Foto cedidaEquipo de Unicorn Strategic Partners. Foto cedida
Calamos Investments, a global investment management firm with more than 40 billion dollars in assets under management, has signed a strategic agreement with Unicorn Strategic Partners for the distribution of its UCITS investment solutions in the Latin American region.
In a press release, Unicorn revealed that it will serve both the retail and institutional business. Until now, Calamos covered the Latin American business under the guidance of Carlos Soriano, Head of US Offshore and Latam, who will now be responsible for the Unicorn relationship and will work directly with the team to continue to grow the business in the region.
Unicorn SP was launched at the end of 2017 and has become one of the premier fund distribution firms within the US Offshore and Latam market. They have a team of 16 professionals based in NYC, Miami, Buenos Aires, Montevideo and Santiago de Chile.
Florencia Bunge, partner in charge of the Latam retail business, commented that such an event is “a great milestone” for Unicorn SP, as it continues to enhance the list of high conviction strategies. In her view, these funds provide an integral and comprehensive solution to client’s investment portfolios in the region. “Our objective at Unicorn SP is to offer best-in-class strategies and avoiding any overlap between our menu of offerings at all times”, she added.
“Calamos is one of the most recognized firms in the industry for its Convertible strategy. Many clients in the region are familiar with Calamos and we are certain that they will greatly appreciate the daily coverage and presence of a local team”, Bunge concluded.
Alex. Brown, a division of Raymond James, has welcomed Fernando Campoo in Miami. He joins the firm from Citi, where he worked for 21 years.
“I couldn’t be prouder to announce that Fernando Campoo has joined the Alex Brown/ Raymond James family as managing director to serve clients in Central America. The sky’s the limit, Fernando,” posted Eric Termini, Alex Brown’s director for South Florida.
Campoo worked since 1997 for Jefferson Pilot Securities in Fort Wayne and then moved on to other firms in Windsor and Puerto Rico until landing at Citi, according to his BrokerCheck profile. He managed a portfolio of Central American clients with AUMs of approximately $200 million, according to industry sources.
Fernando Mattar Beyruti has taken over as the new Global Head of Itaú Private Bank.
“It is with great joy that I share the information that I have assumed, as of now, the position of Global Head of Itaú Private Bank”, the executive posted this week on his LinkedIn account.
Beyruti has been based in Miami since 2019 when he was appointed CEO of Itaú USA. However, he has an extensive career within the bank, originating in his native Brazil.
“I want to thank the entire team at Itaú Private, with whom I am extremely proud and pleased to work side by side and with the certainty that together we are building the best global platform to meet the specific needs of our clients – in Brazil and around the world”, he added.
With more than 20 years at Itaú, Beyruti was senior Private Banker, Superintendent at Itaú Private Bank, and Director of Itaú Asset Management in São Paulo.
His newly assumed position had been vacant since March 2021 when Luiz Severiano Ribeiro left the company.
Dynasty Financial Partners has filed for a public offering to raise up to $100 million, according to the document disclosed to the SEC. The firm is offering shares of Class A common stock, but it hasn’t been priced yet.
“We intend to use a portion of the net proceeds of this offering to purchase common units of Dynasty Financial Partners, LLC from existing Dynasty Financial Partners, LLC unitholders, at a per-unit price equal to the per-share price paid by the underwriters for shares of the Class A common stock in this offering”, reads the IPO document filed with the SEC.
The RIA services platform also intends to use any remaining net proceeds to facilitate the growth of its existing business, to make strategic acquisitions of businesses that are complementary “and for other general corporate purposes”.
Dynasty highlighted that its revenues increased from $32.7 million in the nine months ended September 30, 2020 to $49.2 million in the nine months ended September 30, 2021, representing an increase of 50%. “Our net income was $10.6 million and $2.9 million in the nine months ended September 30, 2021 and 2020, respectively, an increase of 266%”, the document reveals.
As of September 30, 2021, the Dynasty network includes 46 Network Partner Firms representing more than 292 financial advisors who maintain $64.6 billion in Billable AUA on the Dynasty platform, with an average AUA per advisor of $221 million.
Panamanian financial services firm Inexco has announced the opening of a RIA office in Miami.
“Inexco is pleased to open a US-based Registered Investment Advisor (RIA) with dedicated investment services for financial advisors throughout Latin America and the state of Florida and their clients who wish to have top-notch service and advice,” posted Luis Alfredo Cercos, CEO, on his LinkedIn account.
Inexco obtained SEC approval on January 14, 2020 for its Brickell Avenue office, according to information available on the U.S. regulator’s website.
The wealth banking, investment and securities brokerage firm is focused on providing financial services to a select base of affluent clients, corporations and financial intermediaries in Latin America. The company also focuses on affluent and high net worth individuals and institutions, as well as financial intermediaries and their clients.
This market movement is in addition to several Latin American companies that have landed in Miami, such as Puente or Bancolombia, which is still subject to regulatory approvals.
Foto cedidaBen Kirby, co director de inversiones de renta variable desarrollada de Thornburg IM. . Ben Kirby
Developed Equities Co-Head of Investments, Ben Kirby, shares his views on the biggest opportunities and challenges in 2022 with Funds Society in the following interview. You can also know more about the expert’s investment view through this video.
With 2021 in the rear-view mirror, what are the biggest lessons you’ve learned over the past year? Did anything take you by surprise?
The biggest surprise in 2021 was the rapid recovery in economic activity and the attendant spike in inflation in durable goods. U.S. companies performed strongly, largely passing on higher costs and growing earnings by more than 50% for the full year. It’s worth noting that it only took about a year and a half for U.S. companies to recover their earnings level from the slippage of 2020, and that they are now trending well above their pre-COVID-19 levels. To highlight how remarkable this is, after the global financial crisis of 2008-2009 it took roughly seven years for these numbers to get back to trendline growth. The level of earnings growth and financial-market recovery seen in the U.S. over the past year has been unprecedented as seen in the chart below.
Looking ahead to the new year, what are your expectations for economic growth in 2022 and what does this mean for U.S. equities?
We witnessed supply-chain issues in 2020 that worsened over the past year, and many companies experienced an inventory run down to very low levels. As a result, in 2022 we expect a major restocking-and-destocking trend on the supply side. Companies will replenish their inventory to healthier levels and the supply bottleneck will be largely worked out over the next year, thus easing pent-up consumer demand. So when you think about a traditional business cycle, the “restock-and-destock” inventory event can become a really important growth driver, and we expect to see it spur an acceptable level of GDP growth next year. The big question is whether this will be enough to deliver a sustainable growth trajectory throughout the rest of 2022, or if the trend will peter out as the year goes on. With all things considered, we’re bullish on U.S. economic growth and stock-market performance this year. But we believe 2022 growth will likely be lower versus the rock star year of 2021, and that we’ll see increased volatility in equities due to overall tightening of the markets.
How have inflationary risks and the potential for rate hikes impacted your portfolio positioning?
The Federal Reserve has been in denial about inflationary pressures building over the course of the year, and only recently backed away from their “transitory” language. While we believe durable goods inflation exacerbated by supply chain constraints may ease in 2022, we believe there are at least three longer term drivers of above average inflation:owner equivalent rent rising with a lag to rising home prices, wage-price spiral as bargaining power has shifted to labor, and the energy/low carbon transition, which will require trillions of dollars in capital investment and drive higher energy costs in the medium term. We’re through with the easy money part of this economic cycle, and the Fed, already behind the curve, may be forced to hike rates more aggressively than previously believed. From a portfolio-strategy perspective, that means growth stocks are unlikely to be winners in 2022, and this is especially true for aggressive growth companies that have low or no net profit. With inflationary pressures set to persist through next year, we are underweight higher-growth emerging franchises and instead favor strong businesses that have consistent, stable earnings and attractive valuations. We also think companies that have strong pricing power will be better positioned to pass inflationary pressures to the consumer and to maintain revenues. Higher-margin companies for which labor is not a major component of input costs will also fare better in a rising-wage environment. As an example, payment-network names will be less impacted by inflation because their revenues are tied to transaction volume. These types of companies will have the ability to grow with inflation in the long term. Companies with the ability to make money despite the upward inflation pressure will be better positioned overall. We see such companies not only among financials and banks, but also in consumer discretionary and technology. Lastly, in a rising-labor-costs future there’ll be huge demand for labor-saving technologies, and that will breed new investment opportunities in the automation and semiconductor space.
What are the risks worth keeping an eye on in 2022? What’s keeping you up at night?
As world economies become more interconnected and interdependent, a key risk lies in adverse geopolitical events such as the China-Taiwan divide. These sorts of risks aren’t getting as much attention as they deserve, even though they can have huge implications even for a U.S. equity portfolio. As an example, Taiwanese firms are among the world’s largest contract manufacturers of semiconductor chips that power just about everything global consumers interface with on a daily basis—phones, laptops, cars, watches, refrigerators and much more. The world depends on Taiwan for semiconductors, and the country plays a significant role in the digitaltransformation age that we’re living through. If China-Taiwan tensions result in any disruption on the manufacturing side there could be significant shocks, not only in the semiconductor space but across the global economy. And that’s only one example—so U.S. portfolio managers need to be keenly aware of this overall geopolitical risk factor.
Thornburg is a global investment firm delivering on strategy for institutions, financial professionals and investors worldwide. The privately held firm, founded in 1982, is an active, high-conviction manager of fixed income, equities, multi-asset solutions and sustainable investments. With $49 billion in client assets ($47 billion AUM and $1.9 billion AUA as of December 31, 2021) the firm offers mutual funds, closed-end funds, institutional accounts, separate accounts for high-net-worth investors and UCITS funds for non-U.S. investors. Thornburg’s U.S. headquarters is in Santa Fe, New Mexico with offices in London, Hong Kong and Shanghai. For more information, please visit www.thornburg.com.
Foto cedidaCarlos Ravachi, nuevo socio de Unicorn Strategic Partners
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Unicorn Strategic Partners has announced in a press release the appointment of Carlos Ravachi as a partner. Based in Miami, he will lead the firm’s US Offshore wholesale business and the institutional market in Colombia.
Ravachi spent almost nine years at Robeco in Miami where he led the US Offshore wholesale business and Latin America institutional business in Perú and Colombia.
“We are very proud to expand our team with such talented members like Ravachi. The partners who started this project 4 years ago – Florencia Bunge, Head of Wholesale Latin America; Eduardo Ruiz Moreno, Head of Institutional Business in Latin America; and Mike Kearns, Head of US Offshore – believe that investing in talent is the key to success”, commented David Ayastuy, managing partner at Unicorn Strategic Partners.
Prior to landing in Miami in 2013, Ravachi worked in the financial industry in his native Colombia. Between 2002 and 2013 he worked for Banco Finandina, Colombian pension manager La Previsora, Citi, HSBC and Credicorp Capital, according to his LinkedIn profile.
After welcoming Ravachi, Ayastuy pointed out that their goal is to become one of the leading distributors in the financial industry. In this sense, “we have partnered with prestigious asset managers such as Vontobel and BNY Mellon Investment Management for the US Offshore market, Muzinich&Co and Vontobel for the LATAM wholesale space; and Union Bancaire Privée AM, Muzinich&Co and La Financiere de L’Echiquier for the LATAM institutional market.”
Unicorn SP has expanded its team during the past two years. In addition to Ravachi, the latest members to join the team include several well-known industry professionals; Matías Paulsen from Larrain Vial, Gonzalo Viana from Compass Group, Maggie Cabrera from HSBC, Andres Casais from BNY Mellon, Roberto Paut from AFP Cuprum, and Milagros Silva from Legg Mason.
Foto cedida. Axel P. Lehmann sustituye a Antonio Horta-Osório como presidente de Credit Suisse
Uncivic behavior during the hardest moments of the pandemic is not only taking its toll on politicians, but also on top executives of large companies. The clearest example has been the case of Antonio Horta-Osório, who has resigned from his position as chairman of Credit Suisse Group in view of his behavior during the COVID-19 quarantine.
According to Spanish news agency Europa Press, an investigation by the bank’s Board of Directors has shown that Horta-Osório violated the COVID-19 quarantine rule on more than one occasion. “I regret that a number of my personal actions have led to difficulties for the bank and compromised my ability to represent the bank internally and externally. I therefore believe that my resignation is in the interest of the bank and its stakeholders at this crucial time. I wish my colleagues at Credit Suisse every success for the future”, the executive said in a statement released by the company.
Consequently, Credit Suisse Group has appointed Axel P. Lehmann as the bank’s new Chairman effective immediately. The bank believes that under his leadership, the Board and the Executive Board will continue to execute Credit Suisse’s strategy, driving forward the transformation of the bank.
“We respect António’s decision and owe him considerable thanks for his leadership in defining the new strategy, which we will continue to implement over the coming months and years. Axel Lehmann as the new Chairman, with his extensive international and Swiss industry experience, is ideally suited to drive forward the strategic and cultural transformation of the bank. We wish Axel every success in his new role and António all the best for the future”, commented Severin Schwan, Vice-Chairman and Lead Independent Director of the Board of Credit Suisse.
Following his appointment, Lehmann has taken office as Chairman. The Board will also propose him for election as Chairman at the upcoming Annual General Meeting on April 29, 2022. Lehman thanked the Board for the trust it has placed in him and looks forward to working even more closely with the Board and the Executive Board.
“We have set the right course with the new strategy and will continue to embed a stronger risk culture across the firm. By executing our strategic plan in a timely and disciplined manner, without distraction, I am convinced that Credit Suisse will demonstrate the renewed strength and business focus needed to generate sustainable value for all of our stakeholders”, he added.
Lastly, after his resignation, Horta-Osório highlighted that he has worked hard to return Credit Suisse to a successful course, and I claimed to be proud of what they have achieved together in his short time at the bank. “Credit Suisse’s strategic realignment will provide for a clear focus on strengthening, simplifying and investing for growth. I am convinced that Credit Suisse is well positioned today and on the right track for the future”, he concluded.
Pixabay CC0 Public DomainFoto: ArmbrustAnna. Foto:
Giovanni Onate has joined KKR to drive the firm’s growth in Latin America and US offshore.
The executive, who joined PIMCO last year as Senior Vice President tasked with leading business development efforts in Mexico, started in his new role on January 18, Funds Society has learned.
Onate will report directly to Monica Mandelli, who is in charge of Latin America for the group.
Prior to PIMCO, Onate led the Mexico institutional client business at BlackRock, where he worked for more than ten years.
M&G has announced in a press release the appointment of Andrés Uriarte as Senior Sales Manager “to better serve its clients based in Miami and continue to grow its footprint in the region”.
Reporting directly to Ander Lopez, Sales Director LatAM at M&G Investments, Uriarte will be based in Miami and will be responsible for M&G’s business development and enhancing client relationships, particularly with regard to financial advisors and financial institutions in the US offshore space.
With over 15 years of experience in the asset management sector, he joins from Schroders where, as an Offshore Sales Director, was responsible for managing business in the Southeast and Midwest regions. Prior to that, he worked for Citibank as a VP of Investments, collaborating alongside the group’s private bankers to provide guidance to their clients. Earlier in his career Andres also worked at Invex Inc. and Bank of America.
Andrés’s arrival follows the recent appointment of Marlene Suárez, who has joined the Miami team as Office Manager, further strengthening M&G’s team looking after Americas clients. Since the setup of the Miami office in 2018, the team has established strong relationships with some leading local market players in the offshore space, as well as with key third party marketers in Latin America.
“We are pleased to welcome Andrés Uriarte to our team in Miami. Thanks to his solid experience, he will be a key asset to better serve our clients in the region”, said Ignacio Rodríguez, Head of Distribution for the Americas, M&G Investments.
