Pixabay CC0 Public Domain. Santander se convierte en miembro fundador de la Net Zero Banking Alliance
Santander has announced in a press release that it has become a founding member of the Net Zero Banking Alliance (NZBA), which has been convened by the United Nations Environment Programme Finance Initiative (UNEPFI).
Its goal is to help mobilise the financial support necessary to build a global zero emissions economy and deliver the goals of the Paris Agreement, besides providing a forum for strategic coordination among financial institutions to accelerate the transition to a net zero economy.
The NZBA brings together an initial cohort of 43 of the world’s leading banks, which also includeBBVA, Bank of America, HSBC or BNP Paribas. Santander has highlighted that they focus on delivering the banking sector’s ambition to align its climate commitments with the Paris Agreement goals with collaboration, rigour, and transparency, acknowledging the necessity for governments to follow through on their own commitments.
The commitments that have been reached by all of them include transitioning all operational and attributable greenhouse gas (GHG) emissions from their lending and investment portfolios to align with pathways to net-zero by mid-century, or sooner. They have also decided to set intermediate targets for 2030, or sooner, for priority GHG-intensive and GHG-emitting sectors; and to facilitate the necessary transition in the real economy through prioritising client engagement and offering products and services to support clients’ transition.
“If we are to green the world’s economy, we need a truly global effort: banks, companies, governments, regulators and civil society working together at pace. At Santander we are proud to be part of the founding members of this new alliance, and to accelerate progress towards net zero”, has commented Ana Botín, executive chairman at Banco Santander.
Santander has pointed out that is already playing a major role in helping to tackle climate change and enable the transition to the green economy. In February 2021 it announced its ambition to achieve net zero carbon emissions by 2050. The bank also published its first decarbonization targets with the ambition that, by 2030, it will have stopped providing financial services to power generation clients with more than 10% of revenues dependent on thermal coal, as well as eliminating all exposure to thermal coal mining worldwide and aligning its power generation portfolio with the Paris Agreement. At the end of 2020, Santander CIB was the world leader in renewable financing, according to Dealogic.
Foto cedidaAlex Bernhardt, nuevo director global de análisis sostenible de BNP Paribas AM.. BNP Paribas AM nombra ficha a Alex Bernhardt como director global de análisis sostenible
BNP Paribas Asset Management has announced the appointment of Alex Bernhardt as Global Head of Sustainability Research within its Sustainability Centre. Bernhardt has joined on April 21st and will report to Jane Ambachtsheer, Global Head of Sustainability.
In his new role, he will be responsible for BNP Paribas AM’s Sustainability research agenda and ESG scoring platform. Bernhardt will manage the team of ESG analysts. and will work closely with the Quantitative Research Group, which plays an increasingly important role in developing and delivering the asset manager’s sustainability research agenda.
BNP Paribas AM has highlighted Bernhardt’s acknowledged role within sustainable finance, as he has received multiple awards for his work within insurance and investment across topics including climate risk management, disaster resilience and impact investing.
He joins from Marsh McLennan, where he was Director of Innovations, helping clients to address systemic issues including climate resilience, the catastrophe protection gap, diversity and sustainable infrastructure financing. Previously, he was Principal and US Responsible Investment Leader at Mercer, helping institutional investors to manage sustainability challenges in their portfolios, particularly related to climate change.
Bernhardt also worked at reinsurance broker Guy Carpenter where he devised bespoke risk transfer solutions for insurance brokers. He holds a BA in English and Philosophy from the University of Puget Sound in Tacoma, Washington.
“Alex will play an important role in driving our research agenda, thought leadership and thematic fund development. His extensive experience in sustainable investment and climate risk management will bring new insights to support our investment teams in generating long term sustainable returns for our clients”, has commented Jane Ambachtsheer, Global Head of Sustainability.
Pixabay CC0 Public Domain. Vontobel amplía sus oferta de renta fija ESG con el lanzamiento de dos fondos de bonos sostenibles
Vontobel is expanding its suite of ESG bond funds with two products: an impact green bond fund and a sustainable emerging markets debt fund. The asset manager revealed in a press release that these new vehicles seek to meet growing investor demand for solutions that combine the goal of providing “attractive income with a sustainable approach”.
The Vontobel Fund – Green Bond invests across a global universe of green bonds, identifying issuers who use proceeds mainly for eligible environmental projects with a measurable impact in the transition to a low-carbon economy. It aims to maximize the contribution to climate change mitigation and environmental protection, while generating steady income over a full economic cycle.
Under SFDR regulations the fund qualifies as an article 9 fund and will be available in Austria, Switzerland, Germany, Spain, Great Britain, France, Italy, Luxembourg, Liechtenstein, the Netherlands, Portugal, Sweden and Singapore.
Vontobel highlighted that, supported by a team of more than 40 investment and ESG specialists, Portfolio Managers Daniel Karnaus and Anna Holzgang make high-conviction decisions based on in-depth analysis of credit quality, green bond projects, relative-value and macro factors. The fund follows a disciplined investment process, whereby only a select number of green bonds are eligible for investment, resulting in a concentrated portfolio.
“Climate change is a real financial risk for investors, and green bonds provide an effective tool to address it. The fund’s impact is also measurable. For every 1 million euro invested in the fund, we estimate that we reduce carbon emissions equivalent to 492 t CO2 equivalent, or about 206 fewer passenger cars on the streets per annum”, says Karnaus.
Meanwhile, the Vontobel Fund – Sustainable Emerging Markets Debt invests mainly in government, quasi-sovereign and corporate bonds that demonstrate an ability to manage resources efficiently, as well as managing ESG risks. To find attractive opportunities, a proprietary ESG scoring model, based on a best-in-class inclusion as well as sectoral exclusion, is at the core of the investment process. Under SFDR regulations, the fund qualifies as an article 8 fund. The firm notes that this strategy is registered for sale in Austria, Switzerland, Germany, Spain, France, Italy and Luxembourg.
Supported by a team of nine emerging markets analysts and three ESG specialists, Portfolio Manager, Sergey Goncharov, focuses on optimizing the level of spread for a given level of risk. Utilizing an in-depth research and a proprietary valuation model, the team compares the risk vs return potential across issuer qualities, countries, interest rates, currencies and maturities within their investment universe to identify the most rewarding opportunities.
“As fixed income investors, a key part of our toolkit is our engagement with issuers. Engagement is extremely powerful in filling information gaps, particularly in emerging markets, where companies and countries may be less advanced in terms of ESG. A simple conversation can raise awareness and promote the importance of considering ESG risks among new issuers”, asserts Goncharov.
Pixabay CC0 Public Domain. Preqin compra Colmore, firma tecnológica de servicios y gestión de mercados privados
Ameriprise Financial has signed a definitive agreement with BMO Financial Group (BMO) to acquire its EMEA asset management business for 845 million dollars. The transaction is expected to close in the fourth quarter of 2021, subject to regulatory approvals in the relevant jurisdictions.
The firm has revealed in a press release that this all-cash acquisition adds 124 billion dollars of assets under management (AUM) in Europe. It will be a growth driver for Columbia Threadneedle Investments, the global asset manager of Ameriprise, and further accelerate the core strategy of the company growing its fee-based businesses and increase the overall contribution of wealth management and asset management within its diversified business.
Together with BMO’s EMEA asset management business, Ameriprise will have more than 1.2 trillion dollars of AUM and administration. The firm believes that the acquisition will add a substantial presence in the European institutional market for Columbia Threadneedle Investments’ and expand its investment capabilities and solutions. The addition of BMO will increase its AUM to 671 billion dollars and expand those in the region to 40% of total of the asset manager.
In addition, the acquisition establishes a strategic relationship with BMO Wealth Management giving its North American Wealth Management clients opportunities to access a range of Columbia Threadneedle investment management solutions. Separately, in the U.S., the transaction includes the opportunity for certain BMO asset management clients to move to Columbia Threadneedle, subject to client consent. Ameriprise expects the transaction to be accretive in 2023 and to generate an internal rate of return of 20%.
“We’ve built an outstanding global asset manager that complements our leading wealth management business and generates strong results. BMO’s EMEA asset management business will be a great addition to Columbia Threadneedle that will deliver meaningful value for clients and our business. This strategic acquisition represents an important next step as we expand our solutions capabilities, broaden our client offering and deepen our talented team”, Jim Cracchiolo, Chairman and Chief Executive Officer at Ameriprise Financial said.
Foto cedidaYves Perrier, consejero delegado de Amundi.. Amundi firma con Société Générale el acuerdo marco para la compra de Lyxor
Amundi declared in a press release that it has entered into exclusive negotiations with Société Générale for the acquisition of Lyxor for 825 million euros (755 million euros excluding excess capital) in cash.
The asset manager highlighted that the transaction would allow them to accelerate its development on the fast-growing ETF segment, while complementing its offering in active management, in particular in liquid alternative assets as well as advisory solutions.
The operation is expected to be completed by February 2022 at the latest, after consultation of the Works Councils, and subject to receiving the required regulatory and anti-trust approvals.
After this acquisition, Amundi will become the European leader in ETF, with 142 billion euros in assets under management, a 14% market share in Europe and a diversified profile in terms of client base and geography.
Founded in 1998, Lyxor is a pioneer in ETF in Europe and has 124 billion euros in assets under management. It is one of the key players in the ETF market, with 77 billion of assets under management and a 7.4% market share in Europe. Also, Amundi pointed out that it has developed a recognized expertise in active management, notably through its leading alternative platform.
“The acquisition of Lyxor will accelerate the development of Amundi, as it will reinforce our expertise, namely in ETF and alternative asset management, and allows us to welcome highly recognized teams of people. This acquisition is fully in line with the Crédit Agricole group’s reinforcement strategy in the asset gathering business. It will also further reinforce the business relationships with our historical partner Société Générale. Finally, by creating in France the European leader in passive asset management, it will contribute to the post-Brexit positioning of the Paris financial centre”, said Yves Perrier, Chief Executive Officer of Amundi.
Lastly, Valérie Baudson, Deputy Chief Executive Officer, claimed that they are looking forward to welcoming the “talented teams” of Lyxor. “The combinations of our strengths will allow us to accelerate our development in the ETF, alternative asset management and the investments solutions segments”, she added.
Foto cedidaTim Ryan, consejero delegado de Natixis IM.. Tim Ryan, nuevo consejero delegado de Natixis IM
Tim Ryan, former CIO at Generali, has been appointed member of the Natixis senior management committee in charge of Asset & Wealth Management, and CEO of Natixis Investment Managers, effective April 12th. He will succeed Jean Raby, who has decided to pursue another professional opportunity, revealed Natixis in a press release.
Ryan started his career in the asset management industry in 1992, working in quantitative research and equity portfolio management in an HSBC subsidiary. In 2000 he joined AXA, where he broadened his experience as Head of Quantitative Asset Management before becoming Chief Investment Officer for the insurance business in Japan in 2003 and subsequently for Asia. In 2008, he was appointed Chief Executive Officer in charge of various regions (Japan and EMEA) for AllianceBernstein’s US asset management subsidiary. In 2017, Ryan joined Generali as Group Chief Investment Officer for insurance assets and Global CEO of Asset & Wealth Management.
“I would like to warmly thank Jean Raby for his remarkable work over these past four years. Under his leadership, Natixis Investment Managers has asserted its position as a world leader in asset management with assets under management of more than 1.1 trillion euros and has built out its commercial offer with new affiliate asset managers and new areas of expertise. I am pleased that Jean will remain at my side over the coming weeks to ensure an efficient transition”, commented Nicolas Namias, CEO of Natixis and Chairman of the Board of Directors of Natixis IM.
He also said that, as they prepare to launch their new strategic plan for the period to 2024, he is “delighted” to welcome Ryan to drive forward their “robust momentum” across their Asset & Wealth Management businesses, develop their multi-affiliate model to serve their clients and enhance their ESG strategy. “Ryan’s in-depth knowledge of the asset and wealth management businesses, together with his international experience, leadership and business development skills, will be key advantages for Natixis and our Group”, he added.
Foto cedidaMatt Christensen, director global de Inversión sostenible e impacto de Allianz GI.. Allianz GI amplía y reestructura su equipo global de inversión sostenible bajo el liderazgo de Matt Christensen
Allianz Global Investors has announced the expansion and restructuring of its global Sustainable Investment team under the leadership of Matt Christensen, Global Head of Sustainable and Impact Investing, to enhance its commitment to sustainability. In this sense, they are hiring Thomas Roulland and Julien Bertrand.
The asset manager has decided to create three pillars for this new structure which will help ensure they continue “to push the boundaries of sustainability for its clients”, they highlighted in a press release. First, a newly created Sustainability Methodologies & Analytics teamwill innovate with state-of-the-art technology and ESG data, including Artificial Intelligence and Natural Language Processing, in order to support research, develop new methodologies across asset classes and develop client-oriented solutions. The team will also oversee Allianz GI’s ESG integration efforts, ESG scoring method and develop the firm’s data set for the climate strategy.
“We have strong ambitions with regard to carbon reduction, and the new team will be instrumental in transforming the pathway set out by the Net Zero Initiatives into operational targets for investors and comprehensive reporting to our clients”, Christensen commented.
Roulland will head the Sustainability Methodologies & Analytics team and will be joined by Bertrand as an ESG analyst for methodologies and analytics. Both join from Axa IM, where Roulland was Head of Responsible Investment Solutions, Models & Tools, and Bertrand worked as an ESG analyst recently.
The asset manager has revealed that the second area is a new Sustainability Research & Stewardship team. It will manage the thematic research and engagement strategy under the leadership of Mark Wade, who was previously Co-Director of Research Credit.
Isabel Reusswill continue to head the Sustainability Research team, which will also develop a thematic approach along the topics of Climate, Planetary Boundaries and Inclusive Capitalism. Antje Stobbe, member of the Sustainability Research team since 2019, has been promoted Head of Stewardship and will lead Allianz GI’s engagement and proxy voting activities globally. They will both co-lead the “Climate Engagement with Outcome”. This approach aims to engage with companies on the climate transition pathway towards a low carbon economy.
Finally, a newly created Sustainable Investment Office will be responsible for shaping AllianzGI’s overall sustainable investment strategy and policies, sustainable product strategy and the coordination of cross-functional sustainability topics across the firm. The team will play a critical role in providing improved knowledge to clients and other stakeholders on AllianzGI’s sustainable investment capabilities. It will be headed by Nina Hodzic, who was Director ESG Integration and Solutions since 2019 and has been promoted to the new role.
Christensen believes that this structure brings a new focus on ESG data and technology, a refreshed research setup and a dedicated sustainable investment office that will help accelerate their drive to embed sustainability across the firm. “The team set-up will provide us with the platform we need to ensure that we are in a position to shape -not follow- the market in the years ahead on critical issues like climate change and social inequalities”, he added.
Pixabay CC0 Public Domain. NN IP amplía su gama de estrategias de bonos verdes con un nuevo fondo de deuda soberana
NN Investment Partners has announced in a press release the launch of the NN (L) Sovereign Green Bond, a new fund adding to its green bond offering.
The asset manager said that this is the first sovereign bond fund aiming to have a positive environmental impact through the projects it finances. It complements its existing range of green bond funds, applying the same investment approach as the NN (L) Green Bond fund, but with a specific focus on treasury and government-related bonds.
The new vehicle comes just five years after NN IP launched its first dedicated green bond fund and only one year after launching a corporate green bond fund. Currently, they offer a full range of green bond funds: aggregate, corporate, sovereign, and an option for a fund with a shorter duration.
In their view, by having access to separate sovereign and corporate green bond funds, investors enjoy “maximum flexibility” to select the building blocks they need to make their fixed income allocation more sustainable with a measurable and positive impact.
“I am proud to be part of the development of an asset class that will play a key role in financing climate change mitigation and supporting the environment. Whilst in the past, investor demand for green bonds mainly came from impact investors, we now see more typical fixed income investors allocating to green bonds as well”, commented Bram Bos, Lead Portfolio Manager Green Bonds at NN IP.
In his opinion, these investors are looking to make their portfolio more sustainable without sacrificing financial performance. “Offering a broad range of green bond strategies makes this even easier, as it allows them maximum flexibility to allocate to green bonds that replicate the characteristics of traditional bonds in their portfolio”, he added.
An exponential growth
Lastly, NN IP highlighted that the launch of the sovereign green bond fund occurs at a time when the sovereign green bond market has seen significant growth in issuance, representing a diverse issuer base that they believe will continue to grow exponentially. Italy recently issued its inaugural green bond in March whilst Spain and the UK have also announced plans to issue their first green bonds in 2021, which will give the sovereign green bond market a further boost.
“These developments are creating a market that is well-diversified in terms of issuers and countries, which allows for a well-diversified portfolio with comparable characteristics to a regular allocation to treasuries”, they pointed out.
The asset manager estimates that green bond issuance could increase this year by 50%from 2020 to 400 billion euros, putting the total market above the 1 trillion mark, and expects the global green bond market to grow to 2 trillion euros by the end of 2023. The announcement from the EU that 30% of the NextGenerationEU bonds (in total 800 billion euros) will be green supports NN IP’s forecast for market growth.
Foto cedidaDe izquierda a derecha: Marc van Heems, estor de fondos para la estrategia de bonos corpo. Vontobel refuerza su equipo de renta fija global en Zúrich y Nueva York
Vontobel has expanded its fixed income team with four seasoned new hires in Zurich and New York. The asset manager pointed out in a press release that the appointments -which follow four new hires in January across its Zurich and Hong Kong offices- reinforce its commitment to attracting the best investment talent to drive value for investors.
Pamela Gelleshas been named Senior Credit Analyst on the Developed Market Corporate Bonds team in New York. She joins Vontobel after eight years at BNP Paribas Asset Management, where she was a credit analyst following both investment grade and high yield companies within the consumer products, retail, hospitality and transportation sectors. She also co-created and implemented an ESG methodology for the company’s credit analysis.
Prior to that, Gelles covered various industry sectors, including healthcare and utilities, at BNY Mellon Asset Management, Foresters Financial, NLI International and The Carlyle Group. She also spent 12 years as a ratings analyst at Standard & Poor’s.
Another outstanding designation is that of Marc van Heemsas Portfolio Manager for the Global Corporate Bond strategy in Zurich. He joins Vontobel from Lombard Odier Investment Management, where he was a portfolio manager for European and Emerging Markets Credit, responsible for active implementation of trades in investment grade and BB-rated bonds, including senior and subordinated cash bonds and credit default swaps. As a credit analyst, he covered non-financial sectors in developed markets and Asia, including Autos/Parts Suppliers, Defense/Aerospace, Capital Goods, China Real Estate, Indian Renewables and Energy.
The Zurich offices will also welcome as Head of Fixed Income Trading Jean-Michel Manry, a seasoned Operations and Trading Manager with expertise in derivatives, fixed income and forex. He joins from Rama Capital, a Geneva-based family office where he was an Operational and Trading Advisor. Prior to that, Manry spent 18 years at Pictet Asset Management, where he was Head of Fixed Income Trading and later became Head of Buy-side Trading for Multi-Asset strategies.
Lastly, Nicolas Hauser has been appointed Fixed Income Trader in Zurich. He joins from Fisch Asset Management, where he was responsible for trading and execution of corporate bonds and convertible bonds, as well as FX and futures. His expertise also includes futures trading for CTA managed futures accounts and interest rate risk hedging.
Simon Lue-Fong, Head of Fixed Income at Vontobel, highlighted that these hires reflect “the continued growth of, and investment into,” their global fixed income offering. “The volatility in markets over the last few months has demonstrated the importance of a truly active approach and the value of our high conviction active management style. Marc and Pamela will play key roles in helping to deliver value for our clients, and the knowledge and insight they provide will be instrumental in supporting the rest of the team”, he added.
Currently, the Fixed Income team consists of 41 investment professionals located in Zurich, New York and Hong Kong.
Pixabay CC0 Public Domain. Capital Group lanza un fondo de renta variable con enfoque de alta convicción que invierte en compañías asiáticas
Capital Group has announced the launch of its Capital Group Asian Horizon Fund (LUX), which seeks to capture Asia’s secular growth opportunities with a global perspective.
In a press release, the asset manager highlighted that Asia is fast becoming “a global economic powerhouse” and its rapidly growing middle class have brought about “a huge rise in the demand” of every kind of products and services, from healthcare and financial services to luxury goods and online entertainment. That’s why Capital Group Asian Horizon Fund (LUX) is designed to meet “growing investor appetite” for Asia-related stocks as global investors become increasingly aware of opportunities that arise from secular growth trends in the region.
The strategy is a high conviction portfolio, investing across the market cap and valuation spectrum to achieve long-term capital growth. The fund invests in companies with at least two-thirds of net assets based in Asia ex-Japan, including onshore China A-shares, but it also has the flexibility to invest in companies domiciled outside of the region, where Capital Group’s analysts believe that exposure to Asia will be a key driver of their future growth prospects.
By combining local and global investments, the asset manager created the fund to fully unlock access to “the most exciting growth opportunities” in Asia ex-Japan.
“Asia is becoming a global economic powerhouse and is home to some of the world’s most innovative and fastest-growing companies. Its multi-dimensional growth story is unique, and we are well placed to ensure that investors can tap into domiciled opportunities just as well as those outside the region that are plugged into the growth drivers within the Asian market. With our proven track record of being early investors in Asia’s emerging leaders, we believe that Capital Group Asian Horizon Fund (LUX) is a great example of helping investors to identify champions.”
