John Surplice. John Surplice sustituirá a Jess Taylor como responsable de renta variable europea de Invesco
Invesco has announced that Jeff Taylor will retire from his role as Head of European Equities at the end of 2020, after almost 20 years in the role and 23 years at Invesco. Taylor will hand over leadership responsibilities to John Surplice, his co-manager on the Invesco European Equity Fund (UK).
John will work alongside Jeff for the rest of the year as co-head of the team and will assume the role of Head of European Equities from 1 January 2021. The investment strategy and process across the portfolio will remain unchanged.
Jeff Taylor said: “I’m fortunate to work with very talented and experienced investors who are all focused and committed to delivering the best outcomes for our clients. In planning for a successor, it was crucial to ensure consistency in our investment philosophy and process. John shares my vision for the portfolio and team and has a deep understanding of our clients’ ambitions, as well as strong leadership qualities. I look forward to working with John and the rest of the team for the remainder of the year.”
Stephanie Butcher, Chief Investment Officer said: “We would like to thank Jeff for his dedication to clients over the years and his role in building a team of highly talented and experienced investment professionals. He has always placed a huge amount of importance on nurturing talent and supporting career progression and his leadership has ensured that there is great strength and depth across the European Equities desk. I would like to add my personal thanks for all the support he has given me over the many years I have worked with him. John’s broad contribution to the team, his investment insights and strong relationships with clients make him a natural successor to Jeff, and I look forward to working with him in the leadership role in the future.”
John has been with Invesco for 24 years, as a core member of the European Equities team and has worked with Jeff for the majority of that time. He co-manages several funds, including the Invesco European Equity Fund (UK) with Jeff as well as the Invesco Pan European Equity Fund with Martin Walker.
Further strengthening the team
With John taking on additional responsibilities, Invesco also announces the appointment of James Rutland to the European Equities team. James joined Invesco as a fund manager in early June and will co-manage the Invesco European Opportunities Fund (UK) alongside John.
James joins Invesco after more than five years at Schroders, where he was a key member of the European Equities team and had co-managed successful European portfolios since 2016 (Schroders ISF European Alpha Focus and Schroder ISF European Opportunities). Previous to that he had worked on the sell side and in investment banking. He brings with him a total of 12 years of industry experience as an analyst and a fund manager.
Commenting on his appointment John said: “I look forward to continue working with Jeff for the rest of the year and thank him for all his support during our time spent working together. The personal development of the team has always been high on his agenda and it will continue to be high on mine. I would also like to welcome James to the team, he has a thorough knowledge of European stocks which should benefit our clients and the team as it continues to strengthen its skillset and expertise.”
Southeast and the AMCS Group create a strategic alliance to continue to expand the scope of services of both firms in the region. The alliance aims to combine the distribution reach of the AMCS Group with the expertise of Southeast on the implementation of wealth planning tools for Latin American families.
The AMCS Group, founded in 2018 by Andrés Munhó and Chris Stapleton, with offices in Miami and Montevideo, focuses on the distribution of investment and wealth planning solutions in the US Offshore and Latin American markets.
Southeast, founded in 2010 by Alex Bermúdez, is the premier Private Placement Life Insurance (PPLI) solutions consultant for Latin American families. Through a multidisciplinary team of specialists, they advise family groups in Chile, Peru, Ecuador and Mexico on the implementation of various estate, protection and wealth planning solutions.
Santiago Costa, Director of Southeast and specialist in the markets of Mexico and Peru, tells us “It is an important alliance that allows us to continue to grow our presence in Miami as a main wealth management hub and at the same time access other key financial centers such as Texas, New York and California.”
Andrés Munhó, Managing Partner of AMCS says “We are delighted to commence this strategic alliance with Southeast to continue to grow the breadth of solutions and added value that we can deliver to our clients. We have known each other for more than 15 years with Alex, Santiago and the entire Southeast team and this alliance reflects the great respect and trust that exists between both companies.”
Pixabay CC0 Public Domain. Eaton Vance Management lanza Calvert ESG Leaders Strategies, una gama de fondos de renta variable para inversores institucionales y profesionales
Eaton Vance Management has launched Calvert ESG Leaders Strategies, a new series of equity separate account strategies for institutional and professional investors offered by Calvert Research and Management, a subsidiary of Eaton Vance.
The Calvert ESG Leaders Strategies are co-managed by Jade Huang and Chris Madden, vice presidents and portfolio managers at Calvert. The strategies invest in the common stocks of selected companies with leading environmental, social and governance (ESG) characteristics as determined by Calvert. Calvert serves as the investment adviser to the strategies.
Calvert ESG Leaders Strategies are:
Calvert U.S. ESG Leaders
Calvert Tax-Managed U.S. ESG Leaders
Calvert Global ex.-U.S. Developed Markets ESG Leaders
Calvert Tax-Managed Global ex-U.S. Developed Markets ESG Leaders
Calvert Global Developed Markets ESG Leaders
Calvert Tax-Managed Global Developed Markets ESG Leaders
Calvert Emerging Markets ESG Leaders
The Calvert ESG Leaders Strategies seek to invest in companies that are leaders or emerging leaders in ESG factors that Calvert believes are material to long-term performance. The investment process has three primary components: stock selection, portfolio optimization and corporate engagement. The strategies seek to use corporate engagement to strengthen how portfolio companies manage material environmental and social exposures and governance processes and to enhance investment returns.
“Calvert’s proprietary, industry-leading research system enables us to identify companies that are leading their peers in managing financially material ESG risks, and which may be poised to take advantage of business opportunities based on their knowledge of and commitment to meaningful ESG practices,” said John Streur, president and chief executive officer of Calvert. “Financial materiality is a critical component of ESG analysis. We believe understanding the connection between sustainability factors and business success sets these companies apart and positions them to maneuver efficiently and effectively in an evolving world.”
Calvert ESG Leaders Strategies employ a dynamic investment approach that leverages quantitative and qualitative analysis and a risk-managed portfolio construction process, while seeking to effect positive change.
“In developing the strategies, we conducted a quantitative review of ESG leaders’ past performance,” said Ms. Huang. “The results indicate that companies that achieved top ESG scores in financially material factors have historically produced stronger financial performance than those with weaker ESG scores. Additionally, we found that by optimizing the portfolios, we could position the strategies to achieve positive environmental and societal impact by increasing exposure to companies with healthier environmental footprints and better gender diversity.”
Pixabay CC0 Public DomainPhoto: Ludwig Friborg. Photo: Ludwig Friborg
The global health crisis triggered by the coronavirus pandemic has firmly put the spotlight on how well countries will be able to handle the burden of rescuing their economies from an unprecedented meltdown. The question fixed income investors face is which countries will weather the storm and will sovereign debt crises follow?
Government deficits are ballooning everywhere, driven by two forces. First, huge fiscal programmes have been instituted to support households and companies at a time when many have seen incomes and revenues plummet due to the global lockdown. And, second, governments’ tax revenues have been hit hard by the dearth of economic activity, both domestic and cross-border.
So far governments have announced fiscal stimulus programmes in response to the coronavirus crisis worth 4.1 per cent of potential global GDP, nearly half of which will come from the US alone. Across the euro zone, the stimulus programmes are worth 3 per cent of GDP, while in Japan it’s 10 per cent. This spending necessitates huge volumes of government debt issuance. Central banks in the best-placed countries like the US, which benefits from reserve currency status, can absorb most, if not all, of this new debt through their asset purchase programmes. The US Federal Reserve’s balance sheet has expanded from USD4 trillion to USD6.5 trillion over the past couple of months alone and we expect it to peak at around USD8 trillion by the end of the year. In the UK, the Bank of England is pursuing an even more aggressive form of asset purchases by buying bonds directly from the Treasury in a form of debt monetisation – a policy that for long has been taboo.
But if the lockdowns last more than two quarters, a new set of fiscal measures will have to be adopted, which could mean solvency problems for some already highly indebted countries. We estimate US debt will have risen from 108 per cent of GDP to between 133 per cent and 145 per cent following its massive stimulus programme, worth some 7 per cent of GDP, depending on how sharply the economy bounces back. In the worst case, it could hit 165 per cent of GDP by the end of 2022. Elsewhere, higher debt levels are likely to ring alarm bells – it’s worth remembering that during the euro zone’s sovereign debt crisis, Greece flirted with ejection from the single currency as its debt breached 150 per cent of GDP.
Who’s at greatest risk?
Pictet Asset Management’s sovereign risk scores show which countries were most vulnerable to dangerous debt dynamics coming into the coronavirus crisis. The metric is based on how countries stand relative to each other and to their own historic trend on three dimensions – how affordable their existing debt is, how well they’re able to finance it and the degree to which the debt will fall naturally as their economies grow.
Our analysis shows that Greece had by far the poorest state of debt sustainability at the end of 2019 among developed countries, followed by Italy, Japan, Belgium and the UK. At the other end of the scale, Switzerland, the Netherlands and Ireland were in the most enviable positions.
Mapping countries’ short-term debt situations against their structural scores confirms that Greece, Italy and Japan exhibit the worst debt dynamics, though France is also a worry. By contrast, other northern European and Scandinavian countries are in a good position.
Among emerging economies, the countries that faced the biggest risks to their sovereign debt at the start of the crisis were Brazil, South Africa, Egypt and Argentina. In terms of debt dynamics relative to short-term debt situations, South Africa, Egypt and Ukraine are of greatest concern. Those likely to be most resilient were Russia and Korea.
Flashpoint
Italy was a flashpoint during the euro zone crisis and it could prove to be one again. Italian government debt could potentially hit 150 per cent of GDP by the end of this year. The European Central Bank already owns Italian bonds worth some 22 per cent of Italy’s GDP and, as such, it has a big role in the sustainability of the country’s debt. The ECB has already said it would take a flexible approach to purchases of member states’ bonds and will be absorbing some 90 per cent of net new issuance by the single currency region’s governments this year.
Those purchases by the ECB come against the backdrop of northern European concerns about creeping debt mutualisation. But ultimately, if the euro zone is to be kept together, some sort of debt pooling will be necessary – extend and pretend can only be supported for so long before the market tests the region’s political resolve. We expect that there will be moves in the direction of mutualisation, which ensure that yields on Italian bonds stay contained.
The ECB, however, faces a fine balancing act in how it navigates the coming months and will have to be deft in how it applies game theory. It wants to prevent another sovereign debt crisis. But it also doesn’t want to entirely remove pressure on euro zone politicians to reach agreement on some sort of debt mutualisation. If the central bank is too accommodative and compresses southern European government bond spreads too much, this would lessen the need for euro zone governments to agree on how to move forward.
An even more immediate concern is that some emerging market economies have already run out of monetary headroom. Inflation won’t be an issue for some time in developed economies as depressed demand and weak oil prices drag down consumer prices overall, notwithstanding aggressive central bank action. In some emerging economies, however, central bank policies are already acting to drag down their currencies in what could turn out to be another devaluation/inflation cycle. Worryingly some large developing economies – Turkey, Brazil, South Africa – are heading in this direction.
The global pandemic is likely to expose strains that already exist in the global economy as well as throwing up new problems. How governments came into the crisis will play a big role in how they emerge.
Opinion by Andrés Sánchez Balcazar, Head of Global Bonds, and Sabrina Khanniche, Senior Economist, at Pictet Asset Management.
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CC-BY-SA-2.0, FlickrPaul Becker/ Becker1999. fondos y asesores
Since last week, we’ve seen people stand together in 50 states and across the world, to demand justice and an end to systemic racism. The four officers involved with George Floyd’s death have been fired and charged. However, markets seem to not be taking note.
Adam Vettese, from eToro, said: “Away from the markets, mass protests over police brutality in the US continued to dominate headlines, as the civil unrest entered its eighth day yesterday. Most of the protests are peaceful but violence is escalating, with mass looting, thousands of arrests, and at least five deaths. Investors appear to be largely ignoring the protests so far, but that could change if the mass gatherings lead to a significant spike in Covid-19 cases, as the biggest risk currently facing US stocks is a second wave of the virus.”
Esty Dwek, from Natixis, said: “Markets continue to prove immune to negative headlines, as they climbed into the end of last week and were in the green yesterday as well, even as protests grapple the US and tensions between the US and China rise again.” The S&P 500 rose for a fourth straight day on Wednesday, trimming its YTD loss to just 3.3%.
Ryan Detrick, from LPL Financial, pointed out that for the last 50 trading days, the S&P 500 is now up 39.6%, making this “the best 50-day rally ever. Looking at the other largest 50-day rallies, they tend to take place at the start of new bull markets and the future returns 6- and 12-months later are quite strong”.
Keith Ellison, Attorney General of Minnesota, said he was of the opinion that people “have been cooped up for two months, and so now they’re in a different space and a different place. They’re restless. Some of them have been unemployed, some of them don’t have rent money, and they’re angry, they’re frustrated”.
Data released today shows that the number of Americans filing for unemployment benefits last week dropped below 2M for the first time since mid-March, though at 1.88 million, the figure still remains astonishingly high. So far, 42.6 million people have filed for benefit, the highest unemployment since the Great Depression.
Meanwhile, the Federal Reserve now allows smaller cities to raise funds by selling debt. Until the announcement yesterday, the Fed’s municipal bond-buying program, launched in April, only applied to cities with populations of 250,000 or more and counties with at least 500,000 residents.
The U.S. spring stock market rally extended with a solid gain in May as a gradual ending of various virus lockdowns, a nascent world economic recovery, and rising expectations for a COVID-19 vaccine remedy fueled the advance. The unprecedented U.S. and world fiscal and monetary policy backdrop, confrontational dynamics between the U.S. and China, bankruptcies, presidential election year uncertainties, worries over a virus ‘second wave’ in the U.S., and Hong Kong social unrest will likely prevail through year end. We expect government spending initiatives on infrastructure and transportation soon.
Monetary (hypersonic) and fiscal policy dynamics are largely in place to jump start consumer spending and the hardest hit parts of the economy as reflected by the BOTL stocks (Banks, Oil, Travel and Leisure), which have paced the recent market surge. We echo, “how bad is bad, how long will bad last, how good will good get” and “which stocks have discounted the bad and have a bright future?” For our value investing, we use the Gabelli Private Market Value (PMV) with a Catalyst™ stock selection process to spot stocks selling below intrinsic value.
First quarter earnings season is in the books and second quarter numbers are now becoming more visible every day with July starting the second quarter earnings season. So far, stocks have rallied sharply from the March lows with the U.S. markets leading the way over foreign stock indices. However, the overall stock market appears to be discounting current monetary and fiscal policies. Though deal activity has been suppressed by recent events, we expect M&A to pick up for small, mid-sized and microcap companies as the economy progresses. As oil prices crashed so did the related stocks. Potential deals await – stay tuned.
Chairman Powell and the Fed have done a terrific job responding to the complex pandemic. One tool used by other central banks the Fed has not used is a negative policy interest rate, so we were encouraged to hear New York Fed President John Williams say on May 28th, at Stony Brook University in Long Island, “I don’t think negative rates is something that makes sense given the situation we’re in because we have these other tools that can be used…that I think are more effective and more powerful to stimulate the economy.”
Column from Gabelli Funds, written by Michael Gabelli
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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.
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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.
Malie Conway, formerly CIO Global Fixed Income strategies, will become Head of US Distribution at AllianzGI. In her new role, Malie will relocate to New York, reporting to Tobias Pross, CEO of Allianz Global Investors.
“As well as being an outstanding investor, Malie has strong business and entrepreneurial credentials, having been instrumental in the build out of Rogge Global Partners for 18 years before joining AllianzGI. She is looking forward to moving back to the US and to working with the Distribution Channel heads to continue the growth of our business in the US and Latin America.” The company told Funds Society.
The change, comes after AllianzGI created an integrated, global set-up for fixed income.Having broadened and deepened its fixed income capabilities significantly over many years, AllianzGI has now taken the natural next step in the evolution of its fixed income offering by bringing its capabilities into an integrated, global structure. The new structure, effective June 1st, reflects the fixed income products and services that investors are focused on and AllianzGI’s strategic strengths.
With the launch of this globally integrated platform, AllianzGI’s global fixed income capabilities, responsible for EUR 193 billion of Assets under Management, will be grouped into five pillars of expertise: Core Fixed Income; Credit; Asian & Emerging Markets; Insurance & LDI; Advanced Fixed Income. “Each area will be led by highly-skilled and seasoned investment professionals from our existing capabilities, with the structure maximizing team-based and portfolio manager continuity while strengthening collaboration and implementation of our best ideas and practices”, the company said in a statement. Franck Dixmier, who has led their global fixed income business for the last five years, assumed a more involved role in the oversight of investment processes, becoming CIO Fixed Income.
According to the company, the simplified structure provides maximum continuity in terms of teams and investment processes, at the same time as unlocking the full potential of AllianzGI’s deep pool of fixed income talent. “The changes will see AllianzGI bring together over 25 individuals into a credit research powerhouse, including resource focused on advancing our pioneering ESG and sustainability capabilities even further onto our Fixed Income platform.” They mention.
Franck Dixmier, CIO Fixed Income, said:
“Fixed income markets are increasingly driven by a global opportunity set and clients recognize that a global mindset and global skillset, that AllianzGI is uniquely well placed to offer, can add significant value in any fixed income asset class and strategy, regardless of its geographical identity.
“This globally integrated setup is a natural progression for our teams that have already been working alongside each other as we have steadily built out our Fixed Income capabilities. By introducing a simplified, common framework and harmonized governance structure, we will be able to make best use of our considerable active investment talent to drive performance for clients as we continue to evolve our offering.”
IPG openned its offices’ doors, both in San Diego and Miami, since last week. This reopening was the result of hard planning work that began the day they closed, seeking to flatten the curve.
Rocio Harb, director at IPG and in charge of the Miami office, spoke to Funds Society about how their organization and having everything well planned before the opening were key to their return.
In her opinion, it is very important to “plan, talk to the building, talk to the employees, do research, see how daycares are working -since you cannot open and expect mothers to return to work when there is no day care or school.”
Overall, they are “super excited to be back in the office. Despite the fact that working from home worked fine, being face-to-face and from an emotional point of view, knowing that you are reaching normality, makes you feel good,” she says.
The San Diego office opened with 10 people and Miami with three, and “little by little we expect to add between 5 to 10 in San Diego and in Miami, the doors are open for when advisors want to return.” The executive expects to be at its peak by mid-July, “if everything continues as before and there has not been a second wave of infections,” of course.
When arriving at the building, some measures must be followed, for example, there can only be two people in the elevator. Upon entering the office one finds thermometers, gloves, masks and antibacterial gel. The process to follow is to put on hand sanitizer, then take your temperature and write down your name, date and temperature. Afterwards, you must change the mask and used gloves for new ones and only after that, access the office.
The premises were redecorated to maintain social distancing, including the use of plexiglasses in open areas, Harb tells us, adding that since they started preparing for the return, months ago, they have been able to build a significant stock of prevention supplies such as gloves, face masks and antibacterial gel.
Also, although most people in Miami have private offices, “when you leave your own office, to go to the bathroom or whatever, you should wear a mask.”
For Harb, going through the experience of working remotely was enriching from the point of view that “we learned that we worked quite well and that we could continue working from home, but opening was more emotional than necessary. Having a date to open an office and the advisors know that they can return serves everyone emotionally, ” she says, commenting that new tech tools have also been incorporated into the day-to-day business of the company.
For her, face-to-face was what she missed the most. “This office is three years old but the team has known each other for more than 10. We are friends, we are a family and the truth is that we missed each other, seeing each other, chatting and sharing our experiences. With San Diego we have a call with all the staff every two weeks so there is a lot of contact, but seeing us is totally different.”
To other companies planning to open, Harb reiterates that what worked best for them was to start planning early and have fairly detailed guidelines, which were sent to everyone beforehand followed up via call with all employees to answer their questions. “A lot of work must be done, like research, guidelines and surveys to give your coworkers peace of mind,” she concludes.
Looking to strengthen its Miami office, Compass Group has added David O’Suilleabhain to its team. He will serve as Head of US Intermediaries.
With this new addition, Compass Group seeks to consolidate Wellington Management funds’ position in the US Offshore market.
“We are very excited about the positioning we have achieved for Wellington Management funds in the Offshore market and we are confident that David’s experience will allow us to further expand this business and thus be able to reach more clients to offer them Wellington’s top notch investment capabilities,” indicated Santiago Queirolo.
O’Suilleabhain, has more than 12 years of experience in the financial industry and in the offshore market. He began his career in 2008 at Wachovia Securities, Latin America Group. In 2009, he joined Wells Fargo Advisors, Alternative Investments as Product Manager. In 2016 he assumed the role of Business Development Manager at Carmignac LATAM, in Miami.
O’Suilleabhain has a BA in Finance and Spanish from North Carolina State University.
Pixabay CC0 Public DomainPhoto: Donald Giannatti. Photo: Donald Giannatti
Pictet Asset Management’s (Pictet AM) range of investment capabilities is pioneering and differentiated. Pictet AM does not do everything, rather they focus on the areas where they can add value for their clients.
Fixed income capabilities
Pictet AM has been building their fixed income business since the early 1980s, expanding their capabilities over time to meet client needs.
Today Pictet AM offers their institutional clients a broad spectrum of fixed-income strategies encompassing global strategies and absolute return approaches, investment grade and high yield developed credit, Swiss bonds, emerging market bonds, hedge funds as well as money market funds.
Pictet AM’s approach
Pictet AM does not impose a central investment style on their fixed income teams. But each team adheres to three broad principles:
Diversification, which is at the core of all of Pictet AM’s fixed income portfolios.
A free exchange of ideas generated by their experienced analysts and encouraged by their team-based approach, followed by the clear ownership of investment decisions by the portfolio managers.
Risk management, which is key to achieving investment objectives. Pictet AM’s fixed income platform benefits from a dedicated risk management function whose forward-looking analysis helps their managers to calibrate the risk exposure of each client portfolio. Pictet AM’s risk team’s scrutiny of portfolio exposure helps drive transparent and precise feedback to their clients on how their assets are truly faring.
Responsible investing
Responsibility has long been central to Pictet AM, which is why they are at the forefront of the industry in incorporating environmental, social and governance (ESG).
All of Pictet AM’s long-only fixed income strategies incorporate ESG criteria into their investment processes. For investors who want to go further, they can offer best-in-class approaches.
Pictet AM has been managing emerging market debt assets since the late 1990s. Over time, they have developed their expertise in all segments of the asset class, with team members located in London and Singapore.
Today, Pictet AM offers emerging market debt exposure through several investment approaches, covering sovereign and corporate issuers on a global and regional basis.
In their sovereign teams – where Pictet AM has the longest track records – their goal has always been to provide meaningful exposure to emerging markets with a defensive profile in down markets.
Pictet AM’s fixed income absolute return strategies aim to provide investors with steady, risk-adjusted absolute returns despite a diverging yield environment. They are not constrained by any market benchmark and can invest globally across all fixed income sectors. Each strategy is differentiated by its risk-return profile. Pictet AM places a particular focus on reducing volatility and ensuring liquidity for their investors.
Pictet AM’s absolute return fixed-income strategy is a flexible and unconstrained approach to bond investing. It follows a fact-based investment process underpinned by three principles: long term, value and robust. The team seeks to build a liquid portfolio, diversified across rates, spreads and foreign exchange strategies globally.
The strategy’s risk and return objectives can be adjusted, depending on client requirements.
With Pictet AM’s strong experience in fixed income and hedge funds, expanding their investment offering to fixed income hedge funds was a natural progression.
Pictet AM started with the launch of Kosmos, a global long/short credit strategy, in 2011. Since then, they have also launched the Sirius strategy in 2019, which follows a liquid global macro emerging market long/short fixed income approach, as well as a long/short distressed and special situations debt strategy at the end of 2019.
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