Luis Buceta, New President of CFA Society Spain

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CFA Society Spain, the local member society of CFA Institute – the Global Association of Investment Professionals – has appointed Luis Buceta, CFA, as its new president. This announcement follows the conclusion of the current term, in accordance with the organization’s statutes, previously held since October 2020 by José Luis de Mora Gil Gallardo, CFA. Buceta will lead a team of distinguished professionals who will join him on the Board of Directors of the Spanish Chapter of CFA Institute.

Luis Buceta is currently the Chief Investment Officer of Creand WM in Spain (Crèdit Andorrà Financial Group). He previously worked for BNP Paribas Wealth Management as Director of Equity Investments, and began his career at The Chase Manhattan Bank. Over the past four years, Buceta has also served as Vice President of CFA Society Spain.

In addition to his professional role, the new president combines his work with teaching, as he is a professor at various business schools and universities. He holds a degree in Economics and Business Studies and Market Research and Techniques from ICADE (E2 and ITM). He also has an Executive MBA from IESE Business School and certifications in CFA ESG Investing and Certified Advisor (CAd).

Among the main objectives of the new team are to continue strengthening the prestige and growth of the CFA professional accreditation in Spain and to meet the new needs of investment professionals by providing access to innovative certifications such as the Certified Advisor CAd Program, CFA Institute Certificate in ESG Investing, Climate Risk, Valuation and Investing Certificate, Private Markets and Alternative Investments Certificate, Data Science for Investment Professionals Certificate, and Private Equity Certificate.

At the local level, relationships with all stakeholders of CFA Society Spain will continue to be strengthened, including members, CFA candidates, employers, regulatory and supervisory bodies, and partner firms. The activities of all the Committees within CFA Society Spain will also be reinforced, particularly in the areas of private/alternative markets, sustainability, diversity, wealth management, relationships with Latin American professionals, education, communication, investment performance measurement (CIPM), regulatory affairs, asset management, and digital assets.

The fundamental goal is to promote excellence among investment professionals in Spain and to advance the financial sector for the benefit of Spanish society as a whole.

Luis Buceta, CFA, President of CFA Society Spain, stated: “I am honored by the opportunity to assume the presidency of CFA Society Spain following the excellent work of my predecessor, José Luis de Mora Gil Gallardo. This is something I could not have imagined when I obtained the CFA accreditation many years ago. It is an exciting and unique challenge, for which I have a magnificent team, all CFA professionals, on the Board of Directors. Together, we will work to continue growing the CFA accreditation as the benchmark for excellence and prestige, and to strengthen CFA Society Spain as the authoritative voice of investment professionals in Spain.”

José Luis de Mora Gil Gallardo, CFA, said: “Under the leadership of Luis Buceta, CFA Society Spain will continue to grow, positioning the CFA accreditation as the gold standard of prestige and excellence among current and future investment professionals in Spain. Luis has demonstrated his capability and leadership at Creand (Crèdit Andorrà Financial Group) and as Vice President of CFA Society Spain. Therefore, the next four years of CFA Society Spain could not be in better hands.”

Alongside Luis Buceta, the new Board of Directors of CFA Society Spain is composed as follows:
– Sila Piñeiro, CFA, Vice President, is Director of Wealth Management PB at Deutsche Bank.
– Gemma Hurtado San Leandro, CFA, Treasurer, is Head of Investments at SGFO Capital.
– Guendalina Bolis, CFA, Board Member, is Director of Investments at Abanca Gestión de Activos.
– José María Martínez-Sanjuán, CFA, Board Member, is Global Director of Fund Selection at Santander Private Banking.
– Constantino Gómez, CFA, Board Member, is Partner at Arcano Partners.
– Jaime Albella, CFA, Board Member, is Director of Sales at AXA Investment Management.
– Pilar Garicano Madrigal, CFA, Board Member, is Executive Director at Morgan Stanley Investment Management.
– Guillermo Barandalla, CFA, Board Member, is Chief Investment and Operating Officer at Injat Family Office.
– Kike Briega Muñoz, CFA, Board Member, is Knowledge Expert in Financial Services at McKinsey & Company.

Jupiter AM Closes its Emerging Market Debt Funds Following the Departure of the Management team and Explains the Next Steps to its Clients

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Jupiter AM has issued a note to its clients regarding its emerging market debt funds following the departure of the management team, assuring that their strategies will continue to be supported by their global team, according to an official document from the asset manager accessed by Funds Society.

Regarding the impact of the emerging markets team’s departure on the rest of the fixed income segment, Jupiter states: “No impact should be expected on the investment processes or performance of the other teams. The impact is limited to the team’s input in relation to secondary discussions and opinions on some specific credits, which are also present in other strategies. Jupiter has a global credit analyst team that covers both developed and emerging markets. All our funds are backed by the global team, as they have been and will continue to be. We are very proud of our credit team’s success over the years.”

The asset manager emphasizes that the Dynamic Bond and Global High Yield funds “have never relied on the EMD team. The Dynamic Bond holds a relatively small amount of emerging market credits, which are long-term investments very well known by the existing team. Both the Dynamic Bond and Global High Yield funds continue to be supported by the global credit team, and we will ensure that all funds receive adequate credit coverage in the future.”

Regarding the continuity and status of the team, Jupiter AM notes that Reza Karim and Alejandro di Bernardo have resigned to pursue other opportunities: “Despite building strong track records, our funds failed to generate sufficient traction among clients, mainly institutional ones. After careful consideration, we decided to close the entire spectrum of EMD funds,” the note states.

What will happen next with the two SICAVs of the EMD strategies? Will the funds be closed? Jupiter AM responds affirmatively: “The strategies will close in the old-fashioned way, following market standards. Once regulatory approval is obtained, clients will be notified with at least 30 days’ notice.”

The asset manager adds that, for now, it will maintain its investment and risk/return philosophy, and the current team will continue to manage the funds until their closure.

Jupiter states that “it has created a work environment that allows investment professionals to operate with independence and invest with a high degree of autonomy. We constantly assess our retention rates and incentive structures and believe they are highly competitive. We have demonstrated that this culture and structure has attracted and retained highly qualified professionals – evidenced, for example, by the recent hiring of Alex Savvides and Adrian Gosden along with their respective teams.”

Risk Management Is Gaining Importance In The Face Of Competition From Advisors

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Advisory services must pay close attention to risk management when advising their clients, and under this premise, ScoRe enters the U.S. Offshore market.

ScoRe is a tool that integrates traditional financial modeling and is based on indicators, perspectives, and other ratios. Additionally, it incorporates artificial intelligence components to measure qualitative variables that “have historically been difficult to evaluate,” said Oscar Manco López, CEO of Trust Investment and creator of the platform, in an interview with Funds Society.

Manco López added that risk management is crucial in financial advisory services and portfolio management. For this reason, “financial advisors can rely on a 24/7 tool for managing their risks, providing support that research departments sometimes cannot fully cover.”

The Trust CEO emphasized the importance of time management for advisors, noting that this “leaves a gap when portfolios have a large number of assets. With this tool, they can cover any number of issuers in their credit risks, enabling a more active management of their positions.”

To understand more about its application, ScoRe measures the quality of information, the level of education of executives, whether there are any pending investigations, the ability to respond to a requirement—in other words, everything that is generally not measured. However, the functionality of ScoRe does measure it, commented Manco López.

Moreover, the tool covers an unlimited number of issuers, meaning it anticipates situations that allow advisors to reallocate their positions or validate their existing allocations, explained Manco López. He also highlighted the inclusion of new technologies for forecasting and risk measurement.

Trust Investment S.A.S. – Tisas is a company founded 13 years ago to provide specialized financial solutions with high value and innovation. It offers a portfolio of services aimed at businesses, with a presence in Colombia and the United States, serving the global market, according to the information provided by the firm.

GAM and Galena Join Forces to Offer Investment Opportunities in Commodities

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GAM has announced a strategic alliance with Galena Asset Management—a specialist in commodity financing and a fully-owned regulated investment subsidiary of Trafigura Group, which specializes in commodity trading and logistics. This agreement will provide GAM’s clients with access to global commodity markets, benefiting from Galena’s expertise in metals, mining, energy, and renewables.

Commodities are a vital asset class for today’s investors, offering resilience, diversification, inflation protection, and attractive returns in a changing world, according to the company’s statement. GAM has a long history in alternative investment and innovation, and this strategic alliance with Galena will further enhance its ability to offer superior solutions to clients.

The new GAM and Galena partnership will continue to strengthen GAM’s alternative product offering and has two main aspects: a global distribution agreement for Galena Funds and future product innovation.

With this distribution agreement, GAM will be the exclusive global distributor of Galena’s existing commodity investment strategies, which include (subject to local availability):

1. Trade Finance: A strategy providing short-term financing to commodity producers and traders, generating fee and interest income while mitigating risks through collateral, insurance, and diversification.

2. Multi-Strategy: A strategy that invests in macro and commodity themes across the full spectrum of asset classes. It employs a combination of directional, relative value, and arbitrage strategies based on rigorous fundamental and technical analysis.

3. Private Equity: Invests in private companies in the commodity sector, focusing on metal and mineral mining, processing, and related infrastructure and services.

Regarding product innovation, by working closely with Galena, GAM will be at the forefront of the rapidly evolving commodities investment landscape, with access to cutting-edge research, development, and technology. According to the firm’s statement, by leveraging extensive networks, projects, and research, GAM and Galena will collaborate to develop and launch new, innovative commodity-focused investment products for clients, addressing the challenges and opportunities of the energy transition, circular economy, and digital transformation.

Maximilian Tomei, CEO of Galena, stated: “We are thrilled to have formed an alliance with GAM, a firm that shares our entrepreneurial and innovative spirit and our passion for delivering the best alternative returns to our investors. As commodities gain greater importance and dynamism globally, we see enormous potential to create value for our clients by giving them access to our unique expertise and insights. We look forward to working with GAM to offer exciting and exclusive commodity investments to a broader international audience.”

On the other hand, Elmar Zumbuehl, CEO of GAM Group, noted that this strategic alliance with Galena “is a significant step forward for our firm and our clients, as it will enable us to access exclusive and attractive commodity investment opportunities by leveraging Galena’s capabilities and resources. We believe commodities are a key asset class for the future, offering appealing return potential and diversification benefits. We are excited to work with Galena to provide our clients with innovative and differentiated solutions that meet their needs and expectations.”

Smart Asset Management: Keys to Harnessing the Power of AI

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Artificial Intelligence (AI) is revolutionizing the financial world by optimizing asset management, identifying opportunities, and supporting strategic decisions. FlexFunds breaks down the keys to adopting these technologies in the sector.

In recent years, asset management has radically changed, driven by the personalization of financial vehicles and diversified portfolios. Technological tools like AI allow managers to be more efficient and comply with regulations. Deloitte’s report, “How technology empowers success in the alternative assets market,” highlights that automation is key to managing risks, meeting regulations, and reducing operational costs.

Likewise, liquid assets and alternative instruments are benefiting from these tools in the structuring of portfolios to boost performance in options like stocks, bonds, mutual funds, and other financial securities alternatives.

In this context, technological solutions also contribute to the distribution and growth of investment products for asset managers, although the activity still requires significant human oversight, explains FlexFunds, a leading service provider for the management of securitized assets.

FlexFunds uses advanced technologies to structure personalized investment vehicles that can enhance the global distribution of investment strategies. In their view, AI could be a determining factor for the future of managing and structuring investment instruments in the coming years.

According to Mercer Investments’ 2024 global managers’ survey, 91% of managers are already using or planning to use AI in their investment strategies. The areas with the greatest potential are stocks, hedge funds, and digital assets, where AI drives value creation.

Operational efficiency and strategic decision-making

Asset managers can take advantage of AI by improving operational efficiency, user experience, and investment processes, enabling financial products to be adapted to client needs consistent with their risk profile and investment horizon. According to BlackRock, this increases the quality of data and financial instrument analysis.

Additionally, AI can assist the manager during decision-making in the investment process by quickly identifying patterns and insights. For example, with an instrument like an ETF (exchange-traded fund), AI models can help decide how to weight allocations within a given index, facilitating management and enabling more accurate replication of it.

The AI race in the global financial sector

Consulting firm IDC projects that global spending on AI will reach $500 billion by 2027. The financial sector could benefit greatly, especially in fraud detection and financial forecasting. As explained by S&P Global, up to 40% of financial firms already rely on machine learning for these use cases.

Generative AI, capable of creating original content from existing data, could generate up to $340 billion annually for the global banking sector, increasing productivity and offering more personalized products and services.

S&P Global’s report also notes that AI will contribute to the creation of hyper-personalized products and services and facilitate the technological modernization of financial entities. These advances will allow asset managers to better meet regulatory requirements, improve portfolio diversification, and increase efficiency in the distribution of investment products.

The impact of AI on asset management

A report by the CFA Institute Research Foundation highlights that the success of AI in asset management depends on its ability to detect complex patterns and process large volumes of unstructured data, improving forecasting accuracy. This technology also has the ability to self-improve, eliminating the need for manual reconfigurations. However, they warn that AI can fail if data quality is low,or tasks are too complex.

Despite the challenges, artificial intelligence is transforming the way managers structure and distribute financial products, promoting efficiency, diversification, and personalization in an increasingly competitive market.

In conclusion, FlexFunds emphasizes that, although AI presents challenges, its ability to process large volumes of data and continuously improve its performance is redefining how asset managers structure and distribute their financial products in an increasingly competitive global market. In this landscape, artificial intelligence tools and other technologies are fostering greater efficiency, diversification, and personalization in investments while enhancing strategic decision-making.

For more information on how FlexFunds uses advanced technologies to structure personalized investment vehicles that can cost-effectively expand access to international investors, write to us at info@flexfunds.com.

Flossbach Von Storch Will Change Its Legal Form And Become A European Company

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Flossbach von Storch is changing its legal structure. As the firm explained in a statement, the company will transition from an Aktiengesellschaft (AG – joint-stock company) under German law to a European company, Societas Europaea (SE) – Flossbach von Storch SE, in the fourth quarter of 2024. “We are not only long-term investors but also founders and owners of a company. In this sense, succession planning is essential for us. The legal form of the SE gives us the opportunity to create an institution for future generations. We still have much to achieve together,” explained Kurt von Storch, founder and owner of Flossbach von Storch.

Additionally, it was announced that the two company founders, Bert Flossbach and Kurt von Storch, will join the Board of Directors, alongside Johanna Hey, who was previously a member of the Supervisory Board. The current members of the Executive Board, Tobias Schafföner, Till Schmidt, and Marcus Stollenwerk, will form the Management Board. They highlighted that the greater flexibility of an SE’s board of directors, compared to a Supervisory Board under an AG, is something medium-sized companies can benefit from in succession planning and ensuring the sustainable orientation of the company.

In recent years, Flossbach von Storch has been taking steps to prepare the company for the future. For example, a partnership model has been implemented to ensure the long-term retention of the company’s key executives. Additionally, younger profiles have been brought into the Executive Board, and leadership responsibilities have been distributed across multiple leaders. “The change in legal form is another step forward,” said Bert Flossbach.

They also noted that Flossbach von Storch has grown favorably and become increasingly European. Currently, the company has employees working in Italy, Spain, Switzerland, Austria, Luxembourg, and Belgium. The change in legal structure also reflects the company’s growing international focus, which is expected to continue in the future. The registered headquarters and main office will remain in Cologne.

Dean Blackburn, Appointed as the New Deputy CEO of Zedra

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Zedra, a global provider of wealth management services, has announced the appointment of Dean Blackburn as its new Deputy CEO. According to the company, this addition strengthens its leadership team with “innovative” and “dynamic” professionals.

Blackburn joins Zedra from JTC, where he started as Group Director in 2019 and was later appointed CEO. He also served as Chief Commercial Officer at JTC before assuming the role of Group Head of Institutional Client Services in 2022. “He is a people-focused professional with a proven track record of delivering significant business results. His leadership style is characterized by a deep commitment to team development and empowerment, which has consistently translated into strong business performance and growth,” Zedra highlights.

Following this announcement, Ivo Hemelraad, CEO of Zedra, commented: “We are thrilled to welcome Dean to Zedra. His unique combination of people-centered leadership and business acumen aligns perfectly with our values and vision for the future. We are confident that Dean will play a key role in driving our business forward and achieving our strategic goals.”

Regarding his appointment, Dean Blackburn, now as Deputy CEO, added: “I am excited to join Zedra at such a dynamic time in the company’s journey. I look forward to contributing to the continued success of the business, driving innovation, and most importantly, supporting our talented teams to reach their full potential.”

In his new role as Deputy CEO, Blackburn will work closely with the senior leadership team to help define Zedra’s strategy, ensuring the company continues to provide exceptional service to its clients while fostering a supportive and empowering environment for its employees.

WisdomTree Expands Its Range of ETPs With the World’s First ETC on European Natural Gas

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WisdomTree, a global financial products provider, has announced the launch of the WisdomTree European Natural Gas ETC (TTFW), which has begun trading on the London Stock Exchange, Borsa Italiana, and Börse Xetra. According to the asset manager, the fund aims to track the performance, before fees and expenses, of the BNP Paribas Rolling Futures W0 TZ Index, which provides exposure to natural gas in the Dutch Title Transfer Facility (TTF) and measures the total return based on the underlying ICE Dutch TTF Gas Futures contracts.

“The war between Russia and Ukraine that began in 2022 profoundly altered the natural gas markets in Europe. Natural gas flows through pipelines from Russia to Western Europe, once the main source of natural gas for the region, are now insignificant. Western Europe is much more reliant on Norwegian pipeline flows and global liquefied natural gas (LNG) imports. In its energy transition, the European Union will continue to depend on natural gas. Considering this, there will be periodic sharp increases in natural gas prices in Europe, as the fuel is used to offset renewable energy deficits. The Dutch Title Transfer Facility (TTF) is the most representative and liquid natural gas benchmark in Europe and therefore the best tool for tactical exposure to these price jumps and for hedging purposes,” explained Nitesh Shah, Head of Commodities & Macroeconomic Research Europe at WisdomTree.

The asset manager highlights that this launch complements its range of natural gas products, which offer exposure to U.S. Henry Hub natural gas, the most well-known gas trading hub in the U.S. This includes the WisdomTree Natural Gas (NGAS), a euro-hedged alternative, as well as short and leveraged exposures. These products allow investors to express both their short-term tactical view and long-term strategic view.

“We have a strong track record of innovation and launching pioneering exposures in the market across all asset classes. Investors expect WisdomTree to provide exposures they cannot find elsewhere, and that’s exactly what we’ve done with this ETC. This launch strengthens our leadership position in the commodity ETP market and offers investors an additional tool to navigate a dynamic market environment,” emphasized Alexis Marinof, Head of Europe at WisdomTree.

This new fund is passported for sale in Germany, Austria, Belgium, Denmark, Spain, Finland, France, Ireland, Italy, Luxembourg, Norway, the Netherlands, Poland, the United Kingdom, and Sweden.

Polen Capital and iM Global Partner Will Present Their Investment Strategies in Montevideo

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On September 25 at 7:30 PM (local time), the Alquimista Hotel in Montevideo will host an event organized by Polen Capital in collaboration with iM Global Partner to discuss “new growth opportunities” for Uruguay’s industry.

The event, which will also feature a networking space, will include presentations by Todd Morris, Portfolio Manager, and Rana Pritanjali, Investment Research Analyst.

“Together, they will share their experience and offer insights into our quality approach to U.S. and international equity investments,” says the invitation to the event, which is exclusively for professional investors.

Additionally, they highlight that this is “an opportunity to gain a deeper understanding of how Polen Capital seeks to identify and invest in companies that demonstrate resilience, stability, and superior growth potential.”

About the Speakers

Rana Pritanjali, CFA, is a research analyst on Polen’s Growth team. Prior to joining the firm, she was a Global Consumer Analyst at Causeway Capital Management. She has also worked at Indian firms such as Askanis Capital and at Credit Suisse in Singapore. She holds a civil engineering degree from IIT Delhi and an MBA from Columbia Business School.

Todd Morris is the Portfolio Manager for Polen Capital’s international Growth strategy. He also contributes as an analyst, identifying and researching investment opportunities for the strategy. Before joining Polen Capital, he worked in research and marketing at Prudential and Millennium Global Asset Management. Previously, he served in the U.S. Navy for seven years, during which he navigated a warship on three deployments, taught at the U.S. Merchant Marine Academy, and served with the U.S. Army in Iraq. He holds a degree in History from the U.S. Naval Academy, where he was a student-athlete, and an MBA from Columbia Business School.

AXA IM Strengthens Its Core Unit With The Appointment Of Dominic Byrne As Global Head Of Equities

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AXA Investment Managers (AXA IM) has appointed Dominic Byrne as the new Head of Global Equities for AXA IM Core. According to the asset manager, Byrne will report to Jeroen Bos, Global Head of Equities, and will be based in London starting on September 16. This appointment follows recent hires in the team, including Stephanie Li, who will focus on Asian equities, and Koichiro Nanaumi, who will focus on Japanese equities.

In this role, Dominic Byrne will lead the global equities team to achieve its strategic objectives and manage several global equity portfolios at AXA IM, in collaboration with his team. With over 20 years of investment experience, he was previously deputy head of developed markets equities at abrdn and has been managing global equity portfolios since 2009, recently focusing on sustainability. From 2017 until his departure, he managed abrdn’s Global Equity Impact Strategy fund, which was designed to invest in companies with a clear social or environmental impact.

Commenting on this appointment, Jeroen Bos, Global Head of Equities at AXA IM, said: “Equity investing remains of strategic importance at AXA IM, and we are very pleased that Dominic is joining us to further accelerate our growth ambitions. I am confident that, with a larger and more experienced global equities team, we are well-positioned to deliver superior performance to clients and accelerate the growth of our business.”