In a constitutional reform referendum on 4 December, Italian voters will weigh in on some key proposals, chief among them the abolition of the Senate’s legislative power. According to Nicola Mai, portfolio manager and leads sovereign credit research in Europe for PIMCO, this would leave the lower house (Chamber of Deputies) as the key legislative body, a move proponents say will streamline Italy’s political system, clear a path for needed reforms and ensure a clear winner in the next general election.
The specialist believes Prime Minister Matteo Renzi’s pledge to resign if the reform fails has made the vote highly politicized, and the attendant political uncertainty has fueled nerves among market participants. Polls suggest the vote is too close to call, and the high proportion of undecideds (around 30%) compounds the uncertainty.
Potential scenarios
“While we believe a failure of the referendum to pass would hurt the country’s long-term political stability and reform prospects, we view the key risk to markets to be the election of an anti-establishment euroskeptic government – an outcome we think is unlikely irrespective of the referendum’s outcome (with a “no” arguably making the possibility even more remote).” In brief, at PIMCO, they envision the following scenarios:
A “yes” vote: Better for the markets. Italy would adopt an electoral system that delivers a clear winner, and Renzi would likely stay in power until the legislative term ends in 2018. At that point, it may become a close contest between Renzi and Beppe Grillo’s anti-establishment Five Star Movement (M5S).
A “no” vote: Politics as usual. Renzi would likely resign, but we would not expect new elections to be called (this because the Senate would retain legislative power and be elected with a proportional electoral system, which would probably deliver a hung parliament). President Sergio Mattarella would thus likely push for the formation of a transitional government – perhaps led by Renzi himself – tasked with implementing a new electoral law before proceeding to new elections. This scenario would feel like an old-style, “muddle through” political development for Italy, and would also hurt Grillo’s chances to win an election outright.
Longer-term caution, short-term opportunity
“We are cautious when investing in European assets over the medium term. Our secular investment focus on capital preservation is especially relevant for the region, where the macro outlook is underwhelming, political risk is elevated and compensation for that risk is slim.
In the near term, however, volatility in peripheral spreads and European risk assets could rise in the run-up to the referendum, and risk would likely underperform in the aftermath of a “no” vote. This could create opportunities to add risk at more attractive levels, especially in peripheral sovereigns, which remain anchored by the European Central Bank’s quantitative easing. We would be more cautious about Italian bank exposures, where vulnerabilities persist and where a “no” vote could further increase execution risk for banks’ ongoing recapitalization plans.” He concludes.
The passage of Directive 550 of the Securities and Exchange Commission (Comissao de Valores Mobiliarios) of Brazil, which went into effect in July 2015, provides greater access to international funds. Although Brazilian investors have opened up to investing in new asset classes in the last few years, Fernando Franco Franco, Head of distribution for Americas International at Legg Mason, recognizes that the main challenge that international managers face in Brazil is the need to inform clients on the value of diversified investments beyond their preference for domestic fixed income.
The enactment of the Brazilian regulation changed the definition of a qualified investor so that foreign asset managers can now distribute onshore funds to “massaffluent” clients, who before could only be served by local fund management companies with a clear bias towards the Brazilian domestic market. Previously, the Brazilian investor needed BRL 1 million to access a single international investment fund. Currently, Brazilian investors with of BRL 1 million in investable assets, can access structured vehicles outside Brazil that use a local “feeder” fund structure.
“With rising inflation and political volatility in recent years in Brazil, the real rates of return are lower, which represents an opportunity to offer clients European, Asian equities and US equities which may offer higher rates of return,” said Fernando Franco.
“Foreign asset management companies are in the process of helping the Brazilian investor get comfortable with international investments. Following the change in regulation, many US asset management companies have partnered with local fund managers to enter the market. Legg Mason has been present in the Brazilian market since 2005 when it bought Citigroup’s Asset Management business. Citi has had a presence in Brazil for more than 100 years..,” he added.
Legg Mason provides vehicles for investing in global equities, fixed income and alternative assets, such as investment in infrastructure and real estate, which allow clients access to a diversified portfolio through customized solutions.
Some of Legg Mason’s affiliates are Western Asset Management a large, global fixedincome provider; Martin Currie, a Scotland based firm which specializes in the active management of global equities; QS Investors, focuses on the quantitative management of global equities and multi-asset funds; RARE, a firm dedicated to investing in global infrastructure through listed securities; EntrustPermal, a specialist in global alternative investment, and a leader in fund of hedge fund investments, and Clarion Partners, a firm dedicated to investment in real estate.
When Legg Mason established its presence in Brazil in 2005 from the acquisition of Citigroup’s Asset Management business and due to Brazilian regulation, its main presence like other international fund managers, was with offshore clients. At that time, the main international players in the country were Merrill Lynch, Prudential, which was acquired by Wells Fargo, and Citigroup Asset Management, now Legg Mason, which had a presence in Chile, Uruguay, Mexico and Brazil.
“Brazil offers a strategic opportunity for global asset management companies because it is a mature and sophisticated market with developed private banking, family offices, institutional and retail investment markets. In my view, perhaps only the United States has a higher level of sophistication than Brazil in its distribution to institutional clients,” said Franco.
In addition to Brazil, Legg Mason has local presence in Chile and is committed to growing its presence in Latin America. “We are actively working in Mexico, Peru, Uruguay and assessing opportunities in other countries.”
Foto: Silentpilot / Pxabay. China: crédito inflado y defaults al alza
China’s credit markets continue to expand. In June the International Monetary Fund (IMF) issued a warning to Beijing to tackle corporate debt levels in state-owned enterprises (SOEs), by liquidating the weakest firms and restructurings. Defaults are rising from a low base. More than 20 bond defaults have been confirmed this year – an unprecedented number – as many companies, especially in industries with surplus production, struggle to meet their obligations amid China’s economic transformation.
In August the government acted to dispel the perception that it will always backstop losses for SOEs. An editorial in the People’s Daily, the official communist party mouthpiece, stated that bond defaults by Chinese SOEs should be handled through market-based mechanisms and the legal system. “Guaranteed repayment of bonds raises risks in SOE bonds and leads to higher leverage ratios and a build-up of risks,” the editorial said.
According to Investec Asset Management, by talking tough on defaults, Beijing seems to be keen to slow the rate at which corporate debt is growing. Currently credit growth is outstripping that of GDP by double-digit percentage points and the authorities are keen to slow this to come more in line to the economy as a whole. The China Banking and Regulatory Commission has also proposed to local banks and financial institutions for a coal and steel debt-to-equity programme to be established to help reduce the debt load.
“This trend may not necessarily be unwelcome, as it suggests China recognises that weaker companies should be allowed to fail. But which companies will default is hard to spot. China’s domestic credit-rating agencies have given an investment-grade rating to 99.5% of all publicly issued bonds. But again there are mixed messages. On 4 August, the National Business Daily published a piece suggesting that banks should act together and not “randomly stop giving or pulling loans.” Rather it suggested that they should either provide new loans after taking back the old ones or provide a loan extension, to fully help companies to solve their problems” the Investec team concludes.
A patchwork approach to corporate governance regulation has created an imperfect system which needs a holistic policy approach to meet investor needs.
A new report by CFA Institute, Corporate Governance Policy in the European Union: Through an Investor’s Lens, finds that a silo-ed approach to corporate governance policy is endangering the creation of a unified EU capital market. The report suggests that a joined-up approach to governance policy, encompassing the Capital Markets Union initiative, is now necessary to achieve meaningful reforms.
While corporate governance reform over the past 15 years has been positive, important issues remain unresolved, including fixing the “plumbing” of cross-border proxy voting, protecting the rights of minority shareholders, and strengthening the accountability of boards, among others.
CFA Institute engaged with more than 30 investment practitioners, governance experts, and other stakeholders from across Europe to inform the report. The findings reveal there is much to be done to simplify mechanisms to enhance corporate accountability and realise maximum value from reforms that have already been undertaken. Investors are open to many stakeholder issues, such as promoting board diversity, and paying greater attention to environmental, social, and governance factors. But importantly, investors are concerned there is still inadequate protection against abuse by controlling shareholders, where the principle of one share one vote is essential for the exercise of good governance.
Josina Kamerling, Head of Regulatory Outreach (EMEA), CFA Institute, commented: “Corporate governance is vital to making the EU’s Capital Market Union work – it is central to its ecosystem but has fallen off the financial services and markets agenda altogether.
She continued: “With a renewal of the investor vision for European corporate governance and with proper attention to the governance “ecosystem,” there is a considerable prize to be won in the growth, productivity, social, and environmental responsibility of European public companies. To realise these benefits, a more joined-up approach to corporate governance policy is needed; one which serves investors and which reconciles the shareholder, stakeholder, and open market perspectives of corporate governance.”
Based on the report’s findings, CFA Institute makes a series of recommendations to establish a sustainable balance among the various goals of governance:
Comply-or-explain mechanism- Investors have a critical role to play in making comply-or-explain systems of corporate governance effective in Europe. This role means that they need to press for the rights to allow them to fulfil their fiduciary duties as stewards. It also requires them to exercise these rights responsibly. Companies must accept the need for accountability and embrace comply-or-explain monitoring mechanisms.
Protection of minority shareholders – Urgent measures are needed to uphold protection of minority investors. The recommendation to implement these measures includes:
Promoting better board accountability to minority shareholders through a greater role in the appointment of board members, more robust independence standards and stronger board diversity
Continuing to press for rights relating to material related-party transaction votes
Fixing the “plumbing” of cross-border proxy voting to ensure all shareholders can vote in an informed way and ensuring all shareholder votes are formally counted
Clearer guidance following Shareholder Rights Directive II – The European Commission should promote investor engagement including a guidance statement for company boards and institutional investors, which explains the expectations from the Shareholder Rights Directive II.
The Memorandum of Co-operation (MoC) on the establishment and implementation of the Asia Region Funds Passport (ARFP) has come into effect. Representatives from Australia, Japan, Korea, New Zealand and Thailand have signed the MoC.
These five economies have up to January 2018 to work to implement domestic arrangements under the MoC.
Activation of the Passport will occur after any two participating economies complete the implementation.
The MoC also ensures any other eligible economies are able to participate in the ARFP.
The ARFP is an international initiative that facilitates the cross border offering of eligible collective investment schemes while ensuring investor protection.
Australia, Japan, Korea, New Zealand, the Philippines, Singapore and Thailand have contributed expertise as part of a working group in developing the framework of the ARFP and other economies in the Asia Region have taken part in consultations.
The MoC is available on the ARFP page of the APEC’s website.
Tim Sloan, foto de Spence Brown. Wells Fargo nombra CEO a Tim Sloan y presidente a Stephen Sanger
Wells Fargo & Company announced Wednesday afternoon that Chairman and Chief Executive Officer John Stumpf has informed the Company’s Board of Directors that he is retiring from the Company and the Board, effective immediately. The Board has elected Tim Sloan, the Company’s President and Chief Operating Officer, to succeed him as CEO, and Stephen Sanger, its Lead Director, to serve as the Board’s non-executive Chairman, and independent director Elizabeth Duke to serve as Vice Chair. Sloan also was elected to the Board.
Sloan’s appointment to CEO and election to the Board are effective immediately. He will retain the title of President.
Sanger said, “John Stumpf has dedicated his professional life to banking, successfully leading Wells Fargo through the financial crisis and the largest merger in banking history, and helping to create one of the strongest and most well-known financial services companies in the world. However, he believes new leadership at this time is appropriate to guide Wells Fargo through its current challenges and take the Company forward. The Board of Directors has great confidence in Tim Sloan. He is a proven leader who knows Wells Fargo’s operations deeply, holds the respect of its stakeholders, and is ready to lead the Company into the future.”
Stumpf, a 34-year veteran of the Company, joined Wells Fargo in 1982 as part of the former Norwest Bank, becoming Wells Fargo’s CEO in June 2007 and its chairman in January 2010.
“I am grateful for the opportunity to have led Wells Fargo,” Stumpf said. “I am also very optimistic about its future, because of our talented and caring team members and the goodwill the stagecoach continues to enjoy with tens of millions of customers. While I have been deeply committed and focused on managing the Company through this period, I have decided it is best for the Company that I step aside. I know no better individual to lead this company forward than Tim Sloan.”
Sloan said, “It’s a great privilege to have the opportunity to lead one of America’s most storied companies at a critical juncture in its history. My immediate and highest priority is to restore trust in Wells Fargo. It’s a tremendous responsibility, one which I look forward to taking on, because of the incredible caliber of our people, and the opportunity we have to impact the lives of our millions of customers around the world. We will work tirelessly to build a stronger and better Wells Fargo for generations to come.”
Sloan joined Wells Fargo 29 years ago, launching a career that would include numerous leadership roles across the Company’s wholesale and commercial banking operations, including as head of Commercial Banking, Real Estate and Specialized Financial Services. He became president and COO in November 2015, when he assumed leadership over the Company’s four main business groups: Community Banking, Consumer Lending, Wealth and Investment Management and Wholesale Banking. Previously, he headed the Wholesale Banking group after serving as the Company’s Chief Financial Officer and, prior to that, as the Company’s Chief Administrative Officer.
Sanger has been a member of the Wells Fargo Board since 2003, serving as its Lead Director since 2012. Sanger also chairs the Governance and Nominating Committee and is a member of Human Resources Committee and Risk Committee. He was CEO of General Mills, Inc., a leading packaged food producer and distributor, from 1995 until 2007. He served as chairman of General Mills from 1995 to 2008. He also serves on the board of Pfizer Inc.
Duke has been a member of the Wells Fargo Board since 2015. She served as a member of the Board of Governors of the Federal Reserve System from 2008 to 2013, where she served as Chair of the Federal Reserve’s Committee on Consumer and Community Affairs and as a member of its Committee on Bank Supervision and Regulation, the Committee on Bank Affairs, and the Committee on Board Affairs. She also previously held senior management positions at banks including Wachovia and SouthTrust.
Cathy Hepworth, Senior Portfolio Manager at Nordea. Courtesy photo.. "We Favor Select Opportunities in Commodity-Sensitive Africa, in Russia and Kazakhstan, and in Latin America and Asia"
Investing in EM debt needs a new perspective, according to Nordea. “In the current environment, however, we believe that successful investing in EM debt requires a nuanced approach that can capture idiosyncratic relative value opportunities, rather than simply underweighting countries exposed to macro headwinds or specific negative events ”, say Cathy Hepworth, Senior Portfolio Manager and Sovereign Strategist, PGIM Fixed Income, and Matthew Duda, Portfolio Specialist, PGIM Fixed Income. In this interview with Funds Society, they explain their view on the asset class.
How will a possible US interest rate hike affect emerging market debt?
We look for the Federal Reserve to take a measured approach to raising short-term rates which should be positive for EM debt—and the fixed income spread sectors in general—as there will likely be ample global liquidity still searching for yield in today’s historically low global rate environment. The Fed is expected to be appropriately cautious in light of the current combination of: 1) volatile global financial markets; 2) mixed U.S. and global economic data; 3) prospects of persistently low global inflation pressures; and 4) its more limited ability to react to downside shocks at this point.
Regarding the effect on EM debt, the sector has generally performed well during Fed hiking cycles. EM debt produced positive total returns following the start of the Fed hiking cycles of 1999-2000 and 2004-2006. It also outperformed other fixed income sectors for the three years following the start of the 1994-1995 cycle. This largely resulted from the sector’s excess starting yield, U.S. Treasury curve flattening—which we expect to occur again during the next hiking cycle—and the longer-term improvement in sovereign credit quality which significantly dampened default fears.
In the current environment, however, we believe that successful investing in EM debt requires a nuanced approach that can capture idiosyncratic relative value opportunities, rather than simply underweighting countries exposed to macro headwinds or specific negative events.
What are the greatest risks facing an emerging debt fund manager currently?
Current risks include, among others, the potential for a global recession, unexpected volatility from China, or a sudden EM specific or broader developed market political or economic event that drives investors to adopt a more “risk-off” appetite. It’s important to have the resources to research and understand different risks to identify the best opportunities in an individual country. EM fixed income investing is about accruing that knowledge over credit and market cycles.
Is it the right time to move back into emerging market debt with a view to the remaining part of 2016 and next year? Why?
We believe there are attractive opportunities in EM hard currency bonds at present, along with select local bond markets. EM debt has performed well so far in 2016, rebounding from below-average returns in 2015. Year-to-date returns through 31 August 2016 range from a high of about 14.5% for EM hard currency debt to about 7% for EM local currency debt (hedged to USD) and FX. We believe the low yields available in the developed world and the prospect of major central banks maintaining accommodative policies and quantitative easing programs make the valuations in EM compelling. EM quasi-sovereign and sovereign spreads are trading at the wider end of the post-financial crisis range. From a macro perspective, industrial production in EM is rebounding in major EM countries including Brazil, Mexico, Indonesia, Russia, and Colombia.
Other factors supporting EM debt include a weaker U.S. dollar relative to recent highs, some stabilization in the Chinese Yuan, a recovery in commodity prices, and an attractive valuation environment. Also, EM equities have outperformed developed market equities in recent months, which tends to be a leading indicator of the positive performance potential of other EM assets. Finally, investor inflows into EM debt are providing an added layer of support. When investing in EM debt it’s important to maintain a long-term view. In this manner, investors can benefit over time from market dislocations which create opportunities to buy fundamentally sound assets at a discount.
Where do prices stand at the moment? Are they attractive?
Although EM debt has rallied in recent months, we believe prices are still attractive relative to historical levels. For example, the spread on the sovereign JP Morgan EMBI Global Diversified Index as of mid-September 2016 was +330 bps, which is about +75 bps cheap to the tighter levels reached at the beginning of the second half of 2014 and about +160 bps cheap to pre-global financial crisis levels in 2007. We believe there is still good fundamental value in many individual sovereign and quasi-sovereign issuers that trade wide to the index level in spread. Importantly, while some of these issuers may be rated below investment grade, we believe there are numerous opportunities to take advantage of mispriced risk.
In EM, it is often the case that political and policy uncertainty leads to volatility that is not commensurate with an issuer’s underlying fundamental value. It is these sell-offs that often lead to the most attractive opportunities in the sector. For example, there are currently many such opportunities in select “Next Gem” or “frontier” countries in Africa and Asia, as well as larger countries such as Indonesia, Russia, Brazil, Mexico, Argentina, and Venezuela. In the local bond markets, the average yield relative to developed market yields is still very attractive at over 6.25% as of mid-September. A number of EM countries are cutting rates, or are nearing the end of their hiking cycles, which is generally an indicator that rates are poised to rally.
And currencies? Have they bottomed out across all emerging markets?
In EMFX, we believe valuations relative to historic ranges are attractive in select Latin American and EMEA countries. The recovery and stabilization in commodity prices, bottoming out of EM economic growth, improved current account balances, and more benign global interest rate outlook should all support EMFX in the coming months.
Which geographical regions do you like most? Asia, Latin America, Eastern Europe…
Our portfolios are diversified and seek to take advantage of opportunities across multiple EM regions and EM sectors. Currently, we favor select opportunities in commodity-sensitive Africa, in Russia and Kazakhstan, and in Latin America and Asia, including Indonesian sovereign, quasi-sovereign, and local bonds.
On which Latin American markets are you focusing?
We’re finding value in Brazil, Mexico, Argentina, Venezuela and the Dominican Republic. We evaluate the broad range of Latin American fixed income markets, including sovereigns, quasi-sovereigns, corporate bonds, local bonds and FX.
After difficult and still ongoing economic and political adjustments, we believe that select Brazil sovereign and quasi–sovereign issuers, including commodity-related quasi-sovereigns, can offer value. In Mexico, we like certain corporate issuers relative to the sovereign debt. In Argentina, the bonds of the larger provinces and energy-related bonds look attractive, along with exchanged bonds of the sovereign. Among smaller issuers, we view the Dominican Republic as an improving credit, and believe that El Salvador bonds are trading at attractive levels relative to default risk. In Venezuela, many bonds trade at levels that are attractive to expected recovery value, and we think very near maturity bonds will be paid.
In local currency bonds, we like the short-intermediate and long-end of the Mexican yield curve. In local Brazil, we look for an interest rate cutting cycle to begin this year and continue into next year. Here, we prefer a mix of nominal and inflation-linked bonds given that real rates are high. Finally, we believe there is value in the Mexican peso given that it is trading cheap relative to fundamentals and when evaluated from a real effective exchange rate perspective.
Nordea has recently registered the fund Nordea – 1 Emerging Market Bond in Chile. Do you believe that emerging debt is an attractive option for Latin American investors?
One of the benefits of investing in EM debt is its diverse geographic exposures and types of securities. A Latin American investor can benefit from the diversity of commodity sensitivities(i.e. exporters and importers), as well as varying industry and country economic growth trends. With more than 60 EM countries to choose from, investors and asset managers can potentially take advantage of numerous relative value opportunities through market cycles. Historically, investing successfully in EM debt entails diversifying risks, having a long-term view, and understanding that even though the markets appear unfavorable at times, EM debt tends to bounce back fairly quickly following a global shock or sell-off.
foto: Morgaine
. El número de acciones legales contra asesores de la SEC marca nuevo récord anual
The Securities and Exchange Commission has announced that, in fiscal year 2016, it filed 868 enforcement actions exposing financial reporting-related misconduct by companies and their executives and misconduct by registrants and gatekeepers, as the agency continued to enhance its use of data to detect illegal conduct and expedite investigations.
The new single year high for SEC enforcement actions for the fiscal year that ended September 30 included the most ever cases involving investment advisors or investment companies (160) and the most ever independent or standalone cases involving investment advisors or investment companies (98). The agency also reached new highs for Foreign Corrupt Practices Act-related enforcement actions (21) and money distributed to whistleblowers ($57 million) in a single year.
The agency also brought a record 548 standalone or independent enforcement actions and obtained judgments and orders totaling more than $4 billion in disgorgement and penalties.
“By every measure the enforcement program continues to be a resounding success holding executives, companies and market participants accountable for their illegal actions,” said SEC Chair Mary Jo White. “Over the last three years, we have changed the way we do business on the enforcement front by using new data analytics to uncover fraud, enhancing our ability to litigate tough cases, and expanding the playbook bringing novel and significant actions to better protect investors and our markets.”
Microsoft and Bank of America Merrill Lynch announced a collaboration on blockchain technology to fuel transformation of trade finance transacting.
As part of this collaboration, the two companies will build and test technology, create frameworks, and establish best practices for blockchain-powered exchanges between businesses and their customers and banks. Microsoft Treasury experts will serve as advisors and initial test clients, establishing the first Microsoft Azure-powered blockchain transaction between a major corporate treasury and financial institution.
“By working with Bank of America Merrill Lynch on cloud-based blockchain technology, we aim to increase efficiency and reduce risk in our own treasury operations,” said Amy Hood, executive vice president and chief financial officer at Microsoft. “Businesses across the globe – including Microsoft – are undergoing digital transformation to grow, compete, and be more agile, and we see significant potential for blockchain to drive this transformation.”
Currently, underlying trade finance processes are highly manual, time-consuming and costly. With blockchain, processes can be digitized and automated, transaction settlement times shortened, and business logic applied to related data, creating a host of potential benefits for businesses and financial institutions including: more predictable working capital, reduced counterparty risk, improved operational efficiency, and enhanced audit transparency, among other benefits.
“The potential benefits of blockchain will help drive meaningful supply chain efficiencies to the clients of both Microsoft and the bank. This project is another example of our continued commitment to introduce financial innovations for the betterment of global commerce,” said Ather Williams, head of Global Transaction Services at Bank of America Merrill Lynch.
“We are excited to be working with Microsoft on this groundbreaking blockchain proof of concept that has the potential to help redefine, digitize, and improve how trade finance instruments are executed today,” said Percy Batliwalla, head of Global Trade and Supply Chain Finance at Bank of America Merrill Lynch.
Development and testing of the initial application, built to optimize the standby letter of credit process, is currently in progress. The Microsoft and Bank of America Merrill Lynch teams will demonstrate the technology at Sibos in Geneva, Switzerland. Following the initial development and testing, the teams will work to refine the technology and evaluate applications to include more complex use cases and additional financial instruments.
CC-BY-SA-2.0, FlickrMichel Tulle - LinkedIn. Michel Tulle, New Senior Director of Southern Europe and Benelux at Franklin Templeton
Franklin Templeton has appointed Michel Tulle as senior director of Southern Europe and Benelux.
Tulle, currently based in Buenos Aires, will report from Paris as of January 2017 to Vivek Kudva, managing director of EMEA, and responsible for the coordination and development of the business in this area.
With over 27 years of experience in the financial sector, of which 21 have been within Franklin Templeton, Tulle “will ensure strong leadership in his new role”, the asset manager said.
Co-heads of Italian branch
Antonio Gatta, former institutional sales director, and Michele Quinto, former retail sales director, where also appointed co-heads of the Italian branch as of September 30 2016. In their new role Gatta and Quinto will report to Tulle.
“The appointment of Michele Quinto e Antonio Gatta represents a significant recognition towards our important path of development implemented in recent years on the Italian market,” Tulle said.
