenges became something very, very easy for us to overcome.

World Finance: How are Zenith’s shares distributed?

Godwin Emefiele: In 2004, Zenith became a publicly quoted company on the Nigerian Stock Exchange, and of course earlier this year our shares were quoted on the London Stock Exchange. So as a public company, you find that the shares can be easily traded publicly on the Nigerian Stock Exchange, you can pick up Zenith’s shares on the exchange.

“Before we listed a GDR on the LSE there were companies in different parts of the world that could not access our shares”

World Finance: Well you just mentioned that Zenith has been listed on the London Stock Exchange, so what impact has this had on your company?

Godwin Emefiele: The impact has been tremendous, in the sense that, you find that before we listed a GDR on the London Stock Exchange, there were certain companies in London and different parts of the world that would have liked to access Zenith Bank’s shares, but there were certain restrictions placed on them, that they cannot come directly into the Nigerian Stock Exchange to procure those shares. They couldn’t come to buy those shares, but by being listed on the London Stock Exchange, it is easy for them to go onto the floor of the London Stock Exchange to buy Zenith Bank shares.

World Finance: So finally, what would you say are the major challenges that the African banking sector faces, and how do you see them being overcome?

Godwin Emefiele: Basically two challenges here; challenges in the sense that banks, particularly in Nigeria, have to provide power for themselves. But of course recently, with government divesting from power, and then giving the authority to private sector institutions to generate and distribute power, banks will now begin to focus more on their banking business, rather than providing power.

Second, I would say the Nigerian banking industry was dominated primarily by cash. But with the Central Bank of Nigeria bringing the cashless policy into place, we find that less emphasis is being placed in picking up cash, but more on doing electronic banking.

World Finance: Godwin, thank you

Godwin Emefiele: Thank you very much.

Climate change, gender equality on WEF 2014 agenda

Posted on by Ashton Wenborn

In early 2014 Davos-Klosters plays host to the 44th Annual Meeting of the World Economic Forum (WEF). Over 2,500 attendees will congregate in the picturesque alpine municipality to discuss and debate global political, economic, technological and environmental issues.

Political scientist Samuel Huntington coined the term “Davos Man” to describe those who are not limited by nationality or national boundaries. He said that they “see national governments as residues from the past whose only useful function is to facilitate the elite’s global operations”.

Overlooking global concerns from afar
The Davos Man and Woman will meet on neutral ground, high up in the Swiss Alps, to participate in workshops, panels and discussions concerning the world below them. For more than four decades, various politicians, academics, business leaders, members of civil society and the press have attended the event.

[T]he annual WEF meeting at Davos is a platform for ideas, experience and insight to be exchanged

The WEF was founded 42 years ago as a non-profit organisation by University of Geneva business professor Klaus Schwab. The inaugural meeting in Davos saw around 400 European business executives come together to discuss matters of economic concern.

“When we started, it was a small, family affair, with not more than 400 people, focused mainly on management issues,” said Schwab, in an interview with the Financial Times in 2008.

Originally named the European Management Forum, the name was changed to the WEF to reflect the organisation’s varied international objectives. Davos isn’t just a gathering of “fat cats in the snow,” as Bono famously said in 2006; the annual WEF meeting at Davos is a platform for ideas, experience and insight to be exchanged.

“I always insist the Forum is not a decision-making body. The WEF is a body that enlightens people, helping them to make better-informed decisions. The rest is up to them,” said Shwab, speaking to the FT in 2008. “The big global challenges cannot be met by governments, businesses or civil society alone. A cooperative platform, a global forum is needed, which unites societal forces to improve, as our mission states, the state of the world.”

Davos 2013: Resilient Dynamism
The theme for the last meeting was Resilient Dynamism. Explaining the reason for focusing on this theme, Schwab wanted to focus on progress.

“I am convinced that instead of being mired in pessimism and burnt out by crisis management, we have to look at the future in a much more positive, much more constructive, or in other words a much more dynamic manner.”

WEF 2013 in numbers

50

Heads of state

500

Members of the press

1,500

Business leaders

He adds: “At the same time the complexity, interconnectivity and velocity of the global system represents ever increasing systemic risks combining a dynamic, upbeat approach, bold vision and even bolder action with the necessary measures to strengthen risk resilience is critical for a successful future, thus our theme Resilient Dynamism.”

The 2013 meeting saw 50 heads of state, 500 members of the press and more than 1,500 business leaders from the Forum’s 1,000 partner and member companies in attendance. Some of the primary issues that were focused on were published in the 2012 Global Risks Report in the weeks preceding the event.

Challenges described in the report included the increasing gap between rich and poor or “income disparity,” economic inequality measured by the Gini coefficient. Rising government debt was also on the agenda in the midst of the eurozone crisis. Other issues outlined included growing unemployment and the wider recovery from the global economic downturn as well as rising carbon emissions.

Each year at Davos, speakers from business, politics and civil society take the stage to share thoughts with the audience, giving reporters a few lines of quotable quips and candour. Speaking at the Global Education Imperative, UN Secretary General Ban Ki-Moon, stressed the importance of education.

“As a boy, I studied in the dirt. There was no classroom. Education made me what I am; it made my dream come true… I shared my message with refugee children: Don’t lose hope, study hard. I did it, you can do it too.”

In his Special Address, UK Prime Minister David Cameron expressed his disdain for the euro. “When you have a single currency you move inexorably towards a banking union and forms of fiscal union, and that has huge implications for countries like the UK who are not in the euro and are frankly never likely to join.”

Davos often attracts mainstream media attention due to the attendance of high profile celebrities from the entertainment and tech world. In 2013 Charlize Theron accepted an award at the opening Crystal Awards ceremony for her humanitarian work carried out with the Charlize Theron Africa Outreach Project.

Theron told the audience “I feel like I’m getting smarter just by osmosis.” Adrian Monck interviewed the inventor of the World Wide Web, Tim Berners-Lee, in a one-on-one session about the problems with social networking. “A hacker to me is someone creative who does wonderful things,” said Berners-Lee.

Dialogue at Davos 2014
The 2014 WEF meeting will attempt “to develop and shape global, regional and industry agendas”. The theme will focus on The Reshaping of the World: Consequences for Society, Politics and Business. The Forum describes the aims of the 2014 event to “develop insights, initiatives and actions necessary to respond to current and emerging global challenges.” The executive summary outlines key areas that will be focused on regarding global, regional, economic, industry and business, and the future.

Conflict and political unrest have been prevalent running up to the 2014 meeting. In the wake of the Arab spring, incessant unrest in North Africa and the Middle East continue to limit the potential for peace and economic prosperity in the region. The war in Syria has resulted in more than two million refugees seeking safety in neighbouring countries, such as Lebanon, Jordan and Turkey.

The 2014 WEF meeting will attempt “to develop and shape global, regional and industry agendas

These nations are beginning to struggle with the magnitude of the crisis. According to the UN, close to nine million Syrian people are in desperate need of foreign aid. These are but some of the challenges faced by political and business leaders in their pursuit of making the world a better place.

Apart from the various socio-economic dilemmas that have developed as a result of conflict and political unrest, dialogue at Davos is also likely to be shaped by global environmental, social and economic issues such as climate change, multilateral trade as well as the post-2015 development agenda. Climate change in particular will be a top priority at Davos in 2014.

Writing for Business Green, Dominic Waughray – Senior Director and Head of Environmental Initiatives at the WEF – stressed the importance of promoting dialogue about the changing climate.

“While it is important to appreciate that the Forum does not itself form policy or reach decisions, and is instead a catalyst for ideas and solutions, it is dedicating an unprecedented number of sessions at the next Annual Meeting in Davos-Klosters in early 2014 to climate change,” wrote Waughray.

“The World Economic Forum could be the ideal place to bring together scientists, government leaders and private sector actors to better understand the problem and find ways to address it.”

Multilateral trade is also expected to be the subject matter of many conversations, in light of several global free trade agreements that are currently being negotiated. The first of which is the Transatlantic Trade and Investment Partnership (TTIP) between the EU and the US.

Secondly, there are talks under way between Pacific nations for the Transpacific Partnership (TPP). The post-2015 development agenda will also be at the top of the list as the eight UN Millennial Development goals come to an end in 2015. There have been several notable parliamentary elections in 2013, for example in Iran, Italy and Australia and as the new members of government begin to implement their policies, business leaders and decision makers will want their voices to be heard as they begin to form new relationships with their foreign counterparts. Following the release of the WEF Global Gender Gap Report 2013, the matter of gender equality is expected to be of utmost importance at Davos 2014.

Gender equality
Introduced in 2006, the Global Gender Gap Report measures the progress of 136 countries in the last year by means of ‘economic, political, education and health based criteria.’

The ranking system used in the report is “designed to create greater awareness among a global audience of the challenges posed by gender gaps and the opportunities created by reducing them.” Gender equality is a matter of great concern due to the political and economic landscape being dominated by men in most of the world.

In a blog post written for the WEF, authors Deborah Steinborn and Uwe Jean Heuser stress the importance of greater female representation for the benefit of the wider economy. “It makes sense for companies to open their cultures to both genders. This is perhaps the last great economic adventure, and one which can be profitable for all,” write the authors of Think Again! How the Economy is Becoming More Feminine.

Certain developed countries such as the US and Australia, ranking at numbers 23 and 24 respectively, are lagging behind developing nations like Lesotho and South Africa, who sit at 16 and 17.

[T]here is possibly no better stage for the most influential men and women to meet and discuss how to make the world a better place

Assumptions about who might be at Davos is never wise – as attendance cannot be guaranteed for the incredibly busy Davos Man, however one distinguished attendee is Africa’s richest man, Aliko Dangote, who has been appointed co-chair of the annual meeting. As of March, 2013 his wealth was estimated by Forbes to be in the region of $16.1bn.

A dedicated philanthropist and the founder of Dangote Group, West Africa’s largest publicly listed corporation, Dangote was also recently appointed to the United Nations’ Global Education First Initiative (GEFI) launched by Ban Ki-Moon.

Echoing the UN Secretary General’s advocacy for improving access to education, the GEFI basically aims to put every single child in school. Klaus Schwab wrote in his invitation letter to Dangote that his “participation as co-chair will contribute significantly to the substance and relevance of exchanges between global leaders from government, business, academia, civil society, and the media at the forum.”

In spite of the media attention Davos receives for the protests, the exclusivity, the lavish dinners, the alleged million dollar parties thrown by tech billionaires and the speculation about the private words exchanged outside of the official sessions; there is possibly no better stage for the most influential men and women to meet and discuss how to make the world a better place. When one is able to see the wealth and influence of the participants as a force for positive change, Davos-Klosters can be seen as a platform for incredible political, social and economic progression.

As idealistic as this may seem, the young global leaders, social entrepreneurs, tech pioneers, media leaders and spiritual and cultural leaders representing their countries, businesses and communities at Davos really do have the power to eradicate starvation, resolve conflict, educate every child and ensure that our earth is habitable for generations to come.

Bill Gates, a humanitarian and regular Davos attendee, has told of a letter sent from his mother to Melinda Gates before their wedding. She wrote “from those to whom much is given, much is expected.” As the WEF’s motto is “committed to improving the state of the world,” Gates’ mother’s words may be well be considered by Davos Man and Woman as they arrive in Switzerland in January for their annual meeting.

Islamic banking set to change financial markets

Posted on by Ashton Wenborn

On October 29, 2013, British Prime Minister David Cameron announced that the UK would issue a £200m sovereign Sukuk in 2014, making the UK the first Western nation to do so. As if to say, “Why not?”, the UK, with this announcement, has given a much-needed sense of legitimacy to a small but growing sector of the banking industry with great potential. If one were listening carefully after that announcement, a small cheer might have been heard coming from the direction of Saudi Arabia, an epicentre of modern Islamic banking.

Although Malaysia, Indonesia and a number of other countries have long been players in Islamic banking and finance (see Fig. 1), the GCC – more specifically, Saudi Arabia – has been a critical region with regard to Islamic banking’s future. The kingdom, which is home to the birthplace of Islam as well as the first modern Islamic bank (the Islamic Development Bank, or IDB) and the world’s largest Islamic bank (Al-Rajhi Bank), had for the longest time relied on a conventional banking model. But with IDB’s launch in 1975 and the subsequent rise of the Al-Rajhi empire a decade later, a path was laid towards an Islamic banking future for all in the country.

Sharia leader
Saudi Arabia’s importance cannot be understated. Currently, it is the largest IDB shareholder with 26.5 percent of paid up capital. According to the Islamic Research and Training Institute, an IDB affiliate, the kingdom also represented 7.1 percent of the $1.6trn global Islamic banking market in 2011. However, more importantly, Islamic banking accounts for nearly half of the kingdom’s banking market. Oh, and liquidity abounds.

In Riyadh and Jeddah, where Saudi Arabia’s banks are headquartered, both Islamic and hybrid Islamic/conventional banks are tripping over themselves to present their sharia-compliance bona fides. Conventional operations have gone far beyond the opening of so-called ‘Islamic windows’ and are now launching fully Islamic branches, as is the case with Saudi Investment Bank. And new market entrants, such as the well capitalised, publically owned Alinma Bank, have the benefit of being founded as 100 percent sharia-compliant across all products, services and operations.

What does all this have to do with London? That question can be answered with three words: competition, standardisation, and growth.

Saudi Arabia has the potential to become the hub for international Islamic banking and finance. However, in order to fulfil this potential, issues related to competition, standardisation and growth need to be sorted out. In short, if London pushes for a foothold as an Islamic banking hub, this will force Saudi Arabia (and others for that matter), to address its current challenges. Additionally, rising waters lift all boats; if London can be a gateway for other Western nations to adopt Sukuk financing or other Islamic instruments and practices, Saudi will have greater opportunities.

Milestone Sukuk deals
In the short run, Sukuk seems the most likely avenue for Saudi growth and is the area in which the country can be most influential. Already in 2013, there have been a number of important Sukuk issuances, most notably the Sadara Chemical issuance at $2bn, and the government’s $4bn issuance for the General Authority of Civil Aviation. These deals are not insignificant and cannot be ignored. In fact, they will be analysed and scrutinised with regard to their structures, and if Saudi Arabia keeps up this pace, it will help shape the discourse on how such Sukuk deals should be handled.

In terms of industry growth, however, the line need not be drawn at project finance. If anything has been learned in the past decade, it is that Islamic retail banking can compete with conventional retail banking and can be profitable in doing so. And if London were to open the door to retail operations in the future, this would give Saudi Arabia another area in which to shape the discourse and create opportunity for itself.

The two newest banks in Saudi Arabia, Albilad and Alinma, already hold an advantage over many regional and even European retail banks thanks to technology. Unencumbered by legacy systems, their sharia-compliant offerings are often easier to deliver. Alinma, in particular, has leveraged technology to be first to the market with smart-chip cards, instant in-branch card issuance, services for the blind and automated safe deposit boxes.

In short, the line between conventional and Islamic products will continue to blur. Innovation in sharia-compliance will make it possible for Islamic banks to challenge nearly all conventional products. The market will grow, and Saudi, if it plays its cards right, could be leading the charge at the end of the day.

Oil boom in GCC region shifts economic landscape

Posted on by Ashton Wenborn

This past decade has seen the economic landscape in GCC countries transform almost beyond recognition, with the recent oil boom and increase in government spending contributing to the region’s newfound attractiveness to investors (see Fig. 1). However, the GCC has not always harboured the same investment opportunities, as the countries’ prospects only truly began to gain as recently as a decade ago.

Gulf-region-oil-exports

Ahmed M Al Bahar, Managing Director and Agnello A S Fernandes, Vice President of Funds Administration and IT at Gulf Custody Company, spoke with World Finance about the ways in which the GCC has changed since the turn of the century, and the astuteness of domestic businesses in recognising the region’s prospective wealth.

Positive results in energy sector
“The recent oil boom generated a large volume of revenues for the six GCC countries: Bahrain, Oman, Kuwait, Qatar, the United Arab Emirates, and Saudi Arabia. Estimated at an annual average of $327bn over the period 2002 to 2006, the revenues more than doubled the average of the preceding five years,” recalls Fernandes.

“These abundant revenues were instrumental in boosting economic growth. The GCC has become a significant regional bloc and plays a vital economic and political role far beyond its shores, given its geopolitical strategic location, preponderance of global energy reserves and its emergence as a major international player through use of accumulated financial reserves.

The GCC has become a significant regional bloc and plays a vital economic and political role far beyond its shores

“During this period, with adequate liquidity in the market and a comfortable investment climate in the region, the investment sector has developed tools for both local and regional investors.”

The maturity of the GCC’s financial markets plays into the hands of the Kuwait-based fund custodian and administration service provider, as the need for these services has skyrocketed this past decade in accordance with an increasingly complex financial marketplace.

The GCC remains a relatively young – though no less potent – hotbed for investment says Fernandes, so the Gulf Custody Company has seen the demand for outsourcing fund custody, administration and registry skyrocket since its establishment in Kuwait over a decade ago. Established in 2001, Gulf Custody Company is a direct result of interpretation, where the founders recognised a place for fund custody and administration in the GCC’s not-too-distant future.

Bahar further stated that the promoters of Gulf Custody Company had the vision to acknowledge that although a servicing of investment instruments was available, a specialised ancillary services provider for core services such as Fund Admin, Custody and Transfer Agency would provide local Fund Managers access to Gulf markets and vice versa, coupled with competitive pricing that was non-existent.

The promoters then got together and established Gulf Custody Company with a mission to become a leader in fund administration, as well as Custodian and Transfer Agency services in Gulf markets. The company is indicative of an astute business climate present throughout much of the GCC, with the Gulf Custody Company being just one of many domestic companies that have recognised the potential for a sizeable return on investment from the very beginnings of its inception.

Testing market conditions
Those affected by the investment climate in the GCC have had to contend with trying economic tribulations of late, requiring companies to demonstrate a capacity to adapt if they are to survive. Gulf Custody Company has sought to adapt its strategy accordingly in keeping abreast of the wider financial services industry. “Since our beginnings we have gone from strength to strength, except for the last three years where they took a slight hit due to global market conditions. For the year ending 2012 Gulf Custody Company had $3bn under custody,” which represents a slight shortfall on previous years.

Regardless of the past half-decade’s trying economic conditions, Gulf Custody Company has weathered the financial storm of recent years and emerged relatively unscathed, standing the company in good stead to realise the financial rewards of global economic recovery.

Those affected by the investment climate in the GCC have had to contend with trying economic tribulations of late

The region is very much on track to being upgraded from frontier market to emerging market status by MSCI, announced in June and scheduled to take effect as of May 2014, prompting many in the region to implement advanced investment services in catering to a new breed of investor. The GCC has seen rising oil prices and increased government spending bolster the region’s investment prospects and instigate a rise in mutual fund results this year. The return to form for the GCC represents a shrewd business strategy on Gulf Custody Company’s part, as the company has invested a great deal in expanding its market share in the region.

It has attempted to expand upon its market position by opening offices in Bahrain and Oman. “We see a good potential for this service in the future in these regions and wanted to capture the market share before our other competitors did.”

Gulf Custody Company is an independent financial institution whose services cater to conventional Islamic and international mutual funds of various categories. Fernandes continued, “Gulf Custody Company provides a wide range of high quality and cost effective fund custodian, fund administration and share registrar services [transfer agency] to cater to the needs of both clients and fund managers in Kuwait, Gulf and Mena regions.”

The company differentiates its services from rival custody and administration service providers in the region in whatever way it can. “Fund Administration, Custody and Transfer Agency is our core business, and we are not distracted by anything else. Gulf Custody Company also do not invest or trade for its own self. As a result every piece of information relating to Fund Managers, financial markets, funds and financial instruments that is in our domain is segregated, uncompromised, safe and secure in our database and as it is of no use to us, as it is beyond a conflict of interest,” says Fernandes.

Harnessing technology
Gulf Custody Company service to represent something of a benchmark for the industry. Fernandes says that the company has spearheaded a number of changes in the business of fund custody and administration. “Every NAV and report provided is compiled independently by us, which significantly means each and every investor in our fund is afforded the assurance that our reporting is non-biased, accurate and independent.”

It does not hesitate to develop an approach that best meets its clients’ objectives. What differentiates the company from its competitors is that it is not tied down to following rigid procedures without reference to prevailing circumstances of the client – it adopts a flexible approach. Instead it will work with them to develop solutions that meet their needs. KYC and AML also form an integral part of its business procedures now.

Fernandes goes on to state the importance of IT investment to Gulf Custody Company and the business of fund custody and administration as a whole, believing technological advancement to be of an especial importance in delivering the best service possible.

“Our current IT platform, by a reputed international vendor, handles over 24 clients managing in excess of 62 funds. Our commitment to investment in IT is reflective of our need to ensure administration is delivered within a tightly controlled business that does not rely on excessive manual processing, or on the use of spreadsheets.”

One of the principal areas in which IT plays a part is in financial accounting, wherein Gulf Custody Company maintains a complete set of financial records for each fund and portfolio. It employs a fully integrated and state-of-the-art system, which is equipped to cater for the extensive range of fund types on the company’s books.

With the capabilities to accommodate multi-currency portfolios and a variety of fund structures, this IT measure is just one of the many ways in which the company ranks among the best fund custody and administration service providers in the region.

The MSM30 index saw returns of 10.02 percent in the first half of the year, with Bloomberg’s GCC200 Index registering a 10.2 percent increase in the same period, indicating a return to form for the bloc. Moreover, mutual funds have boasted returns in excess of these figures, with three of the 11 Omani funds that posted results in H1 2013 having generated over 20 percent returns, and another four posting over 15 percent.

The gains of GCC mutual funds will serve to boost Gulf Custody Company’s prospects, provided that funds throughout the region experience similar returns and seek out the services of custodians and administrators in protecting its gains.

The company’s prospects look set to improve in the coming years, though Gulf Custody Company is not simply content with its current position. “We plan to expand to other GCC markets when the current market scenario improves,” says Fernandes.

“We also have a highly sophisticated web based state-of-the-art IT solutions in the pipeline,” which highlights another area in which the company will likely advance ahead of its market competitors.

What does the future hold for the Brazilian stock market?

Posted on by Ashton Wenborn

For years, Brazilian capital markets have lagged behind the domestic economy in terms of size and growth potential, and have struggled to keep up with a number of international markets. As one of the world’s most significant growth economies, it is essential for Brazil to develop a market structure more in line with those found in the world’s leading financial centres, such as New York and London. A closer look at the market in Brazil reveals the obvious need for competition in order to stimulate growth and facilitate investor access to global investment opportunities.

A closer look at the market in Brazil reveals the obvious need for competition in order to stimulate growth and facilitate investor access to global investment opportunities

Global investors have long desired access to Brazil, only to be stifled by the monopoly that BM&FBovespa has had on equities and derivatives trading since 2008, when a merger between the country’s Bovespa stock exchange and the BM&F futures exchange was created. In the years that have followed, the group has criticised market fragmentation and promoted its own self-interest, to the detriment of the broader Brazilian economy. But change is in the air.

Market opportunity
In order to better comprehend the Brazilian economy today, it’s important to understand how the market has developed and modernised. As recently as the 1990s, the Brazilian capital market was struggling and losing ground to others due to the lack of protection for shareholders, uncertainties regarding investments, and lack of technological enhancements. With the lack of management transparency and adequate instruments to monitor companies, it gave off an impression of risk, which consequently increased the cost of company capital. In fact, between 1995 and 2003, there were only six initial public offerings in Brazil. Consequently, the Brazilian Stock Exchange was not used by companies to source funds and many Brazilian companies began to go to foreign markets, through American Depositary Receipts (ADRs).

Figure 1

Then in 2000, the Brazilian stock exchange system began to unify and consolidate, led by Bovespa and eight other Brazilian stock exchanges. The capital markets recovered as a result of a series of very favourable macroeconomic events for the Brazilian economy. The number of IPOs rose dramatically, with over 100 IPOs between 2003 and 2011. During this timeframe, the merger of BM&FBovespa occurred, liquidity levels improved and stock prices rallied, prompting the market to embrace the self-deceiving belief that this exchange consolidation was allowing Brazilian equities markets to inch closer to major international markets in terms of performance.

In the last few years, however, new investment alternatives have been few and the economy has suffered without any real growth in retail investing. Despite a growing middle class in Brazil that is consuming more goods than ever before, the domestic capital markets are not representative of the economy as a whole. The number of listed issuers compared to overall GDP is also not a clear representation of the whole picture (see Fig. 1). When compared to other exchanges, the monthly trading volume as a percentage of GDP of Brazil’s stock exchange is 2.4 percent, considerably below the 12.4 percent of key US markets such as NYSE and NASDAQ, and roughly three percent for key European markets (see Fig. 2). When broken down even further, approximately 50 percent of the volume traded is concentrated in only 10 companies in the Bovespa segment, and in the futures market almost 90 percent of the volume is concentrated in only five types of contracts. In addition, the Brazilian markets also have also had some of the largest bid-ask spreads worldwide.

New exchanges
Interest from foreign exchange operators led the Securities and Exchange Commission of Brazil (CVM) to announce in June 2012 that it was working with Oxera, an independent economic consultancy, to weigh up the benefits of allowing new exchanges to operate in the country. What resulted was a surprise to no one that follows the Brazilian markets. The overarching message was that competition would spur economic growth and enhance the economy by bringing in additional liquidity, benefiting a greater number of market participants investing in Brazil.

Figure-2

While the need for liquidity providers is essential for growing the economy, it is just as important to have a liquidity aggregator with efficient technology that meets international standards. By creating an additional stock exchange, a number of additional benefits would include:

  • Improved price formation and smaller bid-ask spreads;
  • Higher trading volumes;
  • Heightened liquidity for small and medium enterprises;
  • Rebalancing of the financial equation for investment services firms and technology providers;
  • Improved savings and liquidity formation conditions.

Another key component to improving Brazil’s financial structure is to develop current technology to increase the volume of trading on electronic platforms. When electronic trading was first introduced in Latin America with the launch of Globex (CME Group’s electronic trading platform) in 1992, the market was slow-moving. However, over the past few years the region has evolved and electronic trading is now growing in Brazil, Mexico and Chile. With that said, there is still a lot of room for expansion; there are many buy-side firms in Brazil that have been slow to adopt electronic trading order routing. Expanding electronic trading in Brazil will allow the order process to be speedier and more efficient while reducing the cost of transactions and increasing transparency.

Competing equities platforms
Recognising the opportunity and demand for a new exchange, NYSE Euronext announced it would partner with Americas Trading Group (ATG) to create a new equities platform to compete with BM&FBovespa. The new exchange, named Americas Trading System Brasil (ATS Brasil), will offer the Brazilian market an opportunity for significant growth and will seek to secure a share of approximately 10-15 percent in equities trading by the end of 2014.

This aggressive goal is based on ATG and NYSE Euronext’s established infrastructure and experience in the electronic trading and stock exchange business. For those not familiar with ATG, it is an electronic trading company that emerged as a result of the lack of development in the capital markets and the need for enhanced technology platforms and modernised access to the broader markets. ATG consolidates and manages connections between brokers, end users and stock exchanges in Latin America. The company also offers the buy- and sell-side firms support in electronic trading and a diverse array of products and services to ensure best order execution and control.

NYSE Euronext saw the opportunity to increase its exposure to the Latin American markets and partnered with ATG to become the exclusive liquidity hub in the region. ATG has invested heavily in technology infrastructure and in trading, monitoring and support systems to build a state-of-the-art, multi-asset, broker-neutral trading platform that connects to the principal economies in the Americas. NYSE Euronext also brings its sophisticated technology to the partnership and will be actively involved with the planning and implementation of this new market in Brazil. ATS Brasil will help remove capital market barriers, providing investors better access to companies and investment instruments.

A growing project
In June 2013, ATS filed a request with the CVM for approval to launch the new exchange. Three months later, ATS Brasil removed the largest barrier for the new stock exchange’s formation by partnering with the Risk Office to create a new clearinghouse in Brazil. The joint venture will provide the full range of clearing and settlement services for transactions in the Brazilian capital market. While the Risk Office and ATG will be the initial investors in the new clearing entity, there are other investors in advanced negotiations to become partners in the project.

With the new clearinghouse in place, ATS Brasil is continuing to move forward with its plan to open the Brazilian stock market for the overall betterment of Brazil and its economy. The new exchange is currently securing liquidity partners and is seeking final approval from CVM. The opportunity for a new modernised market structure in Brazil is on the horizon and when it becomes a reality, domestic and international investors will benefit greatly from increased competition.

Mexico and US in deadlock over insolvency reforms

Posted on by Ashton Wenborn

As Mexico surges towards becoming a modern, thriving economic hub, its legal processes must be brought up to date in order to ensure confidence from the business community. For a long time the country has offered considerable growth potential, but has suffered from a large unregulated and untaxed black market, as well as state monopolies of certain industries, causing a lack of serious competition.

When President Enrique Peña Nieto assumed control of the country in 2012, he set about a series of reforms aimed at improving Mexico’s competitiveness, stimulating economic growth, and freeing industries from the shackles of state ownership. While the economy is closely linked to the US, it has started to slow in recent years, and GDP growth is thought likely to only hit 1.2 percent during 2013.

This GDP growth is expected to reach 4.2 percent in 2014 with the legislative amendments and their effective implementation in matters of labour, education, tax, finance – including banking and insolvency – energy, oil and gas, and telecommunications.

During times of stagnation as well as economic crisis, a robust legal environment is essential to ensure that when companies fall into trouble, there is a proper framework that protects all stakeholders. Mexico enacted its Commercial Insolvency Law (Ley de Concursos Mercantiles LCM) in 2000, with the intention of governing the process after a company approaches insolvency.

Preventing economic fallout
There have been a number of legal wrangles in recent years that have come as a consequence of differences between Mexican law and that of neighbouring territories, like the US, that companies operate in. Designed to rehabilitate companies before having to put them into liquidation, the LCM does not regulate, inter alia, groups of companies, intercompany debt, discharge and other insolvency items for a 21st century regulation.

Cross-border trade, as well as the onset of increased globalisation, means that there needs to be a level of consistency between laws in both Mexico and other territories

Cross-border trade, as well as the onset of increased globalisation, means that there needs to be a level of consistency between laws in both Mexico and other territories. No more so has this trouble been emphasised than in the recent bankruptcy of Mexican glassmaker Vitro SAB.

While Mexico’s legal system might not be as robust as many international firms may hope for, there are a number of legal practitioners that know their way around the complex legal system. World Finance recently spoke to Dario Oscos Coria, founder of Oscos Abogados, about Mexico’s insolvency laws, and what can be learnt from the Vitro case.

Working around a catch and release
Vitro SAB is a Mexican holding company that has many operations across a number of international subsidiaries, including some in the US. With annual net sales of around $2bn and a primarily Mexican workforce of roughly 17,000, the company is a leading manufacturer of glass products.

In 2009, it fell into trouble, failing to pay $293m worth of derivative contracts, as well as interest on bonds that were set to mature in 2012, 2013 and 2017. This led to the company defaulting on around $1.5bn worth of debt held by banks and bondholders across the world.

In December 2010, Vitro sought bankruptcy as a means to restructure itself, as well as creating $1.9bn of intra-company loans between various subsidies. Such a move was seen as more favourable to shareholders than to creditors.

Mexico is in urgent need of a 21st-century insolvency system

“The company’s intention was to enable the subsidiary creditors that had lent money to the holding company to cast votes in support of Vitro’s restructuring plan, thereby imposing a majority in the reorganisation plan on dissenting creditors,” Oscós said.

“Moreover, its affiliates had also entered into a lock-up agreement with the holding company that required them to vote in favour of a restructuring that would release them from payment guarantees they had extended to outside creditors.”

While the bankruptcy reorganisation plan was granted in Mexico, the US legal courts rejected recognition of the reorganised plan because it was contrary to public policy and would release third party obligations of non-bankruptcy debtors.

Oscós says that the case highlighted the need for Mexico to reform its insolvency laws. “The Vitro insolvency case highlighted many of the deficiencies and possible abuses of the LCM, and may be underlined as the most notable insolvency case in recent years.”

He adds: “After 13 years in effect, experience of the LCM shows that Mexico is in urgent need of a 21st-century insolvency system. The legislator has recognised this situation and has made major amendments to the LCM.”

Zurich commits to CSR

Posted on by Ashton Wenborn

The complete structural overhaul of Turkey’s political and economic system in recent years has given rise to a plethora of new market opportunities, though not without accompanying complications. In light of Turkey’s recent developments, World Finance spoke to Zurich Sigorta’s CEO, Yılmaz Yıldız, about the country’s insurance market and how the leading multi-line insurance provider’s services are ready to capitalise on a country in the midst of change.

How is the current economic and political landscape affecting your business?
Due to well-observed structural reforms and successful macroeconomic policies, Turkey has become one of the fastest-growing economies in the world. We consider ourselves very lucky to be operating here as macroeconomic and demographic trends continue to exhibit strong performance to this day.

Sound economic policies combined with vigorous economic reforms have yielded favourable results, and the economy has sustained robust economic growth over the last decade. Turkey is the 17th largest economy worldwide, the sixth largest in Europe, exhibits strong growth prospects and boasts a dynamic population – 50 percent of whom are under 30 years old.

In the coming decades it is estimated that Turkey will expand upon its current political and economic influence further still and, according to recent forecasts, become the 10th largest economy in the world by 2023.

With strong economic indicators, such as consistent GDP growth (see Fig. 1 above), an increasing disposable income, falling unemployment, low public debt and falling inflation and interest rates, Turkey is expected to outperform numerous developed economies in the coming years. This economic environment – supported by structural reforms – will boost consumption of insurance products, so it can be said with a reasonable degree of certainty that the economic climate lifts Zurich’s prospects in Turkey. Thus Zurich, which operates in 170 countries, considers Turkey to be one of its key priority markets.

What have been the key developments in the market this year?
Turkey’s overall insurance market, including life, pensions and non-life, equates to approximately $24bn, and looks to grow at a rate of near 20 percent per annum. The General Insurance (GI) market, of which we form a major part, has attracted serious sums of foreign investment intended to capture future growth, therefore the number of foreign-based insurance companies operating in Turkey has almost tripled since 2001.

$24bn

The approximate value of Turkey’s insurance market, including life, pensions and non-life

20%

Amount Turkey’s insurance market is expected to grow per annum

$9.5bn

The approximate value of the Turkish General Insurance (GI) market

$35bn

Amount Turkish GI market is expected to increase by 2023

The Turkish GI market grew by approximately 18 percent in 2012 and equated to $9.5bn, which was remarkable given that global growth rates remained stagnant. The market has seen even more impressive gains so far in 2013 and, in brief, it can be said that the GI market continues to exhibit impressive growth.

The GI market’s compound annual growth rate from 2001 to 2012 was 22 percent and is expected to reach as much as $35bn by 2023 from $9.5bn today. I do continue to believe in the great potential of the Turkish insurance market, which is fuelled in no small part by sustainable economic growth. Moreover, Turkey’s low insurance penetration implies that there remains a sizeable opportunity for expansion in the near future to be driven by increased GDP per capita.

Regardless of an overwhelmingly positive outlook, there remains intense and often loss-inducing competition in the market. If you were to look at the Turkish GI landscape, it is clear to see that the market is highly fragmented and plays host to as many as 35 active players.

Consolidation in the mid-term is inevitable. Life is and will be extremely difficult for insurance companies with no captive bancassurance partnerships and/or critical scale. Insurance companies need to focus on implementing better technical pricing mechanisms, more balanced portfolios, better expense management practices and operational efficiency if they are to survive. Overall, the Turkish GI market is expected to continue its upward trajectory in tandem with economic expansion and increasing consumer awareness.

How important is CSR to the insurance sector today?
It is becoming increasingly important for companies to act as good corporate citizens. Consumers believe that increasing the transparency of business practices, and demonstrating positive social and environmental impacts are the two most effective actions companies can take to improve public trust in the private sector.

Our employees, executives and we as CEOs feel good about giving back to the societies in which we operate. We do believe it’s crucial to balance business and society in order to develop mutual and long-lasting relationships with the communities in which we live in. It is like most things in life, society and business, inasmuch as it’s all about striking a balance, as without profits, we would be unable to sustain the business and therefore continue with our CSR efforts.

As with any other company, an insurer needs to demonstrate that it is more than just a profit-generating, abstract entity. It is important for insurers to emphasise the vital role they play in economic and social development, and CSR projects will improve the industry’s reputation and reinforce stakeholder relationships, which, in turn, can increase loyalty, sales and resilience.

Tell us a little more about Zurich Sigorta’s CSR initiatives
Our stakeholders and the public in general have high expectations with regards to CSR, and demand that we play a part in addressing today’s social, economic and environmental challenges head-on.

It is an important issue for Zurich Turkey to be a responsible company

CSR is not only a key ingredient of our strategy, but also a natural component of our operational and strategic functions. We recognise that in order to be a successful business, we must be able to depend upon earning and maintaining the trust of our stakeholders by proactively addressing relevant environmental, social and governance issues.

In Zurich, CSR centres on our commitment to apply our core competencies, insurance and risk management expertise in contributing to the sustainability and welfare of a given community. Put simply, it’s about conducting our business in a way that creates long-term value for our customers, our people, our shareholders and the communities in which we operate.

It is an important issue for Zurich Turkey to be a responsible company as it is fundamental to our long-term sustainability to meet our aspirations to become the best global insurer. CSR is crucial in that it benefits everybody. It builds trust and demonstrates to our stakeholders that we are a sustainable, principled business. It makes us more attractive to talented employees, reassures customers we are trustworthy, and most importantly, makes society as a whole stronger.

We believe in taking care of children and the youth in many of our CSR projects, and therefore we’ve launched several activities in 2013 in which we’ve worked together with children in need. In many of our voluntary activities our participation rate stood in excess of 95 percent of our employees, and went quite some way in helping us to embrace the surrounding community with both sympathy and affection.

What are Zurich Sigorta’s plans for growth in 2014?
Our intentions are to leverage Zurich’s traditional strengths without neglecting the core values of local culture and business. Zurich’s focus will continue to lie with sustainable profits as well as creating value for our customers through excellent services and products. To reach that target we are strengthening our position by enhancing the group’s global power with local strategic business partnerships. This strategy coincides with Zurich Basics, which are integrity, customer centricity, sustainable value creation, excellence and teamwork.

Our goal is to be considered the best insurance company by our customers, employees and shareholders alike, and in line with that vision, we will focus on sustainable and profitable growth. We intend to become more competitive by optimising the benefits of our multi channel and multi segment structure, whether this is through organic or inorganic means.

In an emerging market, the secret to success is to capture favourable demographics through profitable growth, and so we will continue to operate in all segments: personal, small business, commercial and corporate; all distribution channels banks, agents, and brokers, and all through our main lines of businesses. We will continue to invest for the long term in our business, employees, and communities, as a major player with regards to CSR initiatives.

Legislative changes to boost Kuwaiti economy

Posted on by Ashton Wenborn

The Kuwaiti market is distinctive in nature. It is generally based on a free economy; however, the Kuwaiti Government has created a form of a luxury-based socialism since the declaration of independence from the United Kingdom in 1961. This trend had its effect on the rest of the GCC region in one way or another.

It was noble in nature; the Kuwaiti Government mainly intended to share its abundant petroleum natural resources with its citizens. And yet, the winds do not blow as ships wish. The government’s system has shown many negative side effects in the five decades since the declaration of independence.

Offshore investing is a viable income sources for many countries, but it cannot be a substitute for investing monies locally

Thanks to its economic strategy, the government has become the absolute and principal employer, giving rise to masked unemployment figures. The economy of the country has grown heavily dependent on returns from petroleum exportation, which form almost 96 percent of its income. This of course has led to the diminishing of the private sector’s role, which is only really focused on the public services sector. As a counter measure, the government took a decision to make offshore reinvestments of surplus petroleum revenues. This measure achieved revenues almost equal to those of petroleum exportation during the ’80s.

However, this achievement was short lived; the invasion of Kuwait took place in 1990, followed by several global financial crises, leading to a significant market value loss in such offshore investments. Offshore investing is a viable income sources for many countries, but it cannot be a substitute for investing monies locally and probing other options to vary income sources.

Efforts to legislate
The oil inflation witnessed by the global market, along with the steady rise of oil prices, will not last for long. Kuwait will face a massive budget deficit if oil prices drop below $75 a barrel, according to some estimates. This fact encouraged the government to try finding other solid alternatives. The Kuwaiti Government is currently attempting to vary its income sources, increase the role of the private sector in the economy, and lessen the excessive luxury aspects in the country. Yet all these attempts require patience, determination, and long-term planning.

The government has put in place certain legislations to try to revive the role of the private sector in the economy, but so many amendments have been made to them that they scarcely retain their original purpose. That said, we are now witnessing serious attempts to realign the economy and modify the basic infrastructure of all public facilities; a budget for which has been set at almost $135bn. This of course meant that the government had to revise the whole legal framework of the country, especially those economic legislations related to developmental aspects. The government also understood the necessity to involve the private sector in the process of creating and varying wealth resources.

Eventually, Law No.7 of 2008 has, along with its executive bylaw on the regulation of build, operate, and transfer (BOT) operations, brought about a law that is known as the Public-Private Partnership Law. Efforts were made to establish the Technical Bureau, whose job it is to focus on studying developmental projects and initiatives. Purviews and resolutions were established to regulate offset operations, leading to the establishment of the National Offset Company (NOC), which is mainly dedicated to implementing the National Offset Programme and try to avail the technologies and expertise of foreign investors implementing major projects in participation with the Kuwaiti Government.

Labour Law No.6 of 2010 was issued based on the concept of taking a comprehensive developmental view, which will provide a form of guarantee to encourage both foreign and Kuwaiti employers and employees. Labour Law No.7 was also issued, relating to the establishment of the stock exchange authority and regulation of stock trading. A total revision was made to legislations pertaining to the operation of legal entities and affiliated entities (companies and their types), all in order to avert the negativities of the old Commercial Companies Law. Ultimately the government issued the new Law No.25 in 2012, which was later amended by virtue of Law No.97 in 2013 along with the newly issued executive bylaw.

To complete the whole framework, the law regarding the encouraging of foreign investment was issued on June 16 2013, as well as Commercial Licenses Law No.111 in 2013, along with its executive bylaw, Ministerial Resolution No.411 on September 3 2013. In the coming period, Kuwait will witness a drastic change in the developmental sector for different fields, which will definitely be accompanied by the activation of new legislations to ensure the country benefits from foreign expertise, and can attract foreign investors.

Al-Twaijri Law Firm: A brief history
Since the company was established, Al-Twaijri Law Firm (TLF) has been striving to participate as much as possible in developing Kuwait’s legal system. This was done by publishing several studies in review of legislations pending promulgation. We also published several specialised books in certain fields of the law. What follows is a brief history of our firm.

The company was brought into the legal field in the late ’80s by its founder Mohammad Al-Twaijri. A legal office was established in Kuwait City after Al-Twaijri left his position as counsellor of a major international oil company to start his own legal business. At that time, the firm focused mainly on enforcing court orders and litigations relating to debt recovery. Eventually, we were able to gain the trust of our clients and began representing several banks and local financial incorporations.

In 1991, TLF was joined by a number of prominent legal figures to supervise and train its workforce. These legal figures cam from various fields, both local and international. As a result, our potential and experience grew larger and stronger in legal claims and local disputes.

One of the major development aspects of TLF’s history was when it supervised several transactions made in different countries, provided assistance for local and international businesses to join joint ventures, and provided legal assistance to foreign companies doing their business successfully in Kuwait and in GCC countries.

Today, TLF employs over 150 personnel who have the appropriate experience and legal skills to deal with any legal challenges

During the mid ’90s, our team grew to include over 50 personnel engaged in different specialised fields of law. By that time, our firm had its own official trade name, TLF. The 21st century saw TLF acquire its first ISO 9001:2000 certification for management-standard compliance, being the first law firm in Kuwait and of the first five law firms in the Middle East to acquire such certification. Today, TLF employs over 150 personnel who have the appropriate experience and legal skills to deal with any legal challenges. We now provide services in almost all legal fields.

We take pride in the fact that our firm has been chosen as one of the leading law firms in Kuwait and indeed the GCC region. This ranking was given by several international legal ranking firms such as Chambers & Partners, Legal-500, IFLR Euromoney, Martindale, and Hildebrandt.

The growth of TLF’s business and activities in the legal field eventually gave rise to the need to expand; thus, a branch office was established in Bahrain seven years ago. This made TLF the first law firm in Kuwait to have a branch in Bahrain without any Bahraini associates.

The continuous development of our legal services has seen TLF attract an elite group of clients, including several multinational companies and a wide group of local and international companies.

TLF’s business faced a major development in 2008 following the onset of the global financial crisis. Several companies were badly impacted, thus forcing us to dedicate a substantial part of our legal efforts towards the financial crisis and to help certain clients in the process or restructuring and incorporation or mergers.

During the last three decades, our firm has grown substantially by diverting and dedicating the skills and experience of its workforce towards serving clients effectively and comprehensively.

To keep up with the steady pace of globalisation, our firm has evolved to provide strategic legal services to local and international clients. We have assisted in the process of developing the concept of legal establishments in the GCC, and ultimately compete with other major international firms in Europe and the US.

Looking forward, TLF has taken practical steps towards establishing new branches in Saudi Arabia and Egypt; a step that will hopefully be fully achieved in the near future once we overcome certain administrative obstacles. These new offices will focus primarily on regional transactions taking place between hosting countries.

The GCC region, and the Arab region generally, are a major exporting area and a beehive for trading and offshore and inshore investments. TLF is planning to establish a legal complex for its legal activities in Kuwait; a complex that will include and cover all legal fields such as arbitration, conciliation, and other local and international legal services.