Sanctuary Wealth announces the appointment of David Vaughanto the firm’s Executive Leadership Team as Chief Financial Officer (CFO).
“After a comprehensive search, Vaughan was chosen to fill the vacant CFO position, reporting directly to Adam Malamed, CEO of Sanctuary Wealth. With close to 30 years of experience across the independent wealth management industry, Mr. Vaughan has established a respected track record of developing and implementing effective organic and M&A-based growth strategies, with an emphasis on strong bottom line results that enable significant reinvestment in the business,” the company said.
“I’m delighted that David agreed to bring his extensive independent wealth management experience and skills to Sanctuary,” said Malamed. “Having worked together for more than 10 years while David was with Ladenburg Thalmann, I have seen his abilities, work ethic and integrity firsthand. He has a deep understanding of how carefully planned and impeccably executed corporate finance strategies can exponentially scale an independent wealth management business, while simplifying complex processes and facilitating future growth. He will be an invaluable asset to our already strong Executive Leadership Team as we continue to grow Sanctuary into the firm of choice for sophisticated independent and breakaway advisors and practices.”
In his role as CFO Vaughan will be responsible for managing all of Sanctuary’s financial operations, including accounting, budgeting and financial reporting. He will play a key role in strategic decision-making, M&A, risk management and ensuring regulatory compliance. Vaughan will also be responsible for managing relationships with external stakeholders, such as Sanctuary Wealth investors and lenders. Additionally, he will oversee financial planning and forecasting to help leadership make informed decisions about future investments, capital expenditures, and growth opportunities.
“We’ve been looking to add this critical role to our Executive Leadership Team for more than six months,” said Robert Walter, Co-President, Sanctuary Wealth. “Our patient and deliberate search has now paid off. As soon as we had the opportunity to meet with David, we knew he was the person we needed to help ensure that Sanctuary continues to hit our strategic goals and remains the premier destination for advisors looking to be independent but not alone.”
Vince Fertitta, Co-President of Wealth Management, Sanctuary Wealth, added, “We are excited to welcome David to the firm and are looking forward to aligning his corporate finance expertise with our mission of driving growth for our Partner Firms. This includes leveraging David’s proven expertise in guiding and structuring mergers and acquisitions. His knowledge will be instrumental in expanding our ongoing success with investing in M&A deals alongside our Partner Firms, to drive accelerated growth for our Partner firms.”
“I’m excited to be joining an organization with Sanctuary’s momentum, and am thrilled to be working with Adam again,” said Vaughan. “Sanctuary is in the strongest financial position in its history, both well-capitalized and growing. This provides a uniquely robust foundation for me to utilize as a springboard in creating and implementing strategies to help Sanctuary and its advisor partner firms realize additional revenue opportunities, while increasing efficiencies. As the firm continues to grow, we will be able to provide an even greater service experience for Sanctuary partner firms and their clients.”
Vaughan was most recently CFO at Axos Clearing, where he directed multiple teams serving more than 70 broker-dealers and over 220 RIA firms. Prior to that he spent more than 27 years with Securities America, previously a subsidiary of Ladenburg Thalmann, where as CFO he led the accounting/finance, fee and commission billing, internal audit and risk management departments. Vaughan has a BBA in accounting from Creighton University’sHeider College of Business and an MBA from the University of Nebraska at Omaha.
Trident Trust announces the extension of its offering for US-based alternative investment managers, with the opening of a fund services representative office in Houston, Texas.
The new location follows our strategy of putting our people where its clients need them, providing a local point of contact for both our existing clients and the wider funds community in the state, the firm said.
Chelsea Harrington, Senior Manager in its fund accounting team, has relocated to Houston from our 130-strong fund services hub in Atlanta to open the new office.
“Our presence in Texas means that we now offer fund services out of four US locations, with representative offices already in place in New York and Miami”, the statement added.
UBS Wealth Management USA announced that Financial Advisors Brian Mariash and James Barton “Bart” Lowther have joined the firm in Sarasota, Florida. Together with their six-person team, Mariash Lowther Wealth Management, they manage nearly $640 million in client assets for ultra-high net worth individuals and families.
“On behalf of UBS, we’re excited to welcome Brian, Bart and their entire team to the firm,” said Greg Kadet, Managing Director and Florida Market Director at UBS Wealth Management USA. “The team’s experience, dedication to clients, and passion for philanthropy are a great addition to our business as we look to continue to expand and enhance our ability to serve clients in this growing market.”
“As partners for over 10 years, Brian and Bart have a deep commitment to helping clients and their families navigate complex financial matters,” said Karmen Keup, Southwest Florida Market Director at UBS Wealth Management USA. “With our unique suite of capabilities at UBS, I have no doubt the team will continue to successfully deliver for clients in the years to come.”
Brian Mariash joins UBS from Merrill Wealth Management, where he spent the past 15 years working as a Financial Advisor. He joined the financial services industry in 2001, after a career in music education. Brian brings an learning-based approach to wealth management, and his personal mission to educate, connect and contribute has become part of the mission of the team he founded, Mariash Lowther Wealth Management. His practice focuses on advising ultra-high net worth retirees, C-suite executives and small business owners.
Brian holds the Certified Investment Management Analyst® designation (CIMA®), administered by the Investments & Wealth Institute™ (The Institute) at The Wharton School of Business, and the Accredited Asset Management Specialist™, AAMS™® designation from The College for Financial Planning Institutes Corp. As an active member and supporter of his local community, Brian previously served on the board of the Child Protection Center of Sarasota as well as the board for Jewish Family and Children Services. He is the proud father of three children and resides in downtown Sarasota.
Bart Lowther began his financial services career at Merrill Wealth Management in 2010. Through his practice, he focuses on helping clients manage and preserve their wealth through various, complex market cycles based on their individual needs. Together with his team, Bart focuses on delivering a comprehensive approach to managing wealth that begins with listening to a client’s unique financial needs to help ensure each strategy is grounded in an understanding of what each client wants to achieve. He also specializes in providing clients with investment planning advice for retirement.
Bart received his finance degree from the A.B. Freeman School of Business at Tulane University in 2010. He holds the Certified Financial Planner (CFP®) certification as well as the Chartered Retirement Planning Counselor (CRPC®) designation from the College for Financial Planning. Bart is passionate about giving back to his local community, and serves on the boards of The Circus Arts Conservatory and All Faith’s Food Bank. A Sarasota native, Bart enjoys playing music, going to the beach, and spending time with his dogs, Layla and Beaux.
Brian and Bart are joined by Financial Advisor Jesse Perez, CFP®, as well as Client Associates Shannon Murphy, Dionysios Skaliotis and Sovanna Sok.
US Republicans, supported by a few Democrats, pushed back against a rule that would make it easier for fund managers to consider sustainability in investment decisions. The debate shows including climate considerations in investing remains controversial. But we believe sustainability continues to gain traction and is becoming a key to investment success.
US President Joe Biden is expected to veto a Republican bill aimed at preventing pension fund managers from basing investment decisions on factors like climate change. The bill, which gained Senate approval on Wednesday after two Democrats joined Republicans, illustrates the potential for partisan divisions to impede the sustainability agenda.
Backers of the resolution say that the primary criterion has to be the financial return on investment, and that it would not stop funds from considering ESG issues altogether. The White House, however, has said President Biden will veto the measure.
The conflict highlights that considering the ESG performance of companies in investment decisions remains politically contentious. But we believe sustainability is becoming an increasingly important guide for investors.
Sustainability is a helpful guide to corporate performance for investors. Multiple studies have shown that companies that manage sustainability issues better tend to perform better. We also believe that firms that manage their business, stakeholders, and environmental impact better should be well-positioned to deliver on financial results. Research has also shown strong investment returns associated with the successful engagement of ESG issues. The annualized returns for MSCI ACWI ESG Leaders outperformed global equities (MSCI ACWI) both on a five-year and 10-year basis.
SI offers a diverse opportunity set. Certain parts of the sustainability investment universe underperformed last year as investors exited growth-oriented sectors in favor of value. But we think the volatility among growth companies says more about the importance of portfolio diversification than the SI approach itself. For example, we see numerous value-oriented opportunities in food supply chains, waste management, and recycling. In addition, ESG improver equities (Rockefeller Improvers ESG Index) have outperformed the Bloomberg US 3000 Total Return Index by two percentage points a year over the past five years.
Resilient fund flows to sustainable strategies underscore the commitment of investors. According to Morningstar, sustainable fund flows were more resilient throughout 2022 than broad market flows. This was especially evident in the fourth quarter, when global sustainable fund assets increased 11.6% quarter-over-quarter, almost double the growth of the broader market. Notably, “dark green” funds (those with sustainable investment as their key objective) in Europe saw uninterrupted inflows throughout the entire year, suggesting consistent investor commitment.
With strong capital commitments from governments and businesses alike, we continue to believe that sustainability should be a key long-term driver of investment returns. We recommend investors diversify across sectors, styles, and asset classes, and also see opportunities in themes including the circular economy, clean air and carbon reduction, smart mobility, and energy efficiency.
Photo courtesyFernando Pérez Castillo, Carolina Thompson and Ximena Guevara
Insigneo announced the affiliation of Ximena Guevara and Carolina Thompson, along with their Client Associate, Fernando Perez Castillo.
The 20-year industry veterans, who both join Insigneo as Senior Vice President, together have over $120M in assets under management, producing close to $1M in annual revenues, according to company information.
The team will be based at the firm’s Miami headquarters.
Jose Salazar, Insigneo’s US Market Head said, “Insigneo is thrilled to have Carolina, Ximena, and Fernando join our team of outstanding financial advisors. We look forward to working together with them and helping them grow their wealth-management business.”
The duo met at Citibank Private Bank Miami in the early 2000s, and later went to UBS Financial Services in Coral Gables, where they worked for almost a decade. They worked with Morgan Stanley for the past three years. Both are Series 7 and 66 licensed, and cover markets including Mexico, Ecuador, Colombia, Venezuela, and Argentina. Their business mix primarily consists of brokerage with some advisory, investing in traditional products along with lending and banking products. Perez Castillo, who joined the team at Morgan Stanley, where he worked for five years, is also Series 7 and 66 licensed.
“We are excited to be part of Insigneo’s best-in-class, flexible platform catering to international and domestic high-net-worth clients. We share with Insigneo the same passion to work side-by-side with our clients to help them achieve their financial objectives,” Ximena and Carolina added.
For many business families, sustaining prosperity for the long run depends on how well they plan for transfers of business assets and family wealth from one generation to the next, according to the KPMG Private Enterprise Global Family Business Tax Monitor. The report advises business families with footprints in multiple jurisdictions to monitor potential new or increased taxes and consider taking action in advance.
The report has been a go-to source for family business tax planning for almost a decade, comparing the vastly different tax liabilities among jurisdictions on the transfer of family business through gifting during the owners’ lifetime (including on retirement) and through inheritance.
Among the 57 jurisdictions covered in the report, some have geared their tax policies in ways that recognize how a thriving family business sector contributes to a vibrant economy. Others give no special tax exemptions for intergenerational family business transfers, increasing tax costs and likely reducing the family’s ability to compete with business families in more tax-friendly jurisdictions.
“Location can make a world of difference! Tax-efficient transfers between generations can leave wealth in the hands of entrepreneurial families to invest in profit-producing activities — and that can help stimulate job creation and innovation for future generations,” says Tom McGuiness, Global Leader, Family Business, KPMG Private Enterprise, KPMG International
KPMG Private Enterprise’s report found that globally, South Korea, France, the US and the UK impose the highest tax rates for transfer of a family business valued at EUR10 million by inheritance, before any tax breaks are accounted for. After exemptions, South Africa takes the biggest bite from family business inheritances valued at EUR10 million, followed by Canada and Japan. For inheritances of family businesses over EUR100 million, the most expensive taxing jurisdiction is South Korea after exemptions, with South Africa and the US coming in second and third.
For transfers during the owner’s lifetime (gifts) of family businesses valued at EUR10 million, Venezuela imposes the highest taxes globally before exemptions, followed by Spain, South Korea and France. After exemptions, South Africa and Japan come second and third behind Venezuela as the jurisdictions imposing the highest tax costs on business transfers by gift. These comparisons are similar for family businesses valued at EUR100 million before and after exemptions.
Top priorities for today’s business families
The report also provides insights on what business families consider their biggest priorities and risks and calls attention to three emerging trends — branching out, building up and giving back. The trends cruciallyreveal an increase in business families and their assets becoming more global, a rise in the importance of governance and a renewed focus on the management of family wealth and the notion of giving back with philanthropic activities commanding more time.
“Amid rising geopolitical tension and unparalleled economic uncertainty, the leading business families that we work with are diversifying globally and putting more focus on the sustainability of their businesses, their wealth and their communities,” says Tom McGuiness, Global Leader, Family Business, KPMG Private Enterprise, KPMG International. “By doing so, they can position their families for sustainable success down the generations. As a result, we are seeing more business families around the world that are focused on branching out, building up and giving back.”
To download the full report, please click on the following link.
Photo courtesyJosé Luis Jiménez, Mapfre Chief Investment Officer
Mapfre AM has acquired a further 26% equity stake in French ESG specialist mutual fund boutique La Financière Responsable (LFR), taking its total holding to 51% as it targets growth of SRI derived strategies and seeks to boost its international footprint into the French fund market.
The Group previously acquired 25% of LFR in 2017 to adopt its proprietary ESG-focused stock selection process, which aligns with Mapfre AM’s strategic approach to responsible investment and economic, social and environmental (ESG) commitments. At the time, this was the first transaction involving a Spanish asset management company buying into a foreign firm in the industry.
The deal secured MAPFRE AM access to an exclusive strategy and methodology for selecting investments and applying ESG criteria to new products, as well as to the rest of the Group’s range of funds and balance sheet.
Business upsides flowing from that initial stake and the positive ongoing relationship between MAPFRE AM and LFR has led to growing the stake.
José Luis Jiménez, Mapfre Chief Investment Officer, commented: “Since 2017, we have been committed to sustainable investment, and LFR has nearly 25 years of such experience in this industry. In the past five years, we have jointly launched SRI products, which have the peculiarity of having their own methodology for the final selection of the securities that make up the funds’ portfolios, something that is highly appreciated by our clients.”
An example of synergies seen at the product level is the Mapfre AM Inclusión Responsable fund, which has been cited by the United Nations Global Compact as an example of best practice. The fund’s portfolio encompasses those companies most committed to labour inclusion of people with disabilities.
Another is the Mapfre AM Capital Responsable fund. Qualified as an EU Sustainable Finance Disclosure Regulation (SFDR) Article 8 mutual fund and holding a ‘Label ISR’ from the labeling scheme supported by the French government, it recently was awarded a Five-Star rating from Quantalys, the independent fund data and analysis provider.
LFR, which has assets of nearly 650 million euros, will maintain operations with its customers and retain the brand.
Olivier Johanet, President of La Financière Responsable, commented: “Since 2017, the Mapfre and LFR teams have been working together in order to develop an excellent relationship and cooperation that benefits the clients of both companies. We very much welcome this closer relationship, which is a very important step in broadening the scope of our partnership.”
Mapfre AM is renewing its confidence in the current teams at LFR to continue to build its investment capacity and grow in the European market with institutional investors, IFAs and other asset managers.
Polen Capital announced the expansion of its Emerging Markets franchise, hiring LGM’s core Emerging Markets and China Equity investment teams. The agreement sees an additional six investment professionals joining Polen Capital, bringing the expanded franchise to now include six strategies and 10 investment professionals, based in London and Polen’s newly launched Hong Kong office.
The LGM teams, which were previously part of Columbia Threadneedle Investments, will enhance Polen’s capabilities and expertise in emerging markets and China as clients increasingly seek exposure to these markets. Polen will onboard and rebrand the team’s core emerging markets strategies and products including Emerging Markets Growth, China Growth and Emerging Markets Small Company Growth.
“Our expansion into Asia, and emerging markets overall, represents an attractive opportunity for Polen and our clients that will increase our exposure, people and capabilities in the fastest growing parts of the world,” said Stan Moss, CEO of Polen Capital. “The LGM team is aligned with Polen strategically and culturally, and mirrors our client-centric focus on long-term outcomes. Having a consistent, sustainable operating model and robust, centralized infrastructure will support the team’s ability to do what they do best.”
This expansion reunifies a historically effective team as several members of Polen’s Emerging Markets Growth team joined Polen from LGM. It also marks a meaningful expansion of its global research capabilities, now with on-the-ground professionals in Hong Kong, enhancing Polen’s ability to identify companies that can deliver sustainable, above-average earnings growth.
“We are excited our former LGM colleagues are joining us here at Polen. The team brings deep experience and a long track record building concentrated, quality growth portfolios in emerging markets, which aligns well with Polen’s focused investment philosophy,” said Damian Bird, Head of the Polen Emerging Markets Growth team. “Broadly speaking, most investors are vastly underexposed to emerging markets. We think their long-term economic growth potential will fuel attractive investment opportunities for the foreseeable future, and we are pleased to offer clients best-in-class emerging markets capabilities.”
Apex Group announces the appointment of Pamela Goldminz as Dallas Office Head.
Following organic growth and acquisitions in the Texas market, Apex Group is now one of the largest independent fund services providers by headcount in the State, according to the company’s release.
Goldminz joined Apex Group in Dallas in 2022, following the acquisition of Texas-based SandsPoint Capital Advisors LLC a provider of advisory and consultancy services to alternative asset managers, with specialism in the Real Estate market. Outsourced services include Fund Administration, Property Administration, Investment Accounting, Portfolio Analysis, Treasury Services & Expense Processing, and are supplemented by Consulting and Strategic Advisory across projects and business processes.
She was Managing Director at SandsPoint, having held senior roles during her nine years at the firm in Dallas and Irving, TX. She has over 20 years of experience in private equity, real estate and the financial services industry. Working for both private equity firms and private equity service organizations over the course of her career has given her a unique perspective and level of understanding of clients’ needs and challenges, along with the viable solutions to fulfil those needs.
Her previous experience includes JPMorgan Alternative Investment Services and JPMorgan Partners. Goldminz started her career in audit at KPMG and Ernst & Young.
Pamela Goldminz, Office Head, Dallas at Apex Group comments: “I look forward to leading Apex Group’s Dallas team as we continue to value our client relationships, supporting our long-term clients, and bringing our single-source solution to new clients. We continually evolve our solutions, to ensure that we can support our clients through one efficient and convenient relationship throughout their continued success and growth.”
Allfunds Group plc confirms that it has received an unsolicited, indicative and conditional public offer proposal from Euronext N.V. for the entire issued and outstanding share capital of Allfunds Group plc at an offer price of EUR 8.75 for each Allfunds Group plc ordinary share payable as follows: EUR 5.69 in cash plus 0.04059 new Euronext N.V. shares.
Under the proposal, the number of new Euronext N.V. shares for each Allfunds Group plc ordinary share would be set by reference to the 1 week volume weighted average price of Euronext N.V. shares on the last trading day before the date of formal announcement of the offer in order for the price per Allfunds Group plc ordinary share to be EUR 8.75.
In addition, as part of the proposal, Euronext N.V. would also pay to Allfunds Group plc shareholders who tendered their shares in the offer a ticking fee per Allfunds Group plc share, corresponding to 5.5% per annum applied to the offer price from the date of the formal offer announcement to the earlier of: (i) the first settlement date of the offer (both inclusive); and (ii) 31 March 2024 (both inclusive). Under the proposal, the ticking fee would be payable in cash, Euronext N.V. shares or a mix of cash and Euronext N.V. shares at Euronext N.V.’s option.
Allfunds Group plc has been informed by Euronext N.V. that Euronext N.V. has been in discussions with Hellman & Friedman and BNP Paribas, together owning 46.4% of Allfunds Group plc’s share capital, to obtain their support for the offer. Allfunds Group plc has not been party to such discussions.
The Allfunds Group plc board is currently evaluating the offer proposal, which would be subject to a number of conditions. There can be no certainty that any transaction will be forthcoming nor as to the terms on which any such transaction may occur.
Further announcements will be made if and when appropriate.
This is a public announcement by Allfunds Group plc pursuant to section 17 paragraph 1 of the European Market Abuse Regulation (596/2014) and article 5, paragraph 1 of the Dutch Decree on Public Takeovers.
This public announcement does not constitute an offer, or any solicitation of any offer, to buy or subscribe for any securities.
