J.P. Morgan Launches 24th Annual Summer Reading List

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J.P. Morgan launched its 24th annual Summer Reading List, a collection of books selected to spark curiosity, inspire new perspectives and unlock potential for the future. With new titles by creative luminaries, admired industry leaders and forward-thinking entrepreneurs, the books invite readers worldwide on a journey from the canopy of the Amazon to the ranches of Wyoming, to the boardrooms of Hong Kong and beyond.

“Books have fired our imaginations for centuries. As we enter an era marked by rapid technological advancement, our list illuminates ideas to fuel progress, from how to lead more inclusively to how to harness the latest developments in artificial intelligence,” said Darin Oduyoye, Chief Communications Officer of J.P. Morgan Asset & Wealth Management.

To curate the list, J.P. Morgan Client Advisors worldwide submitted hundreds of non-fiction titles. That list was then culled and reviewed based on timeliness, quality and appeal to the firm’s global client base.

A summer tradition for over two decades, the 2023 J.P. Morgan Summer Reading List introduces a future-inspired read, selected by and for the next generation. To select the “Next Gen Pick”, a sub-committee of Associate and Vice President-level J.P. Morgan Client Advisors representing North America, Latin America, Asia Pacific and Europe met to review and select one title to engage and inspire early-career clients and colleagues.

“We wanted the ‘Next Gen Pick’ to encompass emerging ideas and themes that will drive the future,” said Derby Chukwudi, Associate Investment Strategist at J.P. Morgan Private Bank. “Whether you’re a technology entrepreneur, environmental activist, creative artist, or the next generation of a family enterprise, the title we selected outlines how you can identify the role you have to play in preparing for what the future holds.”

The 2023 Summer Reading list line-up includes:

Good Power: Leading Positive Change in Our Lives, Work, and World by Ginni Rometty

The former IBM CEO shares her pioneering path from a difficult childhood to becoming one of the world’s most influential business leaders. With candor and wisdom, Ginni Rometty recounts her life and career milestones—personal challenges, critical decisions and passionate advocacy—all while redefining power as a way to drive meaningful change. From protecting trans workers to hiring employees with unconventional career paths, Rometty’s “memoir with purpose” offers a blueprint for using “good power” to inspire teams, advance careers and companies, and to build a better world.

Money Machine: A Trailblazing American Venture in China by Weijian Shan

In this fascinating tale of an American firm’s success in China, Weijian Shan delivers the compelling story of one of the most significant deals in private equity history: the first foreign acquisition of a Chinese national bank. In this firsthand account from the chief architect of the deal, Money Machine offers a peek behind the curtain of the process, including the complex negotiations between private equity executives and Chinese regulators, and the challenges of returning the bank to profitability. Tracing the deal from inception to victorious conclusion, Shan reveals insights into China’s capital system, how to thrive in a foreign culture and how private equity firms can add real value to companies.

Reflections of a Vintner: Stories and Seasonal Wisdom from a Lifetime in Napa Valley by Tor Kenward

This iconic, award-winning vintner recounts the lessons learned and friendships forged during his nearly 50-year journey through the burgeoning wine industry of Napa Valley. Detailing experiences from the mid-70s, when there were fewer than 50 wineries, to the present, with over 800, Tor Kenward shares his insights on the region’s evolution into a world-class wine destination. Weaving in anecdotes of his friendships with legends of the food and wine scene, including Julia Child, André Tchelistcheff and Andy Beckstoffer, Kenward offers an entertaining, inside look into the fascinating and complex world of wine.

Think Like a Horse: Lessons in Life, Leadership, and Empathy from an Unconventional Cowboy by Grant Golliher

Each year, Fortune 500 executives, celebrities, professional coaches and Supreme Court justices flock to “horse whisperer” and leadership expert Grant Golliher’s Wyoming ranch to learn his approach to horse training. Horse whispering may sound like magic, but Golliher demonstrates how his method is as fundamental and ageless as the relationship between horses, the people who ride them, and the beauty of the West. Golliher distills his hard-won horse sense into invaluable lessons about communication, boundaries, fairness, trust and respect—lessons we can use to better understand our common humanity and unlock untapped potential in our careers and lives.

Radically Human: How New Technology Is Transforming Business and Shaping Our Future by Paul R. Daugherty and H. James Wilson

As new AI-powered technologies such as the metaverse and natural language processing are rapidly advancing—with human behaviors and intelligence informing the design of new machines—all companies must be technology companies to compete. Accenture technology leaders Paul R. Daugherty and H. James Wilson address this intersection of technology and human ingenuity in Radically Human, which outlines how companies across industries are tapping into technology to reshape the very nature of innovation. With examples across a variety of industries, Daugherty and Wilson offer a framework for value creation and more human-centered, trust-based and sustainable organizations.

The Women of Rothschild: The Untold Story of the World’s Most Famous Dynasty by Natalie Livingstone

As Jewish women in a Christian society and a patriarchal family, the Rothschild women have often been outsiders—overlooked in their family’s iconic legacy. Natalie Livingstone pulls back the curtain of the family’s storied history to reveal how these women forged their own distinct dynasty—becoming influential hostesses and diplomats, advising prime ministers, advocating for social reform and even trading on the stock exchange. From London’s East End to the Eastern seaboard of the United States and beyond, Livingstone traces the extraordinary lives of the dynamic Rothschild women, shining a light on how their visions and persistence shaped history.

The Tree Book: The Stories, Science, and History of Trees by DK

Discover the beauty and mystery of the world of trees—from ancient oaks and great redwoods to lush banyans and magnificent cedars—in this immersive visual guide. Combining the scientific, ecological importance of trees with a wider look at their history, symbolism and mythology, The Tree Book reveals the enduring significance of these fascinating organisms in human history and culture. With a comprehensive look into trees’ anatomy and uses, as well as their necessity in preserving the earth’s diverse ecosystems, DK offers a new kind of guide to understanding this important canopy of life.

Abstract Expressionists: The Women by Ellen G. Landau and Joan M. Marter

Although the Abstract Expressionist movement has become synonymous with Jackson Pollock, Mark Rothko and Willem de Kooning, many are unfamiliar with the works of Perle Fine, Helen Frankenthaler, Sonia Gechtoff and Joan Mitchell—women who studied at the same schools, exhibited at the same galleries, and were part of the same social scene as the men. Abstract Expressionists: The Women features these bold innovators, whose time in the art history spotlight has finally come. Surveying more than 50 paintings, collages and sculptures from the Levett Collection, an unparalleled private collection of women Abstract Expressionists, scholars Ellen G. Landau and Joan M. Marter explore the vital role women have played in the iconic movement.

A Library by Nikki Giovanni

In this lyrical picture book, world-renowned poet, New York Times bestselling author and Coretta Scott King Honor winner Nikki Giovanni collaborates with artist and illustrator Erin K. Robinson to share an ode to the library as a magic place that inspires imagination and exploration. This vibrant read-aloud can be enjoyed by book lovers of all ages, and is a well-deserved tribute to librarians who provide a welcome home away from home.

Amazing: Asian Americans and Pacific Islanders Who Inspire Us All by Maia Shibutani, Alex Shibutani and Dane Liu

Inclusivity takes center stage in Amazing: Asian Americans and Pacific Islanders Who Inspire Us All. Crafted by Olympic ice dancing medalist siblings Maia and Alex Shibutani, this children’s picture book explores 36 inspirational Asian Americans and Pacific Islanders, such as disabled hero Daniel Inouye, immigrant astronaut Kalpana Chawla, world-renowned chef David Chang, and Olympic gold medalist Sunisa Lee. With quick biographies written with journalist Dane Liu, Amazing celebrates the lives of achievers who have helped shape our world while paving the way for future generations of Asian Americans to make lasting change.

Smart Brevity: The Power of Saying More with Less by Jim VandeHei, Mike Allen and Roy Schwartz

Axios journalists and co-founders teach readers how to say more with less in virtually any format in this guide to effective, efficient communication. A modern take on Strunk and White’s The Elements of Style, Smart Brevity breaks down how to prioritize essential news and information, and to deliver it in a concise and visual format. In a digital age in which we are constantly inundated with news and information, Jim VandeHei, Mike Allen and Roy Schwartz share tips for breaking through the noise and getting our messages across with impact.

Next Gen Pick

Facing Our Futures: How Foresight, Futures Design and Strategy Creates Prosperity and Growth by Nikolas Badminton

Even though businesses, organizations and society at large are all subject to unforeseeable events, Facing Our Futures makes the case that we can develop the foresight and strategy to prepare for what’s ahead. Futurist and researcher Nikolas Badminton shows how innovation and open minds can help organizations restructure to mitigate risk and locate opportunity. Badminton tells readers how to develop the skills and outlook to prepare for whatever challenges the future holds.

Northern Trust Appoints Michael J. Bracci President of East Florida and Mid-Atlantic Regions

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Photo courtesyMichael J. Bracci, new President of the East Florida and Mid-Atlantic Regions at Northern Trust

Northern Trust has expanded the role of Michael J. Bracci to President of the East Florida and Mid-Atlantic Regions. Bracci, who has been President of the East Florida Region since 2003, will now lead the strategic direction and execution of the Wealth Management business of both the East Florida and Mid-Atlantic Regions, including Atlanta, Philadelphia and Washington, D.C.

Bracci, who joined Northern Trust in 1993, is a leader in investment management, trust and fiduciary management, financial planning and private banking. Prior to becoming President, he served as the Regional Senior Banking Officer for the Palm Beach Martin Region, and as Managing Director of the North Palm Beach office.

“For many years, Mike has delivered proven leadership, shown an unwavering dedication to client service and developed a strong track record for creating advice-driven solutions,” said Glenda G. Pedroso, President of the East Region for Northern Trust Wealth Management. “I am delighted he will be taking on this expanded role as President of both the Mid-Atlantic and East Florida Regions.”

Bracci earned a Bachelor of Arts in Economics from Tulane University and has more than 30 years of experience in the banking and finance industry. He began his career in the management training program at a large Southeast regional commercial bank and subsequently led a regional commercial banking team.

He is a member of the Board of Trustees for the Raymond F. Kravis Center for the Performing Arts and previously served as the Chair of the Board of Trustees. He also serves on the board of the Nicklaus Children’s Healthcare Foundation and has been Chair of the Board’s Executive Committee since 2005.

In 2021, Bracci was named to the Board of the Community Foundation for Palm Beach and Martin Counties. He is the current chair of the Investment Committee, past Treasurer of the Board and past Chair of the Finance Committee.

Another Good Month for Wall Street Despite the Banking Turmoil

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Stocks moved slightly higher in April as better-than-expected Q1 earnings, despite a lower bar, helped temper recession fears for now. Consumers remained resilient notwithstanding persistent inflation and other economic headwinds. Some positive themes from Q1 earnings season included better-than-feared regional bank results, strong mega-cap tech results, as well as better trends around cost controls, inventories and supply chain.

While there was some stability seen during the month for regional banks, the month ended with regulators seizing First Republic Bank (FRC) and striking a deal to sell most of its operations to JPMorgan Chase & Co. (JPM). The failure of First Republic Bank was more of a delayed reaction to the turmoil caused in March rather than a new phase in the global banking crisis. Overall, First Republic Bank will now go down as the second largest U.S. bank (by assets) to collapse after Washington Mutual, which failed during the financial crisis of 2008.

The Federal Reserve made another 0.25% rate hike during the latest FOMC meeting on May 3rd. March’s economic data, which was reported in April, showed signs of inflation decelerating but remaining well above the Fed’s target. The minutes from the Fed’s last meeting suggested a “mild recession” was possible and that the Fed’s focus is on “unacceptably high inflation”. Paradoxically, First Republic’s collapse helped keep the Fed on track with its rate hike agenda in May.

M&A performance in April was mixed, as most deals progressed towards closing, while other deals experienced setbacks. Most notably, Activision’s $74 billion acquisition by Microsoft was rejected by the U.K. Competition and Markets Authority (CMA) which claimed the acquisition would give Microsoft a dominant position in the nascent cloud gaming market. Microsoft made numerous assurances to the CMA to assuage its concerns, including a commitment to make current and future Activision titles available on competing cloud gaming services. Microsoft and Activision are appealing the CMA’s decision. Despite this, other deals did close in April, including the $6 billion cash and stock acquisition of gold miner Yamana by Pan American Silver and Agnico Eagle Mines, as well as the $2 billion acquisition of diabetes drugmaker Provention Bio by Sanofi. New deals announced in April, include Emerson Electric’s acquisition of National Instruments for $60 cash per share, or $8 billion, and Merck’s acquisition of Prometheus Biosciences for $200 cash per share, or about $10 billion.

The convertible market declined slightly in April, as fears of a recession, continued rising interest rates and cautious guidance weighed on markets. Issuance continued to trickle in, but April is typically a slow month in the convertible primary market as companies announce earnings. We have continued to see companies buying back convertibles in a transaction that is accretive to earnings and positive for the credit. This dynamic has helped some convertible securities.

The current opportunity in convertibles continues to come from fixed income equivalent issues that are trading at attractive yields to maturity in excess of our long term expected return. These are often convertibles within a few years of maturity that we expect to accrete to par over that time. While this is not the profile we have focused on historically, we find it to be attractive for the fund in this environment. These convertibles should have limited downside from here and we expect them to outperform equities in a flat, down, or volatile market.

 

Franklin Templeton Establishes a Strategic Partnership with Power Corporation of Canada and Great-West Lifeco

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Franklin Resources, a global investment management organization operating as Franklin Templeton, announced a strategic partnership with Power Corporation of Canada and Great-West Lifeco.

The Power Group of Companies including Great-West and IGM Financial are leaders in the global insurance, retirement, asset management and wealth management sectors and have collective assets under management and/or administration of approximately $2.1 trillion.

Great-West includes Empower in the US as well as Canada Life in Canada and Irish Life in Europe. IGM encompasses subsidiaries Mackenzie Financial and IG Wealth Management and also has investments in Rockefeller Capital Management and China Asset Management Co.

As a foundation of the partnership, Franklin Templeton has entered into a definitive agreement to acquire Putnam Investments (“Putnam”) from Great-West for approximately $925 million of primarily equity consideration. Great-West will become a long-term strategic shareholder in Franklin Resources, Inc., with an approximate 6.2% stake, consistent with Great-West’s continuing commitment to asset management.

Great-West will provide an initial long-term asset allocation of $25 billion to Franklin Templeton’s specialist investment managers within 12 months of closing with that amount expected to increase over the next several years. The strategic partnership aligns with Franklin Templeton’s focus to further grow insurance client assets, and significantly broadens the relationship between Franklin Templeton and the Power Group of Companies in key areas of retirement, asset management and wealth management.

Founded in 1937, Putnam is a global asset management firm with $136 billion in AUM as of April 2023. Putnam has offices in Boston, London, Munich, Tokyo, Singapore and Sydney. Putnam’s complementary capabilities and track record of strong investment performance accelerates Franklin Templeton’s growth in the retirement markets by increasing its defined contribution AUM and expanding its insurance assets, while adding further scale and efficiency to Franklin Templeton’s mutual fund platform.

Consistent with Franklin Templeton’s previous acquisitions, the execution plan is designed to minimize disruption to Putnam’s investment teams and client relationships.

“This is a compelling transaction for Franklin Templeton, and we are excited about the numerous opportunities that will be unlocked by this long-term strategic partnership with the Power Group of Companies including Great-West,” said Jenny Johnson, President and CEO of Franklin Templeton. “Power and Great-West are global leaders across financial services, particularly in the wealth, insurance and retirement channels. With outstanding investment performance, Putnam will add complementary capabilities to our existing specialist investment managers to meet the varied needs of our clients and will increase Franklin Templeton’s defined contribution AUM. We are pleased to welcome Great-West as a strategic investor, along with the impressive team at Putnam.”

“Franklin Templeton is a leading global asset management firm, whose business model is well-positioned to build upon the investment and distribution strengths of Putnam,” said R. Jeffrey Orr, Chair of Great-West, and President and CEO of Power. “We are pleased to enter a partnership with Franklin Templeton that will be mutually beneficial to clients and our respective businesses.”

“This transaction furthers Great-West’s strategy of building strategic partnerships with best-in-class asset managers to support our client’s retirement, insurance, and wealth management needs,” said Paul Mahon, President and CEO of Great-West. “Franklin Templeton’s scale and breadth, together with Putnam’s capabilities, will drive positive outcomes for our companies, our clients, and our investors.”

“Critical to this transaction is the strong alignment between our organizations. We share a client-centric culture, a core belief in active management, a collaborative and research-based investment approach, and a long-held commitment to fundamental investment principles,” said Robert Reynolds, President and CEO of Putnam. “We look forward to joining Franklin Templeton in this next phase of our growth, as we come together to serve our clients, upholding our commitment to them and their needs.”

Advantages and disadvantages of creating an SPV

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Special Purpose Vehicles (SPVs) play a crucial role in the efficient functioning of the global financial market. The parent company creates them as a separate legal entity to transfer risks, acquire financing, or for any specific investment endeavor, as explained by FlexFunds in an analysis reproduced below:

What is a special purpose vehicle (SPV)?

Special purpose vehicles are entities that have specific purposes. An SPV is a legal entity with its assets and liabilities and has a distinct identity from its parent company. Parent companies legally separate the special purpose entity primarily to isolate the financial risk and ensure that it can meet its obligations even if the parent company declares bankruptcy.

A special purpose vehicle (SPV) is also a key channel for securitizing asset-based financial products. In addition to attracting equity and debt investors through securitization, being a separate legal entity, an SPV is also used to free up capital, transfer specific assets that are generally difficult to transfer, and mitigate concerted risk.

What are special purpose vehicles (SPVs) created for?

Risk transfer and risk isolation are among the most critical objectives for creating SPVs.

There are different reasons why companies decide to create an SPV:

  1. Risk sharing

SPVs allow the transfer and sharing of risk among investors.

  1. Securitization

SPVs are used for the securitization of multiples types of assets.

  1. Asset transfer

Assets that are difficult to transfer can be repackaged in an SPV, which saves costs and avoids problems during sales, mergers, or acquisitions.

  1. Tax optimization

SPVs are also used to reduce tax burdens, especially on property sales. SPVs are also created to raise capital at more favorable rates for future investments, projects, and joint ventures, among other purposes.

What can be a potential SPV structure?

SPVs can adopt various business structures, among which the following stand out:

1.-Joint project:

Companies seeking to collaborate on a project can form a special purpose vehicle such as a joint venture.

2.- Limited liability company:

The idea behind forming an SPV as a limited liability company is to create a separate legal entity with its identity, rights, obligations, and liabilities. In the event of insolvency or a lawsuit, the parent company may find it easier to protect its assets and liabilities from certain issues.

Similar to joint ventures, limited partnerships exist for short periods. Having an SPV as a limited partner streamlines the entire partnership process and operations.

3.- Public-Private Partnership:

SPVs are often used as an arm of a company seeking to participate in a government project.

4.- Structured investment vehicle:

Structured investment vehicles are specific SPVs created to earn returns between debt and equity in a company.

SPV vs. private equity funds

Timing and investment allocation are the main differences between SPVs and traditional venture capital funds.

Traditional venture capital funds are long-term investments. It can take up to 10 years before a venture capital firm exits all investments in a fund’s portfolio. In contrast, SPVs generally seek to return money to investors in a much shorter period because earning a return depends on only one company achieving an exit, such as an acquisition or IPO.

The number of investments, the most significant difference between an SPV and a traditional venture fund is that an SPV invests all of its capital in one company. Traditional venture capital funds, on the other hand, invest in many companies operating within stages and industries that fit the fund’s investment thesis.

As for the regulation of SPVs, the laws and regulations governing private funds in each jurisdiction where this entity is created apply.

FlexFunds’ asset securitization program can enable you to convert any asset into a bankable asset by creating an Irish SPV in half the time and cost of any other alternative in the market.

Advantages of using an SPV

  • Unique tax benefits: Some SPV assets are exempt from direct taxation if established in specific geographic locations.
  • Spread the risk among many investors: Assets held in an SPV are financed with debt and equity investments, spreading the risk of the assets among many investors, and limiting the risk for each investor.
  • Cost-efficient: It often requires a meager cost depending on where you created the SPV. In addition, little or no government authorization is needed to establish the entity.
  • Corporations can isolate risks from the parent company: Corporations benefit from isolating certain risks from the parent company. For example, if assets were to experience a substantial loss in value, it would not directly affect the parent company.

Disadvantages of SPVs

  • They can become complex: Some SPVs may have many layers of securitized assets. This complexity can make it challenging to monitor the level of risk involved.
  • Regulatory differences: Regulatory rules that apply to the parent do not necessarily apply to the assets held in the SPV, which may represent an indirect risk for the company and investors.
  • Does not entirely avoid reputational risk for the parent company: In cases where the performance of assets within the SPV is worse than expected.
  • Market-making ability: If the assets in the SPV do not perform well, it will be difficult for investors and the parent company to sell the assets back into the open market.

FlexFunds designs investment vehicles issued by Irish SPVs and backed by world-class service providers such as BNYM, Interactive Brokers, Apex, or Bloomberg. FlexFunds‘ solutions make it easy for clients to raise capital from international investors and access global private banking.

Recruiting, Support, and Succession Planning Are Top Priorities for Banks as They Look to Fend Off Increased Advisor Attrition

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As banks and credit unions face increased market uncertainty, many are placing greater importance on wealth management to generate diversified fee-based revenue and broaden client relationships beyond core banking services.

As such, banks need to better attract, develop, and retain financial advisors throughout their lifecycles, according to a new Cerulli/BISA white paper, Improving Recruitment and Retention Throughout Advisors’ Lifecycles.

Over the last five years, the bank broker/dealer (B/D) channel has grown AUMs at a compound annual growth rate (CAGR) of 11.7%, while relative advisor headcount has only grown 0.7% annually. While advisor headcount in the bank channel has remained relatively stable, as the average advisor continues to age, banks and credit unions need to prepare for potential challenges.

“Shifting market dynamics and competing advisory business models are putting significant pressure on banks’ and credit unions’ ability to attract and retain advisors,” says Chayce Horton, research analyst. “Banks need to be able to compete with other advisory channels, such as the registered investment advisor (RIA) channel, which has outpaced the broader wealth management industry in terms of AUM and advisor headcount growth,” he adds.

The paper finds that attrition risk presented by aging advisors is considered one of the greatest threats to bank wealth programs today. Bank advisors, on average, expect to retire at the age of 64 (four years earlier than peers in other channels); yet nearly one-third (29%) of bank advisors transitioning into retirement within the next 10 years are unsure of their succession plans.

Considering this reality, banks will need to develop a two-pronged approach to retain advisors at the later stages of their career while also finding and developing rookie talent. “Wealth and investment programs at banks and credit unions are at a critical juncture relative to growth and expansion,” says John Olerio, senior managing director, head of Webster Investments, and Chair of BISA Research Committee. “Establishing career-pathing options for advisors in the later stages of their career is crucial for banks, as it fosters greater satisfaction, retention, and long-term growth for both the advisor and firm,” says Horton.

Cerulli analyst Matthew Zampariolo adds that, “On the other hand, given that the process of hiring, licensing, and training junior advisors is costly, it is critical that banks investing in young talent retain them.”

In tandem with developing strategic hiring and retention plans, investments in technology and firm culture will pay dividends. According to the research, 52% of bank executives and advisors are dissatisfied with their firm’s technology. “Not only do outdated legacy systems make advisors’ jobs more onerous, but often these pain points are passed through to the clients,” says Horton. Worries about prioritization and culture at banks’ wealth management divisions are also top-of-mind among advisors and an area where improvement could lead to better retention and recruiting outcomes.
“Banks and credit unions must act proactively to stay ahead in an increasingly competitive environment. By focusing on attracting and developing young and mid-level talent and retaining senior advisors, banks can better navigate the many challenges they face and remain competitive in the wealth management industry,” concludes Horton.

Agri-Food Tech Series A Impact Startups Online Demo Day

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Agri-Food Tech U.S. & International Investor Readiness Program Online Demo Day for ACCREDITED INVESTORS ONLY

Sponsored by DLA Piper and Microsoft and hosted by Base Miami and Koi Group, at Mana Tech, we are thrilled to present our first Agri-Food Tech U.S. & International Investor Readiness Program Online Demo Day.

In this one-hour session, successful Series A Latin American Agri-Food Tech Impact companies will take the virtual stage to pitch their ventures and present their groundbreaking solutions as we wrap up our first Agri-Food Tech U.S. & International Investor Readiness Program.

We invite you to discover the future of agriculture and witness its transformative power firsthand. Let’s celebrate innovation and cultivate a brighter tomorrow together!

About Mana Tech

Based in Miami and powered by billionaire Moishe Mana, Mana Tech is establishing Miami’s ultimate international entrepreneurship hub where people and businesses can thrive. We create bridges between the best startup founders, world-class mentors, top-notch international experts, leading corporations, and savvy investors.

Who is presenting?

A tokenization platform that uses Blockchain technology to create stable coins backed by tangible underlying assets, focusing on Agriculture Commodities: Agrotoken

The first vertical farm company in Latin America that integrates and develops technology for a more sustainable production taking agriculture to locations where it doesn’t exist: Agro Urbana

An Argentinian Big Data company for agriculture that helps agronomists and farmers to adopt precision agriculture through an easy-to-use SaaS platform: Auravant

A Chilean nature-based solution for climate change dedicated to upcycling organic waste into high-value and sustainable food ingredients through technology: F4F

An AI-driven virtual crop advisor that helps farmers enhance yield while reducing CO2 emissions: Instacrops

A Brazilian Food-Tech company that innovated in producing plant-based dairy products: NoMoo

A Foodtech company that uses Data Science & Food Algorithms to create and launch, in record time, more nutritious, sustainable, and affordable products NutriCo.

An Agtech company based in Brazil that develops and sells solutions for improving the profitability and sustainability of livestock farming: Ponta

A company that develops 100% organic and residue-free technologies to help fruits achieve a 130% longer shelf life: SaveFruit

A Brazilian food-tech that innovates in the premium meat market, developing healthy and natural plant-based products to compete in a growing market with amazing taste and high levels of pea, lentil, and rice protein: The New

A platform that connects farmers and Agrifood/Forestry companies using Blockchain technology to streamline data collection and improve farming practices: Ucropit

A lending platform that provides access to capital for smallholder farmers, connecting them to all the players in the industry with cashless credits: Verqor

Emerging Market Debt Shines When The Dollar Loses Its Sheen

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Photo courtesy

Emerging market debt – both sovereign and corporate – should benefit as the dollar’s relentless advance of the past 15 years starts to run out of steam.

Aligning stars

The stars are aligning for emerging market (EM) debt. And according to our analysis, there are good reasons to believe these assets – both sovereign and corporate bonds – are on the cusp of an upswing that could last for years to come.

To begin with, there’s a shift in the direction of the US dollar. The signs are  that the currency’s relentless advance of the past decade is starting to run out of steam. US exceptionalism is being called into question: investors’ appetite for risk is steadily returning following the Covid pandemic, the initial shock caused by the Ukraine war and years of disinflation and distortive monetary policy.

And with the dollar playing a smaller role, other factors are likely to take over in driving EM fixed income.

One boost is likely to come from China’s dramatic volte-face on its Covid policy, dropping draconian lockdowns for complete reopening of its economy.

Then there’s EM economies’ deft handling of inflation. EM central banks acted early and decisively to contain inflationary pressures, leaving developing economies well placed to significantly outgrow their developed counterparts.

Together, these factors are bound up in what is arguably the most important source of EM fixed income performance: foreign exchange.

For EM fixed income, currency movements are consequential – not only for bonds issued in local currencies but also for those denominated in US dollars. Currency movements can create feedback effects that have a major bearing on a country’s overall finances. Similarly, they can have a critical role to play in EM corporate balance sheets.

For investors, this can result in substantial compounding effects – appreciating local currencies generate virtuous cycles that feed through to fixed income returns. This is apparent in the relationship between the dollar’s relative value and how global asset markets perform – a weaker dollar tend to be associated with relative strength in non-US assets and a strong dollar with stronger US assets.

 

Opinion written by Mary-Therese Barton, Head of Emerging Market Fixed Income of Pictet Asset Management, and Alain Nsiona Defise, Head of Emerging Markets – Corporate of Pictet Asset Management.

 

Discover what the dollar impact will be on emerging market bonds

 

Asset Managers Forge Ahead with ESG Product Development Despite Skepticism

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Asset owners and managers remain focused on ESG initiatives, despite heightened regulatory scrutiny surrounding “greenwashing” and negative investor perception, according to Cerulli’s latest white paper, Global State of ESG. Even as firms acknowledge and take measures to quell cynicism, few show signs of being deterred by skeptics or deviating from the courses that have been set.

Increased criticism over ESG has led governmental bodies around the globe to step up efforts to more clearly define and better regulate the ESG investment market. Investment funds that purport to be “green” or offer sustainability benefits without meeting any set categorization standards are rightfully being met with increasing scrutiny as the industry aims to sort out greenwashing.

Cerulli’s data shows both U.S. and international asset managers welcome the opportunity for clarity. The majority of U.S. asset managers polled by Cerulli believe the SEC should be responsible for setting standards around both public companies’ ESG disclosures (73%) and asset managers’ ESG standards and product definitions (58%). Meanwhile, 85% of European institutional investors are in favor of fining asset managers that engage in greenwashing practices and only 7% are not.

Additionally, fears of negative returns and the perception that performance may be sacrificed in the name of ESG/sustainability continue to be a major challenge to firms when it comes to marketing their strategies. Despite this, Cerulli observes managers forging ahead with product development, sales, and marketing of ESG products. In Europe, nearly half (49%) of asset managers consider ESG marketing a very important feature of their overall marketing efforts, and in the U.S., 58% of managers consider ESG a top product development initiative.

“Overall, Cerulli’s research reflects an industry largely unswayed by negative rhetoric surrounding the topics and concepts related to ESG investment,” says David Fletcher, associate director. “By and large, sustainability and the overarching themes of ESG investment are already ingrained in the asset management industry. The challenges firms face in implementing ESG investment initiatives are pain points that will likely be viewed in retrospect as necessary steps in the legitimization and long-term success of these goals.”

BNY Mellon Investment Management Launches the BNY Mellon Women’s Opportunities ETF and BNY Mellon Innovators ETF

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BNY Mellon Investment Management announced the launch of BNY Mellon Women’s Opportunities ETF and BNY Mellon Innovators ETF. Listed on Nasdaq, both ETFs are sub-advised by Newton Investment Management North America, LLC (Newton), a BNY Mellon investment firm and a leading equity and multi-asset manager.

“This addition to our growing suite of ETFs provides investors with access to Newton’s deep experience in thematic investing,” said David DiPetrillo, Head of North America Distribution at BNY Mellon Investment Management. “Through Newton’s multi-dimensional research platform combined with fundamental research and analysis, these ETFs will enable investors to potentially benefit from themes we believe will drive economic and societal growth and progression.”

BNY Mellon Women’s Opportunities ETF
The BNY Mellon Women’s Opportunities ETF invests principally in companies that incorporate gender equitable practices in the workplace or provide products or services that enhance the ability of women to meet their work or other personal life responsibilities and needs, such as those relating to household responsibilities, dependent and elder care responsibilities, and gender-specific healthcare. The Fund is co-managed by Newton’s Julianne McHugh and Miki Behr.

As part of BNY Mellon Investment Management‘s ongoing commitment to gender equality, the firm has partnered with Girls Inc., the non-profit organization that inspires all girls to be strong, smart, and bold through direct service and advocacy. In addition, BNY Mellon ETF Investment Adviser, LLC, the Fund’s investment adviser, will contribute at least 10% of the management fee to Girls Inc. The BNY Mellon Foundation will also provide grant funding to Girls Inc. and its New York affiliate, Girls Inc. of New York City, in recognition of their impactful work that equips girls and young women to reach their full potential.

“Gender gaps have economic impacts—if women and men participated equally in the economy a further US$28 trillion could be added to global annual gross domestic product by 20256,” said Ms. McHugh. “We believe that companies that support women, cultivate strong cultures, offer attractive benefit policies in the workplace, as well as deliver offerings which empower women, are positioned to better perform over time.”

BNY Mellon Innovators ETF
The BNY Mellon Innovators ETF invests in innovation-driven companies whose products and services seek to transform or disrupt the way we live and work. The Fund invests across all market capitalizations through a wide range of industries and sectors in seeking to capture transformational growth opportunities over a long-term horizon. The Fund is co-managed by Newton’s chief investment officer and head of equity, John Porter, and Edward Walter.

“Average company life spans have dropped sharply, with 52% of Fortune 500 companies having disappeared in the last 15 years7. Paired with COVID, which spurred innovation and disruption at an unprecedented rate, this provides many attractive investment possibilities in every corner of the economy,” said Mr. Porter. “Our broad interpretation of innovation, coupled with our institutional capabilities and deep experience of thematic investing, means we can look at emerging opportunities in the healthcare, information technology and consumer discretionary sectors among others.”