The Financial and International Business Association (FIBA) announces the launch of a new certification program for wealth management professionals. As the wealth management business continues to grow, its professionals must demonstrate high-level skills in a wide variety of disciplines.
This two-level certification is designed to provide professionals from financial institutions with a strong foundation in financial markets and the products and services they offer.
Funds Society readers will be able to include the promotional code FS200 and receive a $200 discount.
The Certified Wealth Management Associate (CWMA) online course provides an introduction and overview of the business of international wealth management, as well as an in-depth review of financial markets and instruments, wealth management products, operational and regulatory requirements and the concepts of wealth planning.
This course is ideal for new entrants to the business, such as junior relationship managers, as well as customer service staff, compliance, operations and audit professionals, and industry regulators.
The Certified Weatlh Management Professional (CWMP) is designed as a hybrid course, with online instruction in portfolio construction, quantitative analysis of risk and return, economics and economic indicators, as well as live seminars providing hands-on learning. As a key component of the course, participants will prepare an investment proposal based on a complex case study and current market conditions. This course is geared toward senior relationship managers and investment advisory or portfolio management staff.
It is also an opportunity for specialized operations, compliance and audit staff to gain a deeper understanding of the investment advisory process.
The CWMA is available for enrollment in January 26, 2023, and the CWMP will launch its first session in March 2023. The course was developed by a multi-disciplinary team of professionals, led by the instructor, Isabelle Wheeler, CFA.
Photo courtesyIsabel Campillo, Carmen Garcia & Cristina Rubio, Capital Strategies team
Matthews Asia announces a new distribution agreement with Capital Strategies Partners, a Madrid, Spain-headquartered global third-party distribution firm. Capital Strategies Partners will be assisting with distribution of Matthews Asia’s UCITS funds in Spain, Portugal and Italy.
Matthews Asia is headquartered in San Francisco and specializes in investing in Asia and the emerging markets. Since it was founded in 1991, the firm has used an active approach that focuses on identifying the most attractive long-term growth opportunities in these regions. With portfolios that look very different from their benchmarks, they seek to provide clients with better exposure to the regions’ diverse and rapidly changing markets.
“Matthews Asia is a specialist boutique with an excellent reputation and performance that naturally complements the other fund managers we represent. With this asset manager, we bring to our investors the possibility of taking exposure to a geographic area that is becoming increasingly important in the global economy,” says Cristina Rubio, partner at Capital Strategies Partners and head of the project.
Neil Steedman, Head of Business Development EMEA and Asia at Matthews Asia, said: “Matthews Asia has been at the forefront of providing investors with a broad range of choices to build exposure to Asia and broader emerging markets. We are thrilled to be partnering with Capital Strategies to offer our distinctive investment approach to investors in Spain, Portugal and Italy who can benefit from our long-term focus on these fast-growing markets.”
About Matthews Asia
Since 1991, we have focused our efforts and expertise within the Asia and the emerging markets, investing through a variety of market environments. As an independent, privately owned firm, Matthews Asia is the largest dedicated Asia investment specialist in the United States. With approximately US$13 billion in assets under management as of 31 December 2022, Matthews Asia employs a bottom-up, fundamental investment philosophy, with a focus on long-term investment performance. For more information, please visit matthewsasia.com.
About Capital Strategies Partners
Capital Strategies Partners AV SA is a regulated private partnership and that specializes in identifying and representing best-in-class and mainly unique asset managers. Founded in 2000 and headquartered in Madrid, the firm is made up a diverse team of 34 professionals with global presence.
Photo courtesyMarty Flanagan, President & CEO at Invesco to retire on June 30, 2023
Invesco announced that Marty Flanagan, under whose strong leadership Invesco has grown to become one of the world’s leading global investment management firms, has decided to retire as President and CEO on June 30, 2023.
“During his time at Invesco, Marty’s relentless focus on understanding and meeting client needs while building a world-class investment organization has helped Invesco strengthen its global leadership position and grow its AUM from $400 billion to $1.4 trillion1,” said G. Richard Wagoner, Jr., Chair of the Invesco Ltd. Board.
Mr. Flanagan will also step down from the Invesco Ltd. Board on June 30, 2023. He will continue as Chairman Emeritus through Dec. 31, 2024, providing advice and guidance to the company.
“Under Marty’s strong leadership, Invesco has built a fully integrated firm with a comprehensive set of capabilities that enables us to meet a wide range of client needs and a well-scaled global platform that allows us to deliver a high level of service and value to clients across the globe. Throughout his time at Invesco, Marty has built an inclusive and forward-looking culture that values employees and stakeholders of the company, and has played a prominent role in business groups nationally and in Atlanta. The Board and I are extremely appreciative of Marty’s many significant achievements during his 18 years at Invesco, which will have an enduring impact on the firm’s long-term success,” added Wagoner
The Invesco Ltd. Board of Directors announces the appointment of Andrew Schlossberg, Senior Managing Director and Head of the Americas, to succeed Mr. Flanagan as President and CEO of Invesco Ltd. Mr. Schlossberg will become President and CEO of Invesco and a member of the Invesco Ltd. Board of Directors on June 30, 2023.
“Andrew has a long and established track record of delivering a superior investment experience to clients, helping employees grow in their careers, and leading innovation and profitable expansion across our global business,” said Mr. Wagoner. “His leadership in the asset management industry and wide-ranging experience at Invesco position him well to bring next-generation leadership to the company and deliver for all our stakeholders.”
“I’ve worked side-by-side with Andrew throughout my career at Invesco and have found him an exceptional leader who is highly focused on delivering the best possible experience for our clients,” said Mr. Flanagan. “I have every confidence that Andrew and the Executive Leadership Team will build on our strong momentum to take the business forward.”
“Invesco has an exceptional foundation to provide investment excellence for our clients, innovate in our delivery and enhance the growth of our business,” added Mr. Schlossberg. “We have a comprehensive range of in-demand investment capabilities, a strong global footprint and outstanding talent throughout the firm. I look forward to working with the Invesco Ltd. Board, our team worldwide and Marty to ensure continued strong outcomes for our clients, employees and shareholders.”
Mr. Schlossberg has been in the asset management industry since 1996 and with Invesco Ltd. since 2001. He has served in multiple leadership roles across the company’s businesses and locations. Prior to his current position, he was based in Invesco’s UK office as Senior Managing Director, Head of EMEA (Europe, the Middle East and Africa) and Chair of the Board of Invesco UK Limited. Before the UK, he served as Head of US Retail Distribution and Global ETFs and, prior to that, was US Chief Marketing Officer and Head of Global Corporate Development. He has also held leadership roles in strategy and product development in the company’s North American Institutional and Retirement divisions.
Mr. Schlossberg is active within the financial services industry, serving on the Investment Company Institute (ICI) Board of Governors and Executive Committee. Previously, he served on the board and advisory boards of the UK Investment Association, ICI Global, TheCityUK and the Diversity Project.
Doug Sharp, Senior Managing Director and Head of EMEA, will assume an expanded leadership role as Head of the Americas and EMEA, and global responsibility for ETFs, SMAs and digital capabilities.
“Doug will work with Andrew Lo, Senior Managing Director and Head of Asia Pacific, to oversee a more globalized client-facing organization with a focus on better understanding and meeting client needs, employing both a regional and cross-regional approach,” Mr. Flanagan said.
Mr. Sharp has served as Senior Managing Director and Head of EMEA since 2019. He joined Invesco in 2008 from McKinsey & Co. and has served in multiple leadership roles across the firm, including his previous role as Head of EMEA Retail. Prior to that, he ran Invesco’s cross-border retail business and served as Head of Strategy and Business Planning and as Chief Administrative Officer for Invesco’s US institutional business.
The firm also announced that Stephanie Butcher, Chief Investment Officer, EMEA, and Tony Wong, Global Head of Fixed Income Investments, have been named Senior Managing Directors and Co-Heads of Investments. Together, Ms. Butcher and Mr. Wong will oversee the firm’s distinctive investment capabilities, building on the strength of our investment culture, processes and enterprise support model.
Ms. Butcher has served as Chief Investment Officer of Invesco’s EMEA business since January 2020, overseeing the highly regarded Henley Investment Center, encompassing equities, fixed income and multi-asset capabilities. She joined Invesco in 2003 from Aberdeen Asset Management as a fund manager on the company’s European equities team.
Mr. Wong has served as Global Head of Fixed Income Investments since March 2019, responsible for the investment process and performance, strategic direction and enterprise oversight of Invesco Fixed Income’s global organization. Mr. Wong joined Invesco in 1996 and has served in various investment roles within the fixed income organization.
MCR, the hotel owner-operator, has acquired the Hilton Miami Airport Blue Lagoon, a 14-story hotel with 508 rooms in Miami, Florida. With a prime waterfront setting within the Blue Lagoon business park, the hotel is located just south of Miami International Airport (MIA).
This is the company’s second hotel in the Miami airport submarket following the acquisition of the Hyatt Place Miami Airport East in December of 2022 and its tenth hotel in Florida.
MIA is the busiest airport for international passengers and international freight in the U.S. and provides a hub for over 90 air carriers. International traffic continues to ramp back up following the pandemic and overall passenger volume through MIA was up over 10% in 2022 compared to 2019 based on the latest data available. And with a $5 billion capital improvement and expansion plan underway, it’s only going to get busier.
Tourism remains the top industry in “the 305,” but it is also home to the largest concentration of international banks in the U.S., as well as many major Fortune 500 companies. With its prime location near the airport, the Blue Lagoon business park has over four million square feet of office space and serves as the headquarters for nationally recognized names including Burger King and Lennar, as well serving as the Latin American headquarters for Sony, Airbus, Novartis, Hasbro, Estée Lauder and Olympus.
The hotel is located near several major sports venues, including the Hard Rock Stadium, making it easy to splash down for a Miami Dolphins game. Explore pristine beaches along Florida’s Gold Coast, take in the largest collection of Art Deco architecture in the U.S., or head deeper into the city to check out Miami’s world-renowned shopping and dining scenes.
There’s plenty to enjoy on-property too! The hotel offers a large outdoor pool surrounded by comfy loungers, umbrellas and towering palms, plus outdoor tennis and basketball courts, bike and car rentals, a fitness center, and a hot tub, the new owner said.
Join your breakfast in the Coral Café Restaurant or for a casual poolside lunch and drinks at the Blue Lagoon Saloon. The Cove Bar serves light bites, dinner, and drinks nightly. All-day grab-and-go options are also available in our convenient shop, Herb N’ Kitchen.
Business travelers will appreciate the hotel’s convenient central location and 32,000 square feet of on-site meeting space, which includes a large, 9,600 square-foot ballroom, 16 breakout rooms and indoor and outdoor social event-focused space with views of Blue Lagoon. Each meeting space offers the latest technology and is managed by a professional team dedicated to making your event a success.
Santander Corporate & Investment Banking ended 2022 as the global leader in export finance, with transactions amounting to $8.081 billion, and a market share of 12.1%. Over the last financial year, Santander participated in 40 international transactions offering financing, through Export Credit Agencies (ECA) to support the international activity of medium-sized businesses and large multinationals.
Santander CIB has a strong relationship with all ECAs worldwide, which, as well as its in-depth knowledge of the markets and industries where its clients operate, has enabled the bank to top the list published by Dealogic, one of the most widely used tools for analysing the performance, trends, activity and market share of financial institutions in this market.
The macroeconomic and geopolitical context last year favoured greater market dynamism in regions such as the Middle East, Africa and Asia where Santander, together with its global customer base, was able to lead the market at regional level, in addition to its global leadership position.
José Luis Calderón,global head of Global Transaction Banking (GTB) at Santander CIB, said:‘We are extremely happy to see Santander playing such a key role in this industry. We have been relentlessly investing in the business for the last two decades, getting closer to our clients, connecting sponsors, exporters, importers, ECAs and investors worldwide and innovating with the development of new products and structures with the main ECAs. We have been able to connect EMEA, the Americas and APAC to maximize our capacity to deliver the financial solutions our clients expect, not only for the big multinational companies but for mid-size enterprises as well.”
Credit insurance from ECAs and other multilateral institutions is one of the main public financial support instruments for company internationalisation, helping companies to obtain financing on competitive terms with specialised products tailored to their needs and mitigating the risks associated with cross-border activity.
Last year saw strong activity from European agencies such as Euler Hermes (Germany) and UKEF (UK), as well as Asian agencies with Kexim (South Korea) playing a prominent role.
In recent years, Santander CIB has been developing its Export & Agency Finance (EAF) business focusing on import and export customers. As such, it has designed innovative products hand in hand with ECAs, with a combination of global and local origin and structuring capabilities which are the basis of the franchise’s success.
Guillermo Hombravella, global head of Export & Agency Finance, said:”Obtaining results like this and leading global rankings in the export finance business is made possible thanks to our relationship with our customers, our ability to understand their needs and the profound knowledge of ECAs and their products that the team has on a global level.”
VIZIBILITY announced a cooperation with Intercontinental Wealth Advisors. As part of this cooperation, Intercontinental Wealth Advisors will utilize Vizibilitytechnology platform to price, trade, and manage the portfolio of their clients.
“We’re excited to bring our SP solutions to so many organizations and advisors who share our vision, such as Intercontinental Wealth Advisors. This cooperation will provide clients unique exposure to structured investment products, and we look forward to providing our new partner with our solutions and expertise,” said Aurelien Vicart, CEO of Vizibility.
Alfredo La Rosa, CIO of Intercontinental Wealth Advisors, added: “Thanks to the cooperation with Vizibility we have the possibility to offer our clients a comprehensive and attractive range of structured products in the future. Vizibility is the ideal service and technology partner for this, as the competencies of both companies complement each other perfectly.”
On the other hand, Jerry Orosco, Vice President and Portfolio Manager at Intercontinental Wealth Advisors, said: “Vizibility advanced technology features provide us comparison functionality, streamlined processes, top-quality insights, compliance systems, and a wide range of functions, all in one place. It’s the perfect tool to elevate our structured product business”.
VIZIBILITY is committed to transform the digital experience, enabling them to better serve their clients.
Insigneo announced that Maria Solanet has joined the firm as Senior Vice President and will be based in the firm’s Miami headquarters.
Prior to joining the firm, Solanet worked as an International Wealth Management Advisor at Morgan Stanley, where she provided customized advice and investment solutions to clients residing abroad and in the US.
“Maria’s proven track record of over twenty years and passion for working with international clients will bring significant value to Insigneo,” said Jose Salazar, Insigneo’s US Market Head. “We are excited to continue to attract the industry’s best and brightest talent.”
On the other hand, Solanet added, “I am thrilled to join Insigneo’s team of independent financial advisors, it’s an incredible next step in my career. I look forward to leveraging Insigneo’s platform and its resources, while taking advantage of the collaborative environment the firm provides.”
Throughout her career, Solanet has focused on helping international clients understand the challenges and opportunities of investing in the U.S.
One of 10 children, Solanet grew up in Argentina in a home focused on finance. Her family owned a bank there, exposing her from an early age to the varied aspects of the financial markets. After earning the equivalent of an Associate Degree at the University of Buenos Aires, Solanet went to Cambridge, England, where she continued her education and began her financial career.
During the past 23 years, she has built a reputation for guiding her clients in making sound investment decisions, working at such firms as Lloyds Bank in England, HSBC Bank, and Merrill Lynch Bank of America until she joined Morgan Stanley in 2015.
“It is such an exciting time at Insigneo as we continue to add outstanding financial professionals like Maria, and we continue to invest in the necessary technology and resources to enable them to deliver the superior service for which Insigneo is know,” added Rodolfo Castilla, Head of Sales for Insigneo.
FlexFunds, a provider of asset securitization services offering both turnkey or custom-built solutions that facilitate the setup and launching of exchange traded products, has issued its 500th Exchange Traded Product (ETP) for Driftwood Capital.
Driftwood Capital specializes in real estate strategies spanning acquisition, development, and lending and has a portfolio of assets under management of over US$ 3 billion and 1,200 active investors.
The ETP issued by FlexFunds under the denomination “Great North Partners II” facilitates Driftwood’s distribution of high-return mezzanine debt and loan investments in hotel assets throughout the United States.
Carlos J. Rodriguez, Chief Executive Officer and Chairman of Driftwood Capital said: “FlexFunds gave us the opportunity to distribute our investment products to a wider audience of foreign investors in a cost-efficient and effective manner. We plan to use FlexFunds for distributing not only our Hotel Lending Platform products but also for our Hotel Development and Acquisition Investment strategies. We see FlexFunds as a way to continue to increase our channels of distribution worldwide and continue to exponentially grow our US$ 3 billion + hotel portfolio.”
Emilio Veiga Gil, Executive Vice President, and Chief Marketing Officer of FlexFunds, said: “Through FlexFunds’ securitization program, we can convert any asset into a listed and Euroclerable security, allowing international investors to participate in any project easily. Driftwood Capital’s ETPs are a clear example of the advantages that asset securitization can offer, ranging from real estate to portfolios of listed securities or any other private equity project. Asset repackaging plays a key role in allowing investors to participate in a wide range of opportunities with lower levels of investment, thus democratizing access to capital markets.”
Photo courtesyAdam Malamed, new Sanctuary Wealth's CEO.
Sanctuary Wealth Group named wealth management industry leader Adam Malamed Chief Executive Officer, effective immediately.
Mr. Malamed, an existing member of Sanctuary’s Board of Directors, will leverage his proven expertise in growing and leading privately held and publicly traded wealth management and financial services enterprises across multiple business models to spearhead the next stage of the firm’s growth, according the firm information.
“I’m thrilled to lead Sanctuary Wealth as the firm embarks upon the next stage of its growth, which will be built on very strong foundations. Having served on Sanctuary’s Board of Directors, I’ve had the opportunity to dive deep into understanding its business, unique culture and value proposition for financial advisors. I have the utmost respect for the firm’s executive leadership, employees and the financial advisors we support. I look forward to applying my experience in leading and expanding some of the nation’s largest and most successful financial services companies to this new role,” Mr. Malamed said.
Previously, Mr. Malamed served as Executive Vice President, Chief Operating Officer and Board Director of Ladenburg Thalmann, a leading NYSE-listed network of wealth management and other financial services firms. He served a pivotal role in building the enterprise to encompass 4,500 financial advisors, approximately $200 billion in client assets and an enterprise value of $1.3 billion, the statement added.
Building on Sanctuary’s Strong Foundations
Launched in 2018, Sanctuary delivers a well-resourced, partnered independence experience through a platform of comprehensive solutions and services to financial advisors with entrepreneurial drive and the desire to serve clients with distinction.
“With robust institutional financial backing from leading global asset managers Kennedy Lewis and Azimut Group, Sanctuary empowers successful and experienced financial advisors to elevate their professional success and the service experience provided to their clients”, the firm said.
“Never before has there been a greater need for independent financial advice, and independent firms with sophisticated growth strategies are well-positioned to drive rising success for their organizations and advisors. Toward this end, I am a big believer in taking the best elements of a firm’s culture and aligning it with an institutionalized strategy and scalable solutions that consistently elevate the financial advisor and client service experience,” continued Mr. Malamed. “This is precisely what we will achieve together at Sanctuary going forward. In a fast-evolving wealth management landscape, Sanctuary has an opportunity to become the destination of choice throughout the independent financial advice industry.”
More than two-thirds (68%) of privatebank and banktrust executives are actively considering merger and acquisition (M&A) opportunities to grow and adapt their businesses, according to the latest Cerulli Edge—U.S. Asset and Wealth Management Edition.
M&A has been a mainstay of bank growth strategies for the better part of the past decade. As clients demand more intuitive technology and broader services from their private banking and trust providers, these organizations require greater economies of scale to invest in enhancing their offerings.
Greater efficiency through economies of scale (75%), a desire for geographic expansion (69%), and the many benefits of greater fee-based revenues (63%) are the primary motivators behind most M&A in the bank space.
According to Chayce Horton, research analyst, “Larger and more scaled firms that can provide seamless and comprehensive financial services experiences for their clients have regained momentum after finding themselves flatfooted for the better part of the previous decade.” Private banks now are the fastest-growing segment of the bank wealth management industry, with annualized growth of 17% since year-end 2019.
Cerulli finds 62% of executives actively considering M&A options are looking into acquiring smaller firms in their channel and integrating them into their offering.
“This option is considered one of the least cumbersome M&A strategies, with the benefits of complementary business growth and cost-cutting measures,” states Horton. “However, the acquiring firm must possess the systems and operational nimbleness to handle the injections of scale that come with acquisitions,” cautions Horton. Merging with a similarly-sized bank/trust company (38%), acquiring an RIA or family office (38%), or acquiring a digital advice or fintech provider (23%) are other strong considerations for M&A among bank executives.
As M&A in the bank space continues to churn, third parties providing products and services to these firms must prepare to adapt their strategies as well. “Often during M&A events and the resulting integrations, traditional gatekeepers and decision-makers can change in unpredictable ways. The best way to continue addressing opportunities through these events is to have conversations early and often with counterparts across the organizational chart to gauge when and what problems may arise, so that they can be appropriately resolved ahead of time,” concludes Horton.
