Intermoney Valora Consulting: Financial Advisory Services
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Intermoney Valora Consulting: Financial Advisory Services
Transcript of Intermoney Valora Consulting: Financial Advisory Services
Intermoney Valora Consulting:
Financial Advisory Services
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CIMD Group
CIMD Group is one of the largest independent groups providing financialmarket services in Iberia and comprises 10 companies with over 350professionals.
CIMD Group Companies
Brokerage
Asset Management
Securitization
Consultancy
Energy
CIMD Financials and Shareholders
Net revenue
€ 70,7 million
Total equity
€ 47,9 million
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Intermoney Valora Consulting isthe CIMD Group’s company thatprovides quantitative financialconsulting services since 1998.
We are completely independent,guaranteeing the fairness of ouractions and the exclusiveorientation to value generationfor our clients.
About Us
Our servicesWho we are
Asset Valuation
Risk Management
Compliance
Forensic
Training
Client Focus
Flexibility Independence
Excellence
Basic foundation of our workingprinciples. Impartiality in ouranalysis and results allows us tofocus exclusively on creating valuefor our clients.
Our mission is to satisfy clientneeds and preferences. Thus,services are designed accordingly.
Full flexibility to meet clientsneeds and preferences.
Quality of analysis,precision and strictness inresults are at the forefrontof our working culture.
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Our Values
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80,000 assets valued in over 20 years experience and more than1,000,000 valuations per year. Our teams provide valuations on alltypes of assets: financial instruments, companies, businessprojects, intangible assets, real estate, etc.
Measurement and assessment of market, credit and liquidity risksof all kind of investment portfolios and financial instruments.
Compliance and Internal Audit Functions for Asset Managers andInvestment Firms.
Technical advisory for the development of litigation strategies andthe preparation of expert reports on a wide array of conflicts.
Training programs for MiFID II professional certificates, as well asother standard, specific or ad hoc courses for individuals or groups,adapted to customer requirements for a wide range of financialmatters.
Asset Valuation
Compliance
Forensic
Training
Risk Management
Our Consultancy Services
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Services▪ Recurrent and one-off valuation of all kind of assets.
▪ Valuation of companies, start-ups and business projects. Valuation of business units andcorporate tangible and intangible assets. Impairment tests.
▪ Insourcing of the valuation function for Asset Managers, Banks and other FinancialInstitutions.
▪ Valuation software: Development, implementation & maintenance of valuation systemsand solutions. Supply of financial and market information for valuation tools.
▪ Audit of valuation methodologies. Audit of valuation methodologies for financialinstitutions and non financial corporations; review and assessment on asset valuationpolicies and procedures.
▪ Design of the valuation function. Consultancy projects to establish an efficient valuationunit within the company or group; best practices adapted design of the organization,policies and procedures.
▪ Expert reports: independent valuation reports in the context of arbitrage or litigation, onrequest of supervisory authorities or auditors and for compliance of regulatoryrequirements. Reasonableness reports on the profitability of emissions in the primarymarket.
Valuation
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Financial instruments
Plain vanilla instruments
▪ Fixed coupon bonds, FRN, IRS, Reverse FRN, deposits, repos, call moneyswaps, etc.
▪ Fixed income: redeemable bonds, bond futures, interest rate options(caps, floors, collars, swaptions, etc.).
▪ Equities: European & American options on equities, indices & funds(call, put, straddle, strangle, etc.).
▪ FX: FX futures, cross currency swaps, FX options, etc.
▪ Credit derivatives: CDS (Credit Default Swaps), total return swaps, etc.
Products with simple
optionality and plain vanilla derivatives
Structured products and instruments
with complex optionality
▪ Fixed income: Bermuda swaption , callable bonds, bonds linked to CMS,bonds linked to yield curve slope, snowball, snowblade, etc.
▪ Equities: equity swap & exotic options (Asiatic, multibasket, barriers,best/worst off, Himalayas, etc.).
▪ FX: multicurrency options, quanto options, etc.
▪ Commodities: options on commodities (oil, mineral, agricultural, etc.),baskets.
▪ Structured credit: securitization, first to default, CDO, CMO, etc..
Valuation: Type of Assets
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Real estate▪ Real estate portfolios and funds.
▪ Land, buildings and real estate developments.
▪ Business parks, shopping and entertainment parks.
Commercial
▪ Offices.
▪ Shopping centres.
▪ Logistic centres.
▪ Trade marks and brands.
▪ Patents and rights.
▪ Agreements: no-compete and others.
Intangible assets
Residential
Companies and projects
▪ Companies.
▪ Projects.
▪ Business units.
▪ Seed capital, series A, B and C.Business
Valuation: Type of Assets
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Experience - Some figures and selected projects
▪ More than 80.000 financial instruments valued over the last 20 years and more than1,000,000 valuations per year
▪ For over 10 years, annual valuation of a European Banking and Insurance Group, as wellas valuation and assessment on corporate development deals.
▪ More than 100 valuation reports requested by the Spanish Financial Authority (CNMV),in the context of corporate bond issuances in Spain.
▪ Asset valuation and advisory to Bank of Spain in the purchase of ABS in the context ofthe Asset Purchase Programme launched by the ECB.
▪ Valuation for the Spanish Executive Resolution Authority (FROB) of a non-performingmortgage portfolio with over 1.000 positions along with its collateral real estatepositions, in the context of a claim filed by BBVA after the acquisition of Catalunya Banc.
▪ Recurrent valuation of the illiquid assets included in the portfolio of the Fund forfinancing the activities of the General Radioactive Waste Plan (Plan General de ResiduosRadiactivos -PGRR-) of the Spanish Public Corporation "Empresa Nacional de ResiduosRadiactivos" (ENRESA).
Valuation
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Experience - Some figures and selected projects▪ Daily valuation, for over 20 years, of all fixed-income securities listed on the AIAF
market (Spanish private debt market). Our valuation methodologies has been fullyendorsed by Bank of Spain and ECB.
▪ Audit and contrast of the balance sheet fair valuation carried out by Catalunya Banc,institution resulting from the merger of 3 regional savings banks, for its submission toBank of Spain.
▪ Valuation of the portfolio of loans of Banco Madrid with over 1.000 positions, at therequest of the Spanish Resolution Board after the Bank’s intervention by Bank of Spain.
▪ Valuation of the loan portfolio of Barclays Bank (Spanish branch), with over 10.000positions.
▪ Valuation of renewable energy projects:
▪ Valuation of several photovoltaic solar plants accounting for 1000 MW across Spainand South America.
▪ Valuation of different wind farms projects for a total of 1400 MW in Spain, Romaniaand United States.
▪ Valuation of a renewable energy company, prior to an IPO.
▪ Valuation of unquoted shares in the portfolio of Investment Funds.
Valuation
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Services
▪ Risk Management Function: insourcing of the risk management unit of Asset Managers,function registered and authorized by the CNMV.
▪ Assessment and measurement of market, credit, counterparty and liquidity risks ofinvestment portfolios, including stress-testing and back-testing for asset managers,pension plans, banks, etc..
▪ Consultancy projects :
- Design & implementation of the Risk Management Function in financial institutions.
- Overhaul and adaptation of existing organizational structures to comply with newlegal requirements and best practices: (i), global risk mapping level; and (ii), risksubset level.
- Strategic advisory in financial risk management.
- Audit of IT systems and risk management policies, methodologies and procedures.
▪ IT solutions: risk management tools and hedge effectiveness testing.
Risk Management
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Experience - Some figures and selected projects
▪ Risk Management Unit of more than 15 asset managers.
▪ Recurrent market, credit and liquidity risks measurement of more than 40 portfolioswith aggregate AUM of more than EUR 4 billion.
▪ Computation of the VaR for the Treasury Desk of Bankinter on a daily basis for morethan 15 years.
▪ Audit of the market risk and credit risk measurement for one of the largest assetmanagers in Spain. Review of the methodology, processes and computation contrasts.
▪ Audit of the credit risk measurement of one of the largest bank in Spain to its corporateexposure. Review of the methodology, processes and computation contrasts.
▪ Development of a risk management solution and implementation in various assetmanagers to compute and manage market, credit and liquidity risk as well as the risklimits.
▪ Risk measurement methodologies adapted to best practices and endorsed by Supervisors(CNMV, Bank of Spain, ECB).
Risk Management
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▪ Compliance Function: insourcing of the compliance unit of asset managers, functionregistered and authorized by the Spanish Supervisor (CNMV).
▪ Internal Audit Function: insourcing of the internal audit unit of asset managers, functionregistered and authorized by the CNMV.
▪ Consultancy projects:
- design and implementation of the organizational structure of asset managers tocomply with to the UCIT and AIFM directives and its implementation in Spain.
- ad-hoc consultancy projects for the implementation of new regulatoryrequirements.
▪ Compliance Unit of more than 10 asset managers and financial firms.
▪ Internal Audit Function of 5 asset managers.
Compliance and Internal audit
Services
Experience - Some figures and selected projects
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▪ Drafting and ratification of objective and independent expert reports for clients at anysituation of litigation regarding different aspects of financial instruments and markets, aswell as other business related conflicts.
▪ Technical financial advice and training to companies’ legal staff and advisors for: (i), thedevelopment of strong and effective litigation strategies; and (ii), efficient approach tocounter argumentation.
▪ Valuation and damage quantification reports, providing specific information on our areasof knowledge and supporting documentation in situations of dispute.
▪ Assistance restricted to the expertise areas of IM Valora Consulting and other CIMDGroup companies: (i), Economic and financial issues; (ii), Asset management andbrokerage; (iii), Business Administration.
▪ More than 300 expert reports issued, including counter-reports. 200 ratifications atCourts all over Spain.
▪ Drafting of over 100 fairness opinion reports in corporate deals such as purchases,mergers and other business agreements.
Forensic
Services
Experience - Some figures and selected projects
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▪ MiFID II certification approved by the Spanish Financial Supervisor (CNMV) for financialfirms staff providing:
‐ information about investment products and services; or
‐ investment advisory.
▪ MiFID II courses to maintain and update the knowledge and competence of the financialfirms staff. Programs approved by the CNMV.
▪ Standard or specific ad-hoc courses and training programs, in-company or in-houseprograms, focused on:
‐ Asset pricing;
‐ Risk management; and/or,
‐ Quantitative methods and programming in finance.
▪ More than 150 courses taught over the last 20 years.
▪ Over 800 professionals have been trained by IM Valora.
▪ Over 100 financial institutions have chosen IM Valora’s training programs.
Training
Services
Experience - Some figures and selected projects
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▪ Multidisciplinary consultancy team composed of economists, mathematicians andengineers.
▪ Bios - Management Team
Ana Castañeda - CEO
Ana holds a PhD in Economics and a Master in Quantitative Economics, both from Universidad Carlos III deMadrid, Spain, and a Degree in Economics from Universidad Autónoma de Madrid.
During her academic stage, she developed her research and teaching activity at the University ofPennsylvania, Universitat Pompeu Fabra in Barcelona, European University Institute in Florence, andUniversidad Carlos III in Madrid. She is the author of several publications in the most prestigiousinternational academic journals, such as the Journal of Political Economy and the Journal of MonetaryEconomics.
In the financial sector, she has over 20 years of experience in the fields of asset valuation, risksmanagement, quantitative finance, market organization and settlement & custody of securities. Prior tobecome CEO of IM Valora, she was Project and Product Manager at BNP Paribas, Spanish Branch.
As an expert in asset valuation, she was selected to join the International Valuation Standards Council(IVSC) in January 2011, as a member of the Standards Board. IVSC is an independent not-for-profitorganization that produces and implements globally accepted standards for the valuation of assets acrossthe world in the public interest. The Standards Board is responsible for the creation and revision of theInternational Valuation Standards and supporting technical guidance. Previously, in 2009 she wasdesignated as a member of the IVSC Expert Group in Financial Instruments Valuation.
Our Team
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Olivier Tinguely - Manager, Risk Management and Compliance
Olivier holds a PhD in Economics, a Master of Science in Economics and a Degree in Economics from theUniversity of Lausanne and works as a Manager at IM Valora. He began his professional career inacademics, where he held research and lecturing positions at Universidad Carlos III in Madrid, UniversitatPompeu Fabra in Barcelona, Suffolk University in Madrid and the University of Lausanne. His researchinterests lie in the study of the impact of financial market imperfections on the business cycle and assetprices. He has over 15 years of consultancy experience in the fields of asset pricing, risk management,compliance and software development.
Juan B. Solana - Manager, Business and Other Assets Valuation
Juan holds a Degree in Business and Economics from Universidad Pontificia de Comillas (ICADE) in Madridand qualification in Financial Markets and International Finance from the School of Economics of theMadrid Economist Society. He is a member of the Spanish Financial Analysts Institute since 1987, havingover 30 years of experience in financial analysis and asset pricing.
Rubén de la Fuente - Deputy Manager, Financial Assets Valuation
Rubén holds a Master in Finance from CIFF - Universidad de Alcalá and a Degree in Economics from theUniversidad de Alcalá. He has more than 8 years of experience in financial assets valuation. He currentlyworks as Deputy Manager at IM Valora and is responsible for the valuation of financial assets.
Our Team
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FinancialInstitutions
Law Firms
Corporations
Some of Our Clients
PublicInstitutionss
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Príncipe de Vergara, 131 28002 Madrid - Spain
T. +34 914 326 485
www.imvalora.com
Contact
Ana CastañedaCEOE.: [email protected]
