Foto cedida. Axel P. Lehmann sustituye a Antonio Horta-Osório como presidente de Credit Suisse
Uncivic behavior during the hardest moments of the pandemic is not only taking its toll on politicians, but also on top executives of large companies. The clearest example has been the case of Antonio Horta-Osório, who has resigned from his position as chairman of Credit Suisse Group in view of his behavior during the COVID-19 quarantine.
According to Spanish news agency Europa Press, an investigation by the bank’s Board of Directors has shown that Horta-Osório violated the COVID-19 quarantine rule on more than one occasion. “I regret that a number of my personal actions have led to difficulties for the bank and compromised my ability to represent the bank internally and externally. I therefore believe that my resignation is in the interest of the bank and its stakeholders at this crucial time. I wish my colleagues at Credit Suisse every success for the future”, the executive said in a statement released by the company.
Consequently, Credit Suisse Group has appointed Axel P. Lehmann as the bank’s new Chairman effective immediately. The bank believes that under his leadership, the Board and the Executive Board will continue to execute Credit Suisse’s strategy, driving forward the transformation of the bank.
“We respect António’s decision and owe him considerable thanks for his leadership in defining the new strategy, which we will continue to implement over the coming months and years. Axel Lehmann as the new Chairman, with his extensive international and Swiss industry experience, is ideally suited to drive forward the strategic and cultural transformation of the bank. We wish Axel every success in his new role and António all the best for the future”, commented Severin Schwan, Vice-Chairman and Lead Independent Director of the Board of Credit Suisse.
Following his appointment, Lehmann has taken office as Chairman. The Board will also propose him for election as Chairman at the upcoming Annual General Meeting on April 29, 2022. Lehman thanked the Board for the trust it has placed in him and looks forward to working even more closely with the Board and the Executive Board.
“We have set the right course with the new strategy and will continue to embed a stronger risk culture across the firm. By executing our strategic plan in a timely and disciplined manner, without distraction, I am convinced that Credit Suisse will demonstrate the renewed strength and business focus needed to generate sustainable value for all of our stakeholders”, he added.
Lastly, after his resignation, Horta-Osório highlighted that he has worked hard to return Credit Suisse to a successful course, and I claimed to be proud of what they have achieved together in his short time at the bank. “Credit Suisse’s strategic realignment will provide for a clear focus on strengthening, simplifying and investing for growth. I am convinced that Credit Suisse is well positioned today and on the right track for the future”, he concluded.
Pixabay CC0 Public DomainFoto: ArmbrustAnna. Foto:
Giovanni Onate has joined KKR to drive the firm’s growth in Latin America and US offshore.
The executive, who joined PIMCO last year as Senior Vice President tasked with leading business development efforts in Mexico, started in his new role on January 18, Funds Society has learned.
Onate will report directly to Monica Mandelli, who is in charge of Latin America for the group.
Prior to PIMCO, Onate led the Mexico institutional client business at BlackRock, where he worked for more than ten years.
M&G has announced in a press release the appointment of Andrés Uriarte as Senior Sales Manager “to better serve its clients based in Miami and continue to grow its footprint in the region”.
Reporting directly to Ander Lopez, Sales Director LatAM at M&G Investments, Uriarte will be based in Miami and will be responsible for M&G’s business development and enhancing client relationships, particularly with regard to financial advisors and financial institutions in the US offshore space.
With over 15 years of experience in the asset management sector, he joins from Schroders where, as an Offshore Sales Director, was responsible for managing business in the Southeast and Midwest regions. Prior to that, he worked for Citibank as a VP of Investments, collaborating alongside the group’s private bankers to provide guidance to their clients. Earlier in his career Andres also worked at Invex Inc. and Bank of America.
Andrés’s arrival follows the recent appointment of Marlene Suárez, who has joined the Miami team as Office Manager, further strengthening M&G’s team looking after Americas clients. Since the setup of the Miami office in 2018, the team has established strong relationships with some leading local market players in the offshore space, as well as with key third party marketers in Latin America.
“We are pleased to welcome Andrés Uriarte to our team in Miami. Thanks to his solid experience, he will be a key asset to better serve our clients in the region”, said Ignacio Rodríguez, Head of Distribution for the Americas, M&G Investments.
Allianz Global Investors has appointed Samantha Muratori as Bussiness Developer to strengthen its US offshore and Latin America sales team. She started last Tuesday, January 18.
As we have learned at Funds Society, Muratori will report to Alberto D’Avenia, head of US non-resident business (NRB) and LatAm Retail at AllianzGI, and will be based in New York. In her new role, she will be responsible for sales relationships with distribution partners, brokers, private bankers, and discretionary managers in the New York and Texas offshore markets.
Muratori joins from Axa Investment Managers where she was US offshore sales associate for over three years charged with raising assets among offshore financial advisors for the asset manager’s Ucits range. Prior to this, she worked at Citywire Americas as head of Latin America and US offshore audience development where she led offshore business efforts and managed relationships with the publication’s readership across the region.
Foto cedidaLarry Fink, CEO de BlackRock.. Larry Fink ve clave el “capitalismo de stakeholders” y la sostenibilidad para navegar en el nuevo entorno que deja la pandemia
Larry Fink, CEO of BlackRock, has published his annual letter to the CEOs of the companies around the world in which the firm invests on behalf of its clients. As every year, this missive seeks to encourage business leaders to manage companies with a long-term mindset that offers shareholders consistent returns over time.
Fink points out the importance of “stakeholder capitalism”, which, for him, is not about politics: “It is not a social or ideological agenda. It is not “woke.” It is capitalism, driven by mutually beneficial relationships between you and the employees, customers, suppliers, and communities your company relies on to prosper. This is the power of capitalism”.
He believes in its ability to help individuals achieve better futures, to drive innovation, to build resilient economies, and to solve some of our most intractable challenges: “In today’s globally interconnected world, a company must create value for and be valued by its full range of stakeholders in order to deliver long-term value for its shareholders. It is through effective stakeholder capitalism that capital is efficiently allocated, companies achieve durable profitability, and value is created and sustained over the long term. Make no mistake, the fair pursuit of profit is still what animates markets; and long-term profitability is the measure by which markets will ultimately determine your company’s success”.
The CEO also highlights that the pandemic is “dramatically accelerating” how technology is reshaping life and business, has deepened the erosion of trust in traditional institutions and has exacerbated polarization in many Western societies. “This polarization presents a host of new challenges for CEOs. Political activists, or the media, may politicize things your company does. They may hijack your brand to advance their own agendas. In this environment, facts themselves are frequently in dispute, but businesses have an opportunity to lead. Employees are increasingly looking to their employer as the most trusted, competent, and ethical source of information – more so than government, the media, and NGOs”, he adds.
In this context, Fink arguments that “it’s never been more essential for CEOs to have a consistent voice, a clear purpose, a coherent strategy, and a long-term view”. That is why he encourages them to put their company’s purpose at the foundation of their relationships with stakeholders in order to achieve long-term success.
“Employees need to understand and connect with your purpose; when they do, they can be your staunchest advocates. Customers want to see and hear what you stand for as they increasingly look to do business with companies that share their values. And shareholders need to understand the guiding principle driving your vision and mission. They will be more likely to support you in difficult moments if they have a clear understanding of your strategy and what is behind it”, he says.
A new world of work
In the CEO’s view, no relationship has been changed more by the pandemic than the one between employers and employees: “As companies rebuild themselves coming out of the pandemic, CEOs face a profoundly different paradigm than we are used to. Companies expected workers to come to the office five days a week. Mental health was rarely discussed in the workplace. And wages for those on low and middle incomes barely grew”.
That’s why companies not adjusting to this new reality and responding to their workers do so at their own peril. “In addition to upending our relationship with where we physically work, the pandemic also shone a light on issues like racial equity, childcare, and mental health – and revealed the gap between generational expectations at work. These themes are now center stage for CEOs, who must be thoughtful about how they use their voice and connect on social issues important to their employees. Those who show humility and stay grounded in their purpose are more likely to build the kind of bond that endures the span of someone’s career”, Fink adds.
Besides, his letter shows that new sources of capital are fueling market disruption as over the past four decades, there has been an explosion in the availability of capital. “Young, innovative companies have never had easier access to capital. Never has there been more money available for new ideas to become reality. This is fueling a dynamic landscape of innovation. It means that virtually every sector has an abundance of disruptive startups trying to topple market leaders”, he says.
In his view, CEOs of established companies need to understand this changing landscape and the diversity of available capital if they want to stay competitive in the face of smaller, more nimble businesses. That’s why BlackRock wants to see the companies they invest in for their clients evolve and grow so that they generate attractive returns for decades to come. “We too must be nimble and ensure our clients’ assets are invested, consistent with their goals, in the most dynamic companies – whether startups or established players – with the best chances at succeeding over time”, he insists.
Sustainability and ESG
Regarding sustainability, Fink highlights that they focus on it not because they’re environmentalists, but because they are “capitalists and fiduciaries” to their clients. “That requires understanding how companies are adjusting their businesses for the massive changes the economy is undergoing. As part of that focus, we are asking companies to set short-, medium-, and long-term targets for greenhouse gas reductions. These targets, and the quality of plans to meet them, are critical to the longterm economic interests of your shareholders. It’s also why we ask you to issue reports consistent with the Task Force on Climate-related Financial Disclosures (TCFD): because we believe these are essential tools for understanding a company’s ability to adapt for the future”, he reveals.
In his opinion, divesting from entire sectors – or simply passing carbon-intensive assets from public markets to private markets – will not get the world to net zero. “Foresighted companies across a wide range of carbon-intensive sectors are transforming their businesses, and their actions are a critical part of decarbonization. We believe the companies leading the transition present a vital investment opportunity for our clients and driving capital towards these phoenixes will be essential to achieving a net zero world”, he says.
In this sense, he thinks that governments need to provide clear pathways and a consistent taxonomy for sustainability policy, regulation, and disclosure across markets. They must also support communities affected by the transition, help catalyze capital for the emerging markets, and invest in the innovation and technology that will be essential to decarbonizing the global economy. “When we harness the power of both the public and private sectors, we can achieve truly incredible things. This is what we must do to get to net zero”, the letter says.
Lastly, Fink points out that just as other stakeholders are adjusting their relationships with companies, many people are rethinking their relationships with companies as shareholders. “We see a growing interest among shareholders – including among our own clients – in the corporate governance of public companies”, he concludes.
Pixabay CC0 Public Domain. BNP Paribas AM refuerza su plataforma de activos privados con la integración de BNP Paribas Capital Partners
BNP Paribas Asset Management has finalized the integration of BNP Paribas Capital Partners, its specialized alternative multi-management platform including private asset fund solutions, as well as funds of hedge funds and UCITS-compliant hedge funds. The firm thus strengthens its private asset strategy by combining the resources of BNP Paribas Capital Partners, FundQuest Advisor and the multi-asset teams into a single division.
In a press release, the asset manager explains that this decision is in line with its strategy of accelerating the development of its private asset investment strategies. Following the signing of the acquisition of Dynamic Credit Group in September 2020, the integration of BNP CP further strengthens its Private Debt & Real Assets investment division, bringing its assets under management to more than 20 billion euros (22.77 billion dollars).
The closing of this transaction will also allow BNP AM to expand its scope to new market segments within private debt, benefiting from BNP CP’s successful development in recent years in specialized debt and impact private equity fund solutions. The fund of hedge funds business will join the already well established Multi Asset, Quantitative & Solutions business led byDenis Panel. This will extend the coverage of its multi asset and FundQuest Advisor teams to liquid alternative funds.
“BNP Paribas Capital Partners’ private asset fund investment activities, focused on impact private equity and specialized debt, are very complementary to the direct investment strategies developed within PDRA since 2017. With the addition of this multi-management expertise, and the recent acquisition of Dutch mortgage specialist Dynamic Credit Group, our private investment platform offers investors an unrivaled breadth and significant scale of private investment solutions with assets under management totaling more than EUR 20 billion”, commented David Bouchoucha, Head of PDRA.
Meanwhile, Denis Panel, Head of MAQS, highlighted that the combination of resources coming from BNP Paribas Capital Partners, together with FundQuest Advisor and their multi asset teams “shows BNP Paribas Asset Management’s strong commitment to supporting and developing its absolute return fund of funds business.“
China’s roar has changed entering the year of the tiger. China will now emphasize quality over speed, not GDP growth at all costs.
2020 feels more like a decade ago than a year ago. The strong results provided by Chinese equities and bonds, the strong appreciation of the Renminbi, and the belief that a more balanced policy under President-elect Biden would occur; fueled their optimism going into 2021.
While KraneShares expected monetary and policy tightening going into 2021, they underestimated the intensity and reach of the tightening cycle.
Rapid developments were harder to predict, especially during a year of regulatory reconfiguration for one of China’s most lucrative sectors. Chinese internet companies were the targets of a broad regulatory campaign in China addressing anticompetitive behavior, cybersecurity risks, consumer data protection, and the financial risks posed by previously unregulated fintech companies. Even though 2021 was a challenging year for China, it was just a single year in the context of a much bigger opportunity.
2022 is an important year politically for China. China’s behemoth economy indeed suffers from imbalances with internal and external regulatory risks that could cost investors, especially in the short term. KraneShares believes the government is committed to dealing with these imbalances through reform and regulations. President Xi is expected to secure a third term during the Chinese Communist Party Congress (CCPC) assembly in the fall of 2022 and KraneShares is of the opinion that the government will seek to strike a positive tone in politics and business as the country continues its transition to high-quality growth. The US-China relations may see a moderate improvement in 2022 after their, albeit limited, progress over the past year. In absence of willingness to seek catastrophic confrontation, KraneShares believes the impact of US-China relations on markets will be neutral in 2022. The political importance of 2022 is also why they think China adopted a rapid-fire approach concerning internet regulations in 2021.
China’s policy darlings, which include health care, clean technology, 5G, and semiconductors, will continue to see support based on the most recent statement from the latest Central Economic Work Conference, which sets the government’s economic and financial policy framework each year. The takeaways from the Central Economic Work Conference, which was attended by senior political leaders in China, emphasized the stability, speed, and quality of growth in 2022. The conference acknowledged that China’s economy faces three pressures: demand contraction, supply shock, and expected weakness. The panel recommended that policy support, whether fiscal or monetary, be frontloaded in 2022. The recommendation explains the reserve requirement ratio (RRR) and loan prime rate (LPR) cuts in December, which KraneShares assumes will set the tone for a looser monetary policy in 2022.
In 2022, the country will continue to advance on many fronts, including climate, electric vehicles, health care, the internet, cloud, high-end manufacturing, and more. However, China’s leading industries, especially the internet sector, are undergoing an important shift from simply capturing ever more consumer spending to a focus on material innovations and the localization of import-reliant supply chains.
Consumer sentiment, the property sector, and China’s zero covid policy are some of the risks facing China in 2022. The sporadic lockdowns in various Chinese cities and ports due to COVID-19 outbreaks hurt consumption and the feeling of security. Furthermore, real estate regulations aimed at setting a new normal in the property market hurt consumers’ sentiment. The recent earnings season in China confirmed consumers’ fatigue and household savings rates have surged since 2020.
Growth targets for 2022 will be more challenging to attain this year compared to last, especially as the favorable base effect recedes. Slowing GDP growth is to be expected, given the level of development that China has already achieved. KraneShares believes China will do whatever it takes to maintain the sentimental 5% level of GDP growth and we know skeptics will sound the alarm on the GDP level dipping below 5% for the first time, even though achieving 5% growth in a 16.8 trillion-dollar economy is like adding an economy the size of Germany every 3 to 4 years.
China’s roar may change its tone in 2022, but KraneShares thinks it will remain as loud as ever. As Joe Tsai, Alibaba’s co-founder and Executive Chairman put it during Alibaba’s investors day: “China is not going away.” The event’s tone was geared towards innovation and the future, without legacy industries hindering their progress. It represented what China is all about: innovation and progress.
KraneShares has always been constructive on China, especially in the long term. They encourage investors not to view China as a trade but rather as a long-term investment and encourage diversification across multiple industries to help reduce risks.
To find KraneShares’ in-depth outlook as well as investment opportunities for 2022 and beyond, please visit this link:
Pixabay CC0 Public DomainMuriel Danis, directora global de Plataformas de Producto y Soluciones Sostenibles de la división de Banca Privada Internacional (IPB) de Deutsche Bank .. Deutsche Bank ficha a Muriel Danis como directora global de Plataformas de Producto y Soluciones Sostenibles
Deutsche Bank’s International Private Bank (IPB) announced this week the appointment of Muriel Danis as Global Head of Product Platforms & Sustainable Solutions, effective March 14, 2022.
In this newly created role, Danis will be responsible for the continuous development of Deutsche Bank’s product and services platforms across the IPB’s client segments and will “ensure robust governance across regions”. The firm clarified in a press release that this will include responsibility for trading and capital markets governance, funds, alternatives and accounts, cards and payments products as well as supporting the development of the IPB’s sustainable solutions in line with the commitments laid out at the Sustainability Deep Dive in May 2021.
“Muriel Danis’ appointment is testament to our business’ ability to attract leading industry talent to our fast-growing product platform and reflects our ambition to become the house of choice for clients who wish to make positive social change. Her role will be a significant driver as we pursue delivery of the IPB’s ESG targets”, said Claudio de Sanctis, Global Head of the IPB and CEO EMEA.
Danis has over 22 years of experience across Global Markets and Private Banking, most recently at HSBC in London as Global Chief Operating Officer in the Wealth Management division’s Products and Investment Groups. Prior to that, she held an array of roles, including Global Head of Advisory, as well as Global Head of Product Management and Business Development. She was also a Director in the Family Office Partnership, Middle East and Africa in Dubai. Before joining HSBC, she had a number of positions within Credit Suisse’s Private Bank and Global Markets divisions.
Foto cedidaMario Aguilar, estratega de carteras senior en Janus Henderson Investors. . Mario Aguilar se incorpora a Janus Henderson como nuevo estratega de carteras senior
Janus Henderson Investors is bolstering its Portfolio Construction and Strategy team with the hiring of Mario Aguilar as Senior Portfolio Strategist. In this newly-created role, he will support clients in the Latin American, US Offshore and Iberian markets.
Aguilar, who assumed the role on 1 December 2021, will be based in London and report to Adam Hetts, Global Head of Portfolio Construction and Strategy Group. The asset manager has revealed in a press release that in his new position he will serve as “a crucial partner” to clients by delivering actionable investment strategy insights through customized portfolio analytics and proprietary thought leadership, across all asset classes.
Janus Henderson has highlighted that Aguilar brings “a wealth of industry experience” having joined fromAllspring Global Investments (formerly Wells Fargo Asset Management), where he was an EMEA Client Relations Director since 2013. In that role he had multi-asset product coverage responsibilities for EMEA and Latin American clients, engaging with those clients in a variety of formats including individual client portfolio consultations, group presentations, and providing investment and market commentaries. Prior to that, he worked as a Client Services Director at Markov Processes International where he was an expert on their flagship portfolio analysis software.
The Janus Henderson Portfolio Construction and Strategy (PCS) team performs customized analyses on advisor portfolios, providing differentiated, data-driven diagnostics, and publishes proprietary asset allocation and macro insights. The firms points out that through guidance from the PCS team, “advisors can build more resilient client portfolios through deep performance/risk model analysis and unique investment perspectives”.
Aguilar’s appointment brings the headcount of the PCS team to a total of 12 people covering Janus Henderson clients across US, US Offshore, LatAm, and EMEA.
“I am delighted to have Mario onboard to offer clients in Latin America, US Offshore and Iberia the specialist knowledge of our PCS team. We are dedicated to growing our private bank network in these regions and the value propositions that the PCS team will be able to offer advisors will be invaluable in helping them to deliver results in line with their investors’ long-term objectives. We are confident that the combined technical expertise of Mario, PCS technology and the local expertise of our sales colleagues on the ground will result in a superior client experience”, said Ignacio de la Maza, Head of EMEA Intermediary & LatAm said.
Meanwhile, Adam Hetts, Global Head of Portfolio Construction Strategy, commented that Aguilar is “a critical addition” to their growing global team: “He brings a tremendous mix of local expertise and global investment acumen that is ideally suited to our clients’ needs in the Latin America, US Offshore, and Iberia markets”.
In his view, thanks to this addition, Janus Henderson and their sales colleagues are deepening their client relationships in these “key strategic markets” by delivering an even wider array of customized portfolio construction insights and market perspectives. “Mario brings unique perspective to how we can best apply our global team’s resources to his local markets, and we are all very excited for what he will accomplish on behalf of our clients”, he concluded.
Foto cedidaPhilippe Couvrecelle, consejero delegado y fundador de iM Global Partner.. Philippe Couvrecelle, consejero delegado y fundador de iM Global Partner
iM Global Partnerannounced in a press release that its Luxembourg-based Oyster fund range has changed its name to iMGP Funds. The decision is part of “an extensive rebranding effort” in response to its accelerated company growth and a renewal of its corporate vision.
“At the heart of the rebranding initiative, is a change of the company’s Oyster fund range to iMGP Funds”, the firm added. Specifically, the US funds changed their name on 16th December 2021 and the Luxembourg-based SICAV on January 10th.
The worldwide investment manager highlighted that 2021 was “a milestone year” for its business, as it broadened its asset management network with two new partners:Richard Bernstein Advisors who joined in July 2021 andAsset Preservation Advisors in September 2021. In its view, both have provided clients with access to “an even wider selection of distinctive high-quality funds”.
The firm also acquired 100% of the Litman Gregory wealth management and funds businesses, strengthening its US distribution footprint and capabilities. Consequently, iM Global Partner’s assets under management almost doubled in 2021 from US$19.6 billion in December 2020 to US$38 billion in December 2021 and staff numbers grew from 50 to 115.
“In the last few years, iM Global Partner has cemented its status as a market leader in distinctive fund products. We experienced over 90% growth in assets under management last year. This growth reflects the increased recognition that asset managers must provide transparent funds that perform competitively on a risk adjusted basis”, commented Philippe Couvrecelle, CEO and Founder of the company.
In this sense, he believes that this announcement provides them with “the unique opportunity” to ensure their brand becomes synonymous with quality: “Our brand reflects the strength, sustainability and flexibility of our investments solutions”.
Couvrecelle explained the announcement demonstrates the confidence his team has in the company’s future and lays the groundwork for further expansion which will be demonstrated in 2022. He added that the firm plans to reach $60-65 billion in 3 to 4 years and $150 billion in 2030, with 4-6 new partners by 2023/2024.
“The iMGP Funds range illustrates the diversity of our high-performing team of top-notch asset managers spread throughout the world. At iM Global Partner, our clients know that our brand stands for quality – we search the world to find the most capable fund managers with the tenacity and innovation to achieve investment returns in any market environment. Therefore, we are confident that 2022 will be another good year for iM Global Partner and particularly iMGP Funds,” he concluded.
