Mr. Cano served as Managing Director at Banco Bilbao Vizcaya Argentaria (BBVA) in Mexico, with 15 years of experience leading various specialized product teams. Previously, he had worked at ABN AMRO in Miami structuring project finance transactions throughout Latin America and at a brokerage house in Mexico placing short-term corporate securities.

Mr. Cano holds a BS in Business Administration from the Kogod School of Business at The American University in Washington, DC.

About Algon

Algon Group (www.algongroup.com) is a specialized financial advisory firm that provides sophisticated financial analysis and advisory services including financings, mergers and acquisitions and restructurings.  Algon professionals each have decades of investment banking experience and, in aggregate, have handled transactions in excess of $20 billion during their collective careers.  Algon has handled over $3.7 billion in various assignments on behalf of both public and private entities over the last four years.  In the United States, the firm operates on a national basis and has professionals in New York, Atlanta, Birmingham, Miami, Phoenix, Philadelphia and Tampa Bay, and in San Jose, Costa Rica.

SOURCE Algon Group



KUALA LUMPUR: Malaysias financial advisory industry will see a big leap in growth next year, with the number of licensed financial advisers expected to double from the less than 400 at present.

The Association of Financial Advisers (AFA) President Alfred Sek said conservatively, he projected the number to surpass 1,000 within three years, and 10,000 within the decade.

The local financial advisory industry is now entering a new era thanks to Bank Negara Malaysia (BNM) which has expanded the list of qualifications to become a financial adviser under the Financial Services Act (FSA) and financial planner (under the Capital Markets and Services Act), he added.

Sek told the media this after launching the Financial Advisers Handbook at the Third Annual AFA Conference on Friday.

The event was officiated by BNMs Assistant Governor, Jessica Chew Cheng Lian.

In her keynote address at the opening she said BNM had worked in close consultation with the AFA as well as the Malaysian Financial Planning Council (MFPC) and Financial Planning Association of Malaysia (FPAM), to review and agree on the expanded list of minimum qualifications for a financial advisers representative.

The review identified four core areas of knowledge, namely, financial planning, risk management, insurance planning and investment planning.

These are considered essential to equip a financial advisers representative in providing proper advice on insurance or takaful solutions, she added.

A financial adviser is an independent party that provides financial advisory services to customers based on their financial needs.

Alfred said the term financial adviser is a restricted word under section 139 of the FSA.

He said no one shall in name, description or title uses such a word, unless he or she is approved under the (FSA) Act to carry on a financial advisory business.

Referring to the new handbook, he added that anyone who contravenes the Act shall on conviction, be liable to imprisonment of up to eight years or fined not exceeding RM25mil, or both.

The AFA was formed in Oct 2012 with the hope of representing all Licensed Financial Advisers and Corporate Unit Trust Advisers (CUTA) firms. - Bernama


Arthur J. Gallagher amp; Co. (AJG - Snapshot Report) has announced the takeover of The Forker Company or Forker in Arlington Heights. The move marks an effort by the company to ramp up its retail insurance business. Terms of the transaction were kept under wraps.

However, the market did not respond favorably to the news, as the stock price fell 0.5% in the last trading sessions post announcement.

Illinois-based Forker is a retail insurance agency offering contract surety solutions to its Midwest clients since 2000. This company specializes in providing surety coverage for the construction industry.

Arthur J. Gallaghers acquisition of Forker is aimed at expanding its sales in the construction industry. Forkers surety expertise, along with industry experience, solid market relationships and client service will enhance the insurance brokers business in the Midwest. Post acquisition, Peter Forker, the President of Forker Company, along with its associates will operate under the head of Gallaghers Midwest region retail property/casualty brokerage operation Michael Pesch.

Arthur J. Gallagher has been consistently boosting its retail insurance business and increasing its geographical footprint. Its latest acquisitions, namely California-based SGB-NIA Insurance Brokers, Colorado-based Insurance Associates, Inc., Illinois-based Bennett amp; Shade Co. and New York-based Hagedorn amp; Company reflect its endeavors in this respect.

Notably, Arthur J. Gallagher, which generated annualized revenues of $693.6 million for the first nine months of 2014, is well known for pursuing acquisitions that help to expand its business globally. While the latest takeover marks the fifth one in the current quarter, the company has made 43 acquisitions year-to-date. The acquisition spree is expected to continue in the coming quarters.

Notably, Arthur J. Gallaghers strong liquidity continues to support its inorganic growth initiatives.

Other insurance brokers have also been boosting inorganic growth. Marsh amp; McLennan Agency LLC, a subsidiary of Marsh amp; McLennan Companies, Inc. (MMC - Analyst Report), announced the acquisition of California-based NuWest Insurance Services Inc. Willis Group Holdings Public Limited Company (WSH - Analyst Report) has proposed the takeover of SurePoint Reinsurance, along with the buyout of a range of Irish pension and financial advisory businesses from IFG Group plc. Validus Holdings, Ltd. (VR - Snapshot Report) has acquired Western World Insurance Group, Inc.

Currently, Arthur J. Gallagher has a Zacks Rank #3 (Hold).



Financial Advisers Guide — Optimize Your Business

Jennifer Landon is like the Energizer Bunny: always on the go.

Her on-the-run schedule includes running financial classes in three cities: her home base of Ammon, Idaho; Rexburg, about 27 miles to the northeast; and Pocatello, 49 miles southwest.