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  • news EY – Institutional investors shifting allocation strategies are driving hedge funds towards new products - EY - Global
    last three years say it has had a negative impact on margins This is particularly true of those offering sub advisory arrangements 43 said it had a negative impact vs 21 positive impact on margins Registered products and separately managed accounts clearly create risk for margins as well 30 of hedge funds say launching registered products has hurt their margins 45 of those who offer UCITs say margins have been negatively impacted and 24 say separately managed accounts have done so Fiona Carpenter EMEIA Leader Global Hedge Fund Services at EY says The impact on margins for these new products is logical Separately managed accounts often come with fee concessions that impact margins and add complexity to reporting sub advisory relationships can carry unique reporting requirements and service provider demands and registered liquid alternatives are lower fee products that require significant investment to set up In fact the negative impact on margins is most acute in Europe and among larger managers both of whom have been at the forefront of product development in registered liquid alternatives Without scalable operations managers are likely to take a hit on margins when they launch new products Regulatory reporting also hurts margins and is creating a barrier to entry Regulatory reporting expenses can translate into an added drag on margins reaching 6 on average assuming a historical margin of 30 Natalie Deak Americas Co Leader Hedge Fund Markets EY says Regulatory reporting expenses which were negligible even a couple of years ago have grown significantly and are now impeding managers bottom line For smaller managers it represents nearly a 7 drag and is creating a clear barrier to entry for new and emerging funds Protection from cyber attacks a major concern for the industry In addition cloud computing and cybersecurity have become major concerns across the hedge fund industry for regulators as well as investors Of all managers surveyed 85 said that security concerns are the main impediment in using the cloud and although 80 of managers expect to increase their spend on cybersecurity few have made investments thus far Fewer than one in three investors are confident in their managers cybersecurity policies Given that cybersecurity is a significant risk managers need to prioritize their investment strategy in this area Smaller funds are having trouble raising capital to develop new products Forty six percent of the largest managers surveyed those with more than US 10b under management offer or plan to launch more registered funds including UCITS as a top priority 32 are focusing on separately managed accounts 14 offer or plan to launch sub advisory capabilities and 11 plan to launch insurance related products Similarly the top priorities for mid size managers US 2b US 10b are separately managed accounts 28 and registered funds 31 whereas smaller funds less than US 2b are most focused on developing their long only offering 35 Serota says Our survey shows that managers who have not yet launched new products often underestimate the investment required to successfully

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-EY-institutional-investors-shifting-allocation-strategies-are-driving-hedge-funds-towards-new-products (2016-02-10)
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  • EY survey finds organizations are still unprepared for inevitable cyber attacks - EY - Global
    1 threat is the theft of financial information Organizations need to be in a constant state of readiness anticipating where new threats may arise Companies are lacking the agility the budget and the skills to mitigate known vulnerabilities and successfully prepare for and address cybersecurity Forty three percent of respondents say that their organization s total information security budget will stay approximately the same in the coming 12 months despite increasing threats which is only a marginal improvement to 2013 when 46 said budgets would not change Over half 53 say that a lack of skilled resources is one of the main obstacles challenging their information security program and only 5 of responding companies have a threat intelligence team with dedicated analysts These figures also represent no material difference to 2013 when 50 highlighted a lack of skilled resources and 4 said they had a threat intelligence team with dedicated analysts Careless or unaware employees is revealed as the number one vulnerability companies face with 38 of respondents saying it is their first priority and outdated information security controls or architecture and cloud computing use are second and third respectively 35 and 17 Stealing financial information disrupting or defacing the organization and stealing intellectual property or data are the top three threats 28 25 and 20 respectively say it is their first priority This year s survey finds that organizations need to do a better job of anticipating attacks in an environment where it is no longer possible to prevent all cyber breaches and where threats come from ever more resourceful and well funded sources Paul van Kessel EY s Global Risk Leader says Organizations will only develop a risk strategy of the future if they understand how to anticipate cybercrime Cyber attacks have the potential to be far reaching not only financially but also in terms of brand and reputation damage the loss of competitive advantage and regulatory non compliance Organizations must undertake a journey from a reactive to a proactive posture transforming themselves from easy targets for cybercriminals into more formidable adversaries Too many organizations still fall short in mastering the foundational components of cybersecurity In addition to a lack of focus at the top of the organization and a lack of well defined procedures and practices too many of the organizations we surveyed reveal they do not have a security operations center This is a major cause for concern The report encourages organizations to embrace cybersecurity as a core competitive capability This requires keeping the organization in a constant state of readiness anticipating where new threats may arise and shedding the victim mindset of operating in a perpetual state of anxiety To reach this state the report recommends Remaining alert to new threats Leadership should address cyber threats risks as a core business issue and put in place a dynamic decision process that enables quick preventative action Understanding the threat landscape Organizations should have a comprehensive yet targeted awareness of the wider threat landscape and how it

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News-EY-survey-finds-organizations-are-still-unprepared-for-inevitable-cyber-attacks (2016-02-10)
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  • EY joins HealthXL global health care collaboration - EY - Global
    difference Your role here Your development Life at EY Joining EY Global Delivery Network Experienced Advisory Assurance Tax Transactions Industries The EY difference Your development Life at EY Joining EY Global Delivery Network Alumni Home Newsroom EY joins HealthXL global health care collaboration EY joins HealthXL global health care collaboration Cleveland Ohio US 29 October 2014 Newsroom News releases PR contacts PR activities Analyst relations Fact and figures Share EY has signed an agreement with HealthXL to become the organization s exclusive professional services firm HealthXL is a global collaboration of some of the world s largest companies involved in health care and life sciences to foster and ensure digital health products and services are brought to market HealthXL with its member organizations works to accelerate innovation in health care by connecting digital health innovators and entrepreneurs with leading global health care companies that are focused on developing meaningful commercial projects As part of the agreement Glen Giovannetti EY s Global Life Sciences Leader will become a mentor of HealthXL s program In this role he will leverage EY s leading insight of the pharmaceutical biotechnology and medical technology sectors in addition to utilizing the firm s active network of industry professionals Giovannetti commenting on the agreement says We are excited about the HealthXL mission and the opportunity to help entrepreneurs that are on the cutting edge of health innovation As the health marketplace rapidly changes and evolves to meet new demands we are committed to working together to make a positive difference in this area around the world Martin Kelly CEO of HealthXL says HealthXL is dedicated to supporting collaboration between established global firms and fast growing companies around the globe to tackle the world s biggest health care challenges Together with EY we will provide our expertise and network to help innovators bring their vision creativity and boldness to the market Ends Notes to Editors About EY EY is a global leader in assurance tax transaction and advisory services The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over We develop outstanding leaders who team to deliver on our promises to all of our stakeholders In so doing we play a critical role in building a better working world for our people for our clients and for our communities EY refers to the global organization and may refer to one or more of the member firms of Ernst Young Global Limited each of which is a separate legal entity Ernst Young Global Limited a UK company limited by guarantee does not provide services to clients For more information about our organization please visit ey com This news release has been issued by EYGM Limited a member of the global EY organization that also does not provide any services to clients About EY s Global Life Sciences Center Life sciences companies from emerging startups to multinational enterprises face new challenges in a rapidly changing health care ecosystem

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/EY-joins-healthxl-global-health-care-collaboration (2016-02-10)
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  • EY - Women remain underrepresented in senior public sector leadership across G20 - EY - Global
    change and increases the likelihood of better outcomes for us all Application of quotas Despite a limited scope of representation of women in senior positions overall the 2014 Index shows a moderately encouraging picture in all but five of the countries surveyed the proportion of women in public sector leadership posts has increased While ratios of women represented in the public sector overall are generally higher in developed markets the proportion of these women in leadership roles varies widely across developed and emerging markets This is partially due to an influx of policies encouraging affirmative action in developed markets Canada which leads the Index with women making up 45 9 of senior leaders in government has a long history of taking positive action to promote underrepresented groups in public services Since the early 1980s there have been voluntary affirmative action programs in both public and private sectors In the 1990s these were given legislative force in the public sector and later in industries regulated by federal government In France quotas on the number of women in senior posts introduced in 2012 are already having an impact as the number of female senior public leaders has increased from 21 to 25 In Germany the federal government introduced a 30 quota for women on the boards of DAX listed companies in November 2013 But while there is no equivalent quota for their own civil service the percentage of women in senior public leadership positions has increased from 13 to 17 in the last year Correlations to the private sector The Index also considers data on the representation of women on private sector boards and in each country s parliament There is some broad correlation here countries that are in the top half of EY s Worldwide Index of Women as Public Sector Leaders report tend also to be in the top of the other tables that measure women representation on private sector boards and in country s parliaments It s notable that South Africa is relatively high in all three categories a testament to its strong framework of targets and affirmative action Turkey however has seen a long term drop in women s full labor market participation rate from a high of 48 in 1980 to just 29 in 2013 a rate significantly lower than most G20 countries The country has in fact seen a decrease in senior public women leadership positions in the last year from 13 6 to 9 4 Broadly poor childcare options and a shift away from a traditional agricultural economy in which women are well represented have contributed to this low participation rate As Turkey continues to negotiate entry to the European Union there will be continued pressure on the country to improve its gender equality track record Social barriers to leadership The report also highlights the growing discrepancy that despite an underrepresentation of women in the leadership posts of all the governments women are conversely well represented in more junior posts across the public sectors in

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News-EY-women-remain-underrepresented-in-senior-public-sector-leadership-across-g20 (2016-02-10)
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  • EY – REITs IPO brand continues to grow in the global real estate market - EY - Global
    remain strong in 2014 according to the EY s Global Perspectives 2014 REIT report With US 6 8b raised globally in the first half of 2014 this activity has been positive for the sector stimulating interest in the REIT concept globally as well as expanding its range of participants The report now in its seventh edition is based on interviews with EY partners around the world working with major real estate clients as well as EY analysis of data sourced from Dealogic and SNL Financial Today REIT IPOs dominate the real estate industry market as the REIT brand continues to expand and grow globally whereas just five years ago they were only a small component REIT IPOs globally exceeded US 20b in 2013 55 higher than the pre financial crisis peak in 2005 and more than double the total seen in 2012 REIT IPO volumes account for 72 of real estate IPOs tripling from just 24 of all real estate IPOs in 2006 07 More than 70 of capital raised by real estate organizations in the 18 months through 2Q14 was captured within a REIT Market conditions allowing further significant activity seems likely during the rest of 2014 Howard Roth EY s Global Real Estate Hospitality and Construction Leader says Monetization of real estate liquidity and tax advantages are among the benefits that the REIT model includes This is why REITs are growing in popularity around the world It s important to note however that the road to success is not simple and businesses have to consider key steps before going toward this path Size of operations The size of REIT IPOs has been remarkably consistent every year since 2009 with transactions averaging approximately US 300m Large REIT IPOs are still rare in the industry but getting less so While there have been only 13 IPOs above US 1b since 2001 six of these have been in the last year and a half 2013 2Q14 suggesting that investors with an appetite for larger transactions are finding the REIT model increasingly appealing Robert Lehman EY s Global REIT Leader says It s encouraging to see that in recent years the average capital raised per REIT IPO is on par with companies in the financial energy and power sectors about US 300m Going forward we expect this brand to grow further although it is likely that investors will remain highly selective regarding which new REIT vehicles to support REIT IPOs are a global trend The report also stated that in 2014 REIT IPO activity has shifted significantly to Europe where Spain is leading the region with more than US 3b of raised capital Roth says The REIT IPO market in Europe will likely remain strong through the second half of 2014 market conditions allowing with a series of further listings lined up in Spain and the UK In other parts of the world Japan also continues to have an active year while in India the Securities and Exchange Board recently approved the

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News-EY-reits-ipo-brand-continues-to-grow-in-the-global-real-estate-market (2016-02-10)
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  • EY – Miners productivity battle with diseconomies of scale - EY - Global
    Share The size and complexity of mining operations have created diseconomies of scale and are a significant factor in diminished productivity in the global mining sector according to a new research report by EY and the University of Queensland UQ released today Productivity in mining now comes the hard part is based on more than 60 in depth interviews with senior mining executives around the world The report assesses the key productivity challenges initiatives being developed to overcome these challenges and opportunities to better focus productivity improvement initiatives in the post supercycle environment EY Global Mining Metals Advisory Leader Paul Mitchell says the research confirms the factors that have eroded mining sector productivity globally are wide and varied covering labor capital and materials largely a legacy of the production at any cost approach during the boom We also found a very strong theme around the challenge of operating larger more complex mining operations and it is clear this requires a new approach to increase connectivity promote collaboration and foster productivity says Mitchell One miner aptly referred to the problem as the diseconomies of scale The focus on increasing output meant mines had to be larger but simply scaling up existing structures has made them much more complex to run and resulted in silos and diminished connectivity within operations it s created an integration gap within businesses and dealing with it requires an end to end approach The productivity decline has been so large that cost cutting and point solutions are not enough Significant costs have been stripped out of the industry and good efficiency gains have been made but it is now time to look at sustainable long term solutions to the productivity problem Innovation is lagging University of Queensland Business School Associate Professor John Steen says lack of innovation was another key theme to come out of the research Compared with the oil and gas sector there is an accumulated deficit of transformational innovation in the mining industry and this is a problem recognized by the sector With ore grades declining in mines around the world the mining industry will have no choice but to embark on similar step change innovation programs The problems behind productivity Labor capital materials and economies of scale were identified as common causes behind the productivity decline in the global mining sector Labor the inexperienced teams high turnover in people large numbers of skilled people at retirement age and a focus on volume rather than efficiency have all contributed to declining labor productivity Capital the desired standards for equipment availability and utilization rates have fallen and there is a lack of innovation in a sector that once prided itself on it Materials the depleting reserves and declining ore grades require innovative ways to access more ore and recover more metal Economies of scale the larger operations have created complexity compounded by talent and skills challenges The way forward Mitchell says miners need a strategy that addresses the critical issue of integration addressing five key

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News-EY-miners-productivity-battle-with-diseconomies-of-scale (2016-02-10)
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  • EY-The Health Insurance Industry: challenges and reforms - EY - South Africa
    pap smears or mammography and subsequently present with late stage cancer Holistic implementation should include incentivising preventative primary care and encouraging and educating self management of chronic conditions As a minimum benefit insurers could pay towards the full cost of early detection procedures for the high costing diseases specifically prevalent with the population group Similarly to encourage proper management of chronic conditions insurers could employ chronic condition related benefit waivers Further implementation strategies could include educating and incentivising policyholders to make healthier lifestyle choices This could also be achieved through the creation of loyalty programs specifically aimed at achieving a healthier insured population group whilst acting as a market differentiator Alignment of service provider reimbursement and quality of care Provider behaviour is often a natural consequence of the reimbursement method used The incentive within each of the provider reimbursement mechanisms is therefore a key consideration when designing the overall mix of the reimbursement methods The fee for service method which is commonly used is often criticised for encouraging an over servicing of health services because providers are paid for each service given For the same reason there is a tendency to reduce the time spent by activity or delegate to less qualified health professionals so the provider can maximise their income Strategic interventions that can remedy the problem of over servicing include combining fee for service models with budgets adjusting fees after a specified level of services is exceeded or using co payments for patients accompanied with greater consumer education regarding benefit designs and payment procedures This empowers healthcare consumers to monitor their own health services and may assist in limiting unnecessary procedures Monitoring such as peer reviews can also help counter inappropriate delegation and insufficient time spent per activity This would however require provider buy in and clear frameworks and systems to ensure that the monitoring exercises are objective and feed back into the system so as to enable healthcare quality improvement Different reimbursement methods are also seen to be more applicable for various types of services based on the diverse models For example line budgets where expenditures are based on historical needs though applicable to the hospital system would not be appropriate or efficient for the primary care setting Appropriate remedial strategies should be used to ensure that each type of reimbursement method gives the optimal impact on cost containment and quality of care A mix of reimbursement methods may be desirable to achieve this Limiting fraudulent activity According to a study by CIC insurance on outpatient claims fraud cases were estimated to be between 30 40 of all claims in 2012 Fraud extends beyond policyholder fraud and encompasses service provider fraud as well as administrator fraud In order to combat proactively these many facets of fraudulent activity insurers can establish focused divisions within their anti fraud departments to develop and implement detailed methodologies to address and reduce fraud specifically prevalent under health insurance Concrete proof as evidence including documentation statements made by the customer and his family

    Original URL path: http://www.ey.com/ZA/en/Newsroom/News-releases/News-EY-the-health-insurance-industry-challenges-and-reforms (2016-02-10)
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  • EY Worldwide Family Business Tax Guide launched - EY - Global
    Private Client Services Law Tax Accounting Tax Performance Advisory Tax Policy and Controversy Transaction Tax VAT GST and Other Sales Taxes Transfer Pricing and Operating Model Effectiveness Strategic Growth Markets How we help Entrepreneurship EY SGM Initial public offering Venture capital Family business services Transactions About Transaction Advisory Services Corporate Development Divestiture Advisory Services Lead Advisory Operational Transaction Services Restructuring Strategy Services Transaction Support Transaction Tax Valuation Business Modelling Specialty Services Climate Change and Sustainability Services CertifyPoint China Overseas Investment Network Family Business Services French Business Network Global Business Network Japan Business Services Careers Students The EY difference Your role here Your development Life at EY Joining EY Global Delivery Network Experienced Advisory Assurance Tax Transactions Industries The EY difference Your development Life at EY Joining EY Global Delivery Network Alumni Home Newsroom EY Worldwide Family Business Tax Guide launched EY Worldwide Family Business Tax Guide launched London 13 October 2014 Newsroom News releases PR contacts PR activities Analyst relations Fact and figures Share Provides data on family run businesses across 41 countries worldwide Identifies leading practices and robust tax approaches tailored to family businesses Recognizes the contribution that entrepreneurs and family enterprises make to the global economy EY has launched its Worldwide Family Business Tax Guide an in depth resource consolidating leading practices across 41 countries to promote robust tax policy within family businesses The Worldwide Family Business Tax Guide recognizes the invaluable contribution that entrepreneurship and family businesses make to the global economy particularly as the economy takes strides toward recovery from the Great Recession With 80 of the world s top 250 family businesses relying on EY s experience and insight to navigate changes in the marketplace and within family networks the Worldwide Family Business Tax Guide will act as a useful resource to practitioners family business owners tax advisors tax legislators and tax academics Aimed at both individuals and corporate entities it features insights on corporate income tax capital gains tax and wealth transfer tax Drawing on a targeted questionnaire itprovides a country by country review of tax policy for family businesses in key areas including Accumulative tax burden of family business Sample tax calculations for two typical family businesses Succession planning Tax administration and enforcement issues Commenting on the launch Peter Englisch Global Leader of EY s Family Business Center of Excellence says The EY Worldwide Family Business Tax Guide delivers an invaluable reference point for family run enterprises that will help them take advantage of powerful tax policies at this critical time of economic recovery The unique opportunities and complex risks associated with these dynamic businesses call for the need to provide sound tax advice across the market segment With more than 100 years of experience in advising family businesses this guide bolsters EY s commitment to global thought leadership in tax legislation and policy Entrepreneurship is the backbone of family industry The Worldwide Family Business Tax Guide will help to harness that spirit and the level of innovation that places them at the

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News-EY-worldwide-family-business-tax-guide-launched (2016-02-10)
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