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Our panelists, representing a mix of bearish and bullish perspectives, battle out the all-important question: Will the CRE bubble burst in 2017?
- Fundamentals first! Is the US economy headed for another downturn? Can the economy keep growing at its current rate? Assessing true fundamentals vs. CRE pricing
- The new Administration: Good, bad or indifferent for CRE investors?
- Interest rates: Will they remain low for the long term or spike in the near term?
- Brexit: To what degree will this increase capital flows to US CRE, particularly from the Middle East and Asia? What opportunities does it open/close in European CRE?
- China’s slowdown: How is it impacting the US CRE market?
- Oil in 2017 and its impact on CRE investment: Discuss
- The 2017 outlook for global economic/political instability/volatility: What will be the impact on CRE investment in the US and internationally?
- The Fed has warned of vulnerabilities building within CRE: What is your take on this? With CRE prices hitting historical peaks in 2016, what can we expect in 2017? With there still being a flood of capital and investors opting for safety, are we heading towards an asset/valuation bubble? Where are we in the cycle? Will cap rates go up in 2017? Is the CRE market in the ninth inning?
- What mini-bubbles are brewing and in which sub-markets? Tech? Apartments?
- What’s the overall CRE investment sentiment for the next 12 months and what factors are influencing this? Transaction volume: What to expect? What will be the main drivers/inhibitors in 2017? What are realistic IRRs for core/value add/opportunistic today?
- What impact is greater oversight from the SEC and the cost of regulatory compliance having on fund managers? How are they adapting?
- How much institutional capital is now out there for CRE and where is it coming from? What fund investment strategies are having a tough time raising capital? Which are attracting investors? Will foreign capital flows into US CRE continue at the same rate?
- Deal-by-deal structure or fund? Open-end vs. closed-end fund?
- Fund models: Where are they heading? Implications? What further trends can we expect?
- Exits: Will more funds go public this year? Manager M&A: Are we in a continued consolidation phase?
Warren de Haan
- GP alternative structure/co-investment flexibility & related fees
- GP indemnification, obligations and liability standards
- ERISA, UBTI, Dodd Frank, JOBS Act, CFTC Commodity Pool Operator & Volcker Rule: Compliance and exemptions
- Key principal/employees carried interest participations & time commitments
- LP/Preferred deferred promotes/catch up distributions, take control, most favored nation & advisory board rights
- Carried interest, asset management & other fees/fee waivers
- Pooled vs. deal by deal distributions, clawbacks and escrows
- Exit Strategy and default remedies
- Advisory board appointment/observer rights, self-help remedies
This session addresses the economic realities of different CRE deals today – new development, acquisitions, redevelopment, refurbishment - across asset types/markets. In analyzing the economics of these deals, and the approaches they took, we will also trouble-shoot key obstacles encountered, overall lessons learned and summarize key take-aways.
- Is now a good time to sell? Knowing when to sell/when to hold
- What’s selling/what’s not?
- Who is looking to buy? Foreign investors? 1031?
- What does it take to make your property attractive to a prospective buyer in the current market? How to position yourself?
- What are successful property marketing strategies today?
Directly after the dispositions roundtable CRE executives looking to buy/sell CRE have the opportunity to meet and exchange business cards in an informal setting geared towards making business connections.
- Is global/economic volatility causing you to realign your overall investment strategies? What is your current CRE investment sentiment and how are you viewing risk?
- What CRE investment strategies are you currently allocating funds to? Are you investing in secondary markets? Stepping outside the four main ‘food groups’? How are you viewing income producing vs. appreciation in value investment strategies? What are your expected returns in this market environment?
- Are REITs part of your real estate allocation? Real estate debt?
- Deal-by-deal; commingled funds; separate accounts; and/or direct investment?
- New/emerging managers: How much of a percent of the fund would you invest in? Due diligence processes/red flags that you look for? How can they get on your radar?
- How are you ensuring a continued alignment of interest with your GP(s)? What are current hotly debated/negotiated areas?
- To what degree are funds meeting your demands for increased investment transparency? A push for lower management fees? What more are you looking for funds to do?
- Can you share a recent example of a failed GP relationship and the reasons behind this?
- What is one piece of advice you would give to funds now in fundraising mode?
In a slightly different take on our large fund panel, our participants – some representing a bullish viewpoint, the others a bearish one – will debate their perspectives on CRE investment in 2017. Among the points to be discussed:
- Fundamentals may look good but what is your investment sentiment in the current climate? How does an uncertain interest rate environment and current levels of pricing/valuation impact your view on opportunistic vs. value-add vs. core investments?
- Is there a flight to safety? Are you in a ‘wait and see’ mode? How are you viewing risk and translating that into your CRE strategy and capital deployment?
- Are you primarily buying or selling? What is the next undervalued asset class/market that you are considering?
- What returns are you underwriting to? Will we see 20% returns again any time soon?
- Financing/Hedging Strategies: With interest rates expected to rise, what changes are you making to your financing strategies?
- How to create investment opportunities in this currently disruptive market?
Concurrent Sessions: Choose A, B or C
- How is the composition of the CRE finance market changing and what are the implications? Will we see a continued rise in peer-to-peer lending? Is foreign capital still pouring in? Is it a lenders or borrowers market today?
- With the CMBS market undergoing a radical shift, what will be the impact on finance from that channel? CMBS 3.0: What will this look like and how robust will this market be?
- With continued pullback and uncertainty in senior lending, what does this mean for the cost of capital? For the lenders who will be filling the void? To what extent will mezzanine help fill the financing gap with risk retention regulations now in place?
- With interest rate hikes expected, how are lenders approaching interest rate risk mitigation in financing strategies?
- The Wall of Maturities: What is the latest status?
- Who’s calling who?: Are the banks calling the shots/originating full stacks, or are the mezz/sub debt lenders calling the shots, quoting the whole stack and selling A Notes? Who’s buying these A Notes? What are hot buttons on structure/pricing for these A Notes?
- Senior mezz: Who’s buying? Who’s pricing tight vs. market? What groups are using leverage against senior mezz to increase their IRR?
- Asset class/geo snapshot: What is/isn’t getting financing? Which geos are still healthy vs. which are a concern?
This session will provide a roadmap of current and anticipated tax and regulatory change/focus – especially as a result of the new Administration - that will impact funds and real estate investments. In outlining these issues we also address what funds need to consider and how strategy needs to adapt as a result.
- Examining the Section 385 Treasury regulations and their impact on structuring
- FIRPTA: What impact has this had on foreign investment in US CRE in the year since enactment? How can real estate companies capitalize on investment opportunities created by the changes to FIRPTA?
- The new Administration and anticipated tax changes
- With increased oversight from the SEC, what is on their 2017 radar?
CRE tech is revolutionizing the way the industry does business – on both an asset level and a company level. From aggregating and analyzing data for more informed property investment decision-making to realizing energy savings and efficiencies in smart buildings, tech has shifted from being a cost-center to improving ROIs. In this session tech solution providers showcase their offering with the objective of illustrating the ROI that can be achieved. Q&A from the audience is encouraged and audience participants can vote on the solution they believe would add the greatest value to their business.
- How are the risk retention regulations impacting your business and how are you responding?
- With interest rate hikes expected, how are you approaching interest rate risk mitigation in your financing strategies? How are you underwriting at this point in the cycle? How are you remaining competitive and chasing yield?
- What types of borrower are more attractive today? Less attractive? Assets/geos/deal size? Fixed or floating: What are your customers choosing?
- What is your current take on risk? What is your overall willingness to lend today? What structures are necessary to have you involved in a deal? What equity must borrowers put into the deal?
- How are you looking at mezzanine finance, preferred equity and crowdfunding in deals today?
- Senior lenders – mezzanine lenders: Where does the balance of ‘power’ currently lie? What does this mean for borrowers?
- How are inter-creditor rights/agreements changing?
- Bank surcharges: Any impact?
- Draws, paydowns, reallocations
- Interest estimates, payments and allocations by deal
- Legal & structural latest
- As market volatility increases, should you increase your available credit? Drawdown your lines more?
- Long-term lines of credit
- Matching loan type and purpose
- Current rate options
With too much capital chasing too few deals within the ‘four food’ groups, more CRE investors have been exploring opportunities within alternative CRE asset classes, and with good reason. Business has been booming. How does the ROI of these asset classes and the economics of these deals compare to the traditional food groups? How is the capital raising environment for these asset classes? What is the level of LP interest and the availability of finance? Where are opportunities still prime for the picking, and where are markets perhaps becoming too frothy?
- Senior Housing
- Data Centers
The focus on small cap equity funds from traditional lenders, as well as some of the newer market entrants, is still lacking in the marketplace. In this session we explore how to source, and what it takes to secure, senior and mezzanine financing for CRE deals (acquisitions, new development and refinancings) between $1M-$50M. We also examine and compare alternative debt options for such deals: EB-5, Crowdfunding, Reg A+, family offices, foreign capital. In doing so we address debt provider hot buttons; typical costs, fees, timeframes, structures and when one capital source may make sense over another for any given deal.
This session examines the pros and cons of the different exit options open to funds in the current climate.
- Key decision points/issues involved in selecting an exit route
- Exit timing considerations
- Upfront planning
- Impact on fund economics
- LP/investor issues/considerations
- Tax planning, structuring and compliance issues
- Understanding processes, timelines and costs of the different exit options
- Learning from recent successes and failures
- Class A centers in secondary cities: The place to be? What opportunities remain in B/C locales? Worth the risk?
- How are fundamentals looking for Retail? Will 2017 be a year of growth? What are the latest trends impacting bricks and mortar Retail?
- With more high profile store closings in 2016, is the secondary mall in its death throes? Are owners repurposing? If so, into what?
- What opportunities/drawbacks does the seismic shift of Private REITs pulling back from Retail create within this asset class?
- Foreign capital pullback from Retail: What’s driving this retreat? What, if any, sources of capital are coming up to replace this? What is the overall financing environment for Retail?
- How to create triple net lease opportunities in Retail?
- Where will the savvy investor place $ in Retail in 2017?
We begin this session with an overview on the small-mid-sized fund market which will address key trends, drivers, adapting to greater regulatory oversight and overall performance levels. We then welcome small-mid-sized fund managers to outline how they are successfully carving their niche in CRE investment today. This session is intended to be interactive with direct participation from the audience.
- Finding your niche and deal sourcing
- Deal economics/IRRs
- Managing regulatory compliance
- Scaling your business
Matthew A Pestronk
- Multi-family is still being priced strongly: How are fundamentals looking for this market in 2017?
- How are you currently positioned in the multi-family market? Particular product type/location? Are you looking to expand in the next 12 months? What are your long term strategies? Exit plans?
- Is the market oversupplied? Which regions/locations are seeing a slowdown vs. still experiencing growth in the different multi-family product types? What are your key criteria in selecting multi-family development sites? New acquisitions?
- Valuations are high: What does this mean for returns? What IRRs are you targeting and how?
- Who are your targeted tenants, why and how are you attracting them? Can your tenants absorb any potential rent increases?
- What opportunities exist in workforce/affordable housing? Which are the key markets for this product type?
- Mixed use strategy? Smart building tech? Other methods of adding value? To differentiate yourself?
- Are urban locations still the place to be? Will Millennials ever move to the suburbs? What strong suburban locations exist for multi-family?
- Financing multi-family: Tricky to do in the lower cap rate environment in CA? What creative approaches are you taking?
CRE executives who have successfully secured foreign capital from a variety of sources/for a variety of projects will lead this conversation. Active participation and Q&A is encouraged from the floor.
- Foreign capital: What are the options/main sources today?
- Is foreign capital right for all CRE deals? When should/shouldn’t it be considered?
- Assessing the impact of the strong US dollar on gaining access to foreign capital & EB-5 financing
- What US CRE assets/geos/markets are different types of foreign investor now favoring? For which is interest waning?
- Asian institutional investors and their return expectations
- EB-5: When to use? What have been your experiences? What are the advantages/disadvantages?
- How to source/access foreign investors? How to bring capital in and out in the most efficient manner?
- Tax structuring considerations for foreign investors and assessing changes to U.S. taxation of investments by non-U.S. investors under the PATH Act and FIRPTA
Panelists will discuss their approaches to carving out their place in the highly competitive CRE fund market. The focus of this discussion will be on addressing key challenges/trouble-shooting obstacles, managing risk, pitfalls to avoid and approaches to increasing odds of succeeding. Active participation and Q&A is encouraged from the floor.
- Before the launch; managing start-up and operating costs/timeframes
- Fund/investment structure/strategy; differentiation
- Failure to launch: What now?
Julia Boyd Corso
- What were the key drivers impacting/influencing office investment in 2016? What can we expect in 2017? Where does the office market currently stand in terms of new build/occupancy levels, etc.? How do overall fundamentals look for office investment this year?
- With core buyers pulling back in the suburban office market, does this create opportunities for value-add funds? Should any investor types be looking at the suburban office market over Central business districts (CBDs)? Which are the 2017 go/no go locales for suburban office/CBDs? Weighing the risk-returns of core/core+ vs. value-add vs. opportunistic office investments
- Traditional office vs. creative office: Does one typically offer greater ROI over the other?
- What are the workplace transformation trends that office investors cannot afford to ignore? How are shifting employment/work patterns continuing to impact investments in office? How are tenant profiles and requirements evolving for traditional and creative office space? What are the absolute must-have features/facilities in new office builds/redevelopments today?
- Leases/rents: Current trends and today’s most negotiated points; Can tenants absorb further increases in rent? When to increase rent vs. remain strictly competitive? Who are the ‘up and coming’ tenants to attract?
In this session we dissect recent successful and unsuccessful fundraising attempts with public/private pension plans, endowments, family offices, High-Net-Worth (HNW) individuals and Sovereign Wealth Funds (SWFs.) The objective is to pinpoint ways CRE funds can increase their chances of success. Areas under discussion:
- Asset classes/markets
- Fund/deal structures
- Sourcing/marketing/pitching to LPs
Concurrent Sessions: Choose A or B
Is risk being properly priced? Is there a stretch for yield? What returns justify the risk? How to justify buying at the current pricing in your exit strategies? How to price risk at a project level? At a portfolio level? How to determine where to invest that will have the least negative impact on the risk spectrum?
Participants in this session discuss approaches and strategies for pricing risk and for devising a risk-adjusted approach to CRE investment in today’s environment. This is intended to be an interactive roundtable format where all participants are invited to be actively involved.
- Regulation A+: What it is and isn’t; Tier I offerings vs. Tier II offerings; who is the investor base?
- Reg A+: Is it working? What is the rate of filings? Can we expect an influx of new issuances in 2017? What can we learn from the experience of the first issuers?
- Reg A+ vs. Reg D offerings: How do they compare? What are the pros and cons of Reg A+ offerings?
- Timings, cost, required documentation, fees, structures, etc.
- Fundraising instruments/platforms; investor limits, qualifications and verification
- On-going disclosure & financial statements
- Liquidity events: Are Reg A+ offerings a stepping stone to an IPO? An alternative to an IPO?
- Issuer due diligence and compliance obligations
- Key federal and state securities law considerations
High-net-worth investors are estimated to have made approximately $3.2 billion in CRE acquisitions in the first half of 2016. What can we expect from these investors in 2017?
- Are you mainly looking at income producing or appreciation in value investment strategies? What are your return expectations in the current climate? Are you looking to increase CRE investment this year?
- Are you willing to take on CRE deals deemed too risky by institutional investors? How are you viewing risk today? What is your take on primary vs. secondary vs. tertiary CRE markets/assets?
- Funds, funds of funds, direct, deal-by-deal: Which is your preferred CRE investment route(s)? What do you see as the benefits/trade-offs? How much of a controlling interest are you looking to have? How much capital do you expect GPs to put in?
- What do you look for in a fund/fund manager? In an operating partner? What do you consider as red flags? How do you ensure interests are continually aligned?
- How can funds/operating partners get on your radar? What advice would you give prospective partners looking to do business with you?
- How did hospitality investors fare in 2016? What were the key trends from the past 12 months impacting investment performance?
- Is nervousness amongst some hospitality investor groups justified? How will key factors within the 2017 macro-economic outlook impact the investment performance of the different hospitality sector product types over the next year?
- Full service vs. limited service vs. budget vs. extended stay: What product types are experiencing the greatest uptick in investment and why? In which markets? Where are we seeing new build?
- Millennial Hotels: What can we expect from this product type in 2017? Is there still room to play in this market for new entrants? Are Millennials’ hospitality wants evolving?
- Brand vs. non-brand in 2017: Which way to go?
- What does today’s financing/fundraising landscape look like for hospitality developers/investors? Who are the key sources of debt/equity for new acquisitions/development/renovations? What are common deal terms/conditions/capital provider sentiment?
- What is ‘the next big thing’ in the hospitality CRE industry? What are the sub-sets of the hospitality industry to watch? The future value drivers?
Session participants discuss their recent JV experiences on CRE deals from their respective perspectives: Equity provider; operating partner; LP; lender and attorney. All scenarios discussed are real deals.
- Top 10 most heavily negotiated issues
- Stumbling blocks and how to address them
- Must-have documentation
- Partner/service provider selection
- Red flats and when to walk away
- “In hindsight”…. and key take-aways
GPs will present their fund strategy and terms to LPs. LPs will discuss if they are willing to invest and negotiate their terms. Fees, carries, most favored nation clauses, splits and hurdles will be debated.
Sherri Caplan, Shareholder, Greenberg Traurig, LLP
LPs (3 LPs will consider investing in the funds)
Russ Bates, Head of the Americas, Real Estate Multi-Manager, Aviva Investors
Roy Schneiderman, Principal, Bard Consulting
Amit Aggarwal, Investment Officer, LACERA
GPs (2-3 GPs representing the following fund types: Emerging Mid-Sized; Large Established)
Jeffrey Dritley, Managing Partner, Kearny Real Estate
Murray McCabe, Managing Partner, Montgomery Street Partners
Charles Toppino, President, Oak Pass Capital
Waterfalls, deal terms, preferred returns, control provisions and cost overruns will be the main topics under discussion as we address joint ventures from both the operator and equity provider perspective.
Daniel Stanco, Ropes & Gray LLP
Mark Potter, Founding Partner, Alcion Ventures,
Sean Armstrong, Principal, Westport Capital Partners LLC
The Operating Partners
Pete Kutzer, Managing Partner, Edgewood Realty Partners, LLC
Patrick Galvin, Chief Admin. Officer & General Counsel, Starwood CPG Operations LLC
Against a backdrop of gateway market prices showing little sign of abating and fears over pricing bubbles, many secondary and tertiary markets are exhibiting growing populations and above-average job growth. So, it’s no surprise that more CRE capital is now going into secondary and tertiary markets. However, after many poor investment decisions pre-crash, investors today are rightfully exhibiting greater caution.
- What is the business case – in today’s volatile climate - for investing in riskier markets vs. investing in riskier assets in the best markets?
- Secondary/tertiary market pricing/valuations today vs. pre-crash
- How to know which secondary/tertiary markets are worth the risk?
- Comparing opportunities/risks in early vs. late booming markets
- What are the asset types to watch, and which to avoid, in secondary/tertiary markets?
- Due diligence considerations specific to secondary/tertiary markets vs. primary markets
- Investor/lender perceptions and expectations: Getting sign-off
- Exit strategy considerations
- What can we learn from past cycles and past mistakes?
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*Entire Agreement. These terms (including any terms incorporated by reference in these terms), constitute the entire agreement between you and us with respect to your access to and use of the website or receipt of any service and supersede all prior agreements, negotiations and discussions between you and us relating to the same.
*Law and Jurisdiction. Where you visit, register and/or subscribe to a this site or related service (as indicated on this website or otherwise notified to you), these terms (and any dispute or claim arising out of or in connection with these terms, including non-contractual disputes or claims), to the maximum extent permissible under the law of the territory that you are located in, will be governed by the laws of the State of New York. Any action to enforce these terms shall be brought in a federal court or a state court located in the state of New York, county of New York, and you agree to submit yourself to the personal jurisdiction of those courts in any such action.
*Force Majeure. We shall not be deemed to be in breach of these Terms by reason of any delay in performing, or any failure to perform any service or our obligations in relation to these Terms, if the delay or failure was due to any cause beyond our reasonable control, including but not limited to acts of God, explosions, floods, fire or accident, war or threat of war, terrorism or threat of terrorism, sabotage, civil disturbance, epidemics, prohibitions or measures of any kind on the part of any governmental, parliamentary or local authority, import or export regulations or embargoes, or industrial actions or trade disputes (whether involving our employees or of third parties).
*Severability. If any provision of these Terms is found to be wholly or partially invalid, void or unenforceable by any court having competent jurisdiction or by virtue of any legislation or any other reason, that provision shall be invalid, void or unenforceable to that extent only and no further and the validity and enforceability of the remaining provisions of these Terms shall not be affected.
*Notices. Any notice given pursuant to these Terms shall be made by email or first class post, in the case of you, to the address provided on your registration form and, in the case of us, to the address posted on the website or otherwise notified to you in relation to any relevant service. Any such notice shall be deemed to have arrived if sent by post within three (3) days of posting and if sent by email at the time of transmission.
Euromoney Institutional Investor PLC (“Euromoney”, “we”, “us” or “our”) is an international business-information group covering asset management, price discovery, data and market intelligence, and banking and finance. The group also runs an extensive portfolio of events for the telecoms, financial and commodities markets.
For a full list of our brands and group companies, please click on this link. Euromoney and its group companies are committed to respecting the privacy of every person who visits, registers with or subscribes to our websites, publications, events and other products or services.
Euromoney is the primary data controller of personal data collected through this website or that we may collect in different ways as described in this Privacy Notice. If you are contacted by our other group companies, they will also be controllers of your personal data. This means that they are responsible for how your personal data is used, just as we are. You may contact any of these companies directly, or you can contact Euromoney by emailing email@example.com or writing to the Data Protection Officer at Euromoney Institutional Investor PLC, 8 Bouverie Street, London EC4Y 8AX, United Kingdom.
This Privacy Notice was updated on 23 May 2018
This Privacy Notice outlines the information we may collect about you in relation to your use of our products and services (“personal data”). It also explains the legal rights that you have in relation to your data and how you may exercise these rights.
Some of our group companies may collect and use personal data for different purposes; those companies have their own websites and privacy notices.
We will process your data for the following lawful purposes: with your consent; to fulfil our obligations to you; and where there is a legitimate interest to do so.
When possible, we rely on your consent to use your data for the purposes described in this Privacy Notice. We also process personal data to fulfil our contractual obligations to you, for example, when you register for any of our services, subscribe to a publication, sign-up for an event or purchase a product from us, we will need to process some of your personal data. This will also include details of the person/people responsible for payment (if different).
We may determine that processing your personal data serves both of our legitimate interests. This is the case in relation to many of our research, customer survey, sales, marketing and advertising activities described in this Privacy Notice. These activities allow us to better understand your requirements, which in turn enables us to provide you with a better service. We review the bases for our processing decisions carefully and you can object to these activities at any time (see the “Your Rights” section of this Privacy Notice).
Our primary goal in collecting personal data from you is to give you a relevant customised experience of our products and services.
Registration, Free Trials & Subscriptions
When you register with our website and/or sign up for a free trial of our products or services, we may ask you to provide your name, address, email address and telephone number, and details relevant to your occupation or employer.
If you subscribe to one of our products or services, we will also ask for payment details. Credit/debit card payments are processed using a third party supplier and we do not retain the credit card data (see the Third Party Sites of this Privacy Notice). Address details may be shared with third party service providers engaged by us for order fulfilment, delivery and payment collection. This personal data is used by us to complete subscription requests.
Events & Conferences
If you have registered for an event through a group website we may collect personal data including: name, job title, company, address, telephone number and email.
This information is necessary so that we can complete your registration for the event and provide you with relevant event materials.
We may also provide delegate details (e.g. name, email) to event sponsors who, subject to your consent, may contact you for their own advertising and marketing purposes.
Advertising & Marketing
We use the personal data you provide us and which we collect from you to inform you about similar products and services which we provide. We may send you marketing communications that are sponsored by our partners and which are targeted to your interests based on information you have provided us such as job title, employer and/or industry. If you have consented to receive information from other Euromoney group companies, we may share your personal data with these companies so that they can fulfil your request to receive marketing materials in accordance with your preferences. We will not share your personal data with any third parties for their own marketing purposes unless you have provided your consent.
Each of the Euromoney group companies that may contact you is a data controller in relation to the personal data that you have agreed to share with them. If you have any questions or concerns, you may contact the individual company, or us – using the contact details set out in the “Who We Are” section.
You can opt out from receiving such materials at any time.
The personal data we may use for advertising and marketing purposes includes your name, email address, job title, phone number, company name/employer, geo location, postal address and data collected using cookies and other similar technology (Please read our separate Cookies Policy to find out more about which cookies we use, how they work and how you can control your cookie options).
Marketing materials are sent electronically, by post and we may occasionally call you.
Online Targeted Advertising
We use targeted advertising on our websites to display advertisements that are relevant to what we believe are your interests. In order to deliver relevant advertisements, we use third parties to deliver cookies that collect information about your IP address and how you interact with our sites (e.g. browsing information, which articles you have read etc.). This data is used by the third parties to determine which advertisements may be of interest to you.
We may also share your personal data with third parties to deliver targeted advertising to you on other websites (e.g. Twitter Tailored Audiences or Facebook Custom Audiences). This could include your email address, cookie data, and information obtained from third parties. Third party cookies may also be used to enable us to target advertisements to you on other websites that you visit.
Lead Generation and Scoring
We occasionally use the services of trusted third parties in order to ensure that the personal data we use for advertising and marketing purposes is accurate and up-to-date. To do this, we transfer personal data of individual leads (such as name, email, job title, location and phone number) to these third parties who conduct research to verify the data – primarily against public information.
We also use algorithmic software technology to help us improve the quality and relevance of marketing activities. The personal data analysed by the software includes email address, phone number, job title, address, purchase history and account information. This allows us to provide meaningful offers that are relevant to your specific profile.
Surveys, Market Research & Customer Feedback
We want to understand the needs of our readers and customers. We may therefore use the information you provide us – including your name and contact details – to contact you to request your feedback, or to participate in our customer and market research.
Public forums, message boards and blogs
Some of the pages on our group websites may include message boards, blogs or other facilities for generating content from users. Any information that is disclosed in these areas becomes public information and you should always be careful when deciding to post any personal data. User generated content is also subject to our site Terms & Conditions.
Business or Asset Sale
If we sell a business or assets we may need to disclose your personal data to the prospective buyer of such business or assets.
If Euromoney, or any of our group companies is sold or sells our assets or is acquired by a third party, then personal data about our customers will be acquired by that third party. A transfer of your personal data in these circumstances would be necessary so that the services you have contracted for can still be delivered, or so that you can continue to enjoy the benefits of our free products and services. You will receive notice if a new controller assumes responsibility for your personal data.
Additional Third Party Disclosures
We may disclose your personal data to other third parties in the following situations:
- To third party partners who help us by providing services such as technology, marketing, advisory or other services. These third parties only receive encrypted data and may only process personal data to provide those services to us.
- Where we are required by law or regulation to do so. In each case we will seek, where practicable, to minimise the amount of data that is disclosed.
- If required to protect the rights and interests of other users and/or Euromoney and its affiliates (including our employees, agents and contractors), or as otherwise set out in our Terms & Conditions. This may include exchanging information with other companies and organisations for the purposes of fraud protection.
We may include small pixel tags (small image files) within the emails we send you in order to determine whether our emails are opened and/or whether the hyperlinks inside our emails are clicked through. We may also collect browser, location and the device used to engage with our email communications. This information allows us to better understand whether we are meeting our users’ needs and how we can improve our communications. No other information is collected. You can opt out of receiving our direct marketing emails either by following the instructions in each email, or by contacting us (see the “Who We Are” section of this Privacy Notice).
Some of the Euromoney group companies are based outside the European Economic Area (EEA). If you have consented to being contacted by our group companies, then the transfer of your personal data will be made according to the terms of an international data sharing agreement that contains obligations approved by European data protection regulators. Any of our group companies that receive your personal data will be co-controllers of that data, which means they may determine how they process your personal data – although they may only use it for the purposes for which it was shared, unless you are informed of new or additional processing activities.
We may also transfer personal data to third party service providers as described in this Privacy Notice which are located outside the EEA. Where we conduct these transfers, we take all steps necessary to ensure that your data is treated securely and in accordance with applicable privacy legislation, either by only sending your personal data to jurisdictions that provide an adequate degree of legal protection for your data or by imposing approved contractual terms on these third parties.
We have a data retention policy that ensures we don’t use or store your personal data for longer than necessary. We consider the following issues to determine retention periods:
- Guidance from the UK Information Commissioner or other regulatory agency, or industry best practice recommendations;
- The business rationale for collection and expiry of the purpose for which personal data was collected;
- Our ongoing ability to ensure the accuracy of the data; and
- Legal and regulatory requirements.
We may occasionally need to keep personal data for either shorter or longer periods than specified in our retention policy. In such circumstances, application of the retention period to the data will be temporarily suspended. The suspension of an applicable retention period will be carried out in a manner that respects the rights and interests of all persons concerned.
You can use our Preference Centre to select the topics that are of interest to you so that we can send you publications and information about our products and services that are especially relevant to you. You can also choose the channels we use to contact you (email, phone, post, etc.) and can also opt-out of receiving marketing communications.
You have certain rights in relation to your personal data which include the following:
Access & Portability
You may request access to any personal data of yours for which Euromoney is responsible as controller. Unless there are legal or regulatory reasons for not doing so, we will confirm whether we process any of your personal data and if we do, we will provide you with the following information: the purposes of the processing, the categories of personal data, any recipients of your personal data, the applicable retention period and the data source. Copies of your personal data will be made available to you in a structured, machine-readable format.
You may also request that we transfer the personal data that you have submitted to us, to another controller, where it is technically feasible for us to do so.
If you have consented to our processing of your personal data, or if we are processing your personal data in order to fulfil our contractual obligations to you, then you can submit a request that we transfer your personal data to another data controller.
Rectification, Restriction, Objection
You have the right to request that Euromoney rectify any errors in the personal data that we process. In some circumstances, you may also be able to ask for the erasure of personal data, and/or request that the processing of your personal data be restricted. You may also object to the processing of your personal data for sales or marketing purposes.
How to Exercise Your Rights
To exercise any of these rights, please contact us by post or email at the following addresses:
Euromoney Institutional Investor PLC
8 Bouverie Street
London, EC4Y 8AX
Web form: Complete Subject Data Request Form
We may need to check your identity prior to processing a request.
Euromoney will do our best to respond to any questions and address any of your concerns. You are also able to register any complaints regarding the processing of your personal data directly with the UK Information Commissioner.
Euromoney is committed to keeping your personal data secure and we will take appropriate technical and organisational measures to protect your personal data from loss, unauthorised use, disclosure or destruction. Although we do our best to protect your personal data, we cannot guarantee that any transmission of data is without risk. We have therefore implemented information security policies and rules, staff training on information security, and technical measures to ensure the integrity of data that we have under our control.
All our employees, contractors and data processors (i.e. those third parties that process personal data on our behalf) are required to keep such data confidential and not to use it for any purpose other than the performance of services we have requested.
Our site may contain links to other websites – including, for example, providers of payment processing services. Euromoney is not responsible for the privacy and data collection practices of third party sites and we therefore recommend that you review the privacy policies and terms of service of each site you visit.
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