Franklin Templeton to Acquire Legg Mason, Creating $1.5 Trillion AUM Global Investment Manager

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Jenny Johnson, President and CEO at Franklin Templeton
Jenny Johnson, President and CEO at Franklin Templeton, courtesy photo. Jenny Johnson, President and CEO at Franklin Templeton

Franklin Resources, a global investment management organization operating as Franklin Templeton, announced on February 18th that it has entered into a definitive agreement to acquire Legg Mason, for $50.00 per share of common stock in an all-cash transaction. The Company will also assume approximately $2 billion of Legg Mason’s outstanding debt. The acquisition of Legg Mason and its multiple investment affiliates, which collectively manage over $806 billion in assets as of January 31, 2020, will establish Franklin Templeton as one of the world’s largest independent, specialized global investment managers with a combined $1.5 trillion in assets under management (AUM) across one of the broadest ranges of high-quality investment teams in the industry. The combined footprint of the organization will significantly deepen Franklin Templeton’s presence in key geographies and create an expansive investment platform that is well balanced between institutional and retail client AUM. In addition, the combined platform creates a strong separately managed account business.

“This is a landmark acquisition for our organization that unlocks substantial value and growth opportunities driven by greater scale, diversity and balance across investment strategies, distribution channels and geographies,” said Greg Johnson, executive chairman of the Board of Franklin Resources, Inc. “Our complementary strengths will enhance our strategic positioning and long-term growth potential, while also delivering on our goal of creating a more balanced and diversified organization that is competitively positioned to serve more clients in more places.”

Jenny Johnson, president and CEO of Franklin Templeton, said, “This acquisition will add differentiated capabilities to our existing investment strategies with modest overlap across multiple world-class affiliates, investment teams and distribution channels, bringing notable added leadership and strength in core fixed income, active equities and alternatives. We will also expand our multi-asset solutions, a key growth area for the firm amid increasing client demand for comprehensive, outcome-oriented investment solutions.”

Joseph A. Sullivan, chairman and CEO of Legg Mason, said, “The incredibly strong fit between our two organizations gives me the utmost confidence that this transaction will create meaningful long-term benefits for our clients and provide our shareholders with a compelling valuation for their investment. By preserving the autonomy of each investment organization, the combination of Legg Mason and Franklin Templeton will quickly leverage our collective strengths, while minimizing the risk of disruption. Our clients will benefit from a shared vision, strong client-focused cultures, distinct investment capabilities and a broad distribution footprint in this powerful combination.”

Carol Anthony “John” Davidson, lead independent director of Legg Mason, said, “Today’s announcement marks the beginning of an exciting next chapter for Legg Mason, our investment affiliates and valued clients, who will benefit from a leading global asset manager with the scale to compete and win in today’s markets. I am honored to have had the opportunity to serve as the lead independent director of this dynamic board, and I am truly appreciative of the hard work and dedication of the entire Legg Mason team.”

Nelson Peltz, CEO and Founding Partner of Trian Fund Management, and a Legg Mason director said, “Given the dynamics of today’s rapidly evolving and increasingly competitive asset management sector, I believe this transaction is compelling. In our view, it offers an attractive valuation for Legg Mason’s shareholders. I believe it will also enable Legg Mason’s investment affiliates to remain at the forefront of an industry where scale is increasingly vital to success and to join Franklin Templeton, an organization that I have deep respect for and confidence in.”

Trian Fund Management, L.P. and funds managed by it, which collectively own approximately 4 million shares or 4.5% of the outstanding stock of Legg Mason, have entered into a voting agreement in support of the transaction.

Jenny Johnson added, “This transaction gives us significant scale, addresses strategic gaps and brings greater balance to our business, while positioning us for accelerated growth in the future. We have incredible respect and admiration for the success Legg Mason and its investment affiliates have achieved and we have structured the transaction to ensure that its affiliates have the right mix of independence and support to continue building on their strong track records. Legg Mason’s investment affiliates will be able to leverage Franklin Templeton’s global infrastructure and ongoing investment in technology and innovation, while clients can take comfort in the combined firm’s financial strength and aligned interests.”

Continued Autonomy for Investment Affiliates

Franklin Templeton has spent significant time with the affiliates and there is strong alignment among all parties in this transaction and shared excitement about the future of the company.

James W. Hirschmann, CEO of Western Asset, a Legg Mason affiliate, said, “Western Asset is excited to be joining the Franklin Templeton family, a firm with a long and storied history of proven financial performance and a leadership team and board with decades of asset management experience who value our investment independence and organizational autonomy. Like us, Franklin Templeton understands the importance of culture, teams and core values to achieving outstanding investment results for clients.”

Terrence J. Murphy, CEO of ClearBridge Investments, a Legg Mason affiliate, said, “As part of Franklin Templeton, we are confident that we will retain the strong culture that has defined our success as a recognized market leader in active equities. Their commitment to investment autonomy, augmented by the scale and reach that the combined organization will provide, will allow us to deliver for our existing clients and expand our ability to deliver our investment capabilities in new channels and regions. We are very pleased to join the team at Franklin Templeton and excited about what we can do together.”

Organizational Structure and Parent Company Integration

With this acquisition, Franklin Templeton will preserve the autonomy of Legg Mason’s affiliates, ensuring that their investment philosophies, processes and brands remain unchanged. As with any acquisition, the pending integration of Legg Mason’s parent company into Franklin Templeton’s, including the global distribution operations at the parent company level, will take time and only commence after careful and deliberate consideration.

Following the closing of the transaction, Jenny Johnson will continue to serve as president and CEO, and Greg Johnson will continue to serve as executive chairman of the Board of Franklin Resources, Inc. There will be no changes to the senior management teams of Legg Mason’s investment affiliates. Global headquarters will remain in San Mateo, CA and the combined firm will operate as Franklin Templeton.

After careful consideration, EnTrust Global, a Legg Mason affiliate that provides alternative investment solutions, and Franklin Templeton, jointly agreed that it was in their best interest that EnTrust repurchase its business, which will be acquired by its management at closing. EnTrust will maintain an ongoing relationship with Franklin Templeton. Jenny Johnson added, “EnTrust is an excellent business and we recognize and appreciate their desire to once again become a private company. We have appreciated their collaboration in our discussions and look forward to our ongoing relationship.”

Transaction Details

The all-cash consideration of $4.5 billion will be funded from the Company’s existing balance sheet cash. Franklin Templeton will also assume approximately $2 billion in Legg Mason’s outstanding debt. Upon closing of the transaction, Franklin Templeton expects to maintain a robust balance sheet and considerable financial flexibility with pro forma gross debt of approximately $2.7 billion with remaining cash and investments of approximately $5.3 billion. This transaction is designed to preserve the Company’s financial strength and stability with modest leverage, significant liquidity and strong cash flow to provide ongoing flexibility to invest in further growth and innovation.

This transaction is expected to generate upper twenties percentage GAAP EPS accretion in Fiscal 2021 (based on street consensus earnings estimates for each company), excluding one-time charges, non-recurring and acquisition related expenses.

While cost synergies have not been a strategic driver of the transaction, there are opportunities to realize efficiencies through parent company rationalization and global distribution optimization. These are expected to result in approximately $200 million in annual cost savings, net of significant growth investments Franklin Templeton expects to make in the combined business and in addition to Legg

Mason’s previously announced cost savings. The majority of these savings are expected to be realized within a year, following the close of the transaction, with the remaining synergies being realized over the next one to two years.

The transaction has been unanimously approved by the boards of Franklin Resources, Inc. and Legg Mason, Inc. This transaction is subject to customary closing conditions, including receipt of applicable regulatory approvals and approval by Legg Mason’s shareholders, and is expected to close no later than the third calendar quarter of 2020.

Broadhaven Capital Partners, LLC and Morgan Stanley & Co LLC served as financial advisors to Franklin Resources, Inc. Ardea Partners LP also provided advice. Willkie Farr & Gallagher LLP acted as external legal counsel. PJT Partners served as the lead financial advisor to Legg Mason. J.P. Morgan Securities LLC also served as financial advisor to Legg Mason. Weil, Gotshal & Manges LLP served as lead counsel to Legg Mason and Skadden, Arps, Slate, Meagher & Flom LLP served as special counsel to Legg Mason. Dechert LLP served as legal counsel to EnTrust Global.

Jupiter Fund Management to Acquire Merian Global Investors

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Pixabay CC0 Public Domain. Jupiter Fund Manager compra Merian Global Investors por 469 millones de euros

Jupiter Fund Management is to acquire Merian Global Investors for £370 million ($476.5 million), in a deal that will boost its fixed-income and emerging markets capabilities.

A joint news release said the deal, which is expected to complete July 1, will add £22.4 billion to Jupiter’s AUM, for a combined assets under management of £65.2 billion.

The 100% acquisition will be financed through the issue of new Jupiter shares to Merian shareholders. Following completion of the deal Merian’s largest shareholder, TA Associates Management, will own about 16% of the enlarged firm and key Merian management will own about 1%.

The deal is subject to Jupiter shareholder and regulatory approval. Once completed, the firm will operate as Jupiter.

Merian’s investment team will join Jupiter, according to the release.

“The addition of Merian is compelling for all stakeholders. With this acquisition, our business will benefit from an increased capacity to attract, develop and retain high quality talent, backed by further investment in our platform and technology. In turn, we will be able to offer a wider choice of strongly performing active investment strategies to our clients, while shareholders will benefit from a highly earnings accretive deal delivered through substantial cost synergies,” Andrew Formica, CEO of Jupiter, said in the news release.

Mark Gregory, CEO of Merian, added: “Jupiter is a great strategic and cultural fit with our business. It has a market leading brand with a clear focus on high conviction, active asset management which is entirely consistent with our own. I believe the enlarged business will be more strongly positioned to offer greater choice and investment performance to clients and continue to meet clients’ ever-evolving needs.”

Is There a Possibility of a Melt-Up Scenario in American Asset Markets?

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¿Existe la posibilidad de un escenario ‘melt-up’ en los mercados estadounidenses?
Pixabay CC0 Public Domain. ¿Existe la posibilidad de un escenario ‘melt-up’ en los mercados estadounidenses?

In an article published in March 2019, we described the possibility of a melt-up scenario if world central banks were to have a heavy hand on their asset purchases and liquidity injections. A melt-up could be characterized by too much liquidity chasing too few investable assets, thereby leading to sharp upward movements in the prices of stocks and bonds. Such an outcome would most probably impact primarily the assets of leading US companies (an integral part of the main US financial indices).

Back then, this eventuality seemed unlikely in light of the restrictive monetary policy carried out by the Fed. This institution was reducing its balance sheet, by withdrawing the liquidity it had made available during its asset purchase or ‘Quantitative Easing’ (QE) programs 1, 2 and 3. This monetary constraint coupled with the interest rate hikes of 2018 made the melt-up scenario a very distant possibility.

However, since March 2019, the Fed’s monetary policy has been completely reversed. This has led to a significant increase in asset prices. Three interest rate reductions, massive liquidity injections in the US Repo market, sprinkled with a dose Treasury bond purchases (not to be called QE4) have all gone a long way to reassure the financial world, unsettled by events barely a year earlier. In addition, investors, sidelined by the Fed’s 2016 to 2018 monetary policy, have started to come back and buy US assets.

To add to this monetary policy reversal, the financial health of large American corporations has contributed to the rise in US markets. Stock prices have been driven higher on the back of generous dividend payouts as well as share buy backs, sometimes both. Furthermore, cash rich corporations have lowered their external borrowing needs, thereby reducing their bond footprint in capital markets. The dwindling quantity of stock and bonds of American bluechips, faced with strong investor demand, explains in part their positive performance in 2019. This also bodes well for their potential upward price progression moving forward.

One potential ‘cloud on the horizon’ which could upset US financial markets in the future is the significant federal deficit situation. This is just adding to the nation’s colossal debt pool year after year. In spite of this, the appetite for US Treasuries still remains strong.

Why is that? Aside from the Fed’s current asset purchase program, one explanation is the lack of sovereign debt elsewhere in the world, which is driving international investors to US Treasuries. The European Central Bank (ECB) for example owns 40% of Eurozone sovereign bonds. This institution is mechanically driving out its own local investors (who need to hold government bonds) to seek them elsewhere in the world. In Japan, the situation is even worse.

Another reason relates to the negative interest rate policy being applied in Europe and Japan. Capital from these regions is desperately seeking positive returns. The opportunity of investing in the United States on any US Dollar asset including government debt is increasingly being chosen. US capital markets are therefore being supported from international capital flows coming from abroad.

The recent rise in US markets can be attributed to the change in the Fed’s monetary policy, the economic health of large US corporations, as well as incoming capital flows from overseas. What could then be said about the possibility of a melt-up scenario?

As the world’s reserve currency, the US Dollar has a very specific advantage. It remains the safe haven place to go to when faced with significant world uncertainty. On top of this, US equity and bond markets are the only financial markets deep enough to accommodate a large portion of international savings. (Traditional safe havens such as Gold or the Swiss Francs are far too small to absorb these potential capital flows).

If ever the world was exposed to significant geopolitical, health, or financial risks, then a craze could appear from world investors to acquire US Dollar currency and assets. In such a scenario, the melt-up could become much more than a hypothetical possibility.

Column by Steven Groslin, Executive Board Member and Portfolio Manager at ASG Capital

Carmignac Will Talk About Their Unconstrained Approach in Fixed Income Markets during Funds Society’s Investments & Rodeo Summit

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Didier Saint-Georges, foto cedida. Didier Saint-Georges,

Didier Saint-Georges, Member of the Strategic Investment Committee and Managing Director at Carmignac, will talk about their unconstrained approach in Fixed Income Markets 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.

“Our Unconstrained range is defined by an active and global investment approach, that relies on great flexibility in managing exposures through a non-benchmarked philosophy. Thus, Unconstrained Fixed Income Funds may be suitable for investors seeking higher yields outside Europe, which is undergoing historical financial repression, since it aims to benefit from both rising and declining rates and to seize bottom-up opportunities through our disciplined risk management framework.” He mentions.

Didier joined Carmignac in 2007 and he is since 2018 a member of the Strategic Investment Committee. He started his career in 1983 in aircraft financing at Citibank, before moving to the securities business in 1987. He spent ten years with JP Morgan in London, Paris and New-York, where he set up and ran the international equity department. In 1997, he took on the role of  Managing Director at Merrill Lynch, in charge of the Global equities and derivatives activities in Paris. Didier graduated from Ecole Supérieure de Commerce de Paris (ESCP) and holds a MBA degree from Georgia State University. He is also the author of two books – “Peut-on battre le marché?” and “Le libéralisme est une chose morale”.

Charlotte Samson, Head of US Offshore & Latam at Carmignac, and David O´Suilleabhain, its Business Development Manager, 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.

About Carmignac

The firm has had more than 30 years of independence and conviction

Founded in 1989 by Edouard Carmignac, Carmignac is one of the leading asset managers in Europe today. Carmignac is owned entirely by its managers and staff. In this way, the company’s long-term viability is ensured by a stable shareholding structure, reflecting its spirit of independence. This fundamental value ensures the freedom required for a successful and renowned portfolio management. Carmignac offers a focused range of global, specialized or diversified Funds.

 

There Should Be A Greater Need for Companies to Allocate Capital or There Will be a Headwind for M&A Activity

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Foto: Pxhere CC0. Pxhere CC0

The U.S. stock market rallied into the third week of January then dropped sharply at month end as fears that the spreading coronavirus (nCoV) would reduce growth in China and eventually other countries. U.S. stocks closed flat for the month while Chinese markets were closed for the final week of the Lunar New Year. Earnings releases are in full swing and the U.K. has left the EU. The world waits.
 
Our firm’s research theme for the next decade is saving Planet Earth, helping people and creating potential…saving the planet by reducing/eliminating plastic and focusing on the impact of climate change and on companies that are finding new solutions.  Renewables, including wind, solar, battery storage and building infrastructure for transmission are the areas we want represented by some portfolio companies.
 
One of the Gabelli stock ‘picks’ in BARRON’s 2020 Roundtable Part 3 published in the January 27 issue that is directly impacting climate change is Orange, Connecticut based sustainable energy company Avangrid Inc. (AGR). AGR has a regulated utility business with a growing $10 billion rate base that provides a tailwind to earnings and a rising dividend.
 
The second part of AGR is the Avangrid Renewables business, a major factor in solar and wind that owns and operates a portfolio of renewable energy generation facilities across America. In December, Connecticut awarded an Avangard partnership a 20-year contract to provide 14% of the state’s electricity with renewable energy.  Spanish utility Iberdrola (IBE), owns over 250 million of the 310 million AGR shares outstanding and is a potential catalyst for an M&A deal.   
 
Another Gabelli BARRON’S ‘pick’ is clean energy project operator NextEra Energy Partners (NEP), which is also an attractive opportunity in renewables.
 
We feel there should be a greater need for companies to allocate capital in the new year, as opportunities present themselves, there will be a headwind for more deal activity.

Column by Gabelli Funds, written by Michael Gabelli

__________________________________

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
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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.

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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.

 

Morgan Stanley AM and Investec, Selected by Afore SURA for the First Investments in International Mutual Funds

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Andrés Moreno, Foto cedida. Andrés Moreno Arias

Afores’ investments in international mutual funds are a reality. Prudently and seeking “that this global diversification is the best for the worker,” Afore SURA was the first Afore to put resources to work using this vehicle.

The Afore, which has a Silver Morningstar Analyst Classification for its solid investment team, decided to start with 1,46% of its assets, or about 500 million dollars, which it distributed to global strategies of Morgan Stanley AM and Investec, as Andrés Moreno Arias, Investment Director of Afore SURA said in an interview with Funds Society.

According to Moreno, “for SURA it is a strategic issue to have managers who can help us with our portfolios in the public and private market, we had to have access to these managers and once authorized [to use them], we almost immediately took the first step”. That is why SURA and other afores spent the last two years talking with the regulator and lobbying about the importance of access to specialists in active management in both public and private markets.

In Moreno’s opinion, “every time you expand the investment regime you are opening up to places where, for example in Asia we have less knowledge than someone who has been there a lifetime, so once the investment regime opens up, it is important that we are given access to tools that allow us access to experts, always keeping costs in check, so that it always represents a net benefit for the clients.”

The way in which they make their investment decisions is based on three stages: “the first stage involves the analysis of the world and the companies’ possibilities regaring profit generation in an overview that begins the allocation process as it defines where we are going to invest in. In a second stage the asset class is defined, in this case equity, then regions, themes… and a final stage involves deciding whether we to do it actively or passively.” As Moreno lets us know, as a result of this analysis, he expects that “in the regions where we will rely on specialized managers we plan to give between 30 and 40% of new investments to active managers.”

Within the active strategies, the manager – who has already closed some mandates, is still open to their use. “The decision between mandates and mutual funds has to do with the issue of costs and benefits for our clients. The mandates open an infrastructure within the managers to attend a particular account, and it becomes much more expensive, so in some cases we decided to close mandates and open funds, but that does not always have to be the case… If what is best suited to our investment strategy is to do it through mandates, we will do so.”

Currently Moreno and his team, which has almost doubled in recent years, likes technology themes and as a region, Asia.

Funds Society Celebrates its VII Anniversary in Miami

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. Funds Society celebra su VII aniversario en Miami

On February 6, Funds Society celebrated its seventh anniversary on the terrace of the EAST Hotel Miami.

In the seventh edition of the already traditional annual cocktail, representatives of the offshore asset management industry gathered to celebrate the news outlet and receive the 2020 version of the asset manager’s guide.

The event was attended by more than 100 professionals.

 

Registration for INTL FCStone’s Global Markets Outlook 20/20 Conference is Now Open!

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Omni Orlando Resort at ChampionsGate . ¡Ya están abiertas las inscripciones para la Conferencia INTL FCStone's Global Markets Outlook 20/20!

Between February 27-28, 2020 experts and thought-leaders from around the world will gather at the Omni Orlando Resort at ChampionsGate to participate on the INTL FCStone Visión 20/20: Global Markets Outlook Conference 

There, participants will be offered a global vision of the future for financial and commodity markets, along with detailed market forecasts, insight on the latest technology, and macro-economic outlooks to help them get a clear picture of the factors impacting their bottom line.

Roger Shaffer, Managing Director of Correspondent Clearing at INTL FCStone Financial, told Funds Society that they expect close to 450 attendees at the event, with a mix of about 50% US based and 50% offshore clients.

For the very first time, INTL’s different divisions will combine their conferences, giving the attendee the chance to engage and know about all parts of the business and how they can further serve their needs.

“In the past each division had a separate conference, but our CEO had a vision of putting them all together for an updated event where our customers can learn about INTL’s other divisions and network with a broader group of industry professionals,” Roger mentions.

The conference will be divided into four tracks with focused programming specific to each area. 

  • The Correspondent Clearing Outlook track is an invaluable opportunity for US and international broker-dealers and investment advisors to hear from industry thought-leaders, participate in educational workshops and network with peers. Attendees will experience the latest internal and third-party technology and learn more about INTL’s Correspondent Clearing group. 
  • The Global Agriculture Outlook track will offer a global view toward developing strategy, protecting profits and driving growth with detailed forecasts based on the latest available data. In addition to essential market outlooks, this event provides invaluable opportunities to make new connections and network with peers. 
  • The Dairy Outlook track will offer attendees insights into emerging trends within the industry, along with strategies to protect profits and enable growth in the current environment.  In addition to the essential market outlooks and price forecasts, this event provides invaluable opportunities to connect with dairy market experts and make new connections.
  • The SA Stone Wealth Management track is an invaluable opportunity to listen to some of the best speakers and engage with industry experts to learn about how to build and grow your practice. You’ll also have the chance to make new connections and network with peers.

These tracks will combine for a welcome reception, general keynote sessions, meals and a trade show. For Correspondent Clearing customers, growing assets under management is a critical component of the business, so in addition to presentations regarding economic outlooks, and new technologies, Roger is looking forward to the workshop presentation on how his customers can grow their business.

Registration is now open. For more information and to save your place, follow this link or contact kari.hennigan@intlfcstone.com

UBS Advisor Joins Bolton Global

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Bolton Global Capital Miami. Bolton

Bolton Global Capital is pleased to announce that Bernardo Villanueva has joined the firm. Villanueva was formerly an advisor with UBS Financial Services where he managed $225 million in client assets. He will be working with Copernico Capital, a Bolton affiliate.

Villanueva began his career at Morgan Stanley Smith Barney in 2011 in New York City and in 2012 moved to UBS Financial Services.  He will be affiliating with his brother Carlos Villanueva, who joined Bolton and founded Copernico Capital in 2014 after leaving Deutsche Bank Securities. Copernico manages $140 million in client assets on the Bolton platform.

Bernardo holds an MBA degree from the Wharton School at the University of Pennsylvania and lives with his wife and 2 children in Key Biscayne, Florida.

Since opening offices in Miami and New York City, Bolton has recruited more than two dozen international teams from the major US banks and wirehouses. The firm offers turnkey office space and a full suite of global wealth management capabilities to allow teams to easily transition to the independent business model where they can achieve higher compensation and greater ownership of their business. This model is the fastest growing segment of the US wealth management industry and Bolton has sustained a 20 percent annual growth rate over the last 5 years by focusing on teams at the major banks and wirehouses that specialize in international business.

Capital Strategies Partners Boosts its LATAM Coverage with a Local Hire

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Agustín Mariatti, courtesy photo. ,,

After a decade expanding its coverage with international Asset Managers in Chile, Peru and Colombia, Capital Strategies Partners will hit Uruguay and Argentina adding Agustin Mariatti as a local business partner.

Agustin will report to Jorge Benguría, partner and responsible for LATAM and Daniel Rubio, CEO of the firm.

The Spain-based group will bring almost 10 asset managers firms to the Uruguayan and Argentinian offshore market.

The company will look to sign new distribution agreements in the next few months in order to be able to develop its product through the huge network of independent advisors.

Mariatti previously worked for Spinnaker Capital Group in Montevideo and Sao Paulo. Prior to Spinnaker he worked at Merrill Lynch as a wire room operator and senior client associate. Agustin is a CFA level 3 candidate.

“We are happy with the incorporation of Agustin and we are sure that with him we will get a good development to provide our customers the best solutions with independence and commitment” the entity said in a statement.

Capital Strategies Partners has 20 years of experience in global markets and more than a decade operating in Latin America: “Our goal is to identify and select global investment ideas of high added value to facilitate the investments decisions of financial institutions with their local needs. The managers that CSP represents have specialized approaches in different asset classes managing in aggregate more than 700,000 Million USD (700 Bn). This allows us to find the alternative that properly helps to achieve the different objectives of each investor” announced the firm.