Old Mutual Global Investors Appoints Cristiano Busnardo as Country Head, Italy

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Old Mutual Global Investors (OMGI), part of Old Mutual Wealth, today announces the appointment of Cristiano Busnardo, who joined the company on 1 September, in the newly created position of country head, Italy.  He will report to Allan MacLeod, head of international distribution. 

Based in OMGI’s new Milan branch, which is subject to regulatory approval, Cristiano will be responsible for driving OMGI’s growth within Italy. Since its formation in 2012, OMGI has steadily developed a European presence and now manages GBP 3.9bn for clients across Europe (ex UK) with GBP 106.8m  on behalf of Italian investors.  Cristiano is tasked with nurturing OMGI’s established Italian client base, as well as developing relationships with new investors. He will service clients across a spectrum of financial institutions, including wealth managers, private banks, family offices, pension funds, insurance and asset management companies.

Cristiano has over 20 years’ experience working in the financial services industry in sales and marketing roles. His previous position was deputy general manager, head of sales for Allfunds Bank S.A., Italian branch, based in Milan, a role he held since September 2011. Prior to this he has worked in a number of senior sales and distribution positions in Italy, including two years at Prima SGR and nine years as country manager at Societe Generale Asset Management Italia SIM. He started his career in 1992 at ING group.

A key part of OMGI’s growth strategy is to significantly increase its international distribution capability, including developing its visibility throughout Europe. This appointment completes the European sales team and represents OMGI’s second on-the-ground presence in mainland Europe. In addition to Italy, the team oversees distribution within the following regions: DACH, the Nordics, Benelux, France and Iberia.

Allan MacLeod, head of international distribution, commented: “European distribution continues to be a core growth area for OMGI. Appointing dedicated specialists to each region reflects our ambitious growth plans for our international business and our desire to focus on the particular needs of clients in each region. We are known to a number of clients in Italy already, but are keen to broaden our presence in the region and I am confident that Cristiano joining us will enable OMGI to intensify its efforts. I look forward to working with him, and welcome him to the team.”

Cristiano added: “I am excited at the opportunity to work for and represent an ambitious and dynamic company; one that I know reflects my professionalism and aspirations. Looking at the last quarter of 2016, and ahead into 2017, financial markets look set to be in for a bumpy ride, with Italian investors in particular facing an ambiguous macro-economic environment.  However, these challenges present opportunities, which I look forward to tackling head on, armed with OMGI’s innovative and flexible investment solutions.”

This Past Year Has Been a Lesson and a Test of BTG Pactual’s Strength; They See Opportunities in Chile and Peru

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Until the end of November 2015, not content with being the largest independent investment bank in Latin America, BTG Pactual had ambitious plans for global expansion. All this changed overnight, the bank was forced to redesign its structure and strategy, divest part of its assets, and lay off some of its employees. BTG Pactual is now smaller, but is focused on those business areas and markets where it can stand out from its competitors. Marcos Pimentel, responsible for overall sales in the area of fixed income and managing partner in BTG Pactual, acknowledged in an exclusive interview with Funds Society that the last 10 months have been difficult for the entity, but in the end, it has served as a lesson, helping to demonstrate its strength to the market and to its clients.

The new bank has a more local than global flavor. In the past, the company had dreamt of becoming a global bank within the Wealth Management and Asset Management sectors, but these plans have been interrupted in the short term, because BTG Pactual prefers to concentrate its efforts in the areas of business and markets where the company has a competitive advantage.

“While in the past BTG Pactual had a broader business portfolio, the company now has a more concentrated and defined portfolio, having chosen to focus on those business areas where the company clearly stands out from the competition: Sales and Trading, Wealth Management, Asset Management and Investment Banking. Focusing on markets where we have a strong local presence: Brazil, Chile, Peru, Argentina, Colombia, and Mexico, where we will continue to be a benchmark,” said Marcos Pimentel.

Pimentel knows the company well, as he joined Banco Pactual in 1992 as part of the IT team, working his way towards the sales and trading area by 1994. From 1999 to 2009, he worked for other institutions such as Bank of America, Standard Bank, and Credit Suisse, where he held various positions as head of sales and global markets. Educated in Rio de Janeiro, Marcos Pimentel holds a degree in Business Administration from the Federal University of Rio de Janeiro and an MBA from IBMEC.

For Marcos Pimentel, the company’s partnership culture has been instrumental in, not only overcoming the crisis, but in emerging even stronger: “BTG stands out from other financial institutions in the region because it consists of partners, the partnership owns around 80% of bank capital, when the crisis made its appearance, partners and company executives worked hard to strengthen the company and to establish a clear definition of the business areas in which we would like to grow.”

Pimentel points out that the capital structure was strengthened, especially in matters of corporate governance, where the main changes to make the company more accessible to investors were made, the crisis was used to implement reforms, making the bank a better institution. “It’s smaller, we have significantly reduced the number of employees, we sold several non-core lines of business, for example, BSI, the private banking unit in Switzerland; we are now smaller, but we are focused on those business areas in which we want to be, being the leading investment bank in the region,” he adds.

In Brazil, the bank is currently attracting assets for two funds in which the company holds an exclusive distribution mandate. One is focused on private equity and the other in absolute return, which according to Marcos Pimentel, have had tremendous success among investors. The company, which has allocated considerable resources and efforts in Peru, Chile, Brazil and Colombia, also has professionals who understand the product and know the needs of both fund managers and local clients, approaching clients differently. Given the company’s experience in Latin America, BTG now seeks to build a portfolio of 4 or 5 fund managers for distribution within the region as a single package.

The funds’ distribution business managed by third parties

While the funds’ distribution business managed by third parties is more like managing a specialty boutique rather than a supermarket, fund management companies wanting to come to Latin America will be better positioned if they do so through a partner that offers a solution throughout the entire region. This is one of BTG Pactual’s main advantages, the fact of having a platform within the region’s major economies and providing access to international managers to solutions developed internally by the bank, such as fund services, legal services, technology and compliance. “As a bank, we can use the capabilities developed by BTG Pactual to help with the distribution of funds managed by third parties when selling products in the region. Having a local legal advice department in every country in which we operate helps tremendously, because each country has its own regulations. Being prepared, supported by local professionals and a structure in each of these countries is very important when you’re trying to sell a product that is not standard. We are the only platform in the region covering all points of fund distribution managed by third parties; in fact, it is a key business area for BTG. We have a long history in this business; we want to grow in it, which is why we are investing greatly. We just hired Ignacio Pedrosa, a great professional in this area. I believe that it is quite obvious to fund managers and clients, who are the potential investors in these funds, that we have the experience and that we are diversified, and they know that we are good enough to serve both of those parties.”

Differences in the distribution of international funds in Latin American markets

For Marcos Pimentel, Chile is a highly consolidated market, local investors have been investing in international funds for years, they have developed the technology to do so, and therefore it is the most competitive market in the region. Chile is the country with the largest number of assets allocated to offshore funds; about 22% of total assets under management are managed outside the country. It is a more mature market, but if you want to be in the business of funds’ distribution managed by third parties in Latin America, you have to start in Chile. “What has happened in Chile, and what we want to do differently than in the past, is that pension funds have become the largest investors in international funds, investing about 39% of their assets in foreign funds. There are more opportunities if you invest with asset managers, wealth management companies and insurers, these investors do not have such a high share of foreign investment; overall, only 8% of the assets of all of these institutions are invested in international funds. Most distributors are focusing on offering their products through the AFPs. At BTG, we think that there is room for distributors to have access to other distribution channels: asset managers, wealth management companies, and insurers,” he says.

With regards to Peru, Pimentel believes that this market offers good growth opportunity. It is the second market in terms of development in foreign investment funds in the region. Peruvian pension funds have been able to develop client sophistication; they understand funds and are prepared to invest abroad. “It’s a small market, roughly half the Chilean market, but it’s a market in which regulation is good, there are several competitors, but as it still isn’t a mature market, we think it has potential for growth.”

Colombia’s case is very different; this is a market which has yet to develop. Although changes are happening gradually, pension funds are not investing as much in international funds as are Chilean or Peruvian fund managers. Local regulation allows pension funds to invest in international equity funds, but is very limited about investments in international fixed income funds. According to Marcos Pimentel, this market still needs to grow in sophistication, far from being a growth market as in Peru’s case, or mature as in Chile’s. But the opportunity might lie in that, in as far as investing abroad is concerned, they are at the beginning of the process, and the total of AuM´s of institutional clients is relevant”.

In this banking institution’s country of origin, until there is a reform in the regulation of the Brazilian market, local pension funds will continue to have many restrictions for investing abroad, which greatly reduces the channeling of investment towards international funds, because pension funds are the largest investors in the country. Meanwhile, family offices and certain individuals have more opportunities to invest abroad than do pension funds. “Brazil has many peculiarities, its law and compliance with that law is not easy for foreign professionals who don’t know how to conduct business in the country. I think, especially in Brazil, BTG is the leading institution for the distribution of third party funds, since there isn’t any other player as large in the market. Even so, this is a business area that will develop in the medium and long term.”

Finally, Marcos points out that Mexico is a difficult market. It is the second largest market in the region, but regulation is not easy and the competition is tough. Local banks already offer sophisticated services to clients. “For us, it is the most challenging market, we have taken time to understand it and that is why we are lagging a bit behind.”

Market Vision

With respect to the situation of the global economy, Marcos Pimentel is well aware that volatility levels have increased in global markets. Looking towards the second quarter of the year, he clearly sees that as the US presidential election approaches, the greater will be the climate of uncertainty in the stock markets, because the approach of each of the two candidates is diametrically opposed. In the short term, Europe’s economic climate is not optimistic either, since the result of Brexit has added yet more problems to an economy that did not quite show strong signs of recovery.

Regarding the situation in Latin America, the region’s dependence on the prices of raw materials and the economy of the Asian giant, seems to indicate that the evolution of the economies of Latin America will mirror China’s evolution. Focusing on each of those Latin American markets, Marcos Pimentel speaks of different growth cycles. While Argentina shows small signs of improvement in relation to its previous situation, it still has many challenges to face, even though he acknowledges that they are making great strides. For its part, the Chilean economy has suffered greatly due to falling copper prices, as was to be expected from the world’s largest producer of the mineral, although it is a stable economy which should perform well.

“Peru’s case is impressive, it is a small economy, but with an incredibly good performance. Its currency, its growth and its unemployment rate, make the Peruvian economy the most consistent in the region,” he says.  “Colombia suffered somewhat, late last year and earlier this year, due to its dependence on the oil barrel price, and now with the slight price rise of crude oil, the economy has returned to its growth path. Mexico is the second largest economy in the region, but has a great dependence on the US economy, so its performance will be linked to the outcome of the US elections.”

Speaking of Brazil, Marcos Pimentel mentions the huge recession hitting the country, which is compounded by the policies implemented by the previous government in the years before the crisis. But he does show some optimism, as the new interim government has managed to restore confidence slightly, and he expects, at least, a slight positive growth by next year. “The economic team appointed by Temer is top notch, I am confident that once the end of the impeachment, they will have the strength to carry out the necessary reforms and make the country regain its trajectory.”

That said, in market terms, he believes the Brazilian rally is over. “The rally began when investors anticipated that there could be an impeachment process in the country, at that time, the Brazilian Real and bonds were very cheap, now that the process is almost over, most likely the rally will end as well. In the short term, inflation in Brazil is increasingly under control, so in the second half of the year, we will very probably see a cut in interest rates, which are currently close to 15%. The economic team is making great efforts to pass the necessary reforms, especially those related to public expenditure and pension plans.”

In a world of low, or even negative, interest rates, Brazil is offering one of the highest rates among emerging countries, once the impeachment process is over, and investors begin to feel more comfortable about Brazil’s political risk, fixed income investments will return. And this will not only happen in Brazil, markets such as Chile, Peru, and Colombia, are smaller in size than Brazil and Mexico, but they will greatly arouse investors’ interest.

James Ross gets Promoted to Co-Manager of the Henderson Horizon Pan European Equity Fund

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James Ross cogestionará el fondo Henderson Horizon Pan European Equity junto a Tim Stevenson
CC-BY-SA-2.0, FlickrJames Ross . James Ross gets Promoted to Co-Manager of the Henderson Horizon Pan European Equity Fund

Henderson Global Investors has strengthened the European equities team by promoting James Ross to co-manager of the €3.9bn Henderson Horizon Pan European Equity Fund. The fund has been managed by Tim Stevenson since its inception in 2001 and over this period Tim has delivered top-decile performance returning 162.0% against an index return of 88.3%.

The Fund’s investment objective is to seek long term capital appreciation by investing at least 75% of its total assets in equity securities. The fund may invest in shares of European (including UK) companies in any industry.

James has been with Henderson since joining the graduate scheme in 2007 and has been co-manager on the Henderson UK Alpha Fund since January 2013. Since taking over management of the fund, alongside his co-manager Neil Hermon, James has delivered top-quartile performance with the fund delivering 48.0% against an index return of 28.2%.

Commenting on the appointment, Stevenson said, “Having worked with James for the past 10 years, I am very pleased to bring him on to the fund to work alongside me. James and I share a common investment philosophy and with his help I feel confident we can continue our successful track record of finding good quality growth companies in an increasingly tough market.”

Neil Hermon will assume lead management of the Henderson UK Alpha Fund with immediate effect and has appointed Indriatti van Hien as deputy fund manager on the fund. Indriatti has worked alongside Neil and James for the last four years and has played an increasingly important role on the fund.
  

Bruno Taillardat Joins Amundi as Head of Smart Beta

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Bruno Taillardat Joins Amundi as Head of Smart Beta
CC-BY-SA-2.0, Flickr. Amundi ficha a Bruno Taillardat como responsable de Smart Beta


Amundi has announced the appointment of Bruno Taillardat as Head of Smart Beta.

Bruno started his career at BNP Paribas Asset Management where he was Head of Quantitative Research in the International Equity Investments team from 1998 to 2007.

He joined Unigestion in March 2007 as a senior Portfolio manager within the Equity team. He then became Investment Director responsible for the quantitative and fundamental research.

Bruno has a post-graduate degree in Mathematics from the University of Marseille and he also completed executive education programs at the IMD Business School in Lausanne.

Columbia Threadneedle Investments Completes Acquisition of Emerging Global Advisors

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Columbia Threadneedle Investments completa la adquisición de Emerging Global Advisors
CC-BY-SA-2.0, FlickrEGA´s team in the NYSE. Columbia Threadneedle Investments Completes Acquisition of Emerging Global Advisors

Columbia Threadneedle Investments announced that Columbia Management Investment Advisers, LLC has completed its acquisition of Emerging Global Advisors, LLC (EGA), a New York-based registered investment adviser and a leading provider of strategic beta emerging market portfolios. Terms of the acquisition were not disclosed.

The acquisition adds over $900 million in assets across a suite of nine emerging markets equity exchange- traded funds (ETFs) and significantly expands the firm’s capabilities in the development, management and deployment of innovative strategic beta products. The product line includes strategic and thematic index-based investment strategies, highlighted by the $671 million EGShares Emerging Markets Consumer ETF (ECON).

“We believe that our combined strategic beta offerings enhance and complement our actively managed investment capabilities and bring our expertise to a broader set of investors,” said Ted Truscott, chief executive officer of Columbia Threadneedle Investments. “We are pleased to welcome our new EGA colleagues to Columbia Threadneedle and to offer our clients and partners a strong platform of strategic beta portfolios.”

Marc Zeitoun, formerly EGA chief product and marketing officer, now leads Columbia Threadneedle’s strategic beta platform as head of strategic beta, reporting to Mr. Truscott. Edward Kerschner now serves as chief portfolio strategist for strategic beta, reporting to Colin Moore, global chief investment officer, and Mr. Zeitoun.

EGA’s website (www.emergingglobaladvisors.com) has been rebranded to Columbia Threadneedle Investments. Product information and market commentary related to the EGShares suite of ETFs can be found by visiting www.columbiathreadneedleetf.com and accessing the emerging market ETF section.

 

 

 

UBS AM to Appoint Pedro Coelho as Head of UBS ETFs Spain

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UBS AM nombra a Pedro Coelho responsable de Ventas de su división de ETFs para España
CC-BY-SA-2.0, FlickrCourtesy photo. UBS AM to Appoint Pedro Coelho as Head of UBS ETFs Spain

UBS Asset Management has appointed Pedro Coelho as Head of UBS ETFs Spain. Pedro will be based in Madrid and report to Simone Rosti, Head of UBS ETFs Southern Europe.

In his role, Pedro will be responsible for business development for ETFs and will aim to grow and strengthen the professionals clients relationships in all key market segments (asset managers, pension funds, insurance companies, private banks, family offices and independent financial advisors), together with the UBS AM Spain business led by Juan Infante.

Pedro started his career in the financial sector in 2000 in Lisbon and before joining the UBS ETF’s team he worked for 10 years in NN Investment Partners, in Madrid and Lisbon, where he was a Senior Clients Director for Iberia, Latin America and US Offshore. He has a Bachelor’s degree in Economics by ISEG Lisbon School of Economics and Management and an M.B.A. by NOVA School of Business & Economics.

UBS ETFs have a long-term track record of providing index-based investment solutions to clients. In 2001, UBS launched its first ETF. It was the beginning of a success story and today UBS is the fourth European ETF provider and one of the fastest growing in Europe, with around 29 bn USD in AUM (source: ETFGI, July 2016).

In Europe, UBS offers a wide range of ETFs, replicating more than 170 fund and currency share classes, covering equities, fixed income, commodities and alternatives.

UBS ETFs are managed by UBS Asset Management, a large scale investment manager with a presence in 22 countries. UBS AM offer investment capabilities and investment styles across all major traditional and alternative asset classes to institutions, wholesale intermediaries and wealth management clients with about 660 bn USD of AUM and a long-term commitment to passive management (215bn USD in indexed products and managing passive assets for 30 years).
 

 

Huw van Steenis, Appointed Global Head of Strategy at Schroders

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Huw van Steenis se une a Schroders como responsable global de estrategia
CC-BY-SA-2.0, FlickrCourtesy photo of Huw van Steenis . Huw van Steenis, Appointed Global Head of Strategy at Schroders

Huw van Steenis has been appointed as Global Head of Strategy and member of the Group Management Committee at Schroders. Based in London, and reporting into Group Chief Executive, Peter Harrison, Huw will be responsible for business strategy and corporate development.

This newly created role within Schroders will focus on medium and longer-term strategy development, reflecting the firm’s commitment to growth. He joins in the fourth quarter of 2016.

Huw comes to Schroders with more than 20 years’ experience in the investment industry, including 14 years as Managing Director and Global Coordinator Banks and Diversified Financials Research at Morgan Stanley. During his tenure at Morgan Stanley he drove award winning research on the investment management and securities industry. Prior to this, he worked at JPMorgan and Boston Consulting Group.

Harrison, said:“Huw joins Schroders at a pivotal time for the industry. As a creative thinker and influential collaborator, his deep knowledge and experience of the investment industry is a valuable asset in these times of rapid change. Our highly-diversified business model and strong financial position gives us a firm foundation on which to grow. We see many interesting long-term opportunities and will be taking advantage of our position to invest behind them.”

Huw van Steenis, said: “It is a huge honour to join Schroders, a firm which stands for the very best in investment management: with world-class investment strategies, outstanding client service and a deep bench of talent which has delivered for clients over many years. I look forward to working with Schroders’ pre-eminent teams to meet the challenges and opportunities for investors. The company has a bold strategy and a culture of ambitious continuous improvement, both of which will be critical in meeting the competitive challenges ahead.

Mega Funds Continue to Dominate the Global Mutual Fund Landscape – 45% of Assets go to <1% of Players

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Los megafondos siguen dominando el negocio: el 45% del patrimonio está en manos del 1% de productos
CC-BY-SA-2.0, FlickrPhoto: SpaceRitual, Flickr, Creative Commons. Mega Funds Continue to Dominate the Global Mutual Fund Landscape - 45% of Assets go to <1% of Players

Less than 1% of the approximately 65,000 mutual funds sold around the world controlled 45% of the global fund  industry’s $23.0 trillion in assets as of 30 June 2016. New research from Propinquity, a specialist consultancy to investment management companies worldwide, offers insight into these giants. What’s more, the small subset of 634 ‘mega funds’, defined as those with total net assets of $5 billion or more, have been responsible for nearly half (48.1%) of the industry’s global growth since 2007. 

446 of the 634 worldwide mega funds are sold in the U.S. This represents 82.9% of global mega fund assets ($8.5 out of $10.2 trillion). 68.7% of total U.S. mutual fund assets are in mega funds – the U.S. has never been this hyper-concentrated. This concentration is in sharp contrast with European domiciled funds, which have 16.9% of assets in mega funds.

In 2007, 11.6% of mega fund assets were passively managed. As of Q2 2016, passive funds make up 25.8% of global mega fund assets ($2.6 out of $10.2 trillion). By contrast, passive funds make up only 15.1% ($3.5 out of $23.0 trillion) of the broader worldwide mutual fund universe.

As of Q2 2016, the average passive mega fund has $40.1 billion in assets while its active counterpart has $13.4 billion – a third as large. The greatest economics of scale are found in passive strategies, while fees are slim, barriers to entry are high link.

Investors Should Take A More Thematic Approach In The Emerging Markets

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Colin Moore: “Hay que mirar a los emergentes según la temática, no geográficamente”
CC-BY-SA-2.0, Flickr. Investors Should Take A More Thematic Approach In The Emerging Markets

For investors struggling to find growth opportunities in a low growth world, Colin Moore, Global Chief Investment Officer at Columbia Threadneedle Investment, offers two insights. Don’t write off Brazil, and don’t treat emerging markets as a homogeneous asset class.

Brazil is in the spotlight this year, both as host of the summer Olympics and as a country with a long list of problems. But after a recent visit to Brazil, Moore thinks investors should look much more positively at the country. “Brazil is a country rich in resources, especially its people. Improving health care and education will be critical to building a strong foundation for long-term growth. With proper stewardship and better fiscal control, Brazil’s future looks much brighter than it did just one or two years ago”, point out.

But the Global Chief Investment Officer considers that Brazil is not the only emerging markets country with opportunity for investors. “In today’s low and slow growth world, you have to identify where there are pockets of growth. One way to do that is to look at themes where there is growth around the world, such as the development of health care or the development of infrastructure. Emerging markets are going to be at the center of both these developments”, explains.

For Moore, it’s a mistake just to think about emerging markets geographically. “We all got obsessed about BRICs (Brazil, Russia, India and China). When you create these acronyms or names like “emerging markets,” you’re assuming a level of homogeneity about how they will act, and that’s clearly not the case. The trick will be to move beyond the country definition of emerging markets and take a more thematic approach”, concludes.

 

BlackRock Launches the Sustainable Euro Bond Fund

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BlackRock lanza el fondo BSF Sustainable Euro Bond
CC-BY-SA-2.0, FlickrPhoto: K-ryu . BlackRock Launches the Sustainable Euro Bond Fund

BlackRock has launched the BSF Sustainable Euro Bond Fund. With the launch, BlackRock is responding to the growing demand for investments incorporating environmental, social and governance (ESG) factors.

The BSF Sustainable Euro Bond Fund builds on the European Fixed Income’s team tried and tested investment process. The issuers we include in the fund are positively screened for environmental, social and governance (ESG) considerations using the MSCI’s ESG Ratings for corporate, sovereign and government-related issuers that assess how well the issuer manages ESG risks relative to its industry, or peer group.   Investors benefit from the award-winning investment approach of Michael Krautzberger and his team, who manage the BGF Euro Bond Fund, the existing sister strategy on the basis of which Michael and the team won Morningstar European Fixed Income Manager of the Year 2016 award, the only fixed income team to ever win the award twice.

The BSF Sustainable Euro Bond Fund invests in a broad range of sources to add alpha and maximize total return, primarily focusing on euro denominated investment-grade bonds. There is a strong emphasis on diversification and active risk is spread through selection of country, sector, security, duration and yield curve positioning, as well as through flexibly-managed currency exposure. 

According to Krautzberger, “sustainable investing is becoming mainstream as investors globally are placing greater emphasis on transparency and seek an ESG approach to their investments. Considering ESG factors is seen as a sign of operational strength, efficiency, and management of long-term financial risks of the companies they invest in. We are looking to incorporate MSCI’s ESG insights in our active positioning, for example underweighting issuers with deteriorating ESG profiles that we expect to be downgraded by MSCI. We also expect to hold a higher proportion of green bonds in this fund than we do in non-ESG strategies.”

Besides the ability to achieve specific ESG investment goals, companies with high ESG scores and in particular those scoring highly on governance, tend to be less prone to negative surprises.  “This is an important consideration given the asymmetric impact of unexpected news on bond prices”, says Krautzberger.
The fund is managed by Michael Krautzberger and Ronald van Loon who have a combined investment experience of over 37 years. Michael and Ronald are supported by the European Fixed Income team. BlackRock manages over $1.4 trillion in fixed income assets on behalf of global clients, including both active and index strategies.

BlackRock Impact

In February 2015, BlackRock appointed Deborah Winshel to help unify its approach to impact investing through the launch of BlackRock Impact, the Firm’s global platform catering to investors with social or environmental objectives. The development of the BlackRock BSF Sustainable Euro Bond Fund further highlights BlackRock’s commitment within this space and enables investors to access the platform which currently manages $200 billion of assets across impact investing, environmental, social and governance (ESG) portfolios, and screened portfolios.