iCapital® to Acquire Mirador, a Financial Technology Provider of Consolidated Reporting and Data Management

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iCapital and Mirador, a technology-enabled provider of investment data aggregation and financial reporting across both alternative and traditional investments announced they have entered into a definitive agreement under which iCapital will acquire Mirador.

With the acquisition, iCapital will expand its data management and reporting capabilities to create an enhanced technology experience for clients in the wealth management, family office, endowment, and foundation segments.

“Mirador has set the industry standard for managing data with leading third-party performance reporting providers,” said Lawrence Calcano, Chairman and CEO of iCapital. “This acquisition further enhances and broadens the service model iCapital delivers through our market-leading alternative investment operating system and allows us to deliver on our goal of creating a reliable end-to-end data management capability for the industry.”

Mirador delivers an array of services for its client base, including advisors serving high-net-worth investors, family offices, endowments, and foundations. Mirador’s offerings include consolidated financial reporting, private investment support, offline and alternative investment data management, K-1 document management, and compensation management for wealth management firms. Mirador also has a technology consulting team offering custom wealth technology solutions, the press release added.

“Mirador and iCapital share a commitment to provide the wealth management community with easier access to alternative investments. By combining Mirador’s data aggregation, comprehensive reporting capabilities, and customizable service model with iCapital’s scale, global reach, and industry-leading technology solutions, we will offer clients of both firms a robust suite of enhanced resources,” said Joseph Larizza, CEO and President of Mirador. “Together, we meet clients precisely where they are and provide an experience without rival when integrating alternatives into investment portfolios.”

iCapital’s platform, analytic tools, and advisor education resources enable wealth managers and fund managers to streamline their operational infrastructures to provide advisors and high-net-worth investors with a digital investing experience across a broad spectrum of alternative investments – including private equity, private credit, real assets, hedge funds, registered funds, structured investments, and annuities.

Although the terms of the deal were not disclosed, the company said that as part of the transaction, more than 180 Mirador employees are expected to join iCapital.

Janus Henderson Presents Its Multi-Sector Fund at the X Funds Society Investment Summit

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Janus Henderson is coming to Palm Beach to present its Multi-sector Income Fund at the X Funds Society Investment Summit. 

During the event, which will be held April 11-12 at the PGA National Resort in Palm Beach, Nick Childs, CFA Portfolio Manager and Securitized Products Analyst, will lead the asset manager’s presentation. 

“This dynamic, multi-sector income fund seeks high, consistent income with lower volatility than a dedicated high yield strategy. Our approach leverages a bottom-up, fundamentally driven process that focuses on identifying the best risk-adjusted opportunities across fixed income sectors,” according to company information.

About Nick Childs

Nick Childs is a Portfolio Manager at Janus Henderson Investors, a position he has held since 2018. He is responsible for managing the Mortgage-Backed Securities ETF, with a primary focus on valuing opportunities and managing exposure of residential mortgage-backed securities (MBS).

Additionally, he is a Securitized Products Analyst. Prior to joining Janus Henderson in 2017 as a securitized products analyst, he was a portfolio manager from 2012 to 2016 at Proprietary Capital where he managed alternative fixed income strategies specializing in MBS, absolute return investing. His work with Proprietary Capital included managing all major U.S. interest rate and MBS risks, modeling borrower behavior and MBS deal structure, and advancing market-neutral hedging strategies. Before that, he was vice president at Barclays Capital in their capital markets division, where he focused on securitized products from 2007 until 2012. Prior to joining Barclays, he was vice president at Lehman Brothers. He began his career at State Street Global Advisors in 2003.

Childs received his bachelor of science degree in finance with a minor in economics from the University of Denver. 

Star Mountain Capital Adds Former Head of BlackRock’s $1 Trillion U.S. Wealth Business

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Star Mountain Capital announced that Frank Porcelli has joined as Senior Advisor.

Frank Porcelli has 30+ year career in asset management and wealth management. While he was at BlackRock he headed its U.S. Wealth Business and was a member of their Operating Committee and helped that division grow assets under management from $250 billion to $1 trillion, the press release said.

Porcelli retired from BlackRock after 14 years, where he served as a member of the firm’s Operating Committee and head of the firm’s US wealth advisory business. As the head of US Wealth Advisory, he had been responsible for integrating iShares with active coverage, creating the independent channel and shifting BlackRock’s strategic focus from product sales to portfolio construction.

“We are honored to have Frank join Star Mountain as an aligned Senior Advisor bringing extensive strategic leadership, business management and client service experience,” said Brett Hickey, Star Mountain Capital Founder & CEO. “His experience with helping build a strong client service organization at BlackRock will help us continue to provide our investors with the best service possible in accessing the benefits of the less efficient and large U.S. lower middle-market.”

Prior to joining BlackRock, Porcelli served as the managing director of institutional sales and consultant relations at Putnam Investments for six years and director of corporate asset management services at Goldman Sachs for three years. Previously, he held various roles at Smith Barney, including director of retirement services, head of unit investment trusts, chief operating officer of Smith Barney Mutual Funds and manager of strategic planning.

Porcelli is currently Managing Partner at Convergency Partners, a unique advisory and consulting business focused on the formulation and execution of growth strategies for asset management, wealth management and financial technology clients.

He earned his bachelor’s degree in accounting from Pace University and is on the Board of Trustees of Partnership Schools, a non-profit supporting elementary school education in underserved communities.

“Having experienced the results for my own portfolio as an investor with Star Mountain, I am thrilled to be joining as a Senior Advisor,” said Porcelli. “I believe many institutional and high-net-worth investors can benefit from the higher returns and low market correlation that Star Mountain targets through its distinctive platform in this large and inefficient U.S. lower middle-market.”

Are Markets Starting to Pay Attention to U.S. Election Outcomes?

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Presidential nominations are all but secured for Donald Trump and Joe Biden to re-contest for the U.S. presidency. As such, investors will begin to extrapolate the results to financial markets, says a report from iCapital.

The firm specializing in alternative assets says it is early for markets to reflect a possible outcome, but certain equity baskets are already showing election-related divergences. Perhaps most important is recent data indicating that the economy may be operating at a “sweet spot,” which should further support U.S. equities regardless of the outcome of the election, summarize analysts Anastasia Amoroso, Peter Repetto and Nicholas Weave.

President Biden and former President Trump dominated their respective Super Tuesday races on March 5, securing enough delegates to win their parties’ presidential nomination and setting up the first rematch since the 1956 election. This result had largely been expected by the markets, particularly as PredictIt odds on the morning of Super Tuesday indicated a 92% likelihood of Trump securing the Republican nomination and a 77% likelihood of President Joe Biden retaining the Democratic nomination.

Indeed, the market’s subdued reaction to this development also underscored the widely expected nature of this outcome. As the November election approaches, PredictIt odds now show former President Trump with a slight edge, with a 47% chance of winning to President Biden’s 45%.

While it may still be premature for markets to worry about the presidential election, scheduled for November 5, iCapital notes that U.S. equities are beginning to price in the potential election results.

The report released in early March focused on three main points: 1) taking stock of which sectors are showing or are likely to show election-related divergence, 2) noting how volatility spikes associated with elections tend to be short-lived and occur much closer to the election, and 3) focusing on how fundamentals and renewed “economic enthusiasm” should support overall equity returns regardless of the election outcome.

Certain Sectors May Be Starting to Price in Potential Election Outcomes

With eight months to go before the U.S. presidential election, it is early for markets to reflect the likely outcome. However, looking at the performance of certain policy baskets, it appears that markets are beginning to price in a Republican victory.

In fact, since the end of September 2023, the Morgan Stanley Republican basket is up 22.4%, which has not only outperformed the Morgan Stanley Democratic basket, which is down 30%, but has also outperformed the S&P 500’s 18.4% rise. The outperformance of the Republican basket has coincided with a 10 percentage point (ppt) increase in the former President’s PredictIt electoral odds, while President Biden’s odds have only increased 3 ppt.

In addition, iCapital also believes that the Republican basket has benefited from Trump’s lead in virtually every swing state. In fact, if we look at Real Clear Politics’ top battleground states, the former President has an average lead of 4% in these key states. The only battleground state where Trump does not currently have a lead is Pennsylvania, where President Biden holds only a 0.8% lead.

Similar to the outperformance of the Morgan Stanley Republican basket, the Goldman Sachs Republican basket has also outperformed the S&P 500 since September 2023. Indeed, the Goldman Sachs Republican basket is up 21.4% which compares to the 20.3% gain for the S&P 500. Even on a YTD basis, the Goldman Sachs Republican basket has performed in-line with the S&P 500. The outperformance of the Goldman Sachs Republican basket has been more pronounced when you compare it to their Republican underperform basket. Indeed, since September 2023 the underperform basket has lagged by seven ppt. This underperformance has continued into 2024 as it has lagged by five ppt on a YTD basis. Similar to the composition of the Morgan Stanley basket, the Goldman Sachs Republican basket has a cyclical bias and should benefit from financial deregulation, onshoring, construction, energy, coal and steel production, in addition to companies that have their sales coming from small businesses.

iCapital says these baskets will be important to watch as they will eventually provide more insights into what outcome financial markets will price in. For example, in looking back at the 2016 election the Goldman Sachs Republican basket was up 14% from Jan. 1, 2016 through the November 2016 election. This outperformed the S&P 500 by 6.6 ppt.9 Conversely, heading into the 2020 election the Republican basket underperformed the S&P 500 by roughly 11 ppt, indicating that markets were pricing in a Biden victory.

Looking abroad, the analysts that certain international financial markets could be impacted by how polling data and election odds evolve throughout the year, specifically China. Even though Chinese equities have recouped their YTD losses, benefitting from policy easing announcements, Chinese equities were particularly sensitive to trade rhetoric when former President Trump was in office. Indeed, when former President Trump first started mentioning the potential for tariffs, Chinese equities were almost 9% lower, significantly lagging the 18.5% gain for the S&P 500 from January 2018 through December 2019. Given former President Trump continues to tout the potential for further tariffs, we think Chinese equities could become increasingly more sensitive to such announcements.

Spikes In Volatility Will Likely Take Place Closer to The Election

Another reason iCapital believes it is too early for markets to focus on the election is that, historically, the S&P 500 begins to factor in election results in the period between August and October, which is one to three months earlier. In fact, according to the firm’s research, markets tend to experience more volatility in the months leading up to an election. This view is also corroborated by the current time structure of the CBOE Volatility Index (VIX), where the October contract trades much higher than other contracts, indicating that markets are beginning to assign some risk to the election.

Markets Broadly Are Benefitting from the “Economic Enthusiasm”

Even with the increase of the former President’s election odds and polling data, the Republican baskets have also been benefitting from the “economic enthusiasm” given the pro-cyclical composition of the basket in financials, industrial, materials and energy, the firm added.

Focusing on Fundamentals Should Help Investors Weather Any Election Related Volatility

The strength of the U.S. economy has not only supported U.S. equity markets since the start of the year, but has also supported the cyclical trade. While the Republican policy baskets have benefitted from a jump in Trump’s presidential election odds and polling numbers, we also think the pro-cyclical nature of these baskets have benefitted from the “economic enthusiasm” we have seen so far this year.

Of course, investors should prepare for some election volatility which may stem from rhetoric around taxes, tariffs, big tech regulation and export controls, but we would continue to invest through it.

“We continue to believe that focusing on fundamentals and how economic data evolves will ultimately be more important than the election outcome. And regardless of outcome, markets have historically rallied in the 12 months following the election”, concluded the report.

To read the full report you must access the following link.

AXA IM Arrives at the X Funds Society Investment Summit with its US High Yield Strategies

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High Yield offerings will be the focus of AXA IM’s presentation during the X Funds Society Investment Summit in Palm Beach. 

During the event, to be held April 11-12 at the PGA National Resort, Carolyn Park, US Credit Analyst, will discuss the virtues of the US Short Duration High Yield and US Dynamic High Yield strategies.

US Short Duration High Yield

The AXA IM US Short Duration High Yield strategy aims to achieve high attractive income and capital growth by investing in US high yield bonds which are expected to mature or be redeemed within three years. The strategy is actively managed without reference to any benchmark in order to capture opportunities in US high yield debt market.

US Dynamic High Yield

The AXA WF US Dynamic High Yield strategy seeks to optimize total returns in US high yield by investing in our highest conviction ideas, seeking additional alpha through credit selection and additional coupon income provided by an overlay of credit default swaps. It is actively managed while referencing the ICE BofA US High Yield Index.

About Carolyn Park, US High Yield Credit Analyst

Park is a US HY Credit Research Analyst at AXA IM, with a focus on the homebuilders, building products, gaming, leisure, and lodging sectors. 

Prior to joining AXA IM in 2014, she was a Senior High Yield Research Analyst at Bank of America Merrill Lynch where she covered the services, telecom and technology sectors.  

Park holds a B.A. from the University of California, Los Angeles and a M.B.A. from NYU Stern School of Business.

American Express Reveals 2024 Top Travel Trends

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American Express Travel released its 2024 Global Travel Trends Report highlighting the inspiration and trends driving global travel bookings this year.

The report, based on survey data from travelers in the United States, Australia, Canada, India, Japan, Mexico, and the United Kingdom, found that 84% of respondents plan to spend more or the same amount of money on travel in 2024 compared to last year.

Additionally, 77% of respondents care more about having the right travel experience than about the cost of the trip.

The four trends driving booking decisions are:

  • For the Love of the Game: Sports fans are planning trips around athletic events, whether it involves a favorite sport, a beloved team, or an international multi-sport competition.
  • Planning Big: Major, expedition-style adventures, like a trip to the Galapagos Islands or trekking with the gorillas, deliver the transformative experiences that travelers are looking for.
  • Going Solo: Travelers are takings trips alone, embracing the ease of planning and ability to tailor itineraries that are a perfect fit.
  • On a Whim: With so much of life being structured and scheduled these days, people are seeking flexibility in their travel plans and leaving room for spontaneity.

Top insights from American Express Travel’s 2024 Global Travel Trends Report include:

  • A desire to see sporting events live and to watch favorite teams and beloved players in person are driving where travelers are going and what they are doing when they get there.
    • 67% of Millennial and Gen Z respondents2 (compared to 58% of all respondents) are interested in traveling for sporting events in 2024
    • 58% of respondents who are traveling for sports in 2024 will do so for soccer, basketball or Formula 1 racing
    • New York, Miami and Paris are the top destinations respondents are planning to travel to for sporting events this summer
  • Transformative, once-in-a-lifetime trips, like visiting the Galapagos Islands and hiking in Antarctica, are at the top of many travelers’ wish lists, and younger travelers want an expert to help them plan.
    • 65% of respondents are more interested in taking a major trip in 2024 than in previous years
    • 72% of respondents would rather save money for a major trip than spend it on going out with friends; and more than half of respondents plan on saving between 6 months to 2 years for a major trip
    • 58% of Millennial and Gen Z respondents want a travel agent or trusted advisor to help them book a major trip this year
    • 55% of respondents planning a major trip would consider visiting multiple countries in a region
  • The ease of planning and ability to make the perfect, personalized itinerary is driving people to plan trips alone, especially younger travelers.
    • 76% of Millennials and Gen Z respondents (compared to 69% of all respondents) say they are planning on taking a solo trip 2024
    • 74% of male respondents and 63% of female respondents say they are planning on taking a solo trip in 2024
    • 66% of respondents planning on traveling solo are planning a trip tailored to treat themselves
    • 60% of respondents planning on traveling solo this year intend to take two or more solo trips
  • Travelers are leaning into flexible itineraries, allowing them the freedom to be spontaneous and experience the local culture when they travel.
    • 78% of respondents say that spontaneous trips appeal to them
    • 77% of Millennials and Gen Z have booked a last-minute trip before, compared to 65% of Gen X3 and 52% of Baby Boomers4
    • 68% of respondents agree that they like to leave unplanned time in their trip to experience local culture/activities
    • 57% of respondents prefer booking a last-minute getaway to a nearby destination rather than somewhere far away

To read the complete study, please click on the following link.

BNP Paribas AM to Present the US Small Caps Opportunity in Palm Beach

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US Small Cap innovation is an investment opportunity will kick off BNP Paribas Asset Management (BNP Paribas AM) X Funds Society Investment Summit presentation.

The strategy, which will be held on April 11 at the PGA National Resort in Palm Beach, will be presented by Vincent Nichols, CFA, Senior Investment Specialist for the global and U.S. markets at Thematic Equities.

“US small caps can offer above-average growth potential; investing in the next generation of companies in the world’s largest economy”, the fund factsheet said.

BNP Paribas Asset Management (‘BNPP AM’) is the investment arm of BNP Paribas, a leading banking group in Europe with international reach. BNPP AM aims to generate long-term sustainable returns for its clients, based on a sustainability-driven approach.

BNPP AM’s investment capabilities are focused around six key strategies: High Conviction Strategies, Liquidity Solutions, Emerging Markets, Multi-Assets, Systematic, Quantitative & Index and Private Assets, with investment processes incorporating quantitative and fundamental analysis.

About Vincent Nichols

Is a senior investment specialist for the US and Global Thematic Equities team. In this role he is responsible for communicating the team’s investment approach and market views to clients, prospects and BNPP AM’s distribution network around the world.

Nichols joined BNP Paribas Asset Management in 2010 as the Head of Client Service in North America. Prior to this, he was a senior client service officer at Morgan Stanley Investment Management (MSIM) and before joining MSIM, he was with Atalanta Sosnoff Capital in a similar role. He started his career as a proprietary equity trader at Lynx Capital Partners.

He holds a BA in Economics from Union College and a minor in Mathematics and History.  He is a CFA charterholder and a member of the CFA Institute. He has 20 years of investment experience. 

North America Holds 57% of the Global AUMs of Alternatives

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Private Equity assets based in North America amounted to 7.7 trillion dollars in June 2023, 57% of the global AUMs, according to a report by Preqin.

Although the region’s market share has decreased in relative terms, from 63% a decade ago, private markets have grown overall now holding a slightly smaller share of a much larger market.

In fact, North America accounts for 62% of alternatives if we include hedge funds ($3.5tn of the world’s $4.5tn AUM), according to analysis by Charles McGrath, AVP, Research Insights, in Alternatives in North America 2024.

The scale and economic fortitude of the US gives it massive gravitational pull. EY forecasts 2.2% GDP growth in 2024 (although unfortunately Canada’s will be sluggish, predicts RBC). The highly productive and innovative nature of the US is exemplified by Nvidia’s place as the leader in an upward race by global equity markets.

As McGrath points out in his report, the scale of North America’s biggest pension programs means ‘their AUM can rival some countries’ gross domestic product’.

Top of the list?

Canada’s CPP Investment Board ($577.3bn AUM), CalPERS ($489.4bn), Caisse de dépôt et placement du Québec ($371.3bn), CalSTRS ($325.9bn), and the New York State Common Retirement Fund ($259.9bn).

There are also endowments and foundations, such as the University of Texas Investment Management Company ($68.7bn) and the Bill and Melinda Gates Foundation ($67.3bn).

The region’s fund managers have brand power. Six of them attracted more than $20bn each last year. Preqin table of fundraising by 20 North America-based managers over the past decade shows some impressive totals. It’s led by Blackstone ($333.6bn), Brookfield ($184.5bn), KKR ($184.2bn), Carlyle ($136.5bn), and Apollo ($135.0bn).

Insigneo Relocates New York City Office to Park Avenue Address

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Insigneo has announced the relocation of its New York City office to the esteemed 410 Park Avenue, Suite 420, in the heart of Manhattan’s Plaza district.

This move reflects Insigneo’s commitment to growth and its dedication to providing a cutting-edge work environment for its valued team, the press release said.

The new office at 410 Park Avenue boasts state-of-the-art amenities and a modern workspace design, fostering collaboration and boosting productivity among team members, the firm added.

Alfredo J. Maldonado, Managing Director and Market Head for New York and the Northeast at Insigneo, shared his enthusiasm for the move.

“The relocation of our New York City office to 410 Park Avenue is a significant milestone for our firm, symbolizing our expansion and heightened capabilities. Our new office space embodies our commitment to fostering a dynamic and collaborative work environment, strategically positioning us in Manhattan’s financial hub,” said Maldonado.

Insigneo looks forward to leveraging its new location to better serve clients, strengthen its presence in the New York City market, and continue its journey of innovation and growth. This strategic move not only enhances Insigneo’s work environment but also solidifies its position as a key player in the global wealth management industry, concludes the press release.

“We think it’s time to invest in high yield and stay in this asset class over time”

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Markets are entering a very important phase with the focus on monetary policy. The US Federal Reserve is expected to cut interest rates this year. That obviously means that strategies have to adjust to the circumstances.

Following this very important situation in terms of portfolio construction, Thomas Hanson, head of European high yield, Aegon AM, answers the most important questions in the fixed income space and more specifically in high yield.

In addition, Thomas Handson reveals which assets within high yield to focus on now, and how important credit selection is in the current environment.

How do you foresee monetary policies affecting the global high yield market? Can you talk about the potential impact on investor sentiment and bond valuations in this segment?

I think the first thing to say is probably the third pillar that we saw was incredibly positive for sentiment in high yield markets or credit markets in general, but especially in high yield. So if we look back and think about what we saw in November and December, we saw some pretty big total returns in both months, which you could argue were actually an advance from the end of last year. So, it was a great year for high yield in 2023. The question then is, can it perform now, is it capable of doing the same in 2024? I would say absolutely yes. So yes, the direct impact of that has to improve sentiment towards this asset class. And primarily what that has meant, is inflows and so we’ve seen a lot of money coming back into high yield bonds, which has had the impact of reinforcing in a very positive technical environment. With positive flows, the tactics become very strong. And that has really forced credit spreads to a pretty tight base that we’ve seen so far this year. In particular, spreads are still very tight, but again, you have to look under the rug, because some of the double B’s are very tight, but some of the lower-rated bonds and the triple C’s still offer interesting potential.

Against the backdrop of slowing economic conditions and macroeconomic headwinds, what strategies are you pursuing to navigate potential challenges in the high yield sector? How do you balance the search for yield with the need to manage risk, especially in light of the potential increase in defaults and market volatility?

Balance is a very important word. I think the way we think about this has to do with the balance of caution, with optimism, because I think there are reasons to be cautious and reasons to be optimistic. And it’s our job to be able to reflect that in the portfolio. So the defensive strategy over the last few quarters has largely been to move up in quality within the high yield universe. Focusing on quality yield, rather than chasing lower risk rates. In practice, that has meant reducing the triple-C portion of the market, reducing exposure to more deliberate cyclicals, and actually increasing exposure to the dual-quality portion of the market and, in many cases, the investment-grade portion of the market as well. Over the last few quarters, as I say, this category has definitely become attractive. And we’ve seen a lot of opportunities in good quality companies in the web space with interesting returns.

Where do you see opportunities for investors in high yield? How should investors approach companies at the lower end of the market facing refinancing challenges?

In our view, activity is probably the key issue facing high yield investors today and in the future. So the way we think about it is whether recession or no recession is coming, but what we’re facing is a prolonged higher funding cost environment. And the simple fact of the matter is that we don’t believe that all companies are going to be able to hold up, so obviously there’s a maturity order to keep in mind on the downside of the analysis. At some point in time, companies will have to deal with their outstanding debt. I think a lot of the names that are under the most pressure have gone to the private credit markets, but there is still going to be a risk, again, of struggling with higher funding costs. For us, it’s important to distinguish between those that have and those that don’t have these risks. Again, I sort of fall back to my answer from the previous question in terms of the quality of triple C and double B. But yes, it’s probably worth reinforcing that point. The higher quality for us remains the focus, the selective exposure to lower quality names, where we think there is a good opportunity.

With increasing dispersion in the high yield market, especially among lower quality issuers, how important is sector and credit selection in the current environment? Can you share examples?

Credit selection is currently important at all times in high yield, of course, but as you said, it’s particularly important now, in terms of the way we’re approaching the market in asset management. We are very focused on the lower (but upward) part of the curve, so 80% of our yields are already driven. On the other hand, sector selection is definitely something that is important to us, we like banking, some of the consumer-oriented sectors, leisure, travel and transportation.

How should investors approach the ideal investment to reinvest for the long term, what factors should they consider, especially in terms of volatility, and the right time to enter the market?

If you look at the long term, the first thing to know is that high yield, as an asset class, offers some of the best risk-adjusted returns available, especially when you look at other asset classes. So if you compare it to global equities and global high yield, you can see that, over the last 20 years, it has delivered the vast majority of those returns with lower volatility. It’s an income-based asset class, it has a break-even point. However, they are assets over liabilities. We would also argue that a concentrated, benchmark-agnostic approach, like the one we use, asset management is the best way to unlock value. But in terms of your question about entry point, that’s the tricky thing. It’s hard to gauge. What we can say is, given the income base nature of high yield, the long-term risk-adjusted profile of the asset class is good. It’s all about timing in the market, so we think it’s about investing in high yield and staying invested in this space.