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Asia–Pacific’s family office boom: Opportunity knocks
麦肯锡· 2024-09-09 00:08
Industry Investment Rating - The report highlights a significant opportunity for banks, insurers, multi-family offices (MFOs), asset managers, and WealthTechs to serve the growing number of family offices in Hong Kong and Singapore, driven by an estimated $5.8 trillion intergenerational wealth transfer in the Asia–Pacific region by 2030 [4][6] Core Viewpoints - The Asia–Pacific region is experiencing a family office boom, with the number of single-family offices in Hong Kong and Singapore quadrupling since 2020 to approximately 4,000 [4] - Ultra-high-net-worth (UHNW) families are expected to account for about 60% of the total wealth transfer, with UHNW and high-net-worth (HNW) families increasingly setting up family offices to manage their wealth [4][6] - The growth of family offices presents opportunities for financial service providers to offer differentiated services, including estate planning, investments, philanthropy, and tax management [4] - Hong Kong and Singapore are key hubs for family offices in the Asia–Pacific region, accounting for approximately 15% of the world's single-family offices, supported by tax benefits, clear regulations, and mature financial ecosystems [12][13] Industry Analysis Wealth Transfer and Family Office Growth - Between 2023 and 2030, UHNW and HNW families in the Asia–Pacific region are expected to transfer $5.8 trillion in wealth, with UHNW families accounting for 60% of this transfer [4][6] - The number of single-family offices in Hong Kong and Singapore has quadrupled since 2020, reaching approximately 4,000, driven by the need to manage intergenerational wealth transfers [4] Key Differences Between Asia–Pacific and Western Family Offices - Family offices in Asia–Pacific are less professionalized compared to their Western counterparts, with only about 5% of UHNW households having single-family offices, compared to over 15% in Europe and North America [10] - Wealthy families in Asia–Pacific prefer single-family offices for tighter control over their wealth, while Western families are more open to multi-family offices for cost efficiency [10] - Asian family offices show a rising interest in alternative investments, with about 30% allocated to alternatives, compared to 50% in Europe [10] Hong Kong and Singapore as Family Office Hubs - Hong Kong and Singapore manage approximately $1.3 trillion each in offshore assets, making them key players in the global financial ecosystem [13] - Wealth flowing into these hubs primarily comes from mainland China, India, and Indonesia, with increasing interest from Europe and North America as Asia–Pacific is seen as a third safe haven for portfolio diversification [13][16] Family Office Archetypes - Single-family offices in the Asia–Pacific region fall into four main archetypes: Visionary Entrepreneur, Traditional Business Owner, Embedded, and Professionalized family offices, each with distinct investment preferences and operational models [16][19] - Professionalized family offices, with in-house chief investment officers and higher assets under management (AUM), account for the largest proportion of family offices in the region [19] Challenges and Opportunities for Service Providers - Family offices face challenges such as weak governance, rising operational costs, limited access to bespoke alternative investments, and outdated technology [17][22][26] - Service providers, including banks, insurers, MFOs, and WealthTechs, can address these challenges by offering tailored solutions, improving governance structures, and leveraging technology for operational efficiency [17][22][26] Provider Types Serving Family Offices - Five types of providers serve family offices: banks with integrated or à la carte approaches, insurers, MFOs, and WealthTechs, each offering differentiated services and fee structures [28][32][36][37] - WealthTechs, in particular, are gaining traction by using technology to transform investment management and offering scalable solutions at competitive rates [37] Framework for Serving Family Offices - Providers should focus on scalability, solutions, service, and security to effectively serve family offices, with banks and insurers enhancing their operating models through partnerships, technology, and tailored offerings [43][46]
Việt Nam 100 2024
Brand Finance· 2024-09-06 00:53
Brand Finance® 100 2024 Việt Nam Báo cáo thường niên về các thương hiệu mạnh và giá trị nhất Việt Nam Tháng 9 năm 2024 Nội dung Giới thiệu về Brand Finance 5 Lời nói đầu 6 Alex Haigh, Giám đốc điều hành, Brand Finance Châu Á Thái Bình Dương Phân tích Xếp hạng 12 Phân tích Ngành 23 Xếp hạng Giá trị Thương hiệu (triệu USD) 32 Tiêu điểm Thương hiệu 35 Ngân hàng TMCP Quân đội 36 Phỏng vấn ông Phạm Như Ánh, TGĐ Phương pháp 41 Dịch vụ của chúng tôi 49 © 2024 Mọi quyền được bảo lưu. Brand Finance Plc. brandirector ...
Small Area Estimation of Poverty in Four West African Countries by Integrating Survey and Geospatial Data
Shi Jie Yin Hang· 2024-09-05 23:08
Investment Rating - The report does not explicitly provide an investment rating for the industry under study. Core Insights - The paper presents a methodology for generating experimental small area estimates of poverty in four West African countries: Chad, Guinea, Mali, and Niger, by integrating household-level survey data with grid-level geospatial data, which enhances the frequency and granularity of poverty reporting [3][9][24] - The methodology demonstrates that in the absence of recent census data, small area estimation using publicly available geospatial covariates is feasible and can significantly improve the efficiency of poverty estimates compared to direct estimation methods [3][19][22] Summary by Sections Introduction - The paper introduces small area estimation (SAE) as a statistical method to improve survey estimates by integrating survey data with geographically comprehensive auxiliary data, which is crucial for targeting interventions in impoverished areas [9][10] Data Sources and Geospatial Data Integration - The report utilizes geospatial covariates due to outdated census data in the focus countries, with the most recent censuses conducted between 2009 and 2014 [24][25] - The integration process involves matching survey households to grid cells and dropping households without geocoordinates, ensuring a robust dataset for analysis [26][27] Small Area Estimation Methodology - The methodology employs the Empirical Best Predictor (EBP) under a nested error regression model, focusing on household-level data while using geospatial covariates at the grid cell level [30][32] - The model selection process incorporates Lasso to avoid overfitting and includes regional dummy variables to enhance predictive accuracy [37] Evaluation Exercise - An evaluation using recent census data from Burkina Faso serves as a benchmark to compare estimates produced with geospatial covariates against those derived from census data, revealing a high correlation of 0.799 overall, with in-sample areas showing a correlation of 0.879 [48][51] - The evaluation highlights the challenges of out-of-sample predictions, particularly in remote areas not covered by surveys, which may lead to lower predictive accuracy [51][55]
The Accumulation and Utilization of Human Capital over the Development Spectrum
Shi Jie Yin Hang· 2024-09-05 23:03
Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The accumulation and utilization of human capital are critical for economic development, with significant disparities across countries and stages of life [4][8] - Effective use of human talent in production processes mediates the impact of human capital on development and drives further accumulation [4][11] - The interplay between human capital accumulation and utilization is essential for adapting to global challenges such as climate change and urbanization [4][11] Summary by Sections Section 1: Introduction - Human capital has been a central element in economic development, with significant increases in education and health globally, yet gaps persist between rich and poor countries [8][9] - The paper aims to review how human capital is accumulated and utilized, addressing challenges faced by countries at different development stages [9] Section 2: Human Capital Accumulation - Human capital accumulates throughout the life cycle, influenced by investments in early childhood, adolescence, and adulthood [12][13] - Barriers to accumulation in low-income countries are particularly detrimental, affecting cognitive and non-cognitive skills, health, and overall productivity [10][12] - Early childhood investments, such as nutrition and health interventions, have long-term benefits for educational attainment and labor market outcomes [16][17] - Formal schooling is a key determinant of productivity, with an extra year of schooling correlating with approximately 10% higher wages [19][20] - Quality of education and learning outcomes vary significantly across countries, impacting economic development [21][24] Section 3: Human Capital Utilization - The effective utilization of human capital is crucial for economic growth, with disparities in talent allocation across sectors and firms [48][50] - Structural transformation is driven by the movement of educated workers from agriculture to skill-intensive sectors, enhancing productivity [54][56] - Returns to education are generally higher in non-agricultural sectors, emphasizing the need for policies that facilitate labor market absorption of educated workers [51][56] Section 4: Future Outlook - Human capital will play a vital role in addressing global challenges, with increasing demand for specialized skills in response to climate change and demographic shifts [11][12]
Sustaining Poverty Gains
Shi Jie Yin Hang· 2024-09-05 23:03
Policy Research Working Paper 10890 Public Disclosure Authorized Public Disclosure Authorized Sustaining Poverty Gains A Vulnerability Map to Guide the Expansion of Social Registries Oscar Barriga-Cabanillas Thomas Bossuroy Paul Andres Corral Rodas Carlos Rodríguez-Castelán Emmanuel Skoufias Poverty and Equity Global Practice September 2024 Public Disclosure Authorized Public Disclosure Authorized Policy Research Working Paper 10890 Abstract Poverty maps are a useful tool for targeting social programs on ar ...
Measuring Welfare When It Matters Most
Shi Jie Yin Hang· 2024-09-05 23:03
Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized r-tm Measuring welfare when it matters most Public Disclosure Authorized A typology of approaches for real-time monitoring f unive | --- | --- | |---------------------------------------------------------------------------------------------------------------------|-------| | Introduction | 7 | | 1 Methods for Nowcasting Welfare—With a Focus on Monetary Poverty | 17 | | 1.1 Nowcasting Welfare Using Survey and Other Non-surv ...
Understanding the Main Determinants of Telework and Its Role in Women’s Labor Force Participation
Shi Jie Yin Hang· 2024-09-05 23:03
Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - Telework has the potential to increase women's labor force participation in Mexico, especially among college-educated women, as many remain outside the labor market despite their qualifications [4][18] - Family responsibilities significantly influence women's decisions to work, with caring for children and partners being a primary factor [4][17] - Policies promoting part-time and hybrid work arrangements, along with improved childcare and internet access, are essential to enhance female workforce engagement [4][18] Summary by Sections Introduction - The COVID-19 pandemic exacerbated gender gaps in labor force participation in Mexico, with women's participation dropping more than men's [9] - By the first quarter of 2021, women's participation rate was 41.7 percent compared to 74.2 percent for men [12] Telework and Gender Dynamics - Telework provided flexibility for women to manage work and household responsibilities during the pandemic [10][11] - A significant percentage of women working from home reported handling domestic chores, highlighting the unequal burden of household tasks [10] Theoretical Framework - The report utilizes a model that considers fixed costs associated with working on-site versus the benefits of teleworking, which allows for joint production of income and household work [27][28] Data and Empirical Strategy - The analysis is based on data from the National Survey on Availability and Use of Information Technologies in Households (ENDUTIH) conducted in 2020 [36][37] - The study categorizes individuals into five states: out of the labor force, salaried working on-site, self-employed working on-site, salaried teleworking, and self-employed teleworking [41] Results - The findings indicate that women with higher education are more likely to telework, which helps them balance work and caregiving responsibilities [17][18] - The presence of children in the household negatively impacts women's labor force participation, while it has the opposite effect for men [17][40] Policy Implications - The report suggests that telework should be viewed as a tool for workplace flexibility that can support women with caregiving responsibilities [18] - Additional policies are needed to address the lack of reliable childcare, as telework alone cannot substitute for it [18]
Olympics Journal 2024
Brand Finance· 2024-09-05 00:48
Brand Finance Journal global brand intelligence since 1996 september | 2024 Beyond the Podium The business of brands at the Olympic Games Brand Finance Journal 2024 Olympics | Contents Contents Brand Finance Journal 2024 Olympics FOREWORD 6 by Jamie Hyman, Editor-in-Chief, Global Head of Communications, Brand Finance INTRODUCTION 9 by Hugo Hensley, Head of Sport Services, Brand Finance WHAT THE RINGS ARE WORTH 10 Valuing the Olympics brand by Hugo Hensley, Head of Sport Services, Brand Finance REALISING THE ...
Argentina 10 2024
Brand Finance· 2024-09-05 00:48
Brand Finance® Argentina 102024 Informe de las marcas más valiosas y fuertes de Argentina Septiembre de 2024 Índice de Contenidos | --- | --- | |-------------------------------------------------------------------------------|-------| | | | | Sobre Brand Finance | 3 | | Prólogo 4 | | | David Haigh, Chairman & CEO, Brand Finance | | | Prólogo | 5 | | Pilar Alonso Ulloa, Managing Director Iberia (España, Portugal) y Sudamérica | | | Prólogo | 6 | | | | | Eduardo Chaves, Managing Director Brazil, Brand Finance ...
Breaking Barriers in Carbon Dioxide Removal with Electrochemistry
RMI· 2024-09-05 00:18
Breaking Barriers in Carbon Dioxide Removal with Electrochemistry Insight Brief / August 2024 Authors and Acknowledgments Authors Silvan Aeschlimann Charithea Charalambous Authors listed alphabetically. All authors are from RMI unless otherwise noted. Contributors Rudy Kahsar, Daniel Pike, Emily Rogers, Noah Shannon, Guy Wohl, and Isabel Wood All contributors from RMI unless otherwise noted. Contacts Silvan Aeschlimann, saeschlimann@rmi.org Charithea Charalambous, charithea.charalambous@rmi.org Copyrights a ...