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Luxembourg Welcomes ELTIF

As the regulation of European Long-Term Investment Funds (ELTIFs), established by the European Commission to give new impetus to economic recovery in Europe, entered into force on 9 December 2015, the Association of the Luxembourg Fund Industry (ALFI) announced that Luxembourg is prepared and believes it has a key role to play in ensuring the success of ELTIFs.

“The objective of the EU in setting up ELTIFs was to boost smart, sustainable and inclusive growth,” said Denise Voss, Chairman of ALFI. “Take-up of the new funds may be a gradual process, but we believe that Luxembourg has the in-depth experience and expertise required to support fund promoters wishing to launch ELTIFs, and we are ready to assist them.”

Ms Voss continued: “To articulate the essential role of investment funds for the global economy is an important part of the ALFI 2020 Ambition. Luxembourg has practical solutions for ELTIFs, the Luxembourg legal framework offering a wide range of solutions to fulfil the needs of ELTIFs, their managers and investors.”

ELTIFs are an initiative of the European Commission under its Capital Markets Union plan. They are a pan-European regime for Alternative Investment Funds (AIF) which channel the capital they raise into European long-term investments in the real economy in order to achieve growth and create jobs.

The ELTIF represents a milestone in the development of the cross-border European long-term funds business. Their long-term focus distinguishes them from most existing investment vehicles and they are therefore particularly suitable for institutions such as pension schemes and insurance companies with long investment horizons, as well as complementing and diversifying individuals’ savings portfolios.

Like the funds subject to the Alternative Investment Fund Manager Directive (AIFMD) legislation, they must have an authorised alternative investment fund manager, but like UCITS, their pan-European marketing ‘passport’ allows them (under certain conditions) to be sold to individual investors who may not necessarily be classified as professional or sophisticated.

“The leading position of Luxembourg as a true cross-border and fund distribution hub will greatly serve the development of ELTIFs”, Ms Voss concludes.

ALFI has prepared brochure on ELTIFs which gives details on what ELTIFs could look like and what the regulatory requirements are such as the fact that an ELTIF shall not undertake any of the following activities:

Short selling of assets;
Taking direct or indirect exposure to commodities;
Entering into securities lending, securities borrowing, repurchase transactions or any other agreement which has an equivalent economic effect and poses similar risks, if thereby more than 10% of the assets of the ELTIF are affected; and
Using derivatives (except for hedging purposes)

The document is available on the ALFI website.

ALFI’s Hong Kong Office Celebrates Five Successful Years

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The Association of the Luxembourg Fund Industry (ALFI) celebrated the fifth anniversary of the opening of its Asia Office in Hong Kong at its annual roadshow. Asia has become the main non-European market for UCITS funds, totaling approximately 62% of total UCITS registrations outside of Europe.

Luxembourg’s position as the international fund center of reference continues to grow in Asia, with over 700 people attending ALFI’s financial seminars in Tokyo, Tapei and Hong Kong this week.

“Through our ongoing activities in Asia, we have developed strong relationships with stakeholders from the various Asian fund jurisdictions and we continue to work with them on key issues that impact the industry,” said Camille Thommes, general director of ALFI.

“Since the opening of our office in Hong Kong five years ago, the Chinese economy and financial markets have undergone a remarkable transformation and seen significant growth. More specifically, the Chinese equity market has grown to the second largest equity market in the world after the US,” said Thommes.

“ALFI has helped to make significant in-roads into the opening up of China’s capital markets. Luxembourg was the first country to authorize an RQFII UCITS in 2013 as well as the first country to authorize a UCITS to invest through the Shanghai – Hong Kong Stock Connect program,” added Thommes. “Luxembourg is also Europe’s leading financial center in terms of RMB denominated investment funds.”

Launched in November 2014, the Shanghai-Hong Kong Stock Connect program represented one of the biggest developments for foreign investors wishing to access this market and enabled foreign investors to trade Shanghai-listed shares via the Hong Kong stock exchange, and mainland investors to invest in Hong Kong shares via the Shanghai stock exchange.

Over the past year, 69 Luxembourg UCITS funds as well as 12 alternative funds have received approval from the Luxembourg Supervisory Authority, the CSSF, to access Stock Connect. The RQFII scheme was launched in Hong Kong in 2011 and has been expanded to other jurisdictions since 2013, allowing an increased volume of offshore RMB to be reinvested into China’s securities markets. In April this year, the People’s Bank of China granted a RMB 50 billion Qualified Foreign Institutional Investor (RQFII) quota to Luxembourg. ICBC (Europe) and Bank of China Luxembourg both recently received regulatory approval as the first Luxembourg-based RQFII holders.

Bond Funds Lost Market Share Amongst European ETFs

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According to Detlef Glow, Head of EMEA research at Lipper, assets under management in the European exchange-traded fund (ETF) industry increased from €444.3 billion to €457.4 billion during November.

This €13.1 billion increase in November was driven mainly by the performance of the underlying markets, which accounted for €10.0 billion, while net sales contributed €3.1 billion to the overall growth of assets under management in the ETF segment.

In terms of asset classes, Equity funds with €2.2 billion enjoyed the highest net inflows for the month, followed by alternative UCITS products with €2.8 billion and mixed-asset funds with €2 billion. Meanwhile, bond funds, which in October had the highest net inflows, suffered during November from the highest net outflows, loosing €7.8 billion.

The best selling Lipper global classifications for November where:

Bond EUR Corporates with €0.6 billion
Equity Global with €0.6 billion
Bond EUR High Yield with €0.6 billion

Amongst ETF promoters, Blackrock’s iShares with €1.4 billion, Source with €0.5 billion and db x-trackers with €0.4 billion, were the best selling ones.

The best selling ETF for November was the iShares Euro High Yield Corporate Bond UCITS ETF, which accounted for net inflows of €572 million

For further details you can follow this link.

Wealth-X Presents: What Do You Buy the Person Who Has It All?

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Wealth-X, the global ultra-high net worth prospecting, intelligence and wealth due diligence firm, has curated a selection of thoughtful gifts that suit the global lifestyle of the ultra-wealthy, regardless of the season, from an US$ 10,000 custom luxury sneakers to a US$ 60 million Superyacht. The list includes ten exclusive gifts ideas:

1. Polar Star Superyacht

The 63.4 m (208’) Polar Star by Lürssen combines the capabilities of an explorer vessel with the sleek lines, interior volume and amenities of a modern luxury superyacht. For total comfort and a relaxed Hamptons beach-house feel, the expansive interior features a wide selection of living areas and facilities, including gym and movie theater. The abundant outdoor spaces, spanning five decks, host sun lounging and “al fresco” dining areas, a large Jacuzzi, bar, barbecue and open-air cinema. Polar Star sleeps up to 12 guests in six large staterooms, and the panoramic master suite with private study on the upper deck enjoys unobstructed views. The Polar Star’s comprehensive list of toys and tenders includes a 29’ Naiad jet tender and a 25’ Malibu Wake setter tender, so water-sport “aficionados” can enjoy extreme thrills surfing waves of up to 2m tall. The superyacht can be purchased for EUR 55,000,000 and is also available to charter from EUR 380,000 per week.

2. Tiffany & Co. out of retirement jewelry collection

The luxury jewelry house Tiffany & Co. has embarked on its first collaboration with another retailer — Dover Street Market, the cutting-edge multi-brand emporium established by Comme des Garçons’ Rei Kawakubo. The capsule “Out of Retirement” collection consists of 18 limited-edition pieces — eight jewelry designs and 10 gift items — inspired by styles from the Tiffany & Co. archives. The offerings include witty sterling silver gifts such as a fish flask riffing on the old “drink like a fish” adage (price upon request), a pillbox shaped like a miniature Chinese take-out box (US$ 545) and party hat (US$ 780) with matching party horn (US$ 1,550). Other vintage pieces are a trio of postage money clips in 18 karat gold (US$ 5,450) and a wood interlock bracelet in 18 karat gold with interlocking rose gold bangle (US$ 10,600).

The exclusive gift items and jewelry will be showcased in installation spaces in Dover Street Markets New York, Ginza and London stores, with site-specific displays inspired by Gene Moore, who designed Tiffany’s iconic windows from 1955 to 1994. To honor the partnership, the classic Tiffany Blue Box will give a nod to Dover Street Market by replacing its signature white ribbon with black on all packaging for the collection.

The limited-edition items will be available at Dover Street Market until January 2016.

3. Myswear custom luxury sneakers

E-commerce fashion retailer Farfetch has partnered with London-based footwear brand Swear to launch a customization program named Myswear. The service will combine 3D modeling technology with expert artisanal Portuguese craftsmanship; the platform allows customers to design their own sneakers, choosing among 16 unisex silhouettes and over 80 combinations of colors and materials, including ethically sourced python, ostrich and crocodile skins. The footwear designs can run from US$ 385 to US$ 10,000, with four to six weeks lead time from design submission to delivery. Each finished design will be handmade in Portugal, and buyers can opt to have their initials subtly foiled or embossed on the tongue of the sneaker.

4. Chivas 12 made for gentlemen by Globe-Trotter steamer trunk

Made on request, this modern interpretation of a timeless steamer trunk is a collaboration by Chivas Regal and Globe-Trotter. Featuring bespoke burgundy fibreboard, American white oak from oak casks and a hand engraved copper plaque made from a retired Scotch whisky still, the steamer trunk also comes with specially created compartments for shoes, a drawer to hold up to eight watches, leather covered hangers for pristine suits and a beautifully crafted mini bar with mirrored back. The retail price is GBP 12,000 (US$ 18,000).

5. The Citation Longitude private jet

The Citation Longitude is a super-midsize business jet with a range of 3,400 nautical miles, a payload of 1,500 pounds and a cruise speed of 550 mph. The spacious cabin has seating for up to 12 with ample legroom, and the jet provides the quietest interior in its class. Natural light is in plentiful supply, with 15 large windows positioned for optimal viewing. While enjoying the view, passengers can stay connected and productive utilizing the standard Internet and cabin management system. The forward wet galley, finished in fine hardwoods, has plenty of room for food preparation. Cabin service is enhanced by hot and cold water, generous cold storage, large supply cabinets and can accommodate an espresso maker and a microwave oven.

6. Richebourg Grand Cru wine

A rare vintage from Burgundy, the Richebourg Grand Cru garnered media attention as the world’s most expensive wine this summer, just after the famous French wine-making region was named a U.N. world heritage site. UNESCO recognized the uniqueness of the vineyards of the Cote de Nuits and the Cote de Beaune south of Dijon, which produce some of the finest red wines in the world made from pinot noir and chardonnay grapes. The Richebourg Grand Cru currently sells at an average US$ 14,478 per bottle across all vintages and all merchants stocking it, according to Wine-Searcher. In particular, the 1985 regularly commands up to US$ 20,000 a bottle.

The Richebourg Grand Cru was a Cote de Nuits created by visionary winemaker Henri Jayer, who died in 2006 at the age of 84. Jayer was against using chemicals in the winemaking process and only produced about 3,500 bottles per year. As a result of the low supply and high demand, this wine has been one of the priciest in the world since May 2011.

7. Zhoujie Zhang Evolution of a chair artwork

This stainless steel, mirror finish piece is a unique 2011 artwork by furniture designer Zhoujie Zhang, known for integrating automated digital design and elements of spontaneity and chance. To produce his pieces, Zhang inputs basic mathematical instructions into a computer program, which then generates the object forms. The pieces are then cut, assembled and polished by hand at Zhang’s in-house workshop. The price of “Evolution of a Chair” is US$ 20,000.

8. Four Seasons’ around the world tour

Since 2012, Four Seasons has offered extravagant world tours via private jet with TCS World Travel. However, this spring, the luxury resort company started running tours on its own fully branded private jet (a Boeing 757-200ER), with more opportunities to provide its famous levels of service at 35,000 feet in the air. For US$ 132,000 per person starting in January, up to 52 passengers can enjoy a 24-day voyage of discovery, spanning the Taj Mahal, Sydney Opera House, Bora Bora and jungles of Chiang Mai. The inclusive, exquisitely curated tour removes the ordinary hassles related to travel; Four Seasons handles all accommodation, meals, drinks, ground transportation and custom excursions.

There are at least 21 hotel-trained crew and staff on board each Four Seasons flight, including three pilots, two engineers, a travel coordinator, concierge and executive chef. During trips that involve adventurous activities — such as game watching in the Serengeti — a physician and a photographer also are available. Each guest receives an iPad Air 2 in advance of the trip for pre-loading entertainment; upon boarding, passengers each get a cashmere blanket, Bose noise-cancelling headphones and custom leather travel journal by Moleskin — all theirs to keep.

9. BAC Mono Marine Edition supercar

BAC has created the “Marine Edition” of its Mono supercar — a single-seat sports car specifically designed to be stored on a superyacht. Weighing only 580 kg, the ultra-lightweight model is powered by a new 305hp normally aspirated engine delivered through a Hewland FTR gearbox, as found on current F3 race cars, and it can reach 0-60mph in 2.8 seconds. Launched in collaboration with yachting company Camper & Nicholsons, the Marine Edition will feature anti-corrosive ultra-high specification components for performance and durability, proprietary lifting system for safe and easy hoisting, an Environmental Control Container System for on board storage in climate-controlled environment and complete customizable designs to complement the colour scheme of the yacht. It is built to order at GBP 500,000 (US$ 750,000).

10. 1201 Laurel Way, Beverly Hills

The six-bedroom, 10-bathroom, 11,000-square-foot estate sits on a promontory in the hills on nearly an acre north of Sunset Boulevard. Surrounded by a dramatic “moat,” the home features floor-to-ceiling windows with sweeping, unobstructed views of Downtown Los Angeles, Catalina and the coastline of California. 1201 Laurel Way has a 2,200-square-foot private deck with a six-person Jacuzzi hot tub, a home theater with seating for 11 people, a 1,000-bottle wine room, all-glass six-car garage and a master suite fitted with a wet bar and a fireplace set in a white glass wall. The main outdoor entertainment area comes with an infinity pool and another Jacuzzi. There is also a guesthouse on the property with built-in kitchenette and gym. The asking price is US$ 42 million.

Bonds from Emerging Markets Are Underrated

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The interest rate reversal is a long time coming. The US Fed has pushed back a decision on a rate hike to December, citing the uncertain outlook for the global economy as reason, among others. At the same time the ECB president, Mario Draghi, has hinted at the fact that the ECB might expand its bond purchase programme considerably. This keeps the interest rates, both for government and for corporate bonds, at historically low levels. “In this environment it is difficult for many investors to achieve a satisfactory yield,” as Péter Varga, fund manager and specialist for emerging markets corporate bonds at Erste Asset Management, explains. “As alternative, we recommend investors to take a closer look at investment grade bonds from emerging markets issuers.”

Stimulus package in China and weak economy in Brazil

“We currently rate the situation of the emerging markets as mixed,” as Varga points out. The semi-annual figures of the corporate sector in the emerging markets were anything but convincing, but the stimulus package announced in China creates new opportunities. The government in Beijing announced that the equity portion for property purchases was to be cut. At the same time, a tax break will be granted for the purchase of a compact car. The situation in Brazil, on the other hand, remains difficult and diffuse in the foreseeable future. “We are critical of the country due to the political instability and the generally weaker economy,” as Varga explains. A careful selection of the right assets in the emerging markets is therefore key.

Erste Asset Management offers interested investors suitable access to this investment universe via its Espa Bond Emerging Markets Corporate IG fund, which was floated three years ago. The investment focus of this fund is on investment grade bonds from the emerging markets. The fund is eligible in accordance with the Austrian Insurance Supervisory Act and thus also interesting for a number of institutional clients. It is also hedged against currency fluctuations and commands a good rating.

“From our point of view there are numerous factors supporting an investment in investment grade emerging markets bonds,” as Varga points out. It is generally a fast growing, broadly diversified asset class with bonds from many well-known, internationally operating companies such as for example Alibaba from China, or Grupo Bimbo from Mexico. At the same time, the rising capital inflow ensures liquidity. Overall this asset class is dominated by real-economy companies. Industrials account for 57.1%, whereas for European investment grade bonds, this percentage is only 47.1%. “Another reason to invest, from our point of view, is also the structurally favourable, i.e. lower, valuation of emerging markets corporate bonds vis-à-vis the industrialised countries. In recent years, the spreads on investment grade companies from the emerging markets have been a stable 2-2.5% above those of corporate bonds from developed countries in spite of negative market phases,” highlights Varga.

Operating since 2007, Erste Asset Management has years of experience in the asset class of emerging markets corporate bonds. The company successfully combines local know-how with global strategies. Over the years, Erste Asset Management has recorded a constant inflow of assets and has received numerous national and international awards.

Has the Fed’s Hike Made Emerging Markets More Appealing?

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The Fed appeared to meet expectations with its long awaited rate hike last week, coupled with a forecast that was widely viewed as gradual and fairly predictable, if not outright dovish. While all asset classes had waited for the Fed to move, emerging markets had arguably been one of the most affected, given that the average currency in the asset class has fallen roughly 40% since May 2013, the beginning of the infamous “taper tantrum” that marked the beginning of rate hike speculation.

It is difficult to argue that the Fed has been the sole factor in emerging market debt weakness. China hard landing fears, plummeting commodity prices, Brazilian political disarray, Russian policy concerns and general weakening of growth across all regions created a near perfect-storm for emerging market debt investors. However, a more predictable and less fraught path going forward for the Fed should help steady investor nerves and risk appetite. If developed market bond yields remain very low – as seems likely with a very slow hiking path, set out with some confidence – emerging market dollar yields may remain one of the few places to look for meaningful income generation for years to come.

The Fed move comes at a time when emerging market dollar debt seems particularly attractive. Yields in the primary sovereign dollar index are at highs not seen since 2010, when Treasury yields were much higher than today. Yield spreads over Treasuries for investment grade sovereign debt are just under 300 basis points, and remain at elevated levels that were last seen consistently during the European crisis of 2011. High yield sovereign debt currently has a yield to maturity of 8.5%.

The divergence between developed market monetary policies has driven the dollar nearly 20% higher on a trade-weighted basis since July 2014. Emerging market currencies have fallen in lock step. With the European Central Bank now charting a path towards a steady dose of quantitative easing as growth in Europe stabilizes, Fed predictability should help curb that dollar appreciation. Emerging market currencies should then likely steady at attractive levels, boosting sentiment towards the asset class. Even a modest virtuous cycle led by these factors could make emerging markets one of the strongest global fixed income performers next year, given today’s generous yield levels.

Llorente & Cuenca Acquires 70% of EDF Communications

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Greenberg Traurig, advised Llorente & Cuenca, the leading reputation, communication and public affairs management consultancy in Spain, Portugal and Latin America, in the 70 percent acquisition of EDF Communications, a Miami-based strategic communications and public affairs firm.

Under the terms of the agreement, EDF Communications will be integrated into Llorente & Cuenca’s Miami operations. EDF Communications, which has been operating in the U.S. and Latin America for more than a decade, has a presence in Mexico, Colombia, Argentina, Chile, Brazil and Costa Rica. The employees of EDF Communications in Latin America will also be integrated into the Llorente & Cuenca operations in their respective countries. Following the acquisition, Erich de la Fuente, founder of EDF Communications, will become partner and CEO of Llorente & Cuenca’s Miami-based U.S. operations.

This is the fourth acquisition Llorente & Cuenca has finalized since last June, when it announced the incorporation of French private equity firm MBO with the intention of implementing an expansion plan to grow its presence in existing markets. This acquisition is the first of its kind in the U.S. and further strengthens Llorente & Cuenca’s position in the U.S. and Latin American markets, creating added-value for clients who will benefit from a significantly enhanced service portfolio, and a network of 11 offices across the Latin American region.

The Greenberg Traurig team was led by Antonio Peña, a shareholder in the firm’s Latin American and Iberian Practice and the Miami Corporate and Securities Practice. He represents a significant number of Spanish companies investing in the United States and Latin America.

Europe Will Have Climate Refuges As Well as War and Economic Ones

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2050. A huge dam seals off the Inn Valley at Kufstein. Behind it, a reservoir containing millions of cubic metres of green, shimmery water. The Emperor Maximilian Dam is the crown jewel of a number of dams that line Greater Tyrol from Kufstein to the Andreas Hofer Dam at Rovereto and that are one of the pillars of prosperity in Europe in what has been the wealthiest country for years.

Tyrol was able to benefit more than others from the climate change, which had caused the temperature to rise by 4% annually. The biggest dam system in the world dwarfs the Three Gorges Dam in China and comes with one enormous upside on top: the water does not just pass through the dam, but it is recycled by a sophisticated system of pump accumulators. It is used whenever power is needed – and, in particular, paid for – in the big metropolitan areas of the hot lowlands outside the borders of Tyrol. Tyrol, with its third dimension, i.e. altitude, was practically destined to become the battery of Europe.

The numerous dams and the climate change made the second source of prosperity possible in the country: prime property. A large number of exquisite lakeside properties that allow filled purses to enjoy the pleasant temperatures in higher altitudes and to escape the heat of the lowlands. No surprise that many millionaires who used to frequent places like Monte Carlo or the palm islands of the nouveau-riches in the UAE love their life in Tyrol.

What sounds like the fifth and yet unpublished part of Felix Mitterer’s “Piefke Saga”* (i. e. an Austrian soap opera about Tyrol) is the extrapolation of two current developments: global warming and the way we deal with it. The climate change is now taken as scientific fact. Even optimists expect the earth to warm by at least two centigrade in the coming years.

This development will come with massive repercussions on us and our lifestyle. There will not only be winners, but also losers as described above. The development will not care about state or cultural borders, and it will probably also shift some of them. One day we will have climate refugees along with war and economic refugees at the borders of Europe and Austria.

From my point of view it is important to realise that we have to be prepared to compromise. Wind parks are not always pretty. Alternative forms of energy do not only have to be generated but also distributed, which requires new power lines.

This will on the one hand entail many, also economic, opportunities, which we at Erste Asset Management want to seize in our sustainable funds. On the other hand this also means that we will have to change. In Giuseppe Tomasi di Lampedusa’s famous book “The Leopard” the main protagonist comments on the political revolution that has Italy in its grip: “If we want everything to stay as it is, everything has to change.” I think that climate change will teach us a similar lesson, no matter how we handle it.

Column by Gerold Permoser, Chief investment Officer and Chief Sustainable Officer of Erste Asset Management

Employee Advisors Outnumber Owners, But Compensation Remains Unchanged at Advisory Firms

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Today’s independent advisory firms are no longer solely driven by the talent of their founders and investment teams. Instead, they are growing enterprises focused on the talents of employees across multiple roles and disciplines, according to the 2015 InvestmentNews Compensation & Staffing Study, sponsored by Pershing. The study found that firms achieving the highest levels of performance are putting the attraction of top talent, motivation of employees and implementation of well-thought out plans near the top of their list of priorities.

According to the report, industry growth is changing the nature of firms. Advisor ownership used to define independence; however, today employee advisors now outnumber owner-advisors. This change amplifies the importance of developing career tracks, a workplace culture, nurturing talent and determining competitive positioning. As much as growth has created opportunity and brought a wave of hires, it does not seem to have affected compensation for most positions in the last two years. Salaries for employee advisors and other key positions remain virtually unchanged. The cumulative effect of growth has doubled the size of the typical firm in the industry over the last five years. The year 2014 brought 13.5% growth in revenues.

“Recruiting top talent and delivering exceptional services to your client is critical to success in today’s advisory landscape,” says Ben Harrison, managing director and head of business development and relationship management at Pershing Advisor Solutions. “Whether your firm is a super ensemble or a small RIA, implementing a business management strategy is fundamental. We are personally invested in helping our clients succeed and have uncovered key insights in this study to help them better engage investors, attract top talent and run their business more effectively.”

The report identified the following trends as drivers of the business management strategies of the most successful firms:

Growth and Prosperity

Firms of different sizes significantly differ in their approach to finding new clients. The largest firms turn to branding and marketing, while smaller firms rely on referrals and networking.

Employee advisors outnumber owners: Owners are no longer the only advisors that manage client relationships. Super ensembles have been building their employee teams for many years, and smaller ensembles and enterprise ensembles are now also following suit.

Size becoming a decisive advantage: Super ensembles and large firms hold the advantage in their ability to attract top talent and the largest client relationships. Because of their size, they have a more prominent presence in the marketplace and are typically located in the largest markets where there is also a proliferation of wealthy potential clients.

Salaries remain unchanged: While there has been a new wave of advisory hires, it has not translated into salary growth. Instead, the growth in compensation has been in the form of incentives rather than salaries.

Building a growth engine: Many advisors are focusing on the clients who will offer the most value and pay for the firm’s service offering.

AllianzGI Expands Europe Distribution Team

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Allianz GlobalInvestors (AllianzGI) announced the appointment of Irshaad Ahmad as head of institutional Europe. Based in London, he will assume business development and client servicing responsibility for all AllianzGI’s institutional clients in Europe and spearhead the company’s strategy to further develop its institutional business in key regional markets.

Ahmad, who will report to Tobias C. Pross, head of EMEA, will also chair the European Institutional Executive Committee and become a member of the European Executive Committee.

Commenting on the appointment, Tobias C. Pross said: “I am delighted that, in Irshaad, we have found a senior executive who combines extensive experience with a strong entrepreneurial mindset. I am certain that Irshaad will help further strengthen our institutional business across our key markets, driving best practice in client-centric advisory and service delivery throughout Europe.”

He joins AllianzGI from AXA Investment Managers, where he was head of UK & Nordics and CEO UK since 2011, leading retail and institutional sales as well as client service teams.