Foto: Steven Depolo
. Guggenheim Lanza un ETF sobre el índice S&P 500 Equal Weight Real Estate
Guggenheim Investments recently announced the launch of Guggenheim S&P 500 Equal Weight Real Estate ETF (EWRE). The ETF tracks the newly created S&P 500 EWRE Index, which equally weights the index constituents in the S&P 500 that are classified in the Global Industry Classification Standard (GICS) Real Estate Industry Group with an emphasis on exchange- traded equity REITs and real estate management and development companies, and excluding Mortgage REITs.
“Recognizing that real estate is evolving into a separate asset class as a result of its growing importance to advisors and investors searching for income and capital appreciation and underscoring our firm’s commitment to providing clients with innovative investment solutions, Guggenheim is first to market today with a new equal-weighted sector ETF which could have considerable impact on portfolio planning and research,” said William Belden, Managing Director of Product Development for Guggenheim Investments.
The new real estate sector includes equity REITs and real estate management and development companies. Mortgage REITs, which facilitate the financing of commercial and residential real estate, will remain in the financials sector. On September 16, 2016, S&P Dow Jones will implement the GICS real estate sector change as a part of their annual index rebalancing.
“There are several reasons real estate can be considered an attractive asset class,” Belden said. “First, real estate securities offer potentially attractive long-term total returns coming from both capital appreciation and higher-than-average income when compared to other equities. Second, EWRE’s underlying portfolio will be comprised primarily of equity REITs, which have a history of providing consistent, above-average dividends which can be used to meet current income needs or reinvested to accumulate wealth. Also, investing in real estate securities can be used as a hedge against inflation.”
EWRE becomes the 15th equal-weighted ETF in Guggenheim’s product line. Guggenheim pioneered the concept of strategic beta with the launch of Guggenheim S&P 500 Equal Weight ETF (RSP) in April 2003. The Firm’s strategic beta ETFs assets totaled $18.7 billion as of July 31, 2015.
“The time-tested equal weight strategy can help long-term performance by reducing the bias towards the largest individual companies within a particular cap-weighted strategy,” Belden said. “An equal-weight approach also may enhance portfolio diversification by reducing concentration risk often found in cap- weighted indices and provide a more balanced exposure across market capitalizations.”
Foto: John
. Cantor Fitzgerald refuerza su equipo de Portfolio Solutions
Cantor Fitzgerald has announced the continued expansion of the Portfolio Solutions team with the appointments of Filip Skala, CFA and Kenneth Wong inNew York, and Khairul Hussainand Jemma Broadgate in London. The team will report to Michael Gardner, Global Head of Portfolio Solutions.
Mr. Skala will serve as Head ofU.S. Portfolio Solutions, and focus on business development and implementation across the team’s main lines of business. Mr. Wong will serve asSenior Vice President and Portfolio Manager, focusing on the portfolio restructuring process and on developing, managing, and executing trading strategies for client events. Mr. Hussain joins as Director of IT, focused on managing technology and developing applications for the Portfolio Solutions group. Ms. Broadgate will serve as Director of Institutional Sales, responsible for growing the business in the UK.
Prior to joining Cantor, Mr. Skala led the U.S. implementation and strategy team of transition management at J.P. Morgan. Mr. Skala holds a BS from Rutgers University, an MBA from Pace University, and is a CFA charter holder.
Previously, Mr. Wong held senior positions in the Transition Management and Business Intelligence Group at J.P. Morgan. Mr. Wong has a BA in Economics from the University of Michigan Ann Arbor.
Before joining Cantor, Mr. Hussain served on the Transition Management trading desk and the Electronic Client Solutions trading desk at J.P. Morgan. Mr. Hussain received a degree in Computer Science from Kings College London at the University of London.
Prior to joining Cantor, Ms. Broadgate served as the Head of UK Pensions and Charities in the Investor Services Group at J.P. Morgan. Before that, she was the head of UK Pensions Sales for Northern Trust’s custody business. Ms. Broadgate received a degree in French and German from Queen Mary College at the University of London.
Foto: Archer10Dennis, Flickr, Creative Commons. De Grecia a China: los inversores mundiales temen una recesión en China y vuelven la espalda a los emergentes
Global investors have shifted their attention from Greece to China amid continued concern of a Chinese recession, according to the BofA Merrill Lynch Fund Manager Survey for August. Respondents are scaling back their expectations for economic growth.
China recession is now rated the number one “tail risk” by 52 percent of panel. And fifty-three percent of investors say the global economy will strengthen in coming year, down from 61 percent in July. “Investors are sending a clear message that they are positioned for lower growth in China and emerging markets,” said Michael Hartnett, chief investment strategist at BofA Merrill Lynch Global Research.
The survey reports the lowest allocations to emerging markets equities since April 2001 and to the Energy sector since February 2002. More investors say Global Emerging Markets is the region they most want to underweight; Europe is the region they most want to overweight.
“European stocks remain in favour – but investors like domestically focused names and are avoiding anything exposed to China or commodities,” said James Barty, head of European equity strategy.
The survey notes a rising consensus that the Fed will raise rates in third quarter; the majority of panel now expects the yield curve to flatten in next 12 months.
An anti-commodities stance is evident with moves out of Energy and Materials while defensive weightings increase.
An overall total of 202 panelists with US$574 billion of assets under management participated in the survey from 7 August to 13 August 2015. A total of 162 managers, managing US$449 billion, participated in the global survey. A total of 100 managers, managing US$224 billion, participated in the regional surveys. The survey was conducted by BofA Merrill Lynch Global Research with the help of market research company TNS.
Photo: Elliott Brown . Mediobanca to Acquire a Majority Stake in London-Based Credit Manager Cairn Capital
Mediobanca and Cairn Capital Group Ltd have agreed terms for a strategic partnership in which Mediobanca will acquire a majority interest in the London-based, credit asset management and advisory firm.
Cairn Capital was established in 2004 and provides a full range of credit asset management and advisory services, with a particular focus on European credit. As at 30 June 2015, Cairn Capital had $5.6bn of discretionary and legacy assets under management, with a further $9.1bn of assets under long term advice.
Under the terms of the transaction, Mediobanca will acquire 51 per cent. of the share capital of Cairn Capital on completion. The majority will be purchased from Cairn Capital’s institutional shareholders and following which The Royal Bank of Scotland will have no remaining interest. Mediobanca will have the ability to increase its interest in Cairn Capital after three years with an option to acquire some or all of the remaining 49 per cent., the majority of which is held by the management and staff of Cairn Capital.
As part of its overall strategy, Mediobanca is strongly committed to the development of an international Alternative Asset Management business, achieved through strategic partnerships with selected asset managers, having strong track records, high quality management teams, and scalable platforms. Cairn Capital will fulfill a central role within the MAAM credit platform and is well positioned to benefit from Mediobanca’s distribution channels, network of investor relationships and market access, as well as its institutional infrastructure and support.
Paul Campbell will continue to be CEO of the company and has agreed, together with the rest of Cairn Capital’s management team, to enter into new, longer term contracts in conjunction with the transaction, ensuring continued strength and stability to the business.
The transaction value does not have a material impact on CET1 of Mediobanca Group.
Richard Buxton, uno de los inversores más respetado de Reino Unido, es el nuevo CEO de OMGI - Foto cedida. Richard Buxton, nuevo CEO de OMGI, reportará a Martin Baines, responsable de la nueva división OM Wealth Investment
Richard Buxton, one of the UK’s most respected investors, becomes CEO of OMGI alongside the management of his portfolio. Reporting to Richard, Warren Tonkinson becomes MD of OMGI, enabling Richard to remain focused on his fund whilst providing overall investment leadership as CEO. Julian Ide is stepping down as CEO of OMGI and leaves with the gratitude and good wishes of the company.
Mr. Buxton will report to Martin Baines, who will lead the new Old Mutual WealthInvestment Division. Mr. Baines steps up from being CEO of Quilter Cheviot to become Chief Investment Director of Old Mutual Wealth. In Quilter Cheviot, David Loudon, a company and industry veteran with 25 years’ experience, is stepping up to be CEO and will also report to Martin Baines.
Richard Buxton comments: “I joined OMGI to help build an outstanding investment management business over the coming years, primarily through investment leadership and managing my UK Alpha funds. Today’s announcement is completely aligned with that goal and I look forward to contributing further to the realisation of OMGI’s ambitions. Investment remains my first passion and priority – I would not have accepted any additional responsibilities which would compromise my ability to invest on my clients’ behalf.”
The new organization presents the opportunity to more effectively leverage the combined investment knowledge of Quilter Cheviot and OMGI for the benefit of the clients, particularly in the multi asset areas. However, the brands and propositions of both remain distinct and their independence in regard to investment selection will be maintained and is assured.
Paul Feeney, CEO of Old Mutual Wealth, comments:
“At the heart of our wealth proposition is our ability to bring together the best investment minds in the market for the benefit of our clients. It therefore makes sense to bring Quilter Cheviot and OMGI together within one division under the leadership of Martin.
“I’m extremely grateful to Julian for his leadership in growing OMGI to be the exceptional business it is today. The quality of what Julian has created and the talent he has attracted is unparalleled in recent asset management history. OMGI’s phenomenal bench strength is a testimony to what Julian has delivered for clients.
“I can think of no better person to appoint as CEO of OMGI than Richard – his experience, exceptional investment skill and his principles will take our asset management business forward with a clear focus on delivering the wealth creation that is at the heart of our business.
Dario Epstein, Director at Research for Traders and member of the Advisory Board of Biscayne Capital - Courtesy Photo. "Just as in Life, in the Markets, it’s: Nothing Ventured, Nothing Gained"
“This crisis is new. Many of the large fund management companies talk about the “new normal” and, unfortunately, it is very difficult to extrapolate past experience and project it in order to resolve the current situation. Looking in retrospect no longer helps. We are charting a new path along the way, and the prudence partly stems from there: that the path is new”. That’s how Dario Epstein summarizes the current environment and the wait-and-see attitude of investors, with cash at the ready. But, just as in life, in the markets, it’s nothing ventured, nothing gained, he reflects. Epstein is Director at Research for Traders and recently joined the Advisory Board which Biscayne Capital created earlier this year.
When asked about the purpose for his joining the company, Epstein explains that private banking is currently going through a very dynamic phase driven by several factors, the most important of which is the regulatory factor. As a result, in recent months, the compliance department of the institutions has been strengthened significantly. Secondly, there’s the fiscal or tax issue, which has caused the United States, through FATCA, as well as other countries, to focus on trying to eliminate the loop holes, or tax havens, which facilitate tax evasion. In this context, the commercial development of wealth management networks poses a challenge to which the industry is responding. His experience as a former regulator, as well as in market analysis, allows the organization to be focused in these new aspects, and he contributes both his own personal input, as well as that of his company, in order to work more efficiently in the management of portfolios and investment recommendation.
Which products are the most interesting for the Biscayne Capital type of client in the current market environment?
Against this backdrop (China slowing, high probability of rising rates in the US, falling commodity prices, devaluation by China), we are currently adding coverage and protection for long positions and maintaining liquid reserves, although each profile, objectives, and risk appetite has its specific recommendation.
Indeed, in the past few days we have awakened to several consecutive devaluations of the renminbi, and commodity prices at historic lows, how far could this go?
China upset the apple cart and surprised everyone. While devaluation is not important, the impact it later had on all the variables was, deepening the crisis in the currency and equity markets of emerging countries in particular, which are currently less competitive at exporting to China. Even the People’s Bank of China could not stop the trend, indicating on the third day that there is no basis for further depreciation of the yuan (at around 6.40 USDCNY) due to the strong economic fundamentals of the country. That is precisely what is being questioned in the markets. Thursday’s close saw three straight days of devaluation. It is true that the strong fiscal and international reserves position provide good support for the exchange rate, but the slowdown is greater than expected and devaluation was a last resort.
I worry that China may abandon the development of the domestic market, which is its point of inflection in order to grow internally, and devalue its currency for the purpose of increasing competitiveness of its external sector and exports. There are two references (yen and euro)which have devalued strongly in recent years, and with the currencies of emerging countries in sharp depreciation against the dollar, it was to be expected that China take some compensatory measures.
With regard to the prices of commodities, they are very low, my opinion is that they are finding their footing and we expect some insignificant technical rebound. What we do see is that the shares of emerging countries, net exporters of commodities, still have a wide margin of decline, measured in terms of multiples, and may yet fall another 15% -20%.
The Shangay Composite has lost 3.4 trillion dollars and received injections of 900 billion renminbi, according to Goldman Sachs, who says that the regulator still has more than 160 billion dollars: will they have to use them?
It Depends. China is investing money in the market to avoid losses through purchases or provisions to short selling. Obviously the Chinese market has been impacted by two factors: firstly, the monthly addition of millions of new accounts of the country’s residents and, secondly, some slippage in the margin lending which led stock prices to a bubble, contrary to what was going on in the real economy. According to some Chinese market experts this market is extremely trend follower. In this case, the losses were not greater because many companies have suspended their stock exchange and it is now in the hands of the regulator to calm the markets. As I published a few days ago, the Chinese have discovered that capitalism is not easy.
Goldman analysts also believe that the index will range between 3,000 and 4,000 in the short term. Is that possible?
Yes it is, but only if the regulator continues to participate in the process. If it breaks 3,400 there is no significant resistance until 2,800. If the regulator is not involved, the 3,000 barrier will be broken. Although there may be an abrupt change following a more aggressive devaluation; if the currency starts to devalue, the market trend may change.
What does the supposed beginning of rate hikes by the FED add to this situation?
If the FED starts to eliminate all incentives, there will be a negative impact on global growth and the strength of the dollar will increase. The impact of a rise of a quarter point will be liquefied in the first two months. If the market goes up, you run the risk that more investors follow the trend and that we enter into a period of more complex markets in mid-2016.
How will this affect the stock markets in the American continent?
The effect will spread. Brazil is being very badly affected. Its neighbors (Colombia, Peru) will notice the impact on the region, and in Venezuela, where oil is the strong point, it will have great effect. It is very difficult to find countries in the region that are isolated. In terms of currencies and commodity prices we have seen the worst. While there is room for depreciation, we will stabilize in this situation. Some currencies have already devalued; we could be finding a point of balance of the Real at around 3.50. Same with commodities. Not so with the shares, they could still fall.
Which LatAm markets and sectors offer the lowest risk?
Right now our position is more conservative in Latin America.
Brazil is in a very complicated process, entering a recession with negative growth projected in 2015 and 2016. Venezuela is being hit hard, Ecuador going through a difficult process. Basically, after 10 years of very favorable terms for the region, the countries which had the vision to invest in infrastructure and to generate twin surplus (balance of payments and foreign trade), and those who managed to create reserves and countercyclical funds to weather this situation will mark the difference. Brazil has 300 billion dollars in reserves; Peru, Colombia, and Chile also have good reserves.
With respect to Argentina, the markets discern that any of the presidential candidates will have a much more pro-market and international integration rationale. In this backdrop, Argentine assets, which have been underweight in the past, may have an interesting evolution, as so far as other emerging markets do not derail.
Then, where should one be right now?
Cash. The wealthiest families have a high dose of cash and are very expectant. There is much awareness that part of the growth of real estate prices, stocks, and bonds are a result of monetary stimulus, and not of market fundamentals. And at certain prices investors prefer to continue in cash, AAA short-term bonds, banks … the scenario can change within 10 days. In this environment, the strategy is very short-term, waiting on opportunities that may result from the FOMC meeting of the FED, from an acceleration of devaluation in China, or from other macro scenarios.
Is Greece a closed issue?
Today it’s a closed issue, within a year we will have to discuss Greece again because with the current austerity plan, Greece cannot grow. Spain, Italy, and Portugal are facing similar situations: high youth unemployment and austerity. While it is true that a country can’t live in permanent deficit, there are times that countercyclical policies are necessary, and the orthodox prescription of the IMF and Germany is not helping the peripheral economies in Europe to takeoff.
This year we have elections in Spain, Portugal and Ireland. The poor performance by the political left in Greece has weakened the chances for similar groups to gain power in other countries where there is a social demand which must be addressed. Let’s say that the Greek issue is now concealed for a while.
Foto: Tax Credits
. Dos filiales de Citigroup pagarán 180 millones de dólares para liquidar cargos por fraude de hedge funds
The Securities and Exchange Commission today announced that two Citigroup affiliates have agreed to pay nearly $180 million to settle charges that they defrauded investors in two hedge funds by claiming they were safe, low-risk, and suitable for traditional bond investors. The funds later crumbled and eventually collapsed during the financial crisis.
Citigroup Global Markets Inc. (CGMI) and Citigroup Alternative Investments LLC (CAI) agreed to bear all costs of distributing the $180 million in settlement funds to harmed investors.
An SEC investigation found that the Citigroup affiliates made false and misleading representations to investors in the ASTA/MAT fund and the Falcon fund, which collectively raised nearly $3 billion in capital from approximately 4,000 investors before collapsing. In talking with investors, they did not disclose the very real risks of the funds. Even as the funds began to collapse and CAI accepted nearly $110 million in additional investments, the Citigroup affiliates did not disclose the dire condition of the funds and continued to assure investors that they were low-risk, well-capitalized investments with adequate liquidity. Many of the misleading representations made by Citigroup employees were at odds with disclosures made in marketing documents and written materials provided to investors.
“Firms cannot insulate themselves from liability for their employees’ misrepresentations by invoking the fine print contained in written disclosures,” said Andrew Ceresney, Director of the SEC’s Enforcement Division. “Advisers at these Citigroup affiliates were supposed to be looking out for investors’ best interests, but falsely assured them they were making safe investments even when the funds were on the brink of disaster.”
According to the SEC’s order instituting a settled administrative proceeding:
The ASTA/MAT fund was a municipal arbitrage fund that purchased municipal bonds and used a Treasury or LIBOR swap to hedge interest rate risks.
The Falcon fund was a multi-strategy fund that invested in ASTA/MAT and other fixed income strategies, such as CDOs, CLOs, and asset-backed securities.
The funds, both highly leveraged, were sold exclusively to advisory clients of Citigroup Private Bank or Smith Barney by financial advisers associated with CGMI. Both funds were managed by CAI.
Investors in these funds effectively paid advisory fees for two tiers of investment advice: first from the financial advisers of CGMI and secondly from the fund manager, CAI.
Neither Falcon nor ASTA/MAT was a low-risk investment akin to a bond alternative as investors were repeatedly told.
CGMI and CAI failed to control the misrepresentations made to investors as their employees misleadingly minimized the significant risk of loss resulting from the funds’ investment strategy and use of leverage among other things.
CAI failed to adopt and implement policies and procedures that prevented the financial advisers and fund manager from making contradictory and false representations.
CGMI and CAI consented to the SEC order without admitting or denying the findings that both firms willfully violated Sections 17(a)(2) and (3) of the Securities Act of 1933, GCMI willfully violated Section 206(2) of the Investment Advisers Act of 1940, and CAI willfully violated Section 206(4) of the Advisers Act and Rules 206(4)-7 and 206(4)-8. Both firms agreed to be censured and must cease and desist from committing future violations of these provisions.
Photo: Dan Nguyen
. S&P Dow Jones Indices Launches Spin-Off, IPO and Activist Interest Indices
S&P Dow Jones Indices (S&P DJI) has announced the launch of the S&P U.S. Spin-Off index, the S&P U.S IPO and Spin-Off index and the S&P U.S. Activist Interest index. These three new indices broaden S&P DJI’s event driven index family which includes merger arbitrage indices.
The S&P U.S. Spin-Off index is designed to measure the performance of U.S. companies that have been spun-off from a parent company within the last four years. It is based on the S&P U.S. Broad Market Index (BMI). At each monthly rebalancing, spin-offs that are added to the U.S. BMI and have a float-adjusted market capitalization of at least $1 billion are added to the Index and remain in the Index for up to four years.
The S&P U.S. IPO and Spin-Off index calculates the performance of U.S. companies with in the S&P U.S. BMI that have had initial public offerings (IPOs) or have been spun-off from a parent company within the last five years. The spin-offs should have a float-adjusted market capitalization of at least $1 billion as of the rebalancing reference date while the IPOs are subject to the same criteria but as of the close of their first day of trading.
The S&P U.S. Activist Interest index measures the performance of U.S. domiciled companies that have been targeted by activist investors within the last 24 months. It is an equal-weighted index based on the S&P U.S. BMI. Companies subjected to an activist investor campaign as determined by SEC Form 13D filings are added to the Index, at each monthly balancing, and remain in the Index for a maximum of 24 months.
“Boards of American companies have become more active in pursuing spinoff opportunities and merger activity,” says Vinit Srivastava, Senior Director of Strategy Indices at S&P Dow Jones Indices. “Historically, spin-offs, IPOs and firms targeted by activist investors have generally outperformed the broad market as they uncover value and increase efficiencies. These three new indices, in addition to our existing S&P Merger Arbitrage Index, provide investors sophisticated and transparent benchmarks that reflect how these significant events impact a company’s performance.”
CC-BY-SA-2.0, FlickrPhoto: Wilson Hui. Global Divergence
No one talks about decoupling anymore. It is one of those pieces of vocabulary associated with 2008 and the hope that emerging market fundamentals would insulate those economies from what turned out to be the greatest recession since the Great Depression. That hope was not entirely misplaced, of course, says Alex Johnson, Head of Absolute Return Fixed Income at BNP Paribas IP.
Exhibit 1 below shows, first, Chinese GDP on a year-on-year basis (the green line). While during the Great Financial Crisis in 2008 -2009 Chinese GDP was nearly halved—and Chinese equities performed dismally—there was a sharp rebound on the back of enormous fiscal stimulus. Now BNP Paribas IP may be seeing its inverse, and that is best illustrated by the other line (the blue line) on the chart, the Shanghai Stock Exchange Composite Index, down 8.5% on Monday, July 27, alone.
Some commentators have suggested that this does not really matter. Exhibit 1 illustrates the rationale to their thinking: year-to-date, the index has gained 15.18% (to July 27), and the one-year gain is over 75%. While the highs were higher, the averages are looking good.
“There is a degree of merit to this argument. The Shanghai Composite has never been a bellwether of the Chinese economy in the sense that the S&P 500 might be said to be for the US. It exhibits no meaningful correlation with GDP, and it has not been a vehicle for significant retirement planning”, poin out Johnson. The A-share market is not easily available to overseas investors, and the price movements are driven almost entirely by domestic flows, limiting contagion.
Johnson believes there are serious flaws in this view. First, he says, the composition of the investor base has changed even this year, with more and more small retail investors participating in the market ‑ and thus suffering losses. Many of these investors blame the central government, which they have accused of encouraging them to invest in the first place. There is some truth to this, unfortunately. To pick one example, Bloomberg Business cited the Xinhua News Agency in September 2014, which ran eight articles in that week alone advocating buying equities, and the futures exchange cut margin requirements in that same week. Buying shares on margin is common: such financing exceeds CNY2 trillion (US$322 billion).
Recognising this, Chinese authorities have already put in place controls, including preventing shareholders holding more than 5% of a stock from selling for six months, and they have begun purchasing stock outright. The track record for controls such as this is unedifying. There are broader issues, too. The Chinese government maintains its legitimacy on the basis of improving living standards and good custodianship of the economy, and the suggestion that there are developments beyond its control could be damaging and lead to unpredictable outcomes. There is also a wealth effect, and we can expect a reduction in consumption commensurate with the shock.
“We are seeing some effects already. Oil has sunk to new recent lows of under US$48 per barrel. While that will be at least partly related to the lifting of Iranian sanctions, other commodities are reacting similarly. This puts direct pressure on many emerging market commodity exporters ‑ and some not-so-emerging-markets, such as Australia and Canada, and their currencies”, explains BNP Paribas IP expert.
However, says Johnson, in Europe and the US, the picture seems different. Germany released its monthly Ifo survey, with all three components—business climate, current assessment, and expectations—beating expectations. That is in line with the ZEW survey released two weeks ago and a raft of other data, including the stock market up over 13% year-to-date; France’s has gained almost 16%, and Spain’s 21%. Now that Greece is, temporarily at least, behind us, the world’s largest and wealthiest trade grouping has defied all of last year’s gloomy prognostications.
The US picture is less positive. The earnings season in particular has not hit the high notes of previous quarters, with IBM notably pointing to China. Data is generally strong: initial jobless claims were the lowest for 42 years, and housing data has also been particularly robust. “What remains elusive is evidence beyond the merely anecdotal of wage growth. In addition, a leak of confidential staff forecasts used during the June 17 Federal Open Market Committee (FOMC) meeting showed staffers had lower expectations for the path of federal funds than the Committee does itself. At the margin, this may lengthen the odds of a hike in September – and events in China are not helping either”, sumamarizes.
. Deutsche Asset & Wealth Management Hires Nick Angilletta to Lead Wealth Management Capital Markets Business
Deutsche Asset & Wealth Management (Deutsche AWM) announced that Nicholas Angilletta has joined the Bank as a Managing Director and the Head of Wealth Management Capital Markets in the Americas.
In this new role, he is responsible for managing the trading activities of Deutsche AWM’s Wealth Management Capital Markets business in the Americas. Based in New York, Angilletta reports directly to Yves Dermaux, the Head of the Solutions & Trading Group for Deutsche AWM, and regionally to Jerry Miller, Head of Deutsche AWM in the Americas.
“We are excited Nick has joined our team, as he has extensive experience leading capital markets teams, delivering product solutions, and deepening client relationships,” said Dermaux. “His experience will play a critical role as we look to evolve our wealth management capital markets business in the Americas.”
Angilletta is a 25-year veteran in the financial services industry, focusing his entire career in the wealth management capital markets space at Morgan Stanley. Most recently, as a Managing Director and the Director of Capital Markets and Consulting Group Sales Strategy. Previously, he held various positions at the firm including Head of Sales for Morgan Stanley Wealth Management’s Global Investment Solutions and Asset Management Business and Head of Smith Barney’s Private Client Sales and Trading desks.
“As we continue to expand Deutsche AWM’s presence in the Americas, we must further enhance our capital markets business on both the asset and wealth management sides of the business to anticipate the needs of our clients and capture greater market share in this important growth region,” said Miller.
