Foto cedidaPaul Griffiths, director global de negocio institucional de HSBC AM. . HSBC AM nombra a Paul Griffiths director global de negocio institucional
HSBC Asset Management has announced in a press release the appointment of Paul Griffiths as its new Global Head of Institutional Business. Based in London, Griffiths will start on May 5 and report to Nicolas Moreau, CEO.
With over 30 years’ experience in the industry, he will be responsible for the commercial development of the firm’s Institutional Business and leading its institutional sales and client management teams. He takes over from Brian Heyworth who left the firm last year.
Griffiths joins from First Sentier Investments where he was Chief Investment Officer for Fixed Income & Multi Asset Solutions. Prior to that, he held senior roles with firms including Aberdeen Asset Management, Credit Suisse, Axa and lnvestec. He is also the founder investor of the UK’s first student run investment portfolio based at the University of York.
“Paul’s extensive investment management experience and deep knowledge of the needs of institutional clients will prove invaluable as we continue to develop our proposition and differentiate our offering in the market. I look forward to welcoming him to the team”, Moreau has commented.
Meanwhile, Griffiths has highlighted that HSBC AM has seen significant growth in its institutional business over the past year: “This has been driven by bringing a strong set of innovative products to the market and I am thrilled to be part of its future development.”
In 2020, HSBC Asset Management set out its strategy to re-position the business and focus it on core solutions, emerging markets -specially Asia- and alternatives, with client centricity, investment excellence and sustainable investing as key enablers. The firm restructured its business to establish a more market competitive and client-centric operational model. As part of this, it changed its distribution model to operate with a global approach with the creation of Institutional and Wholesale client businesses.
Pixabay CC0 Public Domain. Santander se convierte en miembro fundador de la Net Zero Banking Alliance
Santander has announced in a press release that it has become a founding member of the Net Zero Banking Alliance (NZBA), which has been convened by the United Nations Environment Programme Finance Initiative (UNEPFI).
Its goal is to help mobilise the financial support necessary to build a global zero emissions economy and deliver the goals of the Paris Agreement, besides providing a forum for strategic coordination among financial institutions to accelerate the transition to a net zero economy.
The NZBA brings together an initial cohort of 43 of the world’s leading banks, which also includeBBVA, Bank of America, HSBC or BNP Paribas. Santander has highlighted that they focus on delivering the banking sector’s ambition to align its climate commitments with the Paris Agreement goals with collaboration, rigour, and transparency, acknowledging the necessity for governments to follow through on their own commitments.
The commitments that have been reached by all of them include transitioning all operational and attributable greenhouse gas (GHG) emissions from their lending and investment portfolios to align with pathways to net-zero by mid-century, or sooner. They have also decided to set intermediate targets for 2030, or sooner, for priority GHG-intensive and GHG-emitting sectors; and to facilitate the necessary transition in the real economy through prioritising client engagement and offering products and services to support clients’ transition.
“If we are to green the world’s economy, we need a truly global effort: banks, companies, governments, regulators and civil society working together at pace. At Santander we are proud to be part of the founding members of this new alliance, and to accelerate progress towards net zero”, has commented Ana Botín, executive chairman at Banco Santander.
Santander has pointed out that is already playing a major role in helping to tackle climate change and enable the transition to the green economy. In February 2021 it announced its ambition to achieve net zero carbon emissions by 2050. The bank also published its first decarbonization targets with the ambition that, by 2030, it will have stopped providing financial services to power generation clients with more than 10% of revenues dependent on thermal coal, as well as eliminating all exposure to thermal coal mining worldwide and aligning its power generation portfolio with the Paris Agreement. At the end of 2020, Santander CIB was the world leader in renewable financing, according to Dealogic.
Foto cedidaAlex Bernhardt, nuevo director global de análisis sostenible de BNP Paribas AM.. BNP Paribas AM nombra ficha a Alex Bernhardt como director global de análisis sostenible
BNP Paribas Asset Management has announced the appointment of Alex Bernhardt as Global Head of Sustainability Research within its Sustainability Centre. Bernhardt has joined on April 21st and will report to Jane Ambachtsheer, Global Head of Sustainability.
In his new role, he will be responsible for BNP Paribas AM’s Sustainability research agenda and ESG scoring platform. Bernhardt will manage the team of ESG analysts. and will work closely with the Quantitative Research Group, which plays an increasingly important role in developing and delivering the asset manager’s sustainability research agenda.
BNP Paribas AM has highlighted Bernhardt’s acknowledged role within sustainable finance, as he has received multiple awards for his work within insurance and investment across topics including climate risk management, disaster resilience and impact investing.
He joins from Marsh McLennan, where he was Director of Innovations, helping clients to address systemic issues including climate resilience, the catastrophe protection gap, diversity and sustainable infrastructure financing. Previously, he was Principal and US Responsible Investment Leader at Mercer, helping institutional investors to manage sustainability challenges in their portfolios, particularly related to climate change.
Bernhardt also worked at reinsurance broker Guy Carpenter where he devised bespoke risk transfer solutions for insurance brokers. He holds a BA in English and Philosophy from the University of Puget Sound in Tacoma, Washington.
“Alex will play an important role in driving our research agenda, thought leadership and thematic fund development. His extensive experience in sustainable investment and climate risk management will bring new insights to support our investment teams in generating long term sustainable returns for our clients”, has commented Jane Ambachtsheer, Global Head of Sustainability.
UBS Private Wealth Management announced this week that three experts formerly in Wells Fargo have joined the firm in its South Florida market. The team manages over 1.8 billion dollars in assets.
Based in Miami, it is led by Financial Advisors Doris Neyra and Melissa Van Putten-Henderson, and also includes Relationship Manager Gina Jamurath. They will report to Karl Ruppert, South Florida Complex Director at UBS Private Wealth Management.
“It’s important that our advisors reflect the clients and communities they serve and we’re delighted that Doris, Melissa and Gina are very active in the local community. We know the team will bring to bear the full breadth of UBS’s global offering to clients, understanding their complex needs and helping them to achieve their goals”, said Ruppert.
Neyra has been working with ultra-high-net-worth clients for more than two decades. She holds the Certified Financial Planner® designation and has Series 7, 66, Variable Annuities and Life & Health licenses. Before joining UBS, she was a Managing Director and Wealth Advisor at Wells Fargo Private Bank in Miami for 15 years. Prior to that she worked at Northern Trust and Merrill Lynch.
Van Putten-Henderson has worked in the financial services industry for over 20 years. Before joining UBS, she was a Managing Director and Senior Investment Strategist at Wells Fargo Private Bank in Miami, where she specialized in creating tax efficient custom portfolios to meet clients’ needs and objectives. Prior to that she worked at U.S. Trust as a Senior Portfolio Manager. She holds the Chartered Financial Analyst® and Chartered Alternative Analyst (CAIA ®) designations.
They will both be supported by Jamurath, who was formerly a Wealth Advisor Associate at Wells Fargo Private Bank in Miami.
Kandor Global, an independent registered investment advisor (RIA) serving ultra-high-net-worth clients worldwide, has partnered with Summit Financial Holdings and Merchant Investment Management, through the newly created Summit Growth Partners (SGP).
SGP is an innovative custom capital solution launched by Summit Financial Holdings and Merchant Investment Management in January which combines upfront cash monetization with equity participation as well as exclusive partnership privileges. Based in Miami, SGP has taken a minority, non-controlling stake in Kandor Global, which now represents its 13th investment, and its first investment targeted toward serving international clients.
Meanwhile, with 450 million dollars in assets under management, Kandor Global was seeking an established strategic partner to propel growth initiatives, provide access to premier advisor and client resources, and expand in-house expertise and strategic capital.
“Our mission in establishing Kandor Global is to be a key wealth and investment management resource for the Latin American community at home and here in the U.S. We are seeing more and more highly successful Latin American entrepreneurs and families flock to the U.S. to expand their businesses and their wealth. We have the experience and resources through Summit Growth Partners to serve this specific subset of clients at the highest level and address their unique financial needs”, said his CEO, Guillermo Vernet.
Meanqhile, Stan Gregor, CEO of Summit Financial Holdings, pointed out that, with all the disruption that has taken place in the international wealth management space, they’ve been looking for the right firm to partner with that could deliver a “truly differentiated and customized” suite of services and solutions to advisors who cater to international clients. “We were very impressed with Kandor Global’s leadership team and are excited about our partnership”, he added.
Pixabay CC0 Public Domain. Vontobel amplía sus oferta de renta fija ESG con el lanzamiento de dos fondos de bonos sostenibles
Vontobel is expanding its suite of ESG bond funds with two products: an impact green bond fund and a sustainable emerging markets debt fund. The asset manager revealed in a press release that these new vehicles seek to meet growing investor demand for solutions that combine the goal of providing “attractive income with a sustainable approach”.
The Vontobel Fund – Green Bond invests across a global universe of green bonds, identifying issuers who use proceeds mainly for eligible environmental projects with a measurable impact in the transition to a low-carbon economy. It aims to maximize the contribution to climate change mitigation and environmental protection, while generating steady income over a full economic cycle.
Under SFDR regulations the fund qualifies as an article 9 fund and will be available in Austria, Switzerland, Germany, Spain, Great Britain, France, Italy, Luxembourg, Liechtenstein, the Netherlands, Portugal, Sweden and Singapore.
Vontobel highlighted that, supported by a team of more than 40 investment and ESG specialists, Portfolio Managers Daniel Karnaus and Anna Holzgang make high-conviction decisions based on in-depth analysis of credit quality, green bond projects, relative-value and macro factors. The fund follows a disciplined investment process, whereby only a select number of green bonds are eligible for investment, resulting in a concentrated portfolio.
“Climate change is a real financial risk for investors, and green bonds provide an effective tool to address it. The fund’s impact is also measurable. For every 1 million euro invested in the fund, we estimate that we reduce carbon emissions equivalent to 492 t CO2 equivalent, or about 206 fewer passenger cars on the streets per annum”, says Karnaus.
Meanwhile, the Vontobel Fund – Sustainable Emerging Markets Debt invests mainly in government, quasi-sovereign and corporate bonds that demonstrate an ability to manage resources efficiently, as well as managing ESG risks. To find attractive opportunities, a proprietary ESG scoring model, based on a best-in-class inclusion as well as sectoral exclusion, is at the core of the investment process. Under SFDR regulations, the fund qualifies as an article 8 fund. The firm notes that this strategy is registered for sale in Austria, Switzerland, Germany, Spain, France, Italy and Luxembourg.
Supported by a team of nine emerging markets analysts and three ESG specialists, Portfolio Manager, Sergey Goncharov, focuses on optimizing the level of spread for a given level of risk. Utilizing an in-depth research and a proprietary valuation model, the team compares the risk vs return potential across issuer qualities, countries, interest rates, currencies and maturities within their investment universe to identify the most rewarding opportunities.
“As fixed income investors, a key part of our toolkit is our engagement with issuers. Engagement is extremely powerful in filling information gaps, particularly in emerging markets, where companies and countries may be less advanced in terms of ESG. A simple conversation can raise awareness and promote the importance of considering ESG risks among new issuers”, asserts Goncharov.
Pixabay CC0 Public Domain. Preqin compra Colmore, firma tecnológica de servicios y gestión de mercados privados
Ameriprise Financial has signed a definitive agreement with BMO Financial Group (BMO) to acquire its EMEA asset management business for 845 million dollars. The transaction is expected to close in the fourth quarter of 2021, subject to regulatory approvals in the relevant jurisdictions.
The firm has revealed in a press release that this all-cash acquisition adds 124 billion dollars of assets under management (AUM) in Europe. It will be a growth driver for Columbia Threadneedle Investments, the global asset manager of Ameriprise, and further accelerate the core strategy of the company growing its fee-based businesses and increase the overall contribution of wealth management and asset management within its diversified business.
Together with BMO’s EMEA asset management business, Ameriprise will have more than 1.2 trillion dollars of AUM and administration. The firm believes that the acquisition will add a substantial presence in the European institutional market for Columbia Threadneedle Investments’ and expand its investment capabilities and solutions. The addition of BMO will increase its AUM to 671 billion dollars and expand those in the region to 40% of total of the asset manager.
In addition, the acquisition establishes a strategic relationship with BMO Wealth Management giving its North American Wealth Management clients opportunities to access a range of Columbia Threadneedle investment management solutions. Separately, in the U.S., the transaction includes the opportunity for certain BMO asset management clients to move to Columbia Threadneedle, subject to client consent. Ameriprise expects the transaction to be accretive in 2023 and to generate an internal rate of return of 20%.
“We’ve built an outstanding global asset manager that complements our leading wealth management business and generates strong results. BMO’s EMEA asset management business will be a great addition to Columbia Threadneedle that will deliver meaningful value for clients and our business. This strategic acquisition represents an important next step as we expand our solutions capabilities, broaden our client offering and deepen our talented team”, Jim Cracchiolo, Chairman and Chief Executive Officer at Ameriprise Financial said.
Pictet Asset Management’s Asian Equities ex Japan strategy aims to invest in companies with sustainably high or improving cash generation and returns, which they think are undervalued and have a strong potential for growth. Find out how to capture the investment potential of Asia.
Reasons to invest in Pictet Asset Management’s Asian equities ex Japan strategy:
1. An inefficient market creates investment opportunities
Pictet Asset Management believes Asia ex-Japan is inefficient, as market participants often focus on the short-term over the long-term and earnings (which can be manipulated) over cash. Pictet Asset Management aims to capture investment opportunities primarily across two broad areas where they think the market is either underestimating:
structural growers – companies that are able to sustain their above average/above market growth rates and returns
companies that are going through an inflection – where temporarily depressed returns are extrapolated into the future
2. A focused approach
An active, research intensive investment process helps to identify the best investment opportunities. While Pictet Asset Management likes growth stories, they won’t overpay for them. Their investment philosophy incorporates a focus on cash generation whilst maintaining a strong valuation discipline. They believe a portfolio made up of companies like this should be able to outperform across market cycles.
3. Strong local knowledge and presence
The strategy is run by an experienced investment team including regional specialists based in Hong Kong. Together, they hold over 900 company visits a year.
Why invest in Asia ex Japan?
Asia is the fastest growing region in the world thanks to its highly diversified economies, its demographic advantages as well as structural reforms; and in Pictet Asset Management’s view is today far more resilient due to its better management of the pandemic. The region is also among the most advanced in terms of themes such as e-commerce and fintech with its companies investing more than many developed peers in research & development (1), which would drive future growth.
Asia is the fastest growing region in the world thanks to its highly diversified economies, its demographic advantages as well as structural reforms; and is today far more resilient due to its better management of the pandemic. The region is also among the most advanced in terms of themes such as e-commerce and fintech with its companies investing more than many developed peers in research and development, which should drive future growth.
Despite their superior growth potential, Asian assets are under-represented in investor portfolios. Pictet Asset Management believes Asian equities are attractive due to the strong earning potential of companies and attractive valuations, especially relative to developed markets.
A pick-up in global activity, better corporate earnings, and receding currency and debt risks across the region all contribute to a positive outlook. Against this backdrop, Pictet Asset Management continues to find companies with strong cash flow, earnings growth higher than the market and compelling valuations.
How Pictet Asset Management manages the portfolio
Pictet Asset Management has over 30 years’ experience investing in Asia equity markets, with offices throughout the region. They take an active approach believing that Asia equity markets are inefficient. Therefore fundamental analysis and judicious stock selection are paramount to success. Arguably this is now the case more than ever as markets open up to foreign investors and disruptive technologies rapidly change industries.
Pictet Asset Management seeks companies, with the best growth potential, using a valuation approach based on cashflow rather than simple earnings. Asia is a complex market and they also take into account Environmental, Social and Governance (ESG) criteria, making them multidimensional stock pickers. Finally, they believe this analysis is best achieved through meetings and engagement with company management using qualitative criteria to score businesses.
Notes:
(1) Source: Refinitiv Datastream, Pictet Asset Management, February 2021
Information, opinions and estimates contained in this document reflect a judgment at the original date of publication and are subject to risks and uncertainties that could cause actual results to differ materially from those presented herein.
Important notes
This material is for distribution to professional investors only. However it is not intended for distribution to any person or entity who is a citizen or resident of any locality, state, country or other jurisdiction where such distribution, publication, or use would be contrary to law or regulation. Information used in the preparation of this document is based upon sources believed to be reliable, but no representation or warranty is given as to the accuracy or completeness of those sources. Any opinion, estimate or forecast may be changed at any time without prior warning. Investors should read the prospectus or offering memorandum before investing in any Pictet managed funds. Tax treatment depends on the individual circumstances of each investor and may be subject to change in the future. Past performance is not a guide to future performance. The value of investments and the income from them can fall as well as rise and is not guaranteed. You may not get back the amount originally invested.
This document has been issued in Switzerland by Pictet Asset Management SA and in the rest of the world by Pictet Asset Management Limited, which is authorised and regulated by the Financial Conduct Authority, and may not be reproduced or distributed, either in part or in full, without their prior authorisation.
For US investors, Shares sold in the United States or to US Persons will only be sold in private placements to accredited investors pursuant to exemptions from SEC registration under the Section 4(2) and Regulation D private placement exemptions under the 1933 Act and qualified clients as defined under the 1940 Act. The Shares of the Pictet funds have not been registered under the 1933 Act and may not, except in transactions which do not violate United States securities laws, be directly or indirectly offered or sold in the United States or to any US Person. The Management Fund Companies of the Pictet Group will not be registered under the 1940 Act.
Pictet Asset Management Inc. (Pictet AM Inc) is responsible for effecting solicitation in North America to promote the portfolio management services of Pictet Asset Management Limited (Pictet AM Ltd) and Pictet Asset Management SA (Pictet AM SA).
In Canada Pictet AM Inc is registered as Portfolio Managerr authorized to conduct marketing activities on behalf of Pictet AM Ltd and Pictet AM SA. In the USA, Pictet AM Inc. is registered as an SEC Investment Adviser and its activities are conducted in full compliance with the SEC rules applicable to the marketing of affiliate entities as prescribed in the Adviser Act of 1940 ref. 17CFR275.206(4)-3.
Foto cedidaYves Perrier, consejero delegado de Amundi.. Amundi firma con Société Générale el acuerdo marco para la compra de Lyxor
Amundi declared in a press release that it has entered into exclusive negotiations with Société Générale for the acquisition of Lyxor for 825 million euros (755 million euros excluding excess capital) in cash.
The asset manager highlighted that the transaction would allow them to accelerate its development on the fast-growing ETF segment, while complementing its offering in active management, in particular in liquid alternative assets as well as advisory solutions.
The operation is expected to be completed by February 2022 at the latest, after consultation of the Works Councils, and subject to receiving the required regulatory and anti-trust approvals.
After this acquisition, Amundi will become the European leader in ETF, with 142 billion euros in assets under management, a 14% market share in Europe and a diversified profile in terms of client base and geography.
Founded in 1998, Lyxor is a pioneer in ETF in Europe and has 124 billion euros in assets under management. It is one of the key players in the ETF market, with 77 billion of assets under management and a 7.4% market share in Europe. Also, Amundi pointed out that it has developed a recognized expertise in active management, notably through its leading alternative platform.
“The acquisition of Lyxor will accelerate the development of Amundi, as it will reinforce our expertise, namely in ETF and alternative asset management, and allows us to welcome highly recognized teams of people. This acquisition is fully in line with the Crédit Agricole group’s reinforcement strategy in the asset gathering business. It will also further reinforce the business relationships with our historical partner Société Générale. Finally, by creating in France the European leader in passive asset management, it will contribute to the post-Brexit positioning of the Paris financial centre”, said Yves Perrier, Chief Executive Officer of Amundi.
Lastly, Valérie Baudson, Deputy Chief Executive Officer, claimed that they are looking forward to welcoming the “talented teams” of Lyxor. “The combinations of our strengths will allow us to accelerate our development in the ETF, alternative asset management and the investments solutions segments”, she added.
Foto cedidaTim Ryan, consejero delegado de Natixis IM.. Tim Ryan, nuevo consejero delegado de Natixis IM
Tim Ryan, former CIO at Generali, has been appointed member of the Natixis senior management committee in charge of Asset & Wealth Management, and CEO of Natixis Investment Managers, effective April 12th. He will succeed Jean Raby, who has decided to pursue another professional opportunity, revealed Natixis in a press release.
Ryan started his career in the asset management industry in 1992, working in quantitative research and equity portfolio management in an HSBC subsidiary. In 2000 he joined AXA, where he broadened his experience as Head of Quantitative Asset Management before becoming Chief Investment Officer for the insurance business in Japan in 2003 and subsequently for Asia. In 2008, he was appointed Chief Executive Officer in charge of various regions (Japan and EMEA) for AllianceBernstein’s US asset management subsidiary. In 2017, Ryan joined Generali as Group Chief Investment Officer for insurance assets and Global CEO of Asset & Wealth Management.
“I would like to warmly thank Jean Raby for his remarkable work over these past four years. Under his leadership, Natixis Investment Managers has asserted its position as a world leader in asset management with assets under management of more than 1.1 trillion euros and has built out its commercial offer with new affiliate asset managers and new areas of expertise. I am pleased that Jean will remain at my side over the coming weeks to ensure an efficient transition”, commented Nicolas Namias, CEO of Natixis and Chairman of the Board of Directors of Natixis IM.
He also said that, as they prepare to launch their new strategic plan for the period to 2024, he is “delighted” to welcome Ryan to drive forward their “robust momentum” across their Asset & Wealth Management businesses, develop their multi-affiliate model to serve their clients and enhance their ESG strategy. “Ryan’s in-depth knowledge of the asset and wealth management businesses, together with his international experience, leadership and business development skills, will be key advantages for Natixis and our Group”, he added.
