Franklin Templeton has hired Ivan Del Rio, CFA, as Vice President and Sales Executive. Based in Miami, he will be in charge of developing and expanding the offshore business with clients in the region, and will report to Shane Cunningham, Senior Vice President and National Sales Manager for Americas Offshore.
“Ivan is intently focused on delivering a superior client experience for the Miami region by bringing his extensive background in offshore sales to the role. We continue to offer clients a broad range of investment opportunities and differentiated capabilities – including ESG, alternatives and customized solutions – to meet their investment needs”, said Cunningham.
Del Rio has 13 years of experience in the financial services industry, having previously worked as Managing Director, Offshore Investments at John Hancock Investment Management, servicing financial professionals in the US offshore market. He was also Vice President and NRC Senior Advisor Consultant for Invesco Distributors, Inc., where he partnered with financial advisors in US offshore markets. In addition, he was part of the team that built the US offshore division for OppenheimerFunds Inc.
Del Rio holds a Bachelor of Business Administration from Florida International University, with a major in Business Management. He is also a CFA charterholder.
Foto cedidaVincent Archimbaud, esponsable de de Ventas Mayorista para Europa de Tikehau Capital. Vincent Archimbaud, nombrado responsable de de Ventas Mayorista para Europa de Tikehau Capital
Tikehau Capital has announced the appointment of Vincent Archimbaud as Head of Wholesale Sales for Europe. Based in Paris, his role will be to develop the distribution of the group’s funds in Europe and contribute to the growth of its assets under management.
The asset manager has explained in a press release that Archimbaud will now be responsible for accelerating the development and supporting Tikehau Capital’s client base in all its business units as well as private banking divisions. He will also coordinate the coverage of this client base with the regional managers in Europe across all asset classes in which the firm invests (private debt, private equity, real assets and capital markets strategies).
Archimbaud will be reporting to Frédéric Giovansili, Deputy CEO and Global Head of Sales, Marketing and Business Development at Tikehau IM.
“We are delighted with the arrival of Vincent Archimbaud. His extensive experience in distribution, combined with his substantial network and his in-depth understanding of the needs of wholesale clients in Europe will enable him to successfully contribute to the Group’s ambitious growth dynamic”, highlighted Giovansili.
Archimbaud brings with him more than 20 years of experience in the asset management industry. Prior to joining Tikehau Capital, he was since 2014, Director of head of Third Party Distribution at Lombard Odier IM (France, Belgium, Luxembourg and Monaco). Prior to that, he spent a year at Goldman Sachs as responsible for sales of UCITS platforms before joining Citigroup Global Markets for three years, also as responsible for sales of UCITS platforms. In addition, Archimbaud was responsible for Sales for Lyxor Asset Management (2006-2010), for AXA IM (2003-2006) and for Société Générale AM (2001-2003). He is a graduate of ESC Bordeaux Business School (1996).
Foto cedidaAndrew Hendry, responsable de Distribución en Asia (sin Japón) de Janus Henderson.. Janus Henderson nombra a Andrew Hendry para el cargo de responsable de Distribución en Asia (sin Japón)
Janus Henderson has announced in a press release the appointment of Andrew Hendry as Head of Distribution in Asia (ex-Japan). He will join the firm in February 2022 and will be based in Singapore, from where he will report to Suzanne Cain, Global Head of Distribution.
In his new role, Hendry will be responsible for the overall strategy and management of Janus Henderson’s distribution functions across Asia (excluding Japan and Australia). The firm has explained that his primary focus will be to “maintain, grow and diversify” the distribution business to ensure they continue to meet their clients’ evolving needs. He will also “develop strategic client partnerships across institutional and intermediary channels” and work collaboratively with leaders from across the firm to identify and cultivate business development opportunities.
With 23 years of global experience, Hendry will be joining from abrdn, where he was most recently the Head of Distribution – Asia Pacific. He has previously worked at Westoun Advisors, M&G Investments and started his career at Capital Group.
“We are excited to welcome Andrew to the firm. His wealth of experience from some of the global asset management industry’s leading firms, coupled with his steadfast client-centric approach, will enable growth in the region and ensure we continue to meet our clients’ evolving needs”, said Cain.
She also commented that Hendry’s appointment, in addition to the appointments of Shinichi Aizawa as Executive Chairman and President of Janus Henderson Investors (Japan), as well as Tomoyasu Tanimoto as Head of Distribution in Japan, “demonstrates Janus Henderson’s ongoing commitment to building a best-in-class team and client offering in Asia.”
The announcement follows several key hires across the Global Distribution team so far this year, including the Global Head of Consultant Relations, Global Head of Client Experience, Head of North America Institutional, Director of Institutional Solutions in Australia, and Deputy Head of Investment Trusts.
Aiming to give Latin American investor access to BlackRock alternative strategies, investment platform HMC Capital announced a distribution partnership, focused in the private equity segment.
According to a press release by the firm, the agreement with BlackRock Private Equity Partners will allow them to offer private equity solutions diversified across stages, strategies, and geographies to regional clients.
HMC Capital added that the agreement will seek to offer access to venture capital managers and growth equity direct investments.
“We are pleased to announce HMC’s partnership with BlackRock Private Equity Partners, which reflects our singular focus on developing investment solutions for our clients,” said Ricardo Morales, the regional firm’s founding partner and Executive Chairman.
Nicholas Franco, HMC’s Head of Venture & Growth, added that their objective is “to capture alpha through carefully-selected, scaled positions with managers that are typically access- and capacity-constrained.”
Representatives from the U.S. manager also highlight the agreement between both firms. “This partnership combines BlackRock’s extensive investment capabilities and sourcing network with HMC’s experience in launching innovative alternative investment strategies to serve its global investment base,” said Johnathan Seeg, Global Head of Client Solutions and Strategy for BlackRock Private Equity Partners.
Roque Calleja, Head of BlackRock Alternative Specialists for Latin America, added: “We are excited to join with HMC in launching this new partnership with a value proposition that we anticipate will resonate strongly in Latin America.”
The challenge of feeding the world’s eight billion people while also preserving biodiversity provoked lively discussion at this year’s Klosters Forum in June on the ‘Future of Food Systems and Biodiversity Regeneration’.
“There is trickery in food, especially when food is produced in ways that destroy the relationships that are a prerequisite for sustainable food in the future,” said writer-educator Nora Bateson.
“People don’t eat nutrition, they eat food. So, what is food?” Bateson asked. Her answer was that it isn’t just agriculture, but also “about culture, about relationships, about the soil, about the generations that have worked the soil.” She proposed “warm” data as a way of reconciling these various issues. Warm data, Bateson explained, was about “mixing stories, biodiversity, ecology of ideas and education to perceive the interconnectedness of things, sharing information across contexts from chemistry to politics.” This meant recognising that “how the relationship between culture and identity plays out in food is very important.” Warm data “is fun”, she explained, “because it is connected to memories, to your own life.”
Another forum participant suggested we look more seriously at how to get diverse, nutritious food to the world’s 600 million people who do not have access to secure food sources. But apart from the traditional question of undernourishment, according to her, there’s also the fast-growing issue of obesity, as well as other problems linked to nutrition, including heart disease, diabetes and forms of cancer. The solution, she said, was to prioritise access to diverse, more nutritious food and to resist the fashionable view of “food as medicine” in favour of an approach based on “food as health.”
There’s a complex challenge in measuring agricultural ‘progress’ or scientific advances while also taking account of the risk of collateral damage if we accept the US-based Center for Urban Education about Sustainable Education’s definition of a food system as “the interrelationship of agricultural systems, their economic, social, cultural, and technological support systems, and systems of food distribution and consumption.”
We still need a common language to define environmental biodiversity and then measure it.
The director of a major conservation organisation at the forum warned that science had its limitations and was often open to the charge of reductionism. “We can all use the same science and come to different solutions. Science can be the truth at a certain point of time, but it is the whole truth throughout time,” he said. While acknowledging he was “not sure we can feed the whole world through an ecological agricultural approach,” he argued that science had to change. “It is quite uncomfortable for scientists to emerge from their silos,” he said, “but the most interesting transformational ideas have come from those scientists that have done different things.”
“Nature has historically been viewed as priceless, so we have never priced it. Now we have to price it, we don’t know how,” one forum participant said. “What has been the effect of attempts to intensify agriculture on the natural capital of a country like Zimbabwe, for example? We just don’t know because farming sustainability is not adequately measured,” he said. Even more fundamentally, we still “need a common language to define environmental biodiversity and then measure it,” he said. For example, what is the real meaning of “sustainable intensification,” which is described by one international body as “an approach using innovations to increase productivity on existing agricultural land with positive environmental and social impacts.” He argued the term was “inadequately defined.”
Another participant thought that a bridge between science, with its fixation on tangible results, and sustainability could be found in the writings of Rudolf Steiner, the so-called ‘Scientist of the Invisible’, who rejected the division between scientific enquiry and dimensions of reality at the periphery of science such as emotional chemistry. “Science is good at coarse matter and energy, less good at fine measures,” he said.
We have failed to help the young make sense of the world in which we find themselves.
Integrating the human element into discussion about biodiversity and food production could contribute to those “fine measures” one United Nations representative suggested. We need to frame the question of food sustainability in emerging markets and elsewhere in terms of “how to help farmers make a bit of money and support broader communities at the same time,” he said. “If you frame the question in terms of empathy and ways of doing business, you can get a better outcome,” he argued. He pointed to India, where pressure to produce more food per square metre of land led to a spike in suicides before a move away from pure productivism was found to produce better food more profitably.
The UN official thought youth and its aspirations would be key in the struggle for a sustainable food system. “Up to now,” he said “we have failed to help the young make sense of the world in which they find themselves. This has got to change. Interconnections between generations and disciplines is the key.”
Lamenting the “vested interests” which he felt continued to dominate various international food summits and the lack of consensus on food sustainability, another forum participant also placed his faith in youth, among whom he detected an underlying, if hard-to-define, “shift of consciousness.” He quoted Bob Dylan: “And something is happening here, but you don’t know what it is.”
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Pixabay CC0 Public Domain. HSBC crea la primera serie de índices bursátiles del mundo basados en la biodiversidad
HSBC has announced the launch of the Euronext ESG Biodiversity Screened Index series, jointly developed with Euronext and Iceberg Data Lab. The firm has explained in a press release that these are “the first investable biodiversity screened benchmark indices based on a broad range of equities”.
Constituent companies of the Euronext ESG Biodiversity Screened Indices are selected from either the Euronext Eurozone 300 Index or Euronext World Index, using the following criteria: they are committed to the UN Global Compact Principles and are not involved in controversial weapons, tobacco production, or thermal coal extraction. Besides, their ESG Risk scores are determined by Sustainalytics, and their Corporate Biodiversity Footprint (CBF) score is calculated by Iceberg Data Lab, which assesses their impact on biodiversity from change of land use, greenhouse gas emissions, air and water pollution, taking into consideration their whole value chain.
“The Euronext ESG Biodiversity Screened Indices provide a benchmark for investors as to which stocks to include in their portfolios and which to exclude, based on how a company’s overall activities impact nature. They will also be able to invest in a range of products that track these indices. In this way, investors will have greater oversight of their portfolios’ ESG and biodiversity credentials”, said Patrick Kondarjian, Global Co-Head of ESG Sales, Markets & Securities Services at HSBC.
Meanwhile, Marine de Bazelaire, Group Advisor on Natural Capital, highlighted that they are helping to develop business and investment models for enterprises that are finding ways to restore, manage and protect nature. “Biodiversity and ecosystems provide value to society in a myriad of ways such as food security, medicine, clean water, carbon removal and weather regulation. The decline in natural capital has been rapid and is ongoing”, she added.
HSBC believes that COP26 has given added momentum to the importance of protecting biodiversity and achieving the goals set by the Paris Agreement: “More than 100 countries, which cover 85% of Earth’s existing forests, have now pledged to end and reverse deforestation by 2030”.
Regarding its business, the company points out that transition to net zero is one of its four strategic pillars. “We are putting nature and biodiversity at the heart of our net zero strategy because we believe that protecting and restoring nature is essential for a thriving global economy and a successful net zero transition,” commented Marine. In this sense, HSBC has committed to providing between US$750 billion and US$1 trillion in finance and investment by 2030 to support its customers across sectors to decarbonise and accelerate new climate solutions.
Pixabay CC0 Public Domain. Robeco prevé unos nuevos "tórridos años 20" que favorecerá el rendimiento de los activos de riesgo
Robeco has published its eleventh annual Expected Returns report (2022-2026), a look at what investors can expect over the next five years for all major asset classes, along with post-pandemic economic predictions. The asset manager shows a “tempered optimism” and expects an improvement of US labor productivity, a supply-side boost for the global economy and important technological growth for the next decade.
Specifically, the report anticipates an investment-led pick-up in productivity that will beat the subdued GDP-per-capita growth during the 2009-19 great expansion. “The fact remains that due to an atypical stop-start dynamic in 2020-21, macro-economic uncertainty hit its highest level in recent history, exceeding the levels it reached in the disinflation period in the 1980s and the 2008 global financial crisis. The question of whether inflation will be transitory or longer-term means that investors should keep an open mind as to how the economic landscape could unfurl over the coming five years”, says Robeco. In this sense, it believes that productivity boosts “are not a luxury”, but a necessity to deal with climate risks, ageing societies, and economic inequalities.
In its base case scenario -called the Roasting Twenties inspired by the Roaring Twenties of the previous century-, the firm expects the world to transition towards a more durable economic expansion after a very early-cycle peak in growth momentum in 2021. In its view, there is still “no clear exit” from the Covid-19 pandemic, although governments, consumers and producers have adopted an effective way of dealing with what has become “a known enemy”.
In this context, Robeco highlights that negative real interest rates drive above-trend consumption and investment growth in developed economies, while the link between corporate and public capex and the productivity growth that ensues remains intact, with positive real returns on capex benefitting real wages and consumption growth. “Workers’ bargaining power increases due to more early retirements by members of the baby boomer generation after the pandemic – not only in developed economies, but also in China. Central banks want their economies to grow, but not too much, and in this scenario they have luck on their side”, says the report.
Meanwhile, regarding the debate about whether inflation is transitory or on a secular uptrend, it remains largely unresolved, reflecting a stalemate between rising cyclical and falling non-cyclical inflation forces. This creates leeway for the Fed and other developed market central banks to gradually tighten monetary conditions, with a first Fed rate hike of 25 bps in 2023 followed by another 175 bps of tightening over the following three years.
Climate risk
According to Robeco, another reason to temper optimism is the growing awareness of the severity of the climate crisis. Global temperatures will rise to at least 1.5˚C above pre-industrial level by 2040, leading to more extreme weather events and increased physical climate risks in developed economies. The firm expects investors to incorporate climate risk factors into their asset allocation decisions more and more in the next five years. To help them do so, this years’ Expected Returns framework introduces an in-depth analysis of how climate factors could affect asset class valuations in addition to macroeconomic factors.
This analysis is based in a couple of considerations. The first one is that the composition of asset classes may be impacted more by climate change than expected returns, as it anticipates more issuance of shares and bonds from green companies going forward. Also, it considers that emerging equity markets and high yield bond markets are much more carbon intense than developed equity markets and investment grade bond markets, which will put pressure on their prices over the next five years.
Lastly, it highlights that active investors can add value by integrating their view of climate change and how policies, regulations, and consumer behavior will affect a company’s profits; and that massive divestment from fossil fuel companies may lead to a carbon risk premium.
“A year and a half after the initial Covid-19 outbreak, the world is at a crossroads. Amid the paradox of recovering economies and technological growth on the one hand and macroeconomic uncertainty and climate risk on the other, we believe the world will transition towards a more durable economic expansion, the ‘Roasting Twenties’. Negative real interest rates drive above-trend consumption and investment growth in developed economies, while the link between corporate and public capex and the productivity growth that ensues remains intact, with positive real returns on capex benefiting real wages and consumption growth”, comments Peter van der Welle, Strategist Multi Asset at Robeco.
Meanwhile, Laurens Swinkels, researcher at the firm, says that although 86% of investors from the survey believe climate risk will be a key theme in their portfolio’s by 2023, regional valuations do not yet reflect the different climate risks to which the various regions are exposed. “Therefore, this year’s Expected Returns publication takes into account, for the first time since its launch in 2011, the impact of climate change risk on returns”, he adds.
Frigid bond markets, torrid equity markets
Regarding expected returns for the 2022-2026 period, the report shows that current asset valuations, especially those of risky assets, appear out of sync with the business cycle, and are more akin to where they should be late in the cycle. “The dominant role central banks have taken on in the fixed income markets has forced yields well below the levels warranted by the macroeconomic and inflation outlook. Torrid valuations are suggestive of below-average returns in the medium term across asset classes, and especially for US equities. This is reason enough to keep an eye on downside risk at a time that many investors have a fear-of-missing-out, buy-the-dip mentality”, the document wars.
Ex-ante valuations have historically typically only explained around 25% of subsequent variations in returns. The remaining 75% has been generated by other, mainly macro-related, factors: “From a macro point of view, the lack of synchronicity between the business cycle and valuations should not be a problem given our expectations for above-trend medium-term growth, which bode well for margins and top-line growth. In our base case, we expect low-double-digit growth in earnings per share for the global equity markets to make up for sizable multiple compression”. According to Robeco, previous regimes in which inflation has mildly overshot its target – something else it expects in its base case – have historically seen equities outperform bonds by 4.4 percentage points per year. A world in which inflation is below 3% should also see the bond-equity correlation remain negative.
The report also considers that even though they expect real rates to become less negative towards 2026, negative real interest rates are here to stay for longer, which implies that some parts of the multi-asset universe could heat up further: “With 24% of the world’s outstanding debt providing a negative yield in nominal terms, investing in the bond markets is a frigid proposition from a return perspective as it is hard to find ways of generating a positive return. Sources of carry within fixed income are becoming scarcer, and are only to be found in the riskier segments of the market, such as high yield credit and emerging market debt”.
Lastly, Robeco believes that with excess liquidity still sloshing around and implied equity risk premiums still attractive, the TINA (There is No Alternative) phenomenon persists as alternatives for equities are hard to find: “Overall, we expect risk-taking to be rewarded in the next five years, but judge the risk-return distribution to have a diminishing upside skew. The possibility of outsized gains for the equity markets is still there, but the window of opportunity is shrinking”.
Therese Niklasson, nueva directora global de Inversión Sostenible de Newton IM nombra, parte de BNY Mellon IM. . Newton IM nombra a Therese Niklasson para el cargo de directora global de inversión sostenible
Newton Investment Management Limited, part of BNY Mellon Investment Management, has appointed Therese Niklasson as Global Head of Sustainable Investment. Reporting directly to Euan Munro, CEO, she will join the executive committee and be responsible for driving the firm’s strategic plan for responsible and sustainable investment globally.
The asset manager has explained in a press release that as part of this role, Niklasson will oversee the responsible research agenda and lead the integration, measurement and evidencing of ESG factors within the investment processes across strategies and asset classes.
To this end, she will manage the continued development of Newton’s responsible investment team of 19 specialists focusing on research, stewardship, data and product advocacy. She will also provide oversight of governance and processes relating to responsible and sustainable investing, as well as advancing the further development and innovation of the firm’s product capabilities to deliver responsible and sustainable investment outcomes to current and future clients.
With a career in responsible and sustainable investment spanning 17 years, Niklasson joins from Ninety One Plc (previously Investec Asset Management), where she was most recently Global Head of Sustainability, leading the development and execution of the firm’s holistic sustainability strategy. Prior to this, she was Global Head of ESG and Head of ESG research at the firm, and before that she held the role of Head of Governance and Responsible Investment at Threadneedle Investments.
“As a purposeful owner, Newton seeks to be long-term in its approach, selective in its choices, deep in its research and active in its engagement, always for the benefit of its clients. Our global head of sustainable investment is a pivotal role, leading the next stage in our 40-year responsible investment journey to help shape and promote awareness of Newton’s sustainable investment strategies and approach to responsible investment”, said Munro.
The CEO also believes that her extensive experience and proven track record in building global ESG capabilities and influencing and transforming investment teams’ approach to sustainability issues “will be instrumental in driving Newton’s vision and continued development of our sustainable investment franchise.”
Niklasson will officially join on 7 February 2022 and will be based in London, United Kingdom.
Foto cedidaMarie Fromaget, nueva analista del equipo de Stewardship de Allianz GI.
. Allianz GI refuerza su equipo de Stewardship con la incorporación de Marie Fromaget
Allianz Global Investors is strengthening its Stewardship team with Marie Fromaget, who will join the firm next January as analyst. She will be based in Paris and report to Antje Stobbe, Head of Stewardship.
In a press release, the asset manager has announced that Fromaget will be responsible for engagements, especially on inclusive capitalism, and voting on its holdings in EMEA.
Prior to joining Allianz GI, she was ESG analyst at AXA IM since 2018. In this role, she was in charge of research and engagement on the theme of human capital and diversity. She was also involved in strengthening the firm’s voting policy on gender diversity, and contributed to the integration of social issues within different asset classes.
“We are delighted to strengthen our team with a proven investment professional like Marie Fromaget. She brings skills in the analysis of social issues, a wealth of ESG convictions, as well as the thematic background required to both feed growing client demand and serve our ambition in active stewardship”, commented Antje Stobbe, Head of Stewardship.
Mark Wade, Global Head of Research and Stewardship, added that inclusive capitalism is one of their “three targeted sustainability thematic pillars” with Climate Change and Planetary Boundaries, as they believe they are interlinked and co-dependent. “Marie’s knowledge and experience in social issues will be key to developing our thematic engagement and voting policy in this thematic”, he concluded.
Pixabay CC0 Public Domain. Protein Capital desembarca en Estados Unidos y abre su primera oficina en Miami
Protein Capital will establish its first office in the United States. As announced a month ago, this opening responds to the company’s expansion plans through which it expects to reach its target of 30 million euros (33.75 million dollars) by 2021.
The company has revealed in a press release that its interest in entering the North American country lies in the fact that it is the main market for this type of funds. Of the 397 in the world, 66.44% are in the United States, where Miami is becoming the most important crypto hub worldwide. In addition, Protein Capital believes the city is an ideal focus for “attracting talent and creating a high-level professional team”.
Due to the new opening, Alberto Gordo, CEO, traveled to the country to meet with the team of the new office and participate in the presentation event of Protein Capital Fund.
Protein Capital is the first hedge fund with 100% Spanish capital dedicated to digital assets. Founded in February 2021, it currently manages a €15 million fund through its offices in Madrid, Luxembourg and Miami.
