GAM Investments Forms Alliance with Swiss Re to Strengthen Catastrophe Bond Strategies

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GAM Investments and Swiss Re’s insurance-linked securities investment advisor, SRILIAC (Swiss Re Insurance-Linked Investment Advisors Corporation), are now teaming up to offer investors catastrophe bond strategies.

The goal is to offer investors Swiss Re’s deep reinsurance and catastrophe bond investment expertise alongside GAM’s institutional knowledge in the space.

Catastrophe bonds, which transfer natural disaster insurance risk—such as hurricanes and earthquakes—to investors, continue to attract attention for their ability to generate fundamentally uncorrelated returns relative to traditional markets.

“This type of strategy isn’t about chasing big windfalls,” explained Dan Conklin, who leads Americas capital raising for SRILIAC, during the launch event held in Brickell. “It’s about smartly managing risk and mitigating downside. That’s how consistent returns are built over time,” he added.

Swiss Re, a pioneer in the catastrophe bond market since the 1990s and one of the world’s largest reinsurers, brings significant alignment with over USD 1 billion invested in similar strategies. GAM, which has managed catastrophe bonds with a previous partner for nearly two decades, now aims to scale up and deepen its expertise by partnering with Swiss Re’s investment acumen, underwriting capabilities and scientific risk modeling.

The alliance was formally presented during a private luncheon at The Capital Grille in Brickell, Miami, attended by financial professionals and institutional clients. Alejandro Moreno, Head of Business Development at GAM Investments, opened the event by highlighting the firm’s commitment to active and specialized strategies and the value of expanding its catastrophe bond platform with Swiss Re’s expertise.

Mariagiovanna Guatteri, CEO and Chief Investment Officer of SRILIAC shared insights drawn from over 20 years of developing Swiss Re’s catastrophe bond investment strategy, emphasizing the scientific rigor and conservative risk management that underpin the firm’s approach.

Attendees also received books on financial education meant for families, underscoring both firms’ commitment to investor learning. The event fostered open dialogue, with discussions on portfolio structure, risk assessment, and the evolving landscape of ILS investments.

Organizers such as Moreno and Conklin highlighted that catastrophe bonds can be an attractive complement to traditional fixed income and alternatives — especially for pension funds, endowments, and family offices seeking long-term risk-adjusted returns with limited correlation to equities and interest rates.

U.S.: Edward Jones Announces Acquisition of Overlay Management Services Capabilities from Natixis

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The financial services firm Edward Jones announced its intention to acquire the Overlay Management Services capabilities of Natixis Investment Managers through the purchase of selected assets and an exclusive license for certain proprietary technology.

According to the terms of the agreement, Natixis IM will continue to serve as the direct indexing provider for the buyer’s UMA (Unified Managed Account) offerings, the latter company said in a statement.

“We are committed to investing in new technologies and capabilities focused on enhancing how we serve more clients, more comprehensively, and across different segments,” said Russ Tipper, principal at Edward Jones. “This includes comprehensive financial planning and an expanded range of products and services, including those traditionally focused on high-net-worth investors, which we will now offer to select clients,” he added.

From Natixis IM, the transaction was announced as “an innovative partnership with Edward Jones, our long-standing client.” The French asset and investment management firm said it is in a “unique position, thanks to its knowledge of UMA implementation, direct indexing, tax-loss harvesting, other capabilities, and best-in-class investment products to help Edward Jones substantially expand its client offering.”

Overlay management services play a critical role in the buyer’s comprehensive financial planning and investment management offering, enabling the implementation of client investments through a professionally managed diversified portfolio that incorporates tax strategies, aligning with their financial goals, the statement noted.

The transaction is expected to close later this year, at which point Edward Jones will assume the role of overlay manager for its U.S.-based UMAs.

“Bringing these services in-house gives us greater flexibility to innovate based on our clients’ needs,” said Tipper. “We believe this integration will further strengthen our competitive advantage by building deeply personalized portfolios, focused on what is unique to each client. Additionally, we expect these services to generate scale and efficiency for our branch teams, which may increase our financial advisors’ ability to serve more clients more comprehensively,” he added.

“We have always admired Edward Jones’ commitment to its clients through deep and personal relationships, and we are proud to announce this innovative partnership,” said David Giunta, president and CEO of Natixis IM for the U.S. “We are excited to move to a strategic form of collaboration with our long-time client, combining our knowledge of UMA implementation, our leading direct indexing expertise, and our investment management know-how with Edward Jones’ comprehensive financial planning and investment management capabilities, to benefit the unique needs and preferences of investors,” he added.

From January 20 to July 4: Why the U.S. Will Dominate Market Attention Throughout 2025

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We close the first half of 2025 and begin the second in the same way—with the U.S. at the center of attention. According to experts from international investment firms, the summary of markets over the past month and quarter has been one of strong U.S. recovery compared to Europe.

“Wall Street outpaces Europe with tech gains over 18% compared to 8% for the S&P 500 over the past three months. Defensive sectors are suffering most in this context, with healthcare and energy being the only sectors to retreat—by more than 8% during the last quarter. Industrials is the next strongest sector after tech, with some companies posting strong gains over the quarter. Meanwhile, the dollar just posted its worst half-year since 1973,” summarized Activotrade SV.

In addition, as explained by U.S.-based asset manager Payden & Rygel, volatility characterized the bond market in the first half of 2025. “Stepping back, we’d like to remind investors that risk-free government bond yields remain elevated. High risk-free yields have two implications. First, investors are being compensated more than they were in the 2010s for taking on additional duration risk. Second, elevated risk-free yields increase the yield cushion of corporate bonds, defined as yield per unit of duration. In other words, the current yield could generate enough income to help offset a slight rise in corporate spreads,” noted Payden & Rygel.

That’s a brief summary of the first half—but what matters now is what lies ahead in the next six months. When it comes to outlooks, there’s one word that all investment firms repeat: the United States. Why will the U.S.—and ultimately Donald Trump—be so critical for the rest of the year? The asset managers share their views:

The U.S. Economy: Uncertainty

According to Felipe Mendoza, financial markets analyst at ATFX LATAM, the semester ended with the U.S. drawing the attention of global investors following the release of June’s Nonfarm Payrolls, which showed an increase of 147,000 jobs, surpassing both the consensus estimate of 111,000 and the previous figure of 139,000.

“The optimistic reading of the jobs data has boosted positioning in U.S. equities, also supported by strong technical signals. The S&P 500 just recorded its first ‘golden cross’ since February 2023, with its 50-day moving average crossing above the 200-day—a pattern historically linked to annual returns above 10%. More than 71% of the index’s components currently trade above their 100-day moving average, the highest level this year,” Mendoza noted.

One of the latest data points closing out the first half is the employment rate. As George Brown, chief economist at Schroders, explained, despite all the turmoil around tariffs, the U.S. labor market remains notably strong. “Layoffs also remain low, as companies are hesitant to let go of workers due to the labor shortages of recent years. This may persist in some sectors and states, given the Trump administration’s stance on immigration. Since foreign workers have been a key source of job creation since the pandemic, this could slow hiring below the 100,000 jobs needed to keep the unemployment rate steady. At the same time, tariffs will lead to higher prices this summer. With the Fed focused on not falling behind again, we believe it will hold rates steady for the rest of the year,” said Brown.

For R.J. Gallo, head of the municipal bond team at Federated Hermes, the issue is that the U.S. economy has sustained high levels of political uncertainty, which has weakened both business and consumer confidence and is likely to be reflected in employment and spending decisions. “At Federated Hermes, we believe that hard data will soon begin to soften, which could prompt the Fed to restart the rate-cutting cycle and lead to a decline in Treasury yields in the coming months,” said Gallo.

Sebastian Paris Horvitz, head of research at LBP AM, noted that U.S. economic data remains mixed, pointing to June’s ISM manufacturing index, which showed continued contraction, although production picked up slightly.

“Globally, S&P’s June PMI surveys for manufacturing returned to expansion territory, while industrial activity in China appears to be improving. In the euro area, industrial activity remains stalled. Clearly, the persistence of weak growth is not good news. This reinforces our forecast that inflation will remain well contained and at low levels. We continue to expect the ECB to cut rates one final time before year-end,” Paris added.

Tax Reform Approved

In this context, last Friday the Trump administration approved its tax reform, which extends the provisions of Trump’s previous Tax Cuts and Jobs Act (TCJA 2017)—which were set to expire this year—and includes increased spending on defense and illegal immigration control. However, as analysts from Banca March explain, the law does not include one of Trump’s key campaign promises: cutting the corporate tax rate from 21% to 15%.

“As it stands, the increase in the accumulated primary deficit over the next decade is $3.4 trillion (11.6% of GDP), plus another $700 billion (2.4% of GDP) in interest. Ironically, the final version is even more deficit-expanding than the previous draft, raising publicly held debt by +10 percentage points to 127% by 2034, compared to the previous projection of 117%,” they explain.

Analysts at the firm note that while the reform includes relief measures for businesses—such as accelerated asset depreciation—their impact is limited compared to a direct tax rate cut. “Instead, tax benefits are more heavily directed toward individuals—especially high-income earners—with exemptions on high-income tax and a permanent reduction in personal income tax rates. Among the new measures is also the tax exclusion for overtime and tips,” they note. Additionally, the debt ceiling is raised by $5 trillion, ensuring the federal government’s ability to make payments, which was previously expected to run out as early as mid-August.

According to Blerina Uruci, chief U.S. economist at T. Rowe Price, the prospect of a new fiscal stimulus package should provide a timely boost to an economy that has slowed this year. However, she expects a recession will be avoided in her base case. “Looking to next year, economic growth should improve, as fiscal stimulus typically takes time to impact the real economy. Businesses may respond more quickly than consumers if capital expenditure tax breaks are made retroactive to January 2025, as they would aim to maximize the benefit. However, it’s uncertain whether they can act quickly enough. Nonetheless, it’s unlikely that improved growth will offset the impact of reduced tax revenue on the fiscal deficit,” said Uruci.

Tariff Policy

In the short term—mainly in July and August—U.S. trade policy will once again take center stage. According to the BlackRock Investment Institute (BII) in its latest report, policy-making has been contributing to market volatility, and several key policy developments have occurred in recent days. “Consider the ceasefire in the Middle East, NATO’s commitment to increasing defense spending, and a G7 fiscal deal. The U.S. now appears to be adopting a more flexible approach to tariffs. Although the current effective tariff rate of 15% remains the highest since the 1930s, we’ve repeatedly seen that there are unchanging rules that prevent a rapid shift from the status quo,” they note.

In their analysis, one such rule—that supply chains cannot be quickly reorganized without serious consequences—likely led to exceptions for some industries and the resumption of U.S.–China trade talks. Another—the sustainability of U.S. debt depends on foreign investors—was likely a factor in the 90-day pause on tariffs that had driven up yields. “We don’t foresee a return to the April tariff peaks, and trade uncertainty is now well below the April highs,” they state.

In this context, the U.S. ends the first half by signing a trade agreement with Vietnam, with 20% tariffs and a commitment to fully open the Vietnamese market to U.S. exports. “President Trump announced the signing of a trade deal with Vietnam, with 20% tariffs on all Vietnamese imports and 40% on transshipments. Vietnam will also fully open its market to the U.S. This development makes Vietnam the third country to sign an agreement with the White House. We believe this move will ease the macroeconomic uncertainty weighing on the market,” said Jen-Ai Chua, fixed income research analyst in Asia at Julius Baer.

Raphael Olszyna-Marzys, international economist at J. Safra Sarasin Sustainable AM, pointed out that based on 2024 trade flows, the effective tariff rate has risen by nearly 13% year-to-date—from 2.5% last year to approximately 15.5% now. He notes that assuming full pass-through to import prices, and that half the increase is absorbed in margins while the other half is passed on to consumers, “we estimate that tariffs will increase prices by 0.7% this year.”

The Fed and Powell

The other major focus for the rest of the year is what the U.S. Federal Reserve (Fed) will do—and every word of its chair, Jerome Powell, will be closely watched. The question is how long the Fed will extend its pause in rate cuts, or whether we could even see possible hikes. For Gallo, “hard data will soon begin to soften, which could prompt the Fed to restart its rate-cutting cycle,” and he warns that “the U.S. economy has sustained high levels of political uncertainty, which has weakened both business and consumer confidence.”

Meanwhile, Paul Dalton, head of equity investments at Federated Hermes, examines the implications of the S&P 500’s new all-time high and the risks that could mark a market turning point. According to Dalton, “the pressure on Powell to cut rates is mounting,” and he suggests that “a rate cut could unleash significant capital flows into equities.”

Finally, we cannot overlook the tensions between President Trump and Powell. On this matter, Clément Inbona, fund manager at La Financière de l’Échiquier, believes that “the prospect of appointing a new Fed chair opens the door to speculation,” and that it is “most likely that a leadership transition at the Fed would mark a break” in areas such as “the Fed’s independence from the executive branch” or “in terms of the interest rate path, which may to some extent follow the dictates of the White House.”

BlackRock Acquires ElmTree Funds

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Investment manager BlackRock has announced that it has entered into a definitive agreement to acquire ElmTree Funds, a firm specialized in net lease real estate investments, with $7.3 billion in assets under management as of March 31, 2025.

According to the company, the initial payment for the transaction will be made primarily in stock, with additional compensation contingent on ElmTree’s performance over the next five years. Full financial terms of the agreement have not been disclosed.

Founded in 2011 and headquartered in St. Louis, Missouri, ElmTree has established itself as a leading operator in the commercial net lease sector. Its model focuses on build-to-suit properties for single tenants, designed for essential operations of large corporations. The firm currently has six offices and a portfolio of 122 properties across 31 U.S. states.

Once the acquisition is completed, ElmTree will be integrated into the new Private Financing Solutions (PFS) platform, the result of the recent merger between BlackRock and HPS Investment Partners.

With this addition, PFS aims to scale its presence in the real estate sector, expanding into new markets as an owner-operator. ElmTree will contribute its extensive expertise and network in the commercial real estate market, while HPS will bring its established capabilities as a private credit investor. The synergy between both entities aims to deliver investment solutions with stable income and risk-adjusted returns for both institutional clients and investment-grade companies.

“Structural shifts in the real estate market are creating significant opportunities for private capital. The combination of a leading investor in triple net lease with our private financing platform will allow us to seize those opportunities and offer innovative solutions to our clients,” said Scott Kapnick, chairman of the PFS executive office and CEO of HPS.

James Koman, founder and CEO of ElmTree, noted that the net lease market is estimated at one trillion dollars and reaffirmed the company’s commitment to the build-to-suit industrial model. “Our specialized expertise will be enhanced by HPS’s ability to provide financing and strategic solutions that empower businesses and developers. By joining HPS and BlackRock, we’ll be better positioned to meet market demand and grow alongside our partners,” said Koman.

Koman will continue to lead ElmTree’s investment strategies following the acquisition. The transaction is expected to close in the third quarter of 2025, subject to regulatory approvals and customary closing conditions.

Legal advisors to BlackRock and HPS on the transaction included Skadden, Arps, Slate, Meagher & Flom LLP; Fried, Frank, Harris, Shriver & Jacobson LLP; and Sidley Austin LLP. Goldman Sachs & Co. LLC acted as financial advisor to HPS. On ElmTree’s side, Berkshire Global Advisors served as financial advisor and Kirkland & Ellis LLP as legal advisor.

Through Letters and Warnings, Trump Increases Pressure to Reach Trade Agreements

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For months, July 9 has been circled on the calendar as the deadline for several countries—including the European Union, India, Canada, the United Kingdom, and Vietnam—to reach a trade agreement with the U.S. So far, only the last two have secured deals: the United Kingdom maintains base tariffs of 10%, and Vietnam obtained a reduced rate of 20%, while China has signed a trade truce. Talks with the EU, India, and Canada remain ongoing.

If the pending agreements are not finalized by tomorrow, the next step from the Trump administration is clear: it will issue formal notifications, in the form of letters, signaling the implementation of new tariffs effective August 1. In fact, in a shift in strategy, Trump has already announced that several such letters have been sent to countries where negotiations are stalling. “Among the 14 letters sent, two key trading partners stand out: Japan, which accounts for 4.5% of U.S. imports, and South Korea, with 4%. Both countries will face a 25% tariff. In most cases, the proposed tariffs are very similar to those introduced on Liberation Day, and a new period of dialogue will open until August 1—a deadline the president described as ‘not 100% firm,’ allowing for additional flexibility. Finally, it is worth noting that several of the countries affected by the letters have served as routes for China to reroute exports to the U.S., such as Thailand and Laos,” summarize analysts at Banca March.

Still, amid this trade realignment, the U.S. financial market remains firm: the S&P 500 is headed for its third consecutive monthly gain. “Global financial markets are navigating a week of heightened trade tension, political sensitivity, and mixed macroeconomic signals, with the United States at the center of a tariff realignment with global implications. Statements by Treasury Secretary Scott Bessent have set the tone, with repeated assertions about the U.S. returning to a regime of non-inflationary economic growth, accompanied by new rounds of multilateral and bilateral trade agreements. The Trump administration is preparing to impose tariffs starting August 1 that could revert to the peak levels of April 2 if negotiations with trade partners fail, triggering a chain reaction of adjustments, multilateral criticism, and regulatory uncertainty,” said Felipe Mendoza, financial markets analyst at ATFX LATAM.

In his view, the U.S. appears determined to consolidate a new protectionist cycle. “The tariff letters have already begun to be sent—as Donald Trump himself announced—to dozens of countries in an effort to strengthen the U.S. position in trade negotiations. Bessent confirmed that a series of agreement announcements is expected over the next 48 hours, while also stating that the trade deal with Vietnam is already finalized in principle, establishing a reciprocal tariff of 20%. Meanwhile, talks continue with the EU over a possible extension to avoid sanctions, while threats remain in place for a 17% tariff on European food exports,” he added.

Negotiations on the Table

Assessments of how these trade talks are progressing abound. For instance, Muzinich & Co highlights that U.S.–China relations appear to be in a relatively strong phase compared to recent history. “Last week, the United States lifted export restrictions on Chinese chip design software companies and ethane producers. In exchange, Beijing made concessions in the rare earth sector, signaling further goodwill between both sides. Additionally, China’s Caixin manufacturing index—the country’s leading private-sector and export-oriented business indicator—returned to expansion territory, reaching 50.4 in June. This far exceeded expectations of 49.3 and was a sharp rebound from May’s 48.3, suggesting a recovery in Chinese export activity,” they note.

Regarding Europe, they observe that headlines point to progress toward easing transatlantic trade tensions. “The European Union has shown a willingness to accept a trade agreement with the United States that includes a universal 10% tariff on a broad range of its exports. However, the EU is seeking concessions in return—specifically, pressure for quotas and exemptions that would effectively reduce the U.S. 25% tariff on EU auto and auto parts exports, as well as the 50% tariff on steel and aluminum,” they state.

Philippe Waechter, chief economist at Ostrum AM (an affiliate of Natixis IM), notes that although the 90-day extension expires July 9, Washington has already indicated that 25% tariffs on Japan and South Korea will begin August 1. “Announcements will be staggered through August 1, depending on how negotiations proceed. This hardline strategy was thought to be off the table after the financial market warnings around April 2 and due to America’s large funding needs. However, Trump is returning to it. And one can understand the reason behind this obstinacy,” he adds.

Beyond the Theater

Despite the political theater surrounding these tariff negotiations, David Kohal, chief economist at Julius Baer, believes the threat of higher tariffs remains—even though Trump extended the deadline from July 9 to August 1. This creates hurdles for U.S. investment and adds uncertainty around inflation.

In his view, the ongoing threat of higher tariffs heightens the risk of stagflation in the U.S. and puts pressure on Europe to boost domestic demand to counter challenges in global trade. “These new tariff threats—on top of the 10% base tariff, the 25% auto tariff, and the 50% tariffs on steel and aluminum already in place—serve as a reminder that the trade dispute remains unresolved, and the potential to disrupt U.S. supply chains and corporate investments may grow. Meanwhile, companies outside the U.S. are struggling in an increasingly hostile global environment,” says Kohal.

George Curtis, portfolio manager at TwentyFour Asset Management (Vontobel), believes that trade agreements are complex and difficult to negotiate, and that U.S. trade partners may not be sufficiently incentivized to concede to American demands.

“We believe President Trump will aim to negotiate toward a 10% baseline tariff, but the path to that outcome could be complicated, and the risk is that tariffs will end up higher, not lower—especially if the U.S. finds that other countries aren’t playing along. Ultimately, we expect Trump will outline the framework of a few deals in the coming weeks, but also impose new reciprocal tariffs on countries he views as negotiating unfairly. This is a tactic we’ve seen several times in recent months; however, we don’t necessarily believe markets will react strongly, assuming in the end it will de-escalate,” says Curtis.

Stirring the Tariffs

While the outcome of these negotiations remains to be seen, international asset managers agree that the most relevant factor continues to be the impact of this uncertainty on markets and growth prospects—for both the U.S. and the global economy.

“A global trade war and shifting political alliances could slow growth, fuel inflation, and raise the risk of recession. On the other hand, markets may react positively to announcements of trade talks. Four possible scenarios have emerged: a trade confrontation characterized by high tariffs and protectionist measures; major agreements, which would be the most favorable; a return of great powers; and assertive nationalism. Negotiations are ongoing, but given the complexity and number of trade partners involved, a quick resolution appears unlikely,” Capital Group states in its weekly analysis.

Meanwhile, Curtis of TwentyFour AM (Vontobel) believes that now that the Spending Act is known, the biggest short-term risk for Treasuries is headline news on tariffs and economic data. In his view, the U.S. economy is slowing, labor data will soften, but a recession is unlikely.

“So far, inflation figures have been favorable for cuts, as core inflation has exceeded forecasts for four straight months, but we don’t believe the Fed will act before tariff levels are set and it is confident that second-round effects have not been passed on to prices (unless job growth slows significantly). Deficits will continue to weigh on Treasuries in the coming years, as the government offers the market a new net supply of $2 trillion per year,” Curtis adds.

According to Ebury analysts, tariff-related news is expected to trigger market moves this week. However, they point out that, for now, markets are taking this risk calmly, assuming last-minute agreements or another extension will be announced, as Treasury Secretary Bessent has hinted. Their weekly analysis also notes that last week’s strong U.S. jobs report has temporarily halted the dollar’s slide and eliminated the chance of a Fed rate cut in July.

Less Tied to the U.S.

Another reflection from investment firms is the growing awareness that the global economy may, in the medium term, become less dependent on the United States and more diversified. As Waechter explains, since the time of Ronald Reagan, the global economic cycle has depended on U.S. household consumption, which represents 70% of U.S. GDP—the highest share by far among developed countries. As a result, many national economic cycles have become reliant on American consumer behavior.

“The American trap closes when, suddenly, countries have to pay a tariff to keep exporting to the U.S. To continue doing business with the U.S.—which is essential for almost every country’s economic cycle—nations accept being penalized by this tax. This leads to wealth transfers to the United States. The surge in customs duties collected by the U.S. Treasury proves it. This strategy, though not collectively efficient, also reveals the rest of the world’s inability to be self-sufficient. The U.S. market—so large and attractive for so long—is now ensnaring the rest of the world,” argues Waechter, chief economist at Ostrum AM.

A second conclusion is that the U.S. economy may be the one most affected by Trump’s tariffs. “If tariffs from the Trump administration are implemented—along with any retaliation from U.S. trade partners—it will lead to a supply shock in the U.S. and a demand shock elsewhere. The severity of these shocks will depend on the outcome of current trade talks and legal challenges. But it seems clear that the world’s two largest economies—China and the U.S.—will experience slower-than-expected growth compared to the beginning of the year, and the consequences will be felt globally, regardless of the final trade agreements,” say analysts at T. Rowe Price.

In their view, the U.S. faces downside risks to its growth outlook, even with the suspension of reciprocal tariffs with China and other partners. “Companies are facing higher input costs, which will compress profit margins and could force some to cut back on capital spending. Tariffs on consumer goods are likely to reduce real purchasing power and dampen household spending, which accounts for more than 70% of U.S. GDP. Any further downward pressure on the U.S. dollar could also activate upside inflation risks,” T. Rowe Price concludes.

JP Morgan Chase Launches a New Geopolitical Advisory Service: the CfG

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Already in his 2024 Letter to Shareholders, JPMorgan Chase CEO Jamie Dimon wrote, “Our greatest risk is geopolitical risk.” Global events have since confirmed his view, and the U.S. bank has introduced its new JPMorgan Chase Center for Geopolitics (CfG), an advisory service for clients that will leverage the firm’s network, expertise, and resources to successfully navigate “the increasingly complex global business landscape,” according to official company information.

The CfG will be led by Derek Chollet, one of Washington’s foremost foreign policy experts, and will be supported by both internal and external geopolitical and business advisors.

“In today’s world, business leaders must contend with rising global competition, combined with unprecedented interconnection, disruptive technological forces, persistent economic uncertainty, and a proliferation of geopolitical crises,” stated Jamie Dimon.

“The CfG will help our clients meet this moment by providing strategic insight, proven expertise, and data-driven analysis that support them in identifying opportunities and navigating the challenges of a shifting global economy and rapidly changing world,” he added.

The bank’s new center will work across the firm to bring together a broad team of experts to advise clients on how to anticipate and respond to the major geopolitical trends and events reshaping the global landscape.

Among the topics it will address are: the rise of artificial intelligence, the reconfiguration of global trade and supply chains, U.S.–China relations, and the evolving dynamics in Europe and the Middle East. In addition to publishing regular reports with timely analysis and insights, the CfG will take part in events and organize in-person sessions and webinars with clients, the bank said in a statement.

“By working with clients every day, our team has a unique vantage point on how global economic uncertainty is forcing business leaders to reassess their short- and long-term strategies, evaluate risks, and seize opportunities,” explained Derek Chollet, head of the CfG, who over three decades has held key roles at the Pentagon, the State Department, the White House, Congress, and several leading think tanks. “Harnessing the full power of JPMorgan Chase as a leading global financial institution uniquely positions us to help clients make informed decisions that enhance their competitive and commercial edge and create shareholder value,” the expert added.

The new advisory service’s inaugural reports cover topics such as the Middle East and its “new chessboard”; the “era of global rearmament and the U.S. defense industrial base”; and “Russia–Ukraine and the future of Europe.”

Inflation, Market Crash, and Collapse: These Are the Concerns of the Mexican Investor

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The start of the second half of the year brings with it a complex outlook for the world of investments amid an unstable global context. The global survey by Natixis Investment Managers reveals how Mexican investors are responding to an environment of high inflation and growing economic uncertainty, and which factors concern them most as they make decisions aimed not only at preserving their wealth but also growing it.

After 15 years of low interest rates, high returns, and relatively steady performance, individual investors around the world are now worried about how the current period of instability may affect their long-term investment goals, with corresponding effects on decision-making and financial planning.

In the face of ongoing uncertainty, the survey—conducted among individual investors with more than $100,000 in invested assets—found that three-quarters (73%) now prioritize safety over performance in their investments, while 72% are concerned that markets will become more volatile in the future.

Inflation, Market Crash, and Collapse

In Mexico, the leading investment concern is inflation, cited by 61% of respondents, followed by fears of a market crash (48%) and an economic collapse (44%).

Amid persistent inflation, two-thirds (66%) say they are saving less due to higher everyday expenses. Nearly half (48%) are also concerned that if the “Magnificent Seven” weaken, their portfolios would suffer a significant negative impact, as many Mexican investors have diversified into global investments.

Additionally, one-third of Mexican investors with exposure to global markets want their advisor to connect them with investment opportunities in private markets, viewing it as an alternative amid ongoing volatility.

When asked how they define investment risk, 28% of respondents in Mexico associate it with exposing their assets to market volatility, 21% define it as underperforming the market, while 14% link it to loss of wealth and another 14% to not achieving financial goals.

Furthermore, 55% of respondents in the country described their risk tolerance as moderate, 23% as conservative, and 11% as very conservative. Only 8% identified as aggressive investors, and just 1% as very aggressive.

Mauricio Giordano, Country Manager at Natixis Investment Managers Mexico, commented: “Geopolitical uncertainty, inflation, and rising prices are pushing investors to adjust their performance expectations and carefully analyze how to maximize their opportunities. In times like these, it is vital not to lose sight of long-term investment goals to avoid making decisions based on market noise.”

In this context, Mexican investors are increasingly turning to financial advisors as a way to professionalize their investments and improve returns, in addition to the sense of security that such support provides.

In Mexico, 32% of respondents said their relationship with their primary financial advisor is mostly passive—only involving them in significant decisions. Additionally, 36% said it functions as a partnership, with the advisor participating in most investment decisions. Finally, 26% stated they are in control: their advisor offers recommendations but does not make the decisions.

Individual Investors in Mexico: Key Figures

  • Of the 7,050 investors surveyed in Latin America, 33% were from Mexico (300), with an average age of 46.

  • 46% are Millennials, 30% Generation X, and 24% Baby Boomers. On average, respondents plan to retire at age 63 and expect to live 20 years in retirement.

  • The reported average household income (median) was approximately $239,167 annually.

  • 69% indicated that their wealth comes from employment—that is, working for someone else—while 26% said it comes from business ownership or self-employment. Additionally, 42% cited investments as a source of wealth, and 23% reported receiving an inheritance or financial support from family.

  • On average, respondents have approximately $452,788 accumulated specifically for retirement, across all investment accounts.

EFG Promotes Luis Ferreira to Deputy CEO of the Miami RIA and CIO of the Americas

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Luis Ferreira EFG Miami RIA
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EFG announced in a press release the promotion of Luis Ferreira to Deputy CEO of the Miami RIA and Chief Investment Officer (CIO) for the Americas. He will remain based in Miami and report to Sanjin Mohorovic, CEO of EFG Capital International for Latin America, and Andre Portelli, Global Head of Investments and Client Solutions.

As Deputy CEO of the Miami RIA, Ferreira will work alongside Eduardo Cruz, Managing Director of the unit, in defining the segment’s strategy and objectives, as well as developing the service offering. The Miami RIA’s activities include client advisory, consolidated solutions, third-party distribution, and servicing Latin American clients in the United States.

In his new role, Ferreira will also be responsible for leading the investment solutions teams across the Americas, coordinating work with other EFG offices—including those in Switzerland, the Caribbean, and Panama—and developing an investment strategy focused on Latin American clients, in alignment with EFG’s global leadership.

“We have a multifaceted approach to Latin America to take advantage of the opportunities presented by a region that continues to show growth in wealth creation,” said Sanjin Mohorovic, CEO of EFG for Latin America. “We are confident that Luis will play a key role in executing our strategic plan, enhancing our investment platform, expanding our presence in Brazil and throughout the region, and shaping the next phase of EFG’s growth in Latin America.”

In a post on his personal LinkedIn profile, Mohorovic also stated that Luis Ferreira will contribute to and actively lead business development efforts in Brazil, in partnership with EFG’s Private Banking Heads in Miami, Switzerland, and the Bahamas.

Luis Ferreira has been with EFG for nearly a decade. Since 2019, he has led the Investment Strategy Group at EFG Capital. Previously, he worked for five years at Delta National Bank and Trust Company in New York and six years at Banco Alfa in São Paulo as an equity portfolio manager. He holds an MBA from the Jack Welch Management Institute in the United States.

According to EFG, the appointment is in line with its strategy to expand its presence in Latin America, strengthen its investment platform, and seize opportunities in a region experiencing rapid wealth creation.

Allfunds Appoints Daniel Jesús Alonso New Head of US

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Allfunds new Head of US
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Allfunds has announced the appointment of Daniel Jesús Alonso as the new Head of US. Effective July 9 and based in Miami, Alonso will report to Gianluca Renzini, Chief Commercial Officer, and will play a key role in driving Allfunds’ growth in the offshore markets, while also strengthening its wealth management and product development initiatives.

Daniel joins Allfunds from Morgan Stanley Wealth Management, where he played a fundamental role in expanding the international business (offshore in the U.S.), most recently serving as Director of Product Development in International Wealth Management (IWM). In that position, he led the strategy, development, and distribution of investment products for international clients. Previously, he was Executive Director in Morgan Stanley’s Investment Solutions organization, overseeing the team of international product specialists.

Following this announcement, Gianluca Renzini, Chief Commercial Officer of Allfunds, stated: “We are very pleased to welcome Daniel to our team as we strengthen our presence in key markets. His extensive experience in international wealth management and deep knowledge of the U.S. offshore market make him the ideal leader to drive our growth strategy in the Americas. This appointment reflects our commitment to bringing in top-tier talent to accelerate our expansion in high-growth markets.”

For his part, Daniel Alonso, incoming Head of US at Allfunds, added: “Allfunds stands out in the U.S. offshore market for its ability to offer solutions across both private and public markets in multiple currencies within a single integrated ecosystem. Its focus on innovation and deep understanding of market and product trends create a very attractive opportunity. I am excited to be part of this project and to contribute to the sustained growth of the company and its commitment to the region.”

Extensive Professional Career
With nearly two decades of experience in private banking and international wealth management, the firm believes he brings a deep knowledge of capital markets, alternative products, traditional investment solutions, and advisory services. Early in his career, he worked in capital markets providing sales and trading services to international private banking, middle market, and wealth clients, covering structured products, equities, and fixed income.

Daniel holds a degree in Business Administration from Montclair State University and an MBA from Dowling College. He also holds the CFP® and CIMA® certifications and has passed the FINRA Series 7, 24, 55, and 66 exams, reflecting his broad knowledge in investment management and regulatory requirements.

Apollo Launches Olympus Housing Capital, a New Financing Strategy for Homebuilders in the U.S.

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Apollo Olympus Housing Capital
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The asset manager Apollo Global Management announced the launch of a new subsidiary: Olympus Housing Capital, a new financing strategy for homebuilders. It will focus on providing capital solutions to builders across the United States in order to finance land acquisition and the development necessary to transform approved residential land into finished lots ready for home construction.

The firm also reported that Olympus is led by Chief Executive Officer Andrew Brausa, an industry veteran with more than two decades of experience in residential housing.

The new subsidiary operates at the intersection of several secular trends, including the structural shortage of single-family homes and the growing use of customized private financing solutions by builders.

“This new strategy represents a highly scalable business that is positioned to offer flexible capital solutions in a market with supply shortages and favorable long-term macroeconomic tailwinds,” commented Peter Sinensky and Nancy de Liban, partners at Apollo. “We are delighted to partner with Andrew and leverage his extensive experience and strong track record in the sector,” they added in the statement.

The originations of Olympus are backed by capital from funds managed by Apollo and affiliated balance sheets. The company will target both public and private builders, who increasingly need scalable capital partners to support their growth ambitions and increase the housing supply in the United States.

For his part, Andrew Brausa, Chief Executive Officer of Olympus, said he was “excited to join forces with Apollo to launch Olympus in an environment of strong and growing demand for reliable capital solutions for homebuilders.”

“With a flexible investment mandate and significant operational capabilities, we believe Olympus can deliver value-added services that align with the interests of our clients and the residents of their communities,” he added.

Brausa has more than 20 years of experience in investments. He most recently founded and managed the land financing strategies at Brookfield Asset Management. Previously, he co-founded Domain Real Estate Partners to execute private land financings. He has also managed public market investment portfolios at DW Partners and has held senior investment positions at various global asset managers, such as Jefferies and Citadel, among others.