Pixabay CC0 Public Domain. Preqin compra Colmore, firma tecnológica de servicios y gestión de mercados privados
Ameriprise Financial has signed a definitive agreement with BMO Financial Group (BMO) to acquire its EMEA asset management business for 845 million dollars. The transaction is expected to close in the fourth quarter of 2021, subject to regulatory approvals in the relevant jurisdictions.
The firm has revealed in a press release that this all-cash acquisition adds 124 billion dollars of assets under management (AUM) in Europe. It will be a growth driver for Columbia Threadneedle Investments, the global asset manager of Ameriprise, and further accelerate the core strategy of the company growing its fee-based businesses and increase the overall contribution of wealth management and asset management within its diversified business.
Together with BMO’s EMEA asset management business, Ameriprise will have more than 1.2 trillion dollars of AUM and administration. The firm believes that the acquisition will add a substantial presence in the European institutional market for Columbia Threadneedle Investments’ and expand its investment capabilities and solutions. The addition of BMO will increase its AUM to 671 billion dollars and expand those in the region to 40% of total of the asset manager.
In addition, the acquisition establishes a strategic relationship with BMO Wealth Management giving its North American Wealth Management clients opportunities to access a range of Columbia Threadneedle investment management solutions. Separately, in the U.S., the transaction includes the opportunity for certain BMO asset management clients to move to Columbia Threadneedle, subject to client consent. Ameriprise expects the transaction to be accretive in 2023 and to generate an internal rate of return of 20%.
“We’ve built an outstanding global asset manager that complements our leading wealth management business and generates strong results. BMO’s EMEA asset management business will be a great addition to Columbia Threadneedle that will deliver meaningful value for clients and our business. This strategic acquisition represents an important next step as we expand our solutions capabilities, broaden our client offering and deepen our talented team”, Jim Cracchiolo, Chairman and Chief Executive Officer at Ameriprise Financial said.
EFG Asset Management (EFGAM), an international provider of actively-managed investment solutions, has announced in a statement that it will bring its US growth equity strategies to eligible US institutional investors.
New Capital, its fund management arm, will offer its products to the US domestic market through EFG Asset Management (North America) Corp, a newly formed US Securities and Exchange Commission (SEC) registered investment adviser.
Now, US institutional investors may access four funds via separately managed accounts (SMAs) and Collective Investment Trusts (CITs): New Capital US Future Leaders, New Capital US Growth, New Capital US Small Cap Growth and New Capital Healthcare Disruptors.
The equity strategies are managed by senior portfolio managers Joel Rubenstein, Tim Butler and Mike Clulow and portfolio manager Chelsea Wiater, all of whom have been running the portfolios since inception and are based in Portland, Oregon. They are supported by Donald Klotter and Amanda Meyer on business development. The senior portfolio managers have been together since 2003 and the team as a whole has worked together for over 10 years.
“This move marks an important step in the development of our growth strategy across North America and our ongoing commitment to the region. The US equity strategies have offered a great source of performance to our clients in Europe and Asia, and we are delighted to be able to offer US institutional investors access to the same strategies”, Moz Afzal, Chief Investment Officer at EFGAM said.
Lastly, Donald Klotter, Global Head of Institutional Sales, commented that, although the team has been managing US equity portfolios for almost two decades together, this is a “pivotal time” for their institutional audience.
“The New Capital US Growth and New Capital US Small Cap Growth strategies each have a five-year track record, and both have assets in excess of USD 200 million. All strategies have delivered strong results since inception. Our conviction of multi-year growth in the US remains high and we look forward to continuing to deliver long-term results for our clients”, he concluded.
Pictet Asset Management’s Asian Equities ex Japan strategy aims to invest in companies with sustainably high or improving cash generation and returns, which they think are undervalued and have a strong potential for growth. Find out how to capture the investment potential of Asia.
Reasons to invest in Pictet Asset Management’s Asian equities ex Japan strategy:
1. An inefficient market creates investment opportunities
Pictet Asset Management believes Asia ex-Japan is inefficient, as market participants often focus on the short-term over the long-term and earnings (which can be manipulated) over cash. Pictet Asset Management aims to capture investment opportunities primarily across two broad areas where they think the market is either underestimating:
structural growers – companies that are able to sustain their above average/above market growth rates and returns
companies that are going through an inflection – where temporarily depressed returns are extrapolated into the future
2. A focused approach
An active, research intensive investment process helps to identify the best investment opportunities. While Pictet Asset Management likes growth stories, they won’t overpay for them. Their investment philosophy incorporates a focus on cash generation whilst maintaining a strong valuation discipline. They believe a portfolio made up of companies like this should be able to outperform across market cycles.
3. Strong local knowledge and presence
The strategy is run by an experienced investment team including regional specialists based in Hong Kong. Together, they hold over 900 company visits a year.
Why invest in Asia ex Japan?
Asia is the fastest growing region in the world thanks to its highly diversified economies, its demographic advantages as well as structural reforms; and in Pictet Asset Management’s view is today far more resilient due to its better management of the pandemic. The region is also among the most advanced in terms of themes such as e-commerce and fintech with its companies investing more than many developed peers in research & development (1), which would drive future growth.
Asia is the fastest growing region in the world thanks to its highly diversified economies, its demographic advantages as well as structural reforms; and is today far more resilient due to its better management of the pandemic. The region is also among the most advanced in terms of themes such as e-commerce and fintech with its companies investing more than many developed peers in research and development, which should drive future growth.
Despite their superior growth potential, Asian assets are under-represented in investor portfolios. Pictet Asset Management believes Asian equities are attractive due to the strong earning potential of companies and attractive valuations, especially relative to developed markets.
A pick-up in global activity, better corporate earnings, and receding currency and debt risks across the region all contribute to a positive outlook. Against this backdrop, Pictet Asset Management continues to find companies with strong cash flow, earnings growth higher than the market and compelling valuations.
How Pictet Asset Management manages the portfolio
Pictet Asset Management has over 30 years’ experience investing in Asia equity markets, with offices throughout the region. They take an active approach believing that Asia equity markets are inefficient. Therefore fundamental analysis and judicious stock selection are paramount to success. Arguably this is now the case more than ever as markets open up to foreign investors and disruptive technologies rapidly change industries.
Pictet Asset Management seeks companies, with the best growth potential, using a valuation approach based on cashflow rather than simple earnings. Asia is a complex market and they also take into account Environmental, Social and Governance (ESG) criteria, making them multidimensional stock pickers. Finally, they believe this analysis is best achieved through meetings and engagement with company management using qualitative criteria to score businesses.
Notes:
(1) Source: Refinitiv Datastream, Pictet Asset Management, February 2021
Information, opinions and estimates contained in this document reflect a judgment at the original date of publication and are subject to risks and uncertainties that could cause actual results to differ materially from those presented herein.
Important notes
This material is for distribution to professional investors only. However it is not intended for distribution to any person or entity who is a citizen or resident of any locality, state, country or other jurisdiction where such distribution, publication, or use would be contrary to law or regulation. Information used in the preparation of this document is based upon sources believed to be reliable, but no representation or warranty is given as to the accuracy or completeness of those sources. Any opinion, estimate or forecast may be changed at any time without prior warning. Investors should read the prospectus or offering memorandum before investing in any Pictet managed funds. Tax treatment depends on the individual circumstances of each investor and may be subject to change in the future. Past performance is not a guide to future performance. The value of investments and the income from them can fall as well as rise and is not guaranteed. You may not get back the amount originally invested.
This document has been issued in Switzerland by Pictet Asset Management SA and in the rest of the world by Pictet Asset Management Limited, which is authorised and regulated by the Financial Conduct Authority, and may not be reproduced or distributed, either in part or in full, without their prior authorisation.
For US investors, Shares sold in the United States or to US Persons will only be sold in private placements to accredited investors pursuant to exemptions from SEC registration under the Section 4(2) and Regulation D private placement exemptions under the 1933 Act and qualified clients as defined under the 1940 Act. The Shares of the Pictet funds have not been registered under the 1933 Act and may not, except in transactions which do not violate United States securities laws, be directly or indirectly offered or sold in the United States or to any US Person. The Management Fund Companies of the Pictet Group will not be registered under the 1940 Act.
Pictet Asset Management Inc. (Pictet AM Inc) is responsible for effecting solicitation in North America to promote the portfolio management services of Pictet Asset Management Limited (Pictet AM Ltd) and Pictet Asset Management SA (Pictet AM SA).
In Canada Pictet AM Inc is registered as Portfolio Managerr authorized to conduct marketing activities on behalf of Pictet AM Ltd and Pictet AM SA. In the USA, Pictet AM Inc. is registered as an SEC Investment Adviser and its activities are conducted in full compliance with the SEC rules applicable to the marketing of affiliate entities as prescribed in the Adviser Act of 1940 ref. 17CFR275.206(4)-3.
Foto cedidaYves Perrier, consejero delegado de Amundi.. Amundi firma con Société Générale el acuerdo marco para la compra de Lyxor
Amundi declared in a press release that it has entered into exclusive negotiations with Société Générale for the acquisition of Lyxor for 825 million euros (755 million euros excluding excess capital) in cash.
The asset manager highlighted that the transaction would allow them to accelerate its development on the fast-growing ETF segment, while complementing its offering in active management, in particular in liquid alternative assets as well as advisory solutions.
The operation is expected to be completed by February 2022 at the latest, after consultation of the Works Councils, and subject to receiving the required regulatory and anti-trust approvals.
After this acquisition, Amundi will become the European leader in ETF, with 142 billion euros in assets under management, a 14% market share in Europe and a diversified profile in terms of client base and geography.
Founded in 1998, Lyxor is a pioneer in ETF in Europe and has 124 billion euros in assets under management. It is one of the key players in the ETF market, with 77 billion of assets under management and a 7.4% market share in Europe. Also, Amundi pointed out that it has developed a recognized expertise in active management, notably through its leading alternative platform.
“The acquisition of Lyxor will accelerate the development of Amundi, as it will reinforce our expertise, namely in ETF and alternative asset management, and allows us to welcome highly recognized teams of people. This acquisition is fully in line with the Crédit Agricole group’s reinforcement strategy in the asset gathering business. It will also further reinforce the business relationships with our historical partner Société Générale. Finally, by creating in France the European leader in passive asset management, it will contribute to the post-Brexit positioning of the Paris financial centre”, said Yves Perrier, Chief Executive Officer of Amundi.
Lastly, Valérie Baudson, Deputy Chief Executive Officer, claimed that they are looking forward to welcoming the “talented teams” of Lyxor. “The combinations of our strengths will allow us to accelerate our development in the ETF, alternative asset management and the investments solutions segments”, she added.
Foto cedidaTim Ryan, consejero delegado de Natixis IM.. Tim Ryan, nuevo consejero delegado de Natixis IM
Tim Ryan, former CIO at Generali, has been appointed member of the Natixis senior management committee in charge of Asset & Wealth Management, and CEO of Natixis Investment Managers, effective April 12th. He will succeed Jean Raby, who has decided to pursue another professional opportunity, revealed Natixis in a press release.
Ryan started his career in the asset management industry in 1992, working in quantitative research and equity portfolio management in an HSBC subsidiary. In 2000 he joined AXA, where he broadened his experience as Head of Quantitative Asset Management before becoming Chief Investment Officer for the insurance business in Japan in 2003 and subsequently for Asia. In 2008, he was appointed Chief Executive Officer in charge of various regions (Japan and EMEA) for AllianceBernstein’s US asset management subsidiary. In 2017, Ryan joined Generali as Group Chief Investment Officer for insurance assets and Global CEO of Asset & Wealth Management.
“I would like to warmly thank Jean Raby for his remarkable work over these past four years. Under his leadership, Natixis Investment Managers has asserted its position as a world leader in asset management with assets under management of more than 1.1 trillion euros and has built out its commercial offer with new affiliate asset managers and new areas of expertise. I am pleased that Jean will remain at my side over the coming weeks to ensure an efficient transition”, commented Nicolas Namias, CEO of Natixis and Chairman of the Board of Directors of Natixis IM.
He also said that, as they prepare to launch their new strategic plan for the period to 2024, he is “delighted” to welcome Ryan to drive forward their “robust momentum” across their Asset & Wealth Management businesses, develop their multi-affiliate model to serve their clients and enhance their ESG strategy. “Ryan’s in-depth knowledge of the asset and wealth management businesses, together with his international experience, leadership and business development skills, will be key advantages for Natixis and our Group”, he added.
Foto cedidaMatt Christensen, director global de Inversión sostenible e impacto de Allianz GI.. Allianz GI amplía y reestructura su equipo global de inversión sostenible bajo el liderazgo de Matt Christensen
Allianz Global Investors has announced the expansion and restructuring of its global Sustainable Investment team under the leadership of Matt Christensen, Global Head of Sustainable and Impact Investing, to enhance its commitment to sustainability. In this sense, they are hiring Thomas Roulland and Julien Bertrand.
The asset manager has decided to create three pillars for this new structure which will help ensure they continue “to push the boundaries of sustainability for its clients”, they highlighted in a press release. First, a newly created Sustainability Methodologies & Analytics teamwill innovate with state-of-the-art technology and ESG data, including Artificial Intelligence and Natural Language Processing, in order to support research, develop new methodologies across asset classes and develop client-oriented solutions. The team will also oversee Allianz GI’s ESG integration efforts, ESG scoring method and develop the firm’s data set for the climate strategy.
“We have strong ambitions with regard to carbon reduction, and the new team will be instrumental in transforming the pathway set out by the Net Zero Initiatives into operational targets for investors and comprehensive reporting to our clients”, Christensen commented.
Roulland will head the Sustainability Methodologies & Analytics team and will be joined by Bertrand as an ESG analyst for methodologies and analytics. Both join from Axa IM, where Roulland was Head of Responsible Investment Solutions, Models & Tools, and Bertrand worked as an ESG analyst recently.
The asset manager has revealed that the second area is a new Sustainability Research & Stewardship team. It will manage the thematic research and engagement strategy under the leadership of Mark Wade, who was previously Co-Director of Research Credit.
Isabel Reusswill continue to head the Sustainability Research team, which will also develop a thematic approach along the topics of Climate, Planetary Boundaries and Inclusive Capitalism. Antje Stobbe, member of the Sustainability Research team since 2019, has been promoted Head of Stewardship and will lead Allianz GI’s engagement and proxy voting activities globally. They will both co-lead the “Climate Engagement with Outcome”. This approach aims to engage with companies on the climate transition pathway towards a low carbon economy.
Finally, a newly created Sustainable Investment Office will be responsible for shaping AllianzGI’s overall sustainable investment strategy and policies, sustainable product strategy and the coordination of cross-functional sustainability topics across the firm. The team will play a critical role in providing improved knowledge to clients and other stakeholders on AllianzGI’s sustainable investment capabilities. It will be headed by Nina Hodzic, who was Director ESG Integration and Solutions since 2019 and has been promoted to the new role.
Christensen believes that this structure brings a new focus on ESG data and technology, a refreshed research setup and a dedicated sustainable investment office that will help accelerate their drive to embed sustainability across the firm. “The team set-up will provide us with the platform we need to ensure that we are in a position to shape -not follow- the market in the years ahead on critical issues like climate change and social inequalities”, he added.
Pixabay CC0 Public Domain. NN IP amplía su gama de estrategias de bonos verdes con un nuevo fondo de deuda soberana
NN Investment Partners has announced in a press release the launch of the NN (L) Sovereign Green Bond, a new fund adding to its green bond offering.
The asset manager said that this is the first sovereign bond fund aiming to have a positive environmental impact through the projects it finances. It complements its existing range of green bond funds, applying the same investment approach as the NN (L) Green Bond fund, but with a specific focus on treasury and government-related bonds.
The new vehicle comes just five years after NN IP launched its first dedicated green bond fund and only one year after launching a corporate green bond fund. Currently, they offer a full range of green bond funds: aggregate, corporate, sovereign, and an option for a fund with a shorter duration.
In their view, by having access to separate sovereign and corporate green bond funds, investors enjoy “maximum flexibility” to select the building blocks they need to make their fixed income allocation more sustainable with a measurable and positive impact.
“I am proud to be part of the development of an asset class that will play a key role in financing climate change mitigation and supporting the environment. Whilst in the past, investor demand for green bonds mainly came from impact investors, we now see more typical fixed income investors allocating to green bonds as well”, commented Bram Bos, Lead Portfolio Manager Green Bonds at NN IP.
In his opinion, these investors are looking to make their portfolio more sustainable without sacrificing financial performance. “Offering a broad range of green bond strategies makes this even easier, as it allows them maximum flexibility to allocate to green bonds that replicate the characteristics of traditional bonds in their portfolio”, he added.
An exponential growth
Lastly, NN IP highlighted that the launch of the sovereign green bond fund occurs at a time when the sovereign green bond market has seen significant growth in issuance, representing a diverse issuer base that they believe will continue to grow exponentially. Italy recently issued its inaugural green bond in March whilst Spain and the UK have also announced plans to issue their first green bonds in 2021, which will give the sovereign green bond market a further boost.
“These developments are creating a market that is well-diversified in terms of issuers and countries, which allows for a well-diversified portfolio with comparable characteristics to a regular allocation to treasuries”, they pointed out.
The asset manager estimates that green bond issuance could increase this year by 50%from 2020 to 400 billion euros, putting the total market above the 1 trillion mark, and expects the global green bond market to grow to 2 trillion euros by the end of 2023. The announcement from the EU that 30% of the NextGenerationEU bonds (in total 800 billion euros) will be green supports NN IP’s forecast for market growth.
Pixabay CC0 Public Domain. XP incorpora a su plataforma el fondo Jupiter European Growth centrado en compañías large cap europeas
XP Inc. is bringing to its platform the first international fund of Jupiter, an asset manager based in London with 35 years of experience and US$ 80 billion in Assets Under Management (AUM).
The new offered fund is the Jupiter European Growth, focused on leading European-based companies that have Global operations, like Adidas, Dassault, Novo Nordisk, Pernod-Ricard and Deutsche Boerse. The fund consists of a concentrated portfolio of 35-45 holdings, focusing on large cap companies operating in sectors with attractive industry economics, high barriers to entry and sustainable competitive advantages.
The benchmark is the FTSE World Europe, that covers companies with these profiles. The fund has been overcoming the index systematically for periods like three and five years.
Launched 19 years ago, the product is co-managed by Mark Nichols e Mark Heslop since October 2019. Together, they have more than 30 years of experience with European companies. The strategy is based on the stock picking view, seeking consistent returns in the long term and considering ESG principles.
The fund will have a minimum investment of R$ 500, with a management fee of 1%.
With this launching, XP takes another step towards democratizing the offer of global products to its clients, a process that has already brought to the platform funds from globally recognized managers, such as JP Morgan, Fidelity, AXA and Wellington. With values starting at BRL 100, the investor can have access to products linked to different types of companies, from the most traditional to the most innovative, in markets such as Europe, China and the United States.
William Lopez, Head of Latin America & US Offshore at Jupiter commented:
“We are delighted to have signed this strategic partnership with XP and to play our part in expanding the range of international funds available in the Brazilian market. Jupiter European Growth offers Brazilian investors exposure to European equities via a strong investment team and a proven active strategy. We look forward to working closely with XP in the future to provide greater access to Jupiter’s investment expertise in Brazil.”
“Jupiter Asset Management have a huge expertise in European markets, so, for us bringing their funds to our platform is a real milestone. The Brazilian investors will have the opportunity to diversify their portfolio in a fund with world-class companies”, says Fabiano Cintra, funds specialist at XP.
Foto cedidaDe izquierda a derecha: Marc van Heems, estor de fondos para la estrategia de bonos corpo. Vontobel refuerza su equipo de renta fija global en Zúrich y Nueva York
Vontobel has expanded its fixed income team with four seasoned new hires in Zurich and New York. The asset manager pointed out in a press release that the appointments -which follow four new hires in January across its Zurich and Hong Kong offices- reinforce its commitment to attracting the best investment talent to drive value for investors.
Pamela Gelleshas been named Senior Credit Analyst on the Developed Market Corporate Bonds team in New York. She joins Vontobel after eight years at BNP Paribas Asset Management, where she was a credit analyst following both investment grade and high yield companies within the consumer products, retail, hospitality and transportation sectors. She also co-created and implemented an ESG methodology for the company’s credit analysis.
Prior to that, Gelles covered various industry sectors, including healthcare and utilities, at BNY Mellon Asset Management, Foresters Financial, NLI International and The Carlyle Group. She also spent 12 years as a ratings analyst at Standard & Poor’s.
Another outstanding designation is that of Marc van Heemsas Portfolio Manager for the Global Corporate Bond strategy in Zurich. He joins Vontobel from Lombard Odier Investment Management, where he was a portfolio manager for European and Emerging Markets Credit, responsible for active implementation of trades in investment grade and BB-rated bonds, including senior and subordinated cash bonds and credit default swaps. As a credit analyst, he covered non-financial sectors in developed markets and Asia, including Autos/Parts Suppliers, Defense/Aerospace, Capital Goods, China Real Estate, Indian Renewables and Energy.
The Zurich offices will also welcome as Head of Fixed Income Trading Jean-Michel Manry, a seasoned Operations and Trading Manager with expertise in derivatives, fixed income and forex. He joins from Rama Capital, a Geneva-based family office where he was an Operational and Trading Advisor. Prior to that, Manry spent 18 years at Pictet Asset Management, where he was Head of Fixed Income Trading and later became Head of Buy-side Trading for Multi-Asset strategies.
Lastly, Nicolas Hauser has been appointed Fixed Income Trader in Zurich. He joins from Fisch Asset Management, where he was responsible for trading and execution of corporate bonds and convertible bonds, as well as FX and futures. His expertise also includes futures trading for CTA managed futures accounts and interest rate risk hedging.
Simon Lue-Fong, Head of Fixed Income at Vontobel, highlighted that these hires reflect “the continued growth of, and investment into,” their global fixed income offering. “The volatility in markets over the last few months has demonstrated the importance of a truly active approach and the value of our high conviction active management style. Marc and Pamela will play key roles in helping to deliver value for our clients, and the knowledge and insight they provide will be instrumental in supporting the rest of the team”, he added.
Currently, the Fixed Income team consists of 41 investment professionals located in Zurich, New York and Hong Kong.
Pixabay CC0 Public Domain. Capital Group lanza un fondo de renta variable con enfoque de alta convicción que invierte en compañías asiáticas
Capital Group has announced the launch of its Capital Group Asian Horizon Fund (LUX), which seeks to capture Asia’s secular growth opportunities with a global perspective.
In a press release, the asset manager highlighted that Asia is fast becoming “a global economic powerhouse” and its rapidly growing middle class have brought about “a huge rise in the demand” of every kind of products and services, from healthcare and financial services to luxury goods and online entertainment. That’s why Capital Group Asian Horizon Fund (LUX) is designed to meet “growing investor appetite” for Asia-related stocks as global investors become increasingly aware of opportunities that arise from secular growth trends in the region.
The strategy is a high conviction portfolio, investing across the market cap and valuation spectrum to achieve long-term capital growth. The fund invests in companies with at least two-thirds of net assets based in Asia ex-Japan, including onshore China A-shares, but it also has the flexibility to invest in companies domiciled outside of the region, where Capital Group’s analysts believe that exposure to Asia will be a key driver of their future growth prospects.
By combining local and global investments, the asset manager created the fund to fully unlock access to “the most exciting growth opportunities” in Asia ex-Japan.
“Asia is becoming a global economic powerhouse and is home to some of the world’s most innovative and fastest-growing companies. Its multi-dimensional growth story is unique, and we are well placed to ensure that investors can tap into domiciled opportunities just as well as those outside the region that are plugged into the growth drivers within the Asian market. With our proven track record of being early investors in Asia’s emerging leaders, we believe that Capital Group Asian Horizon Fund (LUX) is a great example of helping investors to identify champions.”
