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PineBridge: Investing in Global Equities by Focusing on Companies Rather Than Macro Factors

With the support of LarrainVial, PineBridge Investments presented its global equity fund in Montevideo, emphasizing its differentiator compared to the competition: the complete recategorization of each asset’s benchmark to capture the life cycle of each company.

LarrainVial aims to make a strong entry into the Uruguayan market by offering the distribution of a diverse network of international managers, leveraging its team of 56 people dedicated to serving Latin American clients, both onshore and offshore.

Juan Miguel Cartagena, Partner & Co-Head of International Distribution at LarrainVial, estimates that the Uruguayan fund market is worth between $15 billion and $18 billion and believes that his firm can be valuable to independent advisors due to its variety of strategies and expertise in alternative assets. The company currently manages $30 billion in assets.

The PineBridge Global Focus Equity

Adrien Grynblat, Managing Director for Latin America at PineBridge Investments, acknowledged upfront that Uruguayan investors have ample access to global equities and that competition is strong. That’s why he highlighted the firm’s differentiator: “Companies, like human beings, have cycles, and that’s why studying them is essential. We categorize them based on their growth, maturity, and stability.”

Building on this philosophy, the fund’s managers recategorize the benchmark according to their analysis and convictions, looking for “market dislocations.” It is a quality-focused portfolio with around 40 to 50 stocks that has weathered recent crises well.

What was refreshing about Adrien Grynblat’s presentation was the absence of lengthy debates about Fed interest rates or a U.S. recession. In a year dominated by the exhausting focus on “half a basis point,” the PineBridge executive explained that they are not concerned with U.S. elections or macroeconomics: the focus is on selecting the right companies.

For this reason, Paulina Espósito, newly appointed representative of LarrainVial in Uruguay and Argentina, argued that the fund is a good enhancer for portfolios in the Río de la Plata region, capable of adding alpha with lower volatility.

AXA IM Expands Its Range of Fixed-Income ETFs With Exposure to U.S. Treasury Bonds

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AXA Investment Managers (AXA IM) strengthens its range of fixed-income ETFs with the launch of the AXA IM ICE US Treasury +25Y UCITS ETF, which began trading yesterday, and the AXA IM ICE US Treasury 0-1Y UCITS ETF, set to launch later this month. According to the asset manager, the first of these vehicles aims to replicate the performance of the ICE® US Treasury 25+ Year Bond Index, net of management fees, both in rising and falling markets.

It provides exposure to U.S. sovereign debt in its domestic market, denominated in U.S. dollars. With the longest duration available in the market, this ETF offers a unique proposition for investors seeking long-term exposure to fixed-income markets.

On the other hand, the AXA IM ICE US Treasury 0-1Y UCITS ETF aims to replicate the performance of the ICE® BofA 0-1 Year US Treasury Index, net of management fees, both in rising and falling markets. It provides exposure to U.S. sovereign debt with a maturity of less than one year, denominated in U.S. dollars. Due to its short maturity, this dynamic component allows investors to invest their cash in U.S. dollars on a short-term basis.

“U.S. Treasury bonds are recognized as a safe haven and a staple for many investors, primarily due to their high liquidity. By offering our current clients, as well as potential clients, two ETFs positioned at opposite ends of the curve, these products complete our range of fixed-income ETFs, providing investors with dynamic tools to build their portfolios. This allows them to easily capture the ups and downs of U.S. interest rates at a low cost,” commented Olivier Paquier, AXA IM’s Global Head of ETF Sales.

The asset manager highlights that the Total Expense Ratio (TER) for each ETF will be 0.07%, excluding transaction fees charged by intermediaries. Additionally, the ETFs will be available in Germany, Austria, Denmark, Spain, Finland, France, Italy (limited to institutional investors until listed in Italy), Liechtenstein, Luxembourg, Norway, the Netherlands, and Sweden.

BlackToro Sets Its Sights on Peru and Colombia and Approaches the Chilean Market

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(cedida) Gabriel Ruiz, presidente de BlackToro, presenta ante una audiencia en Santiago de Chile

Talking about his goals in Latin America, the president of the wealth management boutique BlackTORO Global Wealth Management, Gabriel Ruiz, wants the Latin American public to have them “among their options.” Based in Miami, with a presence in Argentina, Mexico, and Chile—where they recently held their first event—they are now seeking partners to enter new markets. Their focus is on Peru and Colombia, as well as Venezuelan clients residing in the U.S.

Anchored in an RIA (Registered Investment Advisor), the firm provides advisory services to Latin American clients who want to invest in global assets, whether they reside in their home countries or the U.S. The model they use involves utilizing BlackToro as an offshore platform and establishing strategic alliances in Latin American markets, the executive explains in an interview with Funds Society. The goal, he emphasizes, is not to open their own offices in the region.

“There are already enough and exceptionally good players in the domestic markets in Latin America. What we believe we can be is excellent complementary partners for those players,” he notes, referring to brokerage firms and banks that have not fully developed their offshore advisory capabilities.

After signing an agreement this year with SORO Wealth, a wealth management firm based in Monterrey, Mexico, they are currently looking for strategic partners in Peru and Colombia. They are already exploring both markets and holding meetings with interested parties.

Local Dynamics

In Peru, Ruiz points out that the local market could be a good fit for this system, with firms that could benefit from a window to global investments, much like those in Colombia.

In Venezuela, they also see an opportunity, though not on the local front. “It’s a bit more complicated, obviously, in the domestic market, but the Venezuelan community that has been living in South Florida for 20 years is enormous,” he explains, with a variety of established business clients who still maintain a “Latin root.”

Overall, Ruiz has already set a clear goal: “We want to become a wealth management boutique that is at least in the top three.”

The Latin American Logic

Not all investors are the same, with different contexts influencing decision-making. In this regard, the president of BlackToro highlights the importance of understanding the logic of clients. “Not all products, investment strategies, and portfolios are designed for the idiosyncrasies of Latin Americans,” he comments.

Many financial products are designed with American and European investors in mind, he explains, who face low unemployment rates and institutional risks in their businesses.

“The role that savings play for a Latin American is not the same as for an American. That’s why Americans are much more willing to take on volatility risk,” he adds. Latin Americans tend to experience more volatility in their income and wealth sources, so they see their savings as an anchor.

Approaching Chile

The firm already has Chilean clients, relying on their strategic partner in the Andean country: the law firm Bruzzone & González, a legal office specialized in corporate, tax, and accounting matters. With this, Ruiz explains, they have local support with the necessary expertise for offshore investment structuring.

“We want to be perceived by affluent investors as a good option when deciding whom to turn to for advice on investing in global markets,” says the president of the boutique.

Strengthening ties, the firm held its first event in Santiago, in one of the halls of the Ritz-Carlton hotel, located in the Las Condes district. The event featured presentations by Ruiz and BlackToro’s chief economist, Fernando Marengo.

The keynote speaker at the seminar was economist Vittorio Corbo, former president of the Central Bank of Chile, who described a country that, while facing challenges such as investment and growth, does not have major macroeconomic issues. With a trend growth rate estimated at 1.8% annually for the 2025-2034 period, he called for efforts “to reverse this.” He also urged, “Let’s not sell Chile short,” highlighting the country’s institutional, macroeconomic, and financial stability.

Subsequently, lawyer Osiel González, partner at Bruzzone & González, joined the event, addressing topics related to jurisdiction, asset protection, and tax efficiency.

Azimut Is Seeking an Acquisition to Grow Its Business in Chile

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After two years of restructuring, Azimut Investments’ office in Chile is now ready for the next phase. Following the strengthening of operations with the hiring of an Institutional Sales professional, the focus is now on inorganic growth opportunities. Diego Varela, the firm’s CEO, reveals that they are looking for partners with a foothold in the wealth management business, either for an acquisition or a joint venture.

“Historically, Azimut has chosen to establish and grow in its markets mainly through mergers and acquisitions,” the executive explains in an interview with Funds Society, adding that only the Chile office – which also covers Argentina, Colombia, Peru, and Uruguay – focuses solely on distributing the funds of the Italian asset manager.

Up to now, Varela’s attention was focused on making internal changes to align the firm with Azimut’s global and, specifically, Latin American standards. Now that they are moving past that, the priority is finding a company involved in the Chilean wealth management business, a segment that has seen significant growth in recent years.

“My main focus for the rest of the year and the first months of next year, because it is a priority for the Chile office, is to seek some form of partnership with a local player,” says the CEO, describing his growth plans as “ambitious.” This union, he adds, could be done through a minority or majority acquisition, depending on the size of the firm, or through a joint venture.

The goal is to acquire more than 51% of the firm, as Azimut is publicly traded, allowing them to gain control and consolidate assets for the holding company. The plan is to grow the alliance. What does this mean? They plan to offer this partner a six- or seven-year plan – no more than ten, Varela stresses – to gradually increase participation, ideally ending with some form of cash-out for the partners. However, Varela emphasizes that they do not intend to “empty” the firm they choose, but rather that the original partners will continue running the business with Azimut’s support.

One segment they are closely watching for this purpose is independent advisory firms and multi-family offices. “Multi-family offices are a very interesting segment,” he points out, as they have the structure and clients. Thus, an international partnership of Azimut’s scale could take them to the next level, he notes.

In this regard, the executive highlights the potential for Azimut’s acquisition to complement the operations of wealth management companies, providing “the full backing of Azimut.” This includes the capabilities of an international group involved in various businesses, including funds, life insurance, and discretionary portfolio management in Luxembourg.

A New Phase

Since Varela took the helm of Azimut Investments’ Chilean branch in June 2022, his primary focus has been on adjusting operations and strengthening the foundation for growth in the Andean country.

In addition to deepening their relationship with HMC Capital – a distributor of vehicles with whom they have an agreement – the firm worked on improving the internal functioning of the subsidiary, deepening ties with HMC, and enhancing technological platforms and infrastructure.

This process is concluding with a key milestone: the hiring of Cristián Cerda. The executive, who joined as Institutional Sales, comes from Prudential AGF, where he worked as a local fixed income trader, and he holds a master’s degree in Economic Analysis from the University of Chile. The goal of this appointment, Varela explains, is to have “someone much more involved in the field, more engaged with counterparts.”

Looking ahead, the CEO’s direction is clear: “We are now in a position to say that we are entering a more aggressive expansion phase,” with a focus on asset gathering.

This effort coincides with a positive moment for Azimut overall. According to Varela, the international group surpassed $100 billion in assets under management and is projected to achieve its highest net profits in its 32-year history this year.

“Everything converges at one point. We are growing significantly as a group, expanding, aligning many things with international standards, coordinating with HMC, doing interesting things, and now, we’ve added Cristián,” the CEO notes.

Fixed Income Leadership

Another tailwind for Azimut in Chile is the strong performance of their fixed income funds, an asset class that has become much more popular since interest rates increased. This has resulted in various vehicles outperforming their peers, including high yield strategies, their flagship subordinated investment-grade debt fund, the flexible Global Macrobond strategy, and a convertible bond strategy.

“We feel that we are a fixed income powerhouse. We’ve had these returns that have accompanied us,” Varela comments, adding that this strong performance has coincided with increased client demand.

Regarding the market dynamics, the executive has an optimistic outlook. While investors who decided to lengthen their durations when international central banks reached their interest rate peaks saw disappointing results in the first half of the year, this has recently changed. “Things have adjusted a bit, and there is indeed consensus,” he explains, so “it makes a bit more sense to start lengthening those durations.”

The increased interest has inspired a roadshow that the firm organized with Nicolò Bocchin, Azimut’s Head of Fixed Income and portfolio manager, whom Varela describes as a “rockstar” of the Italian parent company. This tour includes stops in Lima, Santiago, and Montevideo, where Bocchin will meet with institutional investors.

“With the strong performance of our fixed income funds and the positioning we can showcase, it makes sense to close the year with his visit, as he is the person everyone wants to meet and listen to,” says the CEO.

Advenir and Azora Partner to Tackle Housing Shortage in the U.S.

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Advenir y Azora contra la escasez de vivienda en EE. UU.

Azora, a global investment firm based in Spain, and Advenir, a U.S.-based real estate investment and management corporation, have announced a new strategic alliance aimed at creating affordable rental housing in key U.S. markets. This partnership, valued at over $3 billion, comes at a pivotal moment when the housing shortage, combined with a challenging capital markets environment, presents an attractive opportunity for investment in both the development and acquisition of properties in the housing sector.

“The agreement establishes a new combined corporation, Advenir Azora, which will be a vertically integrated platform encompassing capabilities in acquisition, development, asset management, property management, and fund services, ensuring a comprehensive approach to creating value for investors and enhancing the well-being of residents,” they explain.

According to Stephen Vecchitto, CEO and founder of Advenir, the housing shortage in the U.S. exceeds 5 million homes, exacerbating the gap between the rising cost of homeownership and the more accessible cost of renting. “Combining the global financial power, residential knowledge, and credibility to attract institutional capital from a company like Azora, with Advenir’s deep expertise and experience in real estate development and management, will help us reach our goal of expanding our current portfolio and our pipeline of 4,700 single-family rental homes to 10,000 units, while also increasing our capacity to acquire existing properties. We believe now is the time to double down on residential housing, and our combined company is well-positioned to capitalize on this market dislocation,” Vecchitto stated.

Azora Advenir is expected to deploy over $3 billion over the next five years, with the aim of developing at least 10,000 new single-family rental homes and acquiring 5,000 existing units. “Investing in and alongside Advenir is a new expression of Azora’s long-term commitment to helping create high-quality multifamily and single-family rental housing in the U.S. Beyond being a good business, this effort will assist countless families. Advenir’s operational excellence, local expertise, and shared values make them the ideal partner as we continue to seek value in investment opportunities across the U.S.,” noted Fernando Pérez-Hickman, Managing Partner and Director of Azora America.

abrdn Relaunches Its Emerging Markets ex-China Fund, Focused on Four Key Themes

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Relanzamiento del fondo de mercados emergentes de Abrdn

abrdn will relaunch the abrdn SICAV I-Emerging Markets Sustainable Equity Fund under the new name abrdn SICAV I-Emerging Markets Ex China Equity Fund. According to the asset manager, the fund introduces a series of changes for investors seeking to explore more opportunities in emerging markets. abrdn clarifies that the fund is available in Spain and the U.S.

Firstly, the decision to exclude China, as explained by abrdn, is in response to demand from a group of investors seeking active options to manage their exposure to the country. While abrdn continues to offer a wide range of strategies that include China, the firm is responding to client demand for diversifying their options.

Across the industry, the number of firms managing emerging market strategies excluding China has grown from three in 2017 to nearly 50 in 2024, according to Morningstar. abrdn has been managing an emerging markets strategy excluding China since March 2022 for the U.S. market. The change also comes at a time when, according to abrdn, opportunities in emerging markets are increasing, as they are expected to account for nearly 50% of global growth by 2050, according to abrdn’s Global Macro study.

They also note that the managers of the relaunched fund will be the Emerging Markets ex China portfolio construction team based in London and Singapore: Nick Robinson and Devan Kaloo in London, and Xin Yao NG in Singapore, supported by a broader global emerging markets equity team based in five locations outside China, from São Paulo to Singapore.

“China is home to some fantastic companies and is poised to surpass the U.S. as the world’s largest economy around 2035, so this is not a rejection of the Chinese market. However, we recognize that some investors want more flexibility in their approach to China. Ultimately, it’s about choice while embracing some of the key megatrends that we believe will drive emerging markets in the future. We see four powerful themes affecting the ex-China universe: consumption, technology, the green transition, and relocation. The fund invests in many companies that will benefit from these themes. The non-Chinese universe also offers sectoral diversification, as it includes more information technology and financial companies at the index level than the standard emerging markets index. The team believes that the strength of the tech sector will continue to expand beyond the U.S. market and holds a significant active position in companies benefiting from AI investments,” said Nick Robinson, Deputy Head of Global Emerging Markets Equities at abrdn.

The fund will remain classified as Article 8 under the SFDR and will continue to follow the NBIM exclusion list. The benchmark index will switch to the MSCI Emerging Markets ex China 10/40 Index (USD). These changes will not alter the fund’s risk profile. The fund will follow abrdn’s “emerging markets ex-China equity investment approach that promotes ESG aspects.”

By applying this approach, the fund commits to holding a minimum of 10% in sustainable investments, a reduction from the current 20% commitment to sustainable investments. At the index level, the MSCI EM includes 1,328 companies, while the MSCI EM ex China includes only 673. The fund will continue to use a qualitative identification process and avoid investing in companies lagging in ESG performance, incorporating negative screening based on the UN Global Compact, Norges Bank Investment Management (NBIM), controversial weapons, tobacco production, and thermal coal. The fund will also maintain explicit ESG objectives as outlined in its new investment objective and policy.

93% of the Assets in the Broker/Dealers Channel Are Controlled by the 25 Largest Firms in Terms of AUM Concentration

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Concentración en el canal de broker dealers

93% of the assets in the Broker/Dealers (B/D) channel are controlled by the 25 largest firms by assets under management (AUM) concentration, and the top 10 firms have increased their share of advisors to 62%, according to the latest U.S. Broker/Dealer Marketplace 2024 report by Cerulli.

As these companies aim to consolidate and expand their market position, advisory technology will become a strategic imperative and a key differentiator.

Over the past decade, the largest firms have taken advantage of their size, attracting more advisors to their platforms through technological enhancements and aggressive recruitment packages.

The quality of a B/D firm’s technology has proven to be a critical factor for both retaining advisors and attracting experienced advisors from other firms, the consulting firm’s report states.

Cerulli’s study concludes that advisors who switched firms in the past three years most frequently identified the quality of the firm’s technology (55%) as a key factor influencing their decision to join, followed closely by the quality of back-office support (53%) and compensation (49%).

“Investments in technology and administrative support can significantly enhance a firm’s appeal, making it a more conducive environment for advisors to thrive,” says Michael Rose, director.

Rose added that as the appeal of independent channels, which tend to offer greater autonomy and flexibility, looms as a competitive threat, a technology experience that empowers advisors to provide high-quality services and client experiences, while also enabling them to efficiently manage their business, is a powerful defensive and offensive strategy for B/Ds.

Overall, more robust technological infrastructure, better home-office support, and stronger resources for teams working in a collaborative structure are all factors that can enable scale. This allows advisors to work more efficiently, improve the range and quality of services offered to clients, and retain assets, summarizes Cerulli.

“However, scale alone does not guarantee enhanced platform capabilities,” Rose states, concluding that “broker/dealers will need to invest in the right technology to drive advisor growth and ensure a sustained advantage.”

What Will Be the Priority Topics for the SEC Examinations in 2025?

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The Securities and Exchange Commission’s Division of Examinations publishes its annual examination priorities to inform investors and registrants of potential risks in the U.S. capital markets and to highlight the examination topics it plans to focus on in the new fiscal year.

This year’s examinations will prioritize both perennial and emerging risk areas, such as fiduciary duty, conduct standards, cybersecurity, and artificial intelligence.

“The 2025 examination priorities of the Division of Examinations enhance confidence in our constantly evolving markets,” stated SEC Chair Gary Gensler.

The Division reviews compliance with federal securities laws by investment advisers, investment companies, broker-dealers, clearing agencies, and self-regulatory organizations, among other SEC-registered entities.

It also prioritizes examinations of practices, products, and services that, based on a risk assessment, pose higher risks to investors or the integrity of the U.S. capital markets.

The annual publication of examination priorities promotes the SEC’s mission and aligns with the Division’s four pillars: promoting and enhancing compliance, preventing fraud, monitoring risk, and informing policy, the Commission’s statement added.

For fiscal year 2025, in addition to conducting examinations in core areas such as disclosure practices and governance standards, the Division will also assess compliance with new regulations, the use of emerging technologies, and the robustness of controls aimed at protecting investor information, records, and assets.

The 2025 examination priorities cover a wide range of potential risks for investors that companies should consider when reviewing and strengthening their compliance programs.

However, this list is not exhaustive regarding all the areas the Division will focus on next year. The scope of any examination may include analysis of other risk factors, such as an entity’s history, operations, and products and services.

“Our 2025 examination priorities identify key areas of potentially higher risks and related harms to investors. We expect registrants to assess their compliance programs in the areas we’ve identified and make necessary changes to protect investors and maintain fair and orderly capital markets,” said Keith Cassidy, Acting Director of the Division of Examinations.

iCapital Announces That It Has Surpassed 200 Billion Dollars in Assets

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iCapital supera los 200 mil millones de dólares en activos

The global fintech platform iCapital has announced that it has surpassed 200 billion dollars in alternative investment assets.

“Increased demand for high-quality private market funds from global clients has led to this milestone and accelerated the growth of client assets on the iCapital platform,” the firm announced in a statement.

According to iCapital, the financial professionals and asset managers using its platform doubled the amount of assets from 100 billion dollars in December 2021 to more than 200 billion dollars in September 2024.

Additionally, more than 104,000 financial professionals have conducted transactions on the iCapital platform over the past 12 months, with an average of four visits per month, the statement noted.

Currently, the platform provides access to more than 1,630 funds from over 600 asset managers, marking a more than 77% increase in the number of funds available on its platform since December 2021.

“iCapital is honored to help more financial advisors than ever grow their businesses by using our end-to-end technology and operating platform,” said Lawrence Calcano, Chairman and CEO of iCapital. “Our clients are and will continue to be the cornerstone of everything we do. Together, we’ve surpassed this 200 billion-dollar milestone in assets under management, and together we will innovate and transform the alternative investment experience to create opportunities for the long-term successful outcomes that financial advisors seek for their clients.”

iCapital has offices in Zurich, London, Lisbon, Singapore, Hong Kong, Toronto, and Tokyo this year. The firm will open offices in Australia and the Middle East in the next six months. The platform manages more than 28 billion dollars in assets.

Charles Schwab Launches Roadmap for Advisors Who Want to Become Independent RIAs

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Charles Schwab has just launched an RIA Roadmap with “a step-by-step approach to help you design, build, and launch your firm.”

The company highlights that transitioning to the independent RIA model “allows you to prioritize your clients and keep more of what you earn.”

According to the firm, those interested will find information and guidance on defining a business strategy, managing risks, setting up the office, converting accounts, and strengthening their practice.

To access the roadmap, please visit the following link.