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.
Pixabay CC0 Public Domain. El 90% de las compañías a nivel mundial han aumentado o mantenido sus dividendos en los últimos 12 meses
Global dividends are rapidly recovering from the pandemic, according to the latest Janus Henderson Global Dividend Index. Thanks to rising profits and strong balance sheets, in the third quarter of 2021 payouts rose at a record pace of 22% year-on-year on an underlying basis to deliver an all-time high for the quarter of 403.5 billion dollars. The total was up 19.5% on a headline basis.
Janus Henderson revealed that its index of dividends is now just 2% below its pre-pandemic peak in the first quarter of 2020. Globally, 90% of companies either raised their dividends or held them steady, which, in the firm’s view, is one of the strongest readings since the Index began and reflects “the rapid normalisation of dividend patterns as the global recovery continues”.
The exceptional strength of Q3 payout figures, along with improved prospects for Q4, have led the asset manager to upgrade its forecast for the full year. It now expects growth of 15.6% on a headline basis, taking 2021 payouts to a new record of 1.46 trillion dollars. Janus Henderson anticipates that global dividends will have recovered in just nine months from their mid-pandemic low point in the year to the end of March 2021. Underlying growth is expected to be 13.6% for 2021.
The most relevant sectors and markets
The analysis shows that soaring commodity prices resulted in record profits for many mining companies; more than two thirds of the year-on-year growth in global payouts in Q3 came from this sector. Three quarters of mining companies in Janus Henderson’s index at least doubled their dividends compared to Q3 2020. “The sector delivered an extraordinary 54.1 billion dollars of dividends in Q3, more in a single quarter than the previous full-year record set in 2019. BHP will be the world’s biggest dividend payer in 2021″, said the firm.
The banking sector also made a significant contribution, mainly because many regulators have lifted restrictions on payouts and because loan impairments have been lower than expected.
The index also highlights that geographies that had seen the steepest cuts in 2020 and those most exposed to the mining boom or to the restoration of banking dividends saw a rapid recovery. Australia and the UK were the biggest beneficiaries of both of these trends. Europe, parts of Asia and emerging markets also saw large increases on an underlying basis.
Those parts of the world, like Japan and the US, where companies did not cut much in 2020 naturally showed less growth than the global average. Nevertheless, US company dividends rose by a tenth to a new Q3 record. A strong Q3 means Chinese companies are also on track to deliver record payouts in 2021.
“Three important things changed during the third quarter. First and most importantly, mining companies all around the world have benefited from sky-high commodity prices. Many of them delivered record results and dividends followed suit. Secondly, banks took quick advantage of the relaxation of limits on dividends and restored payouts to a higher level than seemed possible even a few months ago. And finally, the first few companies in the US to start the annual dividend reset showed that businesses there are keen to return cash to shareholders”, commented Jane Shoemake, Client Portfolio Manager on the Global Equity Income Team.
In her view, a big driver for 2022 will be the ongoing restoration of banking dividends, but it seems unlikely that mining companies can sustain this level of payouts given their reliance on volatile underlying commodity prices: some of these have already fallen. “Miners are therefore likely to provide a headwind for global dividend growth next year”, she added.
Implications for portfolio allocations
Ben Lofthouse, Head of Global Equity Income at Janus Henderson, pointed out that dividends are recovering more quickly than expected, driven by improving corporate balance sheets, and increased optimism about the future. “Two of the most impacted sectors last year were the commodity and financial sectors, and the report highlights that these sectors have been the most significant driver of dividend growth during the period covered. We have added to these sectors over the last year, and it is great to see shareholders being rewarded by increased distributions”, he said.
Kandor Global, the Miami based RIA serving ultra-high-net-worth clients worldwide, has announced the addition of four new recruits that will strengthen the Investments and Reporting teams to enhance services to international clients. In a press release, the firm has also revealed that it has amassed 500 million dollars in assets under management after just a year of its launch.
One of the new recruits is Santiago Torres, who joins as an Associate in the Private Investments division. He previously accumulated 5 years of experience with Global Seguros de Vida, one of the largest institutional investors in the private markets sector of Colombia. “Kandor Global is confident that his experience will ensure best practices, spanning from due diligence to implementation, from an institutional perspective”, said the company. To support him in this mission joins Santiago López Zapata, who previously worked at Banco de Bogotá.
“Currently, the team has managed investments in 80 funds and we expect this number to increase as our clients have shown a strong interest in private investments due to performance and ability of a true long term investment. Our sharp and experienced team can effectively offer our clients a broad portfolio of managers while managing the processes efficiently for all parties involved”, stated Guillermo Vernet, Founder & CEO of Kandor Global.
Two additional members now reinforce the reporting team that manages a holistic view of the clients’ investments by using Addepar: Santiago López Cardona and Gabriela Díaz. According to the firm, their technological savviness will contribute to maximizing the use of Kandor Global’s current tools and incorporating others necessary in providing custom reports to clients.
“Since our launch, our focus has been in creating a strong, agile and enthusiastic team. We’re an effective team of 15 members spanning different locations in the U.S., Colombia, and Spain. In the next steps of expanding the business, we are avidly recruiting new advisors and focusing on intensive due diligence for domestic and international acquisitions,” added Vernet.
Kandor Global serves ultra-high-net-worth clients worldwide through a wide array of services: multi-family office, wealth management and private markets consulting. The firm is headquartered in Miami with an extended reach across Latin America and Europe. It is supported by Summit Growth Partners, LLC (“SGP), a partnership between Summit Financial Holdings and Merchant Investment Management.
Foto cedidaMatthew Beesley, nuevo CIO de Jupiter AM. . Jupiter AM incorpora a Matthew Beesley como nuevo CIO
Jupiter AM has announced the appointment of Matthew Beesley as Chief Investment Officer (CIO), succeeding Stephen Pearson who is retiring following a 35-year career in the industry including nearly two decades at Jupiter. He will join the company in January 2022.
The asset manager has revealed in a press release that Beesley will initially work closely with Pearson to ensure a seamless handover. Besides, he will report to CEO Andrew Formica and join the Executive Committee. In his new role, he will have overall responsibility for the management of all of Jupiter’s investment professionals and strategies across equities, fixed income and multi-asset.
Supported by Jupiter’s eight-strong CIO office, “he will also have oversight of the associated functions that form the backbone of the company’s investment process”, including its dedicated stewardship, data science, dealing and performance analysis teams.
“The role of CIO is crucially important to the delivery of our strategic objectives through the guardianship of our dynamic, actively-driven investment culture at Jupiter. The fact that we have attracted a high calibre individual such as Matt is a testament to our talented fund management team and the enduring appeal of the Jupiter brand to an increasingly diverse global client base”, commentedFormica.
In his view, Beesley shares their commitment to actively-driven returns and has “a well-deserved reputation” for being an “effective and inspiring” leader: “We are confident that, under Matt’s leadership, we will continue to deliver the strong investment results for our clients that is a hallmark of Jupiter”.
With nearly 25 years of experience in the investment industry, Beesley joins Jupiter from Artemis, where he has been CIO since April 2020. Prior to this, he was Head of Investments at GAM Investments from 2017 to 2020, where he was responsible for the management and oversight of its investment strategies managed by teams based in Europe, Asia and the US. Beesley has also been Head of Global Equities at Henderson, responsible for a team managing significant assets in global, international (World ex US) and Global Socially Responsible investment strategies.
