Laura Blanco, new head of ESG in Santander WMI, y Augusto Caro, global head of ASG's team in Santander AM. Copyright: LinkedIn. santander
Santander Wealth Management has hired Laura Blanco to lead its ESG unit, which was created last year to support Grupo Santander’s efforts to combat climate change, protect human rights and promote good corporate governance.
Blanco, whohas over 20 years of professional experience, directed Knowledge and Outreach for Impact Investment at Spain’s National Advisory Board since its creation in 2019. She began her career as an equities analyst at UBS before moving to Credit Suisse in 2003. She also worked at Lusight Research, Haitong Securities, Baring Asset Management and Nakatomi Capital.
To further strengthen the team, Blanco has also appointed Ana Rivero as sustainable investment director. She began career at Banif, before moving to Santander Investment Bolsa Sociedad De Valores and then to Santander Asset Management (SAM), where she held several senior roles, including head of Product and Market Intelligence and head of ESG.
Augusto Caro (CFA) joins Santander Asset Management as global head of ESG from Grupo Caixabank. He held a number of senior roles in the Investment team at Bankia AM (pensions, equities and balanced funds), where he also chaired its sustainability committee. He will report to José Mazoy, global CIO of Santander Asset Management.
“We are firmly committed to supporting the ecological transition and helping build a more sustainable world. These appointments will help strengthen our leadership in ESG in Europe and Latin America”, said Víctor Matarranz, head of WM&I, the bank’s asset management, private banking and insurance division.
WM&I aims to raise EUR 100 billion in sustainable funds by 2025. So far, it has raised EUR 27 billion across private banking and its fund manager. The target forms part of Santander’s push to raise or facilitate EUR 120bn in green finance by 2025 and EUR 220bn by 2030; cutting its worldwide exposure to thermal coal mining to zero by 2030; and reduce emissions relating to its power generation portfolio. Featured in the Dow Jones Sustainability Index 2021 for the 21st year in a row, with top marks in financial inclusion, environmental reporting, operational eco-efficiency and social reporting.
Banco Santander’s fund manager has its own ESG analysis team and SRI rating system. It became the first Spanish fund manager to join the global Net Zero Asset Managers initiative, which aims to achieve net-zero CO2 emissions in all AUMs by 2050. Last November, it also announced its target to halve the net emissions stemming from its AUMs by 2030. The targets for net-zero AUMs (which are subject to emissions gauging and metrics) align with the Net Zero Asset Managers initiative. Santander Asset Management became the first Spanish multinational to join the Institutional Investors Group on Climate Change (IIGCC), a European body that promotes collaboration between investors on climate change matters and represents investors committed to a low-carbon future. It is also a signatory to the UN’s Principles for Responsible Investment (PRI).
Pixabay CC0 Public DomainJanus Henderson nombra a Ali Dibadj próximo consejero delegado . Janus Henderson nombra a Ali Dibadj próximo consejero delegado
Janus Henderson today announced that its Board of Directors has unanimously appointed Ali Dibadj as Chief Executive Officer of the Company effective no later than 27 June 2022.
Ali Dibadj joins the Company from AllianceBernstein Holding L.P. where he has served as CFO & Head of Strategy since February 2021 as well as Portfolio Manager for AB Equities since 2017.
Previously, he served as AB’s Head of Finance and Head of Strategy from April 2020 to February 2021. He co-led AB’s Strategy Committee in 2019 and served as a senior research analyst with Bernstein Research Services from 2006 to 2020, a period during which he was ranked as the number one analyst twelve times by Institutional Investor. Prior to joining AB, he spent almost a decade in management consulting, including at McKinsey & Company and Mercer. Mr Dibadj holds a Bachelor of Science in engineering sciences from Harvard College and a Juris Doctor from Harvard Law School.
Richard Gillingwater, Chairman of the Board of Directors, said,“We are pleased to appoint Ali Dibadj as the Company’s next CEO. As part of our CEO transition planning, we conducted an extensive internal and external search to identify an executive who both understands our business and has the necessary strategic expertise to help drive the firm’s next phase of growth for the benefit of our clients and shareholders. The Board is confident that Ali is the ideal choice to lead this great company into its next phase of growth and value creation.”
On the other hand, Ali Dibadj said, “I am delighted to join Janus Henderson and look forward to having the opportunity to lead such a talented group of professionals at an important time for the Company and the industry. I have long admired Janus Henderson’s commitment to deliver for its clients with investment and servicing excellence. The executive team, the Board, and I look forward to identifying, expediting, and capturing growth and innovation that creates value for our clients, employees, shareholders, communities, and all stakeholders.”
Foto cedidaJosé Castellano dará el relevo a Jamie Hammond como responsable de Distribución Internacional de iM Global Partner.. José Castellano abandona su puesto como Deputy CEO y responsable de Distribución Internacional de iM Global Partner
José Castellano, until now Deputy CEO and Head of International Distribution at iM Global Partner, is leaving the firm. As of April 4th, 2022, he will remain as Senior Advisor of the firm.
According to iM Global Partner’s statements to Funds Society, his mission will be to assist the firm in its future developments. Jamie Hammond will take over from Castellano as head of International Distribution.
“Jose has decided to distance himself from the intense daily management required by his role as ‘Deputy CEO, Head of International distribution’. From April 4th, 2022, he will become Senior Advisor of iM Global Partner with the main mission of helping the company in its future developments,” the company explains.
From the firm, they add: “We would like to strongly thank Jose for his very significant contribution within iM Global Partner in building its international distribution network. We are also happy that he has agreed to remain active on behalf of iM Global Partner.”.
Castellano said: “Obviously I also thank Philippe Couvrecelle for envisioning and leading very passionately and successfully this amazing company.”
Jamie Hammond will take over from Castellano as head of International Distribution. Hammond is a veteran and one of the best-known distribution executives in the business, with a great track record and experience, and who fully shares iM Global Partner’s vision and values. He currently heads the firm’s EMEA Distribution area and is Deputy CEO.
Extensive experience
Castellano joined the firm in March 2021 to support iM Global Partner’s development outside the United States. At that time, he joined directly for the dual role of Deputy CEO and Head of International Business Development. He has extensive experience in the sector, having spent 25 years in the distribution business in this industry.
Within his professional career, it is worth highlighting his time at Pioneer Investments, where he spent 17 years and was one of the main distribution executives for the Asia Pacific, Latin America, United States and Iberia regions. Under his leadership, these regions experienced the highest growth worldwide, making the fund manager one of the most important players in each of these markets. Prior to joining Pioneer Investments in January 2001, he was head of Morgan Stanley’s private equity group for two years and head of Wealth Management for another seven years at Morgan Stanley. José Castellano holds a degree in finance from Saint Louis University and several postgraduate degrees from Nebrija University and IE.
Hammond has more than thirty years of experience in the sector. Prior to joining iM Global Partner last summer, Hammond worked at AllianceBernstein Limited (UK) as Managing Director and Head of the EMEA Client Group. He joined AB in January 2016 as head of EMEA Sales, Marketing and Customer Service Functions. Prior to that, he spent 15 years at Franklin Templeton Investments, where his last positions were CEO of UK regulated entities and Managing Director for Europe. He joined Franklin Templeton in 2001 following the acquisition of Fiduciary Trust Company International, where he was Sales Director responsible for mutual fund development in Europe. Prior to that, Hammond held the position of Head of National Sales at Hill Samuel Asset Management, the asset management division of Lloyds TSB Group.
Pixabay CC0 Public Domain. Allfunds lanza nextportfolio3, una nueva versión de su solución de asesoramiento y gestión de carteras orientas a la ESG
Allfunds launches nextportfolio3, a new version ready to meet the industry’s ESG challenges. The continued evolution of this tool reinforces Allfunds’ leading role in the digital transformation of the wealth management industry, the company said.
The third version of Allfunds’ nextportfolio tool, which offers advanced portfolio management solutions to more than 400 global institutions, responds to the high demand from financial institutions for ESG analysis and information. According to them, in this new version of nextportfolio3 users will now benefit from four major services such as ESG reports and filters at fund and portfolio level, so that clients can better direct their investments towards ESG-oriented funds, thus meeting the demand for more sustainable portfolios.
It will also feature a portfolio optimizer by asset allocation and fund selection, which allows firms to adjust their portfolios to achieve optimal allocation and efficiency in line with specific levels of risk; and an advanced risk and return attribution module that helps detect the specific contribution of holdings or assets, and provides information to determine the effectiveness of investment diversification. It also features a new end-client portal and mobile app that offers an excellent user experience with new investment analysis and tracking functionality.
“We are delighted to launch a new version of our nextportfolio solution, building on Allfunds’ 20 years of experience in developing technology products that support asset and wealth management with greater efficiency and agility in response to evolving market dynamics. We have leveraged Allfunds’ deep expertise and access to market data to achieve a stronger and more powerful portfolio analysis tool in nexportfolio3. Analysis and reporting tools have been incorporated with a clear focus on ESG management, helping distributors make the best decisions for their clients,” explained Salvador Mas, Global Head of Digital at Allfunds.
This tool is part of the set of digital solutions of the Allfunds platform available for fund managers and distributors. According to the company, the launch of this new version of nextportfolio proves its commitment to the constant development of its offering, introducing new leading solutions to offer efficiency and growth paths to companies in the midst of the transition to an increasingly digitized industry.
Pixabay CC0 Public Domain. 2022 será un año crucial para los ETFs activos en el mercado estadounidense
2022 will be a transitional year for active exchange-traded funds (ETFs), according to Cerulli Associates. Its latest researchU.S. Exchange-Traded Fund Markets 2021: Reaching a Growing Investor Basefinds ETF industry participants are adamant that the active ETF opportunity is currently the most significant. In this context, as managers look to bring active product to market, they should continue monitoring the various approaches to launch and understand the tradeoffs associated with each.
The research asserts that the transparent active opportunity is most attractive relative to semi-transparent, strategic beta, and passive offerings. 70% of polled ETF issuers are either currently developing or planning to develop transparent active ETFs. With 266 billion dollars in assets encompassing multiple asset classes and a consistent growth trajectory, transparent active ETFs are already a well-built category and development has more recently been spurred by the ETF rule.
However, Cerulli notes that out of 104 billion dollars in active equity exposures, only a sliver is in true active equity products given that a significant portion is allocated to thematic and strategic-beta-like offerings.
The research points out that managers can also be successful with semi-transparent offerings. 50% of polled ETF issuers either are currently developing or planning to develop semi-transparent active ETFs. “Because holdings overlap and the number of holdings between the same product in two structures can vary significantly, this can lead to performance dispersion. This also complicates the cost-benefit analysis, requiring additional diligence from advisors and home offices”, Cerulli explains.
“Managers considering launching active ETFs should also keep an eye on the dual-share-class structure used by Vanguard, which comes off patent in 2023,” according to Daniil Shapiro, associate director. Previous Cerulli research finds that 38% of issuers are at least considering offering products via this structure. “Considering managers’ interest in offering products in a wrapper-agnostic manner, there is certainly some simplicity to be gained from having the same exposure available for sale via two structures—therein avoiding some of the previously referenced concerns about different exposures in what may be expected to be the same semi-transparent ETF,” adds Shapiro.
Cerulli believes that as issuers and legacy mutual fund managers seek to identify their market entry approach—whether via launching transparent or semi-transparent product, a conversion, or dual-share-class structure—many are still taking a wait-and-see approach to see which firms win out while others are placing bets.
“Ultimately, while the transparent active opportunity may be the most significant asset-gathering opportunity, managers can also be successful via semi-transparent ETFs with the right distribution approach. Conversions should be considered in unique circumstances, while developments regarding the dual-share-class structure should be monitored”, concludes Shapiro.
Pixabay CC0 Public Domain. Los dividendos mundiales alcanzaron la cifra récord de 1,47 billones de dólares en 2021
The year 2021 saw a strong recovery in global dividends that more than offset cuts made during the worst of the pandemic, according to the latest Janus Henderson Global Dividend Index. Global dividends soared 14.7% on an underlying basis to a new record high of $1.47 trillion.
According to data from the Janus Henderson index, records were broken in a number of countries, including the United States, Brazil, China and Sweden, although the fastest growth was recorded in those parts of the world that had experienced the largest declines in 2020, notably Europe, the United Kingdom and Australia. Overall rate growth was 16.8%, driven by record extraordinary dividends. In addition, 90% of companies raised or held dividends steady, indicating widespread growth.
“Against the backdrop of the spectacular rally seen in the banking sector and the exceptional cyclical upside in mining companies, it would be easy to overlook the encouraging dividend growth seen in sectors that have made steady rises in recent years, such as technology. We expect many of these habitual patterns to consolidate in 2022 and beyond. The big unknown for 2022 is what will happen in the mining sector, but it is reasonable to assume that dividends in this area will be lower than the record levels of 2021, in light of recent trends in the iron ore, other metals and coal markets. For the full year, we forecast global dividends to reach a new record high of $1.52 trillion, up 3.1% on an overall basis or 5.7% on an underlying basis,” the company’s analysis notes.
Upward revision of the forecast
The exceptionally strong fourth-quarter distributions figures, coupled with the improved outlook for 2022, have led Janus Henderson to upgrade its full-year forecast. In 2022, Janus Henderson expects global dividends to reach a new record of $1.52 trillion, an increase of 3.1% on an overall rate or 5.7% on an underlying basis.
As the report accompanying the release of this index indicates, banks and mining companies were responsible for 60% of the $212 billion increase in payouts in 2021.
Another 25% of the increase responded to the resumption of distributions that companies had halted in 2020. Most of it was due to banks, whose dividends soared 40%, or $50.5 billion, and distributions returned to 90% of their pre-pandemic highs in 2021. In this regard, the manager explains that dividends were boosted by the restoration of payouts to more normal levels, given that regulators had curbed distributions in many parts of the world in 2020.
“More than 25% of the $212 billion annual increase came from mining companies, which benefited from the stellar rise in commodity prices. Record dividends from mining companies reflect the strength of their earnings. The mining sector distributed $96.6 billion over the year, nearly double the previous record of 2019, and ten times more than during the trough of 2015-16. In addition, BHP became the company that distributed the most dividends in the world. However, as a highly cyclical sector, its distributions will return to more normal levels when the commodity cycle turns around,” it notes in its findings.
The global economic recovery allowed distributions from consumer discretionary and industrial companies to grow by 12.8% and 10.0%, respectively, in underlying terms, while healthcare and pharmaceutical groups increased their dividends by 8.5%. Meanwhile, technology companies, whose profits continued to grow relatively immune to the pandemic, added $17 billion in payouts, an increase of 8%. Interestingly, 25% of the increase was attributable to just nine companies, eight of which were banks or mining companies.
Rebound in the United Kingdom and Australia
Geographically, the most accelerated growth in dividends was recorded in the regions where, in 2020, the largest cuts took place, such as Europe, the United Kingdom and Australia.
According to the firm, distributions reached new records in several countries such as the United States, Australia, China and Sweden, although 33% of the upturn came from just two countries, Australia and the United Kingdom, where the combination of increased distributions from mining companies and the restoration of distributions from banks made the biggest contribution to shareholder remuneration growth.
“Much of the dividend recovery in 2021 came from a small number of companies and sectors in a few areas of the world. However, behind these excellent figures, there was widespread growth in distributions both geographically and by sector,” says Jane Shoemake, client portfolio manager in Janus Henderson’s Global Equity Income team.
As Shoemake explains, against the backdrop of the spectacular rally seen in the banking sector and the exceptional cyclical upside in mining companies, it would be easy to overlook the encouraging dividend growth seen in sectors that have made steady gains in recent years, such as technology. “The same goes for geographic trends. The United States, for example, is often ahead of other countries, but in 2021 it recorded slower dividend growth than the rest of the world. This was due to the resilience shown in 2020, so the scope for recovery was now more limited,” he adds.
On its outlook, the manager indicates that many of the long-term dividend growth trends observed since the index’s launch in 2009 will be consolidated in 2022 and beyond. “The big unknown for 2022 is what will happen in the mining sector, but it is reasonable to assume that dividends in this area will be lower than the record levels of 2021, in view of the significant correction in the price of iron ore,” he says.
Commenting on the report’s findings, Juan Fierro, director at Janus Henderson for Iberia, says: “Following the strong recovery in global dividends that we saw over the past year, our 2022 forecasts put payouts for listed companies at a new record of $1.52 trillion – an increase of 3.1% overall or 5.7% underlying. While 90% of companies globally raised or held their dividends stable in 2021, in Spain we have seen this percentage drop to 36%. Despite this, dividends in our country registered an underlying growth of 14.6%, in line with global growth but higher in general terms (+22.5%) thanks to extraordinary payments.”
Fierro believes that, in the current context, “with a turbulent start to the year due to geopolitical tensions and potential changes in central banks’ monetary policy, it will be key to rely on active management and maintain a global and diversified approach in portfolios”.
Foto cedidaIvo Frielink, director de Desarrollo Estratégico de Producto y Negocio y miembro del Comité Ejecutivo de Robeco.. Robeco nombra a Ivo Frielink director de Desarrollo Estratégico de Producto y Negocio y miembro del Comité Ejecutivo
Robeco has announced the appointment of Ivo Frielink as Head of Strategic Product & Business Development and member of the Executive Committee (ExCo), effective 1 March.
Karin van Baardwijk, CEO Robeco, said: “We are very pleased to have Ivo joining the ExCo and taking on this strategic position for our clients and Robeco. It also makes me proud that we are able to fill this position from our own ranks, which underlines the strength of our organization. Having worked closely with Ivo in the past, I have full confidence that the experience and insights he has gained over his extensive career will be a great asset that we can all profit from.”
Mr. Frielink, currently Regional Business Manager APAC at Robeco Hong Kong, will in his new role be responsible for further aligning Robeco’s product offering with its key commercial priorities and focus, as well as adding capabilities that complement the company’s current offering and drive Robeco’s strategic agenda.
He started his career at Price Waterhouse Coopers in 2000 and moved to Robeco in 2005, where he held different roles including Corporate Development. At the end of 2017, he moved to NN Investment Partners, where he served as Head of Product Development & Market Intelligence. After just over two years, he returned to Robeco, where he was appointed Regional Business Manager for APAC at Robeco Hong Kong.
Ivo Frielink, Head of Strategic Product & Business Development: “Having spent the majority of my career at Robeco, I am honored to be taking on this important position and working together with the ExCo members and all the different teams within Robeco. I look forward to connecting with and supporting our clients to achieve their financial and sustainability goals by providing superior investment returns and solutions. With Sustainable Investing, Quant, Credits, Thematic and Emerging Market Equities we have a strong suite of capabilities, and I look forward to aligning this even further with what our clients are looking for and where we can add value to them.”
2021’s value rally was spurred by optimism over ‘re-opening’ but came to an abrupt halt with the arrival of the Omicron variant. NN Investment Partners believes that the value rotation in play since the start of 2022 should not only have more longevity, but is likely to be broader in scope. An environment of higher interest rates and inflation should favour new sectors such as financials, energy and materials rather than just the “COVID recovery” names. Dividend strategies should thrive in this climate, but investors should be wary of “bond proxies”.
“Last year’s value rally lifted ‘deep value’ stocks particularly in the more challenged sectors such as travel, airlines and leisure. But many do not pay dividends because of weak cash flows and pressured balance sheets. This year, as markets become more volatile and less directional, the dividend factor could become important once again. Over time in Europe, dividends have provided investors with around 40% of their total returns”, says Robert Davis, Senior Portfolio Manager in the European Equity team of NN IP.
Value versus growth
The asset manager’s latest analysis shows that value investing has been out of favour since the Financial Crisis of 2008 with low interest rates and the effects of quantitative easing driving high valuations for growth companies. However, as inflation and the prospect of higher interest rates weigh on investors’ decision-making, we may be at an inflection point.
After a false-start earlier in 2021, value strategies have now outpaced growth strategies since November last year, with the technology sector – and particularly the more speculative stocks within it – taking a tumble.
Historically, the dominance of one investment style over the other can last for many years before a reversal occurs. The famous value rally that started in the mid-70’s lasted almost two decades before growth took over in a run that ended with the “dotcom” boom and bust. The most recent growth cycle started with the resolution of the Financial Crisis as central banks used unconventional monetary policies to depress interest rates and attempt to kick-start economic recovery.
The result has been extreme dispersion between the valuations of growth and value stocks, surpassing the levels seen at the peak of the late-90’s technology bubble. These valuation extremes have made the style performances susceptible to a reversal, and the change of central bank policy in the face of growing risks from inflation has provided the catalyst for this to take place.
A different flavour
At NN IP they believe this year’s value rotation is likely to have a different flavour. In this sense, they point out that there have been two legs to the value rally. The first occurred after the success of the vaccination programmes as economies started to reopen. That particularly helped companies who had seen demand shut off, or had experienced severe disruption to supply chains. “We think this year’s rotation is different – we’re seeing the consequences of inflation and the winners and losers from this environment are a different set of stocks”, warns Davis.
“Financials, for example, will benefit from higher interest rates. With low, or even negative rates, it places a lower bound on the spread between the interest rates banks can charge and receive for lending and borrowing, and this has seen their profit margins under pressure. As rates rise, so should banks’ profitability. Energy and materials stocks have also been clear beneficiaries of strong demand for their underlying commodities”, he adds.
Together with the better performance from these sectors which traditionally pay higher dividends, NN IP highlights that dividend strategies should have other advantages in the current environment. For income-focused investors, there is a level of inflation protection built-in as dividends should rise with company earnings. And as markets become more volatile and less directional, the one element of total return for equities over which there is good visibility is the dividend payout. In a mature market like Europe, dividends comprise around 40% of total returns over the long run.
Dividend approach
However, the asset manager thinks that it is not enough to target high yielding stocks. “Bond proxies”, defined as companies in sectors characterised by steady but slow earnings growth and therefore stable dividends, may see their yield advantage eroded with inflation and higher interest rates. This may be holding back sectors such as healthcare, where drug pricing is fairly independent of economic trends with the risk that dividend growth lags increases in inflation. In other stocks, the highest dividend yields may be a sign of distress and are best avoided: an indication that the market thinks the company will be unable to sustain current levels of payout.
NN IP’s focus is on quality dividends paid by companies generating growing cash flows and with a track record of returning cash to shareholders, but also reinvesting for growth. Today, this also requires finding companies with strong pricing power that can pass on higher input costs to customers.
Davis reveals that within the consumer space, they’ve been increasing exposure to the luxury sector: “Whereas food producers may be struggling to pass on higher input costs like energy and agricultural commodities, luxury goods companies appear to have few problems increasing the price of a designer handbag or high-end watch by another 10%”.
This focus on quality also allows the fund to integrate environmental, social and governance metrics. ESG can be difficult for Value and Dividend funds which can be skewed towards “old economy” businesses. “We target a lower CO2 intensity than our benchmarks. By owning better ESG-rated and lower polluting companies in our strategies we can even run an overweight in sectors like energy while maintaining a lower CO2 footprint than the broad index”, he concludes.
Pixabay CC0 Public Domain. ¿Será 2022 un año más “débil” en términos de negocio para las gestoras?
After a positive 2021 for European asset management driven by the recovery and strong risk appetite, the analysts of Bank of America think 2022 will be more challenging given conflicting messages on markets, growth, inflation, rates and COVID. In their last report, they reveal that they are taking a defensive approach at this stage in the cycle.
Sector valuation of 14x 2022 PE is optimistic as it is above the long-term average and implies 2021 trends continuing. The research shows that although a yield of 5% is supportive, there is downside risk to ratings given the long-term correlation between markets, flows and valuation. “We prefer to be defensive at this stage in the cycle and favor stocks benefiting from structural growth (passives, private assets), absolute/total return exposure, stable asset bases (wealth) and proven cost control”, it says.
Structural growth drivers
After rising 45% in 2021, Bank of America expects sector earnings to fall 5% in 2022 as operating margins compress by 1-2pp on cost growth normalization post lockdown, lower performance fees from cyclically high levels, and “slower net new money growth”. In this sense, their strategists forecast 3% net flow growth in 2022from 4-5% in 2021. “Given the pro-cyclicality of the sector and expected market pressure, there is also downside risk to valuation. We expect a wide valuation range between those with inflows and those without”, they add.
As for the key themes of the year, the report highlights four, starting by the continued structural growth for private assets as rates remain near historically low levels and investors seek higher returns through an illiquidity premium. The second one is increasing demand for absolute/total return through hedge funds to preserve capital and diversify in light of market risks.
The last trends into 2022 would be a rotation back to passive funds (including ESG) after a strong year for active; and importance of cost management to maintain operating margins given top-line pressures.
The analysts of Bank of America don’t forecast a negative scenario, but expect structural growth drivers to outweigh cyclical in 2022 as macro uncertainty rises and market beta comes under pressure. In this sense, they favor high quality, defensive stocks; and highlight that their buy ratings have average 27% total return potential.
“Our top picks are alternative & private asset managers, Italian asset gatherers and diversified firms with leading passive exposure. Our underperform ratings are ABDN, JUP and ASHM which face outflow pressure. We think their multiples are capped until flows inflect. We have Neutral ratings on SDR, DWS, N91 and Baer”, they conclude.
Foto cedidaSophie Del Campo, responsable de distribución para el Sur de Europa y Latam de Natixis IM. . Natixis IM nombra a Sophie Del Campo responsable de distribución para el Sur de Europa y Latam
To increase proximity with local clients and partners and meet 2024 development ambitions, Natixis Investment Managers (Natixis IM) continues to execute on its strategy to strengthen key business regions. In this context, the asset manager has announced the appointment of Sophie Del Campo as Head of Distribution for Southern Europe & LATAM.
In her new role, she will be responsible for expanding Natixis IM’s footprint in the Southern Europe & LATAM region andwill oversee Iberia, Italy, LATAM and US Offshore. She is based in Madrid and reports to Joseph Pinto, Head of Distribution for Europe, Latin America, Middle East and Asia Pacific, at Natixis IM.
“Sophie’s appointment contributes to reinforce our regional capabilities and reflects our commitment to keep closer to our clients and better meet their specific needs. Since she joined Natixis IM in 2011, Sophie has achieved significant milestones. She successfully led our development in Spain, she drove our expansion in Andes, Southcone, US Offshore, and more recently in Brazil”, commentedPinto.
He also claimed to be confident that Del Campo’s “strong leadership and experience” in business development across countries and client segments will help her to succeed in her new role and to achieve their ambitions in the Southern Europe & LATAM region.
Meanwhile, Del Campo said she is pleased to take on more responsabilities: “I am looking forward to pursue our goals, together with my team. Our purpose in Southern Europe & LATAM is to deliver high quality services to our clients and offer them the investments that suit their long-term requirements. We’ll accomplish that, by following a selective and diversified development strategy, leveraging on the high-value solutions from our affiliated investment managers. We’re committed to further expand into the Retail & Wholesale market through strategic distribution partnerships, and to increase our portfolio of large accounts”.
Del Campo has 20 year experience in the asset management and financial industry. She started her carreer at Deloitte Consulting Group and then worked at ING Direct to develop a mutual funds broker-on-line in Spain. In 2001 she joined Amundi in Spain where she led the wholesale distribution until 2006, and she became Head of Distribution for the Iberian market. From 2008 to 2011, she was Head of Spain and Portugal at Pioneer Investments. Del Campo was most recently Head of Iberia, US Offshore and LATAM at Natixis Investment Managers. She holds an Master in Finance from IEP Paris, and a Master Degree in Economy from the University of Sorbonne Paris.
