Michael Mithoff has joined Americana Partners as Managing Director and Head of Private Equity. in his new role, Mithoff will advise families in connection with portfolio allocation and management, specifically with respect to alternative investment strategies. He will be based in Houston and reports to Jason Fertitta, President of Americana Partners.
Launched on April 29, 2019, Americana Partners is the largest breakaway of the year and the largest single team to join the Dynasty Network. The firm has offices in Houston, Austin, and Dallas and has longstanding ties to Texas. The team at Americana Partners previously managed $6 Billion in client assets.
“I have had the pleasure of working with Michael for fifteen years and I am delighted to have him join Americana Partners as our Head of Private Equity,” said Fertitta. “He is well-respected in the industry, has deep ties to Houston and brings considerable alternative investment expertise to Americana Partners. Our clients are increasingly seeking private equity investment opportunities and we are looking forward to having Michael take the lead.”
Prior to Americana, he served as a Managing Director in a similar role at HighTower Texas (formerly Salient Private Client), since November 2013. Mr. Mithoff also founded and managed a private equity advisory firm Teton Strategic Investments, Inc. and he currently serves as President of Wasatch Strategic Investments, L.L.C., which he founded in 2018. He served as Outside Chairman of the Advisory Board of Houston Global Investors, LLC until March 2013.
Mithoff is Vice President of the Mithoff Family Foundation. He serves on the Board of Directors of The Houston Museum of Natural Science (including former roles with the Executive & Investment Committees), Men of Distinction, The University of Texas Development Board, The University of Virginia Capital Campaign Committee and Harris County Hospital District Foundation. He has spent the past 15 years in a variety of leadership roles with The Children’s Museum of Houston, including his ongoing role on the Board. He also served as an advisor on the Steering Committee of Legacy Community Health Services’ $15 million Capital Campaign.
Mithoff received a B.A. in History from the University of Virginia in 1994 and a J.D./ M.B.A. from The University of Texas School of Law and Graduate School of Business, respectively, in 2000.
Americana Partners has also added three new financial advisors to their team: Gabe Cassell, Bobby Jones and Robert Muse. The firm now has a total of eight financial advisors.
According to Fertitta, “I am proud to announce that we have successfully added three more advisors to Americana Partners. In addition to all three having amazing personal networks, these advisors will have an opportunity to immediately support our current advisors with the overwhelmingly positive reception we have had from clients and prospects. We are looking forward to announcing some more critical hires shortly.”
Gabe Cassell is currently a Private Wealth Advisor with Americana Partners. Gabe was a Financial Advisor with Morgan Stanley since 2017. Prior to joining Morgan Stanley, Gabe worked in sales management for 5 years. He earned a B.S. degree from Stephen F. Austin State University where he also lettered two years for the Baseball team.
Bobby Jones is a Managing Director / Private Wealth Advisor with Americana Partners. Prior to joining Americana, he was Chief Investment Officer for a Texas-based family office. His prior work experiences include T.A. McKay & Co., a distressed credit hedge fund, Morgan Stanley and the United States Department of the Treasury. He graduated from Texas Christian University with a BBA and earned an MBA at the University of Texas at Austin.
Robert Muse is a Managing Director / Private Wealth Advisor with Americana Partners. Prior to that, he spent 20 years with Simmons & Company International in institutional equity research, sales and trading. Mr. Muse founded and was the Managing Director for Simmons’ European Institutional Securities business in London from 2000-2016. He earned a B.B.A. in Finance and Accounting from the McCombs School of Business at The University of Texas at Austin.
Americana Partners is a member of the Dynasty Financial Partners Network of independent advisory firms.
Eduardo Antón, courtesy photo. Andbank nombra a Eduardo Antón responsable de gestión de carteras para América y Latinoamérica
Eduardo Anton got promoted to Head of Portfolio Management America and LatAm at Andbank. Funds Society learned that his main function will be the coordination of the Portfolio Management and Advisory teams in the Latin American Jurisdictions where Andbank has a presence: Miami, Mexico, Panama, Brazil, Uruguay and Argentina.
Eduardo maintains its functional dependence on Jose Caturla Head of Asset Management and Portfolio Management at the Group level.
Graduated in Economics from the Universidad Anahuac of Mexico and MBA from the Instituto de Estudios Bursatiles (IEB) in Madrid, Eduardo joined the Group in 2014 as Portfolio Manager in Miami with responsibility for the entire portfolio management of Andbank Advisory.
Before joining Andbank, Eduardo developed his career at Inversis Banco since 2010 where he was part of the Asset Management department. It was also in this entity co-responsible of developing the ETFs platform for the bank, leading its entry and growth in Spain and achieving a position of leadership with a market Share of 20%
In Andbank, he is also member of the Global Investment Committee, President of the Fund Managers Committee and chairs the Latam Markets Committee.
Foto: Pixabay. Gaby SUBIDO =Cuatro afores se ubican entre los 300 fondos de pensiones más grandes del mundo
The world’s 300 largest pension funds reached 18 trillion dollars according to The World´s Largest Pension Funds published by Thinking Ahead Institute / Willis Towers Watson published on September 2 with information at the end of 2018.
Among the 300 largest pension funds are 4 of the 10 AFOREs in Mexico. These 4 add up to 128,579 million dollars and together they would occupy the 22nd place. The Government Pension Investment of Japan occupies the first place (since 2002) with 1,374,499 million dollars in assets under management. The United States has 141 funds among the top 300.
In order to see one more AFORE as Principal, PensiónISSSTE or Coppel who has more than 12,000 million dollars in assets under management respectively and are in the following three positions in size (places 5, 6 and 7 respectively in Mexico), they would have to approach to 14,777 million dollars in assets under management of Los Angeles Water & Power pension fund that occupies position 300.
The 4 Mexican AFOREs at least increased 15 places between 2017 and 2018 when comparing the new report with respect to the previous one that includes information at the end of 2017.
AFORE XXI Banorte, which is the largest in Mexico, is in the 102nd position with 41,133 million dollars in assets under management. Between 2017 and 2018, it advanced 16 places by increasing 3,300 million dollars, equivalent to a growth of 8.7%, so that it could be seen among the top 100 next year.
AFORE CitiBanamex, the second largest, is in position 138 with 33,143 million dollars in assets under management. It rose 19 places and grew at a rate of 9.0% between 2017 and 2018.
The growth of AFORE Profuturo GNP of 13.9%, closed the difference with respect to AFORE Sura who is in position 171 with 27,156 million dollars in assets under management while AFORE Profuturo GNP is in position 172 with only a difference of 9 million dollars, that maintaining this dynamism could overcome Sura at the end of this year.
The average compound annual growth rate (CAGR) was 10.88% in the last 5 years (2013-2018) for the Mexican market expressed in local currency, while this same data expressed in dollars was 2.24%.
It is interesting to note that the composition of the portfolio of the 300 largest pension funds has 44.5% in equity, 37.2% in bonds and 18.3% in alternative investments and cash on average. In the case of Mexico, the weighted average for the 10 AFOREs is below these percentages, representing 17.3% in equity (local and global) and in alternatives 8.8% according to CONSAR at the close of August. In the case of debt, the percentage is 73.9% (government, corporates and global bonds).
. Ardian infrastructure adquiere una participación en autopistas urbanas en Chile
Ardian, the world’s leading private investment firm, together with the Chilean Fund Manager, CMB, agreed to acquire a 33% stake in a Chilean toll road business from Brookfield Infrastructure. The business that is being acquired is comprised of a 100% interest in Vespucio Norte Express and Túnel San Cristóbal in Santiago de Chile.
Vespucio Norte Express is a critical urban express highway in Santiago de Chile with 29 kilometers of extension of a multi-lane road (3X3) with a free flow system, which border the city from the north-east to the south-west connecting two of the city’s wealthiest areas to the industrial side of the capital.
Túnel San Cristóbal in Santiago de Chile is a 4 kilometers toll tunnel expressway in Santiago, which includes two uni-directional (2×2) tunnels that connect the district of Providencia with the district of Huechuraba. Both districts are densely populated with consolidated commercial areas. The remaining concession life of these two assets are 14 and 18 years respectively.
Juan Angoitia, Senior Managing Director at Ardian, said: “The Chilean concession system has a long and consistent history of development, fostering very productive and valuable public-private partnerships based on a robust legal framework system. The Chilean concession system has become a cornerstone of the economic development of the country. The acquisition of two key assets in the urban toll road system of Chile’s capital is a strategic milestone for Ardian Infrastructure, a world leading investor in the road sector”.
The transaction is Ardian’s Infrastructure first investment in Chilean transport sector. Ardian is already active in the energy sector in the country. Asset Chile acted as financial advisor and Baraona Fischer & Cia as legal counsel to Ardian and CMB. The closing of the transaction is subject to the satisfaction of customary regulatory and other approvals.
Ardian is a world-leading private investment house with assets of 96 billion dolares managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. Ardian maintains a global network, with more than 620 employees working from fifteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of around 970 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.
CMB is Chile’s largest and most experienced infrastructure fund manager, with over 25 years of successful experience in greenfield and brownfield investments in the country. CMB has over 540 million dolars in assets under management and has completed 17 investments in multiple infrastructure assets. CMB recently raised its third infrastructure fund, which is the largest of its kind in Chile. CMB is part of Larrain Vial, the leading independent investment bank in the Andean region with over 84 years of investment management experience in Latin America.
Walter Ellem / Pexels CC0. Dowside Risks Can Only be Minimized and Not Eliminated As Major Central Banks’ Policies Leave Little Room for Further Stimulus
Stocks dropped sharply during early August following the first U.S. Federal Reserve rate cut in ten years, setting the low for the month on August 5. For the remainder of the month prices whipsawed irregularly higher in reaction to headlines and events related to the global trade war, economic releases, corporate deals and earnings, and falling world interest rates, ending the month with a loss.
The China vs U.S. tariff dispute has spiralled into an economic trade war and its duration and outcome are unpredictable. Rapid currency movements further complicate the dynamics for orderly corporate earnings progressions as well as the efficient procurement of global resources and supplies. Brexit is a wild card.
Notwithstanding the White House political tactics and decision making, Fed Chairman Powell made it clear at Jackson Hole that the FOMC will reduce rates to ‘insure’ downside risks if conditions deteriorate and U.S. growth falters. But these risks can only be minimized and not eliminated as major central banks’ ongoing negative interest rate policies leave little room for further rate stimulus.
A merger and acquisition arbitrage investment strategy with its absolute return focus makes a good choice to complement portfolios.
Prominent proposed but complex mega deals – over $10 billion – in the pipeline (target / acquirer) at the end of August included Celgene / Bristol-Myers Squibb, Sprint Corp / T-Mobile US, and Viacom / CBS. In the $5-10 billion range, Cypress Semiconductor / Infineon Technologies and in the under $5 billion bracket, Tribune Media / Nexstar Media, and Cray / Hewlett Packard Enterprise. We continue to see momentum in M&A market with overall business and investment trends still in a wait and see mode.
Column by Gabelli Funds, written by Michael Gabelli
To access our proprietary value investment methodology, and dedicated merger arbitrage portfolio we offer the following UCITS Funds in each discipline:
GAMCO MERGER ARBITRAGE
GAMCO Merger Arbitrage UCITS Fund, launched in October 2011, is an open-end fund incorporated in Luxembourg and compliant with UCITS regulation. The team, dedicated strategy, and record dates back to 1985. The objective of the GAMCO Merger Arbitrage Fund is to achieve long-term capital growth by investing primarily in announced equity merger and acquisition transactions while maintaining a diversified portfolio. The Fund utilizes a highly specialized investment approach designed principally to profit from the successful completion of proposed mergers, takeovers, tender offers, leveraged buyouts and other types of corporate reorganizations. Analyzes and continuously monitors each pending transaction for potential risk, including: regulatory, terms, financing, and shareholder approval.
Merger investments are a highly liquid, non-market correlated, proven and consistent alternative to traditional fixed income and equity securities. Merger returns are dependent on deal spreads. Deal spreads are a function of time, deal risk premium, and interest rates. Returns are thus correlated to interest rate changes over the medium term and not the broader equity market. The prospect of rising rates would imply higher returns on mergers as spreads widen to compensate arbitrageurs. As bond markets decline (interest rates rise), merger returns should improve as capital allocation decisions adjust to the changes in the costs of capital.
Broad Market volatility can lead to widening of spreads in merger positions, coupled with our well-researched merger portfolios, offer the potential for enhanced IRRs through dynamic position sizing. Daily price volatility fluctuations coupled with less proprietary capital (the Volcker rule) in the U.S. have contributed to improving merger spreads and thus, overall returns. Thus our fund is well positioned as a cash substitute or fixed income alternative.
Our objectives are to compound and preserve wealth over time, while remaining non-correlated to the broad global markets. We created our first dedicated merger fund 32 years ago. Since then, our merger performance has grown client assets at an annualized rate of approximately 10.7% gross and 7.6% net since 1985. Today, we manage assets on behalf of institutional and high net worth clients globally in a variety of fund structures and mandates.
Class I USD – LU0687944552
Class I EUR – LU0687944396
Class A USD – LU0687943745
Class A EUR – LU0687943661
Class R USD – LU1453360825
Class R EUR – LU1453361476
GAMCO ALL CAP VALUE
The GAMCO All Cap Value UCITS Fund launched in May, 2015 utilizes Gabelli’s its proprietary PMV with a Catalyst™ investment methodology, which has been in place since 1977. The Fund seeks absolute returns through event driven value investing. Our methodology centers around fundamental, research-driven, value based investing with a focus on asset values, cash flows and identifiable catalysts to maximize returns independent of market direction. The fund draws on the experience of its global portfolio team and 35+ value research analysts.
GAMCO is an active, bottom-up, value investor, and seeks to achieve real capital appreciation (relative to inflation) over the long term regardless of market cycles. Our value-oriented stock selection process is based on the fundamental investment principles first articulated in 1934 by Graham and Dodd, the founders of modern security analysis, and further augmented by Mario Gabelli in 1977 with his introduction of the concepts of Private Market Value (PMV) with a Catalyst™ into equity analysis. PMV with a Catalyst™ is our unique research methodology that focuses on individual stock selection by identifying firms selling below intrinsic value with a reasonable probability of realizing their PMV’s which we define as the price a strategic or financial acquirer would be willing to pay for the entire enterprise. The fundamental valuation factors utilized to evaluate securities prior to inclusion/exclusion into the portfolio, our research driven approach views fundamental analysis as a three pronged approach: free cash flow (earnings before, interest, taxes, depreciation and amortization, or EBITDA, minus the capital expenditures necessary to grow/maintain the business); earnings per share trends; and private market value (PMV), which encompasses on and off balance sheet assets and liabilities. Our team arrives at a PMV valuation by a rigorous assessment of fundamentals from publicly available information and judgement gained from meeting management, covering all size companies globally and our comprehensive, accumulated knowledge of a variety of sectors. We then identify businesses for the portfolio possessing the proper margin of safety and research variables from our deep research universe.
Class I USD – LU1216601648
Class I EUR – LU1216601564
Class A USD – LU1216600913
Class A EUR – LU1216600673
Class R USD – LU1453359900
Class R EUR – LU1453360155
Disclaimer:
The information and any opinions have been obtained from or are based on sources believed to be reliable but accuracy cannot be guaranteed. No responsibility can be accepted for any consequential loss arising from the use of this information. The information is expressed at its date and is issued only to and directed only at those individuals who are permitted to receive such information in accordance with the applicable statutes. In some countries the distribution of this publication may be restricted. It is your responsibility to find out what those restrictions are and observe them.
Some of the statements in this presentation may contain or be based on forward looking statements, forecasts, estimates, projections, targets, or prognosis (“forward looking statements”), which reflect the manager’s current view of future events, economic developments and financial performance. Such forward looking statements are typically indicated by the use of words which express an estimate, expectation, belief, target or forecast. Such forward looking statements are based on an assessment of historical economic data, on the experience and current plans of the investment manager and/or certain advisors of the manager, and on the indicated sources. These forward looking statements contain no representation or warranty of whatever kind that such future events will occur or that they will occur as described herein, or that such results will be achieved by the fund or the investments of the fund, as the occurrence of these events and the results of the fund are subject to various risks and uncertainties. The actual portfolio, and thus results, of the fund may differ substantially from those assumed in the forward looking statements. The manager and its affiliates will not undertake to update or review the forward looking statements contained in this presentation, whether as result of new information or any future event or otherwise.
CC-BY-SA-2.0, FlickrJimmy Baikovicius
. Sun Partners
Wealth Manager SunPartners based in Montevideo and Geneva, has recently hired a high performance Private Banker team, coming from Julius Baer Montevideo. “This move is in line with our growth plan for the next 2 years, which will include an expansion to North and Central America” commented Michel Genolet, partner at the Advisory firm. “Sun Partners is well established in Latin America, and the hiring has always been geared towards top producers who share our values, which include maintaining the highest standards of honesty, transparency and professionalism. We are confident that this team will meet and exceed our expectations, which will ultimately add value to our firm” explained Genolet.
The new team, who joined SunPartners on September 2, 2019, includes Gabriela Laurutis and German Lieutier.
Gabriela Laurutis worked as a Financial Consultant at ABN AMRO during 8 years before joining Merrill Lynch in New York in 2000. She moved to Montevideo in 2004 and following the 2013 merger, Gabriela became one of the most successful Financial Advisors at Julius Baer. She holds a degree in Economics and a Masters Degree in Business Administration from Cema University in Buenos Aires.
German Lieutier has been working closely with Gabriela Laurutis for the past 13 years at Merrill Lynch/ Julius Baer in Montevideo. He is a Certified Public Accountant and holds a Masters degree in Finance form the Universidad de Montevideo.
Founded in 2012, SunPartners has $1.2 billion of assets under management. The firms offers Wealth Management services to individuals and families based in Latin America, or with stong interests in the region. The firm employs around 30 individuals, including 10 advisors, and books through firms such as UBS, Pictet and Bolton Global Capital
Foto cedida. Bolton muda sus oficinas de Miami a la Torre Four Seasons
Bolton Global Capital has leased the penthouse office suite in the Four Seasons Hotel Tower on Brickell Avenue in Miami. The firm has acquired the 20,000 square foot space to accommodate its continued growth in Miami. Since opening its office at 801 Brickell Avenue in 2011, the firm has recruited several high-profile teams from the major banks and wirehouses in Miami. These recruits now manage 3.5 billion dollars in client assets on the Bolton platform.
“Expanding our footprint with space at the Four Seasons Tower underscores Bolton’s position as the premium brand in the international wealth management space” according to Bolton’s CEO, Ray Grenier. The location of the Four Seasons Tower at the southern end of Brickell Avenue was also a significant factor in the firm’s decision to relocate with increasing traffic congestion in the downtown and Brickell area near the Miami River. “In addition to reduced commuting times” Grenier stated “our affiliates will have ample parking, gym access and discounts on Four Seasons dining and lodging for clients.”
Growing at an average annual rate of 20 percent over the last 5 years, Bolton is the largest independent broker dealer in the international wealth management space with 8.5 billion dollars in client assets. The boutique firm offers turnkey office solutions for advisors to convert their practices at the major banks to the independent business model where they own their client book and retain most of the revenue. Bolton provides affiliated advisors with furnished office space, computer equipment and technologies as well as back office, branding and compliance support to achieve an efficient transition to independence.
Quentin Ecrepont / Pexels CC0. El sector de fondo de fondos domina en los CERPIs, mientras que en los CKDs los de bienes raíces
The market value of the 111 CKDs and 24 CERPIs in circulation ended July at 13.369 billion dollars and capital calls to be made acount for 11.354 billion dollars. 80% of resources are concentrated by CKDS and 20% by CERPIs.
Although the rise of CERPIs is just over one year old, despite its youth, it is already possible to observe a specialization and tendency in each of the instruments where CKDs have leaned towards the real estate sector (29% share of market in committed amount), while CERPIs by the fund of funds sector (57%). Curiously, in CKDs the fund of funds sector the offer is low (5%), while in CERPIs the offer of real estate alternatives is also low (4%).
It could be said that the Mexican institutional investor has so far preferred to invest in real estate in Mexico through CKDs than to invest in real estate internationally via CERPIs; while international investments in fund of funds call it more attention than in Mexico. It is important to mention that CKDs are private equity investments that are made exclusively in Mexico, while CERPIs investments 90% are made internationally and the rest in Mexico (10%).
In the private equity sector, there is also a specialization since while in the CERPIs it represents a 26% market share in committed amount, being the second most important sector; in the CKD market it reaches 15%, being the third most important sector.
A less concentrated market share can be seen in term of resources committed by sector in the CKDs, as is the case in CERPIs. In CKDs 4 sectors represent 80% (real estate 29%, infrastructure 21%, private equity and energy 15% each), while in the case of CERPIs only two sectors have 83% (fund of funds 57% and private equity 26%).
In the 10 years that the CKDs have been, it can be seen how there are years in which the offer is skewed towards a specific sector. For the real estate sector in 2018, the greatest placement of resources was achieved by committing 1.823 (31%) of the 5.911 million dollars of the sector. For the infrastructure sector, commitments were reached for 1.222 in 2015 (27%) of the 4.469 million dollars the market is worth. For energy it was 2014 (28% of the committed resources of the sector) and for credit it was 2015 (34%).
Between January and July 2019, a total of 4 new CKDs and 5 new CERPIs have been seen that add commitments for 1.707 million dollars, of which 79% of the resources have been for CERPIs dominating the fund of funds raising. As for CKDs, preference for the real estate and infrastructure sector prevails.
Pixabay CC0 Public Domain. invertido_mix_gestoras.jpg
The US yield curve has been reversed again and the United Kingdom is about to do so, which worries investors. According to the main asset managers, the fact that it is invested can indicate that, at best, investors expect the economy to slow down and at worst, that a recession could be on its way.
In the opinion of Keith Wade, chief economist at Schroders, “The US curve is a reliable indicator of recession, the UK curve less so. Nonetheless, if the US goes into recession it is hard for others not to go the same way given its importance as a driver of the world economy. So the double signal is important. There is normally a lag of about one year from inversion to recession so the curves are signalling problems for 2020.”
The same concern is shared by Mark Holman, Chief Executive Officer of Twentyfour AM (Vontobel), who acknowledges that the reversal of the curve is not good news. “In our opinion, the reversal of the yield curve is fully justified given the weight of geopolitical events, and one thing absolutely certain is that an inverted curve is not good news. The only question is how bad this news is and how it could convey and encourage greater economic concern,” he says.
“August doesn’t seem as calm as we would have thought. Tensions continue between the United States and China. The German and Swiss yield curve is in a negative territory, European equity markets continue to live out, while gold continues to rise. On the economic front, recessions in China and Germany are being felt. Although the global economy seems to resist, investors begin to fear that a recession is not far. However, the United States is managing to maintain a solid cycle and the latest figures show an acceleration in consumption. Central bank measures seem to have become the last line of defense to prolong the cycle and alleviate political tensions. However, it is by no means certain that this is sufficient between now and 2020,” says Igor de Maack, fund manager at DNCA, affiliated with Natixis IM.
For Holman, the investment of the curves is explained by the global slowdown that is continuing over time, and that keep markets restless. “A consequence of this is that fixed-income investors increase exposure to risk-free pure assets such as US, German or UK Treasury bonds, but to protect the portfolios they must maintain a duration greater than the normal, which is one of the main catalysts of the curve’s shape. As a result, the curves become lower and flatter, which is perhaps more sinister than higher and flatter returns, ”he explains.
This reading is what alerts the investor, who sees the possibility of a recession as more and more likely. But the managers ask for peace of mind and continue to insist that we are not facing a recession. “While we agree that the risk has increased, a recession over the next year is not yet an inevitable conclusion. Unlike the period prior to other recessions in the past in the US, current financial stability risks appear moderate, balance sheets are solid, family debt is manageable and the personal savings rate is high. All these fundamental factors should help cushion any economic recession,” say Tiffany Wilding, US economist, and Anmol Sinha, fixed income strategist at PIMCO.
The same message came out of the BlackRock Investment Institute (BII) in its weekly report: “We do not believe that the investment in the yield curve is a sign of recession and we believe that the accommodative turn of the central banks is dilating the growth cycle… Assets considered refuge, such as gold, rebounded. We continue to observe limited short-term recession risks, since the accommodative turn of the central banks helps to prolong the economic cycle, although we note that commercial and geopolitical tensions pose fall risks.”
“The reversal of the yield curve does not cause a recession, but it indicates that we are in an advanced phase of the economic cycle. So, instead of considering it a cause for concern, it could be a good time for investors to verify that their portfolios are well diversified and that their fixed-income positions can limit excess risk. In the final stages of the cycle it is especially important to determine whether fixed income positions offer diversification with respect to equities, as well as the appropriate level of balance,” concludes Jeremy Cunningham, Investments Director at Capital Group.
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