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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
- 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.
Our Privacy Commitments
Euromoney Institutional Investor PLC and Institutional Investor Inc. (together "we") respect the privacy of every person who visits, registers with or subscribes to our
websites and online publications ("you"), and are committed to ensuring a safe online experience.
This Privacy Statement outlines the information we may collect about you in relation to your use of our websites and related publications and services ("personal data") and how we may use that personal data. It also outlines the methods by which we and our service providers may (subject to necessary consents) monitor your online behaviour in order to deliver customised advertisements and marketing materials and other tailored services. This Privacy Statement also tells you how you can verify the accuracy of your personal data and how you can request that we delete or update it.
This Privacy Statement applies to all websites operated by us (as indicated on the relevant website) ("Sites"). For the purpose of this Privacy Statement
"group company" shall mean Euromoney Institutional Investor plc and any of its subsidiary companies, including, without limitation, Institutional Investor Inc.
Please note that the Sites may contain links to external sites and may contain advertisements for, and/or the opportunity for you to purchase products or services
from third parties. This privacy statement does not cover the activities of such third parties, and you should consult those third party sites' privacy policies for
information on how your data is used by them.
By accessing and using the Sites you are agreeing to the terms of this Privacy Statement.
Information about us
Our principal business activities are:
- Business-to-Business Financial Publishing. We provide a range of products and services focused on international finance, metals, commodities, telecoms and emerging markets including magazines, newsletters, electronic information and data
- Organisers of Seminars, Conferences, Training Courses and Exhibitions for the financial markets industry
Euromoney Institutional Investor plc Company Address:
London EC4V 5EX
Institutional Investor, Inc. Company Address:
1120 Ave of the Americas, 6th floor
New York, NY 10036
Name of the Data Controller
The Data Controllers are Euromoney Institutional Investor plc and Institutional Investor Inc.
Euromoney Institutional Investor plc is subject to the UK Data Protection Act 1998 and is registered in the UK with the Information Commissioner's Office.
Collection of Personal Data
Our primary goal in collecting personal data from you is to give you an enjoyable customised experience whilst allowing us to provide services and features that most likely meet your needs.
We collect certain personal data from you, which you give to us when using our Sites and/or registering or subscribing for our products and services. However, we also give you the option to access our Sites' home pages without subscribing or registering or disclosing your personal data.
We also collect certain personal data from other group companies to whom you have given information through their
websites (including, by way of example, Euromoney Institutional Investor plc and Institutional Investor Inc, in accordance with the purposes listed below).
Please note that we do not intend to collect any personal data from children under thirteen years of age and no child under thirteen should submit any personal data to any of the Sites. Should we discover that any such personal data has been delivered to any of the Sites, we will remove that information as soon as possible.
Types of Personal Data Held and its Use
- Customer Services and Administration
At some Sites, Euromoney collects personal data such as your name, job title, work and/or home address, and telephone number and email address in order to register you for access to certain content and subscriptions. This information may be supplemented with demographic information from your use of our Sites such as your postal area, age, gender, purchasing preferences and interests.
At other Sites, Euromoney may only collect broad demographic information for aggregate use.
This information is used to administer and deliver to you the products and/or services you have requested, to operate our Sites efficiently and improve our service to you, and to retain records of our business transactions and communications. By using the Sites and submitting personal information through the registration process you are agreeing that we may collect, hold, process and use your information (including personal information) for the purpose of providing you with the Site services and developing our business, which shall include (without limitation) the purposes described below in paragraphs 2 and 3.
- Monitoring use of our Sites
Where, as part of our Site services, we enable you to post information or materials on our Site, we may access and monitor any information which you upload or input, including in any password-protected sections. Subject to any necessary consents, we also monitor and/or record the different Sites you visit and actions taken on those Sites, e.g. content viewed or searched for. If you are a registered user (e.g. a subscriber or taking a trial), when you log on, this places a cookie on your machine. This enables your access to content and services that are not publicly available. Once you are logged on, the actions you take - for example, viewing an article - will be recorded (subject to any necessary consents). We may use technology or a service provider to do this for us. This information may be used for one or more of the following purposes:
- to fulfil our obligations to you;
- to improve the efficiency, quality and design of our Sites and services;
- to see which articles, features and services are most read and used
- to track compliance with our terms and conditions of use, e.g. to ensure that you are acting within the scope of your user licence;
- for marketing purposes (subject to your rights to opt-in and opt-out of receiving certain marketing communications) - see paragraph 3 below;
- for advertising purposes, although the information used for these purposes does not identify you personally. Please see paragraph 5 below for more details;
- to protect or comply with our legal rights and obligations; and
- to enable our journalists to contact and interact with you online in connection with any content you may post to our Sites.
Please see paragraph 5 below for more information on cookies and similar technologies and a link to a page where you can turn them on or off.
Some of your personal data collected under paragraphs 1 and 2 above may be used by us and/or our other group companies and third party service
providers to contact you by email, fax, telephone and/or post for sending information or promotional material on our products and/or services and/or
those of our other group companies.
We give you the opportunity to opt-out of receiving marketing communications and will in certain circumstances need to obtain your consent before sending such communications to you. Further detail can be found on the applicable Site and in each marketing communication sent by us, our group companies or service providers. See also "Consents and opt-outs" section below.
- Trading in Personal Data:
Some of your personal data may be collected and processed with the intention of selling it to other organisations, but this will not be done unless you have given your consent (separately to this privacy statement).
- Cookies and similar technologies
Cookies are pieces of information which include a unique reference code that a website transfers to your device to store and sometimes track information about you. A number of cookies we use last only for the duration of your web session and expire when you close your browser. Other cookies are used to remember you when you return to the Site and will last for longer. Cookies cannot be used to run programs or deliver viruses to your computer. They are uniquely assigned to you and can only be read by a Web server in the domain that issued the cookie.
- remember that you have used the Site before; this means we can identify the number of unique visitors we receive to different parts of the Site. This allows us to make sure we have enough capacity for the number of users that we get and make sure that the Site runs fast enough;
- remember your login session so you can move from one page to another within the Site;
- store your preferences or your user name and password so that you do not need to input these every time you visit the Site;
- customise elements of the layout and/or content of the pages of Site for you;
- record activity on our Sites so that we understand how you use our Sites enabling us to better tailor our content, services and marketing to your needs;
- collect statistical information about how you use the Site so that we can improve the Site; and
- gather information about the pages on the Site that you visit, and also other information about other websites that you visit, so as to place you in a “market segment”. This information is only collected by reference to the IP address that you are using, but does include information about the county and city you are in, together with the name of your internet service provider. This information is then used to place interest-based advertisements on the Site which it is believed will be relevant to your market segment. For more information about this type of interest based advertising, and about how to turn this feature off please visit www.youronlinechoices.co.uk. (Please email us at firstname.lastname@example.org if you have any queries about cookies)
Some of the cookies used by our Sites are set by us, and some are set by third parties who are delivering services (such as interest based advertising directed at your market segment) on our behalf.
To see a list of the cookies and similar technologies used on this Site and instructions on how to turn them on and off click here. (Please email us at email@example.com if you have any queries about cookies)
Most web browsers automatically accept cookies but, if you prefer, you can change your browser to prevent that or to notify you each time a cookie is set. You can also learn more about cookies in general by visiting www.allaboutcookies.org which includes additional useful information on cookies and how to block cookies using different types of browser. Please note however, that by blocking, deleting or turning off cookies used on the Site you may not be able to take full advantage of the Site.
Email tracking: So that we can better understand our users' needs, we track responses to our emails - for example, to see which links are the
most popular in newsletters, and to log and follow up responses to our marketing messages. To do this, we use pixel GIFs, also known as "pixel tags" - these are
small image files that are placed within the body of our email messages. They enable us to tell if a message has been opened and to track click-throughs on links
within the message.
Any other purposes for which Euromoney wishes to use your personal data will be notified to you and your personal data will not be used for any such purpose without obtaining your prior consent.
Consents and opt-outs
You can give your consent to or opt out of particular uses of your data as indicated above by:
- Indicating at the point on the relevant Site where personal data is collected;
- Informing us by email, post or phone; or
- Updating your preferences on the applicable Site;
For turning cookies and similar technologies on and off, see the information in paragraph 5 above.
Information collected at one Site may be shared between Euromoney Institutional Investor plc, Institutional Investor Inc. and other group companies for the purposes listed above.
Your personal data may also be sold to other companies in the form of lists and directories, but only after permission from you in accordance with the provisions above.
We may also disclose your personal data to other third parties, including, without limitation, professional advisers, or governmental or State institutions or regulatory authorities, where necessary in order to exercise or defend legal rights or where required by law.
We may transfer, sell or assign any of the information described in this policy to third parties as a result of a sale, merger, consolidation, change of control, transfer of assets or reorganisation of our business.
Public forums, message boards and blogs
Some of our Sites make message boards, blogs or other facilities for user generated content available and users can participate in these facilities. Any information that is disclosed in these areas becomes public information and you should always be careful when deciding to disclose your personal information.
Transfers outside the EEA
Services on the Internet are accessible globally so collection and transmission of personal data is not always limited to one country. Euromoney Institutional Investor plc may transfer your personal data, for the purposes listed above, to other group companies, service providers or other third parties which may be located in countries outside the European Economic Area, whose laws may not give the level of protection to personal data as within the UK. This will include transfers to Institutional Investor Inc. in the US (and Institutional Investor Inc. will collect some data directly from you, in relation to the Sites which it operates) and to third parties who provide us with email and marketing services. Where we conduct any transfers we will take all steps reasonably necessary to ensure that your data is treated securely and in accordance with this Privacy Statement.
Confidentiality and Security of Your Personal Data
We are committed to keeping the data you provide us secure and will take reasonable precautions to protect your personal data from loss, misuse or alteration.
The transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our Site; any transmission is at your own risk. Once we have received your information, we will use strict procedures and security features described above to try to prevent unauthorised access.
We have implemented information security policies, rules and technical measures to protect the personal data that we have under our control from:
- unauthorised access
- improper use or disclosure
- unauthorised modification
- unlawful destruction or accidental loss
All our employees, contractors and data processors (i.e. those who process your personal data on our behalf, for the purposes listed above), who have access to, and are associated with the processing of your personal data, are obliged to keep the information confidential and not use it for any other purpose than to carry out the services they are performing for us.
We also give you the option of using a secure transmission method to send us personal data identifiers, such as credit card details and bank account number.
How to Access, Update and Erase your Personal Information
- Postal mail to this address: Data Protection Officer, Euromoney Institutional Investor plc, Nestor House, Playhouse Yard, London EC4V 5EX, UK
- Telephone: +44 (0)20 7779 8600
- Email: firstname.lastname@example.org
Upon request, we will provide you with a readable copy of the personal data which we keep about you. We may require proof of your identity and may charge a small fee (not exceeding the statutory maximum fee that can be charged) to cover administration and postage.
Euromoney allows you to challenge the data that we hold about you and, where appropriate in accordance with applicable laws, you may have your personal information:
- rectified or amended
Changes to this Privacy Statement
We will occasionally update this Privacy Statement to reflect new legislation or industry practice, group company changes and customer feedback. We encourage you to review this Privacy Statement periodically to be informed of how we are protecting your personal data.
This Privacy Statement was last updated in April 2012.
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