Foto: PxHere CC0. La Amafore destaca otros cinco fondos mutuos internacionales para inversiones de las afores
More investing options for the Mexican Pension funds translates to more opportunities for workers. With this in mind, Amafore continues to evaluate funds to, in a monthly basis, include in the list of international mutual the afores an choose from for diversification purposes.
This month, five new funds were added to the list, which was created last month and now includes 47 international mutual funds from which Afores can choose.
The new list includes, via two Franklin Templeton strategies, funds with exposure to China and India, “two regions where, despite the global economic slowdown, one can still find stories of structural growth that make a case for equity investments in the region.”
Hugo Petricioli, Country Head for Mexico and Central America told Funds Society: “In Franklin Templeton we are very optimistic about the evolution of the Afores, since 1997 the system has experienced a continuous improvement, charging less and less to its customers, modernizing constantly and giving workers better and more options to be able to achieve a decent retirement, it is really a great system. I would very much like to see more workers get interested and involved with this part of their heritage as well as looking for options to increase their complementary savings. We have been investing in Mexico since the 80’s. We believe in Mexico, we believe in bringing quality products and giving more investment options to all Mexicans.”
The list of authorized managers consists of:
AllianceBernstein
Amundi
AXA
BlackRock
Franklin Templeton
Investec
Janus Henderson
Morgan Stanley
Natixis
Schroders
Vanguard
Gio Onate, Head of Mexico Institutional Business at BlackRock, toldFunds Society: “At BlackRock, we value the long-term relationship we have built with Mexican Afores since 2005, starting with ETFs and evolving into active mandates, our technology and risk platform Aladdin and now, international mutual funds. We look forward to continuing our work as the Mexican pension fund industry evolves, always keeping in mind our purpose of helping more and more people experience financial well-being.”
Courtesy photo. Glovista Investments Hosts Executive Briefing on Global Macro Outlook & Themes
Glovista Investments presented its views on the global macro cycle and highlighted key themes and opportunities for members of the private wealth community on October 8th, 2019, at the JW Marriott Miami, featuring the firm’s founders, Chief Investment Officer Carlos Asilis and Deputy CIO Darshan Bhatt, along with Ignacio Gil, Strategic Advisor for the firm.
“Today, investor concerns range from the potential of further global economic deceleration resulting from a late cycle US economy – with recession risks looming in the horizon – to the ongoing reversal of the market-friendly trade globalization dynamics that defined the post-1990 period and the potential for increased tax pressure in the developed world over the coming years. Today more than ever, we believe a tactical global investment approach is to be favored so as to navigate such treacherous investment waters,” said Asilis.
The discussion included Glovista’s 10 year performance outlook for major asset classes and the investment case for emerging market equities both in absolute and relative terms versus developed peers in light of secular trends that are transforming the investment landscape. The firm also spoke about its opportunity to drive positive change in the regions where it invests via the strategic use of corporate philanthropy.
“The greatest value that I took away from the presentation is simplicity, especially in the Emerging Markets area laden with factors not easily digested by an average investor. Dr. Asilis capably simplified what otherwise is a rather complex topic. Our firm emphasizes a minimalistic approach to investing, that is, a straightforward assessment of binary investment return payoffs that either work or don’t work. This presentation helped clarify for me how to choose the right targets while avoiding traps that exist in these complex markets,” said Eli Butnaru, Chief Executive Officer, Boreal Capital Management.
“I appreciated the quality of the presentations. Dr. Asilis and Mr. Bhatt shared detailed market views on the global asset classes including the emerging markets universe,” commented Ricardo de la Serna, Partner, Alvarium.
Glovista Investments is an SEC-registered and GIPS-compliant investment advisory firm with offices in New Jersey, Miami and the San Francisco Bay area. Glovista specializes in emerging market equities and multi-asset investment strategies for institutional and high net worth clients.
Foto cedidaFoto: Andrés Valdivieso director de distribución global de Participant Capital . Foto: Andrés Valdivieso director de distribución global de 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 today the promotion of Andres Valdivieso to Director of Global Distribution. With over 15 years of experience in international real estate sales and team management of seasoned distributors and real estate international brokers, Andres will focus on strengthening relationships with strategic partners and expanding the firm’s global distribution capabilities.
Participant Capital currently runs over 40 distributors operating throughout Latin America, Asia, Europe, and the Middle East. Its investment portfolio continues to expand with new world-class developments in South Florida and beyond.
“As we bolster our global presence and seize new opportunities of untapped markets, our focus is to bring uniquely positioned real estate assets to all of the investors worldwide – individuals and smaller institutions – that have historically lacked access to leading alternative investments,” said Claudio Izquierdo, Chief Operating Officer. “I believe Andres, with the support of our highly dedicated team, will allow us to drive growth in key distribution channels and deliver our products with high-quality deal execution, transparency, and accuracy.”
Prior to Participant Capital, Andres Valdivieso worked with Fortune International Group, where he was recognized as a top real estate producer for three consecutive years. In 2012, Andres moved to New York City to manage the exclusive sales for a luxury condo-hotel. He was once again named a top-producing executive in the region for his efforts in coaching a team of real estate salesassociates and international real estate brokers to provide high-quality client service.
“I am excited to be part of Participant Capital and contribute to the firm’s international expansion,” said Andres Valdivieso. “Our experienced distribution team, decades of expertise in real estate development and local market knowledge, give us an exceptional advantage in terms of sourcing new opportunities to diversify an investment portfolio in a strong currency.”
. Natixis IM refuerza su equipo con dos nuevos fichajes
Natixis appoints Joseph Pinto as Chief Operating Officer of Natixis Investment ManagersandPhilippe Setbon as Chief Executive Officer of Ostrum Asset Management.
Joseph and Philippe will both be members of the Natixis Executive Committee and of the Natixis Investment Managers Management Committee.The creation of the COO role for Natixis Investment Managers and the appointment of Joseph Pinto–who will take up his role in the coming months –reinforce Natixis Investment Managers’management team and enhance its operational efficiency.
Joseph Pinto will report to Jean Raby, CEO of Natixis Investment Managers, member of the Senior Management Committee of Natixis in charge of Asset and Wealth Management.
Philippe will replace Matthieu Duncan who has resigned from his role as Chief Executive Officer of Ostrum Asset Managementin order to pursue other interests. Philippe will take up his role at the end of November, until which time Matthieu will remain in his role.
François Riahi, Chief Executive Officer of Natixis said: “With Philippe Setbon and Joseph Pinto, we welcome to the Natixis Executive Committee two leading asset management professionals. Joseph Pinto, whose international background perfectly fits with our setup, will bring significant added–value to our multi–affiliate business model at a truly transformative moment for the industry. Philippe Setbon will lead one of our key strategic initiatives; the creation and development with La Banque Postale Asset Management of a European leader focused on insurance–related euro fixed income.”
Jean Raby said: “Joseph and Philippe’s recognized experience and expertise will bolster Natixis IM and Ostrum AM’s growth and operational efficiency and will contribute to further power the continued developmentof our business. I thank Matthieu Duncan for his contribution to the successful transformation and repositioning of Ostrum AM that he has overseen over the past three years.”
Joseph Pintobegan his career in 1992 with Crédit Lyonnais, working in the securitization business in New York before moving to Lehman Brothers in London in the Corporate Finance division. From 1998 to 2001, Joseph was Project Manager at McKinsey & Cie in Paris. From 2001 to 2006, he was Deputy CEO and member of the Board of Directors of Banque Privée Fideuram Wargny. He joined AXA IM in January 2007 as Head of Business Development for France, South Europe and Middle East. He then took the leadership of the Markets and Investment Strategy Department in 2011 and became Chief Operating Officer in 2014, also serving as a member of AXA IM’s Management Board.
Philippe Setbonbegan his career in 1990 as a financial analyst at Barclays Bank in Paris. Between 1993 and 2003, Philippe was with Groupe AZUR–GMF, first as a portfolio manager for European stocks, then as Head of Asset Management. He then moved to Rothschild & Cie Gestion as Head of Equity portfolio management before joining Generali Group in 2004 where he held a succession of senior roles including CEO of Generali Investments France,CEO of Generali Investments Europe Sgr and CIO of Generali Group. He joined Groupama in 2013 as CEO of Groupama Asset Management.Philippe serves as vice president of the French Asset Management Association (AFG).
CC-BY-SA-2.0, FlickrRockefeller Center in New York, home to one of WE Family Offices' locations. . ,,
WE Family Offices strengthens its investment team with the hiring of Sam Sudame and Matt Farrell. Sudame joins as Senior Investment Associate and will be responsible for Public Markets, Asset Allocation, Portfolio Construction and Risk Management. Farrell joins as Senior Investments Manager and will be responsible for Private Markets.
Joe Gutierrez will continue to be responsible for Macro and Santiago Ulloa remains as the firm’s CIO.
Ferrell has more than 15 years of experience in the financial services industry. Before joining WE, Matt worked for nine years at Credit Suisse as an alternative investment specialist, and before that, he worked several years in investment banking where he advised clients on mergers and acquisitions, capital increases and strategic initiatives.
He received his bachelor’s degree from North Carolina State University and earned his MBA from the University of North Carolina at Chapel Hill. He holds the Chartered Alternative Investment Analyst (CAIA) certification and has approved Level 1 of the Chartered Financial Analyst (CFA) program.
Sam Sudame has more than 25 years of experience in both traditional and alternative assets. He holds the CFA, CAIA and CFP designations, a BA from Oberlin College and an MBA from Thunderbird International Graduate School.
Before joining WE Family Offices, Sam was the Director of Research at Singer Xenos Wealth Management in Coral Gables, FL. Prior to this he lived and worked in Asia for over a decade and held investment banking roles at Bayerische Hypovereins Bank (HVB) and Lehman Brothers.
Pixabay CC0 Public Domain. El atractivo de las A-shares chinas
After its first approach to the chinese equities, in this second and last instalment, Aberdeen Standard Investments reflects its growing comfort with A-shares, from the earliest reservations to the expectations for future growth.
In the early 1990s the onshore market was isolated, accessible only to domestic investors. Gradually China has opened its stock exchanges to overseas investors with initiatives like the Qualified Foreign Institutional Investor (QFII) scheme in 2002 or the Stock Connect of 2014 and 2016. Most recently, there has been an inclusion of A-shares in MSCI’s mainstream benchmarks. These “deregulations” have facilitated the journey of the asset manager from observer to investor in China’s A-share market.
Getting comfortable
For years, global investors seeking access to China’s economic growth predominantly invested in stocks listed in Hong Kong. However, the domestic A-share market is far deeper and more liquid and its range of companies and sectors more varied.
“Our challenge was identifying firms that met our strict quality criteria“: a strong balance sheet, sustainable earnings, progressive management and good governance, reveals ASI. “We could see that A-share companies had plenty of work to do on improving their financial transparency and strengthening investor protections” and typically “they had too short an operating history for us to gain comfort in their track record”.
The asset manager especially wary of political interference in commercial decision-making, but, as they familiarised themselves with the inner workings of companies, their views became less rigid. “Some of the biggest state-owned enterprises have sound management teams, operate internationally and enjoy pseudo-monopolies at home” so “we learned to appreciate these strengths”.
ASI researched the A-share universe for more than a decade before their first investment in 2011. In the five years following, they carried out some 500 company meetings, they engaged with management teams and campaigned for better capital management practices.
“We observed incremental improvements, such as enhanced board and management composition; increased dividend pay-outs and share buy-backs; and improved transparency in reporting”, but “it wasn’t always plain sailing”. The asset manager gas had to divest stakes in companies that continued to invest heavily in non-core assets; where infighting among board directors led to dysfunction; and where firms pressed ahead with privatisation plans despite depressed valuations and dissenting voices.
“As more companies confer rights of ownership on outside shareholders, our comfort with the A-share market will continue to grow”, assures ASI, which, after extensive due diligence and analysis, was able to build up a list of companies with the highest standards in the market. This enabled to launch a dedicated A-share Fund in March 2015. Out of the present universe of about 3,500 A-shares, ASI holds a little over 30. “Generally these are well-run, industry-leading companies which enjoy a sustainable competitive advantage”.
Finantial evolution
The past five years have seen the introduction two Stock Connect schemes, creating a trading loop directly linking the exchanges of Hong Kong with Shanghai and Shenzhen. Broadly this addressed foreign investor concerns about lack of direct market access and was instrumental in global index provider MSCI agreeing to admit A-shares to its mainstream benchmarks incrementally.
For the asset manager, that will accelerate capital flows from foreign institutions tracking these indices passively. “We see this broadening of the shareholder base as a good thing: some A-share companies have told us they want more foreign institutions as shareholders because they invest for the long term. This remains a volatile market driven by retail investor speculation, after all”.
MSCI’s inclusion of A-shares into its indices has no practical application for ASI as a fundamental investor: it doesn’t affect its view of whether a company is good or bad, nor does it feel any need to adjust portfolios. “The real significance is what it says about China’s financial evolution. Over time the A-share market is becoming more institutional, more professional and more international. It’s the beginning of huge financial change”.
But Stock Connect was about more than raising foreign participation. China no longer needs its financial system to finance rapid economic growth; it needs it to provide pension income for a rapidly ageing society. According to ASI, it means the quality of financial assets matter more now than ever and Chinese pension funds need to invest sustainably.
“Over the long term, China’s structural growth will be driven by domestic consumption and a rising middle class. We believe the key to unlocking shareholder value is identifying companies which can tap into these growing disposable incomes”, says the asset manager, who has found companies with good long-term growth prospects in segments such as internet technology, travel and health care”.
AIS Financial Group has hired Artemio Hernández Salort as Head of its Fund Solutions Division. He will report directly to Samir Lakkis, founding partner of the company.
AIS currently distributes over 1billion dollars a year in structured products and is currently looking to expand in order to diversify its business offering. Artemio will focus on third party fund distribution, a new business line which will be offered to clients of AIS and he will be responsible for.
Artemio has a degree in Business Administration from CUNEF and he joins AIS with over 10 years of experience in the sector. He had previously worked in the Private Banking division at Credit Suisse in Madrid, Zurich and Panama where he focused on fund selection for the Iberian and Latinamaerican markets. His most recent position was as a private banker for the Iberian market at UBS, Geneva.
With offices in Madrid, Geneva, Bahamas and currently opening a fourth office in Panama, AIS will look to partner with those managers who want to outsource their sales force and benefit from the knowledge and experience that the company has in the region.
Deutsche Bank Wealth Management has made two senior hires to its Latin America investment teams, strengthening its offering to high-net-worth and ultra-high-net-worth individuals and institutions in the region. Karim Aryeh joins as Director and Investment Manager based in Miami with a focus on Mexico and the Andean region. Juan Pablo Egui joins as Director in New York in the Institutional Wealth Partners group, a specialized team delivering Deutsche Bank’s corporate and investment bank capabilities to family offices and ultra-high net worth individuals, including idea generation, lending, thematic private market opportunities and corporate finance advisory.
“We are thrilled to welcome Karim and Juan Pablo to help us serve the investment needs of our growing number of Latin America clients,” said George Crosby, Latin America Head of Deutsche Bank Wealth Management. “We continue to bring on top talent as we execute on our ambitious growth plans in the region.”
Aryeh joins Deutsche Bank Wealth Management from Lloyd Crescendo Advisors, where he was Chief Investment Officer since 2016. Prior to that, he was Senior Portfolio Advisor and Team Leader at Santander Private Bank International, and Senior Investment Consultant at UBS Wealth Management focusing on private clients in Latin America. He brings a holistic approach to investment solutions as well as a strong background in Alternative Investments including Hedge Funds and Private Debt. Aryeh graduated cum laude from Boston College with a bachelor’s degree in Philosophy. He has been a CFA charterholder since 2007 and has held the CAIA designation since 2006. He also is Co-Founder and Executive Board Member of CAIA Miami (Chartered Alterative Investment Analyst). Aryeh reports to Coley Jellinghaus, Head of Investment Managers at Deutsche Bank Wealth Management Americas.
Egui joins from Compass Group LLC where he was Head of Sales Trading for the firm’s brokerage operations specializing in Latin American Capital Markets. The role included oversight of registered representatives both in New York and Santiago, covering regional institutional, family office and ultra-high-net-worth clients’ investing across various asset classes. Prior to heading the division, he was the LatAm Fixed Income Specialist for the desk, trading both corporate and sovereign debt, with an emphasis towards the high yield and distressed segments. His broad experience in emerging markets and its investor base will provide valuable contributions to growing Institutional Wealth Partners’ presence across the Americas. Egui earned his bachelor’s degree from Boston College and an MBA with honors from NYU Stern School of Business. He holds Series 7, 63 and 24 licenses. He will report to Alan Brody, Head Institutional Wealth Partners’ Global Investments & Trading, and Dan Kaiser, Head of Institutional Wealth Partners for the Americas.
Deutsche Bank Wealth Management seeks to deliver a premium wealth management experience while leveraging the vast resources of Deutsche Bank for high-net-worth and ultra-high-net worth individuals, families and select institutions.
The Florida International Bankers Association (FIBA) hosted two senior Securities and Exchange Commission staff members and three senior industry lawyers to present a first-in-South Florida educational panel discussion on the Commission’s new Regulation Best Interest rules package.
Occurring on Tuesday, September 17 at the offices of Shutts & Bowen, the panel featured Lourdes Gonzalez, Assistant Chief Counsel for Sales Practices in the SEC’s Division of Trading and Markets, and Jennifer Porter, Branch Chief in the Investment Adviser Regulation Office within the SEC’s Division of Investment Management. Both played a central role in the design and drafting of the new rules package, which features new rules, a new form, and over 1100 hundred pages of analysis and regulatory guidance. Ms. Gonzalez and Porter were joined by Kim Prior, a partner with Shutts & Bowen’s Financial Institutions practice and FIBA General Counsel; Michael Butowsky with Jones Day’s New York office who focuses on investment adviser matters; and Sergio Alvarez-Mena, a partner in Jones Day’s Miami office and Financial Institutions practice who Chairs FIBA’s Law and Regulatory Affairs committee.
Regulation Best Interest enhances the standard of conduct for the nation’s broker-dealers and their associated persons when they provide personalized investment advice about securities to retail customers. While stopping short of articulating a fiduciary duty for stockbrokers, the rule package requires extensive conflict assessment and disclosure by broker-dealers to their clients, and in some instances requires either mitigation or elimination if the conflicts are so grave as to require more than full and fair disclosure. Additionally, the new conduct standard requires broker-dealers to act in their customer’s best interest by not placing the brokerage’s interests ahead of those of the customer and prescribes significant new requirements in the care brokers should exercise in making recommendations to their customers, including assessing the costs of investments and the examining of reasonably available alternatives to any recommendation.
In commenting on the panel program, David Schwartz, FIBA’s President and CEO, said, “FIBA is thrilled and thankful to have been able to present this first-in-South Florida panel putting together important authors of the Commission’s rule-making with top industry lawyers in order to address the many questions our members and the local private wealth industry had. FIBA has been at the forefront of thought leadership on Reg BI’s impact on the cross-border private wealth industry and highly involved in the Commission’s rule-making process including authoring a significant comment letter on the Regulation’s unique impact on the cross-border private wealth business. We were grateful to see many of those concerns addressed and reflected in certain provisions of the Final Rule. Nonetheless, many questions remain unanswered and we will continue to engage with the Commission and staff on Reg BI.”
FIBA is celebrating its 40th anniversary and is the nation’s leading advocacy and educational organization for the promoting of international banking in South Florida, our State and nationally. It has over 120 financial industry members and is internationally recognized for its prominence in legal and regulatory affairs concerning the international banking industry.
Mora Wealth Management announced today that it is changing its corporate name to Boreal Capital Management (BCM). The name change reflects the company’s broader investment commitment and its global presence in Europe and America. Boreal is an independent multi-disciplinary wealth management services firm. It is a true fiduciary with a clear goal of providing its clients with a full array of financial and wealth planning solutions.
Founded in 2009, Boreal operates as a fully independent unit offering a Multi-Custody, multi-jurisdiction, multi-disciplinary model with independent financial advice as a code of conduct. Boreal Capital Management has a well-established tradition in private banking and Wealth Management.
According to the company, “BCM’s mission is to offer a risk-based investment approach to individuals and families across multiple custodian banks and jurisdictions. BCM strives to offer an independent platform with the only objective to minimize risk, preserving capital to achieve consistency in the rate of wealth appreciation.”
The new name is effective immediately, and will be implemented across the company’s product and services throughout the calendar year 2019.
