Pixabay CC0 Public Domain. Los activos en fondos europeos alcanzaron los 11,8 billones de euros en 2020
Franklin Templeton has announced the launch of the Franklin K2 Emso Emerging Markets UCITS Fund, a sub-fund of the Luxembourg-domiciled Franklin Templeton Alternatives Funds (FTAF) range.
This new Emso product seeks to generate capital growth through strategic investment exposure, both long and short, primarily to debt securities of sovereign and corporate obligors and currencies, including derivatives related thereto, all principally in emerging markets, explained the asset manager in a press release.
The fund will mirror the strategy of the Franklin K2 Alternative Strategies Fund and will be managed by the same team, Emso’s CIO Mark Franklin and John Hynes, Senior Portfolio Manager. Since becoming a co-manager in April 2015, the strategy has an annualised return of 5.4% with a standard deviation of 4.5%.
Franklin Templeton stated that this range –which was launched last October- offers European investors access to liquid hedge fund strategies in a UCITS format with daily liquidity and transparency from K2 Advisors, “one of the pioneers in the development and use of low fee liquid hedge funds”, through their Managed Accounts Platform (MAP).
“We currently have five managers spanning across long/short equity, relative value, and event driven strategies and are delighted with the addition of the K2 Emso Emerging Markets fund to the platform. The manager’s flexible mandate allows the team to invest where they see value across a large universe, applying a consistent investment framework”, said Bill Santos, Senior Managing Director at K2 Advisors.
Meanwhile, Julian Ide, Head of EMEA distribution at Franklin Templeton, pointed out that, since the acquisition of Legg Mason in July, they have become “one of the biggest providers of alternative solutions globally” with 124 billion dollars in assets under management. “As we continue to focus on strengthening our cost-effective product range of liquid alternative solutions in Europe, we are pleased to launch this fund, which offers a differentiated global macro style of alpha generation and provides further robust diversification to client portfolios”, he added.
Foto cedida. Santander, reconocido como mejor banco de España y América por la revista The Banker
The Banker magazine has granted Banco Santander the award for Bank of the Year in the Americas and Spain. The publication highlighted Santander’s “ability to innovate and to adapt solutions developed in one market to other businesses within the group”, as well as its ability to deliver returns, gain strategic advantage and serve their markets.
The Banker -founded in 1926- also emphasized Santander’s “outstanding commitment” to responsible banking, including its efforts to promote education, social welfare and financial empowerment with initiatives such as Superdigital, a platform which offers access to financial services to underbanked and individual micro entrepreneurs in Latin America, and Santander Ayuda, which promotes local projects for vulnerable people in Spain.
After receiving the recognition, Santander group chief executive officer, Jose Antonio Álvarez said that throughout 2020 their teams have worked hard to ensure they remain close to their customers in every market. “To be recognised by The Banker as the bank of the year across many of our markets is a great testament to their efforts in a challenging year”, he added.
The group’s diversification across both geographies and products remains one of the firm’s key strengths, with its South American region contributing 41% of underlying profit this year, North America, 20% and Europe 39%.
In Brazil, the magazine –which is part of the Financial Times group- recognized a number of innovation made by Santander during the year, including products like Sim, a fintech that provides quick and affordable loans; EmDia, a debt renegotiation platform that connects creditors with consumers in arrears, Santander Auto, a car insurance business or Pi: a fully digital investment platform, with an open architecture.
In Argentina, The Banker noted the new services and products the bank now provides for female entrepreneurs and younger customers. For example, iU, a new product with benefits designed specifically for young people. The bank also offers a comprehensive proposition which focuses on female entrepreneurs, owners of SMEs and professionals.
Lastly, in Spain, they pointed out the extraordinary measures Santander has made to support its customers during the COVID-19 pandemic: “Through a commendable mix of product innovation and business agility, Santander Spain has played an invaluable role in assisting the country’s businesses and consumers through an unprecedented economic and health crisis,” the publication said.
Pixabay CC0 Public Domain. Savills IM amplía la alianza con Vestas con el lanzamiento de un fondo de logística de gestión discrecional
Savills Investment Management, international real estate investment manager, has announced in a press release the launch of a pan-European logistics investment fund in partnership with Vestas Investment Management.
The Vestas European Strategic Allocation Logistics Fund (VESALF I) is amongst the first ever ‘blind’ funds that has been raised solely from Korean institutional investors to invest in European real estate. It will target core and core-plus logistics assets of between 40 to 140 million euros across all key European markets.
Savills IM will be the European fund and asset manager in partnership with Vestas, who has raised 200 million euros which, combined with manager co-investment and up to 60% gearing, will give the fund a target gross asset value of 450-500 million euros, as estimated by the firms. The strategy will be seeded with the recent acquisition of a new 115,000 square meters unit leased to DSV in Tholen, the Netherlands.
“Having advised and worked closely with Vestas for several years, we are delighted that the relationship has now led to us jointly establishing the first blind logistics fund for Korean institutions. It is a key milestone for both of our firms, and a clear sign of how the Korean market is maturing. Institutions are increasingly willing to back partners they trust, to better access stock in competitive markets and to achieve greater portfolio diversification”, said Jon Crossfield, Head of Strategic Partnerships at Savills IM.
Meanwhile, Salvatore Lee, Managing Director at Vestas Investment Management, pointed out that they are very pleased to set up this blind logistics fund with Savills IM “and to be able to bring a valuable new product to my proactive Korean investors in such a dynamic and competitive logistics market”. In his view, this is a big step for Vestas and builds on their five-year history of overseas investments.
“We are very grateful to the Savills IM team who have supported and are now partnered with us. We are excited to continue deploying the capital on behalf of VESALF I over the next two years”, he added.
Pixabay CC0 Public Domain. Inversis apuesta por una cartera diversificada, con la atención puesta en emergentes y en EE.UU.
Allfunds, wealthtech and fund distribution company, has been selected by China Merchants Bank (CMB) Group as its B2B investment fund platform partner. Therefore, it will become the provider of access to third-party funds for its all overseas PWM&PB centers, especially in Hong Kong and Singapore markets.
Allfunds revealed in a press release that, with this agreement, CMB group will use its “proficient fund distribution capabilities to support its fast growing private wealth management and private banking business globally”. This move is also in line with the bank’s strategy of continuing to deploy overseas business, and to make sustainable development and investment.
By selecting Allfunds, CMB’s overseas businesses will be able to gain access to the world’s largest fund distribution network with a broad range of investment funds and take advantage of the asset services the wealthtech provides in Asia and globally. This include data & analytics, portfolio & reporting tools, research and regulatory services. Also, CMB aims to use Allfunds’ automatic dealing to increase the efficiency and boost the growth of its fund business.
Allfunds believes that the cooperation with the leading private bank in China -and Top 10 banking brands according to The Banker magazine- will provide an opportunity to further expand and strengthen its position in Asia Pacific, as well as enhance its comprehensive and integrated solutions for third party funds. The Asian market is a core part of its growth strategy and an extremely important region for the wealthtech.
“We are very pleased to partner with CMB, a highly reputable and leading private bank in China. We are excited about the huge opportunities ahead in the Asian and Chinese wealth management markets, which is an important part of our growth strategy as we continue to expand the global fund distribution network. We look forward to supporting CMB’s continuous expansion in the region”, said Juan Alcaraz, Founder and CEO of Allfunds.
Meanwhile, David Pérez de Albeniz, Regional Manager for Asia, stated that CMB is well-established with the position of an innovation-driven digital bank in the region. “As a leading wealthtech company, our team in Asia is committed to client experience, innovation and digital solutions. We are delighted to be able to help CMB move forward on the vision and support its growth ambition with our value-added and cutting-edge wealthtech solutions”, he added.
Allfunds has a branch in Singaporeand a team of 17 employees who bring in-depth knowledge of the particularities of the Asian markets as well as substantial experience in the region. Earlier this year, they opened a new office in Hong Kong as the hub for its North Asia business, broadening its ecosystem with new distributors and fund managers coming from the region.
Pixabay CC0 Public Domain. Bank of America confía en que las vacunas impulsen el crecimiento en un entorno donde la incertidumbre dominará el corto plazo
With a surge in COVID cases and uncertain fiscal policy, Bank of America believes the near-term outlook is “weak and uncertain” but expects the roll out of multiple vaccines to boost global growth, particularly in the developed market economies with the biggest problems containing COVID, but with the best access to vaccines.
In the firm’s report for 2021, global economists Ethan S. Harris and Aditya Bhave point out that “we are not out of the woods yet” due to the surge in COVID cases and uncertain fiscal policy, but in their view more stimulus and “wide vaccine distribution” should boost growth mid-year.
For the United States, they think it will be a transition year, “moving back to services from goods, to private from public and to in-person from virtual” as “the scars from COVID will remain”. Specifically, they look for the economy to grow 4.5% in 2021. In the Euro area, after falling a 7% in 2020, they expect a 3.9% and 2.7% growth this year and in 2022.
Meanwhile, in Latin America they forecast GDP growth to rebound to 3.8% in 2021 after a decline of 7.4% in 2020 and fiscal deficits to likely improve. “But many countries will still be far from stabilizing their debt ratios and will need to develop credible exit strategies”, they warn.
In the near term, the most important uncertainties for Bank of America are around the US: “We are still very much in the rising part of the COVID curve and it will take a number of weeks to gauge the damage to public health and the economy. Fiscal policy is equally uncertain, with a potential stimulus package of anywhere from zero to a trillion dollars”, the report points out.
That’s why, medium term, the speed of a vaccine roll out is “critical”. “Of importance is not only the supply of doses but also the demand, i.e. the degree to which vaccine skepticism will slow progress towards herd immunity. If delays in vaccine rollouts in emerging markets are even longer than expected, investors should look for developed markets growth outperformance in 2021”, says the firm.
Four growth drivers
The bank identifies four major cross currents in the global economy that will be key drivers of growth: the evolution of the pandemic, the distribution of vaccines, another round of fiscal stimulus and a “more organized” trade war.
“The outlook is quite stable for countries that have done a good job containing the virus with effective testing, tracing and quarantining systems. By contrast, countries that have not contained the virus are super sensitive to the near-term surge in COVID cases and the medium-term surge immunizations”, the experts say.
That’s why, in their opinion, the roll out of highly effective vaccines will be the key driver for global growth. “A key part of our forecast is that we expect some vaccine nationalism, with countries that manufacture vaccines first immunizing large parts of their own populations before exporting to the rest of the world”. Thus the US likely will get most or all of the initial doses of the Moderna vaccine. And in general, developed economies will tend to get the vaccine faster than emerging markets. Among the second ones, China will probably be the first to get herd immunity.
The firm expects another round of fiscal stimulus worldwide. For the US, they are forecasting 750 billion dollars fiscal right after the Presidential Inauguration on January 20 and across Europe they expect more moderate stimulus of 1-2% of GDP.
The last cross current to watch is the trade war, which, after Joe Biden’s presidential victory, they expect to be “smaller and more organized”. Biden has said he will try to work with US allies to present a united front for dealing with “bad actors.” For Bank of America’s economists, that would include a continued push back against Chinese violations of intellectual property rights, national security concerns and human rights issues. “We would expect him to dial back battles with Europe, Canada, Mexico and allies in Asia, while seeking to reform rather than sideline international organizations. This means a much less uncertain climate for multinational businesses”, they conclude.
Inflation, deflation
Lastly, the experts reveal their outlook for inflation: “Inflation refused to budge before the pandemic, despite a long economic recovery and apparent full employment in much of the world. In our view, this stickiness was mainly due to the fact that many years of low inflation had lowered inflation expectations even as labor markets finally started to tighten. The effect was to both flatten and shiſt down the Phillips Curve”.
In their opinion, the COVID crisis has punched a hole in inflation, and whatever inflationary pressure was in the global economy has now leaked away: “It will take a number of years for most central banks to hit their targets”.
Foto cedida. BlackRock compra el proveedor de índices personalizados Aperio
BlackRock has entered into a definitive agreement to acquire Aperio, a pioneer in customized index investing, for 1.05 billion dollars. The asset manager announced in a press release that they will buy the business from Golden Gate Capital, a private equity company, and will incorporate Aperio’s employees.
BackRock is already a provider of SMAs for U.S. wealth management-focused intermediaries, specialized in customized actively-managed fixed income, equity, and multi-asset strategies. The firm pointed out that this acquisition will boost its SMA assets by roughly 30% to over 160 billion dollars.
It also “expands the breadth of personalization capabilities available to wealth managers from BlackRock via tax-managed strategies across factors, broad market indexing, and investor ESG preferences”. In its view, the combination with Aperio will set a new standard for personalized whole portfolio solutions in the SMA market.
“The wealth manager’s portfolio of the future will be powered by the twin engines of better after-tax performance and hyper-personalization. BlackRock and Aperio, working together, will bring unmatched capabilities to meet these objectives. The combination will bring institutional quality, personalized portfolios to ultra-high net worth advisors and will create one of the most compelling client opportunities in the investment management industry today”, said Martin Small, head of BlackRock’s U.S. Wealth Advisory business.
Meanwhile, Aperio co-heads, Liz Michaels and Ran Leshem, commented that the they have been “honored” to earn the trust of the most demanding wealth managers by always putting investors’ interests first and partnering with advisors to solve the complexities of UHNW investors through research integrity and excellence in human-centric client experience.
“With BlackRock, we have found a like-minded fiduciary firm with long-standing roots in tax-efficient indexing, a commitment to sustainable investing, and diversity, equity and inclusion, and a track record of delivering consultative whole portfolio solutions to wealth management intermediaries. We are excited to harness BlackRock’s capabilities and reach to keep innovating on behalf of an even larger base of wealth managers and institutional investors”, they added.
Vertical integration
Aperio is a pioneer in customizing tax-optimized index equity SMAs to deliver wealth managers capabilities that “embrace the uniqueness of each investor and enhance after-tax performance”. It also pioneered individually personalized ESG portfolios that enable investors to elevate the purpose of their wealth and make an impact on causes deeply important to them.
Aperio’s high-touch consultative client service model focuses on ultra-high net worth households and institutions served by private banks and the fast-growing independent registered investment advisor (RIA) market. The U.S. retail and wealth SMA market totals approximately 1.7 trillion dollars in assets and is growing at approximately 15% annually and 35% among RIAs. With over 36 billion dollars of assets under management as of September 30, 2020, Aperio has outpaced the industry with an average annual organic asset growth rate of nearly 20% over the past five calendar years.
BlackRock plans to operate Aperio as a separately branded, vertically integrated team within its U.S. Wealth Advisory business. Aperio will retain its investment, business development, client service, and ESG-SRI processes under the leadership of Ran Leshem and Liz Michaels, who will become co-heads of the team. Their current CEO, Patrick Geddes, will maintain his role as Aperio’s Chief Tax Strategist and become a BlackRock senior advisor, focusing on broadening portfolio construction research and tools for taxable investors across asset classes.
“We are thrilled to welcome the Aperio team to BlackRock. We look forward to bringing Aperio’s innovative mindset in financial services to BlackRock and drawing on the team’s decades of experience to expand our offerings to even more advisors and their clients. This transaction deepens our presence in the San Francisco area and reflects the critical importance to BlackRock of tapping the innovation taking place on the West Coast of the U.S”, said BlackRock’s Chief Client Officer, Mark McCombe.
Pixabay CC0 Public Domain. NN IP lanza un fondo de crédito alternativo destinado a la financiación del comercio global
NN Investment Partners has launched the fund NN (L) Flex Trade Finance, offering institutional investors access to a conservative portfolio of short-dated trade finance loans which are sourced globally. The asset manager announced in a press release that they will partner with Channel Capital Advisors LLP to enhance sourcing and pipeline management of the strategy.
“Trade finance allows institutional investors to enter a USD 15 trillion market that has been dominated by banks until recently. In trade finance, investors can find a potent portfolio diversifier that offers a yield pickup over liquid credit and that is efficient from a solvency capital perspective”, they pointed out.
The asset class is short in tenor which, in NN IP’s view, provides natural liquidity and allows portfolio managers to react quickly to changing circumstances. The investment strategy focuses on well-rated loans that facilitate a specific sale of often essential goods, which are supported even under stressed market conditions.
“Strict investment guidelines ensure a highly diversified portfolio in terms of geography, sector and counterparties, without employing leverage”, they said. Also, portfolio construction is aimed at properly diversifying risk whilst still allowing for a robust analysis of each individual transaction on credit and environmental, social and governance (ESG) criteria.
In this sense, the firm will assess each transaction of the strategy on ESG criteria using a specific framework for trade finance and align each of these with the Sustainable Trade Criteria from the International Chamber of Commerce. In addition to this, they will apply proprietary policies with a focus on financing sustainable goods with positive social impact (encouraging responsible consumption) and restricting the financing of goods with negative impact (such as coal, crude oil and tobacco).
Suresh Hegde, Head of Structured Private Debt, commented that, in the current low-interest-rate environment, there is growing demand for trade finance amongst institutional investors. “Building on our 10-year track record in financing international exports, we have spent a considerable amount of time assessing the short-dated trade finance market. We are delighted to offer a strategy which allows institutional investors to benefit from the attractive characteristics of these assets in a robust and responsible manner, without adding undesirable idiosyncratic risk”, he added.
A sub-fund with monthly liquidity
The asset manager revealed that the NN (L) Flex Trade Finance has a medium-term target return of USD LIBOR + 3-4% gross with a weighted average credit rating of BBB-/BB+, and an average maturity of less than one year. It offers institutional investors quarterly interest income distribution and monthly liquidity.
The strategy is a sub-fund of NN (L) Flex, established in Luxembourg. NN (L) Flex is duly authorised by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg. Selected share classes of the sub-fund are currently registered in Luxembourg, Netherlands, Germany, France, United Kingdom and Italy.
Foto cedidaRick Lacaille, Senior Investment Advisor para liderar el programa ESG de State Street.. Rick Lacaille, nombrado nuevo Senior Investment Advisor para liderar el programa ESG de State Street
State Street Corporation announced in a press release that it has appointed Richard F. Lacaille –Rick Lacaille– to the newly-created role of senior investment advisor. He will lead the company’s Environmental, Social and Governance (ESG) solutions, services and thought leadership across all its businesses.
Lacaille will report to Ronald O’Hanley, chairman and chief executive officer of State Street Corporation, and, as a consequence of his appointment, Lori Heinel has been promoted to global chief investment officer for State Street Global Advisors.
The firm pointed out that, for many years, they have been at the forefront of innovation across its businesses, developing best-in class ESG capabilities including reporting and analytics tools, premier academic research, and investment solutions and products. They believe Lacaille will ensure their strategies are well-coordinated and optimized to serve clients’ increasing demand for ESG servicing, guidance and investment solutions.
“With more than two decades of leadership at State Street Global Advisors and his role as chair of State Street’s executive corporate responsibility committee, Lacaille is absolutely the right leader to take our firm’s ESG efforts to the next level. We believe ESG considerations drive long-term value for investors, and will only become increasingly more important as drivers of return and risk”, said O’Hanley.
The company also explained that Heinel, who joined State Street Global Advisors in 2014 as chief portfolio strategist and has served as deputy global chief investment officer since 2016, will assume Lacaille’s role as global chief investment officer. In the press release, they highlighted that she has been “a driving force” for a number of key initiatives across the business including implementing consideration of financially material ESG issues throughout the investment process.
In her role, Heinel will oversee the full spectrum of industry-leading investment capabilities from index funds and ETFs to active, multi-asset class solutions and alternative investments. She will lead an investment team of more than 600 professionals globally and will report to Cyrus Taraporevala, president and chief executive officer of State Street Global Advisors.
Taraporevala commented that Lori taking the reins as global chief investment officer will bring to fruition years of succession planning. “She is a change leader who I believe is strongly positioned to lead State Street Global Advisors’ Investments team, as we continue the investment innovation which has been a hallmark of our strategy for decades.”
The company noted that Lacaille and Heinel will assume their respective new roles by March 31, 2021 after a “careful and deliberate transition”.
Foto cedidaSede de BBVA en Houston.. BBVA vende su filial en Estados Unidos a PNC por 11.600 millones de dólares
There’s still room for new developments in the Spanish banking sector. BBVA has agreed to sell to PNC its subsidiary in the U.S. for 11.6 billion dollars (9.7 billion euros) in cash. The transaction immediately increased the rumors of a potential merger with the smaller entity Sabadell and BBVA confirmed they have started in conversations.
The bank pointed out in a press release that this amount represents almost 50% of its current market capitalization, “creating significant value for shareholders”. The transaction will have a positive impact on BBVA’s fully loaded CET1 ratio of 300 basis points, or 8.5 billion euros of CET1 generation.
“This is a very positive transaction for all sides. PNC has recognized the great value of our unique client franchise and of our great team in the US, who will be part of a leading financial services group in the country. The deal enhances our already strong financial position. We will have ample flexibility to profitably deploy capital in our markets strengthening our long-term growth profile and supporting economies in the recovery phase, and to increase distributions to shareholders”, said BBVA Group executive chairman, Carlos Torres Vila.
In the U.S., BBVA is a Sunbelt-based bank with more than 100 billion dollars in assets and 637 branches, with leading market shares in Texas, Alabama and Arizona. After the closing of the transaction, PNC, based in Pittsburgh (Pennsylvania) will become the country’s fifth-largest bank by assets.
The transaction excludes the broker dealer (BBVA Securities) and the branch in New York, through which BBVA will continue to provide corporate and investment banking services to its large corporate and institutional clients. It also excludes the representative office in San Francisco and the fintech investment fund Propel Venture Partners.
William S. Demchak, PNC’s chairman, president and chief executive officer, commented that the acquisition will accelerate their growth trajectory and drive long-term shareholder value. “This transaction is an opportunity to navigate our future from a position of strength, accelerating PNC’s expansion while drawing on our experience as a disciplined acquirer. We are excited to bring our industry-leading technology and innovative products and services to new markets and clients, leveraging our mutual commitment to building diverse and high performing teams and supporting the communities we serve”, he added.
PNC: the fifth largest retail bank
The purchase makes PNC the fifth largest retail bank in the United States, behind JP Morgan Chase, Bank of America, Wells Fargo and Citigroup. It will give the firm a greater leadership in markets with significant growth potential beyond its current presence in the Midwest and Mid-Atlantic, especially in Texas. In addition, it will strengthen its commercial and consumer banking business.
The transaction takes place six months after PNC left BlackRock’s shareholding selling its 22.4% stake. The two operations would have some relationship to help the bank build a nationwide franchis, as Demchak told the Financial Times: “We’ve managed to effectively trade the BlackRock ownership stake we had for a franchise that takes us coast to coast. BBVA is in the best markets in the country with substantial presence down in Texas, Arizona, California and in Denver, in Alabama, and down through Florida.”
The details
BBVA pointed out that the all-cash deal by PNC values the business sold at 19.7 times its 2019 earnings and 1.34 times its tangible book value as of September, 2020. The deal “unlocks hidden value” as the price is more than 2.5 times the average valuation assigned by analysts to the business (3.8 billion euros), for a business that represented less than 10% of 2019 Group’s net attributable profit. Also, the price represents almost 50% of BBVA’s current market capitalization.
“With the transaction, BBVA will have additional flexibility to invest in its markets and increase distributions to shareholders, with a sizeable buyback as an attractive option at current share prices”, the Spanish bank said. The sale will generate a capital gain net of taxes of approximately 580 million euros and BBVA Group’s tangible book value will increase by 1.4 billion euros. The deal is expected to close in mid 2021 once the required regulatory approvals have been obtained.
A potential merger with Sabadell
The announcement of the transaction immediately sparked the rumors of a potential merger with Banco Sabadell. On Monday, BBVA confirmed to the National Securities Market Commission (CNMV) that both entities had started conversations.
After that, Banco Sabadell also confirmed the negotiations.
Pixabay CC0 Public Domain. AllianceBernstein lanza una plataforma de deuda inmobiliaria europea con Lacarne Capital como socio
AllianceBernstein has launched a European Commercial Real Estate Debt (ECRED) business by partnering with Lacarne Capital, a pan European real estate debt platform led by Clark Coffee, a veteran of the region’s private credit markets.
The asset manager has announced in a press release that ECRED will launch with 1.2 billion dollars of initial capital, making it one of the largest real estate direct lending platform launches in Europe. The business will focus on direct origination and secondary participations in whole loans, subordinate loans, preferred equity and other real estate backed investments across the UK and European markets.
AllianceBernstein believes that this is an opportune time for ECRED’s launch, “as the disruption created by COVID-19 has made traditional sources of capital harder to secure, resulting in an increased opportunity set and relevance for alternative lenders”. The launch follows the “success” of the firm’s US Commercial Real Estate Debt platform (CRED), currently overseeing nearly 6 billion dollars in investor commitments since its launch in 2013. The firm pointed out that this is a natural extension of its broader strategy of continuing to diversify and grow its Private Alternatives franchise.
Coffee will serve as Chief Investment Officer of the ECRED business. He will be joined by Shivam Rastogi, former Head of Deutsche Bank’s Debt Origination and High Yield Lending business in Europe; and Daniel Stengel, previously General Counsel of Tyndaris Real Estate. The team will be based in London and Frankfurt.
“Following the success of our US CRED business, Europe is the logical next step for expanding AB’s growing Private Alternatives franchise. We are delighted to be in business with Clark, who not only brings an impressive investment track record but also benefits from first-hand experience building a successful European private debt business”, said Matthew Bass, Head of Private Alternatives for AllianceBernstein commented.
Meanwhile, Coffee commented that they have secured a “great partner” in AllianceBernstein:“Their ability to raise significant capital in the midst of a global pandemic speaks for itself. The breadth of their operational expertise and investor relationships provides a strong foundation upon which we intend to build a leading European real estate debt business”.
