Pixabay CC0 Public Domain. Aviva Investors llega a un acuerdo de distribución con Capital Strategies Partners para España, Portugal, Brasil y Uruguay
Aviva Investors, the asset manager of insurer Aviva, has struck a distribution deal with Madrid based Capital Strategies Partners, that will allow them to sell investment capabilities into Spain, Portugal, Brazil and Urugruay.
CSP will focus on distributing Aviva Investors’ credit, equity, liquidity, multi-asset and real assets capabilities through its wholesale and intstitutional channels.
According to a press release, the deal completes the manager’s geographical coverage of Iberia and Latin America, and complements an existing partnership with Exel Capital, which represents Aviva for the institutional markets in Chile, Peru and Columbia.
Charlie Jewkes, Head of Global Financial Institutions at Aviva Investors, will work with CSP in Brazil and Uruguay, while Paolo Sarno, head of Southern Europe at Aviva Investors, will work with CSP on distribution in Spain and Portugal. Cristina Rubio, Pedro Costa Felix, Jorge Benguria and Agustin Mariatti will lead the sales efforts in these markets for CSP.
Jewkes said: “We are delighted to enter into a partnership with CSP, which has a 20-year track record of raising assets in these markets for international asset managers. I believe this arrangement will be transformational in providing Aviva Investors with a footprint to promote our investment capabilities in some of the most exciting markets in the world.”
“As global macro, socioeconomic and regulatory changes continue to accelerate opportunities for international asset managers in the Latin American and Iberian regions, we look forward to bringing our full suite of capabilities to clients in those markets. The combination of growing personal wealth and some of the most forward-looking long-term savings reforms make the region extremely attractive. Our broader credentials as a leader in responsible investment provide us with an excellent platform to partner with early adopters of this philosophy, which we are already beginning to see.”
Daniel Rubio, CEO, Capital Strategies Partners, said: “We are delighted to kick off this project and work with Aviva Investors in some of our markets, which we are confident will be a success. Aviva Investors’ strong investment offering, asset management and insurance heritage and leadership in responsible investing will be very attractive to clients in these markets.”
The invitation for Franklin Templeton Mexico‘s 15th Anniversary party read: “2005; The first elections in Iraq; YouTube is born; Prince Carlos and Camila de Cornwall get married; Vicente Fox is president of Mexico; The Patriots win the Super Bowl XXXIX; Pope John Paul II dies, Mexico City Metrobus is launched; Evo Morales is elected president in Bolivia; Angela Merkel is elected Germany’s first female chancellor; George W. Bush is president of the United States again, “Million Dollar Baby” wins the Oscar for best film and Franklin Templeton opens his office in Mexico.” In charge of that office was, and continues to be, Hugo Petricioli, one of the main drivers of the country’s fund industry. In an interview with Funds Society, the manager talks about what the market was like then, how it is now and how he thinks it will evolve…
Petricioli, whose team today has over 30 people covering not only Mexico but also Central America from an office overlooking the famous “Independence Angel” on Reforma avenue, in Mexico City, remembers that when he established the firm, he worked from home for a year and had friends who “thought I was unemployed.”
At that time, they were the first firm in Mexico without its own distribution network, “that model is the model of a pure asset manager, we had to look for and expect many regulatory changes because the Mexican regulatory system came from the idea that operators were just an appendix of brokerage firms, that has changed a lot.” During 2006, several global asset managers tried to establish themselves in the region, but “by 2009 the majority had closed or radically changed their plans for the country, due to the lack of fiscal transparency and the issue with funds of funds, which in retrospect I think it was a very bad thing for the funds supply in Mexico and it greatly limited Mexican investors.”
Today, in his opinion, the sector has changed little at first sight, “the fund distributors did not multiply although their model can be very beneficial for investors, independent investment advisors practically do not participate in the sector because they don’t have the right platforms to maintain competitive prices and the players remain practically the same and in the same order as when we opened the office.”
However, he also considers that “there are important changes that are not noticed so easily: the corporate figure change , the specialization also changed, we see how the big banks are now looking for international managers to advise them on products where they do not have the experience and this is improving the quality of products in Mexico as well as the offer. As an industry we are much more united and we are weighing more and more, not only as a percentage of GDP but also as market participants,” he says.
About the future, Petricioli is positive: “I tend to be optimistic, otherwise I would never have started this adventure in an industry where all platforms were closed. The sector in Mexico is going to have to consolidate, the small players don’t have viability, the “groups” paradigm has to be broken, specialization is the way to grow and grow better.” As they say in Mexico “zapatero a tus zapatos” which means do what you are good at and what you are supposed to do. “I think that small and large players have to analyze in what business they are, are they distributors or managers? If they want to be both they need to make a real analysis of their own economies of scale. Do they really have them? Or not? And if they don’t have them they should have to rethink their model and decide. If we do things right, this sector could double in size in 5 years,” he comments.
To achieve this, the manager would like to see, among other things, a more competitive vehicle, a much more agile regulation and an improvement in the quality and quantity of information. “The Mexican vehicle is not competitive outside of Mexico because of the regulatory and fiscal framework, my industry colleagues are [competitive] and it is a pity that they cannot export their skills and be even more successful. With more and better standards everything would be clearer for everyone.” He mentions.
In his opinion, “the main challenge is that everything is complicated, nothing is agile. It is confusing. If we want to be inclusive and give all Mexicans the opportunity to generate wealth, we have to do something with absolutely all the materials, prospects, key documents, etc. Have you read a prospectus recently? Try to make a comparison in Mexico of funds, we don’t even have a standard in the Mexican series.”
Meanwhile, Petricioli and his team will continue to work to strengthen a market of which Jenny Johnson, president and CEO, of Franklin Resources said during the anniversary party: “As far back as the 1980s we saw the tremendous potential of Mexico and began making investments here with our emerging markets team…We look forward to strengthening these partnerships and deepening our relationships with you for the next 15 years…and beyond.”
In general, the success obtained so far “has been due to two factors: a large company with a great ethical standard and the possibility of building a great team. Without the team, we would not have been able to do anything. Success belongs to each and every one in it, and now we are presented with a great opportunity to offer products to all Mexicans that can generate wealth from their flow,” concludes Petricioli.
Foto cedida. Investors Trust and Aiva Join Forces to Better Serve the LatAm Market
Investors Trust and Aiva have joined forces to provide one of the most robust and complete range of products, services and support to financial advisors and clients in Latin America. This union aims to deliver a one of kind approach to clients needing comprehensive solutions in their financial planning goals.
According to a press release, “by joining efforts, the two companies can use their years of knowledge and expertise to collaborate and better service advisors in the region by providing a valued perspective and set of skills that might not otherwise be shared outside of this alliance… Both companies are excited for this opportunity to work together to further promote value driven business and excellence in the industry throughout the region. It is the great success and long-standing presence that have characterized them as leaders for more than 25 years.”
“This is an important milestone in our efforts to use our combined professional experiences to collectively grow and reach new heights in terms of service and distribution.” Said Ariel Amigo, Chief Marketing Officer and Head of Global Distribution at Investors Trust.
Elizabeth Rey, CEO of Aiva, added: “This partnership is sure to leverage the complementary strengths between two very successful companies, which will enhance significantly the value proposition to our advisors and clients.”
About Aiva
Aiva is a company specialized in wealth management solutions for affluent and high net worth clients in Latin America and the Caribbean. With over 25 years of experience, Aiva operates through a highly profes- sional network of independent financial advisors and world class financial institutions for Latin American clients.
About Investors Trust
Investors Trust is the global brand representing the ITA Group. ITA Group is an international group of insurance companies and subsidiaries, located in multiple jurisdictions around the world whose goal is to provide access to the global markets through an array of unit-linked insurance products.
Erika H. James, courtesy photo. Erika H. James Named Dean of Penn’s Wharton School
Erika H. James has been named the next dean of the Wharton School at the University of Pennsylvania, effective July 1. James will succeed Geoff Garrett, who is to become dean of the University of Southern California’s Marshall School of Business. She will become the first woman and African-American to head the prestigious business school in its 139-year history.
“Erika is an award-winning scholar and teacher and a strong, proven leader who serves as dean of the Goizueta Business School at Emory University,” said Penn President, Amy Gutmann. “A passionate and visible champion of the power of business and business education to positively transform communities locally, nationally, and globally, she is exceptionally well prepared to lead Wharton into the next exciting chapter of its storied history.”
According to Wharton, James’ career has been notable for her commitment to meaningful cross-disciplinary collaboration, superb scholarship, passionate teaching, and excellence through diversity and inclusion. Since becoming dean of the Goizueta Business School in 2014, she has introduced and led an effort to build an innovation and entrepreneurship lab open to all students on campus. She grew the Goizueta faculty by 25 percent by the end of her first term, building a critical mass of junior faculty and seasoned scholars in key academic areas such as behavioral and decision-based research, business analytics, and health care innovation. With strong faculty input and support, she also expanded corporate engagement with the creation of a research-based corporate think tank.
“Erika has consistently and constructively drawn upon her own scholarship in the areas of leadership development, organizational behavior, gender and racial diversity, and crisis leadership,” Provost Wendell Pritchett said, “applying her own insights into human behavior to foster a work culture that allows people to thrive personally and professionally. She has led faculty and student workshops on such topics as unconscious bias and building trust across divides and has been engaged as a consultant by some of the nation’s largest and most prestigious firms.”
“This is an exciting time to be in business education,” James said. “The scope and platform of the Wharton School provides an opportunity to create far reaching impact for students, scholars, and the business community.”
At Emory, James undertook a significant redesign of the undergraduate business curriculum, integrating immersive learning, technology, and partnerships with Emory College’s liberal arts curriculum.
Prior to her deanship, she served as the senior associate dean for executive education at the University of Virginia Darden School of Business, working closely with faculty to reimagine executive education and lifelong learning opportunities.
James is an active member of the SurveyMonkey Board and the Graduate Management Admissions Council, and previously served on the board of the Association to Advance Collegiate Schools of Business, the foremost accrediting body in business education. She was awarded the Earl Hill Jr. Faculty Achievement and Diversity Award from The Consortium, an organization committed to increasing diversity in business, starting with graduate school admissions. She has also been named one of the Top 10 Women of Power in Education by Black Enterprise and as one of the Power 100 by Ebony Magazine.
She holds a Ph.D. and master’s degree in organizational psychology from the University of Michigan and received a bachelor’s degree in psychology from Pomona College of the Claremont Colleges, in California. In addition to her roles at Emory and UVA, she has served as an assistant professor at Tulane University’s Freeman School of Business and a visiting professor at Harvard Business School.
“Wharton has risen to even greater heights throughout Geoff’s enormously successful six-year tenure, reinforcing all of its traditional strengths while also building its global force in data analytics, entrepreneurship, fintech, behavioral economics, and other fields that are defining the future of business,” Gutmann said.
Foto cedida, por Ross Corsair. The Glorious Death of Comrade What’s-His-Name returns to Feinstein’s/54 Below
After a sold out debut, get ready to grab another shot glass and toast the end of tyranny at one more concert of The Glorious Death of Comrade What’s-His-Name on Monday, March 2, 2020, at 7.00pm, at Feinstein’s/54 Below (254 West 54th Street). Doors open at 5.00pm.
Set in Stalin’s brutal Soviet Union, Semyon, an unemployed grumbler, becomes convinced that suicide is his ticket to fame and glory. Before long, friends and neighbors are plotting to exploit his impending death for fun and profit, and while they’re at it, topple an entire regime. The story is based on a farce, The Suicide, written by Nikolai Erdman in 1928. Stalin hated it, banned it, and sent its author to Siberia for twenty years. Critically acclaimed playwright Bridel creates a timely adaptation of this black comedy that crackles with wit and snowballing insanity. The score by Gray and Bokhour (both recipients of BMI’s Harrington Award for Outstanding Creative Achievement) is potent and exciting, filled with one killer song after another.
The Glorious Death of Comrade What’s-His-Name has a book by David Bridel (Dean of the USC School of Dramatic Arts), music by Simon Gray (BMI), and lyrics by Raymond Bokhour (Chicago), and is directed by Don Stephenson (The Producers, A Gentleman’s Guide to Love and Murder).
The concert will again feature Christine Bokhour (Chicago, Dirty Rotten Scoundrels), Raymond Bokhour, Jim Borstelmann (Bullets Over Broadway, The Producers), Madeleine Doherty (The Producers, Charlie and the Chocolate Factory), Maia Guest (Granite Flats, The Dakota Project), Christopher Gurr (CATS, All The Way), John Jellison (Come From Away, Motown The Musical), Drew McVety (Spamalot, Billy Elliot), and Andy Taylor (Sunset Boulevard, Once).
Fred Lassen (Once, South Pacific) music directs, with Marcus Rojas (Metropolitan Opera, American Symphony Orchestra) on tuba, and Paul Woodiel (The Color Purple; Caroline, or Change) on violin. Jen Bender (The Lion King, Avenue Q) serves as executive producer, with Raymond Bokhour and Drew McVety also serving as creative producers. Fifth Estate Entertainment (A Christmas Carol, In Residence on Broadway) serves as general manager. Graphics by Zachary Bokhour.
Barbara Novick, achive photo. vicepresidenta y cofundadora de BlackRock
Barbara Novick, BlackRock’s Vice Chairman and Co-Founder will step down from her day-to-day duties at the asset manager, according to an internal memo cited by various news outlets.
Novick, 59, will continue in her current role until her successor is chosen, a process she will help with and after which, she will serve as a senior adviser to the company.
“Much of the post-financial crisis policy work that Barbara led is largely implemented, and she has greatly enhanced our stewardship practices, including our commitment to transparency”, Chief Executive Officer Larry Fink said in the memo.
Barbara G. Novick, Vice Chairman, is a member of BlackRock’s Global Executive Committee, Corporate Risk Committee and Global Operating Committee. From the inception of the firm in 1988 to 2008, Novick headed the Global Client Group and oversaw global business development, marketing and client service across equity, fixed income, liquidity, alternative investment and real estate products for institutional and individual investors and their intermediaries worldwide.
In her current role, she oversees the firm’s efforts globally for public policy and for investment stewardship. In addition, she is a member of the Executive Committee of the Investment Company Institute.
Prior to founding BlackRock in 1988, Novick was a Vice President in the Mortgage Products Group at The First Boston Corporation. She joined First Boston in 1985 where she became head of the Portfolio Products Team. From 1982 to 1985, Novick was with Morgan Stanley.
Novick has authored numerous articles on asset management and public policy issues.
Alesandro Agnore has joined Unicorn Strategic Partners‘ sales team in Miami.
As Funds Society found out, Agnone joined the team last Monday and has more than 15 years of experience in companies such as Merrill Lynch, Wells Fargo and Jefferies.
David Ayastuy, Managing Partner and Founder of Unicorn SP said: “Our goal is to continue investing in talent and to grow as much as the industry allows. We have strategies from the two managers that we represent for US offshore (BNY Mellon and Vontobel) that perfectly complement the different needs of customers and market situations. If the results continue to accompany us, the idea is to continue growing the team, and by the end of 2020 have a person based in Houston that covers Texas and West Coast, as well as an Internal Wholesaler in New York, where Mike Kearns, Head of US Offshore, is based.”
Unicorn SP currently has a team of 10 people, 6 of them based in the United States (in New York and Miami), and the rest in Latin America. In addition to BNY Mellon and Vontobel, the firm also represents Muzinich and as of a month ago, French boutique La Financiere de L’Echiquier.
Marysol Novo-Capello, courtesy photo. Marysol Novo-Capello se une a AXA Investment Managers
In an effort to strengthen its growing Americas Client Group, AXA Investment Managers has hired Marysol Novo-Capello as Key Account Manager.
Marysol will be based in Greenwich, CT and will report to Marcello Arona, Head of AXA IM Inc. and CEO of AXA IM in the Americas.
Marysol will focus on onboarding new investors and distributors, including wirehouses, independent broker-dealers, RIAs and regional private banks. Working with AXA IM’s sales & client services and operations team, she will also develop operational infrastructure and procedures to support expanding partnerships with offshore clients.
She was most recently with Morgan Stanley Wealth Management, where she successfully supported the development of the firm’s offshore fund business.
Latin American wealth and institutional investors are increasingly looking for alternative exposure according to Roque Calleja, Head of BlackRock Alternative Specialists (BAS) for Latin America.
In an interview with Funds Society, the specialist mentioned that BlackRock, as a local player across LatAm, has been able to identify this increase in demand from public to private exposure, and that along with his team, they are “uniquely positioned to deliver.”
The alternative space is one of BlackRock’s three focus growth areas, along with the iShares platform and technology. They currently manage aprox $200bn dollars across their global alternative solutions. Over the past few years, BlackRock has been building their alternatives investment platform as well as augmenting their existing credentials with additional capabilities
With the acquisition of eFront from private-equity firm Bridgepoint for $1.3 billion in cash last year, Roque expects that towards the end of 2020, the company will be able to integrate this amazing private market tool with their very much-established Aladdin, setting a new standard in investment and risk management technology, vastly expanding Aladdin’s alternatives capabilities and providing a whole-portfolio technology solution to clients. Their goal is “to be able to look through the entire portfolio, across public and private exposures.” Which will aid them in their endeavor of providing outcome-oriented solutions to clients.
“Our view is that today we are the only investment manager that can provide access to best in class capabilities across both the liquid and illiquid spectrum. Furthermore, we are the only manager that can fully model the total portfolio view to ensure we have clarity about the risks you are taking. We are uniquely positionedto build “Tomorrow’s Alternatives Platform” and be the alternatives provider of choice for our clients.”
In Calleja’s opinion the tilt towards private investments follows investor’s search for “returns and diversifications and specially in LatAm they are looking for income.”
Very diversified across asset classes
Calleja mentions that they have “a very diversified platform across all the different asset classes in alternatives, with the full spectrum of solutions for clients.” In Latin America, he mentions that when clients invest in alternatives, there has been historically a strong bias in private equity “since they are looking for the highest returns. Now however, across wealth and instructional portfolios alternatives are becoming a larger part of the portfolios and clients are looking into more diversified exposures. And with that, there is a huge demand for alternatives in the region, in both liquid and illiquid solutions… We see a lot of demand for private equity, real assets but also for private debt and others. Now you see it across the board, clients looking more holistically to have exposure to alternatives.”
Because of this, BlackRock is looking to democratize the asset class to give better access to clients. “We need to be more creative about how to bring illiquid solutions across the region and we are looking on new strategies for the wealth space, for distributors, family offices etc…”
In his opinion, one of their main differentiators is that, with three people in NYC and one in Peru, they have a dedicated team to cover the asset class in the region and that is “not about pushing product but helping clients in the transition of having a diversified exposure across public and private exposures’
“We give investors new choices and better value as they build alternatives allocations that match their specific needs...” He mentions
“As we are entering a ‘New Era of Alternatives’ deal sourcing is more important than ever – years ago you could have probably worked with any alts provider, but in this era, you want to have access to the widest and deepest global sourcing network that makes alts work for you, and BlackRock is truly different from any other alternatives player.” He concludes.
During the first edition of Funds Society’s Investments & Rodeo Summit, which will take place on March 5, 2020 at the Intercontinental Houston Medical Center, Bradley George, Managing Director in the US Institutional team at Investec Asset Management will talk about quality investing, and seeking long-term outperformance from strong franchises.
“Investec Asset Management believes that investing in Quality companies can provide greater certainty in the uncertain markets we are currently faced with. Investec’s Quality approach is to look for companies which typically have high customer loyalty, strong brands and low debt. These companies have historically proved more resilient in times of economic uncertainty.” They mention.
During the presentation, George, will discuss Investec’s rigorous research process and how there are not many companies which meet Investec’s exacting requirements. Bradley will also provide an overview of the strategies’ global portfolios showing how they are currently positioned.
Bradley joined Investec Asset Management in 2006 as the Head of Commodities & Resources. He joined the firm after spending seven years at Goldman Sachs where he worked as an executive director in the Commodity Division. Prior to this, he worked in the Goldman Sachs Investment Banking Division on natural resources M&A transactions in both London and South Africa. Previously, he spent three years at KPMG in the Financial Services Division within the Treasury Advisory Group, offering clients consultancy advice on financial derivatives risk management. Bradley graduated from the University of Cape Town with an honours degree in Business Science in 1994. He completed his postgraduate diploma in Accounting (PGDA) from the University of Cape Town in 1995. In 1998 he was awarded the Chartered Accountant designation (SA).
Richard Garland, Managing Director, and Fernando Penaloza, Sales Director, will also be present at the event.
If you are involved in the management of fund portfolios, or the selection and analysis of funds, and want to participate in this event, reserve your place as soon as possible by writing to info@fundssociety.com.
Investec Asset Management, soon-to-be Ninety One, is a specialist investment manager, providing a premier range of products to institutional and individual investors. Employees are equity stakeholders in the firm. Established in 1991, the firm has been built from a small start-up into an international business managing US$ 148.9bn. They have grown from domestic roots in Southern Africa and the UK to a position where they proudly serve a growing international client base from the Americas, Europe, Asia, Australia, the Middle East and Africa. The firm seeks to create a profitable partnership between clients, shareholders and employees, and to exceed clients’ performance and service expectations. Investec Asset Management is a significant component and independently managed entity within the Investec Group, which is listed in London and Johannesburg.
