Foto cedidaPhilippe Couvrecelle, consejero delegado y fundador de iM Global Partner. IK Investment Partners y Luxempart se incorporan como socios a iM Global Partner
The project of Philippe Couvrecelle, iM Global Partner, enters a new phase in its development, welcoming two new investors. IK Investment Partners and Luxempart have bought part of Eurazeo‘s stake in the company, subject to the approval of the French Autorité des Marchés Financiers and the Commission de Surveillance du Secteur Financier.
In a press release, iM Global Partner highlighted that the addition of both firms as shareholders marks an important step in the development of the company. It believes their support strengthens its development potential and will accelerate its growth for years to come. iM Global Partner’s strategy is to continue to invest, both organically and through external growth, to further develop the company with the aim of exceeding 100 billion dollars in assets under management within five to seven years.
Following the transaction, Eurazeo, as a controlling shareholder, will continue to actively support the company alongside shareholders IK Investment Partners, Luxempart and Amundi. Proceeds from the disposals relating to this transaction of 20% of the capital represent about 70 million dollars for Eurazeo, a cash-on-cash multiple of 2.1x and an internal rate of return of 22%. Dassault/La Maison, a shareholder from the outset, sold its stake at the time of the operation.
A growth story
“We are pleased to welcome IK Investment Partners and Luxempart alongside Eurazeo and Amundi, which have been accompanying and supporting us since the beginning of this great adventure. Together, we will continue to develop our unique asset management model and further accelerate the growth of our activities worldwide“, stated Philippe Couvrecelle, CEO and founder of iM Global Partner.
Also, Marc Frappier, Managing Partner of Eurazeo and Head of Eurazeo Capital, said that their strong belief in the growth of the asset management profession, coupled with “the talent and the vision” of Couvrecelle, led them to support the development of “an innovative network bringing together the best managers worldwide and leading distribution capacities”.
As for the new investors, Thomas Grob, Partner at IK Investment Partners, added that they were impressed by the growth trajectory, quality of the teams, international nature and development project of iM Global Partner. “We are pleased and proud to have won the trust of Philippe Couvrecelle, Eurazeo and Amundi to join them in contributing to the company’s growth story”, he commented.
Lastly, Olaf Kordes, Managing Director of Luxempart, claimed to be pleased to be able to join the group of the firm’s shareholders: “We have been convinced by the quality and vision of the management team. We are very keen to continue supporting the development of this leading player with significant international ambitions. This operation is perfectly in line with Luxempart’s revised strategy, which aims to support first-rate management teams in their development projects over the long term”.
This transaction comes after iM Global Partner, a global network dedicated to asset management, increased its assets under management by 65% -of which 46% was organic growth- to more than 19 billion dollar in the year to end December 2020. With Eurazeo and Amundi, which have supported Couvrecelle and the management team since the company’s inception, iM Global Partner has become a major international asset management network in just a few years.
Foto cedidaSandro Pierri, Deputy CEO y director de Global Client Group de BPN Paribas AM.. BNP Paribas AM nombra a Sandro Pierri para el cargo de Deputy CEO
BNP Paribas Asset Management announced this week the appointment of Sandro Pierri as Deputy CEO, with effect from 1 January 2021. He will be based in London and report to Frédéric Janbon, CEO of the firm.
In a press release, the asset manager revealed that he will maintain his current role as Head of the Global Client Group, which he has held since 2017. “I am honored to have been given this new responsibility and by the confidence placed in me to contribute more widely to the development of our company”, Pierri said.
Meanwhile, Janbon highlighted that Pierri has transformed their Global Client Group into an efficient sales platform. “In expanding his responsibilities, Sandro will bring his invaluable expertise to additional transversal projects. This appointment reflects the breadth of his contribution to our company and his commitment to developing our culture and values for the benefit of our clients”, he added.
Three decades in the industry
Pierri has more than 30 years’ experience in the asset management industry. He joined BNP AM in 2017 as Head of the Global Client Group, its global sales and marketing organization. The asset manager believes that he has contributed to implementing their growth plan, positioning them as “a key player offering high added value investment solutions for individual savers, companies and institutions”.
Pierri began his career in 1989 as a portfolio manager with San Paolo Fondi, moving to BNL Gestioni in 1992, before joining ING Investment Management in Italy in 1994, where he held several commercial roles.
Between 2002 and 2003 he was Chief Executive of ING Group’s Italian retail business. Following the acquisition by UniCredit/Pioneer of ING’s Italian business, he joined Pioneer Investments, UniCredit’s asset management division, in 2004, where he spent 10 years in various commercial and managerial positions, including CEO in 2012. Pierri graduated in Economics from the Università degli Studi di Torino, Italy.
Pixabay CC0 Public Domain. Jupiter AM cambia la denominación de los fondos Merian a Jupiter
Jupiter has completed the renaming of Merian products in line with its existing fund range. The asset manager announced in a press release that, following its acquisition of Merian Global Investors in 2020, this decision is one of the final milestones in the creation of a single unified business operating solely under the Jupiter brand.
With immediate effect, Merian branded products will lose the Merian badge, instead taking on the Jupiter name and branding. For example, the Merian Gold & Silver Fund, managed by Ned Neylor-Leyland, will become the Jupiter Gold & Silver Fund.
While the majority of funds will make the switch to the Jupiter prefix, the Merian Systematic Equity fund range, headed by Ian Heslop and Amadeo Alentorn, will now be renamed to “Jupiter Merian”. Meaning, for example, the Merian North American Equity Fund will become the Jupiter Merian North American Equity Fund.
“We are delighted to have completed this project, making it clear that we are now one business with one brand, moving forward as one. The Jupiter brand has a long heritage. While the essence of the brand hasn’t changed, we believe that this new visual identity builds on this established heritage while also reflecting the active, innovative, international asset management firm we are today”, Phil Wagstaff, Jupiter’s Global Head of Distribution, said.
Broader brand refresh
Furthermore, as part of this rebranding process, the asset manager has launched a new website with a refreshed visual identity. Jupiter’s logo has been updated, and all fund collateral, including advertising, has also undergone a refresh. Going forward, all information and materials concerning the combined fund range can be found onthe Jupiter website.
. Allfunds Blockchain y ConsenSys se asocian para desarrollar la tecnología blockchain en la industria de fondos
Allfunds Blockchain, the blockchain technology arm of Allfunds launched in 2020, has signed a partnership with ConsenSys, leading Ethereum software company, to drive blockchain technology in the financial sector, specifically in fund distribution.
Allfunds explained in a statement that, historically, traditional fund transfer between financial entities, intermediaries and third-party payment systems has been a complex process. But, in its view, blockchain technology “can revolutionize fund distribution by dramatically reducing processing and settlement times, while providing a secure system for multiple parties with no single point of failure”.
Through this agreement, the firm will combine its Technical Solutions area with ConsenSys Quorum to power its funds industry platform. Furthermore, both companies are working together to further develop and support the Allfunds Blockchain Technical Solution in combination with ConsenSys Quorum, an open-source protocol layer for developing with Ethereum.
Allfunds revealed that the solution includes advanced privacy features that enable participants in a blockchain network to control, at a granular level, who is allowed to see information, and what nodes participate in the consensus validation of data containing confidential information.
A “truly unique” blockchain product
“We are thrilled to be partnering with ConsenSys to bring this revolutionary blockchain solution to the wider market. Through its expertise, our clients will benefit from a truly unique blockchain product. We selected ConsenSys Quorum to be our enterprise blockchain protocol because of its significant adoption in enterprise blockchain and the ongoing development and support it provides. This is another important step forward in the evolution of Allfunds Blockchain technology”, said Rubén Nieto, Managing Director at Allfunds Blockchain.
Madeline Murray, Product Lead at ConsenSys Quorum, stated that they are seeing growing global interest in ConsenSys Quorum, the open-source enterprise Ethereum protocol built to simplify the use of enterprise blockchain. “This partnership with Allfunds will further facilitate global blockchain adoption for the funds industry and enrich the ecosystem with technical innovations suitable for advanced privacy use cases”, she added.
During the presentation of its annual results, Amundi announced that Valérie Baudson will replace Yves Perrier as CEO of the company. Meanwhile, Perrier has been appointed Chairman of the board of directors.
According to Europe’s biggest asset manager, this change in leadership will take place next May 10, when Perrier will formally step down. “After 14 years as head of Amundi, Yves Perrier has wished to hand over the general management responsibility. Under his leadership, Amundi enjoyed outstanding development, becoming the indisputable European leader and one of the world leaders in asset management, recognised for the strength of its business model, its growth momentum and its position as a financial player committed to society”, said Xavier Musca, current Chairman of the board, a position he will hold until May 2021.
Musca explained that Perrier will succeed him at the chairmanship, which will allow the company to continue to benefit from his exceptional experience. “This change in governance will ensure a smooth transition and the continuity of Amundi’s development, and will take place following the next Amundi general meeting on 10 May 2021″, he added.
Baudson thanked the board and the general management of the Crédit Agricole Group for the confidence they have shown in her. “It is a honor to be appointed Chief Executive Officer of Amundi and to succeed Yves Perrier, who has built a global leader in asset management. I know that I can rely on his support. I look forward to continuing to develop the company to which I have dedicated my efforts for the past 14 years, in line with our strategy, which has been driving Amundi’s success since it was founded”, she pointed out.
Lastly, Perrier looked back at 2020 and highlighted that Amundi demonstrated the strength of its business model through its economic and financial performance. “2020 also saw the launch of several strategic initiatives that will support the future growth of the company: the renewal of the partnership with Société Générale, the acquisition of Sabadell AM combined with a long-term distribution agreement with Banco Sabadell in Spain, and finally the launch of the new subsidiary in China with BOC”, he concluded.
U.S. stocks rebounded in January, a reprieve for investors who endured a challenging 2022. The rally for stocks was driven by investors’ increased confidence that interest rates may be near peak levels. The market is starting to price in the possibility that the Federal Reserve may soon pause rate hikes followed by interest rate cuts in the second half of 2023. As a result, riskier assets have benefitted from the rally, such as growth companies as well as stocks with high short interest. While general market sentiment improved, there is some caution on whether the move represented a real inflection point or yet another bear-market trap.
As January concluded, the market entered the busiest part of the Q4 earnings season. While only a portion of companies have reported thus far, management commentary remains conservative amid the uncertain demand backdrop. Despite lower earnings expectations, the tone of the market seemed to align more with soft-landing expectations than hard-landing scenarios.
On February 1st, the Federal Reserve announced a 25bps rate hike at the end of its two-day policy meeting, citing persistent inflation. This hike now brings the targeted federal funds rate to 4.50-4.75%, up from 0.00-0.25% prior to the initial increase in March 2022. The Fed anticipates that ongoing increases in the target range will be appropriate in order to return inflation to 2% over time. Fed Chair Jerome Powell said that the full effects of interest rate increases had yet to be felt, and that there was still more work to do. The next FOMC meeting is March 21st-22nd.
After almost three years, China reopened its borders on January 8th and ended a requirement for incoming travelers to quarantine, dismantling the last component of its stringent zero-COVID policy. Investors are optimistic that the reopening and recovery of the world’s second-largest economy should help spur a broader economic revival.
Merger arb performance in January was bolstered by deals that made significant progress towards closing. Shaw Communications (SJR/B CN-C$39.60-Toronto) and Rogers Communications were victorious defending their C$25 billion merger against the Canadian Competition Bureau in Canada’s Federal Court of Appeals. The parties now await approval from the Canadian Department of Innovation, Science and Economic Development, the final remaining approval before the deal can close. South Jersey Industries, Sierra Wireless, and Meridian Biosciences each received the final required regulatory approvals and the three deals closed in January. Deals announced in January including Evoqua Water Technologies’ $8 billion acquisition by Xylem, Magnet Forensics’ C$1 billion acquisition by Thoma Bravo, and CinCor Pharma’s $2 billion acquisition by AstraZeneca are creating new opportunities for investment.
Convertibles got off to a strong start in 2023 with the best month for performance since 2020, led by a number have factors, but generally the appetite for risk has increased to begin the year. Additionally, we have seen some of the worst performers from 2022 be the best performers YTD. A few of our fixed income equivalent holdings have benefited from a “credit delta” where an improved perception of a company’s balance sheet and access to capital causes investors to bid up the bonds. The result has been one month returns that many investors were expecting for the entirety of 2023.
We continue to see opportunity in the convertible market this year. The fixed income equivalent issues still offer compelling yields to maturity even after the recent moves. Many of these bonds are the only debt on the balance sheet and have 3 to 4 years until maturity. We expect these bonds to accrete to par over time, building a solid foundation for performance. We have seen some companies address these bonds by buying them back in the open market or by offering an exchange for a new convertible. We anticipate more exchange offers as the year progresses. It is also likely that some convert issuers will be acquisition targets which would make their bonds puttable at par if the acquisition is for cash, or convertible into the acquiring company if shares are used. Either outcome should be desirable to convert owners.
New issuance continued to be anemic this month, but what did come saw significant demand with upsized deals pricing at the rich end of the price talk. We expect companies to use convertibles when raising capital this year to reduce interest expense and extend maturities in a covenant lite structure. We believe many companies have delayed coming to the market and converts offer an attractive way for companies to add low cost capital to their balance sheets. Continued issuance allows us to stay current and we expect to selectively layer new issues into our portfolio to maintain the asymmetrical risk profile we are seeking to achieve.
Pixabay CC0 Public Domain. GAM estrena su nueva gama de estrategias ESG con un fondo de bonos locales de mercados emergentes
GAM Investments has announced the inauguration of its first range of sustainable investment strategies with the launch of a local emerging market bond fund. The new approach was developed in close partnership with VBV-Pensionskasse, a leading pension fund for sustainable investments in Austria.
In a press release, the asset manager pointed out that the strategy will be managed by its emerging markets debt team and it’s the first in a range of sustainable investment strategies the firm plans to launch throughout 2021.
“The new strategy draws upon the expertise of Paul McNamara and GAM’s highly experienced emerging markets debt team, whose differentiated, conviction-driven approach to EM debt investing has been developed over 20 years”, GAM says. Its goal is to generate long-term financial returns by investing in a way that is sensitive to the impact decision making may have on society and the environment.
The approach combines a positive tilt towards sovereigns with higher environmental, social and governance (ESG) scores, as defined by its benchmark, the JP Morgan ESG GBI-EM GD Index, with the team’s proprietary investment process incorporating ESG factors for active allocation within the index tilts. The JP Morgan ESG GBI-EM GD Index leverages research from both Sustainalytics and RepRisk therefore allowing investors to combine the benefits offered by active management applied to an ESG benchmark, highlights the asset manager.
A “crisis cycle filter”
Its process mirrors that of the long-running local emerging bond strategy. Based on its assessment of developments in the US, Europe and China, the team establishes global themes that determine country selection, along with specific return and risk driver preferences. Given the emphasis on crisis avoidance, country analysis is then performed using the team’s proprietary‘Crisis Cycle Filter’. This captures the interaction between core ESG factors and nine traditional macroeconomic variables considered to be highly reliable, early indicators of financial crises, such as falling FX reserves or rapidly rising inflation.
The strategy typically has active exposure to 15-25 emerging and frontier markets, centered upon approximately 10 very liquid core markets and 100-150 bonds and FX forwards.
“We have taken ESG factors into account in our investment process for our local emerging bond strategy for a number of years, purely for their impact on risk-adjusted returns. However, as ESG factors become more efficiently priced in the sovereign debt market, we believe that now is the time for a strategy that targets both a specific ESG tilt and integrates ESG factors from a risk/return perspective”, Paul McNamara, Investment Director for emerging market debt at GAM, said.
Meanwhile, Günther Schiendl, member of the Executive Board of VBV-Pensionskasse, commented that they invest responsibly, sustainably and with a focus on performance. “Particularly in the area of fixed-income emerging markets, a new approach that increasingly takes ESG criteria into account was important to us, as this type of solution has been rare so far”, he added.
Lastly, Stephanie Maier, Global Head of Sustainable and Impact Investment at GAM, pointed out that they have seen a “clear client demand” for more strategies focused on sustainable investing, so they are working in partnership with them to develop these. “The sustainable local emerging bond strategy combines the benefits of using a well-established ESG benchmark, with the opportunity to benefit from active management and expertise of GAM’s emerging markets bond team. Later this year, we plan to launch additional ESG focused products, further building on our award winning Swiss Sustainable Companies strategy, which has a track record of more than 20 years”, she revealed.
Pixabay CC0 Public Domain. Inversores institucionales, hedge funds y gestoras: ¿qué parte de la industria se sube al carro de las criptomonedas?
Cryptocurrencies are not only gaining prominence among individual investors, but also among institutional investors. According to an Evertas survey, 26% of pension funds, insurers, family offices and funds say they will be “substantially” increasing their exposure to this asset class over the next five years.
“Our latest survey shows that institutional investors are enthusiastic about increasing their exposure to cryptocurrencies and cryptoassets in general, but it is clear that there are many issues relating to the infrastructure, operations and regulation behind these markets that are still of concern to them. Clearly there are issues that need to be addressed if we expect institutional investors to want to take advantage of the potential that this asset class can offer,” says J.Gdanski, CEO and founder of Evertas, a company specializing in cryptoasset insurance.
According to their survey, another 64% of institutional investors anticipate a slight increase in their exposure to cryptoassets in general and to Bitcoin in particular. As we explained a few weeks ago, this type of investor sees Bitcoin as an asset to protect themselves from inflation and currency devaluation. Even hedge funds admit to their increased interest in this type of asset, or at least this is what 32% of those surveyed by Evertas acknowledged.
This trend has also been noted by Lyxor. In its Lyxor Weekly report, the company explains that while Bitcoin’s bullish trend in 2017 was driven primarily by retail investors, it appears that the 2020 rally was driven by a broader range of investors, including institutional investors.
“Besides retail investors, family offices and high net worth individuals continue to be the prevailing investors and the sources of new Bitcoin wallets and IP addresses. Bitcoin benefited from a favorable environment, and was increasingly used as a hedge against declining real yields and heavy quantitative easing programs by central banks, as it was feared that this would eventually depreciate global currencies and trigger inflation. It also represents an alternative to declining equity dividend yields. As might be expected, the correlation between Bitcoin and gold and inflation (and, to some extent, equities) is now quite stable,” the report notes.
On hedge funds, he points out that they have become important players in the Bitcoin segment either through dedicated investment vehicles or by incorporating Bitcoin into their allocations. “Although still in its infancy, the market continues to gain depth, in terms of types of investors and product range. In the early days, asset managers focused primarily on direct long positions in cryptoassets such as Bitcoin, Ethereum or Ripple. Since then, the broader range of products linked to digital assets allows managers to implement more flexible and sophisticated strategies. Managers can now use swaps, options and futures indexed to cryptocurrencies; they can also focus on the income generated by the underlying technology. In addition, they can invest in securities issued by crypto-asset companies and their infrastructure, although most of these are still only accessible through venture capital and investment capital strategies,” he adds.
An example of this development is the decision announced by BlackRock, which will allow two of its funds to invest in Bitcoin through futures. At the end of January, the management company informed the SEC that it will include Bitcoin in the eligible investment universe of two of its funds: BlackRock Funds V (including BlackRock Strategic Income and BlackRock Emerging Markets Flexible Dynamic Bond Portfolio) and BlackRock Global Allocation Fund.
“Each fund may use instruments called derivatives, which are financial instruments that derive their value from one or more securities, commodities (such as gold or oil), currencies (including Bitcoin), interest rates, credit events or indices (a measurement of value or rates, such as the S&P 500 index or the prime lending rate). Derivatives can allow a Fund to increase or decrease the level of risk to which it is exposed more quickly and efficiently than with other transactions,” explained BlackRock to the SEC in its statement.
Another way in which asset management firms are approaching the cryptoasset universe is by investing in blockchain technology, which is becoming an increasingly popular area for thematic portfolios that invest in technology or those that follow technology megatrends. For example, Mellon’s BNY Mellon Blockchain Innovation Fund, which is one of the few actively managed blockchain products in Europe.
“Cryptocurrencies are part of the digital ecosystem. They have matured rapidly as the digital world has evolved, with increasing validity underpinned by the growing number of global constituents. The progress of regulatory bodies, the increased use of blockchain technology in businesses and a payments ecosystem help meet the banking needs of a whole new generation that is flourishing. Virtually all of these trends have accelerated as a result of global digitalization efforts to help solve the challenges created by COVID-19. In our view, these developments further validate blockchain as an integral component of the future technology infrastructure,” explain Erik A. Swords and Justin R. Summer, managers at Mellon.
According to these asset managers, “Bitcoin’s key features – being decentralized, supply-limited, secure and increasingly accepted – represent an attractive risk/reward trade-off against the significant tax burdens that central banks will be tempted to inflate as this whole digital transformation unfolds within the financial sector.”
An open debate
Although BlackRock’s decision may seem incidental, it is not; as it is the first time that one of the market’s largest fund managers has made such a decision. This contrasts sharply with the position held on this asset class by investment firms, as few of them are commenting on the subject. However, for example, Chris Iggo, Core Investments CIO at AXA Investment Managers, is willing to give his views on Bitcoin.
“I don’t think of it as a currency, because it has no fundamental legal or sovereign backing. For assets to be considered in a long-term investment portfolio, one should be able to attribute some fundamental intrinsic value to them: the long-term profit growth in equities, the credit risk premium in relation to risk-free rates in bonds. There is no Bitcoin cash flow other than that which is driven by the price change, which can be broadly negative or positive. Certainly, this is not derived from any fundamental economic cash flow such as profits or tax revenues. It is a speculative instrument that ultimately lacks any legal security, that cannot really be valued and which, by the way, has a huge carbon footprint. I would consider investing in or buying Bitcoin in the same way I would consider betting on the Grand National, but not as a serious long-term asset,” Iggo explains.
Billionaire investor Warren Buffett has also been critical of the asset class. Among his many pronouncements on the subject, this one stands out: “Cryptocurrencies basically have no value and they don’t produce anything. They don’t reproduce, they can’t mail you a cheque, they can’t do anything, and what you hope is that somebody else will come along and pays you more, but then that person has the problem. In terms of value: zero.”
Another critical, or at least reflective, opinion belongs to financial institutions. On this occasion, we have heard the European Central Bank (ECB) call for global regulation of cryptocurrencies. During the Reuters Next conference in mid-January, Christine Lagarde, president of the institution, described them as a “highly speculative asset.” She said: “I think there is an absolute need for global cooperation and multilateral action as initiated at the G7and then carried over to the G20, but it is something that needs to be addressed.”
Whatever the future of these assets may be in investors’ portfolios and in the composition of the funds created by fund managers, as Carlos Ruiz de Antequera points out, it will be imperative to have a good understanding of what cryptoassets are all about.
Latest news
One of the latest developments in the crypto area has been the announcement this week by Tesla that it has invested 1.5 billion dollars in the crypto and expects to begin accepting Bitcoin for payment “in the near future.” This investment will give the firm liquidity in the cryptocurrency once it starts accepting payments, after ending 2020 with only over 19 billion dollars in cash and equivalents.
Pixabay CC0 Public Domain. Amundi crea la división de Outsourcing de Inversiones Amundi OCIO Solutions
Amundi has created Amundi Outsourced Chief Investment Officer (OCIO) Solutions Division, an investment and advisory team that offers investment services aimed at institutional clients and family offices.
In a press release, the asset manager pointed out that OCIO solutions are at the core of its investment management offering, having been carried out for Crédit Agricole Group companies for over 30 years. They have also been offering OCIO solutions to external clients since 2009, totalling 44 billion euros managed on behalf of non-Group companies.
“Against a backdrop of increasingly complex operational and investment challenges for institutional investors, exacerbated by the recent crisis, Amundi formally established in January 2021 an OCIO Solutions Division, embedded within its multi-asset investment platform“, says the statement. The new offering is structured in order to help clients focus on their strategic goals, by shifting to Amundi some or all of the investment functions typically performed by an Investment Committee.
Investment services will be led by a team of senior advisors within the asset manager, specialized per client type, with in depth knowledge of their challenges. In its view, this new set up will help address clients’ crucial strategic, investment and operational needs.
All in all, Amundi OCIO Solutions Division offers institutional clients a variety of fully customizable solutions to manage the complexity of their investments, from pure advisory to fully implemented portfolios and investment platforms, building on state-of-the-art infrastructure while benefitting from the set-up of a leading global player in asset management.
Specifically, OCIO solutions cover: governance and strategy, tactical asset allocation, asset liability management, funds and managers selection, architecture design and implementation, portfolio and risk management, risk overlays, reporting, and knowledge transfer and trainings.
Facing a complex environment
This new division combines 28 OCIO experts, leveraging on the multi-asset investment platform with more than 200 professionals, the 140 analysts and researchers and the whole range of Amundi investment resources present in 40 locations across the world. The division is organised around OCIO senior advisors with strong client experience and dedicated to specific client types: pension funds, insurance companies, family offices, sovereigns, central banks, corporates, agencies. The OCIO experts are located in Paris, Milan, Munich and Hong-Kong for increased proximity with clients.
“This new division leverages our comprehensive expertise and research-driven investment culture to support institutions on their investments, from key strategic asset allocation to portfolio management implementation. In an increasingly complex and sophisticated financial environment, this new OCIO set-up furthers Amundi’s strategy to complement its core asset management activity with services through a long-term partnership approach”, Matteo Germano, Head of the multi-asset investment platform, said.
Meanwhile, Laurent Tignard, Head of Amundi’s OCIO Solutions Division, added that institutional investors are facing a series of challenges, like low interest rates, macro and markets uncertainties, and IT and regulatory pressures. Now, they can outsource this operational investment complexity to the asset manager as an OCIO Partner and focus on their core business.
“We will optimize their operational structure, help them reduce costs, improve investments decision-making and provide better visibility and control of overall risks, both operational and investment. Our recommendations and investments will be aiming at benefiting each client”, he highlighted.
Foto cedidaClément Maclou, gestor del fondo Landolt Investment (Lux) SICAV - Best Selection in Food Industry de ODDO BHF AM. . Clément Maclou se incorpora al equipo de renta variable temática global del Grupo ODDO BHF
The ODDO BHF group is strengthening its global thematic equity management team with the arrival of Clément Maclou as equity manager. The firm highlighted in a press release that this appointment is part of its commitment to accelerate its development by relying on the alliance with Landolt & Cie in Switzerland.
Based in Switzerland, Maclou will take charge of the Landolt Investment (Lux) SICAV – Best Selection in Food Industry strategy, the objective of which is to invest in listed global companies, active across the entire value chain within the agricultural and food industry sectors. This thematic strategy -which is registered in Belgium, Switzerland, France, Spain, Germany and Luxemburg- aims to provide its clients with direct exposure to the global structural trend of the food revolution.
Since 2016, Maclou has been responsible for the management of thematic equity funds at Decalia Asset Management in Switzerland. In 2005, he joined CPR Asset management in France as a thematic equity fund manager.
“We are seeing strong demand from our clients for thematic equity funds. Continuing to enhance our offer to give them access to promising themes is therefore a major development area for the group, to which Clément will actively contribute”; said Laurent Denize, Co-CIO of ODDO BHF Asset Management.
Meanwhile, Thierry Lombard, partner at ODDO BHF and Chairman of the Board of Directors of Banque Landolt, where he initiated the Future of Food project, pointed out that the food revolution is a vital issue for our planet and the future of young generations.
“Starting from the field to the fork, we are bringing together all the challenges that humanity must meet, among which I would like to mention: the environment, agricultural production and distribution, and health. I am therefore delighted that this expertise, reinforced by the arrival of Maclou, will complement the know-how of the ODDO BHF group”, he said.
