Internacional archivos - Page 198 of 550

Hamish Chamberlayne (Janus Henderson): “The European Recovery Plan is an Excellent Example of Increased Investment in the Green Economy and Renewable Energy”

Hamish Chambelayne Janus Henderson 3 — Hamish Chamberlayne, director de renta variable sostenible global en Janus Henderson Investors. Hamish Chamberlayne, director de renta variable sostenible global en Janus Henderson Investors

Focusing on sustainable investment and ESG factors, Janus Henderson Investors held its “Invested in Connecting” virtual forum, a three-day event designed to connect clients with sales teams and investment managers on a single platform, sharing ideas, perspectives and knowledge through live presentations and discussions on market issues and perspectives.

The event began with a welcome speech by Ignacio de la Maza, Head of EMEA Intermediary and Latam, who explained that during the sessions, emphasis would be placed on how managers perceive ESG factors and how they incorporate them into their strategies.

On the first day, the focus was on equities, with Alex Crooke, Co-Head of Equities for the EMEA and Asia Pacific regions, delivering a presentation on the prospects for the asset class and the three issues to be considered in the future. The first is a possible reflationary scenario in which central bank and government intervention to rescue the economy produces inflation. The second topic would be a process of stock issues or “re-equitization”. There is concern among company directors that they have incurred in over-leveraging to overcome the crisis. It is expected that once this debt matures, they will opt to issue more shares, something that could lead to a decrease in the return on equity, but which could also translate into better P/E ratios. Finally, the British equity market is discounting the fact that there will be no Brexit deal at the end of the year and some good companies are trading at attractive valuations.

The debate with the Global Technology team:

Alison Porter, Graeme Clark and Richard Clode, portfolio managers with the Global Technology team, then discussed the fundamentals that have enabled the technology sector to outperform the rest of the market over the past decade. The team argued that the valuations are still explained by the robustness of their balance sheets, after a crisis that has particularly benefited the sector.

“There are fundamental differences between the current situation and the 2001 technology bubble that should give investors some peace of mind. Firstly, in the last five years, the technology sector’s increased performance has not been as extreme as it was then. In the period before the technology bubble burst, we saw compound annual returns of over 43%, while in this period we have seen less than half.

Secondly, in the area of stock market listings, since January 2018, some 36 companies have been listed on the stock exchange, a figure which in the two years prior to the bursting of the technology bubble exceeded 230 companies, indicating that we are in a more rational environment. In addition, the leaders of today’s technology companies are more future-oriented; these companies have become platforms that benefit from the network effect they have created. Now 40% of the technology sector is related to software and obtains recurring profits, a percentage that was only 20% in 2001, this allows these companies to obtain higher margins and structural returns,” commented Alison Porter.

“Finally, on the subject of valuations, interest rates are currently about 600 basis points higher than they were in the year 2000. We tend to say that technology adoption and inflation are inversely correlated, because the adoption of a new technology generates price transparency and is cheaper, faster and allows for better results. The current environment of low interest rates favors high valuations. In terms of profits, shares used to trade with a 53x premium over the rest of the market, while currently they trade with a 20x premium. In terms of free cash flow, shares used to trade at a premium of 118x and now trade at a premium of 31x. But that does not mean that there are not certain areas of concern in terms of valuation, we know that 30% of the sector is not generating profits and that is similar to what happened in the 2000s,” she added.

The importance of ESG factors in the current global environment:

Hamish Chamberlayne, Head of Global Sustainable Equities team and portfolio manager of the Global Sustainable Equity strategy, Andy Acker, portfolio manager of the Global Life Sciences and Biotechnology strategies, Denny Fish, portfolio manager of the Global Technology and Innovation strategy, and Guy Barnard, portfolio manager of the Global Property Equities strategy, then discussed the changes in their respective funds’ investment universe following the pandemic crisis, the acceleration of existing trends, and the growing role of sustainable investment.

“In recent years, the trend towards the digitalization of the economy has had a strong influence on the global context, both on the consumers as well as on the companies. But, during the pandemic, perhaps the degree of consumer penetration has been accelerated, not only in the younger generations, such as Generation Z, which consumes mainly online, but for all cohorts of generations, including the older ones, who now find in the Internet the way to make their purchases and payments,” explained Denny Fish.

“While, on the corporate side, the pandemic has highlighted the importance of digitizing all processes within an organization. As well as the importance of creating virtual infrastructures for their workers,” he added.

Meanwhile, Andy Acker, argued that the defensive characteristics of the health care sector mitigated the impact of the coronavirus crisis on his portfolio. “Investor demand for the healthcare sector tends to increase in market downturns, in the last downturns over 15%, the sector only experienced half of the drop. We have also seen areas of higher returns, such as in telemedicine and sectors on the frontline of the fight against the pandemic,” he mentioned.

Hamish Chamberlayne also discussed how this year, along with technology and the health sector, investment in ESG factors is also benefiting from strong secular trends. “The goal of the Global Sustainable Equity strategy is to build a highly differentiated portfolio with a multi-thematic focus on sources that contribute to performance. While both the technology sector and the health sector contribute positively to the portfolio, there are also other areas that have contributed to performance. Among them, two areas that I would like to point out are companies that are aligned with sustainable modes of transport and a healthier way of life, and companies related to the green economy, renewable energies and electrical infrastructure,” he said.

“Just to mention a few examples, Tesla has had a good year and there is a high degree of enthusiasm about the pace of innovation it has achieved in the automotive sector. On the other hand, Shimano, a leading supplier of bicycle powertrain technology, has benefited from increased demand for alternatives to public transportation and the increased desire for more exercise among consumers in the wake of the pandemic.

On the green economy side, we expect to see an increase in electricity use from the current 20% to 50% of the energy mix in the next decade. As a result, there has been an increase in investment in this area, an excellent example is the European recovery plan, which places the green economy and renewable energy at the center of its stimulus package,” he completed.

IFC and Compass Group Announce an Investment for up to 21 Million Dollars to Help Micro and Small Peruvian Enterprises

| For Fórmate a Fondo | 0 Comentarios

9718067009_f00074f2d8_b — CC-BY-SA-2.0, Flickr. IFC y Compass Group anuncian una inversión de hasta 21 millones de dólares para ayudar a MYPES peruanas

The International Finance Corporation (IFC), member of the World Bank Group, and Compass Group have announced an alliance to channel working capital to hundreds of Peruvian companies, primarily micro and small enterprises (SMEs), from multiple economic sectors which have been severely impacted by the economic crisis generated by the COVID – 19 pandemic.

The alliance is materialized in IFC’s investment commitment for up to 21 million dollars to be invested in one of the funds managed by Compass Group SAFI, Compass – Fondo de Inversión Adelanto de Efectivo, which translates itself as a cash advance investment fund. Moreover, both parties have agreed to stablish a technical support program for the implementation of important enhancements for ESG investments, which is estimated to generate a relevant impact for Peruvian enterprises and communities.

Ivy Figueroa, Senior Investment Officer for IFC, states: “IFC is committed to support Peruvian SMEs in the reactivation process much needed after the pandemic, which has caused negative impacts to the economy and the companies. We are honored to collaborate with Compass Group in the achievement of this goal, given their experience and in-depth knowledge of the enterprise reality across the continent, and specifically in Peru”.

Furthermore, Jorge Díaz Echeverría, Compass Group SAFI’s General Manager declares: “This alliance complements the endeavors which authorities have been displaying to support Peruvian enterprises’ funding needs. We are placing all of our efforts to continue with the investment in receivables and promptly channel working capital to hundreds of Peruvian enterprises who are now confronting the grave crisis caused by the COVID – 19 pandemic.

The lack of access to financial services that Peruvian SMEs face represents a key obstacle for their growth. IFC works towards developing solutions that close the funding gap by associating with several financial intermediaries, including microfinance institutions, commercial banks and financial leasing companies. In this way, IFC reaches much more SMEs as it could by doing it directly.

Amundi and AIIB Launch Investment Framework to Drive Asia’s Green Transition 

| For Beatriz Zúñiga | 0 Comentarios

agriculture-1807581_1920 — Pixabay CC0 Public Domain. Amundi lanza un nuevo ETF de renta variable libre de combustibles fósiles con exposición a los mercados emergentes asiáticos

Amundi and the Asian Infrastructure Investment Bank (AIIB) have launched a new Climate Change Investment Framework. As announced by both firms in a press release, this benchmark investor tool will for the first time holistically assess climate change risks and opportunities in line with the three objectives of the Paris Agreement at the issuer-level.

Endorsed by Climate Bonds Initiative, a major international certifier and industry thought leader in the green and climate bond market, the framework translates the three key objectives of the Paris Agreement into fundamental metrics, equipping investors with a new tool to assess an issuer’s level of alignment with climate change mitigation, adaptation and low-carbon transition objectives.

While groups of leading institutional investors have responded to the climate challenge by integrating climate change into investment processes, AIIB and Amundi highlighted that this tool takes a holistic approach that current private capital mobilization efforts lack. 

“Equity capital markets currently focus on thematic funds and commonly face strong sector bias, while low-carbon indexes have a pronounced focus on mitigation efforts. In fixed income, green bonds have been the main climate finance solution for debt capital markets, but they do not consider exposure to climate investment risks and opportunities from the viewpoint of an issuer’s entire balance sheet”, they stated in the press release. 

Extra financial impact

Investors can expect portfolios aligned with this framework to deliver a potential financial impact by benefiting from any future repricing of climate change risks and opportunities in the capital market. It also enables them to measure issuer performance against the three objectives of the Paris Agreement, which allows investors to systematically include in their investment portfolio A list issuers (those that are already performing well on all three objectives) and B list issuers (those that are moving in the right direction but are not in the A list yet). An investment strategy targeting both A and B List issuers should be more resilient to climate change risk and more exposed to opportunities not yet priced in by the market.

In addition, they pointed out that the framework also delivers extra financial impact as it is designed to encourage the integration of climate change risks and opportunities into business practices by targeting the engagement of so-called “B-List” issuers to help them transition to “A-List” credentials.

Yves Perrier, CEO of Amundi, said they are proud to launch this tool with AIIB as they continue to make strides in the field of climate finance. “Mobilizing key stakeholders in supporting the Paris Agreement in Asia is in line with Amundi’s commitment to ESG investing and reflects our extensive commitment to the region. This new Framework will further help the investment community address climate change through the mobilization of capital to emerging markets where it is much needed”.

Jin Liqun, AIIB President and Chair of the Board of Directors, commented at the Climate Bonds Initiative international conference that in launching this framework they show their “commitment to playing an important role in the battle against climate change, by contributing to strengthening market capacity and driving the green agenda in Asia”.

A Team of Senior Bankers Specialized in Argentina Joins Wells Fargo in Miami

| For Marcelo Soba | 0 Comentarios

Captura de pantalla 2020-09-21 a las 15 — . Wells Fargo

A group of senior bankers from Santander Private Banking International has joined Wells Fargo in Miami. The team includes Gustavo Mariosa, Gastón Ricardes, Gabriel Patrich, Laureano Bello and Advisor Sebastián Ramírez. Sofía Fernández Morell and Nelson Rodríguez will also join Wells Fargo as Client Associate.

With this move, Mariosa concludes an employment association with Santander which has lasted almost 30 years. He began in 1991 as a representative in the Sao Paulo branch in Brazil, where he spent more than five years, and then held the same position in Mexico, where he worked for seven years. Later he held the same position in Peru for six years. In 2009 he was appointed Senior Vice President at Santander Private Banking International, a position he´s held until now.

Meanwhile, Ricardes and Bello both share a vast experience in private banking, starting with the Bank of Boston in Miami in 1993 and 1992, respectively, until they both joined Santander in 2007. In the Spanish company, they both held the position of Senior Vice President.

Patrich joined Santander in 2007 as an executive banker and senior vice president. He holds an MBA from the University of Pennsylvania.

Sebastián Ramírez, who has a CFA certification, worked at Santander as an investment advisor from September 2013 until this month, according to his LinkedIn profile.

“I am pleased to announce that as of September 18th, 2020, I joined Wells Fargo Advisors as Managing Director and Financial Advisor in their Miami, Florida office,” says Ramirez’s description. Prior to his work at Santander, Ramírez was an institutional sales and portfolio manager in several management companies in Buenos Aires and Miami.

The team will report to Martha Chinea, Senior Vice President, who reports to the International Market led by Mauricio Sanchez, Managing Director.

We Still Need More Time to Evaluate the Results of Mexican Pension Funds´ Alternative Investments

| For Gabriela Huerta | 0 Comentarios

route-asphalt-edge-road-on-road-banquina-roads — Foto: Pikist CC0. Foto:

Next October it will be 11 years since the first issuance of a CKD in the Mexican market. RCOCB_09 issued by Red de Carreteras del Occidente (infrastructure sector), was the first CKD that was placed on the Mexican Stock Exchange that gave institutional investors access to private equity through a public vehicle. RCOCB_09 presents a net IRR in pesos of 15.2% and if the inflows and outflows at the exchange rate of each movement are considered, the net IRR in dollars is 10.3% in accordance with own estimates prepared with public information from the issuer (august 31, 2020). These IRRs are good considering that the investment takes 11 years and that it will expire in April 2038, that is, in 18 more years.

Just as we have this success story for the 164 CKDs and CERPIs as of August 31, trying to assess the performance of an entire industry that is worth 31.538 million dollars in committed capital of which just over half has been called (57%) equivalent to 18.012 million dollars; The issue becomes more complex since when weighting all the CKDs and CERPIs, the net IRR in pesos does not reach two digits since the resource requirements and distributions are different and of course the valuation of the investments they generate in what individual issuers and the different sectors (7) to which they belong. In addition to the above, there is the problem that in the first three years (2009 to 2012), the CKDs were pre-funded at 100% (29 of the 164 CKDs and CERPIs).

So far only two CKDS have expired and another six are identified that could expire this year so these two CKDs and six to expire cannot tell the story of the 164 that there are. It cannot be ruled out that some of these CKDs exercise the possibility they have of postponing their expiration.

At an aggregate level, in the entire life of CKDs the best years have been 2009, 2013, 2014, 2018 and 2019, which present an IRR between 7 and 10% which has been improving as time passes. The years 2009 and 2013 practically already called 100% of the capital committed (100 and 96%), while in 2014 they are 71% and in 2018 and 2019 they are between 30 and 25% of the capital called, so as the new investments are made, the observed IRRs will be modified.

The sectors with the best IRR in pesos are the fund of funds, credit, infrastructure and real estate sectors as of August 31.

When reviewing the 15 highest sector IRRs per year from 2008 to date, we have IRRs that are between 8.0% and 16.5%. The infrastructure sector is the one that has had four very good years such as 2009, 2010, 2012 and 2015. The credit sector has had three good years (2012, 2014 and 2019), and with two good years are the real estate sectors , energy and private capital.

Although the IRRs shown are not yet outstanding in the averages, there are 36 CKDs (as of August 31) that present IRRs above 10% that represent 22% of the 164 CKDs. Another interesting fact is that only 46 CKDs have called 100% of the committed capital, which means 28% of the total supply of CKDs and CERPIs.

Several factors make CKDs underperform so far:

For the institutional investor (insurance companies and AFOREs, among others) to participate in private equity, it was necessary to create a public instrument that was listed on the stock market. This meant incurring issuance and placement expenses, among others, that a global private equity fund does not incur.
The money has not been called 100% so many of the investments are still in their initial phase. All CKDs and CERPIs are missing 9 years on average where 57 will begin to expire as of 2030.
There are 29 CKDs that were pre-funded (100% of the capital called in their placement).
The average supply of CKDs is 13 per year, where, for example, there was the case that 38 were placed in 2018. That year the offer was important since the CERPIs were allowed to invest 90% of their resources globally.

Of course, there are good and bad years; There are sectors that require more time to present results and it must also be recognized that there have been good and bad CKDs, but those can only be seen as they expire. The observed IRRs will continue to change and little by little results will be seen.

Column by Arturo Hanono

Credit Suisse AM and Qatar Investment Authority Partner to Create a Private Credit Platform

| For Beatriz Zúñiga | 0 Comentarios

Credit Suisse Asset Management and the Qatar Investment Authority (QIA) announced a strategic partnership to form a multibillion dollar direct private credit platform. As they stated in a press release, it will provide financing primarily in the form of secured first and second lien loans to upper middle-market and larger companies in the US and Europe.

The platform is part of Credit Suisse Asset Management’s Credit Investments Group (CIG), which is led by Global Head and Chief Investment Officer, John Popp. The CIG team is one of the largest providers of leveraged finance solutions in the industry, with approximately USD 60 billion in non-investment grade credit positions. For more than 20 years through various market cycles, CIG has maintained a disciplined approach and demonstrated leading experience in sourcing and servicing credit relationships, highlights the press release.

Eric Varvel, Global Head of Asset Management and Chairman of the Investment Bank at Credit Suisse, believes this strategic partnership with QIA presents “unique opportunities” for borrowers seeking credit solutions to partner with their Asset Management and Investment Bank franchises. “The Credit Investments Group, within Credit Suisse Asset Management, has extensive industry and lending relationships that, when combined with Credit Suisse’s unmatched leveraged finance and financial sponsors franchises, uniquely positions us to provide capital and liquidity to the private credit market”, he added.

Meanwhile, Mansoor Al Mahmoud, CEO of QIA said they see “significant potential” in the growing private credit market and they are “excited” to work again with Credit Suisse. “This strategic partnership, with one of the foremost leaders in asset management, is aligned with QIA’s objectives as a long-term diversified investor across asset classes both in the US and globally”, he stated.

He believes this private credit platform is a natural extension of their business as a leading provider of capital solutions to non-investment grade companies in the US and Western Europe. “The current market environment presents an ideal entry point into the private credit space, with capital and liquidity now at a premium”.

Economist and Former Central Banker Mark Carney Joins PIMCO’s Global Advisory Board

| For Beatriz Zúñiga | 0 Comentarios

PIMCO nombramiento — Foto cedidaPIMCO, miembro del Consejo Asesor Global de PIMCO.. PIMCO incorpora a Michèle Flournoy a su Consejo Asesor Global

PIMCO announced in a press release that Mark Carney, economist and former Governor of both the Bank of England and the Bank of Canada, will join its Global Advisory Board. The Board provides PIMCO investment professionals with insights on global economic, political, and strategic developments and their relevance for financial markets.

Established over four years ago, it is “an important part of the firm’s investment process and is designed to provide a deeper understanding of the policies and institutions that influence financial markets”, says the document. Former Federal Reserve Chairman Ben Bernanke is the Chair of the Board, which is comprised of seven members including Carney.

“Mark’s extensive experience as an economist and central banker, combined with his focus on transforming climate finance, makes him an invaluable addition to this renowned group of thinkers,” said Emmanuel Roman, PIMCO’s Chief Executive Officer.

Meanwhile, Dan Ivascyn, Group Chief Investment Officer, pointed out that the Board “continues to be an important part of our investment process, providing unique global insight, and challenging our bias and assumptions, as we pursue the best investment outcomes for our clients around the world”.

Carney is currently UN Special Envoy on Climate Action and Finance. From 2013 to March 2020, he served as the Governor of the Bank of England and Chair of the Monetary Policy Committee, Financial Policy Committee and the Board of the Prudential Regulation Committee. In addition, he served as Chair of the Financial Stability Board (FSB) from 2011 to 2018, and First Vice-Chair of the European Systemic Risk Board. He was Governor of the Bank of Canada from 2008 to 2013.

Other members of the PIMCO Global Advisory Board are Gordon Brown, former U.K. Prime Minister and former Chancellor of the Exchequer; Ng Kok Song, former CIO of the Government of Singapore Investment Corporation (GIC); Anne-Marie Slaughter, former Director of Policy Planning for the U.S. State Department; Joshua Bolten, former White House Chief of Staff; and Jean-Claude Trichet, former President of the European Central Bank.

UBS WM Appoints Anja Heuby-Egli to Lead a New Sustainable Investment Solutions Unit

| For Beatriz Zúñiga | 0 Comentarios

UBS web — Foto cedida. UBS WM nombra a Anja Heuby-Egli responsable del área de soluciones de inversión sostenible

UBS Wealth Management has appointed Anja Heuby-Egli to lead a newly-created sustainable investment solutions function, reported Citywire Selector. She will be responsible for sustainable investing solutions at global wealth management, including general advisory, discretionary and advisory mandates, funds and alternatives.

According to an internal memo referred to by the publication, Heuby-Egli will join UBS chief investment office’s global mandates and investment content team (CIO GMIC) and will report directly to its head, Bruno Marxer. She will also become a member of the unit’s management committee.

Within global wealth management, her role only covers the CIO’s global mandates and investment content function. Andrew Lee will remain head of sustainable and impact investing for its other investment functions, which are known internally as the CIO investment office (IO), informed Citywire Selector. That unit is responsible for investment frameworks, for example asset allocation, methodologies and associated research and thought leadership.

Meanwhile, global mandates and investment content team is in charge of investment products, including those implementing investment views of the IO. When it comes to the 100% sustainable portfolios, Lee will continue to oversee the portfolio framework and methodology and any thought leadership associated with that.

Heuby-Egli’s team will work on the implementation of that framework in products, in collaboration with other content teams. Her primary focus will be EMEA, APAC, and Switzerland, and she will also collaborate with the Americas sustainable investing solutions team.

Experience in sustainable investment

Heuby-Egli started at UBS in 2005 and has worked in the investment bank, group functions, and global wealth management, primarily in the area of risk and investment process methodology. She was in charge of CIO’s data innovation and also worked with the CIO sustainable investment team, where she and her team developed the proprietary ESG scoring platform at the core of the firm’s personalised sustainable investment advice offering. Her new role will be covering wealth management activities, opposite to those of the whole UBS group.

Pictet Asset Management: A V-Shaped Recovery After All?

| For Meritxell Sedo | 0 Comentarios

An economic recovery appears to be gathering pace. That means emerging market stocks, and some cyclical sectors, are looking more attractive.

It’s looking increasingly like a V-shaped economic recovery. True, in some regions the bounce back has been a little less robust. But in others, notably China, economic conditions are largely back to where they were pre-Covid – in July, industrial profits were up 20 per cent year on year. Meanwhile, after reviewing its approach to monetary policy, the US Federal Reserve has formally become a much more dovish institution at the margin, though it stopped short of a radical overhaul anticipated by some in the market.

Markets have noticed. Yet after a powerful rally across all assets during the past few months – sending leading US stock market indices to record highs – we feel that prospects for further broad-based gains are limited, with greater divergence among regional markets.

So while governments may yet offer more fiscal stimulus, not least in the US, liquidity provision is slowing worldwide. There are also political risks associated with US elections in November. And all the while there’s Covid-19. Not only is there the possibility of a significant second wave of the virus, but there is also little clarity on how soon a vaccine might be developed. At the same time, Shinzo Abe’s decision to step down after being Japan’s longest-serving prime minister introduces some uncertainty around geopolitics and the possibility that the world’s third largest economy will change its policy approach.

As a result, we remain neutral on all the major asset classes, though within equities we favour more cyclical sectors.

Our business cycle indicators show that the economic recovery is proving to be strong enough to warrant an upgrade to our 2020 economic forecasts. Our economists now expect full year global GDP to come in at -4 per cent from -4.2 per cent previously, but next year’s forecast has been cut to 6.1 per cent from 6.4 per cent.

In the US, retail sales have registered the strongest and fastest ever rebound after the deepest and quickest downturn in history to where they’re now – running at above pre-recession peak. Most past cycles have taken at least three years to play themselves out. This time, it’s been only a little more than three months. Retail sales are also back to trend in the euro zone.

However, it’s notable that only China’s real-time indicators are back to pre-Covid levels. Elsewhere, they’ve flattened out at between 10 per cent and 20 per cent below.

And while inflation could yet prove to be a risk if demand remains firm and supply fails to catch up, that’s not likely to be an issue until the back half of 2021.

Global liquidity conditions remain very supportive, with new liquidity creation running at 25 per cent of GDP, but there is clear evidence that monetary stimulus growth has peaked [see Fig. 2]. At the same time, banks are tightening credit standards. And the Chinese central bank is now at neutral, while the country’s credit surge has tapered back down.

One upside liquidity risk, though, is that US Treasury cash balances held by the central bank could be drawn down.

Our sentiment indicators paint a mixed picture. The balance of equity calls to puts suggests a degree of market complacency, and our indicators show hedge funds have crowded into a handful of concentrated positions, particularly in the largest of the large cap stocks. On the other hand, retail investors seem cautious about shares and sentiment surveys remain depressed, while fund manager positioning in the asset class is below historic trend. A “wall of cash” remains, with some recently flowing into bonds and credit – both appear overbought.

Finally, our valuation indicators suggest equity prices look stretched after a 50 per cent rally in the S&P 500 – on our models, they are at their most expensive in 12 years, trading two standard deviations above their 6-month moving average. Even relative to bonds, equity valuations no longer look particularly cheap. The gap between the global earnings yield and global bond yield is at its lowest in a decade at 4.5 percentage points. But we’re not yet into bubble territory. If current low bond yields, which have fallen 100 basis points this year, are sustained, this valuation impact on US equities exactly offsets the 20 per cent decline in earnings. Our valuation score on equities has moved from negative in January, to strongly positive in March and is back down to negative now.

Please click here for more information on Pictet AM’s Investment Outlook.

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.

Banorte Securities International Relocates U.S. Headquarters to Houston

| For Gabriela Huerta | 0 Comentarios

Banorte-Ixe Securities International, member FINRA and SIPC, an investment management and brokerage service company, has relocated its U.S. headquarters to Houston. Led by a new and experienced management team, the relocation of the headquarters closer to the company’s client base and the expansion of technology-infused product offerings marks a pivotal shift in the company’s operating strategy.

A subsidiary of Grupo Financiero Banorte, the second-largest financial institution in Mexico, BSI applies the same time-tested, relationship-driven approach to providing investment solutions to a growing base of Mexican and domestic clients.

“Our relocation of the U.S. headquarters to Houston is the start of a new chapter for Banorte Securities,” said Grupo Financiero Banorte’s Private Banking Managing Director, Luis Pietrini. “With a new seasoned management team at the helm and an expanded array of technology-driven products to appeal to our sophisticated clientele, we are committed to extending the same trusted expertise fueling Banorte in Mexico for the past 100 years to clients across North America.”

BSI’s brokerage services offer numerous investing options including mutual funds, equities and fixed income products, while the company’s advisory services deliver a globally diversified investment strategy tailored to meet client’s specific short and long-term financial objectives.

BSI’s newly instated management team is led by Houston-based CEO Xavier Ibarrola. Ibarrola came to the company from the BBVA Group where he spent more than 20 years in investments and financial management positions.

In addition to unveiling the company’s new headquarters and announcing its leadership team, BSI is expanding its product offerings to existing, Mexican-based clients with the launch of BAM Digital. Created in partnership with BlackRock, BAM – Banorte Asset Management – Digital is BSI’s first-ever fully digital investment alternative. Easy to access via the website or through an app, BAM Digital features globally diversified portfolio options designed by BlackRock and backed by a team of seasoned advisors.

“Everything we do at Banorte Securities is designed specifically with our client’s needs in mind,” said Banorte Securities CEO Xavier Ibarrola. “As our clients become increasingly tech-savvy and ‘hands on’ in their personal financial journey, developing an easy to use, fully digital investment platform was the logical next step in growing our market segments and building stronger, long-term relationships with our clients.”

Ibarrola continued, “We are eager to unveil BAM Digital to our existing clients in Mexico and look forward to introducing this fully-digital platform to our domestic clientele in the near future.”

While BSI’s headquarters is located in the Galleria area, the company maintains a branch in The Woodlands, a suburb north of Houston, and plans to expand across Texas, as well as Miami and San Diego in the coming years. In addition to providing brokerage and advisory services, Banorte Securities will host a variety of programs aimed at empowering customers on their personal financial journeys.

“Houston’s proximity to a large portion of our client base, growing economy and connection to Banorte’s Mexican culture makes it the perfect home for Banorte Securities’ U.S. headquarters,” continued Ibarrola. “We are excited to deepen our roots in Houston and look forward to helping this amazing community – clients and nonclients alike – achieve their financial goals.”

Located at 5075 Westheimer Road, the company’s new 10,000-square-foot headquarters currently houses 24 full-time employees with space to accommodate 42 total employees in the years to come. Designed by AMB Architects, the open concept office infuses flares of Mexican/Houston culture through brightly colored pops of graffiti art décor including two 6 by 8–foot custom murals.