CI Private Wealth Rebrands as Corient

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CI Private Wealth announces it is rebranding as Corient. The new name is derived from “client oriented” and expresses the firm’s commitment to providing its clients with an unparalleled wealth management experience.

“The Corient brand embodies our mission to put our clients at the center of everything we do. We exist for one reason: to help our clients achieve their financial goals, simplify their lives and establish legacies that will last for generations,” said Kurt MacAlpine, Chief Executive Officer of Corient and CI Financial Corp. (“CI”), Corient’s parent company. “The new name better reflects the extensive capabilities we offer today as a national, integrated organization and our vision to become the country’s pre-eminent private wealth firm.”

Corient now serves as the brand for all of the company’s offices, as it has discontinued co-branding with its legacy firm names, effective immediately. This reflects the ongoing integration of Corient’s predecessor companies into one cohesive registered investment advisor (“RIA”) firm.

“The unified Corient brand clarifies for clients that they benefit from the expertise of our entire network and the expanded services and capabilities made possible by our greater size and scale,” Mr. MacAlpine said. “In the short time since our founding, we have accomplished much on behalf of our clients that would not have been possible for most independent firms. We established a tax practice and a trust company, we have delivered better investment pricing and lending rates, and we significantly strengthened our alternative investments platform. Today, we are operating under an integrated platform that, along with our collective scale, enables us to better serve the complex needs of our clients.”

Corient is a fiduciary, fee-only wealth management firm that is distinguished by its private partnership model, similar to leading professional services firms. This approach encourages its advisors to collaborate rather than compete and creates an environment that rewards teamwork in pursuit of the shared vision to deliver unrivaled client excellence.

CI first entered the U.S. RIA sector in 2020 and has become one of the industry’s fastest-growing wealth platforms through acquisitions and strong organic growth. Today, CI’s U.S. wealth management business has $147 billion in assets under management, and is one of the largest integrated RIAs in the U.S.

“It’s the right time to adopt a new identity, one that conveys the value we offer and our distinct character and positioning in the marketplace,” said Mr. MacAlpine. “We’re very excited about our brand and the future of Corient.”

The Corient name was selected through a rigorous, multi-step process. A third-party branding agency conducted extensive research and helped to identify a list of potential choices. More than 70 of the firm’s partners participated in focus groups, narrowing the initial list to two finalists. The ultimate selection was determined by a vote of all partners, who favored Corient by a wide margin. This approach demonstrates the firm’s unique, integrated structure and its differentiated approach to the business.

The Corient name originated with one of the company’s legacy firms and has been thoroughly re-imagined through its new positioning and a newly designed logo.

CI continues to use the CI Private Wealth brand for its Canadian ultra-high-net-worth wealth management business.

Pablo Paladino Assumes Global Sales Director Role at Dominion Capital Strategies

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Photo courtesyPablo Paladino

Dominion Capital Strategies, a leading fund manager with an investment platform for regular savings and investments, is pleased to announce the appointment of Pablo Paladino as Global Sales Director. Currently heading sales in Latin America, Paladino brings extensive experience and a strong sales track record to his new role. He will be responsible for overseeing the commercial strategy and support for all regions of the company, including Latin America, Europe, Asia-Pacific, the Middle East, and Africa. This appointment reflects Dominion’s commitment to growth and expansion, capitalizing on Paladino’s expertise.

Before joining Dominion Capital Strategies, Paladino held key leadership positions at renowned financial institutions, including Old Mutual and one of Latin America’s largest Independent Financial Advisor (IFA) firms. Throughout his career, he consistently demonstrated exceptional sales skills and a deep understanding of the needs of IFAs in emerging markets.

Paladino’s new role as Global Sales Director emphasizes Dominion’s dedication to its position as a leading fund manager and investment platform provider for regular savings and investments. With Paladino’s leadership and extensive network in Latin America, he will play a crucial role in expanding Dominion’s presence and seizing opportunities in Asia-Pacific, Africa, and the Middle East.

Paladino’s appointment marks the beginning of a series of strategic initiatives that Dominion Capital Strategies plans to undertake, strengthening its position as a leader in fund management and investment platforms for regular savings and investments. With Paladino’s expertise, the company is poised to explore new avenues for growth and enhance its product offerings to meet the evolving needs of its global client base.

 

Emerging market debt in a volatile world

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As currency volatility picks up, investors in emerging market debt, whether sovereign or credit, will benefit from active approaches to managing their investments.

For much of the past decade, cheap central bank money has helped to suppress market volatility, not least in currency markets. But following a spike in inflation, central banks have had to tighten policy considerably. As a consequence currency volatility looks set to pick up, with dollar-sensitive markets particularly vulnerable to gyrations.

Given that much of their borrowing tends to be in dollars even as corresponding obligations are in their own currencies, emerging market sovereigns and corporate borrowers have tricky seas to navigate.

That puts the onus on investment managers to be nimble in response to suddenly changing currents and winds. Active investment management becomes even more important in these conditions, argue Mary-Therese Barton, head of emerging market fixed income, and Alain Nsiona Defise, head of emerging markets – corporate.

 

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

Discover more about Pictet Asset Management’s Emerging Markets capabilities here.

Ron Insana Joins Dynasty Financial Partners as Chief Market Strategist

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Dynasty Financial Partners has named Ron Insana to the new role of Chief Market Strategist. Insana will join the firm’s Investment Committee and the investment committees of Dynasty Network firms. He will, in addition, meet and share insights with financial advisors in Dynasty’s Network and their clients.

As Dynasty’s Chief Market Strategist, Insana will be a spokesperson for the company on investment, economic, and related topics.

“We are thrilled to have Ron Insana, a legend in the financial services industry and a pioneer of financial journalism, representing Dynasty and sharing his deep and varied investment experience in hopes to catalyze growth for our partner firms,” said Shirl Penney, Dynasty’s CEO and co-founder.

Insana has had a distinguished career in broadcast journalism. Significant moments include his award-winning coverage of the market crash of 1987 and one of the first eyewitness accounts of the collapse of the World Trade Center towers on 9/11. He has also worked as an asset manager. As a bestselling author, his books include “The Message of the Markets” and “Trend Watching: How to Avoid Wall Street’s Next Fads, Manias, and Bubbles.” He is a frequent guest on CNBC and MSNBC, where he sheds light on pressing economic and market issues. He also shares his syndicated Market Scoreboard Report with radio listeners everywhere.

Named one of the “Top 100 Business News Journalists of the 20th Century,” Insana is known for his high-profile interviews with world leaders such as President Bill Clinton and President George Bush, billionaire investors including Warren Buffett and George Soros, captains of industry like Bill Gates and Jack Welch, as well as top economists, analysts, and influencers, the Press Release said.

Insana joins Dynasty as the firm prepares to host its annual Investors Forum for independent advisors in November 2023. A leading investment conference for RIAs, this year’s Investment Forum will take place in Nashville, Tenn., from November 13 through November 15, 2023. Insana will be a featured speaker along with other leading investment-firm executives.

In his new role with Dynasty,  Insana will work closely with Chief Investment Officer Bob Shea to identify strategic opportunities for the investment portfolios. Shea oversees Dynasty’s Investment Platform, which administered $36 Billion in end-client assets as of Q1 2023 Period End.

“Ron is a giant in the investment industry, both as an incisive reporter and a hands-on practitioner,” said Shea. “To say my team and I are looking forward to this collaboration is an understatement.”

Besides the responsibilities described above, Insana’s work with Dynasty will include developing and leveraging investment content and advising Dynasty’s leadership on investment strategy, market intelligence, and business development.

Independent advisors can use Dynasty’s Investment Platform in several ways, from research and due diligence to outsourced investment products and services through the company’s OCIO program, featuring a range of asset classes, including equities, fixed income/capital markets, and alternative investments.

Federal Reserve Announces Launch of its New Instant Payment System

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The Federal Reserve announced that its new system for instant payments, the FedNow® Service, is now live. Banks and credit unions of all sizes can sign up and use this tool to instantly transfer money for their customers, any time of the day, on any day of the year.

“The Federal Reserve built the FedNow Service to help make everyday payments over the coming years faster and more convenient,” said Federal Reserve Chair Jerome H. Powell. “Over time, as more banks choose to use this new tool, the benefits to individuals and businesses will include enabling a person to immediately receive a paycheck, or a company to instantly access funds when an invoice is paid.”

To start, 35 early-adopting banks and credit unions, as well as the U.S. Department of the Treasury’s Bureau of the Fiscal Service, are ready with instant payments capabilities via the FedNow Service. In addition, 16 service providers are ready to support payment processing for banks and credit unions.

When fully available, instant payments will provide substantial benefits for consumers and businesses, such as when rapid access to funds is useful, or when just-in-time payments help manage cash flows in bank accounts.

For example, individuals can instantly receive their paychecks and use them the same day, and small businesses can more efficiently manage cash flows without processing delays. Over the coming years, customers of banks and credit unions that sign up for the service should be able to use their financial institution’s mobile app, website, and other interfaces to send instant payments quickly and securely.

As an interbank payment system, the FedNow Service operates alongside other longstanding Federal Reserve payment services such as Fedwire® and FedACH®. The Federal Reserve is committed to working with the more than 9,000 banks and credit unions across the country to support the widespread availability of this service for their customers over time.

Global M&A Value Falls 42.4% YoY in Q2 of 2023

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Deal volumes remain anemic even though transactions rebounded in the second quarter off a historically low base, according to S&P Global Market Intelligence’s newly released global Q2 2023 M&A and Equity Offerings Market Report.

The total value issued in global equity deals rose from the prior quarter for the first time in more than a year, but the issuance level was about 2x lower than the quarterly average during 2021. The total global value of announced M&A also ticked up quarter over quarter, but even with the growth, the second quarter was reminiscent of the lows reached during the height of the COVID-19 pandemic.

The headwinds facing dealmaking for much of the last six quarters are expected to continue plaguing transaction activity in the second half of 2023. Geopolitical unrest, rising rates and economic growth concerns are all giving companies pause before pursuing transactions.

“The lack of equity issuance and M&A announcements since the early part of 2022 has created some pent-up demand,” said Joe Mantone, lead author of the report. “It’s no surprise that we’ve seen some pockets of quarter-over-quarter growth, but activity levels are far from normal. Companies and investors should gain more clarity over the direction of interest rates and the economy later this year and once that occurs, markets could become more sanguine and supportive of deal activity.”

Key highlights from the quarterly report include:

  • Second-quarter M&A transactions’ total value was $564.03 billion, a 42.4% decline from an already low base a year earlier.
  • The total value raised from global equity deals increased 28.8% quarter over quarter to $77.39 billion in the second quarter but remains far below levels reached in 2021 when the quarterly averaged raised topped $260 billion.
  • The total number of global M&A announcements in 2023 hit a monthly low in June with just 3,044 transactions.

The quarterly report provides an overview of global M&A and equity issuance trends, offering insights into the sectors and geographies that are seeing the most activity. It also focuses on deals with the highest valuations and strategies larger players pursue that underscore trends occurring throughout an industry. S&P Global Market Intelligence has produced the quarterly global M&A and equity offering report since the first quarter of 2018.

Wider Opportunities Seen for Fixed-Income ETFs

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Fixed–income exchange-traded funds (ETFs) are gaining ground, due to incrementally higher yields and greater investor comfort levels. A strong product development opportunity exists for managers offering active fixed–income exposures, given the white space for fee-competitive, attractively priced products, according to the latest Cerulli Edge—U.S. Asset and Wealth Management Edition.

Issuers attribute expected future fixed–income ETF asset growth to greater uptake by advisors and institutional investors—66% cite greater advisor familiarity as a top-three asset growth driver in the next 24 months, and 55% say the same for greater institutional use. Meanwhile, 38% point to both higher yields and advisors’ need to access lower-cost, fixed–income exposures.

Fixed–income product development among issuers is now taking priority over even the more sizable U.S. equity asset class, with 66% of managers citing fixed income as a primary product development focus and 57% citing U.S. equity.

Cerulli expects fixed–income ETF product development to follow two avenues, with some products becoming more targeted and offering access to niche allocations. At the same time, other new fixed–income ETFs will reflect mutual funds via more diversified exposures meant to offer a tax- and price-efficient way to access fixed–income exposures for the long run.

Combined with greater product development focus amid existing white space in fixed income versus the far more product-saturated equity space, a strong and attractive asset-gathering opportunity exists for fixed–income ETFs.

“Issuer openness to offering transparent active fixed–income strategies creates room for the revenue generation associated with active exposures—even if managers will still have to lower prices in the fee-competitive ETF industry,” says Daniil Shapiro, director. “This optimism is underscored by the perception of a virtuous cycle by which a greater variety of quality and appropriately priced exposures help make fixed–income ETFs a go-to for a broader set of investors,” he concludes.

BofA Finds 75% of Mid-Sized Businesses Expect Revenue to Increase in the Next 12 Months Despite Economic Challenges

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Despite economic challenges, 75% of mid-sized business owners expect their revenue to increase and 71% are planning to hire over the next 12 months, according to the inaugural Bank of America Mid-Sized Business Owner Report. The study is based on a survey of more than 300 mid-sized business owners (MSBOs), with $5 million to $50 million in annual revenues, and focuses on their business and economic outlooks.

“The strength of mid-sized businesses is essential to the health of the U.S. economy,” said Raul Anaya, President of Business Banking at Bank of America. “Preparation, optimism, and flexibility are traits of successful leaders in this environment, with investments in the workforce and digital transformation topping their current list of priorities to remain resilient and position their businesses for growth.”

MSBOs maintain a positive outlook, as 75% plan to expand their business and 67% expect the national economy to improve over the next 12 months. Additional insights into mid-sized business operations and financing in the current environment include:

  • Macroeconomic challenges in recent years, including inflation, the threat of a recession, and supply chain issues, are driving companies to make operational changes, such as raising prices (45%), revaluating cash flow and spending (37%), increasing employee wages (35%), and reducing business costs (33%).
  • 90% of MSBOs plan to obtain funding to finance their businesses over the next 12 months, including through business credit cards (43%), traditional bank loans (38%), personal savings (27%), personal credit cards (25%), and venture capital funding (21%).
  • Perspectives on financing are not one size fits all. For example, 59% of businesses say they’re looking to obtain financing to weather rising interest rates, while 23% say the rising interest rates make them less likely to seek financing.
  • Among the more than half (54%) of MSBOs who plan to apply for a bank loan or line of credit in the next 12 months, they plan to use these funds to: invest in new technology (43%), invest in new equipment (37%), and market/promote their business (35%).

Digitization on the Rise

Over the last 12 months, 90% of MSBOs have adopted digital strategies to further optimize their businesses and operations, with new digital tools helping them to save time (48%), increase customer satisfaction (43%), manage cash flow (43%), stay organized (41%) and reach new customers (37%). Additional ways innovation is at play within mid-sized businesses include:

  • 87% plan to further utilize automation and artificial intelligence to stand out from competitors (45%), assist with hiring (45%), and streamline payroll and bookkeeping (43%).
  • As the use of digital wallets and cashless payments continues to grow in popularity, 76% of MSBOs anticipate that all their transactions will eventually be digital.
  • 71% say the marketing of their business is now done primarily online or through digital-first channels.
  • 88% see cybersecurity as a threat to their business, and as a result are further investing in digital security systems (65%) and storing less business information online (39%).

“The digital landscape is complex and fast-moving,” added Anaya. “Staying on top of the latest innovations can help business owners create efficiencies, manage risk and unlock value that gives them a competitive edge.”

Employees are the most valuable asset of any company, and current labor shortages have challenged business owners looking to attract and retain talent. Our report found that many MSBOs struggle to find skilled, experienced employees. To attract qualified candidates, many MSBOs are increasing salaries (43%), offering more PTO (40%), strengthening retirement benefits (36%) and introducing new employee training and resource groups (34%).

Given the complexity and competitiveness of this labor market, MSBOs are also employing strategies that emphasize their commitment to retaining their existing employees. Four out of five (78%) business owners say the following actions over the last year have led to a meaningful impact in employee morale and/or retention:

  • Increasing paid time off (PTO) (39%)
  • Offering cost-of-living bonuses (38%)
  • Providing additional healthcare benefits (37%)
  • Augmenting retirement benefits (34%)

To read the full report you can access to the following link

 

How to select an investment vehicle? 6 Key Aspects

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The Natixis IM survey reveals that portfolio managers’ most significant concern continues to be the increasing inflation rate (70%), followed by a sustained rise in interest rate (63%). Despite this outlook, investment advisors remain optimistic.

According to the same source, asset funds, sustainable investments, and private assets are the focus of portfolio managers for the remainder of 2023.

In this regard, investment fund managers see potential opportunities in the rising interest rates that accompany inflation, making fixed-income instruments a significant player during 2023.

However, the returns offered by these instruments in some Latin American countries are favorable for attracting investors through offshore investment vehicles, helping to increase their distribution in international private banking.

Several alternatives in the market allow for securitizing a fixed-income investment strategy or any portfolio with diverse underlying assets. When making a choice, it is essential to consider the following aspects:

Cost: There are two main costs associated with an investment vehicle. The first is related to the structuring and launch of the investment vehicle, and the second refers to the expenses related to its daily maintenance. Both cost elements are crucial when selecting a suitable investment vehicle to avoid penalizing investors with high structural costs impacting their returns.

Trading Hours and Operations: Some European investment vehicles may not offer operational and tradable hours fully compatible with those in the Americas. This is particularly important when the investment strategy requires quick execution of subscription and redemption orders by the trading desk.

Distribution and Custody Capacity: One of the main criteria for selecting an investment vehicle should be its potential for future distribution. Nowadays, registering investment funds on certain private banking platforms can be a costly, lengthy, and tedious process.

Transparency and Disclosure: Ensuring the investment vehicle provides clear and detailed information about its investment strategy, underlying assets, and associated risks. Transparency and proper disclosure are fundamental for investors to make informed decisions.

Flexibility and Diversification Capability: It is especially important to consider whether the investment vehicle is flexible enough to package multiple asset classes. This will allow for portfolio diversification and the application of hedging and covered call strategies.

Launch Time: The timing and synchronization between the vehicle’s launch and capital raising is usually crucial for asset managers. It is not only about the structure having an agile “time to market” but also about coordinating inflows from investors promptly.

In this context, the following is a comparative analysis between the Active Management Certificate (AMC) and FlexFunds‘ FlexPortfolio, where you can learn about the advantages and disadvantages of each:

AMCs present themselves as a flexible alternative with the capacity to solve the scalability issue. Due to their nature as structured products, they may be more complex and may not share many of the advantages offered by ETPs (Exchange Traded Products).

On the other hand, the FlexPortfolio is an internationally recognized solution for asset managers seeking a quick and efficient structure to launch various investment strategies. It is an investment vehicle that allows for the securitization of multiple listed asset classes.

It transforms an investment strategy into a negotiable security listed on a stock exchange and distributable through Euroclear. This way, asset managers can significantly expand the distribution of their portfolios.

Among the main advantages offered by the FlexPortfolio are:

Flexibility:

The FlexPortfolio offers broad flexibility in the underlying assets that can be repackaged

Ease of distribution:

Investors can access the investment strategy you design directly from their own brokerage accounts. It is a simple securities purchase operation with an ISIN-CUSIP number.

The FlexPortfolio is a Eurocleable investment vehicle. Therefore, your investment strategy can be distributed globally.

Operational Capacity:

There is little or no restriction concerning rebalancing or trading the underlying FlexPortfolio’s account.

The manager can perform all trades directly in the brokerage account without the involvement of third parties.

FlexPortfolio allows direct access and trading of your brokerage account 24 hours a day, 7 days a week, regardless of the time zone.

Security of issuance:

The investment strategy is backed by the underlying assets and utterly independent of the promoter’s activities.

Possibility of leverage:

Leverage can be available for many strategies. At FlexFunds, through Interactive Brokers, we offer you the possibility to trade on margin.

Competitive Costs:

The FlexPortfolio can have no set-up or maintenance cost, making it a very cost-efficient investment vehicle.

Speed of launch:

The setup and launch of the FlexPortfolio usually take between 6 and 8 weeks. This can be less than half the time required by other alternatives in the market.

In summary, the selection of an investment vehicle will depend, among other factors, on the underlying assets you wish to repackage, the available time and cost, future distribution needs, and operational requirements.

The FlexPortfolio offers a simple, flexible, agile, and cost-efficient solution for asset managers. Consider our FlexPortfolio when evaluating an AMC or any other investment vehicle. You can contact FlexFunds through the following email address info@flexfunds.com, and one of our representatives will contact you to assess the solution that best suits your needs and investment strategy.

Emilio Veiga Gil , Executive Vice President and Chief Marketing Officer for FlexFunds.

Iván Palacino Joins Bolton Global Capital in Miami

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Bolton Global Capital is pleased to welcome Ivan Palacino as the latest financial advisor to join the firm.

Palacino is a seasoned international financial advisor with over thirty years in the business, servicing high net worth clients and institutions in Colombia, Mexico, and Venezuela.

He started in the financial industry in his native Colombia working for Banco de Credito. Later in his career he worked at Salomon Smith Barney, Lehman Brothers and Barclays Capital Inc, before ultimately joining Morgan Stanley in 2013 as a Vice President.

“We are looking forward to working with Ivan. He is an insightful industry veteran who undoubtedly will be a key player for the Bolton team. As we continue to grow, having an advisor of Ivan’s caliber is definitely an exceptional asset for us“ said Michael Averett, Bolton’s Head of Business Development.

Palacino holds degrees from the Universidad De Los Andes as Specialist in Negotiation and International Affairs and a B.S from the Universidad del Rosario in Business Administration. He will be working in the Bolton Global Capital offices at the Four Seasons Tower in Miami.