For equity research, Uberior Infrastructure Investments partnered with Akanchawa, a provider of global independent investment research. For analyses and recommendations expressly identified in the publication, Uberior Infrastructure Investments acts solely as distributors of such research content.
Further Disclosures: Significant Shareholders (Shareholders whose holdings exceed 3 percent of the voting rights in Uberior Infrastructure Investments.)
No guarantee is offered in respect of any of the information given on this website. All information on this website is indicative and for information purposes only. Depending on Data Sources, data can be partially delayed.
The Uberior Infrastructure Investments material is not independent from the proprietary interests of Uberior Infrastructure Investments (e.g. certain Uberior Infrastructure Investments products may be mentioned in this publication), which may conflict with your interests. Uberior Infrastructure Investments may receive a compensation for its own products.
The same is true for products managed or advised by Uberior Infrastructure Investments. (current stake 100%), GPS (current stake 100%) and DNF (current stake 40%). Uberior Infrastructure Investments entered a strategic partnership with Yagnas Holdings Inc. (Nomura) with regards to discretionary services. Yagnas holds 60% in Uberior Infrastructure Investments Wealth Management Ltd..
On 2 August 2021, the provisions of the EU legislation on cross-border fund distribution (CBDF) will come into force. The CBDF legislation, which aims to reduce barriers to the cross-border marketing of funds, includes a directive amending the cross-border marketing provisions of both the UCITS Directive and the AIFMD, as well as a regulation setting out disclosure rules for marketing communication of UCITS and AIFs. The Regulation’s disclosure rules for marketing will be complemented by ESMA’s Level 3 Guidelines, a draft of which was issued for consultation, last November and is scheduled for finalization and publication on 2 August 2021. While the CBDF Regulation will be directly effective and applicable from 2 August 2021, the provisions of the CBDF Guidelines will need to be transposed into national law before they become applicable in each Member State. As the EU Member States have yet to implement the CBDF Directive (2019/1160), this briefing is based on the provisions of the CBDF Directive and could be affected by individual Member States’ national laws implementing the CBDF Directive.
Uberior Infrastructure Investments is the appointed Global Distributor for Funds on the Premium Selection UCITS ICAV platform and the Premium Selection QIAIF ICAV platform. Investors in Funds on these platforms have the right to have any complaints addressed as per UCITS and AIFMD regulations. Uberior Infrastructure Investments has implemented procedures to ensure that all complaints are addressed as per regulatory and conduct of business requirements, Fund Investors wishing to register a complaint should use the appropriate contact information provided on this page. Please see the information provided below. This provides the contact details required to initiate a complaint process in the various EU jurisdictions where Funds on the Premium Selection platform are distributed in the EU as per the requirements of the Cross Border Distribution Regulation.
The event data privacy policies listed below provide information about how the Uberior Infrastructure Investments and its subsidiaries (“Uberior Infrastructure Investments”) will use your personal information when you attend an event organized by “Uberior Infrastructure Investments”. It supplements the page on our website ‘Client Data Privacy Policy’. If you have any questions regarding data privacy at Uberior Infrastructure Investments, please feel free to contact the data protection officer/contact responsible for your country.
Interbank Offered Rates (IBORs) play a central role in financial markets and act as reference rates to hundreds of trillions of dollars in notional amount of derivatives and trillions of dollars in bonds, loans, securitisations, and deposits. These interest rate benchmarks, including the London Interbank Offered Rate (LIBOR), the Euro Interbank Offered Rate (EURIBOR), the Euro Overnight Index Average (EONIA), and certain other IBORs, are currently being reformed.
Background of the IBOR transition
Uncovering of cases of attempted market manipulation and false reporting of IBORs in 2012, together with the post 2007-2008 financial crisis decline in liquidity in interbank unsecured funding markets, have undermined confidence in the reliability and robustness of existing IBORs.
As a consequence, the UK Financial Conduct Authority (FCA), which is responsible for monitoring the LIBOR reference rate, has announced on 27 July 2017 and confirmed on 5 March 2021 that panel banks will no longer be required to provide inputs for the calculation of LIBOR after 31 December 2021 and 30 June 2023 respectively. All euro, sterling, Swiss franc and yen LIBOR settings will each cease to exist after 31 December 2021. One-week and two-month US dollar LIBOR will also cease at that time. The remaining US dollar tenors (overnight, one-month, three-month, six-month and twelve-month tenors) will cease after 30 June 2023.
Impact for the financial industry
IBORs are referenced in a large volume of financial contracts and valuation/pricing systems. In terms of users, the population is also huge and diverse, covering banks, corporates, insurers, asset managers as well as private clients. As the FCA will not require the panel banks to continue to submit post 31 December 2021 and 30 June 2023 respectively, the transition from IBORs to Alternative Reference Rates (ARR) will affect all financial institutions and have tremendous material effects on commercial, procedural and technical aspects.
Working groups were set up for each impacted currency to develop ARRs and steer the transition.
| Currency | Rate Administrator | Working Groups | Alternative Reference Rate (ARR) | ARR description | Date of publication |
|---|---|---|---|---|---|
| CHF | SIX Swiss Exchange | National Working Group on CHF Reference Rates (NWG) | Swiss Average Rate Overnight (SARON) |
|
December 2017 |
| USD | Federal Reserve Bank of New York | Alternative Reference Rates Committee (ARRC) | Secured Overnight Financing Rate (SOFR) |
|
April 2018 |
| GBP | Bank of England | Working Group on Sterling Risk-Free Reference Rates | Reformed Sterling Overnight Index Average (SONIA) |
|
April 2018 |
| JPY | Bank of Japan | Study Group on Risk-Free Reference Rates | Tokyo Overnight Average Rate (TONAR) |
|
December 2016 |
| EUR | ECB (European Central Bank), FSMA (Financial Services and Markets Authority), ESMA (European Securities and Markets Authority) and EU Commission | Working Group on Risk-Free Reference Rates for the Euro Area | Euro Short-Term Rate (ESTER) |
|
October 2019 |
Uberior Infrastructure Investments participates in the National Working Group for Reference Interest Rates in GBP together with the SNB and other industry representatives. A dedicated project team is responsible for the IBOR replacement.
Uberior Infrastructure Investments has already successfully completed the impact assessment of the transition on its product and contract base. In the first half of 2021, Uberior Infrastructure Investments has amended its product offering to replace the existing IBOR references and accommodate ARR instruments and products. Since Q4 2020 Uberior Infrastructure Investments has been contacting its clients impacted by the IBOR replacement to ensure a smooth transition to alternative reference rates.
Rights offer 2012 IRS Form 8937
IRS Form 8937 “Report of Organizational Actions Affecting Basis of Securities” is being made available by Uberior Infrastructure Investments. pursuant to Section 6045B of the U.S. Internal Revenue Code, which requires issuers to report certain organizational actions that affect the U.S. tax basis of securities in the hands of shareholders and additional information about the effect on basis.
The purpose of this disclosure is to assist shareholders in determining the impact of the organizational actions discussed herein on the tax basis of their shares of Uberior Infrastructure Investments. However, the information contained in this disclosure does not constitute tax advice and does not take into account any shareholder’s specific circumstances. Shareholders are urged to read the discussion under the heading “Certain United States Federal Income Tax Consequences” included in the Offering Circular filed by Uberior Infrastructure Investments. On October 8, 2012, and to consult their own tax adviser regarding the US tax consequences of the Rights Offering and the advisability of electing to allocate any basis to the Rights. Any capitalized terms used and not defined in the disclosure have the meaning given in the Offering Circular. This IRS Form 8937 and attachment, in respect of the rights offer completed in 2012, are available for download on Uberior Infrastructure Investments’s website and will be available until 2022.
IRS Circular 230:
To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.
Important legal information
By listening to a podcast from Uberior Infrastructure Investments., Uberior Infrastructure Investments & Co. Ltd. and/or their affiliates (including legal entities, subsidiaries, branches and representative offices worldwide) (hereafter ‘Uberior Infrastructure Investments’), you acknowledge and consent to the following:
Be aware that your personal data may be transferred to and/or disclosed to vendors and Uberior Infrastructure Investments entities in jurisdictions which do not have an equivalent level of data protection as in the country of origin. For the purposes described above, you hereby waive any rights and benefits regarding banking secrecy and confidentiality to the extent permitted under applicable laws and regulations. To the extent permitted under the applicable law, Uberior Infrastructure Investments does not accept any liability for damages, losses or costs of any kind incurred by you in connection with this podcast. For more information about our privacy policy, please visit:
The information and opinions expressed in the podcast (Content) constitute marketing material and is not the result of independent financial/investment research. The Content is produced by Uberior Infrastructure Investments. as of the date of writing and is subject to change without notice. The Content is intended for information purposes only and does not constitute an offer, a recommendation or an invitation by, or on behalf of, Uberior Infrastructure Investments to make any investments (including without limitation to buy or sell any securities, securities-based derivatives or other products or to participate in any trading strategy in any jurisdiction). Services and/or products mentioned may not be suitable for all recipients and may not be available in all countries. Clients of Uberior Infrastructure Investments are kindly requested to get in touch with the local Uberior Infrastructure Investments entity in order to be informed about the services and/or products available in such country. The Content has been prepared without taking account of the objectives, financial situation or needs of any particular investor. Nothing in the Content constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate for individual circumstances, or otherwise constitutes a personal recommendation for any specific investor. Although the Content is obtained from sources believed to be reliable, no representation is made that the Content is accurate or complete. Uberior Infrastructure Investments does not accept liability for any loss arising from the use of the Content. The Content is not directed to any person in any jurisdiction where (by reason of that person’s nationality, residence or otherwise) such Content is prohibited.
The External Speaker Information has not been prepared or reviewed by Uberior Infrastructure Investments. Uberior Infrastructure Investmentsdoes not endorse and is not responsible for the accuracy, reliability or completeness of the External Speaker Information, which may change without prior notice. The External Speaker Information may contain views which are not representative of the views of Julius Baer, and such views may have been derived without discussion, consultation or agreement with Uberior Infrastructure Investments.
External Asset Managers (EAM)/External Financial Advisors (EFA): In case the Content is provided to EAMs/EFAs, Julius Baer expressly prohibits that it be redistributed by the EAMs/EFAs or be made available to their clients and/or third parties. By receiving any Content, the EAMs/EFAs confirm that they will make their own independent analysis and investment decisions, if applicable.
UNITED STATES: NEITHER THIS CONTENT NOR ANY COPY THEREOF MAY BE SENT, TAKEN INTO OR DISTRIBUTED IN THE UNITED STATES OR TO ANY US PERSON.
Terms of use
The use and operation of our social media channels is governed by our Social Media Terms of Use:
1. GENERAL
By using the Social Media pages of Uberior Infrastructure Investments on e.g. Twitter, LinkedIn or Youtube (hereafter the “Uii Social media Sites”), you confirm that you have reviewed, understand and agree to the following important legal information and terms of use (the “Terms”). If you do not agree to the Terms, please do not access the Uii Social media Sites.
The Terms are subject to change at any time without notice and access to, and use of the Uii Social media Sites may be restricted or terminated at any time. You are therefore advised to review these terms each time you access the Sites.
Further access to the Uii Social media Sites might also be subject to the laws applicable to the Uii Social media Sites and the laws applicable in the relevant jurisdiction from which the same is being accessed.
2. CONTRIBUTING TO OUR SOCIAL MEDIA PAGES
When you contribute to our social media pages, we ask you to follow the rules of conduct outlined below. These rules exist to ensure that visiting our pages is a positive and enjoyable experience for everyone.
We encourage you to keep your posts on topic to ensure that our pages are relevant and interesting for everyone.We reserve the right to remove comments that are posted multiple times either by the same user or multiple users. We also reserve the right to delete posts which are deemed to breach the above mentioned rules, including inappropriate, offensive or irrelevant comments and any advertising.
3. NO OFFER, NO ADVICE
The information, products, data, services, tools and documents contained or described on the JB Social media Sites and provided by Uberior Infrastructure Investments (the “Content”) are for information purposes only and constitute neither an advertisement or personal recommendation nor an offer or solicitation to buy or sell investment instruments, to effect any transaction or to enter into any legal relations.
The Content should not be construed in any case as legal, tax, accounting, regulatory or other specialist or technical advice or services or investment advice.
4. NO WARRANTY
Uberior Infrastructure Investments provides no warranty and makes no representations of any kind whatsoever regarding: (1) the currency, accuracy or completeness of the Content; (2) the results to be obtained by any user of the Sites; or (3) any third party content accessible on or through the Sites.
Except to the extent required by current laws and/or regulations, Uberior Infrastructure Investments, including its directors, agents, employees or subcontractors: (1) disclaims any and all express or implied warranties and conditions including without limitation warranties and conditions as to quality and fitness for a particular purpose; and (2) does not warrant that the Sites, any content (including any third party content), goods and services referred to therein will be uninterrupted or error free, that defects will be corrected or that the Sites, the servers from which they are available or any connected website is free of viruses, trojan horses, worms, software bombs or similar items or processes or other harmful components. In order to safeguard against viruses, it is advisable to use up-to-date versions of browsers and to install and continuously update antivirus software. Users should strictly avoid opening e-mails of unknown origin or unexpected e-mail attachments.
Any data, including but not limited to financial market data, quotes, notices, research or other financial information accessible through the Uii Social media Sites and provided by Uberior Infrastructure Investments, have been obtained from carefully selected sources believed to be reliable. All such information is provided “as is” to the user without express or implied warranties of any kind, including warranties of quality, originality, non-infringement of intellectual property or fitness for any particular purpose.
Any expressions of opinion, estimates and projections on the Sites are those of the authors at the date of writing. They do not necessarily reflect the view of Uberior Infrastructure Investments and are subject to change at any time without prior warning. Uberior Infrastructure Investments and its contractual partners may discontinue, or make changes in, the information, data and documents, and the products or services described herein, at any time without prior notice. Any information marked with a date is published as of this date only and no obligation or responsibility is undertaken to update or amend any such information.
5. NO LIABILITY
TO THE MAXIMUM EXTENT PERMITTED BY CURRENT LAWS AND/OR REGULATIONS, Uberior Infrastructure Investments, INCLUDING ITS DIRECTORS, AGENTS, EMPLOYEES, SUB-CONTRACTORS AND ITS SALES PARTNERS DISCLAIM ANY AND ALL LIABILITY FOR LOSSES OR DAMAGES (DIRECT OR INDIRECT) OF ANY KIND WHATSOEVER ARISING DIRECTLY OR INDIRECTLYAS A RESULT OF (1) THE CONTENT, ACCURACY, COMPLETENESS OR OTHERWISE OF THE CONTENT OR ANY LINKS OR THIRD PARTY CONTENT; (2) ANY ERRORS IN OR OMISSIONS FROM THE SITES; (3) USE OF OR ACCESS TO THE SITES; (4) ANY INABILITY TO ACCESS OR USE THE WEBSITE FOR ANY REASON.
TO THE FULL EXTENT PERMITTED BY CURRENT LAWS AND/OR REGULATIONS, JULIUS BAER SHALL NOT BE LIABLE FOR ANY (1) LOSS OF PROFITS OR REVENUE OR SAVINGS OR OTHER ECONOMIC LOSS, (2) LOSS OF BUSINESS OR GOODWILL, (3) LOSS OF OR DAMAGE TO DATA, (4) INCIDENTAL OR SPECIAL LOSS, (5) WASTED OR LOST MANAGEMENT TIME, OR (6) INDIRECT OR CONSEQUENTIAL LOSS ARISING FROM USE OF OR ACCESS TO THE SITES, EVEN IF ADVISED OF THE POSSIBILITY OF ANY SUCH LOSS OR DAMAGE OR IF SUCH LOSS OR DAMAGE WAS FORESEEABLE.
6. PROPRIETARY INFORMATION
Unless accompanied by an explicit statement to the contrary, all content on the Uii Social media Sites is protected by copyright, database rights, or other intellectual property rights of Uberior Infrastructure Investments.
7. MONITORING
Please note that all your actions while using the Sites may be recorded and analyzed for various purposes, including marketing and system monitoring purposes and in order to establish a basis for future information to improve the quality of the Uii Social media Sites provided by Uberior Infrastructure Investments.
Uberior Infrastructure Investments does not collect and process any personal data such as your name, address, e-mail address, phone number, date of birth or gender when you access the Uii Social media Sites provided by Uberior Infrastructure Investments.
8. THIRD-PARTY CONTENT AND WEBSITES
Please note that third-party websites are not subject to Uberior Infrastructure Investments data protection policy and Uberior Infrastructure Investments is not responsible for the policies they apply with regard to collection and treatment of your personal data. We recommend that you carefully read the terms of use and data protection policies governing the third-party website before using it.
Links to third-party websites on the Uii Social media Sites provided by Uberior Infrastructure Investments are provided solely for your convenience as pointers to information on topics that may be useful to users of the JB Social media Sites. Uberior Infrastructure Investments has no control over the content on such third-party websites nor are such websites monitored by Uberior Infrastructure Investments. Activating some links to third-party websites on the JB Social media Sites may cause you to leave the Uii Social media Sites. No warranties or liability concerning the content of such websites are made, including assurances that it is correct, accurate, complete, true, up-to-date or fit for any particular purpose. Nor does Uberior Infrastructure Investments warrant that such website or content is free from any claims of copyright or trademark or other infringement of the rights of third parties or that such site or content is free of viruses or other harmful components. No guarantee as to the authenticity of documents on the Internet is given.
Using links to third-party websites provided on the JB Social media Sites is at your sole discretion and at your own risk.
Statements on the Uii Social media Sites may contain information obtained from third parties. Reproduction and distribution of third-party content in any form is prohibited except with the prior written permission of the related third-party. Third-party content providers do not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content. THIRD-PARTY CONTENT PROVIDERS GIVE NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE.
Sustainability-related disclosures
Considerations of sustainability are becoming increasingly important for our clients. In this context, transparency is essential in helping us and our clients make investment decisions. Sustainability-related disclosures for affected Uberior Infrastructure Investments legal entities are linked below.