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Pioneer Investments Named ‘Fixed Income Manager of the Year: Global’ by Global Investor Magazine

Pioneer Investments has been named ‘Fixed Income Manager of the Year: Global’ by Global Investor magazine’s Investment Excellence Awards 2014, recognizing the strength and depth of its Fixed Income range across Europe, the U.S. and Emerging Markets.

This prestigious award is based on key achievements over the last 12 months and attributes that separate an asset manager from peers/competitors, with a particular focus on innovation, performance and ability to adapt to the market environment.

Pioneer Investments highlights the firm’s key strengths in US Fixed Income:

Philosophy– A clearly articulated and consistent investment approach
Organization– The nurturing of intellectual freedom in the organization
People– Aligning the goals and aspirations of all investment professionals towards one common good – the pursuit of competitive investment results

Two common problems with Investment Management Organizations

The investment management industry appears to have evolved into two models: the boutique, which offers a small set of focused strategies, or the behemoth, which attempts to provide everything under the sun.

Sector Advocacy is an industry phenomenon that results when investment analysts stop viewing their sector in terms of its role in an overall strategy and start to endorse its role in all investment environments, no matter what.

Investment Myopia occurs when an investment analyst’s universe of subject coverage shrinks, his or her focus turns inward, and intellectual silos develop that impact the sharing of information within the context of the strategy.

A Better Way: Review, Rethink, Rebuild

To deal with the problems of sector advocacy, investment myopia and the consequences of unintended bets, Pioneer Investments started from a clean slate with the arrival of Ken Taubes, Head of Investment Management US, in 1998. Ken’s prior experience with a large asset manager led him to believe that most large asset managers, for many of the previously stated reasons, were poorly implementing the traditional multi-sector fixed income strategy. Thus, Pioneer Investments embarked upon a radical rewrite of the traditional script.

The Investment Organization is Formed Around Three Guiding Principles

Establish a Unified Approach: To break the psychology of sector advocacy Pioneer Investments attemps to 1) align analyst and manager incentives to portfolio performance, not just individual contribution, and 2) provide multiple sector and asset class responsibility, so that analysts and portfolio managers do not need to advocate for a bond or sector in order to justify their existence to the organization.
Optimize Organizational Scale: To promote communication between professionals in different areas and to facilitate the sharing of thoughts and ideas, the asset manager aims to keep the US side of the organization lean. As a result, they keep the entire investment team on one floor in their Boston office and encourage free-flowing communication through regular, all- staff investment meetings. This has the added benefit of allowing to assign more sectors and asset class responsibilities to analysts and portfolio managers, reducing their fear of being intellectually side-lined when a sector or asset class is out of favor.
Promote “Outside-of-the-Box” Thinking: One of the consequences of sector advocacy can be intellectual rigidity. Pioneer Investments encourages analysts and portfolio managers to seek out ideas more broadly, across geographies, capital structures and sectors. For instance, new ideas for our US taxable portfolios may come from the US tax-exempt area or from the high yield area or the mortgage- and asset-backed analysts.  A subtle yet powerful outcome of Pioneer Investments’ organizational thinking has been the extremely low staff turnover in the 13-plus years that Ken Taubes has headed the US Fixed Income team. The reason is simple: most investment professionals enjoy working in an organization that provides a wide degree of  intellectual freedom and promotes teamwork versus intellectual monopolization and cut-throat competition.

Banque Internationale a Luxembourg Appoints Swiss CEO

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Banque Internationale à Luxembourg (BIL) has appointed Thierry de Loriol as chief executive of its Swiss operations in charge of BIL’s private banking and wealth management activities.

Adrian Leuenberger, member of BIL Group’s management board and head of wealth management commented: “At a time when many firms are retrenching from private banking and wealth management, we are making advances. Thierry is a talented and experienced individual, and a welcome addition to our management team as we seek to deepen our footprint in Switzerland and internationally.”

De Loriol joins Banque Internationale à Luxembourg (Suisse) SA, BIL’s Swiss subsidiary, with over 20 years’ experience in international investment and private banking. He most recently worked with Banque Cramer & Cie as an adviser to the board and held senior management posts with the Swiss banks Clariden Leu, Banque de Dépôts et de Gestion and Sinara Capital Management.

He takes over from Michel Wohl, who is moving to become adviser to the board of directors of BIL Suisse. Thierry de Loriol will chair the management board, whose other members comprise vice chairman Alfons Widmer and chief financial officer Rolf Tresch.

BNP Paribas Launches First Equity Index-Linked World Bank Green Bond

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BNP Paribas has launched the first World Bank Green Bond linked to an equity index comprised entirely of companies selected on the basis of their corporate sustainability ratings. The product has been designed by the capital markets teams at BNP Paribas Corporate and Investment Banking in collaboration with the World Bank, and the first issue was purchased by BNP Paribas Cardif, the group’s insurance division.

BNP Paribas and the World Bank worked together to satisfy growing investor interest in supporting both companies with good Corporate Social Responsibility (CSR) track records and specific climate-friendly projects. Their collaborative effort led to the creation of a unique sustainable Equity Index-Linked investment product, with capital insured through the World Bank Green Bonds, plus exposure to the performance of the Ethical Europe Equity Index.

The World Bank Green Bonds help raise funds for projects seeking to mitigate climate change and help those affected adapt to it, while the Ethical Europe Equity Index, calculated by Solactive, selects its companies through a strict Sustainable Responsible Investing (SRI) filtering approach. The stocks in the index are selected from corporates analysed by Vigeo – an established and globally-recognised Environmental, Social and Governance (ESG) rating agency. The index is based on ESG performance. Only best-in- class stocks not involved in disputable activities are selected and certified by Forum ETHIBEL, an independent Belgian ethical expert, which guarantees the strict respect of defined ethical principles. Solactive chooses its final 30 stocks using strict financial criteria: liquidity, dividend yield and volatility.

BNP Paribas Cardif purchased this first sustainable Equity Index-Linked Green Bond issued by the World Bank, a EUR50m note with a 10-year maturity. This innovative structure is perfectly in line with BNP Paribas Cardif’s CSR strategy and part of its commitment to drive progress in socially responsible investment solutions for its clients.

Doris Herrera-Pol, Director and Head of Global Capital Markets at the World Bank, said: “This is the first Equity Index-linked World Bank Green Bond. It is a further step in the development of the green bond market and expands the investor base to investors seeking to benefit from the financial performance of a sustainable equity index, while supporting climate-focused activities in World Bank member countries. We were very pleased to have worked with BNP Paribas Cardif and the capital markets teams at BNP Paribas Corporate and Investment Banking to design this structure”.

Olivier Héreil, Chief Investment Officer, BNP Paribas Cardif, comments: “This is our first purchase of an innovative sustainable investment product. With a strong commitment to Corporate Social Responsibility, BNP Paribas Cardif is honoured to be the first investor for this structure which benefits from the performance of the index for our clients and, at the same time, supports the World Bank’s climate mitigation endeavour”.

Renaud Meary, Global Head of Structured Equity, BNP Paribas Corporate and Investment Banking, says: “This investment solution is a landmark step in what is set to become a rapidly growing Sustainable and Responsible Investment market. This combines BNP Paribas’ traditional strengths in structured products, debt capital markets, and sustainable finance. It reaffirms our dedication to helping clients achieve their objectives and adapt to cultural shifts.”

Columbia Property Trust Expands San Francisco Portfolio with Acquisition of 650 California Street

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Columbia Property Trust compra un edificio de oficinas en San Francisco por 309 millones — 650 California Street. Photo: Moed de Armas & Shannon. Columbia Property Trust Expands San Francisco Portfolio with Acquisition of 650 California Street

Columbia Property Trust announced that it has completed the acquisition of 650 California Street, a 33-story, 478,392-square-feet Class-A office tower in San Francisco, California, from Tishman Speyer and Prudential Real Estate Investors for a total purchase price of $309 million.

The purchase price includes the Company’s assumption of a $130 million loan bearing interest at 3.60% and maturing July 2019. The $179 million cash portion of the purchase price was funded with a combination of borrowings under our unsecured credit facility and cash on hand. The acquisition is expected to increase Columbia’s leverage (based on debt to gross real estate assets) from 31% at the end of the second quarter to approximately 32%. Currently 88% leased, 650 California Street is expected to have first-year in-place net operating income (NOI) of approximately $11 million.

With its desirable location in the Financial District of downtown San Francisco and protected panoramic bay views, 650 California Street has demonstrated perennial tenant appeal. The LEED Gold-certified property underwent a $14.2 million renovation over the past two years that included the addition of an onsite parking garage and a comprehensive lobby renovation, to accompany the building’s large, highly-efficient floor plates and amenities such as fitness and conference centers and bicycle parking.

Asset management and leasing of the property will be overseen by Columbia’s Western Region team, which is led by David Dowdney, Senior Vice President – Western Region. To support its growing presence in the region, the Company recently expanded its San Francisco-based team with the addition of Michael Schmidt, who brings over 13 years of portfolio and asset management experience in major West Coast markets and will have oversight of this and Columbia’s other West Coast assets.

“We have established a significant presence in downtown San Francisco — a market that continues to be one of the best in the U.S., and we continue to achieve strong leasing results at our nearby asset, 221 Main Street,” said Nelson Mills, President and CEO of Columbia Property Trust. “650 California Street is a compelling opportunity to acquire one of the premier assets in this market at a discount to replacement cost. With more than half the current tenancy rolling in the next three years and in-place rents significantly below current market levels, we expect to employ the expertise of our expanded local team to increase net operating income at this property over the next three years.

“Given the extensive experience that Dave and Mike add and their track record of successful deal sourcing and asset repositioning, I am confident we have the right team in place to lead our efforts on this asset and our continued strategic enhancement of our portfolio.”

BNY Mellon IM Continues to Expect an Eight-Year Economic Expansion in the U.S.

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Monetary policy divergence is not the only kind of divergence in the global economy that is contributing to a prolonged global and U.S. economic expansion, according to BNY Mellon Chief Economist Richard Hoey in his most recent Economic Update. Hoey cites global divergences of (1) output gaps, (2) real growth, (3) inflation, (4) real interest rates, (5) real exchange rates, (6) energy sensitivities, (7) stage of the debt cycle, (8) competitiveness, and (9) policy credibility.

“With a reduction in the fiscal drag and the deleveraging drag, combined with the gradual adjustment of the financial system to restrictive financial regulation, some acceleration in the pace of U.S. economic growth is likely,” Hoey continued. Hoey continues to expect an eight-year economic expansion in the U.S. He believes that the U.S. economy has just made an upward shift from a half-decade of expansion at a real GDP growth rate slightly above 2% to three years of 3% real GDP growth.

Other report highlights include:

Eurozone Faces Below-Target Inflation– While Hoey believes that Eurozone inflation is at its extreme bottom, the Eurozone faces below-target inflation for several years to come, according to the report, given excess capacity and an inefficient monetary transmission mechanism. “The fundamentally poor design of the euro system is hampering the transmission of monetary policy,” Hoey says. Reported inflation in the Eurozone is only slightly above zero and core inflation is below 1%.

G4 Central Banks Likely to Split into “Normalizing Central Banks” and “ZIRP Central Banks”– Over the next several years, the G4 central banks are likely to split into (1) the “normalizing central banks” (the Bank of England and the Federal Reserve), where economic expansion appears strong enough that short-term policy rates should begin to rise in 2015 and (2) the “ZIRP central banks” (the European Central Bank and the Bank of Japan), according to Hoey. (ZIRP stands for “zero interest rate policy,” which is likely to persist at the ECB and the Bank of Japan for several years, says Hoey.)

No China Meltdown– While Hoey believes that China is undergoing a permanent downward shift to a slower sustained growth rate, he also believes that the Chinese government has both the resources and the willingness to intervene to avoid a financial meltdown.

Large Balance Sheet at U.S. Federal Reserve – New Guidance– In Hoey’s opinion, the final easing action of the Federal Reserve was its modification of balance sheet guidance. Hoey believes that this change in balance sheet guidance contributed to the bond market rally in the first eight months of 2014. “The new guidance is that the Federal Reserve will be slow to reduce its bond portfolio, retaining a large balance sheet for many years rather than quickly reducing its bond portfolio,” says Hoey. Hoey also expects that a slow pace of tightening should cause Federal Reserve policy to eventually fall “behind the curve” over the next several years, resulting in an interest rate spike in 2017 or 2018.

“Our basic outlook continues to be that low inflation permits easy monetary policies which will support ‘a long economic expansion,'” Hoey concluded.

See this link for Hoey’s complete Economic Outlook.

Emerging Markets – Alive and Kicking

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Devan Kaloo is Aberdeen’s Head of Global Emerging Markets – Equities. He is also de portfolio manager of Aberdeen’s Latin America Equity Funds, for which he has been rated by Citywire as the most consistent portfolio manager over a 5 year period in the Latin American Equities arena. Aberdeen’s successful Global Emerging Markets Equity team, headed by Kaloo, is responsible for a series of strategies including the popular Emerging Markets Equity strategy, at capacity currently, and the Emerging Markets Infrastructure Strategy.

This is a summary of the ideas exposed by Devan Kaloo, speaking at the Aberdeen Investment Conference, “Home and Away: Why a Global Investment Approach Makes Sense,” in New York City  on June 2014

According to Kaloo, there are three key reasons why investors have been wary of emerging markets: 

1. Tapering. The Fed is printing less money, meaning that scarcer money is causing a rise in interest rates and a rise in the cost of capital for emerging markets.

2. China. Growth in the world’s second-largest economy has slowed significantly (Chart 1). As growth slows, the Chinese government continues to pump in fixed asset-led investment to stay about the 7% gross domestic product (GDP) growth standard, which can potentially lead to asset bubbles.

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3. Earnings. Emerging market corporate profitability has declined since 2010 (Chart 2), whereas the profitability of developed market companies remains flat.

The China Syndrome

Even as EMs continue to pick up steam and recover from the woes of 2013, the slowdown in China is still very much on investors’ minds. According to Kaloo, a major crisis in China would arise in one of two scenarios: a liquidity crisis caused by depositors fleeing and a banking collapse, or a solvency crisis caused by unbearable debt. “In the case of China,” Kaloo said, “the likelihood of either of those crises actually occurring is pretty minimal.” China’s financial system is funded domestically, and the Chinese government is to cover outstanding debt. Overall, Kaloo believes that fears over a hard landing in China are “overblown.”

Doctor, is there hope of a recovery?

Kaloo noted that emerging markets—like their developed market counterparts—have not been immune to downturns. Over the past two decades, they suffered the 1994 “tequila crisis” in Mexico and the 2007-09 global financial crisis (Chart 3). Kaloo argued that the recent downturn is similar to the others—cyclical, not structural, and likely soon to pass. “Somehow we always seem to stagger back,” Kaloo said. “When you actually look at any longer track record for emerging markets you can see that despite the volatility, despite the risks, emerging markets have been a better place to invest for the longer term than developed markets.”

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Elaborating on the cyclical nature of the latest downturn, Kaloo pointed to the post-crisis growth of emerging economies. After the crisis, EMs (and the companies within them) grew quickly. This resulted in a sharp rise in imports, paired with flat export growth—an unsustainable model, in Kaloo’s view. On the upside, trade balances have improved since the start of 2014 and have mainly balanced, with EM (ex-China) slightly outpacing the “fragile five”— India, Indonesia, Turkey, South Africa and Brazil.

For much of 2013, investors worried about the future of those countries. In 2014, their economies have improved dramatically. In Kaloo’s view, these economies have been forced to tackle their issues “the old-fashioned way”—by slowing the growth of credit and raising interest rates.

Looking forward

Kaloo concluded that being negative on emerging markets is the popular but misguided view of the moment. “What is happening in emerging markets is a cyclical adjustment,” he reaffirmed in closing. “These things happen. The cost of capital is going up and it’s forcing discipline on many companies and countries and they are adjusting.” Emerging markets continue to see an emergence of a new “business class” who understand what is necessary to build a profitable business.

Kalooreinforced that investing in emerging markets is always about companies, not countries. With emerging market companies refocusing on their operating margins, he expects profits to improve significantly within a year. Citing improving balance sheets, hopeful election results and a return to profitability, Aberdeen’s Head of Global Emerging Markets finally assigned a positive prognosis: emerging markets are alive and kicking.

Wunderlich Announces Plans to Acquire Assets of Dominick & Dominick

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Wunderlich Securities announced a definitive agreement to acquire the wealth management assets of Dominick & Dominick, a privately-held investment firm based in New York City. Upon closing, the combined firm is projected to have nearly 600 associates in 32 offices across 17 states with more than $10 billion in client assets.

“For more than a century, Dominick & Dominick has been a fixture in the financial services industry. The opportunity to join forces with this venerable firm is an ideal fit with our growth objectives,” said Gary Wunderlich, CEO of Wunderlich Securities. “Our firms share a common focus on building long-lasting relationships with our clients and among our colleagues, and we look forward to welcoming the team to our Wunderlich family.”

Dominick & Dominick, founded in 1870, is a historic name on Wall Street and one of the early firms to join the NYSE. The firm is headquartered in New York City and operates branch offices in Miami, Atlanta and Basel, Switzerland.

“We were impressed with the broad array of capabilities and expertise available through Wunderlich,” said Kevin McKay, CEO of Dominick & Dominick. “Our mission has been to provide clients with the best ideas and guidance available and we believe joining Wunderlich expands our ability to do just that.”

Following the acquisition, D&D will operate as Dominick & Dominick, a division of Wunderlich Wealth Management, the firm’s private client group. At that time, Kevin McKay will become general counsel of Wunderlich Securities; Michael J. Campbell, chairman, will join the Wunderlich Securities board of directors; and, Robert X. Reilly, COO, will become regional manager of the New York region and oversee Wealth Management offices in New York City, Great Neck, Miami, Atlanta and Basel.

Following the acquisition, approximately 150 Wunderlich associates will be located in the New York area, which will become the largest concentration in the firm’s footprint. Wunderlich Wealth Management and Equity Capital Markets operations currently located in midtown will move to D&D’s primary office at 150 E. 52^nd Street during 2015. Wunderlich Fixed Income Capital Markets sales and trading operations will remain in the Wunderlich downtown location.

The transaction, expected to close in early 2015, is subject to regulatory approval and other customary closing conditions. Terms were not disclosed.

Keefe, Bruyette & Woods, Inc . served as Wunderlich’s exclusive financial advisor in the transaction. Baker Donelson served as counsel.

Global X Funds Appoints Steven Swain President

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Global X Management Company LLC (Global X) has announced the appointment of Steven Swain as President. Mr. Swain concludes a series of recent hires at Global X.

In his new role, Mr. Swain will oversee Global X’s day-to-day operations, leveraging his 20 years of experience launching, growing and managing investment management companies. He will serve on the executive committee, along with CEO Bruno del Ama and Chairman Jose Gonzalez.

Commenting on Mr. Swain’s appointment, Mr. del Ama said: “Steven’s hiring strengthens our leadership team as we continue to grow, expand our product offerings and provide better service to our clients.” Mr. del Ama will continue in his current role of developing innovative products and strategic planning.

Mr. Swain joins from private equity firm Aquiline Capital Partners LLC where he served as an Executive Advisor. Prior to that, he held leadership positions at Lyster Watson and Company and Lazard Asset Management. He holds a Master of Business Administration from the George Washington University, a Juris Doctor from Villanova University School of Law and a Bachelor of Arts from Clark University.

“Global X is on the forefront of the ETF industry’s rapid growth with a reputation for building solutions to help meet its clients’ investment needs. I am honored to join Jose and Bruno during this time of rapid expansion for the firm,” Mr. Swain said.

ING IM Stresses Impact of Human Capital on Long Term Risk Adjusted Returns

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The portfolio managers of ING Investment Management’s (ING IM) EUR 1,5bn Sustainable Equity strategies regard human capital as an important value driver to achieve better long-term risk adjusted returns. Human capital – which encompasses factors such as talent, training, employee satisfaction, working conditions, labor relations and diversity – is probably an organization’s most valuable intangible asset, says Nina Hodzic, Senior ESG (Environmental Social and Governance) specialist at ING IM.

Research suggests that physical and financial accountable assets on a company’s balance sheet traditionally comprise less than 20% of the true value of the average firm. The remaining 80% consists of intangibles such as human capital, stakeholder capital, strategic governance and environment. ING IM’s approach combines financial analysis with a rigorous analysis of the hidden investment risks and value drivers that determine which companies will be long-term winners.

Nina Hodzic comments: “Human capital – especially employee satisfaction – is one of the key drivers of value creation in many sectors. Happy employees are more engaged and loyal. Low turnover means that good employees stay and are more productive. This has, generally speaking, a positive impact on company’s performance long term as it leads to higher expected future cash flows and lower risk. This is supported by an increasing number of academic studies. For example, Edmans [2011] shows that companies that were ranked as best-to-work-for in America produce an alpha of 3.5% annually above the risk-free rate. Best-to-work-for companies exhibit also substantially more positive earnings surprises and stock price reactions than their industry peers.”

Hodzic continues: “As economies in the West move from capital intensive firms – often combined with unskilled labor – to human capital-intensive firms, using high skilled innovative labor, investors will need new methodologies to assess the intellectual and creative strengths of companies and their constituent human capital.”

In order to maintain human capital advantages, ING IM believes that companies should look to increase training and development and build passion and purpose as young people look more and more for “meaningful work” benefiting the broader society. Diversity is also viewed as an increasingly important strength if companies are to understand the needs of those they look to provide services for, the asset manager highlights.

Hodzic points out: “The number of young people classified as NEETs (not in formal education or training) is a huge problem for governments and private sector companies. Universities, governments and companies will have to work together to ensure young people gain access to the training and skills needed to succeed in an increasingly human-capital focused environment and competitive employment market.”

ING IM launched its first Sustainable Equity Strategy in April 2000, making it one of the first global SRI (socially responsible investment) strategies available in Europe.

Schroders Multi-Asset Business Appoints Henriette Bergh as Head of Europe Product and Manager Solutions

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Schroders has announced the appointment of Henriette Bergh in the newly created role of Head of Europe Product and Manager Solutions (excluding the UK). Henriette joins the team this month reporting to Nico Marais, Head of Multi-Asset Investments and Portfolio Solutions. She will have a functional reporting line into Justin Simler, Global Head of Product Management for Multi-Asset.

In her role Henriette will be responsible for the Multi-Asset product management and strategy in Europe. This will involve creating and implementing product strategy, management of the product range in Europe and consultant ratings, product development and client support.

Henriette joins Schroders from Morgan Stanley & Co. International where she was most recently, Head of Sales, Private Wealth Management for EMEA based in London. During her seven years at Morgan Stanley & Co. International she was also Head of Manager Selection Strategies, Private Wealth Management. Prior to this she was Executive Director, Global Manager Strategies at Goldman Sachs Asset Management International (GSAM). She has an MBA from Chicago’s Booth School of Business.

Nico Marais, Head of Multi-Asset Investments and Portfolio Solutions: “Henriette is a key addition to our team. She has eighteen years investment experience advising both institutional and private clients across multiple asset classes and overseeing manager selection strategy teams. Henriette will work alongside our senior fund managers in London and Zurich, to enhance the investment service we provide to our clients”.