Pixabay CC0 Public Domain. ¿Será 2022 un año más “débil” en términos de negocio para las gestoras?
After a positive 2021 for European asset management driven by the recovery and strong risk appetite, the analysts of Bank of America think 2022 will be more challenging given conflicting messages on markets, growth, inflation, rates and COVID. In their last report, they reveal that they are taking a defensive approach at this stage in the cycle.
Sector valuation of 14x 2022 PE is optimistic as it is above the long-term average and implies 2021 trends continuing. The research shows that although a yield of 5% is supportive, there is downside risk to ratings given the long-term correlation between markets, flows and valuation. “We prefer to be defensive at this stage in the cycle and favor stocks benefiting from structural growth (passives, private assets), absolute/total return exposure, stable asset bases (wealth) and proven cost control”, it says.
Structural growth drivers
After rising 45% in 2021, Bank of America expects sector earnings to fall 5% in 2022 as operating margins compress by 1-2pp on cost growth normalization post lockdown, lower performance fees from cyclically high levels, and “slower net new money growth”. In this sense, their strategists forecast 3% net flow growth in 2022from 4-5% in 2021. “Given the pro-cyclicality of the sector and expected market pressure, there is also downside risk to valuation. We expect a wide valuation range between those with inflows and those without”, they add.
As for the key themes of the year, the report highlights four, starting by the continued structural growth for private assets as rates remain near historically low levels and investors seek higher returns through an illiquidity premium. The second one is increasing demand for absolute/total return through hedge funds to preserve capital and diversify in light of market risks.
The last trends into 2022 would be a rotation back to passive funds (including ESG) after a strong year for active; and importance of cost management to maintain operating margins given top-line pressures.
The analysts of Bank of America don’t forecast a negative scenario, but expect structural growth drivers to outweigh cyclical in 2022 as macro uncertainty rises and market beta comes under pressure. In this sense, they favor high quality, defensive stocks; and highlight that their buy ratings have average 27% total return potential.
“Our top picks are alternative & private asset managers, Italian asset gatherers and diversified firms with leading passive exposure. Our underperform ratings are ABDN, JUP and ASHM which face outflow pressure. We think their multiples are capped until flows inflect. We have Neutral ratings on SDR, DWS, N91 and Baer”, they conclude.
Foto cedidaSophie Del Campo, responsable de distribución para el Sur de Europa y Latam de Natixis IM. . Natixis IM nombra a Sophie Del Campo responsable de distribución para el Sur de Europa y Latam
To increase proximity with local clients and partners and meet 2024 development ambitions, Natixis Investment Managers (Natixis IM) continues to execute on its strategy to strengthen key business regions. In this context, the asset manager has announced the appointment of Sophie Del Campo as Head of Distribution for Southern Europe & LATAM.
In her new role, she will be responsible for expanding Natixis IM’s footprint in the Southern Europe & LATAM region andwill oversee Iberia, Italy, LATAM and US Offshore. She is based in Madrid and reports to Joseph Pinto, Head of Distribution for Europe, Latin America, Middle East and Asia Pacific, at Natixis IM.
“Sophie’s appointment contributes to reinforce our regional capabilities and reflects our commitment to keep closer to our clients and better meet their specific needs. Since she joined Natixis IM in 2011, Sophie has achieved significant milestones. She successfully led our development in Spain, she drove our expansion in Andes, Southcone, US Offshore, and more recently in Brazil”, commentedPinto.
He also claimed to be confident that Del Campo’s “strong leadership and experience” in business development across countries and client segments will help her to succeed in her new role and to achieve their ambitions in the Southern Europe & LATAM region.
Meanwhile, Del Campo said she is pleased to take on more responsabilities: “I am looking forward to pursue our goals, together with my team. Our purpose in Southern Europe & LATAM is to deliver high quality services to our clients and offer them the investments that suit their long-term requirements. We’ll accomplish that, by following a selective and diversified development strategy, leveraging on the high-value solutions from our affiliated investment managers. We’re committed to further expand into the Retail & Wholesale market through strategic distribution partnerships, and to increase our portfolio of large accounts”.
Del Campo has 20 year experience in the asset management and financial industry. She started her carreer at Deloitte Consulting Group and then worked at ING Direct to develop a mutual funds broker-on-line in Spain. In 2001 she joined Amundi in Spain where she led the wholesale distribution until 2006, and she became Head of Distribution for the Iberian market. From 2008 to 2011, she was Head of Spain and Portugal at Pioneer Investments. Del Campo was most recently Head of Iberia, US Offshore and LATAM at Natixis Investment Managers. She holds an Master in Finance from IEP Paris, and a Master Degree in Economy from the University of Sorbonne Paris.
Pixabay CC0 Public DomainDólares estadounidenses . Taper Tantrum
The U.S. stock market started 2022 with the S&P 500 hitting an intraday record high on January 4 as the Omicron variant’s disease severity was downgraded. The next day, when the minutes of the December 15 FOMC meeting revealed a tightening bias that included the “run off” of the Fed’s $9 trillion balance sheet, the financial markets turned negative abruptly. Stocks declined sharply and the ten-year U.S. Note yield spiked higher. ‘Taper Tantrum’ 2022 was underway.
So far, how does the May 2013 Bernanke quantitative tightening surprise compare? To date 2022, the S&P 500 is down 5.6% vs 4.9% in 2013 and the ten-year U.S. Treasury yield is 27% higher vs 35% in 2013. In 1955, Fed Chairman Martin said the Fed’s job is ‘to take away the punch bowl just as the party gets going.’ How will Jerome Powell compare to Paul Volcker? On Saturday, Oct. 6, 1979, Fed Chairman Volcker held an impromptu evening news conference, dubbed the ‘Saturday Night Massacre.’ Mr. Volcker declared war on inflation and announced the Fed’s monetary policy would now control interest rates by targeting the money supply, with markets setting interest rates. The post-war Keynesian era of big government run economic policy was fading.
Job creation estimates for the January U.S. payrolls report released on February 4 were far below the actual data as the labor market recovery strengthened and the Omicron surge slowed. Bottom line: the U.S. job market is tight and wages are rising. The FOMC’s December 15 minutes also said the job market is ‘very tight.’ The next inflation data release is the CPI estimated to have annualized at 7.3%, the largest rise since 1982 when Mr. Volcker was ‘slaying the inflationary dragon.’
Market volatility remained throughout the month of January, with the S&P 500 declining as much as 11.5% for the month, while the technology-heavy Nasdaq slid as much as 16%. The volatility spilled over into merger arbitrage markets where spreads widened as investors’ risk appetites were tested, and downsides recalibrated. Despite volatility in markets, widened merger arbitrage spreads, and regulatory setbacks, we come out of a challenging month optimistic about the opportunities ahead. M&A activity remains robust in 2022 including the announced acquisition of Activision by Microsoft for $74 billion, and the acquisition of Citrix Systems by Vista Equity for $17 billion.
January was a difficult month across the markets and convertibles were no exception. With growth multiples moving lower, many equity sensitive convertibles moved lower with stocks. Additionally, with interest rates rising, the fixed income equivalents in the market trended lower as well. While this hurt performance for the month, we believe it presents an opportunity as there are now some convertibles trading at more attractive levels than they have in some time, and underlying equity valuations have become more reasonable.
We are of the mind that security selection will be key to performance this year. Typically convertibles do well in a rising interest rate environment, but there are two factors that could cause things to be somewhat different this time. First is the large amount of convertibles with 0 yield and high premium. Most of these are trading below par and are now considered a fixed income equivalent. These will be weak in a rising interest rate environment as investors demand greater yield to maturity. Additionally, given the majority of convert issuers are growth oriented, a continued re-rating of growth stock multiples could weigh on the equity sensitive side of the market. Given that backdrop our focus remains on total return convertibles with some high conviction equity sensitive names.
______________________________________
To access our proprietary value investment methodology, and dedicated merger arbitrage portfolio we offer the following UCITS Funds in each discipline:
GAMCO MERGER ARBITRAGE
GAMCO Merger Arbitrage UCITS Fund, launched in October 2011, is an open-end fund incorporated in Luxembourg and compliant with UCITS regulation. The team, dedicated strategy, and record dates back to 1985. The objective of the GAMCO Merger Arbitrage Fund is to achieve long-term capital growth by investing primarily in announced equity merger and acquisition transactions while maintaining a diversified portfolio. The Fund utilizes a highly specialized investment approach designed principally to profit from the successful completion of proposed mergers, takeovers, tender offers, leveraged buyouts and other types of corporate reorganizations. Analyzes and continuously monitors each pending transaction for potential risk, including: regulatory, terms, financing, and shareholder approval.
Merger investments are a highly liquid, non-market correlated, proven and consistent alternative to traditional fixed income and equity securities. Merger returns are dependent on deal spreads. Deal spreads are a function of time, deal risk premium, and interest rates. Returns are thus correlated to interest rate changes over the medium term and not the broader equity market. The prospect of rising rates would imply higher returns on mergers as spreads widen to compensate arbitrageurs. As bond markets decline (interest rates rise), merger returns should improve as capital allocation decisions adjust to the changes in the costs of capital.
Broad Market volatility can lead to widening of spreads in merger positions, coupled with our well-researched merger portfolios, offer the potential for enhanced IRRs through dynamic position sizing. Daily price volatility fluctuations coupled with less proprietary capital (the Volcker rule) in the U.S. have contributed to improving merger spreads and thus, overall returns. Thus our fund is well positioned as a cash substitute or fixed income alternative.
Our objectives are to compound and preserve wealth over time, while remaining non-correlated to the broad global markets. We created our first dedicated merger fund 32 years ago. Since then, our merger performance has grown client assets at an annualized rate of approximately 10.7% gross and 7.6% net since 1985. Today, we manage assets on behalf of institutional and high net worth clients globally in a variety of fund structures and mandates.
Class I USD – LU0687944552 Class I EUR – LU0687944396 Class A USD – LU0687943745 Class A EUR – LU0687943661 Class R USD – LU1453360825 Class R EUR – LU1453361476
GAMCO ALL CAP VALUE
The GAMCO All Cap Value UCITS Fund launched in May, 2015 utilizes Gabelli’s its proprietary PMV with a Catalyst™ investment methodology, which has been in place since 1977. The Fund seeks absolute returns through event driven value investing. Our methodology centers around fundamental, research-driven, value based investing with a focus on asset values, cash flows and identifiable catalysts to maximize returns independent of market direction. The fund draws on the experience of its global portfolio team and 35+ value research analysts.
GAMCO is an active, bottom-up, value investor, and seeks to achieve real capital appreciation (relative to inflation) over the long term regardless of market cycles. Our value-oriented stock selection process is based on the fundamental investment principles first articulated in 1934 by Graham and Dodd, the founders of modern security analysis, and further augmented by Mario Gabelli in 1977 with his introduction of the concepts of Private Market Value (PMV) with a Catalyst™ into equity analysis. PMV with a Catalyst™ is our unique research methodology that focuses on individual stock selection by identifying firms selling below intrinsic value with a reasonable probability of realizing their PMV’s which we define as the price a strategic or financial acquirer would be willing to pay for the entire enterprise. The fundamental valuation factors utilized to evaluate securities prior to inclusion/exclusion into the portfolio, our research driven approach views fundamental analysis as a three pronged approach: free cash flow (earnings before, interest, taxes, depreciation and amortization, or EBITDA, minus the capital expenditures necessary to grow/maintain the business); earnings per share trends; and private market value (PMV), which encompasses on and off balance sheet assets and liabilities. Our team arrives at a PMV valuation by a rigorous assessment of fundamentals from publicly available information and judgement gained from meeting management, covering all size companies globally and our comprehensive, accumulated knowledge of a variety of sectors. We then identify businesses for the portfolio possessing the proper margin of safety and research variables from our deep research universe.
Class I USD – LU1216601648 Class I EUR – LU1216601564 Class A USD – LU1216600913 Class A EUR – LU1216600673 Class R USD – LU1453359900 Class R EUR – LU1453360155
GAMCO CONVERTIBLE SECURITIES
GAMCO Convertible Securities’ objective is to seek to provide current income as well as long term capital appreciation through a total return strategy by investing in a diversified portfolio of global convertible securities.
The Fund leverages the firm’s history of investing in dedicated convertible security portfolios since 1979.
The fund invests in convertible securities, as well as other instruments that have economic characteristics similar to such securities, across global markets (but the fund will not invest in contingent convertible notes). The fund may invest in securities of any market capitalization or credit quality, including up to 100% in below investment grade or unrated securities, and may from time to time invest a significant amount of its assets in securities of smaller companies. Convertible securities may include any suitable convertible instruments such as convertible bonds, convertible notes or convertible preference shares.
By actively managing the fund and investing in convertible securities, the investment manager seeks the opportunity to participate in the capital appreciation of underlying stocks, while at the same time relying on the fixed income aspect of the convertible securities to provide current income and reduced price volatility, which can limit the risk of loss in a down equity market.
Class I USD LU2264533006
Class I EUR LU2264532966
Class A USD LU2264532701
Class A EUR LU2264532610
Class R USD LU2264533345
Class R EUR LU2264533261
Class F USD LU2264533691
Class F EUR LU2264533428
Disclaimer: The information and any opinions have been obtained from or are based on sources believed to be reliable but accuracy cannot be guaranteed. No responsibility can be accepted for any consequential loss arising from the use of this information. The information is expressed at its date and is issued only to and directed only at those individuals who are permitted to receive such information in accordance with the applicable statutes. In some countries the distribution of this publication may be restricted. It is your responsibility to find out what those restrictions are and observe them.
Some of the statements in this presentation may contain or be based on forward looking statements, forecasts, estimates, projections, targets, or prognosis (“forward looking statements”), which reflect the manager’s current view of future events, economic developments and financial performance. Such forward looking statements are typically indicated by the use of words which express an estimate, expectation, belief, target or forecast. Such forward looking statements are based on an assessment of historical economic data, on the experience and current plans of the investment manager and/or certain advisors of the manager, and on the indicated sources. These forward looking statements contain no representation or warranty of whatever kind that such future events will occur or that they will occur as described herein, or that such results will be achieved by the fund or the investments of the fund, as the occurrence of these events and the results of the fund are subject to various risks and uncertainties. The actual portfolio, and thus results, of the fund may differ substantially from those assumed in the forward looking statements. The manager and its affiliates will not undertake to update or review the forward looking statements contained in this presentation, whether as result of new information or any future event or otherwise.
On Thursday, March 3, at 11:00 am EDT, a new Virtual Investment Summit organized by Funds Society will be held. Entitled “Improving Access to Private Markets – Semi-Liquid Private Equity Strategy”, it will be hosted by Gonzalo Binello, Head of Latin America at Schroders, with Emily Pollock, Private Asset Sales Director, as speaker.
Private assets are currently in high demand for investors and democratization of private equity is an ongoing trend that looks to bring to bring private equity down market. From trillions of dollars held in pension plans, to UHNW and mass affluent markets, untapped pots of capital are waiting to be put to use.
Schroders Capital Semi-liquid Private Equity Strategy aims to invest on an opportunistic basis in non-listed companies across a diverse set of regions, sectors and industries. The strategy will access investment opportunities predominantly through co-investments and secondaries.
Gonzalo Binello, Head of Latin America & Intermediary International Business at Schroders
Binello was appointed to his role in July 2019. He is a member of the North America Management Committee and of the South America Management Committee. He has held a number of leadership roles with Schroders since 2003, including Head of Intermediary International Business in the US from February 2015 until June 2019, where he was responsible for the development of the intermediary business in the Americas.
From February 2013 to February 2015, he was a Global Director of Global Accounts based in London, with oversight of Schroders’ key accounts and global business opportunities. Between 2009 and 2013, he was Head of Distribution Latin America and Central America (ex -Brazil), with responsibility over the South America (ex Brazil) and Central America institutional and intermediary businesses. During this time, he was also Board Director of the Chile Office.
He joined Schroders in August 2003 to launch and develop the Latin America (ex Brazil) institutional and intermediary businesses. Prior to that, he worked as Sales Director at Reuters (2002 to 2003) covering Argentina, Chile, Uruguay and Peru; and as a Private Equity Investment Analyst at the Exxel Group (1999 to 2002). Binello earned both his Bachelor of Science and Master’s degrees from the Torcuato Di Tella University in Argentina.
Emily Pollock, Solutions Director for Schroders Capital
From her role, Pollock works with clients to build customised private asset portfolios and multi-private asset products. She joined Schroders in 2018, having previously worked in the New York Office on the Schroder Adveq Opportunity team, where she covered small market buyout and distressed investments.
Prior to this, Pollock was the senior member of the investment team for 50 South Capital based in London. In her role, she managed the European Investment portfolio, co-led efforts in Infrastructure and private debt globally, and assisted in portfolio construction and fundraising.
Pollock started her career in 2005 at Northern Trust, in Chicago, where she sourced, led and monitored buyout, growth and venture capital primary, secondary and co-investments in the US.
Pixabay CC0 Public Domain. El darwinismo digital está en un punto de inflexión disruptivo para los inversores
Internet connectivity and digital tools have transformed everything from retailing to how we watch movies, learn, order food, and experience healthcare, forcing countless companies across industries and sectors to evolve to new digital realities or risk extinction in an ongoing process that has come to be known as Digital Darwinism.
Now, this trend is at a tipping point that will make the disruption of the past two decades seem like table stakes, with myriad implications for investors
Today, software and hardware advances coupled with artificial intelligence (AI) have accelerated to such an extent that technology is creating unprecedented opportunities for innovation, impact and disruption across countries and economic sectors. This global phenomenon will sweep some businesses aside, allow others to gain dominant market share and impact the world’s geopolitical order. It’s also an opportunity for investors to profit from disruption and to contribute to positive real-world change.
This survival of the “digitally fittest” exposes weaknesses in firms lacking technological prowess while enabling others—sometimes small firms—to dominate. While Digital Darwinism to date has been most prominent in the consumer sector, now it is permeating everything in a moment of exponential growth, bringing society ever closer to what Ray Kurzweil calls Singularity, the moment where the power of man and machine converge.
The evolution is evidenced by the shortening life cycle of companies: The longevity of an S&P500-listed company was 30-35 years in the 1970s but is expected to shrink to 15-20 years during this decade, according to Huron Consulting.
Amid this paradigm shift, three trends to which investors should pay particular mind stand out:
Data and connectivity
Three decades ago, few people had Internet access, now 60% of people are online, accelerating disruption by generating 2.5 quintillion bytes of data daily. That data is being used to improve goods and services. The Internet of Things (IoT) highlights the pace of change, growing 9% in 2021 alone to 12.3 billion connections. More and more of the global economy is now digital: Within the MSCI All Country World Index, digital firms generated about $7.4 trillion of revenue in 2020 versus $2.2 trillion in 2001. That number is forecast to reach as much as $30 trillion by 2040, creating opportunities in everything from the metaverse to networking, connectivity infrastructure, semiconductors, cloud storage and cybersecurity.
Man-and-machine
This concept starts with the notion that the human body is hardware and DNA its software code. For example, the speed, innovation and collaboration that led to the rapid development of COVID-19 vaccines suggests scientists and technologists can meaningfully advance how we deal with all manner of diseases. Nanotechnology scientists are installing microelectrodes to help the blind see. Beyond health, the man-and-machine age holds vast potential too. As the metaverse blurs the lines between physical and digital experiences (spurred by Internet connectivity, virtual reality and the blockchain) shopping, entertainment, culture, and payments will be revolutionized. Imagine standing in your renovated kitchen before construction begins or test-driving a car at home. In education, students can be immersed in a culture or place. Imagine learning about the pyramids in Egypt by “visiting” one in the metaverse. Media, too, will change inexorably. Today in the US, consumers engage with 11 billion days of digital content annually and watch another 14 billion annual days of TV.
Climate tech
Addressing climate change is our biggest challenge today but it creates opportunities for investors to support positive change. In the year to June 2021, $87.5 billion was invested in firms combating the climate crisis, up from $24.8 billion the year before, according to PwC. As more capital is spent on the transition, significant investment will flow to technology innovators. US climate change envoy John Kerry forecasts that half of the cuts needed to achieve net-zero emissions will “come from technologies we don’t yet have.” Investors can support everything from AI-powered marketplaces for carbon offsets to improved power infrastructure.
All this could shake up the geopolitical world order as leading economies such as the US and China use technology to vie for dominance in the vital industries of the future, from making solar panels to semiconductors and robotics. As all this shakes out, there will be volatility as certain countries gain marginal power and advantages in particular sectors. On balance, however, I would expect to see the formation over time of stable global alliances that will facilitate disruption without onerous volatility.
These trends are challenging traditional equity investing approaches, as they too, after all, are not immune to Digital Darwinism. In this light, the evolutionary approach to buying stocks looks set to be thematic in nature, where investors can allocate capital via such themes as AI, the metaverse, clean-tech, healthy living, food security or water, instead of strictly based on industries, sectors or regions. This process could also help allocate capital more efficiently during the transition to a more sustainable world by allowing portfolios to invest for impact, both contributing to solutions while potentially benefitting from the volatility caused by the inevitable disruption.
A column by Virginie Maisonneuve, Global Chief Investment Officer Equity at Allianz Global Investors
Xavier Pardo Y Lelo de Larrea, Executive Director de Morgan Stanley
Copyright: LinkedIn. Foto cedida
Xavier Pardo Lelo de Larrea joins Morgan Stanley this Friday as Executive Director, according to BrokerCheck.
Pardo manages more than $300 million in client assets with about 40 high-net-worth and ultra-high-net-worth relationships, industry sources told to Funds Society.
He has more than 16 years of experience at Citi and was most recently Director of Wealth Management at the firm, according to his LinkedIn profile.
Pardo arrives to Morgan Stanley with a team of five Citi former advisors who work with clients in Mexico, Argentina, Chile, Ecuador and Central America.
The new team will review nearly a billion dollars in assets.
In recent weeks, several senior Citi officials have left the company after the firm announced its exit from the offshore Wealth Management business in Uruguay and Asia.
Michael Averett, Fernando Campoo and Alex Lago, also left the firm few days ago.
Foto cedidaPascal Blanqué, presidente de Amundi Institute y miembro del Comité Ejecutivo de Amundi.. Amundi crea la división Amundi Institute y reúne en ella sus actividades de análisis, estrategia de mercado y asesoramiento en asignación de activos
Amundi has announced the creation of the Amundi Institute, a new division to strengthen the advice, training and day-to-day dialogue to help their clients better understand their environment and the evolution of investment practices in order to define their asset allocation and help construct their portfolios. In this sense, the management company is responding to needs that it had been detecting for some time.
The Amundi Institute’s objective is to strengthen the advice, training and day-to-day dialogue on these subjects for all its clients – distributors, institutions and corporates – regardless of the assets that Amundi manages on their behalf, explained the firm in a press release. This new division brings together its research, market strategy and asset allocation advisory activities.
The Amundi Institute will also be responsible for conveying Amundi’s convictions and its investment and portfolio construction recommendations, thereby furthering its leadership in these areas. This new business line will continue to serve Amundi’s investment management teams and will contribute to strengthening their standards of excellence.
With an initial staff of around 60, the Amundi Institute will soon be strengthened to serve these new objectives. Pascal Blanqué has been appointed as Chairman and will supervise this new business line. He will be supported by Monica Defend, who will be Head of Amundi Institute.
“Inflation, environmental issues, geopolitical tensions… there are many structural regime changes underway. Investors across the board expect a deeper dialogue and sophisticated advice to build more robust portfolios”, said Blanqué.
Vincent Mortier will succeed Pascal as Amundi’s Group Chief Investment Officer. Mortier commented that the creation of the Amundi Institute will enhance the contribution of research to all of Amundi’s asset management activities so that they can “continue to create highperforming investment solutions over the long term, adapted to the specific needs of each client and taking into account all the parameters of an increasingly complex environment.”
Lastly, Matteo Germano, Head of Multi-Asset Investment, will be Deputy Chief Investment Officer.
Dynasty Financial Partners has announced in a press release that Sean Lindenbaum joined the firm as Director of Network Development, Southeast Division. He will be based on Florida’s East Coast and will report directly to John Sullivan, Head of Network Development.
“Sean brings a long and successful track record of experience to this newly created position at Dynasty. He has been recognized throughout his career as a skilled communicator, collaborator, and top performer – all qualities that will serve him well as he begins the next chapter of his career at Dynasty,” commented Sullivan.
In his new role, Lindenbaum will be responsible for collaborating with the Dynasty Network Development team, consulting to advisors interested in the independent model, and work alongside Dynasty’s other business segments to service the Dynasty Network as needed.
“We believe the broader southeast market, and Florida in particular, represent a significant opportunity for Dynasty. There are a number of advisors in the southeast market who are at wirehouses and IBDs who want a supported independent model and many RIAs who are looking to outsource technology, investments, and capital needs to gain further scale, efficiencies, and to grow faster both organically and inorganically”, remarked Dynasty’s CEO, Shirl Penney.
Additionally, they find that many of the top independent advisory firms and the advisors who run them “want to be independent but not alone”, so they “are looking forward to the opportunity to continue to grow” their Dynasty Network of RIAs in the southeast.
Lindenbaum was Managing Director of Sales at TD AmeritradeInstitutional from 2005-2021, where he was responsible for leading the Southeast and MidAtlantic sales team and has over 20 years of experience in delivering business solutions designed to accelerate revenue and sales growth. Prior to that, he was Vice President of Strategic Sales Planning based out of New Jersey with TD Ameritrade Institutional. He has his BS in Economics from the State University of New York at Oneonta and earned a professional certificate through Securities Industry Institute at The Wharton School.
Thus far in 2022, Dynasty has hired 9 people in St. Petersburg.
Wellington Management has announced the strategic expansion of its Alternative Investments platform through the hiring of the investment team of Shelter Haven Capital Management.
Founded in 2017 by Jerry Kochanski, an experienced alternatives portfolio manager, Shelter Haven is a market neutral, long/short equity manager that primarily focuses on small and mid-cap companies in the technology, media, telecom and consumer sectors, the asset manager revealed in a press release.
The boutique currently oversees around 350 million dollars in client assets across separate accounts and commingled funds. Its team of five investment professionals includes Hedge Fund Analysts Ross Hammer and Michael Yuan, and Research Associates Julia Karl and Alan Zhang, who will all be joining Kochanski at Wellington on 1 March. They will continue to manage the same market neutral, highly idiosyncratic investment strategy at Wellington.
The strategy focuses on delivering returns that are uncorrelated with market betas, an approach that fits well with Wellington’s plans to expand its long/short platform and build out its suite of multi-strategy investment products and custom alternative solutions to meet increasing client demand for liquid alternatives.
“This exciting development represents a unique opportunity for Wellington to expand our alternatives capabilities with an experienced investment team and an established client base. The market neutral strategy also aligns well with our alternatives priorities and demand from our clients,” said Christopher Kirk, Senior Managing Director at Wellington Alternative Investments.
Meanwhile, Kochanski commented: “I am looking forward to returning to Wellington where I began my investment career in 2003 and served as an equity analyst until 2008. Joining Wellington offers current and future clients the opportunity to access a breadth of capabilities, and benefit from the firm’s substantial global research, operational, risk, legal and compliance infrastructure.”
Michael Averett, Head de Business Development y complex manager de Bolton Global Capital
Copyright: LinkedIn. . Foto cedida
Bolton Global Capital has announced the hiring of Michael Averett as the Head of Business Development. He will also serve as a member of the firm’s Executive Committee and as the Complex Manager for Bolton’s Miami and Weston, Florida offices.
Throughout his 21-year career at Citibank, Averett has held multiple senior-level positions in the firm’s wealth management complex, most recently as Regional Director of Sales for the International Personal Bank (IPB) division, has highlighted Bolton in a press release. In this role, he led a team that managed $10 billion in client assetsand generated annual revenues in excess of $100MM for Citi’s high-net-worth offices in Montevideo, San Juan and San Francisco.
Prior to that, Averett managed IPB’s Client Solutions team and served as IPB’s Sales Head for all of its U.S.-based offices.
“We are delighted to bring on board a professional with such broad knowledge and experience in the international wealth management business”, stated Ray Grenier, CEO.
Established in 1985, Bolton Global Capital is an independent FINRA member firm with an affiliated SEC registered investment advisor. The firm manages $12 billion in client assets for US based and international clients through 110 independent financial advisors operating from branch offices in the US, Latin America and Europe.
