Giordano Lombardo, CIO de Pioneer Investments. ¿La muerte de la renta fija? No tan rápido...
Pioneer Investments has announced that it has been recognized as the Fixed Income Manager of the Year at the “Global Investor 2015 Awards for Investment Excellence.” This is the second year in a row that Pioneer Investments has won this award while in 2011, Pioneer Investments was declared the best US Fixed Income house.
In winning the award, Pioneer Investments faced strong competition from many of the world’s premier asset managers. This year’s awards were judged by an independent panel, comprised of senior managers from the institutional investment consultant and pension communities, among others. According to Global Investor, some of the comments provided by the panel on Pioneer Investments were, ‘global footprint’, ‘wide range of products’, and ‘still innovating’.
Giordano Lombardo, CEO and Group CIO said, “This award further recognizes Pioneer Investments’ best-in-class fixed income proposition across US, Europe and Emerging Markets. We are extremely pleased to win this award and that the performance of our fixed income range has been awarded for the second consecutive year. Our priority is to continue to strive to produce strong investment performance and innovative solutions for our clients in the future.”
The Global Investor Investment Excellence Awards, now in their fifteenth year, celebrate the greatest achievements of asset managers and associated firms such as investment consultants and fund administrators. The awards ceremony was held on 2nd of July in London.
Paris-based DNCA Finance, which has recently become a Natixis’ boutique, rebrands itself as DNCA Investments, celebrating 15 years of existence.
This change aims to improve the visibility of the firm towards international investors as it is now set to speed up its development both on retail and institutional businesses by using Natixis’ global distribution platform. “In order to expand internationally DNCA decided to slightly adapt “its signature” and make it sound more global. The name of the legal entity remains DNCA Finance but the marketing brand becomes DNCA Investments, that way it resonates globally”, the company says to Funds Society.
DNCA Investments intends to enter new markets, including Spain, and to expand its presence in existing markets such as Germany, Switzerland, USA Offshore and Latin America.
DNCA Investments, which has expertise in European equities, manages €16.5bn in assets as at June 2015.
Foto: Nothing is impossible for a willing heart, Flickr, Creative Commons.. Radiografía del sector tecnológico en Asia
China’s stock market crash must act as a wake-up call for investors to urgently reassess their portfolios, warns the chief executive of one of the world’s largest independent financial advisory organizations. Nigel Green, the founder and CEO of deVere Group, is speaking out as the China stock market’s downward spiral enters its third week, with share prices losing 30 per cent of their value since the middle of June.
Mr Green observes: “Much of the world’s attention is on Greece right now. Whilst it is right that investors keep a close eye on the Greek saga, one eye must remain firmly on the burgeoning crisis in China.
“With the Chinese stock market losing a third of its value since mid June, which is about equivalent to the UK’s entire economic output last year, or in other terms the GDP of Greece every two days for the last 10 days, this has all the makings of morphing into a major financial crisis.
“China’s government and regulators appear to be pulling out all the stops to support share prices – including a defacto suspension of new listings and interest rates being cut to new record lows – although investors seem to be unconvinced that this will help.
“Despite few foreign investors having much exposure to the Chinese stock markets, the meltdown matters.
“Indeed, it is hugely significant because it will send shock waves throughout global capital markets, not least because China is the world’s second largest economy and one of the largest consumers of commodities and other goods sold by other countries.
“As such, China, not Greece, is arguably the main cause for concern for investors right now.”
Mr Green continues: “Bearing in mind the potentially enormous fallout of China’s plunging markets, I would urge investors to urgently reassess their portfolios to ensure they are appropriately diversified.
“Investors with the most diversified portfolios stand to lose the least. Geopolitical events like this highlight once again the need for multi asset investing, across regions and asset classes, as a way of reducing the adverse consequences of such events.”
He adds: “Failure to diversify a portfolio is widely regarded as one of the most common investment pitfalls – and history teaches us that diversification in these times of rising market volatility is even more essential as the tides can change quickly. Spreading your money around is a vital tool to manage risk.”
Photo: Cheezepie, Flickr, Creative Commons. S&P Dow Jones Indices Launches First of Its Kind Index Tracking the Debt of the S&P 500® Companies
S&P Dow Jones Indices (“S&P DJI”), one of the world’s leading index providers, has launched the market’s first ever index that tracks the debt of the S&P 500 companies. S&P 500 Bond Index is priced in real-time throughout the day and directly corresponds to movement in the U.S. bond market. The Index offers previously unavailable intraday transparency to the pricing of debt on America’s most influential companies.
S&P DJI has contracted with Thomson Reuters to provide end-of-day prices, as well as terms and conditions data.
The introduction of the S&P 500 Bond Index allows for side-by-side analysis of the performance differential between U.S. equity and bond markets, a direct comparison that was unavailable until this launch. Weighted by the market value of the bonds and with a maturity requirement of greater than one month, the S&P 500 Bond Index is liquid enough to also serve as the basis for potential exchange traded products and structured products.
“S&P Dow Jones Indices is introducing the S&P 500 Bond Index at a critical juncture as two major trends converge,” says J.R. Rieger, Head of Fixed Income, for S&P Dow Jones Indices. “First, global markets are grappling with the potential end of a six-year bond rally, the end of which could have significant ramifications for portfolio debt holdings. Second, regulatory changes resulting from Dodd Frank, the post-Libor landscape, and Basel III for example, have many concerned about diminished liquidity in the bond markets. As a result, the market is begging for an intra-day measure that can provide broad transparency into company debt and that is liquid enough to potentially trade throughout the day via exchange traded and structured products.”
“We are delighted that S&P Dow Jones Indices will use our fixed income end-of-day pricing in conjunction with our comprehensive and high quality bond terms and conditions data for their new S&P 500 Bond Index,” says Marion Leslie, Managing Director, Pricing & Reference Services at Thomson Reuters. “Thomson Reuters is committed to partnering with the market’s leading service providers, ensuring market participants are able to benefit from our award winning content via multiple partners, platforms and applications.”
The S&P 500 Bond Index currently tracks the debt of 430 S&P 500 companies reflecting over $3 trillion in debt outstanding and $3.8 trillion in market value. S&P DJI is publishing over 20 years of daily historical data on the S&P 500 Bond Index on its website, www.spdji.com. The complete methodology for the Index is also posted to this site.
CC-BY-SA-2.0, FlickrFoto: Aedo Pulltrone, Flickr, Creative Commons. Hector Sants sustituye a Gian A. Rossi como presidente de Julius Baer London
Sir Hector Sants has joined Julius Baer International Limited as chairman -effective 1 July 2015-.
Sants succeeds Gian A. Rossi, head Northern, Central and Eastern Europe and member of the Executive Board of Bank Julius Baer & Co. Ltd., who will step down as Chairman after nine years but will remain actively involved with the firm’s business in the UK.
Sants worked at the Financial Services Authority (FSA) as Chief Executive Officer from 2007 to 2012 joining from Credit Suisse First Boston where he had been Chief Executive Officer for Europe, Middle East and Africa. After leaving Barclays Bank in November 2013, Sir Hector has been chairing the Archbishop of Canterbury’s taskforce on promoting responsible savings and credit and advising Abu Dhabi Global Market. From 1 July 2015 Sir Hector also is working as Vice Chairman and Partner at Oliver Wyman.
“It is a great honour to welcome Sir Hector to Julius Baer. With his appointment we continue to demonstrate our ongoing commitment to the UK, and I am sure that we will benefit greatly from his long-standing experience in the financial services industry,” said Gian A. Rossi.
CC-BY-SA-2.0, FlickrBill Gross volverá a trabajar con uno de los fundadores de Kapstream Capital, con el que coincidió en PIMCO durante 10 años.. Janus Capital compra el 51% de la gestora australiana de renta fija flexible Kapstream
Janus Capital Group Inc. has announced and closed the acquisition of a majority interest in Kapstream Capital Pty Limited, a global unconstrained fixed income asset manager with USD$6.6 billion in assets under management as of March 31, 2015. With this transaction, the total Janus Global Macro Fixed Income assets under management would be USD$8.7 billion as of March 31, 2015. The transaction includes an initial upfront cash consideration of approximately USD $85 million. Janus Capital has the option to purchase the remaining 49% interest in the future.
“This transaction underscores three key commitments at Janus,” said Dick Weil, Chief Executive Officer of Janus Capital. “First, we want to be the place where great investors come to invest. Kapstream’s Kumar Palghat, Steve Goldman and Nick Maroutsos are simply great people and great investors. Second, we passionately believe that given volatility in global rates, investors need excellent fixed income choices that offer less exposure to interest rate risk. Third, the acquisition of Kapstream furthers our commitment to expand our fixed income capabilities as part of the firm’s intelligent diversification strategy. Kapstream has a rapidly growing business in one of the world’s best asset management markets. In addition, this transaction will reinforce our efforts to build a global macro fixed income team offering best-in-class global unconstrained bond strategies.”
Fixed income veterans Kumar Palghat and Nick Maroutsos founded Kapstream in 2006. Kapstream is one of the pioneers in managing global unconstrained fixed income. Gross, Weil and Palghat worked together at Pacific Investment Management Company for 10 years. The Global Macro Fixed Income team will remain a separate, autonomous and distinct capability from the Fundamental Fixed Income team. Janus is firmly committed to supporting and investing in both its Global Macro and Fundamental Fixed Income platforms, which offer highly complementary strategies.
Bill Gross, who joined Janus in September 2014, will remain the primary portfolio manager of the Janus Global Unconstrained Bond strategy, with Palghat supporting him as co-portfolio manager. Palghat will remain portfolio manager of the Kapstream Absolute Return Income Fund, and Goldman will assume a greater leadership role in managing Kapstream’s strategies. The strategies for both will not change. The combined Janus Global Macro Fixed Income team (comprised of 15 professionals following the completion of the transaction) will operate jointly from Kapstream’s existing base in Sydney, Australia, and Janus’ Newport Beach, California, office.
“We are delighted to offer our clients the highest level of macro fixed income investment expertise with Bill Gross, Kumar Palghat and the highly sophisticated professionals that make up the Kapstream team,” Weil said. “Combining the success and experience of Kapstream’s unconstrained fixed income business with Bill’s reputation as one of the world’s most successful fixed income investors creates a powerful opportunity for our clients and for Janus Capital.”
Kapstream’s unconstrained bond business in Australia will continue in essentially its current form. The flagship Kapstream Absolute Return Income Fund has delivered consistent, positive returns over the one-, three- and five-year periods ending March 31, 2015 (net of fees).
“I look forward to working with my old colleague, Kumar Palghat and the rest of the Kapstream team as we deliver value for our clients,” said Bill Gross, Portfolio Manager of the Janus Global Unconstrained Bond strategy.
“While our U.S. expansion plans began in 2013 with Kapstream’s Newport Beach, California, office opening, the opportunity to work with Bill again and create a truly global team, was not one we could pass up. Our combination brings a number of advantages, primarily giving our existing clients the benefit of additional input from Bill, one of the most highly regarded fixed income portfolio managers in the world, enabling us to deliver more value to our client portfolios,” Palghat said.
CC-BY-SA-2.0, FlickrIleana Salas será la responsable de mantener las relaciones en mercados clave de Europa y LatAm y del desarrollo de nuevos mercados. Foto cedida. Ileana Salas: nueva responsable global de Ventas Institucionales de Santander AM
Santander Asset Management (SAM) has appointed Ileana Salas as Global Head of Institutional Sales, as the business looks to further develop its institutional capabilities globally.
Based in London, Ileana will be responsible for building and leading SAM’s global institutional sales capability, and introducing SAM to new markets, whilst leveraging its large and long standing presence in key countries in Europe and Latin America, including the UK, Spain, Portugal, Germany, Mexico, Brazil and Chile. Ileana will also lead the development of SAM’s key relationships with Sovereign Wealth Funds, Pension Plans, Investment Consultants, Corporates, Insurers, Wholesale clients and Family Offices.
Ileana joins SAM from Bradesco Asset Management where she served as Head of Business Development and Sales for Europe and the Middle East for over four years. Prior to this, Ileana held senior business development roles at ABN Amro, Gartmore Investment Management, and Schroders. Ileana holds an MBA from Babson College.
Juan Alcaraz, Santander Asset Management Global CEO, said: “Developing our institutional business globally is a core part of our strategic growth plans, and reflects our overall ambitions to be a global leading provider of investment solutions to clients”.
“With over 20 years experience in institutional sales, Ileana has a long and strong track record of success in developing and building institutional businesses and leading global distribution teams. She is a strong addition to our senior leadership team and Executive Committee. We look forward to working with her to drive our institutional business forward, and supporting our overall growth ambitions”.
Foto: OTA Photos. Beamonte Investments México invertirá en Master Kiwi
Beamonte Investments, along with its affiliate, Beamonte Mexico Holdings SAPI de CV (“Beamonte”), has announced their investment inOrigin Bit SAPI de CV (“Master Kiwi”), an innovative platform that simplifies video game creation for designers and helps with marketing campaigns. The transaction is scheduled to close during the summer and the value was not disclosed.
Master Kiwi is the winner of the first Venture Academy in Mexico. Venture Academy in an intensive boot camp divided in six modules, including Management 101, Valuations, Term sheets, and Financing. The first Boot Camp was held in Mexico City May 27, 2015 to May 29, 2015. More than 45 entrepreneurs participated.
Claudia Yan of Venture Academy said “We are exited to be creating a platform where we can teach entrepreneurs like Alejandro and Master Kiwi and help them to develop the skills needed to raise institutional money. The first Boot camp was a tremendous success thanks to partners like Cinepolis, Posible, and Coopel.” The next Venture Academy boot camp will be held in late August in Monterrey, Mexico and will accommodate up to 50 entrepreneurs.
Master Kiwii was founded in February of this year by CEO Alejandro Hernandez, and has been incubated in class of 2014 by Wayra Mexico the accelerator of Telefonica, the company offers a platform with a wide catalog of pre-designed games where, through a visual, simple, and intuitive interface, it is possible to generate games in minutes aligned to the branding and image of a company potentiating the marketing campaigns.
Luis F. Trevino, Senior Managing Director at Beamonte Investments commented, “We are exited to invest in Master Kiwi and help them to grow the company to the next level. We see a huge potential in a platform like Master Kiwi that can create a video game in seconds
CC-BY-SA-2.0, FlickrPhoto: European Parliament
. Three Elements Key to Watch After the Greek Population Voted "NO"
The Greek population voted “NO” by a comfortable margin (61%- 39%) and handed the Syriza government another political victory. This will probably energize Prime Minister Tsipras and his team, but will also create huge uncertainty over the future of Greece in the Eurozone and lead to intensifying immediate economic hardship in Greece. At this time it remains unclear if and when banks will be able to re-open. Also, it might well be that deposit and savings haircuts (of those people the Syriza government claims to protect) will be on the table to prevent complete banking sector meltdown.
Without a deal in the near-term between Greece and its creditors, a renewed and sharp recession in Greece seem likely. Both length and depth of such a contraction are still very uncertain and will depend on the evolution of domestic politics within Greece, the ability to get some kind of a deal that will allow for Greece to stay within the Eurozone or the social and political stability in the aftermath of Grexit.
Three elements now key to watch
NN Investment Partners thinks there are three elements will be key to watch in the ECB’s policy response to this political crisis. The way the Emergency Liquidity Assistance (ELA) is managed (to what extent will it remain open for Greek banks), the application of haircuts to the collateral that Greek banks need to post at the ECB and new measures to tackle liquidity issues in other parts of European financial markets. The balance between these three potential ECB measures will be crucial for the sentiment in financial markets and, thereby, the degree of damage to the European economy.
“In the end, however, we have a high conviction that the ECB is willing and able to limit lasting damage from short-term contagion into other European markets. Especially since it is now operating against backdrop of a more unified political front in all of the other member states of the Eurozone that will allow for effective political support for creative policy action, if needed”, point out the firm.
This basically means that significant declines in some market segments (peripheral equities/bonds, European equities, the euro) over the next couple of days cannot be excluded, but also that Eurozone break-up risk remains very small. The latter is a completely different situation than 2-3 years ago and therefore leads to different investment conclusions. As long as the global cycle remains on track, the upcoming period of market volatility might provide an entry point for investors once visibility on the future direction for Greece increases and the accompanying policy response is clear.
“In the short-term, it keeps us cautiously positioned and more focused on reducing rather that adding risk. However, we’ll keep our asset allocation stance “close to the middle” and would only move more defensive once we see significant contagion in combination with disappointing policy response. For now, the latter is not our base case. As soon as more visibility on politics, policy and the impact on the global cycle is there, it could well be that we move back towards a more risk-on stance later in the summer. Obviously the situation remains very uncertain and we will be monitoring very closely if additional changes in our allocation stance are needed once the facts change in an unexpected way”, concluded.
. Standard Life Investments Expands Multi Asset Team
Standard Life Investments, the global fund manager, is pleased to announce that Gerry Fowler has been appointed as Investment Director, Idea Generation, within the Multi Asset Investment (MAI) Team.
Gerry, who was previously Global Head of Equity and Derivatives Strategy with BNP Paribas, will be part of the 57 strong team providing idea generation, investment recommendations and detailed implementation strategies for the range of MAI funds. Gerry will report directly to Guy Stern, Executive Director of Multi-Asset and Macro Investing at Standard Life Investments.
Commenting on the appointment, Guy Stern said: “Gerry is a highly skilled strategic analyst with a wealth of experience in equities and equity derivatives and will add to the already impressive range of knowledge and experience within the MAI team. Our Absolute Return and Multi Asset mandates draw on a range of sophisticated investment strategies investing across all asset classes. I’ve no doubt that Gerry’s depth of knowledge will add to our research capability and idea generation for our whole offering.
“Over the last 18 months we have launched four new Multi Asset products, the team is well resourced and we have excellent collaboration across all the fund management teams globally supporting the long term performance of our funds. We constantly strive to provide investors with the best possible solutions and that means having the right people in place to help understand and meet investor’s needs and expectations.”
