Amazon Is Now Getting Into Sportswear

Amazon.com Inc. is tapping some of the biggest athletic-apparel suppliers to make a foray into private-label sportswear, according to people familiar with the matter, setting the stage for further upheaval in an already-tumultuous industry. Makalot Industrial Co., a Taiwanese vendor that produces clothing for Gap Inc., Uniqlo and Kohl’s Corp., is making apparel for the Amazon line, a person with knowledge of the arrangement said. Eclat Textile Co., another Taiwanese supplier, is contributing to the effort as well — a relationship first noted by SinoPac Securities Corp. analyst Silvia Chiu.

sportswear

The project is new and long-term contracts haven’t been signed yet, according to people involved. The manufacturers are producing small amounts of products for Amazon as part of a trial, said the people, who asked not to be identified because the effort isn’t being promoted yet. Amazon has previously ventured into private-label fashion, offering office clothing, jackets and dresses under names like Goodthreads and Paris Sunday. But pushing into activewear would bring fresh competition to some of the world’s biggest athletic brands. Eclat’s involvement is especially noteworthy because it makes clothing for Nike Inc., Lululemon Athletica Inc. and Under Armour Inc. and has key expertise in making high-performance sportswear. Amazon, based in Seattle, didn’t immediately respond to a request for comment.

The move comes as unwelcome news for activewear companies already struggling to stand out in a sea of competition and discounts. Last month, Nike said it expects sales to decline again this quarter in North America. Under Armour, meanwhile, cut its annual sales forecast in August. Lululemon has fared better this year, but it too is facing steeper competition in the market for yoga pants and other sporty apparel. That cutthroat environment in North America has pushed it to look overseas for growth. Amazon also has been hiring staff with know-how in private-label athletic apparel. In January, Kirsten K. Harris joined the company as a senior brand manager for Amazon active apparel, according to her LinkedIn profile.

She previously headed up product development at Nordstrom Inc.’s activewear brand for women, Zella. Before that, she held leadership roles in product development for Eddie Bauer and Nike. Harris didn’t respond to a request for comment through LinkedIn. Amazon has developed its own brands in part because they fill gaps in its inventory. If customers are searching for a certain type of shoe or skirt, and don’t see much of a selection from established brands, Amazon wants to be able to offer its own options. Oftentimes, shoppers may not realize that the names — such as Scout + Ro and North Eleven — are owned by Amazon. This also sends a message to brands reluctant to sell their full inventory on Amazon. If shoppers can’t find your products on the site, Amazon will make its own substitutes and become your competitor. For suppliers like Eclat, forging alliances with e-commerce companies reflects shifting demand from consumers, Chiu said in a note.

“Online apparel sales accounted for 19 percent of all apparel sales in 2016, up from 11 percent in 2011,” Chiu said. “Online sales are primed for strong growth.” Eclat expects new clients to contribute as much as 12 percent of 2018 sales, she said. The shipments to Amazon began in August, according to Chiu. “The contribution this year will be small, but the potential is high,” she said.

– Bloomberg

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Bitcoin Can Now Buy You Citizenship in Vanuatu

Got some bitcoin burning a hole in your digital wallet? And paradise on the mind? You could use it to buy a second passport. Vanuatu, a South Pacific archipelago of some 80 islands, will now let outsiders use the volatile cryptocurrency to apply for so-called investment citizenship. Fork over the equivalent of about $280,000, and your family of up to four can receive passports from what the New Economics Foundation, a U.K.-based think tank, calls the fourth-happiest country in the world. (It ranked No. 1 when the list was first published in 2006, but like the vagaries of the market, happiness can be a fleeting thing.

With bitcoin reaching a record price of $5,209 on Thursday, more than five times its value at the start of the year, passports for the whole clan cost about 53.8 bitcoin. Vanuatu isn’t the only island that offers citizenship for a price—the list includes Antigua, Grenada, Malta, and St. Kitts and Nevis—but it’s the first to allow payments via bitcoin. The development was announced in a press release on Investment Migration Insider, a website focused on investment citizenry. Tourists watch eruptions in the crater of the active Mt. Yasur on Tanna, an island in Tafea, Vanuatu. The volcano is continually active at a low to moderate level. Visitors may approach the rim to view the crater eruptions when the activity level is not dangerously high.

vanuatu

Vanuatu citizenship offers several advantages. The country has the 34th-most-“powerful” passport in the world, providing visa-free visits to 116 other countries, according to the Passport Index, a list of rankings maintained by Arton Capital, a company that facilitates foreign residence and citizenship applications. Vanuatu falls right below Panama and Paraguay (tied) and above Dominica; the U.K. is in a tie at third place, the U.S. at fourth, and Russia at 40th. The country also has no income, inheritance, or corporate tax. It’s not even customary to tip there, according to the Vanuatu Tourism Office. The archipelago is relatively accessible: about a three-and-a-half-hour flight from Sydney to Port Vila, the capital. And scuba aficionados will appreciate that it’s home to the world’s largest diveable wreck—the SS President Coolidge, a luxury liner-turned-troop ship that sank during World War II.

Should you really want a place to escape, Vanuatu’s abundance of islands and relatively small population (about 290,000) mean that your own private island may be within reach. The least expensive one currently on the market, according to real estate website Private Islands Online, is Lenur, priced at about $645,000. For that you get 84 acres including three sandy beaches, a handful of sleeping bungalows, and an open-plan kitchen. Most of the property is covered in coconut, fruit, and nut trees. Still, like investing in cryptocurrency in the first place, tropical life doesn’t come without risks. Earlier this month, residents had to be evacuated from the northern island of Ambae because its volcano, Manaro Voui, had rumbled to life and was spewing steam and rocks.

– Bloomberg

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Ralph Lauren Won’t Let Go of His Shrinking Polo Empire

The first time fashion designer Ralph Lauren tried sharing control of his retail empire ended badly. The new CEO left after only 18 months. Creative clashes, they both acknowledged. Now the 77-year-old Lauren is making another bet on an outsider to help revitalize the company he founded a half-century ago. Patrice Louvet, a former Procter & Gamble Co. veteran, started as CEO in July amid promises of an amicable working arrangement. But Lauren, who often refers to the company as “my baby,’’ isn’t going anywhere. He remains heavily involved running the business, working at the Manhattan headquarters about four days a week, people familiar with the matter said. And he’s made sure that he retains control over the creative side of the business. Louvet’s contract contains a provision, largely unnoticed, that ties his hands. Lauren, who remains chief creative director, retains a final say in brand and creative decisions, as well as in hiring and firing senior executives in design and marketing areas, the contract states. The previous CEO, Stefan Larsson, 43, who left in May, had no such restraint.

ralph lauren

All this raises questions for a company that is struggling to reverse a three-year slump in same-store sales in a tumultuous retail environment. Retail experts say Ralph Lauren could use fresh thinking as it tries to revitalize a brand that has lost cachet. Even signature Polo Ralph Lauren polo shirts aren’t selling like they used to, losing business to hipper brands such as Vineyard Vines. While the company relies on an aspirational image of beaches and yachts, other retailers are turning to celebrities like singer Selena Gomez and model Gigi Hadid as their brand ambassadors. “He’s obviously someone with an iconic view and what he’s achieved is incredible,” said Simeon Siegel, an analyst at Instinet LLC. “That said, retail has evolved and the company has not responded to that as fast as its peers. That’s the issue.’’

This year, Ralph Lauren dropped off a ranking of the 100 best global brands for the first time since 2011, according to consultant Interbrand, which looks at things like financial return and customer loyalty. The company has been closing retail locations, including the flagship Polo store on Fifth Avenue, and its stock has dropped by more than half from its peak in 2013. The shares, which declined 16 percent in the past year, fell as much as 2.3 percent on Thursday. “The combination of Ralph and Patrice’s experience lends itself to a powerful partnership,” the company said in a statement. “Together with the company’s leadership team, they are already evolving how our iconic brand is experienced and expressed, and we are encouraged by the early progress.” The 53-year-old Louvet said during an analysts’ call in August that Lauren was in charge of the creative side of the business and he would lead the company’s strategy, execution and business results.

Lauren’s longevity in retail fashion is unusual. He was 23 when he had his first big success. He convinced Bloomingdale’s to buy his wide ties when narrow neckwear was in vogue. His old-money styles have been followed and copied worldwide, and today he’s worth almost $6 billion, according to the Bloomberg Billionaires Index. He controls the majority of the company’s voting shares with his family. But the company, like other retailers, has been hit hard by the shift to online shopping from brick-and-mortar locations, forcing department stores to discount products. Ralph Lauren relies on retailers such as T.J. Maxx and Macy’s Inc. for more than 40 percent of its sales. Meanwhile, its product styling and marketing remain largely stuck in the past, retail analysts say. Ralph Lauren, which has historically succeeded on the back of its founder’s vision, continues to use him as a primary face of his company. Top pages of Polo Ralph Lauren’s Instagram account show old pictures of the founder and his family.

The troubles show up in sales of its polo shirt, which remains one of Ralph Lauren’s biggest revenue sources. The three best-selling full-priced polo shirts in the last six months are from Antigua, Nike and Moncler. Polo Ralph Lauren ranks 21st, according to fashion analytics company Edited. Analysts thought they saw signs of change in 2015 when Lauren, for the first time, stepped down as CEO and hired Larsson, a former H&M and Old Navy executive. He slashed more than 1,000 jobs and reduced the time it took to bring new fashion to the market. But Larsson and Lauren clashed over the CEO’s efforts to reinvent products, focus on core brands and bring in fresh design talent, according to people who declined to be named because the information is private. Larsson also faced resistance from employees close to the fashion idol. And there was a division between the creative and business operations. Lauren’s design team often pushed back suggestions from the wholesale group to align its products with what’s selling, the people said.

Larsson’s departure followed disagreement over his authority to overhaul the business, they said. He declined to comment, according to his representative. Louvet hasn’t yet detailed his strategy but told analysts he wants to improve the brand image, beef up the company’s online strategy and enhance the customer shopping experience. During 25 years at P&G, Louvet’s experience included running the global beauty business and fashion brands such as Gucci and Hugo Boss. There are signs that Ralph Lauren is trying to win back customers and create hype by bringing back its vintage pieces, for example. Its latest quarterly results showed it was making headway in getting customers to pay full price, even as same-store sales continued to fall. It will report its second-quarter results on Nov. 2. But Lauren and Louvet face more crucial decisions. Analysts have urged the company to reduce its roughly dozen brands to avoid consumer confusion, but that would mean sacrificing sales. And it needs to enhance its premium image and reduce its exposure in the mass market.

“A lot of his reputation is at stake on this,” Neil Saunders, managing director of GlobalData Retail, said of Lauren. “If this goes wrong again, it will tie back to him and investors will start to question whether he’s actually more of a liability or an asset.”

– Bloomberg

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Warren Buffett on Tax Reforms, Markets & Investments

Well, valuations make sense with interest rates where they are. I mean, in the end you measure laying out money for an asset in relation to what you are going to get back, and the number one yard stick is U.S. governments. When you get 2.30 on the ten-year, I think stocks will do considerably better than that. If I have a choice of the two, I’m going to take stocks at that point. On the other hand, if interest rates were on the ten-year were five or six, you know, a whole different valuation standard for stocks. And we’ve talked about that for some time now.

tax reforms

Interest rates are gravity. If we knew interest rates were going to be zero from now until judgment day, you could pay a lot of money for any other asset. You would not want to put your money out at zero. I would have thought back in 19 — I mean, 2009 that rates would not be this low eight years later. It’s been a powerful factor, and the longer it persists, the more people start thinking in terms of something close to the rates they’ve seen for a long time. The one thing I’m sure of is that over time stocks from this level will beat bonds from this level. If I can be short the 30-year bond at 3 percent or something and long the S&P 500 and just have it put away for 30 years, stocks are going to far outperform bonds. The question is which variable is going to change. Everybody expects interest rates to change. But they’ve been expecting that for quite a while.

I don’t try to guess the stock market: I find businesses I like. But if I were to guess: if interest rates — if the ten-year moved up to 5 percent, stocks would be somewhat cheaper.

It’s been so wide I’ve written about it in annual reports. Stocks have been so much more attractive than bonds for a long time now and that’s partly intentional on the part of the fed. I mean, they want assets to increase in value and the way to do it was to reduce that gravity force of higher interest rates.

I think they expect it to increase, but the question is how much. If three years from now interest rates are 100 basis points higher than this, stocks will still be cheap at these prices. If it’s 300 or 400 basis points, they won’t look cheap. Janet Yellen doesn’t know what she would do three years from now. She’s got more of a job than –that’s a simple factor of the stock market. It’s interesting because the fed has said that they would like to see 2% inflation. That’s fairly recent. Paul Volcker would not have slept if he’d ever heard that in the 80s.

If the U.S. government is borrowing at ten years from you at 2.3%, and their own instrument, the fed, is saying ‘we would really like money to become more 2% a year or less,’ they’re not promising you very much in terms of real terms for saving.

Read the full interview here

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Did Warren Buffett Kill Value Investing?

From 1957-1969, Warren Buffett’s partnership returned 2800%, or 29.5% a year*. Over the same time, the S&P 500 rose 153%, or 7.4% a year. Warren Buffett has been crushing the market for seven decades, but his early success went largely unnoticed. His name didn’t appear anywhere noteworthy until Adam Smith’s Supermoney, which wasn’t written until 1972. While his name gained traction in the investment community, it took many years before it became what it is today. Buffett is synonymous with investing, and If you type his name in the Amazon search bar, the machine spits back 1822 book results. His rise to ubiquity can be traced back to 1984, when he destroyed an efficient market hypothesizer.

value investing

On the 50th anniversary of Security Analysis, Buffett wrote an article in the Columbia Business School Magazine called The Superinvestors of Graham-and-Doddsville . A few weeks prior, Buffett faced off against Michael Jensen, a professor from the University of Rochester and the school of efficient markets. In the speech, which was translated into the article, Buffett told a story that would remove any doubt that value investors outperformance should be attributed to skill rather than luck. Imagine that 225 million Americans all flipped a coin. If you landed on heads, you lived to flip another coin. If this was repeated twenty times, 215 people would be expected to remain.

But then some business school professor would probably be rude enough to bring up the fact that if 225 million orangutans had engaged in a similar exercise, the results would be much the same…I would argue, however, that there are some important differences in the examples I am going to present. For one thing, if (a) you had taken 225 million orangutans distributed roughly as the U.S. population is; if (b) 215 winners were left after 20 days; and if (c) you found that 40 came from a particular zoo in Omaha, you would be pretty sure you were onto something. So You would probably go out and ask the zoo keeper about what he’s feeding them….A disproportionate number of successful coin-flippers in the investment world came from a very small intellectual village that could be called Graham-and-Doddsville.

From 1926 until the time that Buffett wrote this article, the Fama French U.S. Large Value Index, which did not exist until the early 90s, crushed the S&P 500. But you can see that until 1970, the red and black line were neck and neck. So all of the outperformance over this 58 year period came in the 14 years leading up to Buffett’s coin-flipping speech.

Read rest of the article here

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Planning for a Non Retirement

Much of financial planning focuses on retirement. But what if your client isn’t planning to retire?

Trish Wheaton, former global managing partner of one of the world’s largest communications groups, is grateful that she could work 30 years in advertising — an industry notorious for employing youthful “mad men.” She wasn’t surprised when she was told that her time was up at age 65, but she also wasn’t ready for a traditional retirement.

Wheaton mused:

“Sixty-five is the new 45. I had to ask myself ‘what’s next?’ I realized I didn’t have a clue. When I talked to my female peers in the same situation it turned out that they were feeling the same way. We were all used to being successful. People still want to invest in their passion . . . it’s just a question of where do they invest it now.”

retirement

She decided to form a Leaning Out™ salon: a gathering of high-achieving women who discuss finding post-career success and purpose. “With the same energy, goal orientation, and drive that propelled them to lofty career heights,” Wheaton explained, “these female professionals are radically redefining ‘post-career’ and turning it into a time of abundant purpose, goal redefinition, and personal well-being while over-turning some well-entrenched approaches to ‘retirement’ in the process.”

I participated in one Leaning Out session, where we discussed a host of topics, including what motivates women to non-retire. Most successful women truly enjoy working. That message came through during our salon with comments like:

“I hate saying I’m retired.”

“After my job ended, I would go to my computer in the morning and when I looked at my email, I would feel like I don’t exist.”

“I miss the intellectual stimulation from work.”

“I want to do something different now . . . something that will matter to me.”

Opting out of retirement might even be good for longevity. Shigeaki Hinohara, a Japanese physician, worked 18 hours a day, seven days a week until his death at the age of 105. He spoke to Judith Kawaguchi of The Japan Times about the secret to living a long life:

“There is no need to ever retire, but if one must, it should be a lot later than 65. The current retirement age was set at 65 half a century ago when the average life-expectancy in Japan was 68 years. Today, people live longer so they can work longer.”

Five Non-Retirement Scenarios

1. Boards of Directors

Many professional women assume that after they move on from their roles as senior executives, they will immediately be asked to sit on corporate boards. They have heard that women directors are in demand, and they expect to be invited to serve based solely on their experience and gender.

“Be careful. Don’t make the grand assumption that you will be in demand the day after you move out of the executive suite!” says Joanne De Laurentiis, a corporate board member and former president and CEO of The Investment Funds Institute of Canada (IFIC).

“Often people think that the simple fact that they have been an executive qualifies them to sit on a board. But the skill set required can be quite different from their work background. Board members must have a strong combination of skills such as strategic thinking, problem solving, and leadership, but perhaps most importantly . . . they need to have specific expertise related to the business dealings of the organization.”

If you are planning on sitting on a corporate board, you need to have developed the full spectrum of skills required and should be known for your expertise.

The best way to plan for life on boards?

As De Laurentiis explains:

“Start developing your board skill set in the early years of your career. I started volunteering on boards right out of university and I have been on boards throughout my entire working life. When the time came for me to leave my traditional job, I didn’t need to seek out any board positions, I was already well-known as an expert in my field.”

  • Read the full article here

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The Oncoming Burst of the China Credit Bubble

History has proven that credit bubbles always burst. China by far is the biggest credit bubble in the world today. We lay out the proof herein. There are many indicators signaling that the bursting of the China credit bubble is imminent, which we also enumerate. The bursting of the China credit bubble poses tremendous risk of global contagion because it coincides with record valuations for equities, real estate, and risky credit around the world.

The Bank for International Settlements(BIS) has identified an important warning signal to identify credit bubbles that are poised to trigger a banking crisis across different countries: Unsustainable credit growth relative to gross domestic product (GDP) in the household and (non-financial) corporate sector. Three large(G-20) countries are flashing warning signals today for impending banking crises based on such imbalances :China, Canada, and Australia.

china credit bubble

The three credit bubbles shown in the chart above are connected. Canada and Australia export raw materials to China and have been part of China’s excessive housing and infrastructure expansion over the last two decades. In turn, these countries have been significant recipients of capi
tal inflows from Chinese real estate speculators that have contributed to Canadian and Australian housing bubbles. In all three countries, domestic credit-to-GDP expansion financed by banks has created asset bubbles in self-reinforcing but unsustainable fashion.

2
Post the 2008 global financial crisis, the world’s central bankers have kept interest rates low and delivered just the right amount of quantitative easing in aggregate to levitate global debt, equity, and real estate valuations to the highest they have ever been relative to income. Across all sectors of the world economy: household, corporate, government, and financial, the world’s aggregate debt relative to its collective GDP (gross world product) is the highest it has ever been.

Central banks have pumped up the valuation of equities too. The S&P 500 has a cyclically adjusted P/E of almost 30 versus a median of 16, exceeded only in 1929 and the 2000 tech bubble. The US markets are also in a valuation bubble because US-owned financial assets have never been more richly
valued relative to income as we show below. The picture is equally frothy if we include real estate, also at record valuations to income. China’s capital outflow spillover from its credit bubble has driven up real estate valuations around the world.

Read the full article here

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How To Reduce Risk in Stock Markets

Leverage – Debt increases risk. The easiest way to reduce your risk is to not have leverage, especially margin leverage, in your portfolio. Margin leverage is one of the few ways that you can be correct in your investment analysis, and ultimately in the result, but still lose money. It’s not worth it.

The second easiest way to reduce your risk is to not invest in companies that have excessive leverage. Having excessive debt on a company’s balance sheet can lead to problems. Having excessive debt also limits opportunities. One of the key components to the “Balance sheet to income statement investing” that I advocate is the ability for a company to take on debt when they see an unusually attractive opportunity. Better to buy a company with little debt and a strong balance sheet that can use that strength to safely take advantage of those opportunities by adding a reasonable amount of debt. They can’t do it if they are already overleveraged.

risk in stock markets

Margin of safety – Let’s go to Michael Mauboussin quoting Warren Buffett, “We believe the best and most practical way to restate the margin of safety
concept is to think about discounts to expected value. The combination of probabilities and potential outcomes determine expected value.”

Says Buffett, “Take the probability of loss times the amount of possible loss from the probability of gain times the amount of possible gain. That is what we’re trying to do. It’s imperfect, but that’s what it’s all about.”
A large margin of safety is helpful for many reasons. One, it gives you the opportunity for outsized gains. Two, it mitigates the effects of mistakes in analysis. And three, it helps protect against unknowable and unforeseen market and company-specific stresses.

Know your investment well – In order to know if you have a margin of safety, you must know your investment well enough to roughly determine its intrinsic value. Or, if you want to take the Mauboussin approach, determine the expected value. Clearly you must have the skillset to analyze a company. You also have to have the humility to recognize that the intrinsic value cannot be determined for some, perhaps most, companies. Other times the intrinsic value can be determined, just not by you. There is no shame in having a “too hard” pile. Mine is high.

I am attracted to companies where there are a low number of variables that are at least somewhat measurable. This is easier to do if you are relying on a company’s balance sheet rather than their income statement. It is also far easier for a company to manipulate their income statement, so this approach has the added benefit of higher predictability. Some investors believe that just because a company is small, it is more risky. This isn’t true. Those investors think that because a stock price moves more rapidly, a stock is more risky. They’re mistaken. Intelligently investing in smaller companies can dramatically reduce your risk. Most of the least risky companies I have invested in have been small. They were not risky specifically because of their low price relative to their actual value. They also were much easier to analyze.

Temperament – Here is where the self-awareness and Intellectual honesty fit in. This is a never-ending process and it is not easy. Nearly every investor, including the best, have succumbed to the market’s excitement and depression at one point. I don’t think it makes me a hippy to say that it is vital to protect your psychological wellbeing. Effective analysis consists of thousands of small judgments while researching a company. It’s a big risk if you can’t make those judgments with a clear head. This is also where ideology can blind you, and being blind as an investor is a dangerous thing. An investor always has to be mentally prepared to the idea that he is wrong, and if so, be willing to change his opinion.

Read the full insightful report from Arquitos Capital Management here

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Post Graduate Certificate Programme in Private Banking (PGCPPB) – ICFL & IMI New Delhi

International Management Institute (IMI), New Delhi one of the top B-schools having gold standard benchmark and ICICIdirect Centre for Financial Learning an educational initiative of ICICI Securities announce the launch of Post Graduate Certificate Programme in Private Banking.
As per a Business Standard report (December 2016) Wealth Management business in India is poised to grow by 17-18% each year, for the next few years. Private banking is an in-demand and highly dynamic area of Finance, with demanding expectations from Professionals working in this field. The PGCP in Private Banking will help address these high expectations with a focused curricula & by covering topics that are fundamental to the field.

private banking

International Management Institute (IMI) New Delhi was established in 1981 in collaboration with IMI Geneva (now IMD Lausanne). IMI is India’s first corporate sponsored Business School with sponsorship from corporate houses like RPG Enterprises, Nestle, ITC, SAIL, Tata Chemicals, BOC and Williamson & Magor, etc. In the last 36 years, this institute has truly managed to acquire a global status.

ICICIdirect Centre for Financial Learning is an educational initiative of ICICI Securities Ltd. ICFL is committed to enhance financial literacy amongst all existing and prospective stakeholders in the society by empowering them to make better and more informed decisions. ICFL is also committed to lead the path to create next-generation leaders who would catalyse the growth of financial markets in India, by expanding the pool of qualified and certified professionals for the industry.

Post Graduate Certificate Programme in Private Banking

Courses in Private Banking provide an insight into what it takes to operate successfully in this field. Private banking is an in-demand and
highly dynamic area of finance, with demanding expectations from professionals working in the field. This course will not only address these high standards with a focused curricula on these areas, but also cover topics that are fundamental to the field. Due to the fact that private bankers work extensively with private persons and high-net-worth individuals (HNIs), regulatory fluency and practical expertise is required in investment and banking services. These include estate planning, tax advisory services and managing investment portfolios. As a result, a private banking course leads to a wide and varied range of skills. It is worth noting that private bankers are sometimes referred to as wealth, investment or relationship managers, which is mirrored in the titles of some professional training courses on offer. While some argue that these are synonyms, others maintain that the growing complexity of the industry has resulted in the relationship side of the role (focusing on sales and customer service) becoming distinct from the investment side, which focuses on the more technical responsibilities related to managing different asset classes on behalf of the client.

This programme is designed to be both practical and interactive, with structured discussions allowing participants and expert speakers to freely share insights. This programme will address key issues through lively session discussions based on case studies/workshops. This certification programme will provide participants a unique opportunity to interact with seasoned experts and leading practitioners in the industry, while exposing them to competing approaches and strategies in the new challenging environment.

Who Should Attend?

  • Executives working the BFSI sector
  • Professionals working as Private Bankers, Wealth Managers, Relationship Managers, Trust Managers, Investment Managers, etc.
  • Family Office Managers
  • Department Heads working in the Banking and Financial Services Industry
  • Graduates who want to make a career in the BFSI sector

Eligibility

  • Graduates / Post Graduates from a recognised university

Fees

  • Rs 200000 + taxes (EMI options available)

Course Activity

course activity

Course Architecture

  • Campus visit – Orientation Programme at IMI New Delhi for 5 days (30 hours)
  • Training of 11 Core Modules through ICFL Virtual Classrooms (170 hours)
  • Certification from IMI New Delhi
  • IMI New Delhi Alumni Status

Detailed Course Curriculum

  1. Orientation programme at IMI New Delhi for 5 days (30 Hours)
    For Residential Participants:
    Rs 3,000 per day per participant.
    i.e. Total Rs 15,000 for 5 days (inclusive of single-seated AC accommodation with all meals, teas, snacks each day plus applicable tax)
  2. For Non-Residential Participants:
    Rs 1,200 per day per participant.
    i.e. Total Rs 6,000 for 5 days (inclusive of breakfast, lunch, tea, snacks during the teaching hours plus applicable tax)

Basics of Accounting at IMI New Delhi Delhi – 30 hours

  1. Understanding Financial Statements (10 Hours)
    Accounting Concepts and Conventions
    Introduction to Financial Statements
    Basic understanding of Financial Statements; Balance Sheet and P&L Account
    Understanding of Financial Analysis; Horizontal and Vertical
    Ratio Analysis
  2. Business Mathematics (10 Hours)
  3. Basics of Excel (10 Hours)

core modules

For more details on the course, please contact ICFL Branches at

Bengaluru – Cunningham Road      +91 9108683683
Delhi – Jhandewala Extension        +91 8588816146
Mumbai – Andheri East                  +91 8451943442
Pune – F C College Road                 +91 8390904865
Hyderabad – Somajiguda                +91 8427484084
Kolkata – Shakespeare Sarani Road +91 8697748207

Email – learning@icicisecurities.com
Website – learning.icicidirect.com
SMS – PGCPB to 5676766

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Indian Cities to See Fastest Growth in Asia Over Five Years

Delhi will have the fastest growth of any city in Asia, with the economy to be almost 50 percent larger in 2021 than it was at the end of last year. Indian cities are set to expand the most across the region, with growth speeding up from the past 5 years, according to a new study from Oxford Economics, which ranked Asia’s 30 largest cities. With financial and business services projected to be the fastest growing sector in India, Delhi’s dominance in this industry will lead to higher growth and higher incomes. “Limits on foreign ownership of Indian companies are gradually being reduced or eliminated,” wrote Mark Britton, lead economist on the report. “In the short term this is conducive to strong growth in Delhi’s professional services sector, as overseas investors seek advice on possible deals, while long term it should mean steady income streams for such businesses.”

indian_citiesConsumer companies such as Japan’s Muji are also betting on that change. Parent company Ryohin Keikaku Co. sees India becoming its second largest international market, after China. And Amazon.com Inc.’s Indian unit is seeking approval to invest in a food supply chain and take advantage of government moves to ease rules on foreign retailers. China’s expansion will slow, although the largest five cities will still be recording growth rates of 6 percent or more. There will be a slight slowdown across the region amid moderating import demand from China, with growth expected to average 4.2 percent per year over the five years to 2021, down from 4.5 percent in 2012-2016. Even so, that’s still much faster than the developed economies and cities in the region – and that’s a big opportunity for companies. Starbucks Corp. plans to almost double the number of stores it has in mainland China by 2021, and McDonald’s Corp. plans to add 2,000 new restaurants over the same period. Both companies recently announced they were buying out their partners in Mainland China and taking control of operations.

However, there are significant differences across the region. Japanese cities are likely to remain at the bottom amid a challenging demographic outlook, with Osaka last in the rankings as its working-age population falls by approximately 1 percent per year, the report said. Tianjin is forecast to clock the fastest growth in China, given that it has a large manufacturing base and one of the nation’s busiest ports. However, as the services sector expands, the manufacturing and shipping industries may prove to be less supportive in future. Ho Chi Minh was the only non-Indian city in the top five, reflecting the city’s success in establishing itself as a manufacturing center, as well as its strong services sector.

  • Bloomberg

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