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.
Photo: Black Salmon. Black Salmon Acquires U.S. Bank Center In Phoenix With A $107 Million Investment
Black Salmon, a national commercial real estate investment firm, announced the acquisition of U.S. Bank Center in Phoenix with a total capitalization of more than $107 million. The 375,862-square-foot, Class A office building is one of the most prominent towers in the city’s downtown submarket. Black Salmon engaged in a joint venture with privately held real estate merchant bank ScanlanKemperBard Companies (SKB) for the transaction.
Centrally located at 101 North First Avenue, the landmark high-rise is currently 83 percent leased and sits along the new Valley Metro light rail route. Notable tenants include U.S. Bank, WeWork and Jacobs Engineering Group. The transaction also includes a separate, seven-story parking structure that sits in a designated Opportunity Zone.
According to a press release, Black Salmon’s purchase of U.S. Bank Center aligns with the company’s investment strategy to acquire high-performing assets in key markets with an educated workforce, heavily magnetized urban areas, and strong market fundamentals. The firm plans to immediately invest $9 million in a building improvement program to enhance the fitness center and common areas, management and leasing offices, ground floor lobby and exterior façade.
“Downtown Phoenix meets the criteria of our office investment thesis, strategically developed to evaluate the vitality of a market,” said Jorge Escobar, CEO and Managing Partner of Black Salmon. “The acquisition of U.S. Bank Center was a compelling opportunity to add a high-quality asset to our growing portfolio and national footprint.”
More than $4 billion has been invested in Phoenix’s urban core since 2006, including the expansion of the city’s convention center and creation of Arizona State University’s downtown campus, which adds to the area’s already robust talent base. According to the U.S. Census Bureau, Phoenix had the nation’s highest year-over-year population growth in 2018. The city is also recognized as the country’s fifth most populous, with new employers and residents being drawn to its business-friendly environment, expanding technology industry, low cost of living and high employment growth rates.
Isabelle Wheeler, foto cedida. Isabelle Wheeler se une a Foodman CPAs and Advisors
Foodman CPAs and Advisors, a full-service accounting firm specializing in forensic accounting, banking compliance and tax consulting services, has hired Isabelle Wheeler, CFA, AMLCA as Director of Anti-Money Laundering (AML) Compliance.
Wheeler has a storied career as a banking executive and wealth management investment advisor, including every aspect of wealth management at many of the most well-known financial institutions. Wheeler has served as Vice President of Banco Santander, Vice President of Credit Agricole, Senior Vice President of BNP Paribas, and Managing Director of Integro Advisers. She has been responsible for BSA/AML compliance in client on-boarding, as well as client transactions in cash, transfers and securities. Most recently, Wheeler has utilized her extensive career in banking and wealth management to develop training for financial markets and regulatory compliance, including Florida International Banking Association’s (FIBA) Wealth Management Certifications, and is an instructor for the AMLCA Certification. She served for many years on FIBA’s Board of Directors and is a Past President of CFA Miami.
“We are excited to welcome Isabelle Wheeler to our team at Foodman CPAs and Advisors,” said Stanley Foodman, Founder and Chief Executive Officer for Foodman CPAs and Advisors. “Isabelle has an impressive career in banking and wealth management. She is recognized throughout the industry for her leadership in private banking – It’s a honor to have her serve as part of the team at Foodman CPAs and Advisors.”
“I look forward to adding my diverse experience to Foodman CPAs and Advisors and providing their clients with honest, knowledgeable expertise in AML services,” said Wheeler. “Foodman CPAs and Advisors has long been trusted by their clientele and recognized for their dedication to their partners. It’s a pleasure to join an accredited, well-respected company like Foodman CPAs and Advisors.”
Wheeler received a Bachelor of Arts from the University of Virginia and is FIBA AMLCA certified. She has been recognized with the Charted Financial Analyst (CFA) designation and has held FINRA licenses 4, 7 and 24. Additionally, Wheeler has been recognized as one of the Top 30 Most Influential Private Bankers by Terrapin in 2013, 2014, and 2016 and as a Women Leader by Negocios Magazine 2014.
Pixabay CC0 Public Domain. invertido_mix_gestoras.jpg
The US yield curve has been reversed again and the United Kingdom is about to do so, which worries investors. According to the main asset managers, the fact that it is invested can indicate that, at best, investors expect the economy to slow down and at worst, that a recession could be on its way.
In the opinion of Keith Wade, chief economist at Schroders, “The US curve is a reliable indicator of recession, the UK curve less so. Nonetheless, if the US goes into recession it is hard for others not to go the same way given its importance as a driver of the world economy. So the double signal is important. There is normally a lag of about one year from inversion to recession so the curves are signalling problems for 2020.”
The same concern is shared by Mark Holman, Chief Executive Officer of Twentyfour AM (Vontobel), who acknowledges that the reversal of the curve is not good news. “In our opinion, the reversal of the yield curve is fully justified given the weight of geopolitical events, and one thing absolutely certain is that an inverted curve is not good news. The only question is how bad this news is and how it could convey and encourage greater economic concern,” he says.
“August doesn’t seem as calm as we would have thought. Tensions continue between the United States and China. The German and Swiss yield curve is in a negative territory, European equity markets continue to live out, while gold continues to rise. On the economic front, recessions in China and Germany are being felt. Although the global economy seems to resist, investors begin to fear that a recession is not far. However, the United States is managing to maintain a solid cycle and the latest figures show an acceleration in consumption. Central bank measures seem to have become the last line of defense to prolong the cycle and alleviate political tensions. However, it is by no means certain that this is sufficient between now and 2020,” says Igor de Maack, fund manager at DNCA, affiliated with Natixis IM.
For Holman, the investment of the curves is explained by the global slowdown that is continuing over time, and that keep markets restless. “A consequence of this is that fixed-income investors increase exposure to risk-free pure assets such as US, German or UK Treasury bonds, but to protect the portfolios they must maintain a duration greater than the normal, which is one of the main catalysts of the curve’s shape. As a result, the curves become lower and flatter, which is perhaps more sinister than higher and flatter returns, ”he explains.
This reading is what alerts the investor, who sees the possibility of a recession as more and more likely. But the managers ask for peace of mind and continue to insist that we are not facing a recession. “While we agree that the risk has increased, a recession over the next year is not yet an inevitable conclusion. Unlike the period prior to other recessions in the past in the US, current financial stability risks appear moderate, balance sheets are solid, family debt is manageable and the personal savings rate is high. All these fundamental factors should help cushion any economic recession,” say Tiffany Wilding, US economist, and Anmol Sinha, fixed income strategist at PIMCO.
The same message came out of the BlackRock Investment Institute (BII) in its weekly report: “We do not believe that the investment in the yield curve is a sign of recession and we believe that the accommodative turn of the central banks is dilating the growth cycle… Assets considered refuge, such as gold, rebounded. We continue to observe limited short-term recession risks, since the accommodative turn of the central banks helps to prolong the economic cycle, although we note that commercial and geopolitical tensions pose fall risks.”
“The reversal of the yield curve does not cause a recession, but it indicates that we are in an advanced phase of the economic cycle. So, instead of considering it a cause for concern, it could be a good time for investors to verify that their portfolios are well diversified and that their fixed-income positions can limit excess risk. In the final stages of the cycle it is especially important to determine whether fixed income positions offer diversification with respect to equities, as well as the appropriate level of balance,” concludes Jeremy Cunningham, Investments Director at Capital Group.
