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Cristina Acosta and Daniela Emanuele Join Bolton Global

International wealth advisor Cristina Acosta recently joined Bolton Global Asset Management, the registered investment adviser affiliate of Bolton Global Capital.

With a career spanning more than 25 years managing ultra-high net worth individuals and families from Latin America, and hundreds of millions of assets under advisement, Acosta has developed an exemplary boutique investment advisory practice serving family offices and notable international clients, the firm said.

“Cristina’s experience, dedication to holistic investment advice and client-centered approach, make her a perfect fit for our team of highly successful financial advisors. We look forward to watching Cristina further expand her business on Bolton’s platform.” said Bolton’s CEO Ray Grenier.

Acosta has branded her independent investment advisory practice as 5E Wealth, focused on wealth and investment management services with an integrated service model and unique approach to wealth consulting. Acosta also plans to continue developing more educational programs for women investors under her 5E WealthLab brand, in collaboration with other professionals in the industry.

Prior to joining the Bolton group, Acosta held senior-level positions at prominent international wealth management firms like Crescendo Group from Geneva, Boreal Capital Management in Zurich, served as Senior Private Banker at UBS Wealth Management Geneva, and as Jr. Banker at J.P. Morgan Private Bank, New York. Acosta’s career has taken her to live and work in tier-1 banking and finance communities such as Boston, Luxembourg, New York, Geneva, Zurich, and most recently, Miami.

Acosta holds a Bachelor of Science degree in International Business and Finance from Northeastern University in Boston, Massachusetts, where she graduated Cum-Laude. She further holds a Series-65 license and certificates in Circular Economy and Sustainability Strategies, from University of Cambridge, and Women Leaders Activating Change, from Babson College

Acosta is based at Bolton’s Miami office located at the Four Seasons Tower on Brickell Avenue.

An integral member of Acosta’s team worthy of mention is Daniela Emanuele. Originally from Argentina, Emanuele joins as acting Chief Operating Officer and Director of Client Services for 5E Wealth, bringing with her more than 20 years of experience in wealth management and private banking in the Latin America region. Before joining 5E Wealth, Emanuele worked at investment advisory boutiques located in Miami, where she was instrumental in managing operations and overseeing client relationships. Prior to this, Emanuele worked at EFG International and Credit Agricole as a relationship manager and at Royal Bank of Canada Private Bank (RBC), where she started her career in 1999.

Emanuele holds a Bachelor’s Degree in Business Administration with a minor in International Business from Florida International University (FIU). She holds a Series 65 license and a FLA Health and Life and Annuity insurance license in the state of Florida.

Activest Welcomes Eduardo Brender to Its Team in Aventura

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Activest announced the addition of Eduardo Brender to its team of financial professionals. With over twenty years of experience in the field, Brender brings a wealth of expertise and a proven track record of success to the company, the press release said.

“As a seasoned Financial Advisor, Brender has worked in various areas including wealth management, alternative investments, asset management, fixed income, and financial planning. His deep understanding of these sectors will undoubtedly enhance Activest’s ability to meet and exceed the needs of its clients”, the firm added.

Brender has been recognized as one of Forbes’ Best-In State Wealth Advisors for four consecutive years (2021, 2022, 2023 y 2024) underscoring his exceptional achievements and commitment to excellence. He holds an MBA from Babson College.

“We are delighted to welcome Eduardo Brender to the Activest team,” said Isaac Wakszol, Founder at Activest. “His extensive experience and outstanding reputation in the industry make him a valuable addition to our firm. We are confident that Eduardo’s expertise will contribute significantly to our continued success and further strengthen our position as a leader in financial services.”

Eduardo Brender expressed his enthusiasm for joining Activest, stating: “After careful consideration, I chose Activest because it offers a platform where I can provide enhanced service to my clients, supported by an exceptional team. Now, with the ability to work independently with any custodian, we can truly tailor our solutions. I eagerly anticipate collaborating with my colleagues to deliver exceptional Family Office services and innovative solutions to our clients.”

About Activest

Activest is a leading financial services firm dedicated to providing tailored solutions and personalized guidance to help clients achieve their financial goals. With a team of experienced professionals and a commitment to excellence, Activest offers a comprehensive range of services including wealth management, investment advisory, retirement planning, and more.

Activest’s comprehensive portfolio includes an array of open architecture investment products, such as funds, stocks, bonds, and alternative investments. Its robust investment committee leadership is revered for generating top-tier research and delivering premier market insights. In addition, Activest offers strategic financial analysis and comprehensive portfolio analysis, equipping investors with critical tools to make informed decisions.

Activest Wealth Management is a registered investment adviser with the SEC, offering tailored and transparent financial advice through a group of experienced professionals. With over $2.5 billion assets and more than 200 families across 10+ countries, Activest is revolutionizing independent wealth management with its comprehensive and fully integrated platform, according the firm information.

iCapital® Introduces its First Model Portfolio for Alternative Investments

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Vanguard and actively managed ETF — Pixabay CC0 Public Domain

iCapital announces the introduction of iCapital Model Portfolios for more than 100,000 U.S. Financial Advisors.

The advisors who use iCapital’s platform can now access the first model portfolio, iMAP (iCapital Multi-Asset Portfolio), with additional portfolio models set to follow in the coming months. Paired with iCapital’s portfolio construction tool, Architect, advisors will be able to run an analysis to easily evaluate the impact of incorporating alternative investments alongside traditional portfolio holdings.

“We are excited to introduce iCapital Model Portfolios, an innovative application for wealth managers to incorporate alternative investments into their clients’ portfolios,” said Lawrence Calcano, Chairman and CEO of iCapital. “As demand grows, iCapital will continue to work with leading alternative asset managers to design and curate additional outcome-based models.”

The Model Portfolios by iCapital are designed to assist with asset allocation within alternative investments and identify top-tier products that fit those allocations. Developed using quantitative analysis by iCapital’s research and due diligence team, the Model Portfolios suite offers a comprehensive and flexible way for financial advisors to include these investments in their practice. The Multi-Asset Portfolio easily provides a balanced alternative investment allocation across five funds from top-tier managers in private equity, private credit, and real assets, the firm adds.

The first portfolio available, iMAP, is a balanced portfolio “that combines income and growth through private markets investing”, the press release says.

It aims to generate total returns with reduced volatility and fewer drawdowns than traditional asset classes, helping to manage market stress more effectively. The portfolio simplifies the entire process, from due diligence and manager selection to investment, construction, and ongoing monitoring.

Wirehouses Are Not the Only Channel Combatting Financial Advisor Movement

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Over the past decade, the fastest rate of growth in advisor headcount has occurred among firms in the independent registered investment advisor (RIA) channels, largely at the expense of wirehouse firms. However, the independent broker/dealer (IBD) channel also is facing an exodus to the RIA channels, according to the latest Cerulli Edge—U.S. Advisor Edition.

Cerulli’s research finds nearly one-third of IBD advisors (32%) have considered opening an RIA in the past 12 months. Factors such as a higher payout, the ability to create enterprise value in an independent business, greater autonomy, and a desire to create a more personable culture are fueling their interest.

When it comes to joining an RIA, advisors are mixed on their preferred affiliation model and require education on the logistics involved in various options. More than one-third of IBD advisors who considered establishing an RIA in the past year (36%) may retain affiliation with their current B/D’s RIA platform but still would consider other options. Another 33% are unsure of their RIA affiliation preference and need additional information to understand which model would be the best fit for their practice.

In considering the transition to an independent or hybrid RIA, nearly half of advisors (46%) view the greater operational responsibilities associated with running an RIA as a major concern. Navigating factors such as staffing, technology, and compliance can weigh heavily on IBD advisors making a move to full independence.

The decision for an advisor employed by an independent B/D does not come without careful consideration.

“Departing an employee B/D is a daunting task for advisors who have spent their careers with this type of affiliation,” says Andrew Blake, associate director. “Added accountability and the unfamiliar economics leave many new RIAs feeling spread too thin and unable to grow their practice as they had expected. For asset managers distributing in the RIA and IBD channels, offering business consulting resources that can help advisors work through these challenges will be meaningful for developing a long-term partnership.”

High-net-worth Investors Have Large Cash Holdings and Could Miss Out on Market Opportunities

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The 78% of global high-net-worth (HNW) investors currently have relatively large cash holdings, according to a survey by Capital Group, the world’s largest active fund manager, with assets under management of more than US$2.5 trillion.

Reserved about getting invested, almost half (48%) of the HNW investors now consider bonds to be as risky as equities. Among the reasons cited for concern over the next 12 months include a fear of higher volatility (60%), faster inflation (56%) and rate increases (41%).

“It’s easy to be parked in cash, but we believe that perhaps the biggest market risk today is holding excess cash. Cash rates historically decay quickly after the peak in central bank rates, hence for high-net-worth investors, having too much cash in a portfolio could hinder their long-term wealth generation”, comments Alexandra Haggard, Head of Asset Class Services, Europe and Asia, Capital Group.

While geopolitics is seen as a major risk, causing 55% of investors to be increasingly uncertain about where to invest, there is longer-term optimism:

63% plan to invest more in equities over the next 12 months, with one-third citing good value as a reason for the increase.
Investors are considering increasing allocations to bonds (49%) within a year, with a bias towards higher quality fixed income.
90% of HNW investors favour government bonds, 85% favour high yield bonds and 84% veer towards investment grade corporate bonds.
Among the HNW investors surveyed, 58% expect fixed income and equities to be less risky than cash as they can beat inflation over the next ten years.

Scott Steele, Fixed Income Asset Class Lead, Europe and Asia, Capital Group, adds, “Despite the macro uncertainty, this environment still presents opportunities for long-term investors focused on fundamentals. Bonds play a central role in a well-diversified portfolio and the expansive global fixed income market presents broad sources of yield, risk factors, and returns. The return of income to fixed income means that investors can benefit from putting cash to work in high quality bonds with attractive yield for potential future income.”

Fed Keeps Rates at 23-Year Highs

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The Fed culminated a new FOMC meeting on Wednesday with the announcement that the market was already predicting and kept interest rates in the range of 5.25% and 5.5% in order to control inflation.

“The Committee decided to maintain the target range for the federal funds rate between 5-1/4% and 5-1/2%,” the Fed said in its statement.

The monetary authority commented that recent indicators suggest that economic activity has continued to grow at a good pace, employment growth has remained strong and the unemployment rate has remained low. However, they qualified that inflation has declined over the past year, but remains elevated.

“In recent months, no further progress has been made toward the 2% inflation target set by the FOMC,” the Fed commented, adding that the economic outlook is uncertain.

As has become customary, the FOMC statement cautions that it will carefully evaluate economic parameters when considering any adjustment to the target range for the federal funds rate.

In addition, it will continue to reduce its holdings of Treasury securities and agency debt and agency mortgage-backed securities. Beginning in June, the Committee will slow the pace of decline in its securities holdings by reducing the monthly limit on Treasury securities redemptions from $60 billion to $25 billion.

The FOMC will maintain the monthly redemption limit on agency debt and agency mortgage-backed securities at $35 billion, and will reinvest any principal payments in excess of this limit into Treasury securities.

The market was already expecting this decision and analysts are assuming that the Fed will not lower rates until December of this year.

BBVA Officializes Merger Proposal to Banco Sabadell to “create a European leader”

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In a letter addressed to the Board of Directors of Banco Sabadell, BBVA states that merging the two entities would create the most compelling industrial project in European banking. In this sense, the firm highlights the benefits of the merger for both entities, their shareholders, employees, clients and the communities in which they operate.

Firstly, the new entity would create one of Europe’s largest and most robust financial entities, boasting over one trillion euros in assets and serving more than 100 million clients worldwide, with the ambition of becoming the largest bank by market capitalization of the Eurozone, the statement said.

The larger scale would allow the new entity to face the structural challenges of the sector in better conditions and reach a greater number of clients, efficiently addressing investment needs associated with digital transformation. The combined entity would be more solid and efficient, and a benchmark in the market by volume of assets, loans and deposits.

On the other hand, BBVA highlights the strategic fit and complementarity of both companies, with Banco Sabadell being the benchmark in Spain in the business segment and, like BBVA, a leading entity in digitalization and sustainability.

In addition, Banco Sabadell’s presence in the United Kingdom would add to BBVA’s global scale and its leadership in Mexico, Turkey and South America. For all these reasons, the merged entity would be the best financial partner for families and companies, with a better product offering and a greater global capacity to accompany companies in their international expansion.

Ultimately, the capacity of the new entity to provide credit to the real economy would be amplified – with an estimated future impact of an additional 5 billion euros per year – as such contributing significantly to the process of transformation, innovation and decarbonization of the society. The creation of a stronger and more profitable entity would further support the society in the form of greater contribution via taxes and increasing and attractive shareholders’ distributions.

BBVA also shows its commitment to preserving the best talent and culture of both entities, and proposes several key measures: i) Formation of an integration committee with representatives of both organizations, in order to design the best integration process, leveraging the talent of both entities; ii) Respect, in all cases, the principles of professional competence and merit in the integration of the workforce, without the adoption of traumatic measures that singularly affect employees of one of the two entities; iii) Configuration of the management team of the merged entity with executives from both banks, once again based on principles of professional competence and merit, seeking to maintain proportionality based on the relative weight of the businesses; iv) Creation of an advisory council for Spain that would have institutional and commercial relevance and would include current directors and executives of both entities.

Regarding the governing bodies of the merged entity, BBVA proposes the incorporation to the Board of Directors, as non-executive directors, of 3 members of the current Board of Directors of Banco Sabadell, selected by mutual agreement, with one of them occupying a vice presidency position.

On the other hand, while the company name and brand would be those of BBVA, the joint use of both brands would be maintained in those regions or businesses in which it may have a relevant commercial impact.

Financial terms of the proposal

In relation to the financial terms, the proposed exchange ratio is very attractive for Banco Sabadell shareholders: 1 newly issued BBVA share for every 4.83 Banco Sabadell shares, which represents a 30% premium over the closing prices of April 29th; 42% on the weighted average prices of the last month; or 50% of the weighted average prices of the last three months. After the merger, Banco Sabadell shareholders would have a 16% stake in the resulting entity, thus additionally benefiting from the value generated by the operation.

The proposed merger would also clearly create value for BBVA shareholders. According to BBVA estimates, this transaction is accretive in earnings per share (EPS) from the first year after the merger, achieving an EPS improvement of approximately 3.5% once the savings associated with the merger are materialized. These savings are estimated at approximately 850 million euros before taxes. Additionally, the tangible book value per share would increase around 1% on the date of the merger. The operation would offer a high return on investment (ROIC² close to 20% for BBVA shareholders). All of this with a limited impact on CET1 of approximately -30 basis points³ at the time of the merger, while maintaining BBVA’s attractive shareholder distributions’ policy.

Vontobel Strengthens US Distribution Team With Two New Hires

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Nuevos codirectores en Barings — Pixabay CC0 Public Domain

Vontobel has appointed Donald Gentile and Mariana Zubritski-Corovic as National RIA Sales and Consultant Relations Manager, respectively. These newly created roles support the firm’s client-focused commitment and expanded direct distribution efforts.

Donald Gentile will be responsible for building and strengthening client relationships, focused primarily on distributing Vontobel’s mutual fund and SMA offerings to the RIA market across the US. Prior to joining Vontobel, Gentile spent more than 20 years at Putnam Investments, where he held various senior roles in sales and marketing, including most recently as director of RIA sales.

Mariana Zubritski-Corovic will focus on strengthening the firm’s consultant engagements. With nearly 20 years of global institutional experience, Zubritski-Corovic joins Vontobel from Dimensional Fund Advisors, where she led several global consultant relationships. Previously, she was at Mercer Investment Consulting, where she worked in both the US and Canada in various roles including field consultant, as well as strategic research and investment analyst.

“Mariana and Donald have a strong track record working closely with clients to bring them tailored investment solutions, and share our client-centric and investment-led values,” said José Luis Ezcurra, Head Institutional Clients Americas. “At Vontobel, we are committed to enhancing our presence in the US with a solutions-oriented approach across asset classes, helping investors meet their long-term financial goals.”

These hires support Vontobel’s continued growth strategy in the US. On April 22, 2024, Vontobel launched a new addition to its mutual fund suite, further bolstering the firm’s direct distribution to US intermediaries.

The U.S. Economy Is Doing OK

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Brian McMahon, Vice-Chairman and Chief Investment Strategist at Thornburg, shared his market views for 2024 at the Thornburg Spring Due Diligence Conference in Santa Fe. These are some of the take outs of his presentation, which in a nutshell highlights that the US economy is basically doing OK. This is quite an affirmation, coming from McMahon, who is truly one of the who’s who professionals of investments having been in the market for over 40 years.

Likelihood of a Recession

McMahon noted that the consensus predicts a 35% chance of a recession in the next year, down from over 60% odds a year ago. He cited positive economic data like high job openings and low unemployment as reasons he doesn’t see the ingredients for a classic recession.

Demographics and Economic Growth

Demographics have played a significant role in US economic growth over the past few decades. McMahon pointed out that the US population has grown by 57 million people in the last 22 years, partly due to live births exceeding deaths but mostly due to immigration. This population growth, particularly immigrants, has been crucial for economic activity and job creation in the US.

Concerns about US Government Spending and Deficits

Brian McMahon raises concerns about the level of US government spending and deficits. He notes that government receipts have declined as a percentage of GDP while outlays have increased above 20% of GDP. For the politically minded, he also points out that the trailing 5-year growth rate of spending was 12% under the last Trump administration, compared to only 1% for receipts. With high deficits, the US is issuing significant amounts of new Treasury debt each year that investors need to absorb, now that the FED has stepped back from buying bonds. The investors are individuals, advised by financial advisors, and the new debt will be absorbed mostly through mutual funds and ETFs.

Composition of Ownership of Stocks in US

Households have consistently owned around 60% of US equities, though the composition has changed over time from direct ownership to mutual funds to now ETFs surpassing mutual funds. Pension funds have been net sellers of equities in recent decades as they have more retirees to pay out to and need to shift to less risky assets. Mutual funds have been small net sellers overall, with passive ETFs and index funds being big net buyers and active funds being large net sellers. And corporations, through share buybacks and mergers/acquisitions, have been the largest net buyers of equities. McMahon notes share buybacks have supported market returns, and they are a very good thing for investors.

Economic Indicators Suggesting Continued Strength in US Economy

Some of the economic indicators that currently suggest continued strength in the US economy include high levels of job openings relative to unemployment benefit recipients, wage growth trending above the 30-year average, positive retail sales growth in line with historical averages, strong employment levels that have surpassed pre-COVID highs, and double-digit expected earnings growth for the S&P 500 over the next two years.

In summary, McMahon’s presentation highlighted the continued strength of the US economy, with positive economic indicators and a low likelihood of a recession in the next year. However, he also raised concerns about US government spending and deficits, and the changing composition of ownership of stocks in the US.

Institutions and Wealth Managers Favour Fixed Income over Equities

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A new research from Managing Partners Group (MPG), the international fund management group, shows professional investors believe fixed income is becoming more attractive than equities over the next 12 months.

The 94% questioned in the global study with institutional investors and wealth managers holding assets of $114 billion under management say fixed income is more attractive with 17% saying it is becoming significantly more attractive.

The research by MPG found growing worries about a global recession and increased volatility in the equity markets plus increased correlation between bonds and risk assets is driving the shift in views.

US investment grade and European investment grade fixed income assets are likely to be the biggest beneficiaries of institutional investors and wealth managers increasing their exposure to fixed income but all asset classes will benefit as the table below shows.

Professional investors still believe there is a possibility of a bond rally if major economies slip into recession. Around 20% believe a bond rally is very likely in the next 12 months rising to 42% saying a bond rally is very likely over the next 24 months.

Around 79% think a bond rally is quite likely in the next 12 months while 57% believe it is quite likely over the next 24 months.

They have little or no correlation to equites or bonds and currently deliver an inflation busting yield of 12%. Also, MPG says alternative asset classes in general are set to benefit from increased diversification as investors look for reasonable returns while equities are set for a tough year ahead.