Diagonal Investment Office Adds Tomás Silva in Peru

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Tomás Silva joined the Diagonal Investment Office team in Peru, coming from the funds section of SURA.

“The Diagonal team continues to grow with the addition of Tomás Silva as Head of Portfolio Construction and member of the investment committee!” the firm announced on its LinkedIn account.

Silva arrives at Diagonal with over 25 years of experience in the global capital markets. For the last 9 years, he worked at SURA, one of the largest financial groups in Latin America, as Senior Vice President of Fund Selection and Managers and Head of the Alternative Asset Funds of Funds Platform for SURA Investments at the regional level, and Investment Manager in Peru.

“I am very happy to take on this new challenge and work with the best specialists in the global capital markets to advise families in achieving their financial goals. Diagonal Investment Office’s capabilities, combined with the infrastructure and support of Sanctuary Wealth, make our proposition unique in the country,” commented the new hire.

His extensive career also includes positions at Santander (1995-1998), Norinvest (1998-2000), and Grupo Privado de Inversión (2004-2015), according to his LinkedIn profile.

“We continue to consolidate ourselves in the market as one of the American multi-family offices focused on Latin American clients that is attracting the most talent and experience. Bringing in people of Tomás’s caliber is not easy and can only be achieved if what we are doing is something significant. The combination of Diagonal Investment Office and Sanctuary Wealth, our strategic partner with over 42 billion dollars in AUM, allows us to offer our clients a unique model,” commented Rodolfo Rake, Managing Partner and Co-Founder of Diagonal Investment Office.

Additionally, Santiago Rey, Co-Founder and Managing Partner, based in Peru, highlighted Silva’s capabilities in portfolio construction.

“A star to reinforce the team and continue growing well: with optimal, well-managed portfolios and first-class service for our clients,” Rey posted.

Increasing the Appeal of British Equities: One of the Challenges for Labour as They Return to Power

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As the polls predicted, and pending the official results, the leader of the Labour Party, Keir Starmer, has won a landslide victory in the UK elections, ousting the Conservative Party after 14 years in power. According to early analyses from international managers, this victory brings clarity and stability to the markets, but Starmer will need to implement significant reforms, control inflation, and earn investors’ trust.

Rishi Sunak’s decision to call an early election has not paid off, leading to his resignation as the Conservative Party leader. Sir Keir Starmer is set to become Prime Minister. “Stock markets might have been alarmed at another time by a Labour government. However, there are two reasons why things are different this time: the party itself has significantly moved towards the center of the political spectrum, as indicated by its policy statements and manifesto; and secondly, investment markets have power over governments reliant on bond market funding. If Labour decided to further increase the UK’s budget deficit, a similar reaction in the bond market would likely occur,” points out Simon Gergel, Chief Investment Officer for UK Equities at Allianz Global Investors (AllianzGI).

PIMCO explains that the election outcome could affect the economy in two key areas: influencing economic demand through fiscal policies and enhancing long-term growth via supply-side policies. Peder Beck-Friis, an economist at PIMCO, notes that markets haven’t reacted much to this Labour victory, but they remain focused on growth, inflation, and monetary policy.

“Although the UK’s headline inflation has returned to its 2% annual target, core inflation remains high at 3.5% annually. We expect core inflation to continue falling as inflation expectations are anchored, the labor market has gradually relaxed, and fiscal policy remains tight. We also anticipate the Bank of England to start cutting rates soon, possibly in the upcoming August meeting. Looking ahead, financial markets expect rate cuts in line with the US Federal Reserve. However, we see the possibility of faster cuts in the UK due to low growth and strict fiscal policies,” says Beck-Friis.

Increasing the Appeal of Equities

For Ben Ritchie, Head of Developed Market Equities at abrdn, one of the new government’s main priorities should be increasing the appeal of British equities for domestic and international investors. “One of the quickest and most effective ways to achieve this is by removing the stamp duty on British stocks, making the UK more competitive, rewarding savers, and attracting much-needed foreign investment,” he notes.

According to Ritchie, Labour’s pro-growth agenda is key to generating the tax revenue needed to fund public services, with private capital playing a vital role in supporting investment. “If the new government gets it right, the companies most exposed to the British economy will benefit, boosting morale for companies in the FTSE 250 and FTSE Small Cap. With a little more patience, investors could finally be rewarded,” he adds.

Matthew Beesley, CEO of Jupiter AM, states that the British market has solid underlying fundamentals and is trading near historic highs. However, at the same time, valuations of British stocks are at historic lows due to political uncertainty in recent years. “There are many reasons to expect the new government to initiate a period of political stability, prioritize the Edinburgh reforms, and take responsibility for a clear industrial growth strategy that consolidates the UK’s recovery and makes it a key focus for international investors again,” he says.

Mark Nash, Huw Davies, and James Novotny, investment managers in the Absolute Return Fixed Income team at Jupiter AM, believe that Labour will have to convince both the market and the electorate that they are fiscally prudent while improving the poor state of British public services and the anemic productivity and growth profile, which they warn “won’t be easy.”

What to Expect from Gilts

For Jupiter AM managers, growth will be their “get-out-of-jail card,” easy to say but hard to deliver. “They are likely to place their hopes on a better trade deal with the EU to reduce border frictions and also on the liberalization of UK planning laws. If successful, this could rekindle hopes for greater growth in the UK and less inflationary pressure. Despite the UK’s fiscal position, we believe gilt yields seem cheap compared to other countries with weak fiscal positions (e.g., France), so it is very likely that there will be some flows into gilts from other troubled sovereign bond markets now that our elections are over,” they argue.

They also note that “Labour’s victory means we have entered a period of relative stability in British politics. The UK could well appear as a haven of political stability, a landscape very different from the years following the Brexit referendum.”

Gordon Shannon, manager at TwentyFour AM (a Vontobel boutique), adds: “British treasury bonds, gilts, remain almost unchanged across the curve today, demonstrating that Labour’s landslide victory was well anticipated. From a fixed-income market perspective, Labour’s fiscal and spending policies equate to the status quo, so we do not expect any internally generated political volatility this year. Instead, the market will continue to focus on the inflation path and interest rates.”

As PIMCO’s economist points out, the forecast is for the Bank of England to cut rates. Therefore, Beck-Friis believes that gilts are currently trading at attractive levels, “especially compared to US Treasuries.” He adds, “Across the curve, we still believe that intermediate rates are the sweet spot for taking positions in interest rates.”

Impact on Industry

Lastly, from abrdn, Christian Pittard, Head of Closed-End Funds and Corporate Finance Director at the manager, reminds that the new government must “urgently” consider fixing the cost disclosure rules that are hindering the closed-end fund sector in the UK.

“There is nothing to lose and much to gain, at zero cost to the public treasury, while boosting investor confidence and investment in the UK. Closed-end funds are an essential source of capital for major real estate, specialized equity, infrastructure, and renewable energy projects, which, according to political consensus, are necessary to drive the country’s growth,” he points out.

According to Pittard, the “misleading and unhelpful” cost disclosure rules for investment funds are “strangling investment” in these productive areas and must be addressed immediately. “Reforming the UK’s capital markets cannot be done without solving this puzzle, given that the sector represents around 36% of the FTSE 250, according to the London Stock Exchange,” he adds.

From abrdn’s perspective, this reform must go further and promote a national culture of saving and investing that brings even more capital to grow our economic pie. “The stamp duty on British stocks and UK-domiciled investment funds has distorted capital flows, putting the UK at a competitive disadvantage compared to its international peers and further hindering economic growth. By cutting this unfair and distorting tax, the new government could make significant strides towards creating the healthy and competitive investment environment the country so desperately needs,” concludes Pittard.

70% of the Capitalization of Global Equity Markets Will Be Influenced by the Upcoming Elections

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The election calendar remains very active. France held its first round with a victory for the far-right National Rally party, led by Marine Le Pen and Jordan Bardella. In the United Kingdom, citizens will go to the polls next Thursday, July 4, to decide whether the Labour Party will take control of the government after 14 consecutive years of Conservative rule. In the United States, Joe Biden’s suitability as a candidate is in question after losing the electoral debate to Donald Trump last week.

In this context, Greg Meier, Director of Global Economics and Strategy at Allianz Global Investors, reminds us: “Investing based on political expectations can be a mistake, as evidenced by the 2016 U.S. presidential elections. When the results were announced on the night of November 7, the markets initially panicked, with S&P 500 futures falling by as much as 5% in overnight trading. However, when the spot market opened on November 8, the losses disappeared, and by the close, stocks were up 1.2%.”

Saira Malik, CIO of Nuveen, notes that more than 70% of global market capitalization will be influenced by economic and political changes resulting from elections in countries such as France, India, Mexico, South Africa, and the United Kingdom. She emphasizes the importance of not ignoring the outcome and impact of these electoral events.

“This has been a busy election year outside the U.S., and there is still much more politics and persuasion strategies ahead, of course, also in the U.S. By the end of 2024, when all electoral processes have concluded, more than 4 billion people—representing nearly half of the world’s population and 57% of global GDP—will have participated in national elections throughout the year. The implications for investors are crucial, as approximately 70% of global equity market capitalization will be influenced by economic, trade, regulatory, governance, and socio-political changes these elections could trigger in the coming years,” she explains.

According to her analysis, there has recently been a clear shift to the right in the European Parliament elections, which has been a significant blow to centrist parties governing some key EU member states. “Dissatisfaction with the sluggish European economy has intensified, so French nationalist-populist parties could gain more power. Similar threats have materialized in places as diverse as India, Mexico, and South Africa. These elections, although already held, will help define the political path forward. And it is expected that the July 4 elections in the United Kingdom will end 14 years of Conservative Party rule, with consequences for developed markets in the second half of 2024. Beyond the elections, it is worth monitoring geopolitical risks, such as the recently signed defense pact between Russia and North Korea,” she notes.

Malik adds that although politics and geopolitics can always generate greater uncertainty, “in the current market environment, we see compelling reasons to consider investment opportunities in certain non-U.S. equity markets.”

First Round in France

So far, based on the results of the first round of elections in France, the European market has reacted positively. In fact, the euro surged close to the reference level of the last semester near 1.08, while CAC 40 futures rose by nearly 3%.

“It would not be surprising to see French banks start to register gains. For example, Societe Generale shares dropped by nearly 20% last month. The fact that the far-right did not achieve an absolute majority, leaving everything open for the second round next Sunday, July 7, has been well received by the markets, with the French risk premium dropping by 7 basis points to two-week lows,” says Juan José del Valle, Head of Analysis at Activotrade SV.

According to Del Valle, European futures started the week with strong gains following the first round of elections in France, where Le Pen’s National Rally won the legislative elections for the first time with 34.2% of the vote (despite not having an absolute majority). The CAC 40 begins the second half of the year opening with a +2.5% rise, with investors closely watching the final result and the resulting fiscal policies of French finances.

Regarding the results, AXA IM Chief Economist Gilles Moëc states that the outcome “arithmetically puts an absolute majority out of reach” for Macron’s party. He also believes that a potential moderate coalition government would be “constantly at risk of being halted by a motion of no confidence,” complicating economic management. In this regard, Gilles Moëc analyzes the possibility of resorting to the ECB’s TPI special assistance program but warns that “a government could hardly expect to benefit from ECB intervention if the market is rationally responding to specific political decisions likely to worsen the trajectory of its public debt” and notes that the TPI will not be a tool to stop crises, but to mitigate them.

For now, in France, exit polls from the first round point to results generally in line with expectations, so the markets are likely to temporarily breathe a sigh of relief. “The risk of a left-wing majority seems to have been avoided, which alleviates the worst market fears about uncontrolled spending. However, we are not out of the woods yet. The National Rally (RN) has exceeded expectations and could garner enough votes in the second round for a relative or even absolute majority. In summary, the only certainty is uncertainty. OAT bonds may adjust slightly against bunds, but only to a certain extent, as France’s future remains unclear, and political risk is high. The reduced risk of contagion should support non-French European sovereign debt,” argues Alex Everett, Investment Manager at abrdn.

United Kingdom

Although the French elections will remain in the spotlight for many investors, with the second round scheduled for July 7, it should not be forgotten that the United Kingdom is called to the polls this Thursday, July 4. According to analysis by Martin Wolburg, Senior Economist at Generali AM, part of the Generali Investments ecosystem, the Conservatives have governed the country since 2010. However, the polls overwhelmingly show a shift from a center-right government to a center-left Labour government. He acknowledges that it is very likely the upcoming elections will give Labour a comfortable majority.

“The fiscal balance will improve with the current government’s fiscal plans, but as the average public debt rate is unlikely to match nominal GDP growth, the debt-to-GDP ratio will rise to 110% by 2029, according to the IMF. Labour’s fiscal plans do not seem very different from the current ones, suggesting that the projected debt trajectory will not change significantly. Obviously, with a large majority, Labour might be tempted to follow a somewhat more expansive policy than in their manifesto. But we believe the lesson has been learned from the 2022 Truss mini-budget crisis, and investors have good reasons to focus more on the outcome of the French elections,” argues Wolburg.

For Jon Levy, Global Macro Strategist for Europe at Loomis Sayles (Natixis IM), investors should anticipate that the pound will reverse its weakening trend given the likely large Labour victory. He explains that Labour intends to play the long game, being tactical with borrowing and fiscal policies while seeking political levers that facilitate strategic long-term investments to boost productivity, trade, and energy security.

“If Labour manages to advance these goals, we believe investors should anticipate that the pound will reverse its weakening trend. The pound has experienced a prolonged decline against the dollar, significantly depreciating after the global financial crisis (GFC) and again after Brexit. It weakened further as the post-Brexit regime moved away from a customs union to a less favorable configuration for the UK. The exchange rate may partly reflect low expectations for the UK’s economic prospects,” Levy argues.

In his opinion, this creates a low bar and suggests potential for improvement if Reeves’ framework for enhancing growth, trade, incomes, and energy security proves at least modestly successful. “The burden of proof lies with the next government, but they may benefit from favorable tailwinds. If the polls are correct, Labour will have considerable political power,” he concludes.

U.S. Post-Debate

Lastly, the U.S. is still dealing with the aftermath of the presidential debate between Biden and Trump, which has shifted the odds in favor of a Trump victory in the upcoming U.S. presidential elections. “The tightening of trade policies, including increased tariffs, and tax cuts in 2025 are becoming more likely, and in anticipation, the U.S. dollar has risen. We expect the outcome of the presidential race to remain highly uncertain, given the deep polarization of the U.S. electorate and the unpopularity of each candidate among the opposing electoral base,” acknowledges David Kohl, Chief Economist at Julius Baer.

According to Kohl, in an unusually early presidential debate in the run-up to the November U.S. presidential elections, incumbent President Joe Biden failed to convince voters of his mental fitness for office, as he stuttered and struggled to complete his thoughts and attacks on his main opponent, Donald Trump. Conversely, he believes Trump greatly benefited from Biden’s mistakes, although he did little to appeal to Democratic voters.

“The odds now favor a Trump victory in November. This makes a tougher trade policy in 2025 more likely, including significant and fiscally relevant tariff increases, which could create headwinds for consumption, elevate inflation, and push interest rates higher. Additionally, an extension of the expiring tax cuts is now more likely. The shift in odds has elevated the U.S. dollar in anticipation. Despite Trump’s clear victory in the presidential debate, we maintain our view that the outcome of the presidential race remains highly uncertain given the deep polarization of the U.S. electorate and the unpopularity of each candidate among the opposing electoral base,” concludes Julius Baer’s Chief Economist.

Net Assets of Mutual Funds Increased by 2.9% in the First Quarter of the Year

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The net assets of investment funds worldwide stood at 69 trillion euros during the first quarter of the year, marking a growth of 2.9%, according to the latest data published by the European Fund and Asset Management Association (EFAMA). When measured in local currency, the net assets in the two largest fund markets, the United States and Europe, increased by 6% and 4.5%, respectively.

Notably, the net assets of fixed-income funds increased by 3.1%, reaching 12.6 trillion euros, while multi-asset funds grew by 3.6%, amounting to 10.5 trillion euros. In the case of money market funds, the growth was lower, at 1.9%, bringing their net assets to 9.6 trillion euros. Conversely, real estate funds and other funds categories saw a decrease in assets under management, with declines of 18% and 13.6%.

At the end of the first quarter of 2024, 45.3% of the net assets in investment funds worldwide were held in equity funds, while fixed-income funds represented 18.2%, multi-asset funds accounted for 15.2%, and money market funds comprised 14%.

“If we look at the breakdown of global investment fund net assets by domicile at the end of the first quarter of 2024, the United States held the largest market share with 52.2%. Europe was in second place with a market share of 30.4%. China (4.7%), Brazil (3.4%), Canada (3.2%), Japan (3.1%), South Korea (1%), India (0.9%), Chinese Taipei (0.3%), and South Africa (0.3%) followed in this ranking,” highlights the EFAMA report.

In total, five European countries are among the ten largest fund domiciles in the world: Luxembourg (with 8% of the world’s investment fund assets), Ireland (6.3%), Germany (3.9%), France (3.4%), and the United Kingdom (2.9%).

 Inflows and Outflows

Regarding fund flows, the data show that funds recorded inflows worth 753 billion euros, compared to 645 billion euros in the fourth quarter of 2023. EFAMA notes that long-term funds recorded inflows of 497 billion euros, compared to 312 billion euros in the fourth quarter of 2023. “Globally, equity fund sales increased from 173 billion euros in the fourth quarter of 2023 to 193 billion euros in the first quarter of 2024,” they highlight.

In these first three months of the year, the leadership was taken by fixed-income funds, driven by strong demand in the United States and Europe.

“Global fixed-income vehicles saw record net inflows of 340 billion euros in the first quarter of 2024, the highest level since 2004. This increase was driven by investors anticipating lower interest rates amid slowing inflation and central banks pausing consecutive rate hikes,” says Bernard Delbecque, senior director of Economics and Research at EFAMA.

In contrast, multi-asset funds experienced outflows of 76 billion euros, marking the eighth consecutive quarter of negative net sales. ETFs also performed well, recording net inflows of 361 billion euros in the first quarter of 2024, compared to 350 billion euros in the fourth quarter of 2023.

Geographical Analysis

According to EFAMA data, all major regions experienced net inflows. Net inflows amounted to 108 billion euros in Europe, mainly driven by Ireland (31 billion) and France (20 billion). “Conversely, Luxembourg continued to record net outflows, totaling 6 billion euros,” they note.

The United States recorded net inflows of 276 billion euros, and the Asia-Pacific region experienced net inflows worth 317 billion euros, led by China (219 billion), followed by Japan (42 billion), and South Korea (28 billion euros).

“The Americas recorded 52 billion euros in inflows in the first quarter of 2024, compared to 22 billion in the fourth quarter of 2023. Brazil’s net sales turned positive, recording net inflows of 21 billion euros, compared to net outflows of 6 billion euros in the previous quarter. Canada also recorded notable net inflows worth 18 billion euros,” highlights EFAMA in its quarterly report.

Allfunds Reaches an Agreement With ICBC Asia

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Allfunds, a B2B WealthTech platform for the fund industry, has announced that it has reached an agreement with the Industrial and Commercial Bank of China (Asia) Limited (ICBC Asia). According to their statement, with the support of Allfunds, ICBC (Asia) will have access to a new technological platform: a comprehensive solution for more efficient investment fund transactions, with fewer manual processes, and a significant reduction in administrative burden and operational risks.

In a second phase, ICBC (Asia) will integrate some of Allfunds’ digital solutions. Specifically, Allfunds will develop an API (application programming interface) data platform designed for efficient access and integration of fund data and reports. Consequently, ICBC (Asia) will also have access to one of Allfunds’ flagship solutions, nextportfolio; an advisory and portfolio management tool offering multi-asset capabilities and a fully personalized digital experience.

“We are very pleased to support ICBC (Asia) in its growth ambitions beyond Hong Kong, where it is already a consolidated market leader, while we continue to develop our ecosystem and further specialize in serving custodians in Asia and worldwide. I am convinced that with this agreement, ICBC (Asia) will further strengthen its value proposition and achieve greater scalability and efficiency in serving its clients,” highlighted David Pérez de Albéniz, Regional Director for Asia at Allfunds.

For his part, Xu Lei, Executive Deputy Director of ICBC Asia, added: “We are very satisfied with our agreement with Allfunds and believe that there are many collaboration opportunities yet to be explored. The Industrial and Commercial Bank of China Limited (ICBC) is one of the largest custodian banks in China. As the flagship of ICBC’s overseas business, ICBC (Asia) provides global custody services, covering more than 90 markets worldwide through intergroup organizations and ICBC’s sub-custodian network. ICBC (Asia) supports various global investment products, such as QDII, QFI, Bond Connect, CIBM, and other cross-border businesses; as well as Hong Kong mutual funds, Cayman Islands funds, separate accounts, OFC, LPF, SPAC, Escrow, and other local and overseas businesses.”

The Colombian Company Yellowstone Closes Its New Real Estate Private Equity Fund

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(cedida) Mercado inmobiliario de Colombia, Yellowstone

Yellowstone Capital Partners announced the final closing of its new vehicle, the fourth in its Flagship Opportunity series, securing capital commitments of 500 million dollars. This strategy, focused on real estate private equity in Colombia, has become the largest fund of its kind raised in the Andean country.

According to a press release, the final closing of the Yellowstone Flagship Opportunity Fund IV achieved the maximum size stipulated for the strategy. This success, the firm noted, was due to an initial closing that exceeded expectations, reaching commitments of 475 million dollars by September 2023.

All investment commitments for the strategy come from investors in the predecessor fund, including several pension funds (AFPs) and insurance companies. Additionally, the manager contributed its own commitment of 25 million dollars.

These figures make this vehicle the largest private equity real estate development fund focused on Colombia raised in the country, as well as the second-largest real estate private equity vehicle in Latin America for the 2024 vintage.

The Flagship Opportunity Fund IV aims to replicate and capitalize on the strategy of previous iterations in the series, focusing on capital preservation with early liquidity through investments in the development of sustainable communities and strategic long-term income-generating assets.

The primary focus, according to Yellowstone, is on large-scale residential projects for sale—described as “cities within cities”—and mixed-use projects for rent.

The president of Yellowstone, Luis Fernando Ramírez, highlighted the role of institutional investors. “We are very proud to once again have long-term institutional capital, which allows us to continue our strategy of investing in large sustainable communities following the highest institutional, environmental, social, and responsible investment standards,” he said in the press release.

In line with this, the firm’s CIO, Juan Carlos Moreno, emphasized their commitment to “continuing to deepen the important mission of helping more Colombian families fulfill the dream of owning their own homes.”

The closing of this vehicle brought Yellowstone’s assets under management (AUM) in Colombia and the United States to 1.3 billion dollars across five generations of active funds. The company has a team of 25 professionals with more than 15 years of experience working together.

Arturo Aldunate Takes Leadership of Business Development in Wealth Management at Credicorp Capital

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(cedida) Arturo Aldunate (izq) y José Manuel Baeza (der), de Credicorp Capital

After over a year leading the Capital Markets unit of Credicorp Capital in Chile, Arturo Aldunate is stepping down to take on a more regional role. The executive was appointed this week as the leader of Business Development in Wealth Management.

This position, the company announced in a statement, has a regional scope and is based in Miami, USA. Aldunate will assume his new duties starting July 1.

The executive joined the Peruvian-based firm in March 2019, according to his LinkedIn profile, as the general manager of Credicorp Capital Asset Management. He was later named Managing Director of Capital Markets.

Previously, he held positions at Altis AGF as general manager, Inversiones Marve as investment manager, Banco Santander as VP of the Equity Trading Desk and Family Offices, and Grupo Security as a risk analyst.

New Leader of Capital Markets

The position vacated by Aldunate at the Chilean branch of Credicorp Capital will be filled by José Manuel Baeza. The executive, who has a 16-year track record, was named the new leader of Capital Markets.

He will assume his new duties on July 1, and the investment firm expects that “his second-line experience within the area in recent years ensures an optimal transition into the role,” as stated in their press release.

Baeza joined the firm in 2021, taking charge of Equities since 2023. During that period, he optimized equity operations and strengthened relationships with institutional clients, significantly increasing the company’s profitability and market positioning.

Before joining the firm, Baeza served as VP and Head of Equity Sales at Santander Corporate & Investment Banking, Head of Institutional Equity Sales & Trading at Banco BICE, and Equity Sales Trader at Celfin Capital (now BTG Pactual Chile).

Aquiles Mosca is the New CEO of BNP Paribas Asset Management in Brazil

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(cedida) Aquiles Mosca, CEO de BNP Paribas Asset Management en Brasil

BNP Paribas Asset Management Announces Leadership Changes in Brazil. Effective July 1, Aquiles Mosca, currently Head of Commercial and Marketing at BNP Paribas Asset Management in Brazil, will assume the role of CEO, as announced in a company statement.

With over 27 years of experience in the fund industry and six years in management, Mosca has been instrumental in the business’s growth and the implementation of the client loyalty strategy, according to the firm.

Luiz Sorge, who led the company for 23 years, is stepping down after a long and dedicated career. In the statement, BNP Paribas highlighted that Sorge consolidated the firm as one of Brazil’s leading asset managers.

Additionally, in line with their continuous development strategy and customer focus, Claudia Concelo, current Business Manager for Latin America, will take on the new role of Deputy General Manager of BNP Paribas Asset Management Brazil.

With more than 25 years of experience in the fund industry, Concelo has worked closely with internal and external stakeholders, significantly contributing to the company’s success, the firm noted.

Florida Council of 100 Presents Strategy to Add 200,000 Jobs

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The Florida Council of 100 announced an economic development strategy to leverage the private sector and propel Florida into a new era of success by creating around 200,000 high-paying jobs by 2030, according to a statement accessed by Funds Society.

The initiative includes several industries in its strategy, such as aerospace, financial services, e-commerce, clean technology, biotechnology, and manufacturing, to promote regional economic specialization and expansion.

The “Beyond Sunshine” Initiative

The strategy, named “Beyond Sunshine,” outlines a path to sustain and accelerate Florida’s economic growth by concentrating resources to foster higher-wage economic clusters in the state’s six main regional economies and three rural areas of opportunity.

Research by the Florida Council of 100 indicates that investment in these clusters and regions could add up to 200,000 new high-wage jobs in Florida by 2030, contributing nearly $100 billion in added GDP to the fourth largest economy in the country.

The Beyond Sunshine strategy outlines three priorities to build on this solid foundation and ensure continued economic growth:

  • Foster Existing Higher-Wage Economic Clusters: Focus investment on regional clusters of opportunity in sectors poised for additional growth, such as aerospace, financial services, e-commerce, clean technology, biotechnology, and manufacturing, to drive regional economic specialization and expansion.
  • Creation of Higher-Wage Jobs: Coordinate with universities, state colleges, career and technical education (CTE) programs, and industry partners to align education and workforce development with higher-paying job opportunities and to catalyze economic activity across all sectors.
  • Elevating Florida’s Economic Success Story: Change perceptions both nationally and internationally to highlight Florida as the best place to start a career, generate wealth, and raise a family.

The Florida Council of 100, a group of over 150 business leaders dedicated to fostering economic growth and improving the quality of life in Florida, will coordinate the implementation of the Beyond Sunshine strategy. They will work in partnership with regional economic development organizations, educational partners, and the state to direct investment into higher-wage sectors, align talent with opportunities, and address challenges for sustained expansion.

Texas Advisory Team Joins NewEdge Advisors from J.P. Morgan

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A Dallas-based advisory team, managing approximately $580 million in client assets, will join NewEdge Advisors, the RIA partnership platform based in New Orleans, owned by NewEdge Capital Group. Fortis Wealth Advisors is composed of advisors Erik Linstrom, Ben Roth, Shawn Stanley, and Kris Cawthon; all of whom left J.P. Morgan Securities to join NewEdge Advisors, bringing extensive experience. The team will use Goldman Sachs Custody Solutions for custodial services.

“We were drawn to NewEdge Advisors’ strong portfolio management solutions, which generate significant time and cost efficiencies,” said Kris Cawthon. “Choosing Goldman Sachs to safeguard our clients’ assets was not a decision we took lightly, and we are excited to offer their solutions and expertise to our clients.”

Extensive and Solid Experience

The Fortis Wealth Advisors team joining NewEdge Advisors boasts extensive and solid experience among all its members. According to SEC records, Erik Linstrom worked at AllianceBernstein for several years before joining JPMorgan in 2010.

Ben Roth began his career in the industry in 1983 at PaineWebber, 41 years ago, and worked at several other firms before joining JPMorgan in 1996. Shawn Stanley worked briefly at Chase in 2000 before several other firms and joined JPMorgan in 2014. In 2004, Kris Cawthon worked at Merrill Lynch, then Morgan Stanley, and later Chase before joining J.P. Morgan Securities in 2013.

Exponential Growth

NewEdge Advisors is an RIA partnership platform formed in 2021 as part of NewEdge Capital Group, and its asset growth has been exponential, currently managing approximately $25 billion in assets according to their figures. Just last week, the firm announced that Stonebridge Financial Partners, an 18-member team based in Michigan with $540 million in client assets, joined from Carson Group.

Earlier this year, NewEdge attracted another Carson team: Nesso Wealth, based in Connecticut, a 20-person team overseeing $262 million. The team consisted of nine advisors and 11 support staff members.

NewEdge Advisors was originally Goss Advisors, co-founded by Alex Goss and Neil Turner in 2020, before the launch of its parent company the following year. NewEdge Capital Group includes NewEdge Wealth, which Goss described as predominantly focused on UHNW families. NewEdge Advisors operates as the company’s more traditional independent model.