Foto cedidaFrançois Pauly, nuevo CEO del Grupo Edmond de Rothschild.. François Pauly, nombrado CEO del Grupo Edmond de Rothschild
Following the Edmond de Rothschild Group’s Board meeting on June 4, François Pauly has been named Group CEO. He had previously served as a member of the boards of directors of Edmond de Rothschild (Suisse) and of its Luxembourg subsidiary. The composition of the Group’s Executive Committee remains the same.
In a press release, the company explained that the nomination of Pauly, a recognised financier with long experience at the head of major private banking firms, including at a global level, will ensure continuity in the Group’s strategy, as he has been involved in all strategic decisions for the past five years. This appointment was planned for and follows Vincent Taupin’s desire to retire.
Ariane de Rothschild, chairwoman of the Board of Edmond de Rothschild (Suisse), revealed that she wanted to call on Pauly as a successor because, in addition to his “remarkable talent” and professional experience, he has a “detailed knowledge” of the Group, its strategy and the challenges ahead. “I sincerely thank Vincent for the work he has done over the last few years to transform and develop the Group and to attract numerous talents. I am delighted that we can continue to benefit from his presence on the boards of Edmond de Rothschild (Europe) and of our private equity structure”, she added.
Pauly has spent his career in the financial sector, occupying various international and management positions. From 1987 to 2004, he occupied senior management positions within the Dexia banking group in Luxembourg, Italy, and Monaco. In 2004, he joined Bank Sal. Oppenheim jr. & Cie in Luxembourg as CEO and became General Manager of Sal. Oppenheim jr. & Cie. S.C.A. where he was appointed to the board of directors of the group’s subsidiaries in Switzerland, Austria, and Germany. In 2011, he joined Banque Internationale à Luxembourg (BIL) as CEO and then, as Chairman of the Board of Directors until 2016. Beyond his executive positions, François Pauly was also Vice-Chairman of the Board of Directors of Edmond de Rothschild (Europe) in Luxembourg and Chairman of the Audit and Risk Committee of Edmond de Rothschild (Suisse) since 2016.
Foto cedidaAnne Richards, CEO de Fidelity International.. Fidelity implanta de forma permanente el trabajo flexible para sus empleados en todo el mundo
Fidelity International has decided to offer employees the opportunity to work more flexibly as part of a new ‘dynamic working’ policy, which comes into effect immediately. This new way of working will allow the majority of employees across more than 25 locations worldwide the opportunity to balance their work patterns, combining both home and office working in a way that suits their role and meets the needs of their colleagues and clients.
In a press release, the asset manager explained that their aim is to offer their people “a working environment which they enjoy and where they feel supported and valued“. They also pointed out that this is the latest addition to a suite of recently added employee benefits including Family Care leave and Enhanced Parental leave.
Their idea of dynamic working means that the majority of Fidelity employees will have flexibility in managing their own working pattern: where they work and when. Of course, Fidelity clarified that some roles are location dependent or require pre-defined hours, which are driven primarily by client needs, but this new way of working aims to give employees as much flexibility as possible. Meanwhile, their offices around the world will remain important centres of community, collaboration, creativity and learning.
“Over the course of the last year, many things have changed in our daily lives and one of those is the way we work. We have learned that we can adapt brilliantly as individuals and as teams and run our business in a way that we never imagined possible. Our employees have told us that they value having more choice and flexibility about where and when they work. They also want the opportunity to meet their colleagues, learn from their peers and be part of the buzz of the office. Based on this feedback, we will continue to evolve our office spaces to give all employees the chance to come together and to help foster creativity and collaboration”, said Anne Richards, CEO.
In this sense, she highlighted that having satisfied employees leads to satisfied clients so they believe this is a real and positive step change for their people, clients and business. “It is also an iterative process and we will continue to listen, learn and build on our experience from the last year”, she concluded.
Pixabay CC0 Public Domain. Natixis IM lanza el fondo WCM Select Global Growth Equity a escala internacional
Natixis Investment Managers has announced in a press release the launch of the WCM Select Global Growth Equity Fund from WCM Investment Management (WCM), its US-based affiliated manager. This Luxembourg-domiciled fund is actively managed, follows a bottom-up stock-picking process and seeks to hold a limited number of securities (around 40) with a long-term, buy-and-manage approach.
With this new vehicle, WCM seeks to identify companies with attractive fundamentals, such as long-term historical growth in revenue and earnings, strong balance sheets, low-or-no debt, and high or rising ROIC. The asset manager believes that these companies are generally industry leaders with strengthening competitive advantages that are aligned with strong, adaptable corporate cultures and long-term global tailwinds.
The fund will be co-managed by Sanjay Ayer and Mike Hayward, who between them have over 30 years of investment experience. They will be supported by a group of global generalists and a dedicated business culture analyst. Macro indicators, though not primary drivers when selecting securities, are also considered and include political risk, monetary policy risk, and regulatory risk.
The fund is open to both institutional and retail investors, is denominated in US dollars and uses the MSCI All Country World Index as its primary benchmark. It is currently registered for sale in Luxembourg, France, Belgium, Germany, Netherlands, the United Kingdom, Ireland, Italy and Spain.
“We are pleased to be able to offer an additional fund from WCM, an affiliated manager with a strong track record and proven investment process. As we start moving forward into the post-pandemic world, investors have become increasingly focused on companies with superior cultural attributes, and we believe this theme –which is at the heart of WCM’s investment process- will continue to resonate strongly with clients”, said Matt Shafer, International Head of Wholesale Distribution at Natixis Investment Managers.
This is the second WCM product launched internationally on the Natixis UCITS platform and will provide clients with easy access to the expertise of the West Coast investment manager.
Based in California with 85.7 billion dollars in assets under management, WCM formed a global distribution partnership with Natixis Investment Managers in April 2019 and holds a 24.9% equity stake in WCM.
Foto cedidaFrank Engels, nuevo responsable global de renta fija de DWS.. DWS ficha a Frank Engels para el cargo de responsable global de renta fija
DWS continues to strengthen its investment expertise. In a press release, the firm has announced that on October 1, Frank Engels will become Global Head of Fixed Income.
He joins from Union Investment, where he has led the portfolio management, with approximately 300 employees and over 300 billion euros in assets under management, as well as the Multi Asset division since January 2018. Engels also served as Chairman of the “Union Investment Committee”.
Meanwhile, Joern Wasmund, former Global Head of Fixed Income, will assume overall responsibility for the DWS investment platform in Europe as Regional Investment Head EMEA. In their roles, Engels and Wasmund will report to Stefan Kreuzkamp, Head of the Investment Division, Chief Investment Officer and Member of the Executive Board of DWS Group.
“I am very pleased that Joern Wasmund will assume overall responsibility for our investment platform in Europe. He is handing over a well-positioned fixed income group to Frank Engels – a challenging asset class for all fiduciary asset managers in the historically low interest rate environment we all currently face. With Engels, DWS gains a proven and respected investment and market expert; exactly the right person to help our clients achieve the best possible investment results,” Kreuzkamp commented.
Over 20 years of experience
Engels joined Union Investment in 2012 and has since held senior positions in fixed income portfolio management. Previously, he worked as Global Head of Asset Allocation Strategy and Co-Head of Research European Economics at Barclays Capital. As Head of Emerging Market Debt, Engels already worked at Union Investment from 2008 to 2010, in portfolio management. Previously, he served as an investment manager and Head of Strategy at Thames River Capital LLP starting in 2004. From 1999 to 2004, he worked as a senior economist at the European Central Bank (ECB) and as an economist at the International Monetary Fund (IMF). He began his career in 1998 at Swiss Re.
As for Wasmund, he had led the global fixed income team of DWS since 2014. He previously held various senior positions in fixed income EMEA and was responsible for the firm’s CDO business in Europe and Asia. Wasmund started his career as a portfolio manager for subordinated corporate bonds and CDOs. He joined DWS in 1999 and previously worked for four years at the Deutsche Forschungsgemeinschaft, DfG (German Research Foundation), on a project on the efficient design of financial markets.
DWS’s global fixed income business has over 290 billion euros in client assets and over 150 employees in Frankfurt, New York and Hong Kong.
Foto cedidaDe izquierda a derecha, Gaurav Saroliya y Joe Pak, nuevos gestores de fondos en el equipo de renta fija macro de Allianz GI. . Gaurav Saroliya y Joe Pak se unen al equipo de renta fija macro de Allianz GI
Allianz Global Investors has expanded its Macro Unconstrained Fixed Income team, which manages assets of 8.7 billion dollars across four strategies, with two new Portfolio Managers: Gaurav Saroliya and Joe Pak.
In a press release, the asset manager explained that their appointments will be effective in July and August, respectively. Both new joiners will be based in London, alongside team head Mike Riddell and Associate Portfolio Managers Jack Norris and Daniel Schmidt. Besides, Allianz GI has anticipated that the Macro Unconstrained team is set to announce the hire of one additional experienced macro portfolio manager in the coming weeks.
“With Gaurav and Joe joining the team, we can set the direction for further growth. Both bring in a rich experience in macro-driven investing and add to the broad and very diverse skill set in our team”, said Mike Riddell, Head of Macro Unconstrained.
Both managers have extensive experience in the asset management industry. Saroliya was most recently Head of Macro Strategy at Oxford Economics and Strategist at Lombard Street Research. He was previously a sell side Macro Strategist and, at the beginning of his career, spent five years helping to manage an absolute return Fixed Income fund at UBP. He has a PhD in Economics from York University.
Meanwhile, Pak joins from Rothesay Life, the UK’s largest pensions insurance specialist, where he was lead portfolio manager on a 2 billion euros European periphery bond portfolio and on the firm’s macro absolute return portfolio which he launched in 2019. He has extensive experience in trading a broad range of derivatives, both at Rothesay and also in his previous position as a trader on RBS’ US rates options desk.
The asset manager believes that Pak’s experience “lends itself particularly well to Allianz Fixed Income Macro Fund, where he will be named co-lead Portfolio Manager”. He will also be named co-deputy manager on Allianz Strategic Bond Fund, and given his rates background, deputy manager on Allianz Gilt Yield. Pak graduated with degrees in Economics and Sociology from Duke University.
Pixabay CC0 Public Domain. Los dividendos a escala mundial comienzan su recuperación gracias a la aceleración del crecimiento económico
There are clear signs of a forthcoming revival in global dividends following the first quarter of 2021, according to the latest Janus Henderson Global Dividend Index. Compared against pre-pandemic Q1 2020 levels, payouts were only 2.9% lower year-on-year at 275.8 billion dollars.
The study shows that on an underlying basis, dividends were just 1.7% lower than the same period last year, “a far more modest decline” than in any of the preceding three quarters, all of which saw double-digit falls. Janus Henderson’s index of dividends ended the quarter at 171.3, its lowest level since 2017, but the asset manager believes that growth is now likely.
In this sense, for the full year 2021, the stronger first quarter along with a better outlook for the rest of the year have enabled Janus Henderson to upgrade its expectations for global dividends. The new central-case forecast is 1.36 trillion dollars, up 8.4% year-on-year on a headline basis, equivalent to an underlying rise of 7.3%. This compares to January’s best-case forecast of 1.32 trillion.
The analysis highlights that over the four pandemic quarters to date, companies cut dividends worth 247 billion dollars, equivalent to a 14% year-on-year reduction, wiping out almost four years’ worth of growth. Even so this was a milder fall than after the global financial crisis and the sector patterns were consistent with a conventional, if severe, recession.
“The successful vaccine rollout in the US and the UK in particular is enabling society and the economies here to begin to normalise to some extent and offers encouragement for other countries following closely behind with their own inoculation programmes. Even so with infection rates still out of control in Brazil and India, and the third wave in Europe still curtailing economic and social activity while the vaccines are administered, there is still a lot of uncertainty for company profits and, in turn, dividends”, said Jane Shoemake, Client Portfolio Manager on the Global Equity Income Team at Janus Henderson.
On top of this, there remain political sensitivities around shareholder payments, while the timing and extent of the removal of regulatory restrictions on banking dividends, especially in Europe and the UK is still unclear. The asset manager also expects share buybacks to return as a use for surplus cash and this too will influence how much is returned via dividends (especially in the US). All these factors are adding a layer of unpredictability to dividend payments.
“Despite this uncertainty, we are more optimistic given that Q1 was undoubtedly better than expected and we are now more confident that companies are willing and able to pay dividends, especially those companies that have traded well”, Shoemake added. In her view, there is certainly much less downside risk to payouts this year than previously anticipated, though the timing and magnitude of individual company payouts is going to be unusually uneven and this will add volatility to the quarterly figures.
“Special dividends will play a role too. Since late last year we have been adding to areas of the market that will benefit as economies reopen and where there is increased confidence in a business’s ability to generate cashflow and pay a dividend. As we move into the second quarter, the year-on-year comparisons will look very positive because it was the worst period for dividend cuts last year”, she concluded.
The first quarter: dividend recovery mixed across markets
Globally, just one company in five (18%) cut its dividend year-on-year in the first quarter, well below the one third (34%) over the last year overall. North America has seen dividends fall far less than other parts of the world: payouts of 139.3 billion dollars were 8.1% lower year-on-year on a headline basis, though the decline was due almost entirely to unusually large US special dividends last year not being repeated. On an underlying basis, the 0.3% fall in North American dividends was better than the global average of -1.7%.
The analysis points out that the first quarter is “usually relatively quiet” for European dividends, but this year there are positive signs ahead of the seasonally important second quarter. Payouts in Europe (ex-UK) rose year-on-year, up 10.8% on a headline basis to 42.5 billion dollars, boosted by catch-up payments from Scandinavian banks. Equally Switzerland made a disproportionate contribution in Q1 and companies there have also proven resilient. One third of European companies that usually pay in the first quarter cut their dividends year-on-year, but this compares to just over half in the previous three quarters.
In the UK, the first quarter saw lower dividends than a year ago, down 26.7% on an underlying basis as the country continued to feel the effects of the oil company cuts. However, less than half of British companies in the Janus Henderson index cut dividends in Q1, much better than over the last year. There are also signs of a revival with the headline total for UK dividends rising 8.1% in Q1 thanks to a number of extra payouts and special dividends.
Lastly, dividends from Asia-Pacific ex-Japan were 6% lower on an underlying basis, with the 16.9% fall in Hong Kong making a significant impact. This meant the asset manager’s index of Asia-Pacific’s dividends fell to 190.6. In general, emerging markets were boosted by dividend restorations in Brazil, India and Malaysia.
Pixabay CC0 Public Domain. HSBC AM incorpora un equipo especializado en tecnología climática y prepara un primer fondo de capital riesgo
HSBC Asset Management has hired a Climate Technology (Climatech) team as part of its strategy to expand direct investment capabilities in alternatives. The new team will develop a venture capital investment strategy providing clients with opportunities to invest globally in technology startups who are addressing the challenges of climate change.
In a press release, the asset manager revealed that the strategy will focus on companies across the energy, transportation, insurance, agriculture and supply chain sectors. The first fund is planned to be launched before the end of the year with an intended cornerstone investment from HSBC.
The team will report to Remi Bourrette, Head of Venture and Growth Investments, who arrived at the firm last year from HSBC Global Banking and Markets. As for the new recruits, Christophe Defertjoins as Head of Climate Technology Venture Investments. He has over 16 years’ experience in investment banking, private equity, corporate M&A, energy contracts and venture capital. Before joining HSBC Asset Management, he spent 10 years at Centrica where he most recently built and led Centrica Innovations’ Venture effort globally.
Also Michael D’Aurizio has been appointedInvestment Director, Climate Technology. Hehas over 10 years’ experience in power, utilities, and clean energy including business strategy and venture capital, and previously led Centrica Innovations’ US activities.
“Technology will play a major role in enabling the energy transition, funded by public money, private capital and philanthropic commitments like HSBC’s Climate Solutions Partnership with the World Resources Institute and WWF. The appointment of this team will allow us to provide clients with early exposure to sectors which are just emerging as such, but will become major sources of financial and environmental value over the decade”, Joanna Munro,Global CIOatHSBC Asset Management, commented.
In 2020, HSBC Asset Management set out its strategy to re-position the business as a core solutions and specialist emerging markets, Asia and alternatives focused asset manager, with client centricity, investment excellence and sustainable investing as key enablers. The firm currently manages 45 billion dollars in alternatives strategies.
Foto cedidaGregor Hirt, nuevo director de inversiones global de multiactivos de Allianz GI.. Gregor Hirt, nombrado director de inversiones global de multiactivos de Allianz GI
Allianz Global Investors has announced in a press release the appointment of Gregor Hirt as Global CIO for Multi Asset as of July 1. He will be based in Frankfurt and report to Deborah Zurkow, Global Head of Investments.
In his new role, Hirt will work closely with the firm’s Multi Asset experts in Europe, Asia and the US to ensure Allianz GI continues to strategically develop and grow its Multi Asset business in areas of client demand, including risk management strategies and multi asset liquid alternatives.
Hirt brings 25 years of experience in Multi Asset investing from both a wealth management and asset management perspective. He joins from Deutsche Bank, where he has been Global Head of Discretionary Portfolio Management for the International Private Bank since 2019. Prior to that, he was Group Chief Strategist and Head of Multi Asset Solutions at Vontobel Asset Management, having also gained strong experience at UBS Asset Management, Schroders Investment Management and Credit Suisse.
“Allianz GI has a rich heritage in Multi Asset investing, with one of the strongest teams in the industry. Marrying the best of our deep expertise in both quantitative and fundamental approaches, while integrating ESG considerations, will be pivotal in ensuring that our offering is as successful for clients in the next generation as it has been in the past. With just the right mix of leadership experience, market insight and client understanding, we are delighted to be welcoming Greg. As well as significant experience across asset management and wealth management, he has deep appreciation for quantitative discipline while having a background in fundamental analysis”, highlighted Zurkow.
Allianz GI currently manages 152 billion euros in Multi Asset portfolios for retail and institutional clients around the world. AllianzGI’s Multi Asset investment approach combines a systematic assessment with the insights of fundamental analysis with the dual objective of mitigating risks and enhancing return potential for clients.
Pixabay CC0 Public Domain. Los gestores siguen siendo optimistas sobre los lanzamientos de megafondos en China
China is a major player in the global fund industry. Blockbuster fund initial public offerings (IPOs), which have seen popular new funds being oversubscribed and sold out within a day after sales commence, have become more common in the country over the past few years. While short-term investor sentiment has been hurt by the recent market downturn, Cerulli Associates points out in its latest analysis that the trend could resume over the long run.
China’s mutual fund assets under management, including that of ETFs, recorded robust year-on-year growth of 37.5% to reach 19.7 trillion renminbi (3 trillion dollars) in 2020. Total assets garnered through mutual fund IPOs reached 3.2 trillion renminbi, double the size in 2019. The average IPO volume of new funds also improved to 2.2 billion renminbi, compared to 1.5 billion in 2019.
Local media reports show that in 2020, over 100 new funds were sold out within one day after subscriptions commenced, and 15 of these IPOs successfully garnered assets of over 10 billion renminbi. “The trend continued in the beginning of 2021, according to China Fund News reports, when a total of 122 new mutual funds were rolled out in January, raising assets of almost 500 billion renminbi, the second largest monthly amount for IPO assets recorded in the market”, Cerulli says.
Among the factors behind blockbuster new fund launches the firm identified are optimistic investor sentiments, star managers with good track records, and sufficient liquidity in the market. Over the past few years, the Chinese government has introduced a series of monetary easing measures to stimulate the economy following the U.S.-China tensions and COVID-19 pandemic. “Part of the money supply went to the real economy and real estate market as traditional long-term investment vehicles for local residents, while the rest was available to asset management products. This created plenty of opportunities for mutual funds, as other investment products in general are not attractive enough”, they add.
In this sense, some managers Cerulli spoke with said that the fast-track fund approvals introduced by the China Securities Regulatory Commission (CSRC) have also facilitated their new fund launches. Extensive marketing efforts and digital distribution have also supported mega fund launches.
Following this year’s Chinese New Year holiday, the stock market plunge dampened investors’ interest in new fund launches. However, despite the potential challenge to fundraising, the firm’s analysis shows that managers focused on the long term are still upbeat about the industry’s prospects, and are “confident that mega fund launches will resume if the stock market turns bullish again”.
In Cerulli’s view, mutual funds’ long-term growth prospects should continue because profits earned by listed enterprises which survived COVID-19 will eventually enter the stock market, and funds have an inherent advantage over other financial products.
“The cooling of market sentiments is normal, and it is also an opportunity to educate small-ticket young investors who have not experienced many market cycles. As long as the recovery does not take too long and a bear market is avoided, the long-term outlook for mutual fund IPOs should remain positive”, said Ye Kangting, senior analyst at the firm.
Foto cedidaNick Maroutsos, actual responsable de bonos globales y cogestor de las estrategias de retorno absoluto y renta fija multisectorial global de Janus Henderson. . Janus Henderson prepara a su equipo de bonos globales ante la salida de Nick Maroutsos
Janus Henderson has announced succession plans for its Global Bond team due to the departure of Nick Maroutsos, Head of Global Bonds and Co-Portfolio Manager of the Absolute Return Income and Global Multi-Sector Fixed Income related strategies. In a press release, the asset manager has revealed that he will be leaving the firm next October “to take a career break”.
As part of its succession planning, during the next six months, Maroutsos will work closely with the global bonds team “to ensure a smooth transition and handover of responsibilities“.
Effective October 1, 2021, the team will be left under the leadership of Jim Cielinski, Global Head of Fixed Income. The firm has highlighted that the following portfolio managers will continue to work in their current roles and will maintain the investment processes that have been “so impactful” for their clients to date. In this sense,Jason England and Daniel Siluk will remain co-portfolio managers on the Janus Henderson Absolute Return Income strategy and related funds. Also Andrew Mulliner,currently Head of Global Aggregate, will continue to serve in this role and oversee the multi-sector global bond portfolio strategies.
“While my decision to take a career break is bittersweet, I have the utmost confidence in the team and their investment process. Having worked closely with the team for many years, I have no doubt their talent and unwavering dedication to serving our clients will position them to generate solid returns. I thank the team and senior management for their trust over the past 15 years and will miss their professionalism and friendship”, Maroutsos said.
Meanwhile, Cielinski commented that their client commitment “has always been and will continue to be to seek to deliver dependable investment outcomes” to support their clients in achieving their long-term financial goals: “As a firm, we take a collaborative team-based approach focused on growing talent from within the teams, which allows for robust succession planning and a seamless transition for clients when we have personnel changes”.
He also thanked Maroutsos for his contribution to Janus Henderson, his “unwavering commitment” to clients, and his involvement “in developing the next generation of investors”. “Our dedicated Absolute Return Income team consists of thirteen people, of which Nick is one, split across the US and Australia. Given the lengthy transition period, and the breadth and depth of the experienced team, we are confident that this will be a smooth transition for our clients. Our global bonds effort has been and remains a strategic priority for the firm, and we will continue to invest in our team”, he concluded.
Janus Henderson’s Global Bonds team is built on collaboration across multiple geographies and anticipates no disruption to its cohesive global approach. Further it ensures global coverage across all major markets allowing for broader, more open collaboration, and increased idea exchange.
