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Bank of America Announces Management Team Changes

Bank of America Chief Executive Officer Brian Moynihan this Wednesday announced changes to the company’s management team.

“The quarterly results we announced last week showed once again how far we have come on our journey over the past few years,” Moynihan said. “The changes we are announcing reflect decisions two senior leaders have made about their own futures, and some other changes that will bolster, and in some cases, reposition members of the management team.”

Chief Financial Officer Bruce Thompson has decided to step down after 5 ½ years as chief risk officer and chief financial officer. Global Human Resources Executive Andrea Smith will assume a newly created position as chief administrative officer. Vice Chairman David Darnell has decided to retire by the fourth quarter, after more than 35 years with the company.

Paul Donofrio, who has been with Bank of America since 1999 and has 25 years of global corporate and investment banking experience, will become CFO, effective August 1.

“As CFO, Bruce has put our company on a strong, stable financial foundation, with record levels of capital and liquidity,” said Moynihan. “David is mentor and friend to me, our management team, and so many leaders of our company, past and present. On behalf of all of us, I thank both David and Bruce for their friendship and leadership.”

Prior to being named Strategic Finance Executive for Bank of America, serving as CFO of Consumer Banking and Global Wealth and Investment Management (GWIM), Donofrio was co-head of Global Corporate and Investment Banking, co-head of Global Investment Banking, and head of Global Corporate Banking. Thompson will assist Donofrio and remain on the management team until the end of the year.

Smith, who joined Bank of America in 1988, is taking on a broad portfolio of responsibilities that reflect her deep understanding of the company and her management expertise. As CAO, she will be responsible for Global Corporate Strategy; the company’s market president and enterprise business and community engagement organization; Legacy Assets and Servicing; Global Corporate Services; and Corporate Security, Executive Protection and Aviation.

Smith also will partner with Terry Laughlin and begin a transition of responsibility for the company’s annual Comprehensive Capital and Review (CCAR) submission and Global Resolution and Recovery Planning (GRRP). Laughlin remains responsible for the resubmission of the 2015 CCAR. To ensure a smooth transition, Laughlin will continue to partner with Smith to drive the spring 2016 CCAR submission.

Replacing Smith as Global Human Resources executive is Sheri Bronstein, who will join the management team and report to Moynihan. Bronstein has been the human resources executive for the company’s Global Banking and Global Markets businesses. In her 15 years as a senior human resources executive, she has held leadership roles supporting several lines of business, and is a member of the company’s Global Diversity and Inclusion Council.

Darnell, who currently oversees GWIM, plans to retire in the fourth quarter of this year. Upon Darnell’s retirement and after the company’s 2015 CCAR submission work is completed, Terry Laughlin will assume responsibilities as leader of GWIM and be appointed vice chairman.

Laughlin, who is currently president of Strategic Initiatives, has held various senior leadership positions with Bank of America and Merrill Lynch, including serving as chief risk officer for Bank of America, and chairman and chief executive officer of Merrill Lynch Bank & Trust.

In addition to the management changes announced above, Moynihan announced three senior executives will receive new titles in line with the evolution of their responsibilities.

Anne Finucane is appointed vice chairman and continues as the company’s global chief strategy and marketing officer.This reflects additional responsibilities Finucane has recently taken on for general oversight of the company’s corporate governance process, working closely with the Board of Directors in governance matters and outreach to stockholders in the area of corporate governance practice.

Cathy Bessant remains head of the company’s technology and operations areas.The position is re-designated chief operations and technology officer, effective immediately.

Gary Lynch continues to serve as global general counsel and is appointed vice chairman.

Aberdeen Launches Multi-Asset Fund

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Aberdeen lanza una nueva estrategia multiactivo — Photo: A Guy Taking Pictures. Aberdeen Launches Multi-Asset Fund

Aberdeen Asset Management has launched the Aberdeen Global – Multi-Asset Income Fund to be managed by its Edinburgh-based Multi-Asset Income Team. Share classes of the Luxembourg-domiciled UCITS fund are registered for public distribution to investors in Belgium, Czech Republic, Hungary, Luxembourg, Netherlands, Switzerland and Singapore (restricted to Qualified Investors).

The Fund is designed to address the increased demand for multi-asset investment products and the challenges that investors are facing when they seek income in the current low rate environment. It combines a broad range of high quality income-generating assets with the aim of producing a high, but sustainable, annual yield while maintaining the real value of capital over the medium term.

The eight-strong Multi-Asset Income team will manage the fund. The team will also draw on knowledge and research from the broader 60-strong Investments Solutions division.

The Fund’s strategic asset allocation is determined by the yield expectations of a range of assets and reviewed on a regular basis. Throughout this process, the focus is on creating a diversified portfolio of high quality income-generating assets.

Mike Turner, Head of Multi-Asset at Aberdeen Asset Management, comments: “In the post-financial crisis world, income is harder to come by. Using our team’s extensive experience in multi-asset investment, we aim to provide a product which can deliver a sustainable annual yield while maintaining the real value of investors’ capital over the medium term.”

Aberdeen’s Investment Solutions division currently manages over €129 billion in multi-asset portfolios on behalf of clients around the world.

Pioneer Investments Strengthens Alternative Fixed Income Team

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Pioneer Investments refuerza su equipo de Renta Fija Alternativa — Kevin Choy, Portfolio Manager. Pioneer Investments Strengthens Alternative Fixed Income Team

Pioneer Investments announced the enhancement of its Alternative Fixed Income team with the appointment of Kevin Choy as Portfolio Manager. Based in Boston, Kevin will report directly to Thomas Swaney, Head of Alternative Fixed Income, U.S.

In his role, Kevin will work alongside Thomas to support the management of Pioneer Investments’ liquid alternative strategies, including the Long/Short Bond strategy and Long/Short Opportunistic Credit strategy.

Ken Taubes, Head of Investment Management U.S., commented: ‘’In an environment of lower expected returns from bonds, combined with a potential rise in volatility, we need to consider a different way of investing that targets new sources of returns, downside risk mitigation, and volatility management. Liquid alternative strategies aim to provide diversification, improve risk-adjusted returns, and act as shock absorbers during times of market stress,’’ he continued. “They’re potentially also a way to reduce correlations versus traditional asset classes.’’

Taubes added: ‘’We are pleased to welcome Kevin to the team and his appointment represents a further commitment to our capabilities in the growing alternative fixed income area.’’

Kevin joins Pioneer Investments from Hartford Investment Management, where he was a Senior Analyst covering a variety of sectors, including telecom, media and technology. Before joining Hartford he was a Senior Analyst at OFI Global Asset Management, where he generated long and short investment ideas for both retail and institutional investment mandates. Kevin also held positions at NEC Corp. in Tokyo, Japan and the U.S. Kevin has a B.S. in Business Administration with a concentration in Accounting from San Jose State University. Kevin also has an M.B.A. from the Massachusetts Institute of Technology. He is a CFA charterholder.

As a more unique insight to their Liquid Alts efforts, Thomas Swaney will be a key presenter speaking on Long / Short Opportunistic Credit when he visits Miami for a due diligence event Pioneer is hosting in early October. For more detail on this upcoming event, please post the contact: US.Offshore@pioneerinvestments.com.

IMF Appoints Maurice Obstfeld as Economic Counsellor and Director of its Research Department

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Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), this week announced her intention to appoint Professor Maurice Obstfeld as Economic Counsellor and Director of the IMF’s Research Department. Mr. Obstfeld succeeds Olivier Blanchard whose retirement was announced previously. He is expected to begin his work at the Fund on September 8, 2015.

“I am thrilled to have Maurice join us at the Fund. His outstanding academic credentials and extensive international experience make him exceptionally well placed to provide intellectual leadership to the IMF at this important juncture. He is known around the globe for his work on international economics and is considered one of the most influential macroeconomists in the world,” Ms. Lagarde said.

A Professor of Economics (and former Chair of the Department of Economics) at the University of California, Berkeley, Mr. Obstfeld has advised many governments and consulted at central banks all over the world. He is currently serving as a member of President Obama’s Council of Economic Advisors, on leave from Berkeley.

Mr. Obstfeld is the co-author of two seminal textbooks on international economics—Foundations of International Macroeconomics with former IMF Economic Counsellor Kenneth Rogoff, and International Economics with Paul Krugman and Marc Melitz—as well as more than 100 research articles on exchange rates, international financial crises, global capital markets, and monetary policy. Among his many honors are the John von Neumann Award, the Bernhard Harms Prize, and the Tjalling C. Koopmans Asset Award of Tilburg University.

Mr. Obstfeld received his Ph.D. in economics from MIT in 1979 after earning a B.A. from the University of Pennsylvania and an M.A. from Cambridge University. He joined Berkeley in 1989 as a professor, following appointments at Columbia (1979–1986) and the University of Pennsylvania (1986–1989). He was also a visiting professor at Harvard from 1989 to 1991.

Mr. Obstfeld has also held numerous honorary and advisory positions in academia and the public sector. He served from 2002 to 2014 as an honorary advisor to the Bank of Japan’s Institute of Monetary and Economic Studies, and is a Fellow of the Econometric Society and the American Academy of Arts and Sciences. He has served both on the Executive Committee and as Vice President of the American Economic Association. He has also been a Research Fellow at the IMF on four separate occasions, most recently in 2012.

“The position of Economic Counsellor is of fundamental importance to the IMF’s ability to provide its global membership with the best possible independent analysis and policy advice. I am confident that we have found an exceptional candidate in Maurice to take this work forward,” Ms Lagarde said.

Bradesco Enters Exclusive Talks to Buy HSBC Brasil

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Banco Bradesco SA Brazil’s No. 2 private-sector bank has begun exclusive talks to acquire HSBC Holdings Plc’s Brazilian unit, according to a person with direct knowledge of the transaction who talked to Reuters.

In the event that HSBC accepts Bradesco’s binding offer, a deal could be announced before the end of the month, said the source, who requested anonymity because the process is private. The bid values HSBC Bank Brasil Banco Múltiplo, as the unit is formally known, at about BRL 12 billion (US$ 3.75 billion), or 1.2 times book value, the source added.

The source did not say whether Bradesco will pay in cash for the unit, which had assets of about BRL 170 billion at the end of March. Sources familiar with the plans announced last month that HSBC expected to have the sale finalised by August.

The run-up to HSBC Brasil’s sale has quickly gathered momentum since the plans were first made public in May. Analysts say that HSBC’s exit from Brazil comes as large local lenders outperform smaller rivals and gain more muscle to ride out a deteriorating economic outlook.

Slow asset growth prevented HSBC Brasil from gaining scale to win market share, leading return on equity to post a negative 4.2 percent last year, compared with 15.5 percent at the end of 2011.

Representatives at Bradesco could not be reached for comment to Reuters. A spokesman for HSBC in São Paulo declined to comment to the agency.

Strong Demand for Balanced Funds Continues in May, Whilst Bond and Equity Fund Sales Decrease

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The European Fund and Asset Management Association (EFAMA) has today published its latest Investment Funds Industry Fact Sheet, which provides net sales of UCITS and non-UCITS for May 2015.

27 associations representing more than 99.6 percent of total UCITS and non-UCITS assets at end May 2015 provided us with net sales and/or net assets data.

The main developments in May 2015 in the reporting countries can be summarized as follows:

– Net sales of UCITS decreased to EUR 32 billion in May, down from EUR 83 billion in April. This decrease can be attributed to a slowdown in net sales of long-term UCITS and a sharp turnaround in net sales of money market funds during the month.

– Long-term UCITS (UCITS excluding money market funds) continued to register net inflows in May of EUR 47 billion, albeit at a slower pace compared to April when net sales totaled EUR 66 billion.

Net sales of bond funds posted reduced to EUR 9 billion, down from EUR 22 billion April.
Equity funds experienced a decrease in net inflows, registering EUR 2 billion compared to EUR 6 billion in April.
Balanced fund net sales remained steady at EUR 29 billion for the second consecutive month.

– Money market funds registered a turnaround in net sales posting net outflows of EUR 15 million, compared to net inflows of EUR 16 billion in April.

– Total non-UCITS net sales amounted to EUR 21 billion, up from EUR 16 billion in April. Net sales of special funds (funds reserved to institutional investors) registered EUR 16 billion, up from EUR 12 billion in April.

– Net assets of UCITS stood at EUR 9,158 billion at end May 2015, representing an increase of 1.4 percent during the month, whilst net assets of non-UCITS increased by 0.7 percent to stand at EUR 3,580 billion at month end. Overall, total net assets of the European investment fund industry increased 1.2 percent to stand at EUR 12,738 billion at end May 2015.

Bernard Delbecque, Director of Economics and Research commented: “Strong demand for balanced funds continued in May whereas greater volatility in stock markets and sharply rising long-dated government bond yields weighed on investor demand for equity and bond funds.”

Barend Fruithof Appointed New Head Switzerland at Julius Baer

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Barend Fruithof is to join the Executive Board of Bank Julius Baer and become the new Region Head Switzerland with effect from 1 October 2015. He succeeds Giovanni Flury, who will switch to the Executive Board of Julius Baer Group as of 1 January 2016.

Additionally, Barend Fruithof will be responsible for Julius Baer’s Global Custody business. He has a successful track record in the Swiss financial industry stretching back over 20 years, with his most recent position being at Credit Suisse, where he has been Head Corporate Clients from 2008 and member of the Private Banking & Wealth Management Committee from 2011. Prior to this, he was CFO and member of the Executive Board of the Raiffeisen Group during five years. As of 1992, he spent eight years at Zürcher Kantonalbank. Set to join the Bank on 1 September 2015, Barend Fruithof will bring extensive experience not only in banking and client business but also in finance, IT and operations. He holds a degree in Business Economics from the former KLZ business school in Zurich and an Executive MBA from the University of St. Gallen.

After 30 years in the financial industry, Giovanni M.S. Flury, currently Region Head Switzerland at Bank Julius Baer, will switch to the Executive Board of Julius Baer Group Ltd. effective from 1 January 2016, where he will contribute his wealth of expertise in private banking. He will be involved in various strategic projects. Additionally, he will continue serving as a member of the Board of Directors of Milan-based Kairos Investment Management SpA, the strategic partnership in which Julius Baer currently holds a 19.9% stake. He will also remain a board member of the Julius Baer Foundation.

Boris F.J. Collardi, Chief Executive Officer of Julius Baer Group, says: “In Barend Fruithof, we have succeeded in recruiting a seasoned banking expert with an in-depth knowledge of Switzerland, an outstanding track record and extensive management experience. This makes him the ideal person to spearhead the continued expansion of Julius Baer’s activities in its key home market of Switzerland.”

Boris F.J. Collardi adds: “Since 2005, Giovanni Flury has given vital support to Julius Baer in several capacities, also as Region Head Switzerland since 2013. In this role, he proved very successful in strengthening the various regions of the Swiss market as a single entity and in significantly improving our strategy, structures and financial results. We are pleased that we will still be able to count on his wide-ranging experience in wealth management.”

Generali Real Estate Announces Two New Functions and Senior Appointments

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Generali Real Estate (GRE), the real estate asset manager of the Generali Group, announces the creation of two new functions and the hiring of Anthony Butler as its Head of Corporate Finance.

Butler joins GRE after a significant experience with several major real estate institutional investors such as TIAA Henderson, MGPA and RREEF. In his new role, the Hong Kong-born British manager will focus on coordinating and developing GRE’s sourcing capabilities as well as financially structuring the main real estate transactions. He will also be in charge of monitoring the indirect real estate investments of the Group.

The second new function has been entrusted to Cristiano Stampa, who has been working for Generali since 2003. As GRE’s Head of Fund Management and International Investments, Stampa will coordinate the investment strategies proposed to the Group insurance companies, the commercial real estate lending activity and the cross border fund management.

Three other long term Generali professionals have also been assigned to senior-level management roles.

Davy Gomes, who joined GRE in 2009 as the Head of Corporate Strategic Planning & Finance, is the new Chief Financial Officer, while the French branch is now directed by Sebastien Pezet, who took over from the recently retired Philippe Brion. Alberto Agazzi, within the Group since 2005 and former Head of GRE real estate services in Italy, will run GRE’s Italian operations as CEO and Managing Director of GRE SGR S.p.A.

Christian Delaire, CEO of Generali Real Estate, said: “These moves mark a significant step forward for our company, which now counts on a best-in-class management team. By hiring Anthony we have added a talented professional with an outstanding international experience, while with Cristiano, Davy, Alberto and Sebastien we already had the four best possible options within our ranks. As we keep diversifying our portfolio and rolling out a global investment program, their broad knowledge of the business and the markets will play a key role in achieving these goals.”

The five managers will also sit in the Generali Real Estate Steering Committee, together with CEO Christian Delaire, Head of German branch Martin Schramm and Head of Human Resources Anna Manto.

Expanded Advice and Service Offerings are Essential for Sustained Wealth Manager Success in the U.S.

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New research from global analytics firm Cerulli Associates finds that expanded advice and service offerings are essential to sustained success for wealth managers in the United States.

“One of the most common issues facing wealth management providers is devising a targeted marketing strategy to grow their business,” explains Scott Smith, director at Cerulli. “Investor willingness to pay for advice continues to climb, as does households interest in receiving more financial advice.”

Cerulli believes that pairing a human element with technology solutions will maximize addressable marketshare of financial service providers by broadening the scope of their advice.

Investors widely prefer providers that can address the entirety of their financial advice needs. In many cases, traditional providers have already moved to embrace the idea of “advice beyond investing” and are now making firm-wide efforts to encourage their advisors to adopt this approach.

By creating an ongoing goal-based dialogue with clients, providers are better able to identify product placement opportunities that will legitimately increase the long-term outcomes of the client, and not just the provider.

Moody’s: Chile’s Resilient Economy Will Weather Slowdown in Investment and Consumption

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Moody's: La resistente economía de Chile capeará la desaceleración de la inversión y el consumo — Photo: -Gio -Iab. Moody's: Chile's Resilient Economy Will Weather Slowdown in Investment and Consumption

Despite the Chile’s strong credit profile, slowing growth will strain profitability and demand for companies that rely on consumption, while weak commodities prices and rising production costs will weigh on Chile’s mining sector, says Moody’s Investors Service.

“A series of fiscal reforms in 2014 strengthened Chile’s fiscal policy and commitment to debt reduction, but in the process also led to a temporary reduction in investment and consumer spending,” says Moody’s Vice President and Senior Credit Officer, Barbara Mattos.

“Weaker investment has had a particularly negative effect on Chile’s economic growth. Commodities producers, especially copper, which represents over half of Chile’s exports and about 12% of its GDP, have delayed some investments in a time of narrow profits,” says Mattos in the report “Corporate Credit Quality in Chile: Investment, Consumption Will Slow Briefly in Otherwise Resilient Economy.”

The weakness of Chile’s peso against the US dollar further strains companies that derive most of their revenue from domestic consumption and have significant dollar-denominated debt on their balance sheets coming due in 2015.

However, the weak peso benefits producers of chemicals, metals, and paper and forest products, which are export-dependent.

Moody’s also notes that sectors that already have global exposure or can expand globally will be better able to weather this period of slower economic growth and lower consumer spending.

Five of the 11 rated Chilean companies had negative outlooks at the end of June 2015, which reflect company-specific conditions, such as tight liquidity, debt-financed expansions or weaker demand for commodities, rather than Chile’s macroeconomic environment.

“Chile’s economy is recovering from a growth rate of 1.9% in 2014, its weakest growth rate in five years,” says Mattos. “As the economy continues to recover in 2015 and 2016, companies will continue to benefit from Chile’s solid financial system.”