US Companies are at the Forefront of Another Outstanding Period of Results on a Global Scale

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Las empresas estadounidenses se sitúan a la cabeza de otra destacada temporada de resultados a escala mundial
Pixabay CC0 Public DomainFree photos. US Companies are at the Forefront of Another Outstanding Period of Results on a Global Scale

Since the beginning of the year, equities have positioned themselves as one of the most attractive assets for investors given the risk / reward ratio that it offers. Therefore, asset managers have been calibrating and searching for the best combination of US, European, and emerging market equities. According to the asset management companies, this will continue to be a fundamental piece in the portfolios for the second part of the year.

Although historically summers are a quiet period, logically there are also some exceptions, sources at DWS point out that this year “the growth of some shares, for example Facebook, has been afflicted, and defensive stocks have outperformed the behavior of the most cyclical securities. In fact, some cyclical stocks obtained poor results, while sovereign bonds barely moved.”

US equities stood out due to the good behavior of business profits which, as was to be expected, increased thanks to the fiscal reform that was already noticeable this quarter. According to Richard Turnill, Global Head of Investment Strategy at BlackRock, “the strength of corporate profits, especially in the United States, will continue until the end of the year, as the optimistic forecasts of companies show that confidence is on the rise”.

In his opinion, US Companies are at the Forefront of another outstanding period of results on a global scale. According to his analysis, firms that exceeded expectations have been rewarded with a rise in prices, even in spite of investors’ concerns about the increase in economic uncertainty, trade tensions and the appreciation of the US dollar. “Our analyses of business forecasts suggest that business confidence is on the rise, which provides us with the basis to affirm that the soundness of profits can be perpetuated in 2018 in a context characterized by the robustness of global growth,” says Turnill.
 

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In his opinion, US Companies are at the Forefront of another outstanding period of results on a global scale. According to his analysis, firms that exceeded expectations have been rewarded with a rise in prices, even in spite of investors’ concerns about the increase in economic uncertainty, trade tensions and the appreciation of the US dollar. “Our analyses of business forecasts suggest that business confidence is on the rise, which provides us with the basis to affirm that the soundness of profits can be perpetuated in 2018 in a context characterized by the robustness of global growth,” says Turnill.

But all that glitters is not gold, especially in the United States. “The downside is that American companies are seeing more pressure on the cost of raw materials and wages. There have also been quite a few companies in the United States that have pointed out the negative effects that the increase in tariffs has on them, whereas European companies have taken advantage of the opportunities that trade tension has generated,” DWS points out in its latest report.

Once again, the United States and Europe are the markets where investors and asset managers find more opportunities for equities, after the exit of flows from emerging countries due to the effect of the strength of the dollar. According to Union Bancaire Privée (UBP), the strength of the dollar must be added to the political uncertainty generated by the US administration with its trade policy. “In our opinion, investors have become excessively pessimistic about emerging markets’ assets, and a stabilization of the dollar should allow a rebound in emerging market stocks,” UBP explains in its latest report.

The entity is cautious and prefers to follow strategies that allow them to participate in equity growth through hedge funds, strategies that protect capital, and convertible bonds, avoiding direct investment in shares. “Within equities, we have expanded our underweight in Europe given the constant political fragility that is projected, and a more moderate economic growth. On the other hand, Euro-zone shares are more attractive than US equities, while offering a modest perspective of earnings growth,” he argues egarding his position towards the end of the summer.

 

After the Trade Storm of Summer, what do the Last Four Months of the Year Hold in Store?

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Tras la tormenta comercial del verano, ¿qué deparan los últimos cuatro meses del año?
Pixabay CC0 Public DomainOimheidi. After the Trade Storm of Summer, what do the Last Four Months of the Year Hold in Store?

All analysts point to several elements as the protagonists towards the end of the year: Geopolitical tensions in the face of a possible commercial war, rising interest rates on the horizon, the Brexit negotiations, and the confidence in fundamentals that suggest that Global growth will continue.

For some experts, such as Olaf van den Heuvel, Head of Investments at Aegon Asset Management, the markets are behaving well and will continue to do so for the rest of the year, despite the constant background noise generated by the economic situation, geopolitics and the associated volatility.

“As we anticipated, the most prominent feature so far in 2018 has been the reappearance of market volatility in most asset classes. Volatility is often synonymous with good news for active fund managers, as it allows us to provide added value through fundamental analysis and a good selection of securities. In addition, volatility has not prevented most economies from maintaining a steady growth rate. To date, the year has been marked by a continuous flow of events that have focused the attention of the markets at one time or another, from the abrupt stock market corrections to the widening of the Libor spreads, Italian politics, and the depreciation of emerging market currencies. Although these events caused strong fluctuations in the markets, within a matter of days they were already of secondary importance,” says Van den Heuvel.

According to this expert, it isn’t difficult to identify the events that will affect the markets in the coming months: “Trade policy has become a central issue and will continue to be so long as Donald Trump continues to apply tariffs on Chinese goods. The Chinese economy is already somewhat weakened in itself after the strong corrections experienced by both its currency and its stock markets. I think fears about the sustainability of the Chinese growth model will come to the fore some time during the year, as well as the possible repercussions of the agreement, or lack of agreement, on Brexit.”

At Lombard Odier they share the same theory, as they believe that “trade tensions will remain restrained, although we must admit that the possibility of a trade war has become a risk that deserves our utmost consideration.”

Regarding this summer period of tweets and tensions that we are just about to conclude, the team of economists at Schroders, are wondering as to just how real the “calm” we are experiencing really is. “Concerns about China, the weakening of commodity prices, and the appreciation of the dollar, all point to a period of slower growth for the global economy. The trade wars have probably generated a rebound and later a fall, as importers advanced their expenditure in order to avoid higher tariffs and now they are reducing it again”

Macro analysis

Looking at the fourth macro, at Lombard Odier they point out that the global environment does not favor the growth of emerging markets, “although the most affected countries to date have been those with weaker fundamentals or greater political risk.” For the United States, it foresees, in the short term, that the Fed will not accelerate the adjustment of its policies and that the economy of the Euro-zone will suffer specific falls, rather than sustained ones.

In this regard, Schroders points out that, unless trade wars hurt “business confidence and investment, the global economy should recover, but the combination of tariffs and tax cuts is likely to lead to an increase in inflation in the U.S”.

 

Julieta Henke Returns to Robeco in Charge Of the Retail Business in Argentina and Uruguay

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Julieta Henke regresa a Robeco para cubrir el negocio retail en Argentina y Uruguay
CC-BY-SA-2.0, FlickrJulieta Henke, courtesy photo. Julieta Henke Returns to Robeco in Charge Of the Retail Business in Argentina and Uruguay

Robeco has rehired Julieta Henke to cover the retail business in Uruguay and Argentina, plus some clients in Miami and Panama. She will report to Jimmy Ly, Head of Sales for Americas Offshore.

“We’re excited to have Julieta back with us to further enhance Robeco’s relationships in the region. She is an excellent addition to our team and I have no doubt she will be highly successful immediately.” Said Jimmy Ly.

She will be based out of Miami.

Back in December 2017 Henke joined the Pioneer Investments team in Argentina, as Country Manager. She has over 20 years experience in companies such as Robeco, Merrill Lynch International, and the Argentinean Central Bank. She is a CIMA charterholder.

12 Florida RIAs Are Included in the Top 300 Ranking From The Financial Times

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Hasta 12 RIAs de Florida se cuelan en la lista Top 300 del Financial Times
CC-BY-SA-2.0, FlickrPhoto: John Spade. 12 Florida RIAs Are Included in the Top 300 Ranking From The Financial Times

RIA growth in the United States can be considered unstoppable. Large financial advisors keep on adding both clients and their assets, reaching historical highs, according to the FT 300: Top Registered Investment Advisers 2018.

As the company states, “the growth of the large RIAs is visible in this fifth annual FT 300 Top Registered Investment Advisers list. The median FT 300 company manages $1.7bn in assets — compared with $1.2bn in last year’s list. RIAs with more than $1bn in assets under management (AUM) also increased, from 57 per cent of 2017’s crop to 74 per cent this year.”

In Florida 12 RIAs made the list. Amongst them are BigSur Partners, with Ignacio Pakciarz, as well as Santiago Ulloa and María Elena Lagomasino’s, WE Family Offices and the Boca Ratón RIA, Steinberg Global Asset Management.

This is the Financial Times ranking for Florida:

 
 
 
 
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Financial Anxiety Takes a Toll on Millennials

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Foto: Mozaico. Foto:

The Millennial generation gets a lot of flak, but is it actually warranted? Often pegged as lazy and entitled, Millennials actually highly value hard work and education, surveys have shown. Unfortunately, hard work and education aren’t getting them as far as it did previous generations; Millennials face greater financial burdens with rising education costs, crippling student loan debt and stagnant wages. As the costs continue to soar and Millennials take on more debt, it’s little wonder that many of them experience financial anxiety. One study found that 74 percent of Millennials surveyed feel daily stress related to their student loan debt.

American Financial Benefits Center (AFBC), a document preparation company, recognizes that Millennials face tough financial challenges in today’s economy and reminds student borrowers that there may be options to help. “We hear all the time that it’s gotten harder to make ends meet,” said Sarah Molina, manager at AFBC. “When you look at the statistics, it becomes clear that this isn’t an exaggeration.”

Higher education has become increasingly expensive; since 1980, tuition has risen nearly 260 percent. The rising costs and loan interest have made it more difficult for Millennial borrowers to pay off student debt than it was for previous generations. Baby Boomers, for example, would have had to work 306 hours at a minimum wage job, adjusted for inflation, to pay for four years at a public college; Millennials have to work an average of 4,459 hours in comparison. Millennials also have 300 percent more debt than their parents, the majority of which consists of student loans. Many Millennials with student debt have a net worth of -$1,900; they owe more than they own. In addition to shouldering monumental student loan debt, they face other financial challenges with increases in housing and medical costs, as well as lower wages.  

“It’s easy to take on student debt without realizing how much it will impact you later,” said Molina. “After graduation, the reality of having to pay off the debt sinks in and many young people feel overwhelmed trying to balance loan payments with other expenses.”   

According to a study conducted by Northwestern Mutual, approximately one-quarter of Millennials say that their financial anxiety affects their job and makes them feel physically ill, compared to 12 percent of Boomers or Gen Xers. A quarter of them also said that it affects their relationship with their significant other and causes them to miss social opportunities. Furthermore, 18 percent of Millennials said their financial anxiety caused them to feel depressed on a weekly basis. Adding to the stress, many Millennials don’t know the details of their loans or even how long it will take to pay off their debt. For Millennials with federal student loan debt, income-driven repayment plans (IDRs) may be a helpful option to reduce some of the financial stress. By taking into account a borrower’s family size and monthly discretionary income, loan payments can be recalculated to what should hopefully be a more manageable amount.      

“We feel young people should be able to have options for paying off their loans so their financial anxiety can be lessened,” stated Molina.

Are we Heading Towards a Political Crisis in the Eurozone with Italy?

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¿Caminamos hacia una crisis política en la eurozona con Italia?
Pixabay CC0 Public DomainWenPhotos. Are we Heading Towards a Political Crisis in the Eurozone with Italy?

The risk of a new sovereign crisis in the Eurozone seems to have come to a halt after the uncertainty caused by the Italian elections and the subsequent formation of a populist government. At the end of the second quarter, Italy became the center of attention and the fear of contagion resurfaced again. Will Italy – and the rest of the peripheral markets – endure the political noise? Noise such as that caused by the Italian Deputy Prime Minister and leader of the 5 Star Movement, Luigi Di Maio, when he affirmed that the government would not ratify the free-trade agreement between the EU and Canada (CETA). These types of statements generate uncertainty in the market and concern for international investors, as what happened with Greece during the economic crisis still remains fresh in their memory.

This is where asset management companies reassure and argue that we are not facing the same case. “As simple as the idea that we are facing a Greece II may be, there are several factors that override this perspective. On the one hand, the Italian economy is much larger: it represents approximately 15% of the economic activity registered in the Eurozone, compared to 1.6% for Greece, and traditionally, its economy and banking system are considered much more integrated with the rest of the Eurozone. Italy is also the third largest debtor in the world (130% of its GDP), after the United States and Japan. In addition, according to the figures handled by Deutsche Bank, only 40% of this debt has domestic creditors: foreign investors (around 35%) and the Euro system (approximately 18%) account for the majority,” Robeco sources explain.

Likewise, they consider that the contagion to other countries, especially the peripheral ones such as Spain or Portugal, is low. According to Oliver Marcoit and Guilhem Savry, Managers of Multiactive Strategies at Unigestion, contagion is very limited given the consolidation that exists in the Eurozone since the European debt crisis.

Spain has its own problems, however, and the vote of no confidence that took place in June revived market tensions, since the markets are taking into account the risk that populist parties will gain access to executive functions. The combination of political risk in both Italy and Spain would weigh on European assets as a whole, with the spreads of the peripheral government and the Euro at the forefront,” warn Marcoit and Savry.

Italian Risks

That the risk of contagion is low, or that Italy’s context is totally different from what Greece was, does not exempt it from having a long list of tasks ahead to avoid weakening the European project. According to Philipp Vorndran, Market Strategist at Flossbach von Storch, Italy is at a moment of transition and exposes its public coffers to a new challenge, which will only be viable if interest rates are maintained at the current level.

In fact, the “Government for change” proposed by Italian Prime Minister Giuseppe Conte is a challenge for the public coffers and may lead to a greater imbalance than expected. According to a study by Flossbach von Storch’s Research Institute, the net negative fiscal impact of the proposed measures could reach 100 billion Euros per year. Amongst the proposed measures are the reduction of fuel taxes, the repeal of the recent pension reform, and the creation of an income for citizens living below the poverty line. Minister Conte’s plan, however, does not clarify how he plans to finance these and other measures. On the one hand, VAT remains unchanged. On the other hand, the reduction of expenses, such as the abolition of “golden pensions”, limitations on international missions, and the elimination of the life pension for members of parliament, does not release enough capital to finance the measures provided for in the coalition agreement. According to this study, the financial hole in public coffers could reach 120 billion Euros.

According to Vorndran, it also seems unlikely that these measures will significantly boost economic growth and improve the trade balance. “Half of the proposed measures would have a negative impact, going from the current 132% today to 141% of the GDP until the end of the mandate. As long as Italy’s economy maintains the growth rate of the last five years and the ECB extends its favorable monetary policy for the refinancing of costs,” he says.
 

Close to 20,000 Candidates Pass Level III CFA Program Exam

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CFA Institute, the global association of investment management professionals, announced that of 35,518 candidates who sat for the Level III CFA Program exam in June, 56 percent have passed, completing their final CFA Program exam. Successful Level III candidates will become CFA charterholders starting in early October, pending verification of professional experience and other membership requirements. They will join more than 154,000 charterholders around the globe who have earned the CFA designation and lead the investment industry by promoting the highest standards of professionalism to build a better world for investors.

Level I and II candidates received their results on August 14th. Of 79,507 candidates who sat for the Level I exam in June, 43 percent were successful and of 64,216 candidates who took the Level II exam, the pass rate was 45 percent. These candidates will continue on their journey to becoming CFA charterholders.

“Congratulations to all candidates who passed their June exam and those who will soon be awarded the CFA charter,” said Stephen M. Horan, CFA, CIPM, managing director of credentialing at CFA Institute. “Successfully completing all three levels of the CFA Program is an outstanding accomplishment, setting the foundation for a career-long journey of professional learning. As we strive to build a better world for investors, our incoming charterholders are joining a global community of highly motivated individuals committed to putting investors interests ahead of their own, and creating a profession that serves society’s need for a well-functioning investment management industry built on trust.”

The total number of candidates who sat for a CFA Program exam in June grew 18 percent globally year-over-year, with a 25 percent increase in Level I candidates for the same time period. Strong demand for the program continues in emerging and developing economy markets, where candidate numbers have doubled over the past five years. View historical pass rates and a series of infographics about the growth of the CFA Program.

Axel Christensen (BlackRock): “In the Short-Term, the New Mexican Government May Bring Good News in Terms of Increasing Consumption”

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Axel Christensen, Head Investment Strategist for the Latin America and Iberia region at BlackRock, and a member of BlackRock Investment Institute, has recently relocated from Santiago de Chile to Miami. On July 19th, he participated in the 2018 Mid-Year Outlook presented by the BlackRock Investment Institute at the Mandarin Oriental Hotel in Miami, sharing his views on Latin American markets and the concerns that BlackRock’s clients in the region -pension funds in Mexico, family offices in Brazil or insurance companies in Peru- are conveying.  

After being in negative territory or close to zero in 2015 and 2016, last year, the GDP growth forecast for the Latin America region started to pick up. For next year, market analysts are expecting a growth of about 3% a year. 

“Probably due to the increase in uncertainty and risks, the final growth rate will be somewhere lower than a 3%. But I would like to say that the glass looks half full when looking at the region. The numbers in aggregate look good. We have seen a recovery in growth. Additionally, inflation, which has been a problem in the past, has been converging nicely into their target zone for most of the central banks in the region. The current account deficit, which is very important in rising rate environment because it tells you how exposed the region is to changes in flows, and the fiscal balance, meaning how much money is the government overspending in comparison to their income, are probably still two of the more challenging issues,” explained Christensen.

“If we look at the region as whole, I would say that the picture is a good reflection of a fairly looking awkward environment. A lot of the economies in the region are very synchronized with the US economy, something that we look forward that should continue. It we look at things at a more specific level, the region starts to become much more interesting, especially from the risk perspective. Perhaps, the risk that most investors are spending time on while looking into Latin America is political risk. There is a good reason for that. If we look at the past twelve to eighteen months, we had a very busy electoral cycle. We had Congressional elections in Argentina in October last year. We also had a General election in Chile. This year we had Presidential elections in Colombia and Mexico, and next October a major election will be held in Brazil. And, guess what? We do not know who is going to win”, he added.

In Latin America, BlackRock uses an index specifically built for the region, that they named the ‘Increase of Latin American populism’.

“We are concerned that changes in government will bring back policies in the economic space that not necessarily fit well with financial markets, being for instance a new President in Mexico that has come in with a very strong mandate to change things. We are concerned that change might mean removing some of the recent reforms that the current government has put in place, like opening the energy sector to private investment. And of course, in Brazil, we are concerned because whoever will lead the government, starting next year, will have to face very tough decisions from the first day in office: to solve a situation of high fiscal deficit on top of a lot of public debt being issued to finance that deficit. There is a lot of concern from investors on who is going to lead these countries and whether they are going to take right decisions that eventually will lead their economies to grow and therefore companies to prosper. The macroeconomic backdrop is pretty good, so is not that we are overly concerned in an overall sense, but we do identify there are specific challenges that may make the difference.”

Latin America is signaling green

The Latin American heatmap, the visual representation of economic indicators using red, yellow and green colors that BlackRock prepares to have a better grasp of what is going on in the region, is overall signaling green. The macro indicators of the two largest economies, Brazil and Mexico are also green, despite their higher exposure to political uncertainty. 

Mexico and Brazil

Investors in Mexico are in a “wait and see” mood. They want to see how the new government comes in. A lot has been said during the campaign, and investors want to check to which extend AMLO (Andres Manuel Lopez Obrador) is going to fulfill his electoral promises.

“This uncertainty is going to create interesting opportunities. As investors, we are seeing valuations on fixed income and equities that have not been at this levels for some time. A couple of Mexican companies, that we have visited there, see that in the short-term the new Mexican government may bring good news in terms of increasing consumption. As the new government wants to increase wages, people will have more disposable income to buy more goods and services. There is also an ambitious infrastructure investment agenda. However, they are concerned that the government may get too ambitious in terms of spending too much, and that the longer-term effect on Mexican economy may end up being negative. Not only in terms of fiscal situation deterioration, but also in terms of a delay on investments decisions, that may affect economic growth, and eventually although we may have a couple of very good initial years, the Mexican economy may end up paying higher financial costs because the risks of holding Mexican assets goes up,” he clarified. 

The case in Brazil is somewhat similar, BlackRock does see some green lights on the macro side. However, they are concerned with the high level of debt that the government carries and the uncertainty about the election. There are 13 candidates for the first round at the beginning of October, the frontrunner has slightly around 20% of voter support. Brazilian investors are holding to see who wins.

Argentina and Venezuela are signaling red

A couple of countries have, unfortunately, more red lights. Of course, there has been a very difficult economic situation in Venezuela, for some time now, in terms of geopolitical risks and hyperinflation. And then, Argentina, who used to share more green lights with the other countries, is now signaling more reds. As of recently the situation has become a lot more difficult, because the interest rates have come up responding to very high inflation level that has been reflected in the strong devaluation of the Argentinian peso against the dollar.

“The prospects of growth in Argentina are very concerning: To what extent can a country withstand such a high interests rates? It is very difficult for the Argentinian economy not to be affected in terms of growth. We are also concerned about the current account situation and their high level of debt. But if anything, we still think that the government is strongly committed to bring forward the necessary reforms at the Argentinian economy, and it needs to start resolving some of the more worrying aspects.”

Fortunately, most of the other economies in the region are doing quite well. Some of them are signaling green. Definitively Chile, Colombia and Peru are going through a more favorable part of the cycle. “We see growth in the Andean Region. Thanks to the comeback of commodities prices that are very important for the economy of this region -being copper, because of Chile and Peru, being oil, because of Colombia- the situation looks pretty good. At the same time, if we look at markets and their valuations, a lot of that good situation is already in the price,” he concluded. 

Fintech and Machine Learning Among New Topics for the CFA Program Curriculum in 2019

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Fintech y aprendizaje automatizado, entre los nuevos temas incluidos en el programa de CFA de cara a 2019
Pixabay CC0 Public Domain . Fintech and Machine Learning Among New Topics for the CFA Program Curriculum in 2019

CFA Institute, the global association of investment management professionals, has introduced its 2019 CFA® Program curriculum for June and December 2019 exam candidates. Guided by a robust practice analysis process that tracks how the investment management profession changes over time, CFA Institute regularly updates its curricula to arm candidates with the skills and knowledge needed for success in the rapidly evolving industry.

“The integration of next-generation knowledge into our curricula on emerging topics like fintech and machine learning ensures our candidates are fully prepared to not only have a place in the industry, but to lead it,” said Stephen M. Horan, CFA, CIPM, managing director of credentialing at CFA Institute. “It is challenging to keep a nearly 9,000-page curriculum up to date, and we take that task very seriously to prepare the next generation of investment managers for the demands of the global capital markets.”

The CFA designation is one of the most respected and recognized investment management designations in the world, and its reputation and that of CFA Institute depend upon maintaining a comprehensive “gold standard” curriculum. To ensure its integrity and relevance, the organization gathers input from practicing investment management professionals, university faculty, and regulators around the globe, who help identify and prioritize the CFA curriculum areas to be added, deleted, or revised. 

The 2019 CFA curriculum update includes a total of 10 new readings and major revisions and improvements to 18 existing readings. Among the highlights:

  • Fintech enters the CFA Program curriculum at Level I and II, surveying the range of technologies and financial applications in investment management, new content on Machine Learning, and ethics cases within a fintech work setting.
  • New content for Level III in Equity Portfolio Management reflecting the latest practices in the areas of both passive and active equity investing.
  • New Level III content on Professionalism in Investment Management explaining the characteristics of investment management professions and CFA Institute as a professional body.
  • 20 sets of practice problems supporting new curriculum content.

Candidates study approximately 1,000 hours on average to master nearly 9,000 pages of curriculum. Its depth and breadth provides a strong foundation of advanced investment analysis and practical portfolio management skills, which gives investment professionals a career advantage. To earn the charter, candidates must pass all three levels of the exam, considered to be the most rigorous in the investment profession; meet the work experience requirements of four years in the investment industry; sign a commitment to abide by the CFA Institute Code of Ethics and Standards of Professional Conduct; and become a member of CFA Institute. Less than one in five candidates who begin the program actually become CFA charterholders, a testament to the determination and mastery of professional competencies demonstrated by successful candidates.

Jupiter Makes Two New Senior Appointments to its Team

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Jupiter AM refuerza su equipo de distribución internacional con dos nuevos fichajes
Pixabay CC0 Public Domain. Jupiter Makes Two New Senior Appointments to its Team

After Jupiter’s appointment of William Lopez, who is leading the firm’s distribution efforts in Latin America and US Offshore, the firm continues to strengthen its distribution capabilities to support its growth in international markets with two key hires. Nick Anderson joins as a Senior Adviser for the Middle East and Africa and Paul van Olst joins as Head of Netherlands.

Nick will be looking at opportunities to further develop Jupiter’s footprint across all sales channels in Middle East and Africa where Jupiter already has relationships with selected third party distribution partners. Nick has over thirty years’ experience in the industry, with a strong reputation in the Middle East and Africa. He was most recently Country Manager and Head of Institutional Client Business for the Middle East & Africa at Blackrock.

Paul, who will be based at the newly-established Jupiter office in Eindhoven, will be responsible for the set up and build out of Jupiter’s business in the Netherlands. Paul joins from Fidelity International where he worked for 15 years in various sales management roles in the Netherlands and Benelux, most recently as Head of Distribution, Netherlands. Prior to this, Paul worked for over ten years at Zurich Financial Services in the Netherlands.

Nick Ring, Global Head of Distribution, commented: “We are very pleased to have attracted three experienced and highly-respected individuals to spearhead our business drive in their respective regions. Our strategic priority has been to expand our international business in a considered way and where we find the right people to communicate Jupiter’s investment expertise to potential investors. The appointments of Nick, William and Paul are a natural next step to broaden and deepen our global growth story.”