The long-term success (or otherwise) of the Eurozone’s first go at quantitative easing is still up for debate. Nevertheless, it was an instant hit in some quarters and now hints from Mario Draghi, president of the European Central Bank (ECB) have its fans clamouring for more, says Aberdeen Standard Investments in a recent analysis.
Why does the Eurozone need a sequel?
In the decade since recovery from the global financial crisis, the Eurozone’s economy has grown at only a very slow pace, peaking at a year-on-year rate of 2.8% in the first quarter of 2011 and the fourth quarter of 2017. Figures for the first three months of 2019 show expansion of just 1.2% and more recent data are pointing at a sharper slowdown to come. Inflation in the region has also been determinedly sluggish.
Couple these with faltering German industrial production and the bloc’s position in the middle of the US-China trade dispute and it’s easy to see why the ECB recently downgraded its growth and inflation expectations to levels that highlight the need for more stimulus.
It now expects growth of 1.4% next year, above Aberdeen Standard Investments’ expectations of 1.1%. Its inflation predictions for 2020 and 2021 are 1.4% and 1.6% respectively. Again, based on the amount of spare capacity in the Eurozone economy, “we think these forecasts are too high”, says the analysis.
In June, the ECB stopped short of a rate cut, but Draghi stated that “additional stimulus will be required” if economic performance continues in the same vein. Since his speech in Sintra, markets have moved quickly to price in a sharp slowdown in inflation. An important gauge of inflation expectations, the five-year forward five-year German inflation swap at 1.2% is now well below the central bank’s forecast of 1.6% in 2021.
In the past, such low expectations have triggered asset purchases from the ECB. Since the ECB needs to generate confidence in its ability to reach and maintain inflation at 2%, it’s very likely that, once again, QE will be a key part of its approach to raising inflation expectations.
Which assets will benefit from it?
Already, government bond yields are collapsing to lower levels. Negative-yielding debt is valued at $15.2 trillion globally. This trend is likely to continue and, with the ECB forecast to cut the deposit rate once again, a move towards -0.5% for 10-year bunds cannot be ruled out. Investors’ search for yield, therefore, is leading them increasingly to longer-dated corporate bonds.
This should continue to support European credit, which has performed well over the first half of 2019. It is expected to continue to do so, supported by strong returns from government debt and a narrowing spread.
This dynamic is also likely to lift UK credit – European issuers make up just over 20% of the UK market. As the yield hunt intensifies, subordinated financial and non-financial hybrid bonds could also do well.
This time, it’s different…
There are also likely to be some subtle differences from QE’s first European outing. The ECB might adjust its self-imposed maximum limit on how much it can purchase from each government. If it does, it might choose to make 50% of the total purchases from the German market.
And because it will be keen to avoid political fallout from buying too many bonds from countries such as Italy, corporate bonds could get a much higher billing this time around. “It still seems unlikely that the ECB will buy financial bonds, though”, says Aberdeen Standard Investments.
The search for yield continues
While European corporate bonds have their attractions, it’s important that UK investors don’t forget what is driving the need for this second instalment of quantitative easing in the Eurozone. The region’s troubles also put a spotlight on slowing UK growth and the increasing risk of recession.
It is not an environment in which credit would typically thrive. “We are looking to add to funds companies that have proven track records of coping well in downturns. Good asset quality and good governance are among the best indicators of star quality”, concludes the analysis.
PxHere CC0. Riesgo en Inversiones Privadas, Parte 1: “Cuál es el rendimiento esperado?”
Potential investors always ask the all-important question – what is the expected return? And if the answer is appealing in today’s low yield environment, the other important questions become less important to most investors.
However, the smartest investors follow up with the most important question – how do you make that return? The answer is often a multi-faceted one and should inform of the investment decisions. Is the return driven by excessive use of leverage, to make up for the high auction price paid for the company? Is the return driven by a multiple expansion assumption, which late in an economic cycle is not a solid bet? Is the return driven by the hope of an IPO with a too-lofty expected valuation? Or is the return driven by genuine value creation: company building, exploiting an inefficient market, not paying high entry prices, using truly conservative assumptions, applying unwavering operational discipline, and in some cases, very responsible use of low cost, fixed rate leverage which under no circumstances can implode the company?
Private investors demand quality and most demand a track record, but how deeply do they look beyond the brand name of the firm and the expected return numbers presented in the marketing materials? Do they perform a multi-dimensional attribution analysis? Do they reference the partners to understand if they truly led the value creation process? Do they deeply reference the sourcing process to understand if it was and will be sustainable and repeatable, or did they just get lucky? Do they meet with the teams and take the time to understand how specifically they add value? Is due diligence completed only by reading documents in the data room, or is there more that is done beyond the customary 2-4 week process most investors have?
Deep down in our hearts we all know what the right answers are to these important questions and we also know it is truly difficult to find those private fund strategies that truly do things the right way, without cutting corners, and do not take excessive risk to deliver a promised return. We just have to find them. And they do exist.
These fund managers may not visit you with their polished sales forces and menu of funds that they will make available to you. They may not send their founders on their private jets to dine with you and make you feel special with the expectation that you will invest. They may not even have a name you recognize. And they may not know who you are because the only thing they are focused on is their investment portfolio.
To find the lower risk, appealing return strategies, we must first ask the hard questions and eliminate the strategies that, by their actions, increase risk instead of mitigating it. Then we must find the inefficient sectors and sub sectors, the dislocated markets that will depend on private capital to thrive. If successful, we must then identify and vet the best and most experienced managers within those sub sectors to make certain we understand how they create value, how they avoid risk, and what they do when things go wrong. Only after we know these things, can we entrust our own and our clients’ AUMs to their stewardship. There is a better way to invest in risk mitigated private investments. The process is not easy, but well worth it in the long run.
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
Investment Placement Group announced the addition of Eugene Bodden as a Senior Trader based in Miami, FL. Eugene is a 20 year veteran of the financial services industry.
“Eugene is an incredible addition to our team. he is already making an immediate impact within our firm, creating more value and efficiency in our process by leveraging his deep knowledge and experience in the financial industry. We’re excited to have someone with his breadth and depth of knowledge on our team.” says Adolfo Gonzalez-Rubio, CEO.
Prior to joining IPG, Eugene held trading and sales positions with responsibilities for institutional and private banking clients with various mid-sized broker dealers. He had previously worked with a team to managed and advised high-net-worth clients for Bank of America Investment Services, Latin America Private Banking unit. Eugene spent the first seven years of his career with Citigroup Global Markets Inc., where he was a member of the Latin America Debt Capital Markets team (under Salomon Brothers); as well as sales associate for the Emerging Markets Sales Desk, covering more than 100 institutional accounts.
Eugene earned his Bachelor’s degree, cum laude, from Baruch College, The City University of New York. He holds FINRA Series licenses 7, 24, 55, and 63.
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.
