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François Pauly, Named CEO of the Edmond de Rothschild Group

Following the Edmond de Rothschild Group’s Board meeting on June 4, François Pauly has been named Group CEO. He had previously served as a member of the boards of directors of Edmond de Rothschild (Suisse) and of its Luxembourg subsidiary. The composition of the Group’s Executive Committee remains the same.

In a press release, the company explained that the nomination of Pauly, a recognised financier with long experience at the head of major private banking firms, including at a global level, will ensure continuity in the Group’s strategy, as he has been involved in all strategic decisions for the past five years. This appointment was planned for and follows Vincent Taupin’s desire to retire.

Ariane de Rothschild, chairwoman of the Board of Edmond de Rothschild (Suisse), revealed that she wanted to call on Pauly as a successor because, in addition to his “remarkable talent” and professional experience, he has a “detailed knowledge” of the Group, its strategy and the challenges ahead. “I sincerely thank Vincent for the work he has done over the last few years to transform and develop the Group and to attract numerous talents. I am delighted that we can continue to benefit from his presence on the boards of Edmond de Rothschild (Europe) and of our private equity structure”, she added.

Pauly has spent his career in the financial sector, occupying various international and management positions. From 1987 to 2004, he occupied senior management positions within the Dexia banking group in Luxembourg, Italy, and Monaco. In 2004, he joined Bank Sal. Oppenheim jr. & Cie in Luxembourg as CEO and became General Manager of Sal. Oppenheim jr. & Cie. S.C.A. where he was appointed to the board of directors of the group’s subsidiaries in Switzerland, Austria, and Germany. In 2011, he joined Banque Internationale à Luxembourg (BIL) as CEO and then, as Chairman of the Board of Directors until 2016. Beyond his executive positions, François Pauly was also Vice-Chairman of the Board of Directors of Edmond de Rothschild (Europe) in Luxembourg and Chairman of the Audit and Risk Committee of Edmond de Rothschild (Suisse) since 2016.

Pictet Asset Management: A Little Less Growth, a Little More Inflation

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Inflation has become investors’ chief concern. Price pressures are clearly building – US core CPI in April hit 3.0 per cent year-on-year, its highest level since 1995. But what is less clear is whether the rise is transitory or points to a more fundamental change in economic conditions as the world recovers from the pandemic.

Our analysis paints a positive picture over the short term. Strip out Covid-sensitive items from price gauges and inflation looks modest, having barely picked up at all in April. (We remove prices for air fares, lodging, used cars, car rentals, tvs, toys and personal computers). Look ahead, however, and the potential for a build-up in price pressures is considerable. Even if there is little evidence of a rise in wages, US consumers have plenty of disposable income, having accumulated some USD 2 trillion in savings. Should as little as a third of that be spent on services – a bigger component of CPI than goods – it is possible to see core inflation hovering between 3.5 and 4 per cent in a years’ time.

While such a prospect is, in itself, a cause for some concern, what worries us more is the possibility of high inflation coinciding with a slowdown in economic and corporate profit growth. Our leading indicators point in that direction. Growth is already moderating appreciably in China and also easing a little in the US; the global three-month rate of expansion has recently halved to 7 per cent.

So with financial markets facing the possibility of persistent price pressures and weaker growth (see Fig. 2), we retain our neutral stance on stocks and shift to more defensive areas of the equity market.

Although economic conditions remain buoyant, our business cycle gauges suggest GDP growth will slow over the second half of the year; inflationary pressures, meanwhile, will linger. Signs of deceleration have multiplied in China, where recent data show that both industrial production and construction activity were below their normal levels for the month of April. Industrial profits for the month grew at a year-on-year rate of 57 per cent, down from 92 per cent the previous month. Elsewhere in emerging markets, price pressures have been building, with CPI having risen from below 2 per cent at the end of last year to above 3 per cent on average.

Japan is another weak spot. Our leading indicators point to a sharp decline in economic activity as Japanese authorities struggle to speed up vaccinations while trying to contain a fourth wave of the virus outbreak. Economic conditions in the US, meanwhile, are strong yet prospects remain hostage to potentially inflationary imbalances in demand and supply. While retail sales are booming – currently 18 per cent above pre-pandemic levels – industrial production is a lacklustre 3 per cent below normal.

Compared to the US, Europe is at the very early stages of a post-pandemic recovery. But with around 30 per cent of the population having received a first Covid vaccination and 10 per cent fully vaccinated, economic growth should begin to pick up rapidly over the summer.

The provision of monetary stimulus from central banks remains just about sufficient to underpin riskier asset classes, our liquidity indicators show. The volume of liquidity flowing into the financial system is growing at a much slower pace, currently only one standard deviation above the long-term trend rate, down from four standard deviations a few months ago. Nevertheless, that aggregate reading masks the growing prospect of a sharp drop in short term US interest rates, the possible result of commercial banks parking ever increasing amounts of surplus cash at the US Federal Reserve’s reverse repurchase facility.

Looking ahead, it is unclear how long markets will be able to count on support from central banks. The Peoples Bank of China has already tightened the monetary reins while the Fed, contending with a flood of fiscal stimulus, excess cash in the financial system and pent up consumer demand, will soon face a choice between withdrawing support early but modestly, or later this year/early 2022 but more aggressively. As things stand, it would seem policymakers prefer the latter.

Valuations indicate equities are expensive relative to bonds. The gap between equities’ earnings yield and bond yields is at its lowest level since 2008 while our ‘equity bubble’ index has now reached levels last seen in 1999 and 2007.

Our technical indicators paint a mixed picture. Seasonal trends favour bonds over equities. Nevertheless, the scope for a decline in stock markets remains limited as investor surveys show investors scaled back on their holdings of stocks.

Opinion written by Luca Paolini, Pictet Asset Management’s Chief Strategist.

Discover Pictet Asset Management’s macro and asset allocation views.

Information, opinions and estimates contained in this document reflect a judgment at the original date of publication and are subject to risks and uncertainties that could cause actual results to differ materially from those presented herein.

Important notes

This material is for distribution to professional investors only. However it is not intended for distribution to any person or entity who is a citizen or resident of any locality, state, country or other jurisdiction where such distribution, publication, or use would be contrary to law or regulation. Information used in the preparation of this document is based upon sources believed to be reliable, but no representation or warranty is given as to the accuracy or completeness of those sources. Any opinion, estimate or forecast may be changed at any time without prior warning. Investors should read the prospectus or offering memorandum before investing in any Pictet managed funds. Tax treatment depends on the individual circumstances of each investor and may be subject to change in the future. Past performance is not a guide to future performance. The value of investments and the income from them can fall as well as rise and is not guaranteed. You may not get back the amount originally invested.

This document has been issued in Switzerland by Pictet Asset Management SA and in the rest of the world by Pictet Asset Management Limited, which is authorised and regulated by the Financial Conduct Authority, and may not be reproduced or distributed, either in part or in full, without their prior authorisation.

For US investors, Shares sold in the United States or to US Persons will only be sold in private placements to accredited investors pursuant to exemptions from SEC registration under the Section 4(2) and Regulation D private placement exemptions under the 1933 Act and qualified clients as defined under the 1940 Act. The Shares of the Pictet funds have not been registered under the 1933 Act and may not, except in transactions which do not violate United States securities laws, be directly or indirectly offered or sold in the United States or to any US Person. The Management Fund Companies of the Pictet Group will not be registered under the 1940 Act.

Pictet Asset Management Inc. (Pictet AM Inc) is responsible for effecting solicitation in North America to promote the portfolio management services of Pictet Asset Management Limited (Pictet AM Ltd) and Pictet Asset Management SA (Pictet AM SA).

In Canada Pictet AM Inc is registered as Portfolio Managerr authorized to conduct marketing activities on behalf of Pictet AM Ltd and Pictet AM SA. In the USA, Pictet AM Inc. is registered as an SEC Investment Adviser and its activities are conducted in full compliance with the SEC rules applicable to the marketing of affiliate entities as prescribed in the Adviser Act of 1940 ref. 17CFR275.206(4)-3.

Fidelity Implements Permanent Flexible Working for its Employees Worldwide

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Fidelity NP — Foto cedidaAnne Richards, CEO de Fidelity International.. Fidelity implanta de forma permanente el trabajo flexible para sus empleados en todo el mundo

Fidelity International has decided to offer employees the opportunity to work more flexibly as part of a new ‘dynamic working’ policy, which comes into effect immediately. This new way of working will allow the majority of employees across more than 25 locations worldwide the opportunity to balance their work patterns, combining both home and office working in a way that suits their role and meets the needs of their colleagues and clients.

In a press release, the asset manager explained that their aim is to offer their people “a working environment which they enjoy and where they feel supported and valued“. They also pointed out that this is the latest addition to a suite of recently added employee benefits including Family Care leave and Enhanced Parental leave.

Their idea of dynamic working means that the majority of Fidelity employees will have flexibility in managing their own working pattern: where they work and when. Of course, Fidelity clarified that some roles are location dependent or require pre-defined hours, which are driven primarily by client needs, but this new way of working aims to give employees as much flexibility as possible. Meanwhile, their offices around the world will remain important centres of community, collaboration, creativity and learning.

“Over the course of the last year, many things have changed in our daily lives and one of those is the way we work. We have learned that we can adapt brilliantly as individuals and as teams and run our business in a way that we never imagined possible. Our employees have told us that they value having more choice and flexibility about where and when they work. They also want the opportunity to meet their colleagues, learn from their peers and be part of the buzz of the office. Based on this feedback, we will continue to evolve our office spaces to give all employees the chance to come together and to help foster creativity and collaboration”, said Anne Richards, CEO.

In this sense, she highlighted that having satisfied employees leads to satisfied clients so they believe this is a real and positive step change for their people, clients and business. “It is also an iterative process and we will continue to listen, learn and build on our experience from the last year”, she concluded.

Natixis Investment Managers Launches WCM Select Global Growth Equity Fund Internationally

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kite-1367186_1920_0 — Pixabay CC0 Public Domain. Natixis IM lanza el fondo WCM Select Global Growth Equity a escala internacional

Natixis Investment Managers has announced in a press release the launch of the WCM Select Global Growth Equity Fund from WCM Investment Management (WCM), its US-based affiliated manager. This Luxembourg-domiciled fund is actively managed, follows a bottom-up stock-picking process and seeks to hold a limited number of securities (around 40) with a long-term, buy-and-manage approach.

With this new vehicle, WCM seeks to identify companies with attractive fundamentals, such as long-term historical growth in revenue and earnings, strong balance sheets, low-or-no debt, and high or rising ROIC. The asset manager believes that these companies are generally industry leaders with strengthening competitive advantages that are aligned with strong, adaptable corporate cultures and long-term global tailwinds.

The fund will be co-managed by Sanjay Ayer and Mike Hayward, who between them have over 30 years of investment experience. They will be supported by a group of global generalists and a dedicated business culture analyst. Macro indicators, though not primary drivers when selecting securities, are also considered and include political risk, monetary policy risk, and regulatory risk.

The fund is open to both institutional and retail investors, is denominated in US dollars and uses the MSCI All Country World Index as its primary benchmark. It is currently registered for sale in Luxembourg, France, Belgium, Germany, Netherlands, the United Kingdom, Ireland, Italy and Spain.

“We are pleased to be able to offer an additional fund from WCM, an affiliated manager with a strong track record and proven investment process. As we start moving forward into the post-pandemic world, investors have become increasingly focused on companies with superior cultural attributes, and we believe this theme –which is at the heart of WCM’s investment process- will continue to resonate strongly with clients”, said Matt Shafer, International Head of Wholesale Distribution at Natixis Investment Managers.

This is the second WCM product launched internationally on the Natixis UCITS platform and will provide clients with easy access to the expertise of the West Coast investment manager.

Based in California with 85.7 billion dollars in assets under management, WCM formed a global distribution partnership with Natixis Investment Managers in April 2019 and holds a 24.9% equity stake in WCM.

DWS Hires Frank Engels as Global Head of Fixed Income

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Frank nombramiento DWS — Foto cedidaFrank Engels, nuevo responsable global de renta fija de DWS.. DWS ficha a Frank Engels para el cargo de responsable global de renta fija

DWS continues to strengthen its investment expertise. In a press release, the firm has announced that on October 1, Frank Engels will become Global Head of Fixed Income.

He joins from Union Investment, where he has led the portfolio management, with approximately 300 employees and over 300 billion euros in assets under management, as well as the Multi Asset division since January 2018. Engels also served as Chairman of the “Union Investment Committee”.

Meanwhile, Joern Wasmund, former Global Head of Fixed Income, will assume overall responsibility for the DWS investment platform in Europe as Regional Investment Head EMEA. In their roles, Engels and Wasmund will report to Stefan Kreuzkamp, Head of the Investment Division, Chief Investment Officer and Member of the Executive Board of DWS Group.

“I am very pleased that Joern Wasmund will assume overall responsibility for our investment platform in Europe. He is handing over a well-positioned fixed income group to Frank Engels – a challenging asset class for all fiduciary asset managers in the historically low interest rate environment we all currently face. With Engels, DWS gains a proven and respected investment and market expert; exactly the right person to help our clients achieve the best possible investment results,” Kreuzkamp commented.

Over 20 years of experience

Engels joined Union Investment in 2012 and has since held senior positions in fixed income portfolio management. Previously, he worked as Global Head of Asset Allocation Strategy and Co-Head of Research European Economics at Barclays Capital. As Head of Emerging Market Debt, Engels already worked at Union Investment from 2008 to 2010, in portfolio management. Previously, he served as an investment manager and Head of Strategy at Thames River Capital LLP starting in 2004. From 1999 to 2004, he worked as a senior economist at the European Central Bank (ECB) and as an economist at the International Monetary Fund (IMF). He began his career in 1998 at Swiss Re.

As for Wasmund, he had led the global fixed income team of DWS since 2014. He previously held various senior positions in fixed income EMEA and was responsible for the firm’s CDO business in Europe and Asia. Wasmund started his career as a portfolio manager for subordinated corporate bonds and CDOs. He joined DWS in 1999 and previously worked for four years at the Deutsche Forschungsgemeinschaft, DfG (German Research Foundation), on a project on the efficient design of financial markets.

DWS’s global fixed income business has over 290 billion euros in client assets and over 150 employees in Frankfurt, New York and Hong Kong.

Jason Brady (Thornburg IM): “Our Success is Predicated on a Commitment to the Tools, People, Solutions and Processes that Work”

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Jason Brady has been Thornburg Investment Management’s CEO since 2016. Funds Society interviews him to talk about Thornburg’s development, its business plan, how the Covid-19 crisis has been managed on behalf of their clients and employees and about its funds range, of course.

In the past years we have seen a rash of realignment in the asset management industry due to regulation (MiFID) and the low rate environment. Covid-19 has acted as a new catalyst, and thus we have recently seen a lot of restructuring. What is the right size for a business in the global asset management industry and why? What growth plans has Thornburg for the medium to long term?

Jason Brady: This is a very important question for a medium-sized manager like Thornburg. Several years ago, many industry observers recommended an entry into the passive business and a myopic focus on scale, with success measured simply in terms of AUM. We believed then, and continue to demonstrate, that a deliberate and differentiated approach to adding value for clients through active management is the right way to catalyze growth and central to our identity as a firm. I believe that by conflating AUM with success, many asset management firms neglect to serve their clients well, and worse, lose their identities in the process. There’s no denying that economies of scale attract attention, but I see a dramatic shift in the execution of achieving scale.

Thornburg is firing on all cylinders. During the Covid-19 pandemic, we prioritized our employees’ health and wellbeing; inflows into our strategies are leading the industry; and we are delivering on the promise of active management for our clients. Our success is predicated on a commitment to the tools, people, solutions and processes that work. We have also made major investments for long-term success in risk management, ESG integration, geographic expansion and our platform of strategies. Charting a course in a deliberate manner has been our approach for the past 40 years and will guide our legacy for the next four decades.

Thornburg has currently six UCITS products that provide a diversified exposure to the global listed security landscape. Which products are currently experiencing more demand from clients? Do you plan to introduce new UCITS strategies any time soon?

At Thornburg, we aim to uncover the best risk/return opportunities across global equity and fixed income markets. Our range of choices for investors, including our six UCITS funds, reflects our deep, longstanding, and ongoing commitment to advisors and institutions around the world.

It’s no surprise that changing market environments have prompted a realignment of investor preferences. As our clients’ investment objectives evolve, we seek to tailor appropriate solutions to meet their needs. For example, in 2020 as investors sought safety, we observed enormous demand for fixed income strategies across the yield spectrum. The quality and value of our investment process have often helped us see around corners, and despite the crisis, our actions fueled steady outperformance. As a result, investor interest and inflows followed.

Today, with hopefully the worst of the crisis behind us, investors are increasing their equity allocations. Correspondingly, investor demand for our global equity, emerging market and multi-asset strategies has taken off in recent months.

Creating a new investment strategy is deliberate, and there’s no need to break speed records. In fact, in our nearly 40 years as a company, Thornburg has incepted 20 investment strategies, most of them organically. The process to explore new strategy offerings predominately rests with a product management committee. Three tenets guide development:

New portfolios fit with our investment process. Strategies should benefit from our investment approach look across asset class, sector and geographic silos. This tends to mean that we are less interested in niche strategies.
New portfolios complement the products and capabilities of the firm, such that the whole continues to be greater than the sum of the parts.
New portfolios have long potential lives. They should serve the needs of our clients today and into the future.

Let’s talk about your leadership at Thornburg. What lessons have you learned by leading the company in the past few years?

I never stop learning. Throughout my life and career, including as CEO, I constantly take lessons away from client meetings and uncover new ideas from the Thornburg team.

No greater example of listening to clients and colleagues is in weathering the Covid-19 crisis. The cornerstone of Thornburg’s success is our collaborative, team-based approach. The pandemic reinforced the importance of employee health and safety. Every decision—from curbing non-essential business travel to remote work to in-office protocols—was born with continual input from our teams and even conversations with clients. A crisis often forces leadership to move quickly, so feedback was crucial to make an effective transition to a remote work environment, and it will be equally as vital as we return in greater numbers and frequency to the office.

Turning the clock back to my first couple of years as CEO, I worried that the industry, client needs, and markets outpaced Thornburg’s growth and evolution. I shifted the team into high gear and prioritized technology, ESG, risk management, and geographic diversity of our business. To my delight, we quickly jumped to light speed and today, our accomplishments across all of these areas are noteworthy. As the fog lifts on the Covid-19 crisis, investors see that Thornburg has jockeyed ahead of competitors while simultaneously remaining steadfast to our brand identity. Rooted in our energizing success is an iterative, always-questioning-always-learning philosophy.

In addition to being a CEO, you are a fixed income PM. What’s the future of FI as an asset class and where does it belong in a portfolio? Are you more in the 60/40 camp or the Buffet 90/10?

The central challenge for many investors has been the search for income without sparking a surge in volatility. I believe that after 40 years of ever-declining interest rates, bonds will play a different role in portfolios going forward. In previous market downturns, particularly over the last several decades, high-quality fixed income softened the landing while providing some modest—and dependable—real returns. Today, the real return on much of the fixed income universe is negative, and we’re seeing the insurance effect when bonds go up when stocks go down, get more complicated. In fact, on several occasions, the dominant growth equity stories in the market have been highly correlated with rates.

While many investors reconsider 60/40, I don’t think that 90/10 is appropriate for most portfolios. We should still depend on fixed income to help manage volatility. Moreover, a greater breadth of fixed income securities beyond the staple U.S. Treasurys provides an opportunity to deepen the diversification of the allocation.

More and more funds are being managed according to ESG principles What kind of changes are taking place at TIM to embrace improvements in environmental, social and governance practices in the business?

This is one of my favorite questions. At Thornburg, we are integrating ESG factors into the investment process for all of our strategies.

What investors often observe about ESG is that it’s is treated as a theme. However, our investment team looks at ESG considerations from a fundamental perspective. These factors are valuable, so we believe they should reside alongside other valuable factors that are going to impact our decision to invest or not invest in a security, have the right sell discipline, or have a stewardship plan.

The ESG integration journey started with a 2009 LEED Gold certification of our Santa Fe headquarters, and our more recent diversity, equity, and inclusion initiatives. ESG also extends to our governance, namely with a majority independent board of directors, including recent appointees Julia Sze, CFA, and Blair Naylor. So, when it comes to ensuring all members of our 40-person investment team are on board with the ESG integration journey, a strong, existing foundation propels the process forward in an organic manner. Obviously, integration within our strategies takes shape differently in equity portfolios than in fixed income—and even within the taxable and non-taxable strategies—but a culture in which every portfolio manager and analyst is able to challenge one another and contribute to each other’s deliberations produces balanced portfolios with stronger client outcomes.

Important Information

The views expressed are subject to change and do not necessarily reflect the views of Thornburg Investment Management, Inc. This information should not be relied upon as a recommendation or investment advice and is not intended to predict the performance of any investment or market.

This is not a solicitation or offer for any product or service. Nor is it a complete analysis of every material fact concerning any market, industry, or investment. Data has been obtained from sources considered reliable, but Thornburg makes no representations as to the completeness or accuracy of such information and has no obligation to provide updates or changes. Thornburg does not accept any responsibility and cannot be held liable for any person’s use of or reliance on the information and opinions contained herein.

Investments carry risks, including possible loss of principal.

Outside the United States

This is directed to INVESTMENT PROFESSIONALS AND INSTITUTIONAL INVESTORS ONLY and is not intended for use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to the laws or regulations applicable to their place of citizenship, domicile or residence.

Thornburg is regulated by the U.S. Securities and Exchange Commission under U.S. laws which may differ materially from laws in other jurisdictions. Any entity or person forwarding this to other parties takes full responsibility for ensuring compliance with applicable securities laws in connection with its distribution.

Please see our glossary for a definition of terms.

For more information, please visit www.thornburg.com

Snowden Lane Partners Expands its International Wealth Presence with the OSM Group

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equipo — Foto cedidaJorge Silva, Jessy S. Mogro, Joe Olivera y Ana Paula P. O'Keefe. THE OSM Group

Snowden Lane Partners, an independent wealth advisory firm, has announced the launch of a new advisory team based in their New York City headquarters: the Oliveira, Silva & Mogro (OSM) Group, whose members join from Wells Fargo.

This new team, the sixth one to join Snowden Lane this year, is composed by Joe Oliveira, Jorge Silva and Jessy Mogro as Partners and Managing Directors; and Ana Paula O’Keefe as Senior Registered Client Relationship Manager. They will oversee 212 million dollars in client assets.

Rob Mooney, CEO of Snowden Lane Partners, claimed to be “delighted” to welcome the group. “They care deeply about their clients and they’ve created a tight-knit team that really works well together. It’s no surprise they’ve become such a successful and high-performing group, and we look forward to watching them grow”, he added.

The team specializes in customized wealth management solutions and financial planning for their clients residing predominantly in Brazil, Mexico, Argentina, Colombia, Venezuela and Europe, as well as in the U.S. OSM tailors a customer-centric and fiduciary approach to each of their clients’ needs and financial goals, with client satisfaction and trust at the center, says their webpage.

“The universe of wealth advisors has grown dramatically over the last few years, but as we took a look at the firms out there and analyzed which platforms offered the best home for our clients, Snowden Lane really stood out,” commented Oliveira.

The team

The firm has 112 total employees, 62 of whom are financial advisors, across 12 offices around the country. Since its founding in 2011, it has attracted top industry talent from Morgan Stanley, Merrill Lynch, UBS, JP Morgan, Raymond James, and Wells Fargo, among others.

Oliveira is a 21 year veteran of the financial industry, who obtained his Series 7 and Series 66 licenses at Paine Webber/UBS. He then continued his career in finance at JP Morgan, focusing on domestic and non-resident wealth management. As an International Financial Advisor, Joe traveled extensively to Latin America and Europe and developed strong knowledge of the international markets and the specific needs of the non-resident clients. Most recently, Joe served as a Vice President, Senior Financial Advisor at Wells Fargo Advisors where he continued to develop his skills.

Silva began his career in financial services in 1994 with Pacific Life Insurance Company in California. He serviced and marketed their suite of variable annuities to financial advisors located in the southeast and Florida. He obtained the required licensing with the series 7 & 63. Over the past 27 years he has gained extensive knowledge and experience of capital markets, banking and wealth management. Silva has dedicated the last 14 years to advising individual clients, families and businesses in accumulating and managing wealth. Since 2018, he was a Private Client Advisor in the New York office of Wells Fargo Advisors and prior to that, he was with JP Morgan Securities in their International Financial Services division since 2009. He began his financial advising career with Merrill Lynch through their Paths of Achievement training program.

Mogro has over three decades of experience in the financial service industry specializing in wealth management to high net worth international clients. Prior to joining Snowden Lane Partners, she was a Private Wealth Financial Advisor at the International Private Client Service Group at Wells Fargo Advisors in New York, catering to domestic and international clients mainly in Latin America and Europe, where she provided high-net-worth clients with strategic long-term investment guidance. She began her career in 1990 at JPMorgan Chase Bank, formerly Chemical Bank, in the International Private Banking and in the Retail Group. She gained extensive experience in sales where she held several positions. After 15 years, she transitioned to brokerage services and became a financial advisor.

Pinto-O’Keefe has over 20 years in the industry. She started at JP Morgan in 1997 as Client Advisor Assistant and Analyst, then moved on to UBS, Unique Associated, until she returned to JP Morgan in 2014 as Investment Associate of International Financial Services. She held this position until 2018, when she joined Wells Fargo.

Gaurav Saroliya and Joe Pak Join the Allianz GI Macro Fixed Income Team

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Allianz nombramiento — Foto cedidaDe izquierda a derecha, Gaurav Saroliya y Joe Pak, nuevos gestores de fondos en el equipo de renta fija macro de Allianz GI. . Gaurav Saroliya y Joe Pak se unen al equipo de renta fija macro de Allianz GI

Allianz Global Investors has expanded its Macro Unconstrained Fixed Income team, which manages assets of 8.7 billion dollars across four strategies, with two new Portfolio Managers: Gaurav Saroliya and Joe Pak.

In a press release, the asset manager explained that their appointments will be effective in July and August, respectively. Both new joiners will be based in London, alongside team head Mike Riddell and Associate Portfolio Managers Jack Norris and Daniel Schmidt. Besides, Allianz GI has anticipated that the Macro Unconstrained team is set to announce the hire of one additional experienced macro portfolio manager in the coming weeks.

“With Gaurav and Joe joining the team, we can set the direction for further growth. Both bring in a rich experience in macro-driven investing and add to the broad and very diverse skill set in our team”, said Mike Riddell, Head of Macro Unconstrained.

Both managers have extensive experience in the asset management industry. Saroliya was most recently Head of Macro Strategy at Oxford Economics and Strategist at Lombard Street Research. He was previously a sell side Macro Strategist and, at the beginning of his career, spent five years helping to manage an absolute return Fixed Income fund at UBP. He has a PhD in Economics from York University.

Meanwhile, Pak joins from Rothesay Life, the UK’s largest pensions insurance specialist, where he was lead portfolio manager on a 2 billion euros European periphery bond portfolio and on the firm’s macro absolute return portfolio which he launched in 2019. He has extensive experience in trading a broad range of derivatives, both at Rothesay and also in his previous position as a trader on RBS’ US rates options desk.

The asset manager believes that Pak’s experience “lends itself particularly well to Allianz Fixed Income Macro Fund, where he will be named co-lead Portfolio Manager”. He will also be named co-deputy manager on Allianz Strategic Bond Fund, and given his rates background, deputy manager on Allianz Gilt Yield. Pak graduated with degrees in Economics and Sociology from Duke University.

Global Dividends Show Signs of Revival as Economic Growth Accelerates

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plant-6257392_1920 — Pixabay CC0 Public Domain. Los dividendos a escala mundial comienzan su recuperación gracias a la aceleración del crecimiento económico

There are clear signs of a forthcoming revival in global dividends following the first quarter of 2021, according to the latest Janus Henderson Global Dividend Index. Compared against pre-pandemic Q1 2020 levels, payouts were only 2.9% lower year-on-year at 275.8 billion dollars.

The study shows that on an underlying basis, dividends were just 1.7% lower than the same period last year, “a far more modest decline” than in any of the preceding three quarters, all of which saw double-digit falls. Janus Henderson’s index of dividends ended the quarter at 171.3, its lowest level since 2017, but the asset manager believes that growth is now likely.

In this sense, for the full year 2021, the stronger first quarter along with a better outlook for the rest of the year have enabled Janus Henderson to upgrade its expectations for global dividends. The new central-case forecast is 1.36 trillion dollars, up 8.4% year-on-year on a headline basis, equivalent to an underlying rise of 7.3%. This compares to January’s best-case forecast of 1.32 trillion.

The analysis highlights that over the four pandemic quarters to date, companies cut dividends worth 247 billion dollars, equivalent to a 14% year-on-year reduction, wiping out almost four years’ worth of growth. Even so this was a milder fall than after the global financial crisis and the sector patterns were consistent with a conventional, if severe, recession.

“The successful vaccine rollout in the US and the UK in particular is enabling society and the economies here to begin to normalise to some extent and offers encouragement for other countries following closely behind with their own inoculation programmes. Even so with infection rates still out of control in Brazil and India, and the third wave in Europe still curtailing economic and social activity while the vaccines are administered, there is still a lot of uncertainty for company profits and, in turn, dividends”, said Jane Shoemake, Client Portfolio Manager on the Global Equity Income Team at Janus Henderson.

On top of this, there remain political sensitivities around shareholder payments, while the timing and extent of the removal of regulatory restrictions on banking dividends, especially in Europe and the UK is still unclear. The asset manager also expects share buybacks to return as a use for surplus cash and this too will influence how much is returned via dividends (especially in the US). All these factors are adding a layer of unpredictability to dividend payments.

“Despite this uncertainty, we are more optimistic given that Q1 was undoubtedly better than expected and we are now more confident that companies are willing and able to pay dividends, especially those companies that have traded well”, Shoemake added. In her view, there is certainly much less downside risk to payouts this year than previously anticipated, though the timing and magnitude of individual company payouts is going to be unusually uneven and this will add volatility to the quarterly figures.

“Special dividends will play a role too. Since late last year we have been adding to areas of the market that will benefit as economies reopen and where there is increased confidence in a business’s ability to generate cashflow and pay a dividend. As we move into the second quarter, the year-on-year comparisons will look very positive because it was the worst period for dividend cuts last year”, she concluded.

The first quarter: dividend recovery mixed across markets

Globally, just one company in five (18%) cut its dividend year-on-year in the first quarter, well below the one third (34%) over the last year overall. North America has seen dividends fall far less than other parts of the world: payouts of 139.3 billion dollars were 8.1% lower year-on-year on a headline basis, though the decline was due almost entirely to unusually large US special dividends last year not being repeated. On an underlying basis, the 0.3% fall in North American dividends was better than the global average of -1.7%.

The analysis points out that the first quarter is “usually relatively quiet” for European dividends, but this year there are positive signs ahead of the seasonally important second quarter. Payouts in Europe (ex-UK) rose year-on-year, up 10.8% on a headline basis to 42.5 billion dollars, boosted by catch-up payments from Scandinavian banks. Equally Switzerland made a disproportionate contribution in Q1 and companies there have also proven resilient. One third of European companies that usually pay in the first quarter cut their dividends year-on-year, but this compares to just over half in the previous three quarters.

In the UK, the first quarter saw lower dividends than a year ago, down 26.7% on an underlying basis as the country continued to feel the effects of the oil company cuts. However, less than half of British companies in the Janus Henderson index cut dividends in Q1, much better than over the last year. There are also signs of a revival with the headline total for UK dividends rising 8.1% in Q1 thanks to a number of extra payouts and special dividends.

Lastly, dividends from Asia-Pacific ex-Japan were 6% lower on an underlying basis, with the 16.9% fall in Hong Kong making a significant impact. This meant the asset manager’s index of Asia-Pacific’s dividends fell to 190.6. In general, emerging markets were boosted by dividend restorations in Brazil, India and Malaysia.

Citi Appoints Meredith Chiampa as Head of ESG for North America

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Captura de Pantalla 2021-05-26 a la(s) 14 — . Foto cedida

Citi has appointed Meredith Chiampa as new Head of ESG for North American Markets. In an internal statement accessed by Funds Society, the firm revealed that she will lead ESG client engagement, product development, and the monetization strategy for ESG in the region.

“She will work closely with product partners to develop and deliver ESG products and services to help our clients achieve their individual ESG objectives. As one of the lead architects of the Citi World ESG Index, Citi’s new ESG benchmark, and with 17 years of experience in Multi-Asset Structuring, Meredith brings a wealth of expertise to the role”, Elree Winnet Seeling, Head of ESG for Markets and Securities Services at Citi, published in her LinkedIn account.

In her new role, Chiampa will report to Dan Keegan, Head of North American Markets, locally and to Winnet Seeling globally. She will replace Jayme Colosimo, who over the last eight months helped frame and build the Markets ESG offering. “We want to thank Jayme for her leadership over the last eight months and wish her great success in her new role as Head of NAM Business Advisory Services”, they pointed out in the internal statement.

Chiampa joined Citi in 2004 and brings 17 years of experience to her new role. The majority of her career has been in equity structuring as part of the Multi Asset Group, where she oversaw the development and growth of the investor structuring business, and more recently focused on creating solutions for private clients and originating business for cross asset sales.

“I am very excited by this opportunity and can’t wait to help drive our markets ESG strategy moving forward!”, wrote Chiampa in her LinkedIn.