Foto cedidaPhoto: Bernardo Lozano is the new Senior Director of Global Distribution at Participant Capital. Photo: Bernardo Lozano is the new Senior Director of Global Distribution at Participant Capital
Participant Capital, a leading South Florida private equity real estate investment firm, with over US$2.5B in projects under development, has announced the appointment of Bernardo Lozano as the new Senior Director of Global Distribution. He will support the firm’s efforts in bolstering global distribution capabilities and building strategic partnerships with institutional and individual investors.
“Bernardo is a seasoned professional with a proven track record in building multiple internationally-focused sales teams,” said Claudio Izquierdo, Chief Operating Officer of Participant Capital. “I am confident that we have assembled a dynamic and experienced leadership team uniquely qualified to support our investment portfolio as well as help our company expand its focus across the globe.”
Prior to Participant Capital, Bernardo served as Head of Business Development at ASG Capital where he consulted an extensive network of investment advisors on securing and expanding third-party distribution. A significant part of his career was also associated with MFS International and its parent company Sun Life of Canada where he helped build a multibillion-dollar sales organization for offshore funds and investment contracts.
This year, Participant Capital expanded its operations and representatives throughout Latin America, Asia, Europe, and the Middle East. Its Growth Fund is being registered in Colombia, France, Switzerland, and is approved for distribution in the UAE.
About Participant Capital
Participant Capital is a private equity real estate investment management firm specializing in large-scale, mixed-use developments. As an affiliate of Royal Palm Companies, a developer with an extensive track record of more than 40 years, Participant Capital allows institutional or individual investors to invest in real estate projects alongside experienced developers from the ground-up at the developer’s cost basis.
One year and nine months after it was made public that the Mexican Pension Funds would be able to invest in international mutual funds, the Amafore, the Mexican Pension Managers’ Association, released a list with 42 mutual funds from 11 asset managers, the afores will be able to choose from. This list will be updated on a monthly basis, adding other funds to it.
The list of authorized managers consists of:
AllianceBernstein
Amundi
AXA
BlackRock
Franklin Templeton
Investec
Janus Henderson
Morgan Stanley
Natixis
Schroders
Vanguard
Salvador Moreno, Head of Mexico Sales & Distribution, at AXA IM told Funds Society: “AXA Investment Managers is very pleased to be selected by the Mexican Pensions Association (MPA) for three of our active thematic equity funds focused on robotech, the digital economy and evolving trends. We are proud that our forward-looking approach to bring these top-tier, innovative funds to market has been well received by the MPA given the evolving investment landscape in Mexico. The country is increasingly welcoming high-tech and automation companies, leading sophisticated investors in Mexico to explore new economy strategies that were not previously available to them. Given our deep understanding of the Mexican market as well as our global, multi-asset scale and expertise, we are confident these funds provide a differentiating set of solutions tailored to investor needs in the region.”
Juan Hernández,Vanguard Mexico’s Country Manager told Funds Society that, in this first selection, three of his funds were authorized by the Amafore and that before the end of the year they expect to have 10 Vanguard funds authorized. For the manager, this is a very positive step “so that Afores can continue to diversify their portfolios … Afores are now very focused on changing their Siefore funds to target date funds, and are on a very aggressive timeline… I think that once they finish that, is when we will begin to see activity in mutual funds.”
Gustavo Lozano, Amundi Mexico’s CEO mentioned that they are excited to have had authorized a range of funds that “we believe will complement the investment solutions for the pension sector in Mexico. This is one more step in our history in Mexico and the region.”
Hugo Petricioli, regional director for Mexico, Central America and the Caribbean at Franklin Templeton added that “we are very happy for the approval of two funds from our SICAV family and congratulate the Amafore for the effort. More options for Afores mean more opportunities for the workers. The approval of Luxembourg funds is no accident, they have an excellent regulation and that is why they are the largest in Europe and by far, we have seen many competitors coming to Mexico to offer everything, including products with strange regulation. Amafore will have a great responsibility in approving products and in seeking the best standards and practices. Whatever is done well today, will save many headaches in the future.”
According to Amafore, the funds in the list comply with all the regulator’s requests and “this change allows Afores to have more options and a more diversified portfolio, in order to access international markets, and the possibility of improving their members’ pensions through higher yields … The list of funds was shared with Afores by the Amafore Specialized Analysis Center (CAE). “
The long-term success (or otherwise) of the Eurozone’s first go at quantitative easing is still up for debate. Nevertheless, it was an instant hit in some quarters and now hints from Mario Draghi, president of the European Central Bank (ECB) have its fans clamouring for more, says Aberdeen Standard Investments in a recent analysis.
Why does the Eurozone need a sequel?
In the decade since recovery from the global financial crisis, the Eurozone’s economy has grown at only a very slow pace, peaking at a year-on-year rate of 2.8% in the first quarter of 2011 and the fourth quarter of 2017. Figures for the first three months of 2019 show expansion of just 1.2% and more recent data are pointing at a sharper slowdown to come. Inflation in the region has also been determinedly sluggish.
Couple these with faltering German industrial production and the bloc’s position in the middle of the US-China trade dispute and it’s easy to see why the ECB recently downgraded its growth and inflation expectations to levels that highlight the need for more stimulus.
It now expects growth of 1.4% next year, above Aberdeen Standard Investments’ expectations of 1.1%. Its inflation predictions for 2020 and 2021 are 1.4% and 1.6% respectively. Again, based on the amount of spare capacity in the Eurozone economy, “we think these forecasts are too high”, says the analysis.
In June, the ECB stopped short of a rate cut, but Draghi stated that “additional stimulus will be required” if economic performance continues in the same vein. Since his speech in Sintra, markets have moved quickly to price in a sharp slowdown in inflation. An important gauge of inflation expectations, the five-year forward five-year German inflation swap at 1.2% is now well below the central bank’s forecast of 1.6% in 2021.
In the past, such low expectations have triggered asset purchases from the ECB. Since the ECB needs to generate confidence in its ability to reach and maintain inflation at 2%, it’s very likely that, once again, QE will be a key part of its approach to raising inflation expectations.
Which assets will benefit from it?
Already, government bond yields are collapsing to lower levels. Negative-yielding debt is valued at $15.2 trillion globally. This trend is likely to continue and, with the ECB forecast to cut the deposit rate once again, a move towards -0.5% for 10-year bunds cannot be ruled out. Investors’ search for yield, therefore, is leading them increasingly to longer-dated corporate bonds.
This should continue to support European credit, which has performed well over the first half of 2019. It is expected to continue to do so, supported by strong returns from government debt and a narrowing spread.
This dynamic is also likely to lift UK credit – European issuers make up just over 20% of the UK market. As the yield hunt intensifies, subordinated financial and non-financial hybrid bonds could also do well.
This time, it’s different…
There are also likely to be some subtle differences from QE’s first European outing. The ECB might adjust its self-imposed maximum limit on how much it can purchase from each government. If it does, it might choose to make 50% of the total purchases from the German market.
And because it will be keen to avoid political fallout from buying too many bonds from countries such as Italy, corporate bonds could get a much higher billing this time around. “It still seems unlikely that the ECB will buy financial bonds, though”, says Aberdeen Standard Investments.
The search for yield continues
While European corporate bonds have their attractions, it’s important that UK investors don’t forget what is driving the need for this second instalment of quantitative easing in the Eurozone. The region’s troubles also put a spotlight on slowing UK growth and the increasing risk of recession.
It is not an environment in which credit would typically thrive. “We are looking to add to funds companies that have proven track records of coping well in downturns. Good asset quality and good governance are among the best indicators of star quality”, concludes the analysis.
Michael Mithoff has joined Americana Partners as Managing Director and Head of Private Equity. in his new role, Mithoff will advise families in connection with portfolio allocation and management, specifically with respect to alternative investment strategies. He will be based in Houston and reports to Jason Fertitta, President of Americana Partners.
Launched on April 29, 2019, Americana Partners is the largest breakaway of the year and the largest single team to join the Dynasty Network. The firm has offices in Houston, Austin, and Dallas and has longstanding ties to Texas. The team at Americana Partners previously managed $6 Billion in client assets.
“I have had the pleasure of working with Michael for fifteen years and I am delighted to have him join Americana Partners as our Head of Private Equity,” said Fertitta. “He is well-respected in the industry, has deep ties to Houston and brings considerable alternative investment expertise to Americana Partners. Our clients are increasingly seeking private equity investment opportunities and we are looking forward to having Michael take the lead.”
Prior to Americana, he served as a Managing Director in a similar role at HighTower Texas (formerly Salient Private Client), since November 2013. Mr. Mithoff also founded and managed a private equity advisory firm Teton Strategic Investments, Inc. and he currently serves as President of Wasatch Strategic Investments, L.L.C., which he founded in 2018. He served as Outside Chairman of the Advisory Board of Houston Global Investors, LLC until March 2013.
Mithoff is Vice President of the Mithoff Family Foundation. He serves on the Board of Directors of The Houston Museum of Natural Science (including former roles with the Executive & Investment Committees), Men of Distinction, The University of Texas Development Board, The University of Virginia Capital Campaign Committee and Harris County Hospital District Foundation. He has spent the past 15 years in a variety of leadership roles with The Children’s Museum of Houston, including his ongoing role on the Board. He also served as an advisor on the Steering Committee of Legacy Community Health Services’ $15 million Capital Campaign.
Mithoff received a B.A. in History from the University of Virginia in 1994 and a J.D./ M.B.A. from The University of Texas School of Law and Graduate School of Business, respectively, in 2000.
Americana Partners has also added three new financial advisors to their team: Gabe Cassell, Bobby Jones and Robert Muse. The firm now has a total of eight financial advisors.
According to Fertitta, “I am proud to announce that we have successfully added three more advisors to Americana Partners. In addition to all three having amazing personal networks, these advisors will have an opportunity to immediately support our current advisors with the overwhelmingly positive reception we have had from clients and prospects. We are looking forward to announcing some more critical hires shortly.”
Gabe Cassell is currently a Private Wealth Advisor with Americana Partners. Gabe was a Financial Advisor with Morgan Stanley since 2017. Prior to joining Morgan Stanley, Gabe worked in sales management for 5 years. He earned a B.S. degree from Stephen F. Austin State University where he also lettered two years for the Baseball team.
Bobby Jones is a Managing Director / Private Wealth Advisor with Americana Partners. Prior to joining Americana, he was Chief Investment Officer for a Texas-based family office. His prior work experiences include T.A. McKay & Co., a distressed credit hedge fund, Morgan Stanley and the United States Department of the Treasury. He graduated from Texas Christian University with a BBA and earned an MBA at the University of Texas at Austin.
Robert Muse is a Managing Director / Private Wealth Advisor with Americana Partners. Prior to that, he spent 20 years with Simmons & Company International in institutional equity research, sales and trading. Mr. Muse founded and was the Managing Director for Simmons’ European Institutional Securities business in London from 2000-2016. He earned a B.B.A. in Finance and Accounting from the McCombs School of Business at The University of Texas at Austin.
Americana Partners is a member of the Dynasty Financial Partners Network of independent advisory firms.
Eduardo Antón, courtesy photo. Andbank nombra a Eduardo Antón responsable de gestión de carteras para América y Latinoamérica
Eduardo Anton got promoted to Head of Portfolio Management America and LatAm at Andbank. Funds Society learned that his main function will be the coordination of the Portfolio Management and Advisory teams in the Latin American Jurisdictions where Andbank has a presence: Miami, Mexico, Panama, Brazil, Uruguay and Argentina.
Eduardo maintains its functional dependence on Jose Caturla Head of Asset Management and Portfolio Management at the Group level.
Graduated in Economics from the Universidad Anahuac of Mexico and MBA from the Instituto de Estudios Bursatiles (IEB) in Madrid, Eduardo joined the Group in 2014 as Portfolio Manager in Miami with responsibility for the entire portfolio management of Andbank Advisory.
Before joining Andbank, Eduardo developed his career at Inversis Banco since 2010 where he was part of the Asset Management department. It was also in this entity co-responsible of developing the ETFs platform for the bank, leading its entry and growth in Spain and achieving a position of leadership with a market Share of 20%
In Andbank, he is also member of the Global Investment Committee, President of the Fund Managers Committee and chairs the Latam Markets Committee.
. Ardian infrastructure adquiere una participación en autopistas urbanas en Chile
Ardian, the world’s leading private investment firm, together with the Chilean Fund Manager, CMB, agreed to acquire a 33% stake in a Chilean toll road business from Brookfield Infrastructure. The business that is being acquired is comprised of a 100% interest in Vespucio Norte Express and Túnel San Cristóbal in Santiago de Chile.
Vespucio Norte Express is a critical urban express highway in Santiago de Chile with 29 kilometers of extension of a multi-lane road (3X3) with a free flow system, which border the city from the north-east to the south-west connecting two of the city’s wealthiest areas to the industrial side of the capital.
Túnel San Cristóbal in Santiago de Chile is a 4 kilometers toll tunnel expressway in Santiago, which includes two uni-directional (2×2) tunnels that connect the district of Providencia with the district of Huechuraba. Both districts are densely populated with consolidated commercial areas. The remaining concession life of these two assets are 14 and 18 years respectively.
Juan Angoitia, Senior Managing Director at Ardian, said: “The Chilean concession system has a long and consistent history of development, fostering very productive and valuable public-private partnerships based on a robust legal framework system. The Chilean concession system has become a cornerstone of the economic development of the country. The acquisition of two key assets in the urban toll road system of Chile’s capital is a strategic milestone for Ardian Infrastructure, a world leading investor in the road sector”.
The transaction is Ardian’s Infrastructure first investment in Chilean transport sector. Ardian is already active in the energy sector in the country. Asset Chile acted as financial advisor and Baraona Fischer & Cia as legal counsel to Ardian and CMB. The closing of the transaction is subject to the satisfaction of customary regulatory and other approvals.
Ardian is a world-leading private investment house with assets of 96 billion dolares managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. Ardian maintains a global network, with more than 620 employees working from fifteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of around 970 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.
CMB is Chile’s largest and most experienced infrastructure fund manager, with over 25 years of successful experience in greenfield and brownfield investments in the country. CMB has over 540 million dolars in assets under management and has completed 17 investments in multiple infrastructure assets. CMB recently raised its third infrastructure fund, which is the largest of its kind in Chile. CMB is part of Larrain Vial, the leading independent investment bank in the Andean region with over 84 years of investment management experience in Latin America.
CC-BY-SA-2.0, FlickrJimmy Baikovicius
. Sun Partners
Wealth Manager SunPartners based in Montevideo and Geneva, has recently hired a high performance Private Banker team, coming from Julius Baer Montevideo. “This move is in line with our growth plan for the next 2 years, which will include an expansion to North and Central America” commented Michel Genolet, partner at the Advisory firm. “Sun Partners is well established in Latin America, and the hiring has always been geared towards top producers who share our values, which include maintaining the highest standards of honesty, transparency and professionalism. We are confident that this team will meet and exceed our expectations, which will ultimately add value to our firm” explained Genolet.
The new team, who joined SunPartners on September 2, 2019, includes Gabriela Laurutis and German Lieutier.
Gabriela Laurutis worked as a Financial Consultant at ABN AMRO during 8 years before joining Merrill Lynch in New York in 2000. She moved to Montevideo in 2004 and following the 2013 merger, Gabriela became one of the most successful Financial Advisors at Julius Baer. She holds a degree in Economics and a Masters Degree in Business Administration from Cema University in Buenos Aires.
German Lieutier has been working closely with Gabriela Laurutis for the past 13 years at Merrill Lynch/ Julius Baer in Montevideo. He is a Certified Public Accountant and holds a Masters degree in Finance form the Universidad de Montevideo.
Founded in 2012, SunPartners has $1.2 billion of assets under management. The firms offers Wealth Management services to individuals and families based in Latin America, or with stong interests in the region. The firm employs around 30 individuals, including 10 advisors, and books through firms such as UBS, Pictet and Bolton Global Capital
Investment Placement Group announced the addition of Eugene Bodden as a Senior Trader based in Miami, FL. Eugene is a 20 year veteran of the financial services industry.
“Eugene is an incredible addition to our team. he is already making an immediate impact within our firm, creating more value and efficiency in our process by leveraging his deep knowledge and experience in the financial industry. We’re excited to have someone with his breadth and depth of knowledge on our team.” says Adolfo Gonzalez-Rubio, CEO.
Prior to joining IPG, Eugene held trading and sales positions with responsibilities for institutional and private banking clients with various mid-sized broker dealers. He had previously worked with a team to managed and advised high-net-worth clients for Bank of America Investment Services, Latin America Private Banking unit. Eugene spent the first seven years of his career with Citigroup Global Markets Inc., where he was a member of the Latin America Debt Capital Markets team (under Salomon Brothers); as well as sales associate for the Emerging Markets Sales Desk, covering more than 100 institutional accounts.
Eugene earned his Bachelor’s degree, cum laude, from Baruch College, The City University of New York. He holds FINRA Series licenses 7, 24, 55, and 63.
Foto cedida. Bolton muda sus oficinas de Miami a la Torre Four Seasons
Bolton Global Capital has leased the penthouse office suite in the Four Seasons Hotel Tower on Brickell Avenue in Miami. The firm has acquired the 20,000 square foot space to accommodate its continued growth in Miami. Since opening its office at 801 Brickell Avenue in 2011, the firm has recruited several high-profile teams from the major banks and wirehouses in Miami. These recruits now manage 3.5 billion dollars in client assets on the Bolton platform.
“Expanding our footprint with space at the Four Seasons Tower underscores Bolton’s position as the premium brand in the international wealth management space” according to Bolton’s CEO, Ray Grenier. The location of the Four Seasons Tower at the southern end of Brickell Avenue was also a significant factor in the firm’s decision to relocate with increasing traffic congestion in the downtown and Brickell area near the Miami River. “In addition to reduced commuting times” Grenier stated “our affiliates will have ample parking, gym access and discounts on Four Seasons dining and lodging for clients.”
Growing at an average annual rate of 20 percent over the last 5 years, Bolton is the largest independent broker dealer in the international wealth management space with 8.5 billion dollars in client assets. The boutique firm offers turnkey office solutions for advisors to convert their practices at the major banks to the independent business model where they own their client book and retain most of the revenue. Bolton provides affiliated advisors with furnished office space, computer equipment and technologies as well as back office, branding and compliance support to achieve an efficient transition to independence.
Katch Investment Group is a dynamic asset management boutique with more than 100 M assets under management, that focuses on short-term private lending opportunities. After the impressive success of its Global Lending Opportunities Fund, that offers a globally diversified exposure to the liquid private debt space, the group decided to strengthen its foothold in this booming investment area with the launch of the Katch Real Estate Lending Fund.
Quotes Pascal Rohner, CIO: “The current low-yield environment has further increased investors’ appetite for private lending opportunities that offer high single-digit returns with very strong guarantees.”
Katch entered a joint-venture with REIM Capital, a real estate backed short-term private lender and investment company in the UK with an experienced management team with over 3 years track record of successful bridge financing investments. The new fund focuses on bridging opportunities in the dynamic UK Real Estate lending market It targets a 9% total return net of fees and quarterly liquidity for investors.
Quote Stephane Prigent, CEO: “The UK is a fantastic example for the traditional banks’ retreat from lending to smaller companies following the Great Financial Crisis. 82% of SMEs in the UK declare no longer using banks as source of capital and turned themselves to alternative sources of funding. Borrowers are willing to pay relatively high interest rates and offer strong guarantees, given the scarce capital supply”.
The fund allocates capital to residential projects in the UK that need short-term funding. The target loan duration is between 3 and 18 months. “The low duration not only enables us to provide liquidity to investors, it also makes the fund more resilient against a potential economic downturn. We typically have a 1st lien charge on a residential property outside London that is worth 130% of the loan value. The risk of a sharp devaluation in such a short period of time is extremely low, much lower compared to multi-year mortgages”.
Fundamentally, the UK offers many advantages compared to other bridge-loan markets. First, the private lending market is sizeable, well-developed and relatively liquid. The dynamic private-lending cultures makes it possible to give short-term loans without holding too much cash on the fund level. Second, the UK is experiencing a severe housing crisis due to the lack of investments in the last years. The housing supply has not met the rising demand coming from population growth. Third, and most importantly, the UK has a strong legal framework that incentives and protects private lending. Typically, loans are fully secured with an independent, FCA-regulated security trustee. Also, there are best-in-class valuation companies that ensure a fair, current appraisal of the properties.
“In private lending, the most important part of the analyses centers around assessing the quality of collaterals and the legal framework that enables a quick taking of possession if necessary. This reduces the default risk substantially”
The new Katch Real Estate Lending Opportunities Fund was launched as a second sub-fund of the group’s Luxembourg SICAV umbrella fund and is now ready for subscriptions.
