Friday Feature Movie Review: Arbitrage: Richard Gere (Hedge Fund Thriller!) キング・オブ・マンハッタン : リチャード・ギア (ヘッジファンドのスリラー！)

Money, Sex and Power are all here. Our hero is a hedge fund manager wanting to sell his business. Nothing wrong with that, but he has to sell. That is never an easy place to be. Life is good at the top, but when a mistress ends up dead, and the police start asking questions, life even at the top of finance, gets complicated.

Richard Gere plays the patriarch of a family owned investment firm. It is large and well established like the Gabelli Funds, but without the brightness of a younger generation. We first see the public face on CNBC and other channels, but his life behind the scenes is not for public viewing. Manhattan is full of flash and affluence, but the people serving the rich, are also part of the same world. Good people you need to rely on. Loyalty from long-term staff can never be overestimated. It can even be life saving.

There seems to be a hole in the balance sheet, not a stolen money hole like Madoff, but more a funding hole caused by Russian markets. It is a big gap that needs to be filled by a Ultra HNWI loan. Help that gets frustrated when the 2 week period takes longer longer than expected to repay. When trying to pass a final audit, that kind of loan is the type that is best not found.

How can you sell after an audit investigation when the accounting books are questionable? Drama and tension continue all through this story, and never seems to let up much. It may look wonderful from the outside, but the life of this hedge fund manager, at the center of the story, is far from comfortable, and never easy.

Susan Sarandon plays the wife, poor in the early days like her equally hungry husband, but monetary success came ultimately. She was tolerant of affairs as the money came, but everything has a limit. When cash flow trouble over a medical charity donation gets delayed, a backup plan begins. 

It is every money manager's worst nightmare, a divorce lawyer, with no pre-nup, enters the story. That is true fear when you are over 60, a founder trying to sell, looking at a retirement exit, and not getting much room to maneuver. Major markets can be scary when you need to make money, not just desire to do so. Emerging markets can also be the most scary due to unexpected events. Every experienced market player knows those risks, and often has the scars to prove it.

The Top 3 Takeaways from this book that really impact any reader are:

1) There is a lot to learn about how to be a long-term successful rainmaker, and no single profit stream with last forever.There is no single way to success, so keep open to every new trading opportunity.

2) The best rainmakers know how to make money and keep doing what they do best by observing key decision makers and possible patterns. Knowing what buttons to press to close a deal at the best price is the EQ magic that many lack, not IQ, that only gets you to the table.

3) When becoming a successful rainmaker, your emotional strength from family at home, may help you perform on deals at work. Every person has a personal life, so the more empty or fulfilling it is, the more that can creep into personal performance. It cannot be denied.

The police detective played by Tim Roth, is spot on. He brings the most raw and tasty character to this big screen movie. There are many curious moments in this New York financial story when he is on camera. The old style face to face sale of the firm and how it goes down, is classic and very much old school. If you get a chance to watch it, it is worthwhile viewing. Highly recommended for all staff at an investment bank, hedge fund or asset manager. It is all realistic, and portrayed wonderfully by an excellent cast. An amazing movie that is perfect for the holidays, highly recommended!

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Japanese bank MUFG sued in Tokyo, New York for ' wrongful sacking' of employees

Japanese bank MUFG sued in Tokyo, New York for ' wrongful sacking' of employees. (Reposted with permission from Walter Sim, reporter at The Straits Times)

TOKYO - Two former employees of Japan's Mitsubishi UFJ Financial Group (MUFG) filed separate suits against the bank in New York and Tokyo for unlawful dismissal, which came after they each tried to seek recourse within the company for discrimination and harassment. According to court filings for both cases seen by The Sunday Times, the megabank is alleged to have subjected the two employees to "discriminatory and retaliatory treatment" for ostensibly failing to conform to traditional Japanese workplace etiquette.

Mr Shunsuke Fujii, who grew up in the United States, said in papers filed through his lawyers Bantle & Levy in New York on Friday (30/3) that he was berated by his ethnic Japanese superiors and colleagues for his inability to speak and write Japanese fluently, and was subjected to workplace "double standards". He raised the matter internally, but was accused of causing "problems" and dismissed on June 5 last year. And in Tokyo, Mr Glen Wood, a Canadian with two decades of experience in Japan's finance sector, accused the company of unfairly sidelining him with a demotion and hefty pay cut after he applied for leave to take care of his son, Alexander, when he was born in 2015. He lodged a civil complaint for what is known locally as 'paternity harassment', but the bank sacked him last month (Mar) despite the ongoing case. On Friday (30/3), he filed a suit for wrongful termination through his lawyers Yoshitaka Imaizumi and Daiki Enatsu. The cases against MUFG came amid growing global attention towards workplace harassment issues.

WORKPLACE BULLYING

In New York, Mr Fujii joined MUFG Securities Americas' Japanese equities team in October 2014. According to court papers, Mr Fujii said he faced discrimination by his superior, Mr Masami Yamada, who is executive director and head of Japanese equity sales in the US, and other colleagues who are "predominantly citizens of Japan and ethnically Japanese (speaking Japanese as a first language and self-identifying as Japanese)". Despite English being the official working language, Mr Fujii pointed to e-mails and verbal communication being conveyed in Japanese. He also said that he was subject to "different standards of behaviour and performance" than his Japanese colleagues, who he said "committed numerous errors and often acted aggressively and inappropriately with impunity", but faced no consequences.

In one case in March 2016, Mr Fujii was accused of going behind the backs of two superiors, including Mr Yamada, when a client voted for him instead of them in a quarterly vote to rank brokers. His superiors accused him of covertly conspiring with the client and neglecting to share crucial information - charges which Mr Fujii denied.  4/1/2018 Japanese bank MUFG sued in Tokyo, New York for 'wrongful sacking' of employees. After that incident, his superiors "spoke in Japanese in front of Fujii in order to mock him and/or preventing him from understanding what they were discussing", the court papers said. Mr Yamada also "demanded an apology from Mr Fujii for disagreeing with him in front of other employees". In another case in May 2016, Mr Fujii was insulted by a colleague, Ms Maki Tanaka, as being namaiki (nonconforming and disrespectful) as a gaijin (foreigner) who only spoke English fluently, the court documents said. Mr Fujii also cited a case of Ms Tanaka calling another Japanese-American colleague bakayarou (stupid buffoon) and wakazou (arrogant young moron). When Mr Fujii said he wanted to raise the issue with human resources, Mr Yamada responded "in a threatening tone that there was nothing wrong with Tanaka's conduct and that if Fujii was not happy, he should leave the company". 

The papers added: "Yamada also threatened to fire Fujii if such 'incidents' continued."  Mr Fujii was later accused of behaviour that was "making some individuals feel uncomfortable", and despite asking for information about his colleagues' claims against him, was told to "just cut it out". He was dismissed on June 5 last year due to "streamlining and cost-cutting". According to the papers, Mr Fujii believed he was the only employee let go. An internal e-mail circulated among MUFG employees also said he was terminated due to "his problems". 

PATERNITY HARASSMENT In the other case, Mr Wood told The Sunday Times in an interview last November that his treatment by Mitsubishi UFJ Morgan Stanley Securities was unjust. Under his watch as head of global sales, revenues doubled between 2012 and 2015 and the company grew its base of institutional investors. While the company has a childcare leave policy, its in-house policy rulebook said those applying for childcare leave must produce a Japanese document called a "maternity health record book" that is issued by a local municipality. But this was impossible to get as his partner had given birth in Nepal, where she had gone for work. When MUFJ rejected his application, he consulted experts and government offices, who told him that paternity leave should still be granted, and that if the company insisted, he could provide a DNA test as proof of paternity "This isn't about a foreigner trying to go against the Japanese system. I follow all the rules, my e-mails are in Japanese, I do everything in Japanese," he stressed. But despite five separate doctors certifying that Mr Wood was mentally healthy and should be allowed to return to work, including a test by a company doctor that MUFJ ordered in December, the bank continued to dither until it terminated his employment on March 9. 

His official last day is April 8. Among the reasons cited by MUFJ were Mr Wood's disclosure of "untrue harassment claims to the media", which in turn damaged the bank's reputation. He was also accused of submitting proprietary information to the courts". Mr Wood told ST that this was a clear example of the company trying to operate above the law, as it was "trying to circumvent the court ruling in making its own judgment". He added: "Documents were submitted to the courts for self-preservation as proof of harassment by the company. Clearly, without the submission of such documents, no harassment claims could ever be proven in a court of law."  MUFJ should not be allowed to "operate above the law", he said. "Japanese workplace culture has to move with the times, but many mega-corporations are still doing things that are no longer acceptable."

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MUFG Morgan Stanley Fires Manager Who Sued Firm for Harassment 三菱モルガン、ハラスメントを訴えていた幹部に解雇予告通知

MUFG Morgan Stanley Fires Manager Who Sued Firm for Harassment  2018-03-14 03:29:40.229 GMT (Bloomberg)
日本語記事：三菱モルガン、ハラスメントを訴えていた幹部に解雇予告通知

By Takahiko Hyuga
(Bloomberg) -- Mitsubishi UFJ Morgan Stanley Securities Co. is firing an equity sales manager who sued his employer for harassment, according to a letter of dismissal obtained by Bloomberg. 

The brokerage notified Glen Wood that it will terminate his employment on April 8, according to the letter sent last week. His comments made to the press were false and damaged the firm’s reputation, the Tokyo-based venture between Mitsubishi UFJ Financial Group Inc. and Morgan Stanley said in the document. Wood, 48, filed a claim in October arguing that the brokerage treated him unfairly after he became a father. The Canadian national initially sought a Tokyo court injunction to withdraw unpaid leave, and in December filed a lawsuit seeking compensation.

“This is also harassment,” Wood said by phone, when asked to comment on the notification of his dismissal. The single parent, whose son was born in October 2015, has claimed that his requests to take paternity leave were rejected until December of that year after he took a DNA test to prove he was the father. When he returned to work in March 2016, Wood argued that he was excluded from important meetings, conference calls and overseas trips.

Mitsubishi UFJ Morgan Stanley spokesman Koji Ichihashi declined to comment on the letter, but said the firm has been “responding sincerely” to Wood. “Our understanding is that his arguments that the company obstructed his paternity leave and conducted harassment are groundless.”

Client Impact

The firm put him on unpaid leave in October. Last year,
Wood held press conferences at the labor ministry and the
Foreign Correspondents’ Club of Japan to explain his case.
Wood’s actions led Mitsubishi UFJ Morgan Stanley’s clients
to doubt its compliance with industry standards and consider revising their business relationship, the firm said in the
letter. Managers and colleagues lost confidence in Wood, and the firm judged that it had reasonable grounds to terminate his employment contract, according to the document. Wood joined the firm in September 2012 as a manager of a team selling Japan stocks to local and overseas investors. His lawsuit is ongoing.

To contact the reporter on this story:
Takahiko Hyuga in Tokyo at thyuga@bloomberg.net
To contact the editors responsible for this story:
Marcus Wright at mwright115@bloomberg.net
Russell Ward

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あなたがアジアや日本のセールストレーディング,
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Friday Feature Book Review: The Maui Millionaires for Business (5 Secrets) by David Finkel and Diane Kennedy ビジネスのためのマウイ百貨店 （5利益秘密）デビッド・フィンケル、ダイアン・ケネディ

Unlike the first book on the Maui Millionaires, the private financial savings of people are no longer the main focus. This second book is more about how individuals can build a business that can be sold to investors. There are 3 ways to build a business, and without the correct foundation, you will not be able to grow it to its peak profitability. These critical 3 kinds of businesses, are the main theme of this book. 

Most small business owners only see "a single business", and do not often make a distinction between the 3 main types that they may be about to create. The author makes a very good case for why there are 3, and why each needs to be better understood. If any entrepreneur is building a business, they need to know which type are you building. This is critical if you hope to sell the business later on in any future exit.

In its most simple form, a simple service can be started by a man with a lawn mower. The service can start "a business" by cutting customer's lawns. Can this lead to a huge multi-million dollar IPO in the future? The short answer is not likely. If it stays in a level one stage of business, the growth will be limited. It is one man with one machine. This basic business only generates revenue based on the limited hours by a person (staff labor) during a day. What is the value of such a business? At its maximum, the total value of sales per year is the most it could grow. There is limited by the operating hours. There is no sales multiple in a level one business.

In a level two business, the lawn mower man builds a circle around the main central mower. A sales person starts to find new customers in new areas. A clean up guy may be hired to gather the cut grass after a cutting. In this case, the business is getting more efficient, but the main lawn mower man is still at the center of the business. If the main owner gets sick or is injured, the business does not operate. This is the key weakness of any level two business.

A level three business creates a more complex organization without the central weakness of any single one key man at its center. At this level, the lawn mower man trains various staff to operate the lawn movers, and coordinates with the sales people in new markets, and the cleaning staff who do clean up operations. If the boss gets sick at this level, the business can still operate while the boss is away. This is the main aim of almost any entrepreneur. 

This fully developed type of organization is the scalable style that can grow fast and wide. It is a business system that can lead to a possible trade sale to a rival who wants to buy an existing business that operates a smooth system in a given market. Alternatively, if the owner of this business wants to expand into more markets, he can issue stock, potentially in an IPO, and use the cash to expand and replicate the solid business model, a proven system leveraged into new markets. 

The Top 3 Takeaways from this book that impact any reader are:

1) Level one businesses are about a key person in the center. The focus is on charging for that person's time.
2) Level two businesses are about a more efficient staff around a key person. This increases the efficiency of the key person's time.
3) Level three businesses are about removing any single key person, and refining a system that can be expanded and scaled. This is the perfect business opportunity to invest into and generate wealth from.

There are many businesses with similar ways of growing. A single lawyer could open a law office, but level one has limitations. If that same lawyer teams up with other lawyers across specialties, a wider range of services can be in place with more efficient support staff being used. That is how a level three business can be made. It is always about removing the key person at the center, and building a refined business system for potential expansion. The book really helps any entrepreneur to take a better wider look at the business being built. It is very helpful at finding ways to improve it, and make it more attractive in a future sale. Highly Recommended!

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Friday Feature PM Q&A interview: CAM ESG Fund Franklin Khusman フランクリン・クスマン CAM ESGファンドのファンド・マネージャー

Today, we interview Franklin Khusman, the Portfolio Manager of the Environmental, Social & Governance (ESG) fund at Capital Asset Management K.K. (CAM), a firm focused on equity investments in financial services. In 2017, the CAM group launched a new ESG Fund offering, and it had tremendous success outperforming its peers.(Pictured: Nofil Iqbal left, Franklin Khusman right)

1. When did you start your ESG equity fund? What is the focus of Capital Asset Management, and how have you raised assets under management?

The CAM ESG Japan Fund was created on 27 January 2017, with zero seed money. Right upon inception high net worth individuals recognized its concept & potential, and the fund got immediate funding of US$2Million. In less than 365 days the fund has grown over 300% and with current AUM of over US$7Million+ and growing.

Capital Asset Management K.K. (CAM) business invests on behalf of our clients with expertise predominantly in both Frontier Asian and Emerging Markets. Unlike any other investment firm in Japan, we created and pioneered the first CAM ESG Japan Fund (Equity Mutual Fund). We invest on behalf of our various clients who entrust their savings to us. We recognize the change in landscape where non-financial information is becoming more strategically important than the traditional financial ratios.

CAM (Capital Asset Management K.K.) was founded in Tokyo in 2004, and is currently headed by Eiichiro Tabuchi. We have around 20 unique funds, from a Yield Oriented Health Care REIT Fund to a Frontier Markets Country Fund. As of December 2017 CAM had approximately US$380Million in total AUM (Assets Under Management).

2. Where do you see the opportunity for your firm to grow? Is  there any key ESG advantage you have today in Japan or Asia?

Given that CAM is a boutique asset manager and our funds are purely unique. It would be fair to say that we are almost an exclusive player for both frontier markets and our ESG fund in Japan.

To elaborate; our ESG fund has an annualized return of 28% with a sharpe ratio of 3.1. Further we have created a customized ESG Alpha Strategy　Fund that incorporates various hedging strategies, based on investors investment objectives, risk appetite and target return profile. This fund can be fully hedged and has the ability to deliver a reasonable rate of return within an acceptable scope of risk to our client’s advantage.  

In the summer of 2017, Japan’s Government Pension Investment Fund (GPIF) the largest investor in the world, with AUM of US$1.5 Trillion, selected 3 ESG indices as their benchmark. They allocated US$10Billion for preliminary ESG investment. This act of responsible investing will be followed by the respective public sector pension funds, corporate pension funds, and general public the private investors.

3. How do you create such impressive returns? What is your universe and how to do you determine your portfolio holdings?​

​

The return on our ESG funds is driven by what we call “CAM Sustainable Investment Model” which basically is an integration of combining ESG Score and company’s financial data.

To define; we take the total universe of 3,700 listed companies of Japan. Selecting the top 1,000 companies with ESG criteria, we then do a quantitative analysis and a deep drill for the top 100 ESG companies, eliminating the companies that have the highest potential as "bad actors" or being involved in major scandals in Japan.

The ESG fund has a total of 100 companies (40 from Nikkei 225, and the rest from TOPIX). We do not disclose exact criteria for our profitable filtering system as this remains our in-house intellectual property and trade secret.​

​4​. What attracted you to this opportunity to pursue research and then run an ESG fund of corporates in Japan?

I started as Portfolio Risk Consultant in MSCI BARRA, guiding the investment professional in Japan on importance of BETA and diversification through Multiple Factors Risk Model. Moving to Thomson Reuters, I explored the world of ALPHA through work on quantitative analysis, Smart Beta Indices, and set up a Lipper Fund awards for” Japan’s Defined Contribution Category” which has focus for Risk/Return for long term investment.

As for setting up the ESG Fund, my research with ESG content conclude that investing in ESG excellent companies help REDUCE RISK. At the same time the better Governance within those firms lead them towards better performances which convert into HIGHER RETURN.

Peer analysis shows that my approach provides better result, which the management of the firm believes that CAM should introduce the product to the public, and allow them to gain the benefit of ESG investment for long run investment. Further it could be said that the non-financial factors have become more important in corporate analysis; as this is what I know to be the main ESG factors.

​5​. Will the corporate governance issues of Japanese enterprises impact the CAM ESG Japan Fund?

The biggest surprise with our first year results came from the impacts of more Japanese corporate scandals than expected. We only factored in 1 or 2 major scandals per year, however in 2017, we experienced 9 in Japan; Toshiba, Nissan Motor, Subaru, Mitsubishi Material, Kobe Steel and the 4 largest construction companies. Let’s hope that we continue to perform at a similar during scandals in 2018. The CAM ESG Japan Fund will not be impacted as we search for alpha within our portfolio via deep drill down quantitative research. We have strong insights from our ESG analysts.

6. Are there project partners or investors that you are searching for at this time for your ESG fund product offered in Japan?

CAM ESG Japan Fund is a regular investment trust developed under supervision of Japan’s FSA. We believe it will be good if the ESG Investment can be made available to wider audience including investors outside Japan.

We are currently looking for partners who can help introduce the variants of CAM ESG Japan Fund within their local jurisdictions.

7. Where do you see your firm growing the most in the next 2-3 years? Will this continue the current focus or change into another new direction?

CAM ESG Japan Fund has 5 years of simulation performance result, and 1 year of actual result (28% returns). Since we have been able to confirm that the actual performance is replicating the result from simulation (between 2012-2016), we are convinced that the current ESG investment process is very solid and it can be used as base for Absolute Return product (ESG Alpha Strategy). We believe that our ESG Alpha derivative products will also become our focus in the next 2-3 years.

​

If any Japanese or global investors are interested in knowing more track record details about our ESG fund performance, they can contact Nofil Iqbal in English or Japanese for all distribution and marketing enquiries.​ 英語または日本語の電子メールは受け入れられます。 He can be contacted on LinkedIn or by email at n.iqbal@capital-am.co.jp Full profiles of Capital Asset Management K.K., Franklin Khusman, and Nofil Iqbal, are all available on LinkedIn. 

Please visit us for our Friday Feature Review where TMJ Partners will review books, movies, services and anything else with a financial theme. Follow us now for our free weekly updates, just click here. Thank you for reading and learning more about how money is made in finance!

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あなたがアジアや日本のセールストレーディング,
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For more Buy-Side and Sell-Side roles in Asia-Pacific, contact our TMJ Partners Japan & Asia Finance team.

    Tokyo                                                                Tokyo

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