In 2020, investments in alternative investments made by the AFOREs continued with their dynamism from previous years, with more attention going towards global allocations rather than local ones. While in 2020 investments in local private equity through the CKDs meant total commitments of 1.1 billion dollars; Global investments through CERPIs were practically double, reaching 2.1 billion dollars. In 2020, 5 CKDs and 17 CERPIs were issued.
Through 49 CERPIS the AFOREs ended 2020 with 9.7 billion dollars of committed capital, where only 25% have been called. In 2018, the year in which global alternative investments were authorized for the AFOREs, the committed capital reached almost five billion dollars; a year later (2019) another 2.4 billion dollars were added and in 2020 another 2.1 billion dollars were added, managing to maintain commitments above 2 billion dollars in the last two years.
The capital called barely reaches 2.4 billion dollars at the end of 2020 and its evolution has been gradual in recent years. In 2018 they were called 1.4 billion dollars; In 2019, 668 million dollars were added and in 2020 another 302 million dollars, so there would be still to call 7.3 billion dollars to channel them to global private equity projects.
These investments have been directed to the fund-of-funds sector, which represents 80% of the resources raised, followed by the private equity sector with 11% and the infrastructure sector with 7%. It is highly likely that the fund of funds sector has a diversity of sectors and projects, as this information is not public.
The assets under management of the AFOREs ended the year at 237 billion dollars, of which 5.7% are alternative investments, both local and global. Global investments barely mean 1% at market value or 4% if the committed resources are considered.
The assets under management of the AFOREs increased 12% in dollars in 2020, going from 211.8 to 237.2 billion dollars, which means 20.4% of GDP. It is interesting to observe that while in 2019 the local and global alternative investments of the AFOREs were 6.1%, a year later they had a slight decrease to end at 5.7%. Although there was a small decline from one year to the next, the growth in assets under management caused the percentage to drop and this is precisely what will give these investments greater dynamism by seeking competitive risk-adjusted options.
Preqin, the leading global private equity fund analyst, estimates the alternative asset industry will continue to grow and reach more than 17 trillion by 2025, which means registering a compound annual growth rate of 9.8% (CAGR rate) and a general increase of 60%.
Preqin believes that the private equity and private debt sectors will be responsible for driving the growth of alternative assets over the next five years, registering an increase in their assets under management of 16% and 11% annually. In fact, he points out that private equity will end up representing 53% of the alternative investment industry by 2025.
For 2021, AFOREs could be expected to maintain the dynamism of global investments at 2 billion dollars as seen in recent years.
Foto cedidaJim Leaviss (M&G), gestor del fondo M&G (Lux) Global Macro Bond y CIO de renta fija en M&G Investments.. Jim Leaviss (M&G): “El entorno de bajos tipos de interés representa el mayor reto para los inversores en renta fija”
Jim Leaviss, CIO of Public Fixed Income at M&G Investments, has over 30 years of experience in the industry, so he’s basically seen it all. That’s why in this interview we discussed with him the current environment and potential investment opportunities in the fixed income market.
Question: Low rates, negative yields on government bonds, inflation, purchase programs, increased defaults… What is the main challenge for fixed income managers?
Answer: The low interest rate environment arguably presents the greatest challenge for fixed income investors, although through a flexible and diversified approach we believe it is possible to capture attractive pockets of value across global bond markets. With this flexibility, we can constantly reassess relative value, ranging from government bonds and inflation-linked securities, to all segments of corporate bonds and emerging market debt.
Q: Looking ahead to preparing portfolios for 2021, in which fixed income assets do you see value? And by geographic area?
A: We continue to hold a constructive view on long-term valuations in emerging debt markets on a selective basis, given factors such as the real yields available in many developing countries. In addition, the backdrop of low or negative yields in developed markets has helped to underline the attraction of higher yields that can still be found among emerging market bonds. While default rates in emerging markets may be expected to rise, we believe that opportunities can still be found that offer adequate compensation for default risk. We would also note emerging markets continue to compare favourably versus developed nations on considerations such as economic growth forecasts and debt-to-GDP ratios.
Q: Considering the M&G (Lux) Global Macro Bond Fund, we see that you use currency exposure to generate returns, but also to reduce risk. Could you explain this strategy and how it is translated into portfolio exposure?
A: We consider currency investing to be a natural extension of bond investing which provides the potential to add value to performance. Within our currency approach, we examine the relative attractiveness of different currencies, analyzing indicators such as capital flows, economic growth, current account balances, monetary policy, and valuation metrics such as real effective exchange rates and purchasing power parity. In doing so, we seek to weigh up the relative values of currencies and assess how they may change.
The outcome of this process is that we only hold currencies that we expect to perform well. Relevantly, a diversity of factors typically has driven performance across global currency markets. Some currencies, such as the Norwegian krona and Canadian dollar, have tended to correlate positively to the oil price and to inflation. This may lead us to hold them in conjunction with inflation-linked bonds as we seek to increase the fund’s inflation sensitivity. Other currencies, such as the US dollar and Japanese yen, are typically viewed as ‘risk-off’ currencies that have tended to do well in times of market stress. Through such considerations, we always view currencies within the context of the other assets held in the portfolio, and approach currency positioning not only as a means to try to generate returns, but also as a way to manage and diversify risk.
Q: In the long term, how would a return to normal life and central banks being less active in the bond markets affect fixed income?
A: We think the encouraging developments regarding the COVID-19 vaccine will undoubtedly help to accelerate a return to normality and we could see a strong rebound in economic activity this year. This could have significant implications for the direction of travel in fixed income markets. For example, we think negative US interest rates now look unlikely, and we would expect the next move in rates to be up rather than down. For these reasons, we are staying cautiously positioned from a duration perspective.
At the same time, we believe many of the long-term trends that have driven yields lower over the past 30 years remain in place (such as ageing populations, technological developments and globalization), so we would not expect to see any significant rise in government bond yields. We will therefore remain flexible and look for opportunities to add duration where we see attractive value.
Q: How are fixed-income portfolios adapting to this low-for-long interest rate horizon?
A: As outlined above, we believe a flexible approach will be key to adding value in an environment of long-term, low interest rates. While we view the vaccine arrival as a positive development, the global economy still faces significant challenges. We therefore remain fairly defensive positioned overall, with a sizeable allocation to government debt. We have also been reducing our allocation to corporate bonds -especially high yield credit- given the recent tightening in credit spreads and continued economic difficulties caused by the pandemic. However, we believe there is still value to be found within global bond markets, and we maintain a constructive outlook on a number of emerging markets.
Q: In this sense, will we return to normal monetary policy or are we at an impasse? Which assets will suffer in a rate hike scenario?
A: We believe the world’s central banks will continue to support bond markets, whether through low interest rates or through an extension of their QE programs. While we think a modest rise in interest rates is possible as economic growth picks-up next year, we would not expect rates to return anywhere close to their historic levels. In this respect, we are not expecting a return of ‘normal monetary’ policy any time soon. While we remain cautiously positioned from a duration perspective for the time being, we could well take advantage of any future rise in yields to add some duration risk where we see value.
Q: Some analysts are suggesting that by the second half of 2021 we will see a bit of inflation. What is your outlook? Should we hedge portfolios for a possible increase in inflation?
A: In the near-term, the pandemic appears to have had a deflationary impact, with significantly reduced demand more than offsetting any supply factors. We do think inflation is likely to pick-up this year as economies reopen and consumers start to spend again. We are also mindful of the potentially inflationary impact of huge levels of fiscal stimulus from government around the world. For these reasons, we maintain some inflation-linked exposure, such as an allocation to US TIPS which we believe provide an attractive way to hedge against higher US inflation. That said, we believe many of the underlying forces that have kept inflation low for the past couple of decades remain in place and our base case scenario is for inflation to remain relatively subdued for the next few years.
Pixabay CC0 Public Domain. Regnan lanza el fondo Global Equity Impact para inversores pertenecientes a la Unión Europea
Regnan, the responsible investment management business affiliated with JO Hambro Capital Management (JOHCM), has announced the launch of the Regnan Global Equity Impact Solutions Fund (RGEIS) for EU-based investors. The firm has also appointed Freeman Le Page as Portfolio Specialist.
In a press release, the asset manager revealed that the strategy will be available via Regnan’s Dublin-domiciled OEIC fund range. This comes after the launch of vehicles for UK and Australian-based investors in October and December 2020 respectively.
The fund aims to generate long-term outperformance by investing in mission-driven companies that create value for investors by providing solutions for the growing unmet sustainability needs of society and the environment, using the 17 United Nations Sustainable Development Goals (SDGs) and their 169 underlying targets as an investment lens. Regnan also pointed out that it is a high conviction, diversified, global multi-cap fund with a strong emphasis on driving additional impact through engagement.
An annual management charge of 0.75% will apply for the Dublin-domiciled fund’s ‘A’ share class, with euro, unhedged and hedged, sterling and US dollar share classes available, subject to a minimum £1,000 investment, or currency equivalent. Furthermore, founder investors can take advantage of a seed share class featuring reduced fees and an expense ratio cap.
A new portfolio specialist
The asset manager also announced the appointment of Freeman Le Page as Portfolio Specialist. He joins from Newton Investment Management where he was SRI Client Director, managing accounts for investors with responsible investment mandates. Based in London, Le Page will be supporting Regnan’s investment strategies and the growth of the business in this newly created role.
Led by Tim Crockford, the Regnan Equity Impact Solutions team are pioneers in impact investing in public equity markets. The team previously managed the Hermes Impact Opportunities Equity Fund, which Crockford launched in December 2017.
“We are excited to bring the fund to European investors after the launch of our UK and Australian funds last year. We are seeing increasing interest in public market impact investing across Europe. Investors are being drawn to an approach that promotes long-term investment in companies providing solutions to the environmental and social problems facing the world while at the same targeting an index-beating return”, Crockford said.
Pixabay CC0 Public Domain. SKY Harbor transforma todas sus estrategias en sostenibles
SKY Harbor announced in a press release the transformation of all of its investment vehicles into ESG funds. Additionally, two of these US high yield strategies are widening their potential investment universe by incorporating non-dollar issuers and are thus becoming global.
The asset manager highlighted that it has long been supporting high yield investors in their quest to integrate sustainability into their risk-taking. As a further evolution of this commitment, all three sub-funds of the SKY Harbor Global Funds Sicav –totaling over 2.8 billion dollars of assets under management– are now effectively embedding sustainable investment principles.
“The below investment grade issuer universe is not well-positioned for the transition to a more sustainable economy given that in many cases they have secularly or cyclically challenged business models and lack the scale that would be supportive of a pivot to more sustainable products, processes and behaviors. We do, however, believe that supporting the companies where the commitment is sincere is our duty as responsible asset managers. Furthermore, we are convinced that investments in companies that position themselves for a more sustainable economy will deliver higher returns with lower risk over time”, said Hannah Strasser, founder and CEO of SKY Harbor.
The asset manager pointed out that, consequently, now the entire SKY Harbor Global Funds Sicav is complying with the latest and most stringent regulatory developments within the European Union, notably meeting the “significantly engaging” criteria from the French AMF doctrine. This means that eligible bond issuers will be measured by their transparency and disclosure of key climate-related risks, commitment to the communities in which they operate, focus on governance, health and safety, and policies and commitments around diversity and inclusion. All in all, “exposure to sectors and industries that are deemed to have unsustainable characteristics is minimized“, they said.
Further proof of its commitment is that all the commingled funds that SKY Harbor is either managing or sub-advising in Europe, in the US and in South America, which account for the majority of their assets under management, are about to implement such a Sustainable investment approach.
Pixabay CC0 Public Domain. ¿Se volverá su cartera artificialmente inteligente?
Ever since the first computers were designed, people have envisioned machines working to serve humanity. Many fundamental obstacles to that vision today have been overcome through innovation, creating a society where artificial intelligence (AI) is increasingly integral to our lives. For investors, the question now is how to position their portfolios to benefit from what many are calling the Fourth Industrial Revolution.
AI is using machines to understand, learn, and act on inputs from data being generated by an ever-growing number of digital devices, from smart watches to sensors monitoring livestock. AI finds patterns that humans can turn into insights, creating a feedback loop so machines can learn. What does this mean to investors? In our view, it means that businesses will be more productive and profitable.
This creates, in our view, a significant opportunity for investors. Advances in digital technology, including AI, have been so great lately that economist Tyler Cowen, author of The Great Stagnation, has said that total factor productivity (TFP) could reach record highs in 2021 after a decade of stagnating. Cowen is not alone seeing a bright future. A World Economic Forum report published in October wrote, “As the economy and job markets evolve, 97 million new roles will emerge… (largely) in fourth industrial revolution technology industries like artificial intelligence.” The report said that the most successful firms will be those that “reskill and upskill” workers to leverage AI and other digital advances.
Investors seeking to find potential winners can start by grouping AI companies into three categories; firms advancing AI technologies that can be sold as platforms and/or services; firms deploying AI to give them a competitive advantage; and, companies that are using AI to disrupt entire industries.
AI is fundamentally about making sense of large volumes of data, a challenge that naturally favors some data-intensive industries. For example, the Information Technology and Communications sectors have embraced AI to develop personalized services. Manufacturers use AI to advance factory automation and financial services firms use algorithms to develop new products. Some financial firms use AI to assess corporate Environmental, Social and Governance actions, using the technology to improve risk management and, potentially, the performance of portfolios.
Investors can also find AI innovators within various investment themes. Smart City projects use AI to create solutions for such challenges as reducing congestion and crime. Within the Internet of Things theme, innovative firms are adding more and more computing form factors to gather the data, adding devices in everything from refrigerators to farming irrigation systems and manufacturing supply chains.
In 2020, AI became more important as companies embraced digital transformation, using AI-enabled cloud solutions to better engage their customers, especially remotely. Part of this digital evolution has involved advances in cybersecurity. AI could be called the “arms merchant” of cybersecurity; helping create solutions to protect firms against cyberattacks and being used by hackers to find vulnerabilities. As more economic value comes online, firms advancing AI-enabled cybersecurity solutions should benefit.
AI is also increasingly important in the medical and pharmaceuticals sectors. That was evident in 2020 as AI technology rapidly sequenced the COVID-19 virus, facilitating an efficacious vaccine in a matter of months rather that the decade such an effort could otherwise have taken.
As AI becomes ubiquitous, the lines between sectors are blurring. Whether a certain firm is considered an automaker or a tech company may be a question of perspective. These blurring lines expand the opportunity set for investors that are willing to identify the firms that are making smart investments in AI to differentiate their products in ways that could facilitate a growing profits and market share.
The leadership of individual firms is also crucial. Investors should seek to identify the leaders with the courage to make the financial and cultural investment needed to leverage AI to gain market share, shift profits higher and to increase their share of overall industry profits.
Investors should monitor some key risks. There is a growing consensus that regulations may be needed to slow fake news and hate speech that can undermine democratic institutions. However, such regulations could benefit social networks if those new rules held people propagating hate speech, or fake news, legally responsible for the damages caused by their actions. Such rules, coupled with algorithms promoting reputable content, could ultimately improve social media for the common good.
Similarly, as data proliferates, privacy is another concern that may become even more acute as new technologies such as facial recognition become commonplace, suggesting a need for more rules.
Developing the appropriate legal framework should help the industry grow by removing a key risk to the outlook. Meanwhile, many questions remain: Who should be responsible when an intelligent medical X-ray machine produces an erroneous diagnosis—the radiologist, the hospital or the maker of the X-ray machine’s software? Similar legal issues must be resolved with self-driving cars, an area where progress has been much faster pace than I expected.
Beyond its investment potential, AI can help take the robot out of ourselves by eliminating all manner of mundane tasks, in the end, leaving investors with more time to enjoy the fruits of their labor.
Column by Sebastian Thomas, Lead Portfolio Manager for Global Artificial Intelligence at Allianz Global Investors
Foto cedidaPaul Schofield, nuevo director del equipo de renta variable sostenible y de impacto de NN IP. . Paul Schofield, Jeremy Kent y Pieter van Diepen se unen al equipo de renta variable sostenible y de impacto de NN IP
NN Investment Partners (NN IP) announced in a press release the strengthening of its sustainable and impact equity team with senior appointments. Specifically, Paul Schofield, Jeremy Kent and Pieter van Diepen will be the ones to join the company as of 1 April and will be based in London and The Hague.
The asset manager revealed that Schofield has been appointed Head of Sustainable & Impact Equity, leading a team of 19 experienced investment professionals. He brings over 20 years of experience in equity investing and joins from Allianz GI, where he was Lead Portfolio Manager of the Sustainable Equity range alongside several other global equity strategies. At NN IP, he will report to Jeroen Bos, Head of Specialised Equity and Responsible Investing.
Meanwhile, Kent has been appointed senior portfolio manager of NN IP’s Sustainable Equity funds. With 13 years of experience, he also joins from Allianz GI, where he held the role of senior portfolio manager for the global sustainable equity strategies. Kent will report to Schofield. They both had a seat on Allianz GI ESG committee and its Proxy Voting committee.
Lastly, Van Diepen has been appointed NN IP’s Head of the Sustainable and Equity analyst team, consisting of seven buy-side analysts and two data scientists. He will also take on the role of senior analyst on the FinTech and Financial Inclusion value chain and will report to Schofield. With over 12 years of experience in financial markets, Van Diepen joins the firm from Aberdeen Standard Investments where he held the role of Investment Director within the global equities team.
Furthermore, the team is adding 3 new members: Giovanna Petti, analyst of Environmental Solutions & Materials; Dirk-Jan Dirksen, analyst of Digital Transformation; and Jeff Meys, dedicated to Consumer Trends.
“We are very pleased to welcome 6 new members to our team. Paul, Jeremy and Pieter bring a wealth of experience and knowledge in equity investing and sustainability to NN IP and are fully aligned with our responsible investment philosophy”, said Jeroen Bos, Head of Specialised Equity & Responsible Investing at NN IP.
In his view, they are well-positioned to directly add value to their sustainable and impact equity investment processes, benefitting their clients. “These appointments clearly underline our ambition to maintain our leadership position in responsible investing, an area where we have a strong and longstanding heritage and where we will continue to invest”, he concluded.
Pixabay CC0 Public Domain. Bloomberg y Rockefeller AM lanzan índice de mejora de ESG
Bloomberg and Rockefeller Asset Management announced the launch of the Bloomberg Rockefeller U.S. All Cap Multi-Factor ESG Improvers Index, available through the Bloomberg Terminal. The index combines Bloomberg’s renowned risk model, data, and index capabilities with 40 years of ESG expertise from Rockefeller AM.
Both firms pointed out in a press release that, unlike other ESG indices that emphasize screening around ESG leaders or laggards, this one ranks a company’s improvement in performance on material ESG issues relative to industry peers. It also combines the Rockefeller ESG Improvers ScoreTM, an uncorrelated and proprietary alpha enhancing factor, with quality and low volatility factors to pursue outperformance over traditional market-cap weighted indices with low tracking error and minimal sector or other factor deviations. They also stated that another distinctive aspect of the index is that it incorporates shareholder engagement techniques that help create shareholder value and catalyze positive change.
“We believe that investors will increasingly differentiate between ESG leaders and improvers – firms showing the greatest improvement in their ESG footprint. And that the latter offers a greater potential for generating uncorrelated alpha over the long-term,” said Casey Clark, Managing Director and Global Head of ESG Investments at Rockefeller Asset Management.
Meanwhile, Alan Campbell, Head of Index Product Management at Bloomberg, claimed that institutional investors are focusing now on underlying ESG factors and trends, so they are expanding their index offering to include ESG improvers. “Together with Rockefeller we are providing investors with a product that captures high quality and low volatility companies that exhibit positive ESG momentum.”
Lastly, Chip Montgomery, Managing Director and Head of Business Strategy & Corporate Development at Rockefeller AM highlighted that given Bloomberg’s history as a multi-asset index provider, and their experience in the ESG space, they “felt this was a natural partnership to bring ESG Improvers benchmarks to the market”.
Ignacio de la Maza, Janus Henderson Investors. Ignacio de la Maza, Janus Henderson Investors
Janus Henderson Investors is delighted to invite you to the first in a three-part series of virtual events for 2021, with the Invested in Connecting Fixed Income Forum taking place on Thursday 4 February.
2020 was a turbulent, uncertain and volatile year. As we enter 2021, the Fixed Income Forum aims to capture and review a range of perspectives through a thoughtful and dynamic analysis of market events.
The day will feature our Fixed Income specialists as they analyze dominant themes we see across global markets, the importance of ESG in the investment process, as well as how they expect to position their portfolios for the new year ahead.
With 100 minutes of live sessions as well as on-demand videos from our Portfolio Managers, we aim to offer you engaging and insightful updates from the team through HEDx talks, market outlooks and live debates. All content will also be available to watch on the platform for up to one month after the event.
Janus Henderson Investors is also pleased to offer simultaneous translation in French, German and Spanish during the live sessions.
If you would like to attend, you can register for this event at this link.
13:30 GMT | 14:30 CET |10:30 CLST | 08:30 EST – Virtual platform opens
14:00 GMT | 15:00 CET | 11:00 CLST | 09:00 EST- Welcome – Ignacio De La Maza, Head of EMEA Intermediary and LatAm
14:05 GMT | 15:05 CET |11:05 CLST | 09:05 EST – Market Outlook – Jim Cielinski, Global Head of Fixed Income
14:25 GMT | 15:25 CET |11:25 CLST | 09:25 EST – The Importance of ESG –Paul LaCoursiere, Global Head of ESG Investments
14:40 GMT | 15:40 CET |11:40 CLST | 09:40 EST – The ‘reflation trade’ — is 2021 the beginning or the end of the move – Jenna Barnard, Co-Head of Strategic Fixed Income –The consensus for the reflation trade has gained strong momentum in recent weeks, as bullish investors have rotated towards inflation protection since late last year, further boosted in January by the Democratic win in the US Senate, which is likely to lead to much larger fiscal stimulus over the next few months. Is the trend likely to persist? Jenna Barnard, Co-Head of Strategic Fixed Income will share her views on the subject.
14:55 GMT | 15:55 CET |11:55 CLST | 09:55 EST – Break
15:05 GMT | 16:05 CET | 12:05 CLST | 10:05 EST Trust – the most important commodity in finance – Nick Maroutsos, Head of Global Bonds – Bond markets revolve around trust. We lend money in the expectation that borrowers will repay us, with interest. In this HEDx talk, Nick Maroutsos, Head of Global Bonds, explores why trust is pivotal to the successful functioning of fixed income markets from the smallest borrower through to the broader macroeconomic system and why it is particularly pertinent in 2021.
15:20 GMT | 16:20 CET | 12:20 CLST | 10:20 EST – The Hunt for Yield – Fixed Income Panel Debate– Jennifer James, Emerging Market Debt, Tom Ross, Global / European High Yield, and John Pattullo, Co-Head of Strategic Fixed Income. Moderated by Lucy Hockings, BBC News Presenter.
15:50 GMT | 16:50 CET | 12:50 CLST | 10:50 EST – Conclusion and event close – Ignacio De La Maza, Head of EMEA Intermediary and LatAm
Foto cedida. S&P Dow Jones Indices y la Bolsa de Santiago lanzan el Índice S&P IPSA ESG Tilted
S&P Dow Jones Indices, the world’s leading index provider, and the Santiago Exchange, announced last January 20th the debut of the S&P IPSA ESG Tilted Index, the latest in S&P DJI’s growing family of global ESG indices based on some of the world’s most highly tracked regional and country-specific benchmarks.
The index uses rules-based selection criteria based on relevant ESG principles to select and weight its constituents from the S&P IPSA, Chile’s headline stock index, measuring the performance of the largest and most liquid stocks listed on the Santiago Exchange.
The objective is to give investors core exposure to the Chilean equities market while providing a significant boost in ESG score performance.
“Last year, ESG undeniably asserted itself as an essential strategy for the mainstream investor as the COVID-19 pandemic and social justice issues put the importance and relevance of corporate sustainability data and principles firmly in the spotlight,” said Reid Steadman, Managing Director and Global Head of ESG Indices at S&P DJI.
“We are thrilled to work with the Santiago Exchange to continue expanding our ESG strategy in Latin America with launch of the S&P IPSA ESG Tilted Index.
This new index will be a useful tool for investors looking to bring ESG principles into the core of their investment portfolios with the goal of attaining performance largely in line with the Chilean equity market.”
“Sustainability is a strategic cornerstone for the Santiago Exchange and the basis for our mission to publicize, disseminate and promote ESG best practices. As capital market articulators, by launching this new index we seek to encourage companies to manage ESG factors with the highest standards, while providing tools for better investment decision-making in order to boost the sustainable development of the market, and to allow Chilean issuers to position themselves globally”, said José Antonio Martínez, CEO of the Santiago Exchange.
Index Methodology
The S&P IPSA ESG Tilted Index starts with all constituents in the S&P IPSA. Companies involved in controversial weapons, tobacco, thermal coal, and companies with disqualifying United Nations Global Compact scores are excluded.
Remaining eligible companies are then weighted within their respective GICS Sectors by their S&P DJI ESG Score resulting from the Corporate Sustainability Assessment (CSA). Companies with relatively high or low S&P DJI ESG scores are overweighted or underweighted within their GICS Sector all while maintaining the same sector balance as the parent index, the S&P IPSA.
By maintaining sector neutrality with the eligibility universe, the index provides significant additional
exposure to ESG factors while maintaining relatively low tracking error with the broader market.
At launch, the S&P IPSA ESG Tilted Index will have the following 26 constituents:
Foto cedidaMichaela Collet Jackson, directora de distribución para Europa, Oriente Medio y África de Columbia Threadneedle.. Columbia Threadneedle nombra a Michaela Collet Jackson directora de distribución para Europa, Oriente Medio y África
Columbia Threadneedle Investments has announced in a press release the appointment of Michaela Collet Jackson as Head of Distribution EMEA (Europe, the Middle East and Africa). Previously in BlackRock, she will take over her new role next March 22.
Collet will lead Columbia Threadneedle’s regional Sales and Client Service functions across Wholesale, Institutional and Insurance channels. Reporting to Nick Ring, CEO EMEA, she will join the firm’s regional leadership team and primary governance bodies.
“We look forward to Michaela joining Columbia Threadneedle to lead our UK, European and Middle East Sales teams and drive our distribution capability across client channels. Michaela is a results-focused leader who brings excellent experience in distribution strategy and execution, sales management and client relationship roles. She has an outstanding record of achieving growth through a highly effective combination of strategic direction, team leadership and client-focused organisational structure”, Ring said.
He also highlighted that Collet joins the asset manager at an “exciting time”, as they have consistently strong investment performance, a broad array of strategies across all major asset classes and experience creating bespoke solutions for their clients. “Under Michaela’s leadership we are well positioned to build deeper relationships, serve more clients and grow our EMEA franchise“, he added.
Michaela has over 18 years’ experience in the asset management industry in Europe. She joined Barclays Global Investors (BGI) in 2005 and later BlackRock in 2009 (when it acquired BGI), where she progressed through a number of distribution roles including iShares Business Development lead for international and private banks in the UK and Switzerland, Sales Director for the Nordic Institutional business, Head of Nordic Retail and Head of Solutions & Partnerships for EMEA Retail. In April 2020, she became Managing Director and Deputy COO for the EMEA Distribution business.
