La Financial & International Business Association (FIBA) announced a new call for anti-money laundering certification courses offered in conjunction with the Florida International University.
The courses, which will be taught in both English and Spanish, will begin on May 18 and will be delivered in an online format.
Funds Society readers can access a $200 discount by applying the promotional code FS200.
The online course is an interactive option design for participants interested in completing the certification at their own pace. Through open forums and discussions, participants will have the opportunity to actively engaged with the instructor and classmates to discuss the assigned materials. Participants will have 90 days to complete the reading materials, PowerPoint narratives, 23 practice quizzes and the final certification exam, according to the course description.
The course is led by Ana María de Alba as the instructor, who is a specialized consultant in risk management and administration. She has over 25 years of experience and professional training in the banking industry and consulting.
You can access the following links to register for both the Spanishand English versions, respectively.
Bank of America announced that Lindsay Hans and Eric Schimpf have been appointed presidents and co-heads of Merrill Wealth Management, reporting to Bank of America Chair and Chief Executive Officer Brian Moynihan.
As presidents, Hans and Schimpf will join Bank of America’s executive management team and oversee more than 25,000 Merrill employees.
“Merrill is one of the largest wealth management businesses in the world and an integral part of Bank of America as we serve the unique needs of individuals, families and businesses,” Moynihan said. “Lindsay and Eric have excelled as leaders, delivering outstanding results for our advisors and clients. I’m looking forward to them building on the success and long tradition of Merrill in the years ahead.”
Hans, who most recently served as head of Merrill’s Private Wealth Management, International and Institutional business, joined the company in 2014. Previously, she was a division executive for Merrill for six years, first for the Mid-Atlantic and later for the Northeast.
Schimpf began his career as a Merrill financial advisor in 1994 and has held several leadership positions within the business. He has served for six years as division executive, first for the Southeast and most recently for the Pacific Coast. He also has been serving as co-head of the Enterprise Advisor Development program.
Hans will continue to serve as a member of the company’s Global Diversity and Inclusion Council and as a National Executive sponsor of the Merrill Women’s Exchange. Schimpf will continue to serve as Executive Sponsor for the company’s Black Professionals Group.
Hans and Schimpf succeed Andy Sieg, who is leaving the company. Sieg served as Merrill president since 2017 and led the business through a period of sustained growth and modernization of technology for advisors and clients.
Merrill’s client balances totaled $2.8 trillion as of Dec. 31, 2022.
Leslie Gillin Bohner, Chief Fiduciary Officer of Fiduciary Trust International
Fiduciary Trust International, a global wealth manager and wholly-owned subsidiary of Franklin Templeton, announces that Leslie Gillin Bohner has been named chief fiduciary officer.
In this newly created role, Bohner will oversee all trust operations and administration, and will continue to lead the firm’s Delaware business. She will also join the Executive Committee.
“Trust represents a significant portion of our clientele, and Leslie’s appointment is a testament to her many years managing complex fiduciary services,” said John M. Dowd, chief executive officer of Fiduciary Trust International.
“Leslie is an instrumental member of our team, and we are committed to growing our fiduciary business as we deliver services that meet our clients’ evolving needs,” he adds.
Bohner will continue to be based out of the organization’s Radnor, PA office and report to Dowd. She joined Fiduciary Trust International in May 2020 as a result of the company’s acquisition of The Pennsylvania Trust Company.
Prior to this appointment, Bohner served as chief fiduciary officer and general counsel for the Pennsylvania region. In these roles, she managed risk across all areas of the business, overseeing all legal and fiduciary matters, and providing guidance to a team of trust and tax professionals on fiduciary and wealth advisory matters.
“As chief fiduciary officer, I look forward to working with leaders across our organization to deliver the services that meet our clients’ needs,” said Bohner. “At Fiduciary Trust International, we understand our important responsibility in ensuring that our clients’ wishes are fulfilled and their legacy is preserved for generations to come. We feel privileged to have the opportunity to remain their trusted partner in this process.”
Bohner is admitted to practice law in Pennsylvania and is a member of the Probate and Trust Law Section of the Philadelphia Bar Association. She received her J.D. (summa cum laude), Certificate in Estate Planning, and LLM (Taxation) from Villanova University’s Charles Widger School of Law, and her B.A. in English from the University of Virginia.
All clients of the two Switzerland-based Vontobel US entities have been brought together under one roof within Vontobel SFA.
“Vontobel has thus become the largest Swiss-domiciled wealth manager for North American clients who are seeking international diversification for their assets and want them to be booked in Switzerland. The assets under management of the combined unit total around CHF 10 billion”, the statement said.
As a result of the legal merger, all clients of the “new” SEC-registered US entity will be able to access the comprehensive services and global investment expertise offered by Vontobel SFA.
Following the integration, Vontobel SFA has more than 100 employees in Zurich, Geneva, New York and Miami, including 30 client advisors and an expanded Investment Management & Advisory team with around 25 employees. In addition, UBS will continue to refer US clients seeking regional diversification to Vontobel SFA.
The CEO of the “new” Vontobel SFA is Peter Romanzina, with Jürgen Wegner serving as Deputy CEO. The Chairman of the Board of Directors of Vontobel SFA is Georg Schubiger, Head Wealth Management at Vontobel, and Jacqueline Hess is Vice
Chair of the Board of Directors of Vontobel SFA, as already announced at end-2022.
“We are very pleased that we can now offer all our North American clients our global investment expertise and investment
services from a single source. Vontobel has already been active in the US for around 40 years. Our numerous discussions with
clients have shown that they count on Vontobel and on our global expertise, which provides them with additional benefits,” said Peter Romanzina, CEO Vontobel SFA.
North America counts as one of Vontobel’s focus markets. At its last Investor Day, the investment firm emphasized that in the future, it will place an even stronger focus on large, established markets such as the US with substantial numbers of sophisticated clients whom Vontobel can help to realize their objectives – drawing on its global investment expertise.
“Building on this broader basis, we want to continue to successfully grow and to further consolidate our position as a leading
Swiss wealth manager for US clients, in line with our strategy. The legal merger is an important step on the way towards making
Vontobel SFA one of the partners of choice for discerning US clients who want to diversify their wealth globally,” added Georg Schubiger, Chairman of the Board of Directors of Vontobel SFA and Head Wealth Management at Vontobel.
Further to the announcement of 19 March 2023 regarding UBS’s acquisition of Credit Suisse, the Board of Directors of UBS have appointed Sergio P. Ermotti as Group Chief Executive Officer and President of the Group Executive Board, effective on 5 April 2023, after the Annual General Meeting.
He will succeed Ralph Hamers, who has agreed to step down to serve the interests of the new combination, the Swiss financial sector and the country. Ralph Hamers will remain at UBS and work alongside Sergio P. Ermotti as an advisor during a transition period to ensure a successful closure of the transaction and a smooth hand-over.
The Board took the decision in light of the new challenges and priorities facing UBS after the announcement of the acquisition.
Sergio P. Ermotti was the Group Chief Executive Officer of UBS for 9 years and successfully repositioned UBS following the severe challenges arising from the Global Financial Crisis. In particular, he built financial strength and improved resilience by putting the firm’s leading global wealth and asset management business, and Swiss universal bank, at its core. He swiftly transformed the investment bank by cutting its footprint and achieved a profound culture change within the bank which allowed it to regain the trust of clients and other stakeholders, while restoring people’s pride in working for UBS.
This unique experience, together with his deep understanding of the financial services industry in Switzerland and globally, make Sergio P. Ermotti ideally placed to pursue the integration of Credit Suisse. Sergio P. Ermotti is currently Chairman of Swiss Re. To facilitate an orderly transition at Swiss Re, Sergio P. Ermotti will stand for re-election at its AGM on 12 April 2023 and intends to step down after the AGM, following a short hand-over period.
Since assuming the role on 1 November 2020, Ralph Hamers, together with the Group Executive Board, has successfully managed UBS through a challenging market environment and has delivered record results in two successive years. He has encouraged a strong focus on clients and on shaping and executing our strategy, while ensuring tight cost management and strong risk discipline. He has driven the digital and sustainability agenda across the firm to make them important differentiators for our clients.
The financial performance and capital strengths of the group have allowed him to achieve record returns for shareholders through dividends and share repurchases, which has benefited the share price. Finally, Ralph was instrumental in delivering the acquisition of Credit Suisse under extreme circumstances, to the benefit of both banks and the stability of the Swiss financial system.
UBS Chairman Colm Kelleher said: “Ralph has been an outstanding CEO of UBS, driving the group to unprecedented success despite a challenging environment. Under his leadership UBS built the strengths that have put us in a position to stabilize Credit Suisse and ensure a successful integration. On behalf of the whole Board, I would like to express my deep respect and gratitude for all that Ralph has achieved over the last two-and-a-half years and for his instrumental role in delivering the Credit Suisse deal, as well as his understanding of the current situation and willingness to step down. While the acquisition will support UBS’s existing strategy, it imposes new priorities on us. With his unique experience, I am very confident that Sergio will deliver the successful integration that is so essential for both banks’ clients, employees and investors, and for Switzerland. I know Sergio will hit the ground running.”
Ralph Hamers said: “Integrating Credit Suisse is UBS’s single most important task and I am confident that Sergio will successfully guide the bank through this next phase. I am of course sorry to leave UBS, but circumstances have changed in ways that none of us expected. I am stepping aside in the interests of the new combined entity and its stakeholders, including Switzerland and its financial sector – it has been a pleasure and privilege to lead this great bank to where it is today. I would like to thank Colm and the Board for their support and guidance, and I wish Sergio every success. I will support him during a transition period and I know he will lead UBS very effectively in the interests of all.”
Sergio P. Ermotti said: “I am honored to be asked to lead this bank at a time that is so important for all its stakeholders and for Switzerland. I would like to express my gratitude to Ralph for steering UBS so successfully. The task at hand is an urgent and challenging one. In order to do it in a sustainable and successful way, and in the interest of all stakeholders involved, we need to thoughtfully and systematically assess all options. I am conscious of the uncertainty many feel and I promise that, together with my colleagues, our full attention will be on delivering the best possible outcome for our clients, our employees, our shareholders and the Swiss government.”
The Securities and Exchange Commission proposed amendments designed to modernize its information collection and analysis methods by, among other things, proposing that a number of filings be submitted to the Commission electronically on EDGAR using structured data where appropriate.
Under current rules, registrants are required to file or otherwise submit many Exchange Act forms, filings, or other submissions in paper form. During the COVID-19 pandemic, many submissions were made in electronic rather than paper form, which was generally well received.
As part of its efforts to modernize the methods by which it collects and analyzes information from registrants, the proposed amendments would require registrants to make these submissions to the Commission electronically.
“We live in a digital age. In 2023, one might think that all filings to the Commission already could be made electronically. That’s not yet true,” said SEC Chair Gary Gensler. “We have the important opportunity to require electronic filing for nearly all of the remaining paper filings required under the Exchange Act. I believe the proposal, if adopted, would save both registrants and the Commission time and resources.”
Specifically, the proposed amendments would require the electronic filing, submission, or posting of certain forms, filings, and other submissions that national securities exchanges, national securities associations, clearing agencies, broker-dealers, security-based swap dealers, and major security-based swap participants make with the Commission.
The proposed amendments would also make certain amendments regarding the Financial and Operational Combined Uniform Single (“FOCUS”) Report to harmonize it with other rules, make technical corrections, and provide clarifications. In addition, the proposed amendments would require withdrawal of notices filed in connection with an exception to counting certain dealing transactions toward determining whether a person is a security-based swap dealer in specified circumstances.
The public comment period will remain open for 30 days after publication in the Federal Register or until May 22, 2023, whichever is later.
Vontobel Asset Management has appointed Ignacio Pedrosa as Head of Latin America and US Offshore.
With 25 years of experience in distribution for asset and wealth management, Ignacio Pedrosa will be responsible for expanding and strengthening Vontobel’s partnerships in LatAm and US Offshore.
He joins Vontobel in its Miami office from BTG Pactual, where he was responsible for third party distribution and servicing institutional investors across LatAm and US Offshore.
Prior to that, he held senior-level positions at various investment firms in Madrid, including Tikehau Investment Management, EDM Asset Management and Bestinver Asset Management. He holds a Bachelor’s in Economics from the Universidad San Pablo-CEU in Madrid.
Additionally, Molly Katherine McVeigh, who has been with the firm since 2020 and a key contributor to business development and enhancing the client experience, will expand her relationship management responsibilities for LatAm and US Offshore.
“These appointments reinforce our client-centric priorities for growth in the US and the broader Americas regions, as well as our engagement with global banks,” said José Luis Ezcurra, Head of the Americas. “We are pleased to have Ignacio and Molly in these strategic roles, driving our commitment to providing quality solutions to investors and distribution partners.”
Vontobel has established its global success through differentiated investment expertise, bringing long-term solutions to investors in the Americas since 1984. Founded as a single boutique offering in the US, the firm has advanced its presence across the Americas as a multi-boutique manager with specialized investment solutions across asset classes to meet investors’
growing demands, the firm added.
Photo courtesyPaula Campbell Roberts Chief Investment Strategist at KKR
KKR announced the appointment of Paula Campbell Roberts as Chief Investment Strategist for Private Wealth. In this newly created role, Roberts will work closely with KKR’s Global Macro, Balance Sheet and Risk team to deliver actionable investment insights to KKR’s private wealth partners, which include wirehouses, private banks, independent/regional broker-dealers, registered investment advisors (RIAs) and fintech platforms.
“Investors are rethinking the traditional 60/40 portfolio construction model and are increasingly looking towards alternative investments as a source of uncorrelated returns. Given our nearly five decades of experience investing in alternatives, we believe we are well positioned to help individuals meet their retirement needs,” said Todd Builione, Global Head of Private Wealth at KKR. “Paula’s appointment underscores our commitment to building a market-leading wealth business that brings the best of KKR’s insights and alternative investment strategies to this important and growing segment.”
“Having worked closely with Paula for the past seven years, I am confident that her breadth of experience across macroeconomics, deal related work, and asset allocation will make her a trusted resource to financial advisors and our private wealth investors,” said Henry McVey, CIO of KKR’s Balance Sheet and Head of Global Macro and Asset Allocation (GMAA).
KKR manages nearly $70 billion in private wealth assets (as of December 31, 2022) through relationships with private wealth firms and a large network of Financial Advisors and RIAs, according the firm information.
Currently, individual investors can access KKR’s real estate and credit investments through its continuously offered registered funds, KKR Real Estate Select Trust (KREST) and KKR Credit Opportunities Portfolio (KCOP).
Beyond real estate and credit, KKR has previously stated that the firm intends to have ways for individuals to access its investments in private equity and infrastructure in 2023. KKR expects private wealth assets to account for 30-50% of its annual fundraising over the next several years.
“I am thrilled to work with Todd, Henry and the private wealth team to deepen our relationships with private wealth firms and Financial Advisors by providing differentiated and trusted insights that help them navigate and thoughtfully incorporate alternative investments into their portfolios,” said Roberts.
Roberts was most recently Managing Director and Global Head of Consumer and Real Estate Macro and Thematic Investing (CREM).
In this role, Roberts helped drive thematic investing efforts across KKR’s global real estate, consumer private equity and credit businesses. Prior to joining KKR in 2017, she was an executive director at Morgan Stanley, where she managed coverage of the U.S. consumer sector.
Roberts is a member of the Federal Reserve Bank of New York’sEconomic Advisory Panel. She also serves on the board of the American Friends of Jamaica and is a Lincoln Center Leadership Fellow.
CC-BY-SA-2.0, FlickrReserva Federal de Estados Unidos (Adam Pagen)
The Federal Reserve is “strongly committed to returning inflation to its 2 percent objective” and, in that context, re-announced an interest rate hike despite the banking crisis. The increase is 0.25 points and brings interest rates to 5%.
“The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 4-3/4 to 5 percent. The Committee will closely monitor incoming information and assess the implications for monetary policy,” the statement said.
In addition, the FOMC “anticipates that some additional policy firming may be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time.”
In determining the extent of future increases in the target range, “the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments.”
According to the Fed’s March 22 statement, “recent indicators point to moderate growth in spending and output. Job creation has picked up in recent months and is running at a solid pace; the unemployment rate has remained low. Inflation remains elevated.”
“The U.S. banking system is sound and resilient. Recent developments are likely to result in tighter credit conditions for households and businesses and to weigh on economic activity, hiring, and inflation. The extent of these effects is uncertain. The Committee remains highly attentive to inflation risks,” the monetary authority concluded.
Franklin Templeton announced the appointment of James Andrus as Vice President of Sustainability Global Markets, a newly created leadership role within the firm’s Global Sustainability Strategy Team.
Andrus joins Franklin Templeton from the California Public Employees’ Retirement System (CalPERS), where he served as the Interim Managing Investment Director for Sustainable Investing and led CalPERS’ sustainable investment strategy across its US$443 billion investment portfolio, according the firm information.
“James is deeply experienced in corporate governance and brings a wealth of knowledge and expertise in the effective management of financial, human and natural capital to Franklin Templeton,” said Anne Simpson, Franklin Templeton’s Global Head of Sustainability. “We are committed to building dedicated resources as the profound evolution and increasing complexities related to sustainable investing continue in the industry globally. I am delighted for James to join our growing team as we accelerate our efforts in this important area.”
Based in California, Andrus will oversee execution of Franklin Templeton’s sustainability and stewardship initiatives and serve as an advocate and spokesperson with clients, external organizations, policymakers, regulators and internal stakeholders.
He will manage the firm’s Global Sustainability Strategy Team, which implements the firm’s sustainable investment strategy and consists of professionals located across Europe, Asia and the United States with additional recruitment underway for data, content, stewardship and product roles.
He will also work closely with the firm’s Global Public Policy team. Andrus will report to Simpson, who is responsible for the firm’s overall strategic direction on stewardship and sustainable investment in her role of Global Head of Sustainability. Simpson reports to Jenny Johnson, CEO and President of Franklin Templeton.
“I am excited by the opportunity to join Franklin Templeton, a world-renowned global investment firm with dynamic leaders, at an important point in time to focus on sustainability,” said Andrus. “I look forward to adding value by advancing the sustainable investment priorities and contributing directly to global regulation and policy initiatives while emphasizing enhanced financial information.”
Andrus brings deep industry and regulatory knowledge from his diverse background. Most recently, in serving as Interim Managing Investment Director for Sustainable Investing at CalPERS, he advocated for transparency in the financial markets at the national and international levels to ensure that investors like CalPERS have appropriate regulatory environments for investing their assets. Prior to CalPERS, he was a partner at K&L Gates, a global law firm.
Andrus is an experienced advocate for asset owners as a member of the SEC Investor Advisory Committee, Public Company Accounting Oversight Board (PCAOB) Investor Advisory Group, Financial Accounting Standards Advisory Council (FASAC) and the International Financial Reporting Standards Advisory Council.
He is also co-chair of the Financial Capital Committee of the International Corporate Governance Network (ICGN), representing investors overseeing approximately US$70 trillion.
Andrus is a former U.S. Army officer and a graduate of West Point. He received his J.D. from the University of Texas School of Law.
