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Scott Powers to Retire from State Street Global Advisors in 2015

State Street Global Advisors cambia de CEO — Photo: Ronald O'Hanley, new CEO and President at SSGA/CED Admin en YouTube . Scott Powers to Retire from State Street Global Advisors in 2015

State Street Corporation announced today that Scott Powers (age 56), president and chief executive officer of State Street Global Advisors, intends to retire later this year after more than seven years leading the firm and three decades in the investment management industry. Ronald O’Hanley (age 58) will succeed Powers at the beginning of April.

He and Powers will work together over the next several months to ensure a smooth transition of responsibilities. O’Hanley will report to Jay Hooley, chairman and chief executive officer of State Street, and will join the company’s Management Committee, its senior-most strategy and policy-making team.

“Although it is bittersweet to be retiring from SSGA, I know I leave the firm on a very solid footing, with even greater prospects ahead. It’s been a privilege to work with such a talented team of professionals and global clients.” said Powers.

Hooley said, “Scott has been a highly effective leader for our asset management franchise and I thank him for everything he has done to strengthen SSGA’s leadership position, talent and culture. We’re extremely fortunate to have such a strong successor in Ron, someone I have known personally for many years, as well as the talented and experienced management team at SSGA. Ron has a proven track record and extensive experience running a global multi-asset class investment management business.”

O’Hanley has nearly 30 years of experience in leadership roles within the industry and most recently served as president of Asset Management & Corporate Services for Fidelity Investments. Prior to joining Fidelity, O’Hanley spent 13 years in leadership positions at Mellon Bank and Bank of New York Mellon ultimately as president and chief executive officer of BNY Mellon Asset Management in Boston, vice chairman of Bank of New York Mellon Corp and a member of its Executive Committee.

Paulo Sampaio Named Head of Latin America Southern Cone for S&P DJI

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Paulo Sampaio nombrado director de S&P DJI en el Cono Sur de América Latina — Photo: Diego Torres Silvestre. Paulo Sampaio Named Head of Latin America Southern Cone for S&P DJI

In support of its role as a leading index provider in Latin America, S&P Dow Jones Indices has today announced that it has named Paulo Sampaio as head of Latin American Southern Cone. Mr. Sampaio will be based out of S&P DJI’s newly opened office in Sao Paulo, Brazil.

Over the past six months, S&P DJI has announced several landmark exchange relationships within the Southern Cone of Latin America – in particular with the BM&FBOVESPA – that have led to the development of a wide range of new and representative benchmarks, as well as greater index based investment solutions for investors inside and out of Latin America. Mr. Sampaio will primarily focus on advancing S&P DJI’s business in the region and strengthening its local, strategic relationships.

Mr. Sampaio has over 22 years of experience (15 as Managing Director) leading one of Brazil’s largest financial associations, ANDIMA (National Association of Financial Institutions). Here he focused on developing ANDIMA’s strategic direction within Brazil as well as its product development. Mr. Sampaio comes to S&P DJI with significant experience managing institutional relationships, particularly at the government level. He began his career as an Economic Research Manager in 1989, and has a B.A. in Economic Sciences from Catholic Pontifícil University of Rio de Janeiro.

“We are very excited to bring someone with such a high level of industry expertise and proven success to the S&P DJI Latin America team,” says Antonio De Azpiazu, Head of Latin America for S&P DJI. “Paulo comes to our organization with a myriad of skills, particularly at the institutional level, that will allow S&P DJI to not only further its existing strategic exchange relationships within the Southern Cone of Latin America, but allow it to bring its world-class indexing capabilities to more investors and markets within South America.”

Coupling the appointment of Mr. Sampaio as head of Latin America Southern Cone with last year’s selection of Mexico-based Manuel Gonzalez as head of Latin America North Cone, S&P DJI now has complete Latin America coverage. Both Messrs. Sampaio and Gonzalez report into Antonio De Azpiazu, Head of Latin America for S&P DJI.

Dreyfus and CenterSquare Launch Global Infrastructure Mutual Fund

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The Dreyfus Corporation, the mutual fund arm of BNY Mellon Investment Management, and CenterSquare Investment Management have launched the Dreyfus Global Infrastructure Fund which provides individual investors with the opportunity to invest in the growth potential of infrastructure assets that connect people, resources, trade, goods and services and information around the world.

With developed nations looking to improve or replace aging infrastructure assets, and many emerging markets countries building out their infrastructure to grow their economies, the World Economic Forum estimates that $100 trillion will be invested in global infrastructure between 2010 and 2031. Traditionally, most infrastructure projects have been financed by the public sector. However, with public debt historically high versus GDP, more private capital will be required to fund future investment, giving investors increasing opportunities to benefit from an infrastructure allocation in their portfolios.

CenterSquare Investment Management, the sub-adviser for the fund, is a BNY Mellon Investment Management boutique specializing in real asset investing. CenterSquare cites a number of factors driving the need for infrastructure investment globally, including new sources of renewable energy, the discovery and utilization of new oil and gas deposits, and technological advances in communications, among others. Underpinning the demand for these assets is a growing and increasingly urban population and an expanding middle class, adding more consumers and increasing world trade.

Todd Briddell, chief executive officer and chief investment officer for CenterSquare, said, “We expect that there will be tremendous global demand for infrastructure assets over the next few decades. Companies that build and operate infrastructure assets are likely to see a significant benefit from the economic and secular trends to rehabilitate aging infrastructure and create new infrastructure to meet growing demand. As a result, listed infrastructure companies will increasingly take on a more significant role in the development and ownership of these assets.”

Briddell added, “Our investment focus will be on companies managing real assets with strong cash flow visibility, low direct commodity exposure, long duration contracts, and a steady long-term demand outlook. The Dreyfus Global Infrastructure Fund will give investors exposure to this dynamic and expanding sector, while seeking to provide a growth alternative which may complement other equity asset classes.”

Managing an infrastructure strategy is a natural extension of CenterSquare’s expertise in listed real estate and real assets, said Briddell, who added, “As in listed real estate, the return and risk characteristics of global infrastructure securities are based on the underlying real assets.”

The launch of the Dreyfus Global Infrastructure Fund follows the December 2014 launch of CenterSquare’s infrastructure strategy for institutional investors.

The primary portfolio managers for the fund are Maneesh Chhabria, who was instrumental in the development of CenterSquare’s global real estate investment trust (REIT) platform in 2006, and Joshua B. Kohn, a real assets investment specialist with more than 13 years of investment experience.

Ricardo Mogrovejo Is the New Head of Alternative Investments at HMC ITAJUBA

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HMC ITAJUBA nombra a Ricardo Mogrovejo nuevo director de Inversiones Alternativas — Photo: Ricardo Mogrovejo. Ricardo Mogrovejo Is the New Head of Alternative Investments at HMC ITAJUBA

Following his departure from AFP Capital, the pension fund management firm from Grupo SURA in Chile a few months ago, economist and MBA Ricardo Mogrovejo has now joined HMC ITAJUBA, a Latin America financial services and advisory firm born in a partnership between HMC and Itajuba.

Mogrovejo, as CIO of AFP Capital, led the team responsible for the pension funds with 37 Billion USD of assets under management.

Partner Ricardo Morales told that the choice of Mogrovejo has to do with his knowledge and experience on fund management and portfolio construction. “The key to success is selecting the best managers but also those that are willing to commit time and resources to the region. We have a regional approach and we have learn that to have a leadership position we need to attract the best talent, we need to understand that each country is constantly developing new trends and developments and that each client segment requires different type of information. HMC ITAJUBA has developed long term relations with the institutional market on the region, and we reinforce this commitment by the recruitment of Mogrovejo, who will help us to bring the best alternative products to our clients and to develop a business strategy for them adapted to each country.”

Partner Leonardo Camozzato adds “Mogrovejo will add significant experience to our platform and we are proud to attract the second former CIO of a large Pension Fund in the region in the last 24 months. The first one was Daniel Dancourt, previously CIO of Integra in Peru. Together, they managed approximately USD 50 bn of AUM, roughly 50% in Latam assets and 50% in international instruments, including alternative investments”.

Ricardo Mogrovejo will start in April, 2015 and be based at HMC ITAJUBA office in Santiago, Chile.

Columbia Threadneedle Investments Brand Launched

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Threadneedle cambia de nombre: nace Columbia Threadneedle Investments — . Columbia Threadneedle Investments Brand Launched

Threadneedle Investments has now unveiled its new brand: Columbia Threadneedle Investments, representing a combination of resources of UK-headquartered Threadneedle and US-based affiliate Columbia Management.

The collaboration, which was first announced in January 2015, aims to strengthen both groups presence in the UK, Europe, North America, Middle East and Pacific. All existing investment strategies, teams and products will remain unchanged.

Campbell Fleming, CEO EMEA for Columbia Threadneedle Investments, said: “For Threadneedle it builds on our established businesses in EMEA and Asia Pacific. Under the banner of Columbia Threadneedle Investments we now also have a brand presence in North America, the largest investment market in the world.”

The firms, with combined assets of $505 billion, are owned by U.S. financial services company Ameriprise Financial and together form the world’s 30th biggest asset management group.

Mirror, Mirror: 2015 Could Be Reverse Image of the Year 1981, Says BNY Mellon’s Richard Hoey

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The year 2015 could be a mirror image of the year 1981, when highly restrictive policies by the U.S. Federal Reserve ended a prolonged uptrend in inflation, according to BNY Mellon Chief Economist Richard Hoey. Hoey made the comments in his March 25 commentary, State of the Debate.

Yields peaked in 1981 when anti-inflationary policy under Paul Volcker, then the chairman of the Federal Reserve, was aggressive enough to halt the uptrend in inflation. Hoey believes that today’s anti-deflationary policies by central banks will prove aggressive enough to overcome today’s risks of deflation, disinflation and lowflation. He believes that this means that the year 2015 is likely to mark both a bottom in inflation and the end of the long secular decline in bond yields. This may result in a transition from the “coupon plus” bond market of current yield plus capital gains on bonds over much of the last three decades to a “coupon minus” bond market.

This is an echo of his Forbes magazine column in 1981 titled Last Chance This Century, in which he stated, “I personally believe that the peak in long-term interest rates reached during 1981 is likely to stand for at least the next century.” Hoey describes a likely mirror image opposite pattern in 2015 as bottoming inflation and bond yields as a “reverse Last Chance This Century.”

“The central banks have placed such a priority on fighting deflation risks that they are accepting the risk of asset bubbles in order to generate an upward shift in current spending,” Hoey said. “Given the intensity of the banks’ anti-deflationary policies, higher inflation should return, although not for a while.” Overall, Hoey said he expects a gradual normalization of inflation rather than upsurge to excessive inflation.

The legacy of excess capacity in many countries that resulted from the Great Recession is a key reason for the low inflation today, despite the low interest rates and quantitative easing, the report said. The report notes that it has taken time to work off this capacity. In addition increased financial regulations that were motivated by the recession have slowed the response to monetary policy, the report said.

Hoey is optimistic about the prospects for a long expansion in the world economy, although he said that he expects gross domestic product growth to be on a lower path than before the recession. “This expectation results from a one-time downshift in growth from the effect of the Great Recession plus deteriorating demographics that reflect a decelerating growth rate for the working-age population in many countries,” he said. “Also, we’re seeing suboptimal economic policies in many countries.”

See https://www.bnymellon.com/us/en/our-thinking/foresight/state-of-the-debate-last-chance.jsp for Hoey’s complete economic report.

Lombard Odier and ETF Securities to Join Forces in Fixed Income ETF Offering

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Lombard Odier IM y ETF Securities unen fuerzas para lanzar una gama de ETFs de renta fija — Photo: Elias Gayles. Lombard Odier and ETF Securities to Join Forces in Fixed Income ETF Offering

Lombard Odier Investment Managers and ETF Securities have announced their cooperation offering a range of Ucits compliant fixed income ETFs.

Lombard Odier, which traditionally offered traditional fixed income funds, will now offer smart beta fixed income products via asset managers, financial advisors and investment platforms. The ETF’s will be listed on London Stock Exchange as of mid-April and will be available to both, retail and institutional investors.

Mark Weeks, CEO of ETF securities comments: “This dynamic partnership is based on complementary skills and experience of two market leaders. Distributing Lombard Odier IM’s fundamental fixed income strategies via ETFs offers an innovating smart beta solution for fixed income investors and helps us to build our reputation as pioneer in specialised investment solutions.”

Old Mutual Global Investors Successfully Held its First Investment Conference in Latin America

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Old Mutual Global Investors celebra con gran éxito su primera Conferencia de Inversiones en América Latina — . Old Mutual Global Investors Successfully Held its First Investment Conference in Latin America

Last week, Old Mutual Global Investors held a successful event in Punta del Este, Uruguay, bringing together over 70 Latin American investors from Uruguay, Argentina, Chile, Colombia and Mexico.

Through this event, Old Mutual Global Investors wished to share with clients their views on investment trends and current opportunities, as well as developments in its management and business development teams in the Americas region. The team led by Chris Stapleton, which, working from Boston, is responsible for the distribution business in the Americas, was present in Uruguay in its entirety with a clear message: Latin America is a priority for Old Mutual Global Investors, and this event, which just celebrated its first edition, is destined to be repeated every year.

Veronica Rey, Regional Director of the Southern Cone, acted as Emcee throughout the event introducing the various directors and portfolio managers who discussed the firm’s strategy and market vision. Also present were Andrés Munho, who, based in Miami, is Regional Director for Florida, Texas, and northern Latin America, and Santiago Sacias, who works as Southern Cone Sales and, like Veronica Rey, is based in Montevideo.

Old Mutual Global Investors (OMGI) is part of Old Mutual, an international financial group founded in 1845 which is part of the FTSE 100. OMGI closed 2014 with more than 34 billion dollars under management and 70% of its funds positioned in the first quartile of their respective categories. This asset management company has investment offices in London, Boston, and Hong Kong.

During the conference’s inaugural speech, Allan MacLeod, Head of International Distribution for the company, emphasized that OMGI has won over 30 industry awards since 2013, including the prestigious recognition as Global Group of the Year at the 2014 edition of the Fund Manager of the Year awards granted by Investment Week magazine.

The investment professionals attending the event were Christine Johnson, Portfolio Manager and Fixed Income Specialist, Amadeo Alentorn, Fund Manager and Head of Global Equity Research, Josh Crabb, Head of Asian Equities, and Natalia Fontecha, SVP and American Equity Product Specialist at Old Mutual US.

Each of these four experts gave presentations in which they discussed the prospects of their asset classes, as well as participating in a panel moderated by Michele Santo, renowned Uruguayan economist specializing in international economics who, besides being a consultant at the Inter-American Development Bank, currently serves as portfolio manager for OM Global Investment Portfolios in Uruguay. The four experts in the panel talked about monetary policy, inflation, and growth in the current environment of increasing volatility in the markets.

The event also featured a special presentation by Chris Gardner, author of the New York Times’ No. 1 bestseller “The Pursuit of Happyness,” an autobiography published in 2006 which was translated into 40 languages, and brought to the screen with the same name in an acclaimed film in which the actor Will Smith plays Gardner, a role for which he won a Golden Globe Award and nominations to the Screen Actors’ Guild Awards and The Academy Awards, or Oscars.

The event, which took place over the 19^th and 20^th of March, also provided numerous occasions for the guests to enjoy Uruguayan cuisine in a relaxed atmosphere conducive for networking.

You may see photos of the event in the attached video.

Morningstar: 2014 Was A Difficult Year for PIMCO; Vanguard Still Thriving

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Vanguard, Fidelity y American Funds: las tres mayores gestoras del mundo, mientras PIMCO cae en 2014 a la novena posición — CC-BY-SA-2.0, FlickrPhoto: A Guy Taking Pictures. Morningstar: 2014 Was A Difficult Year for PIMCO; Vanguard Still Thriving

Indexing pioneer John Bogle’s company, The Vanguard Group, has grown into a global giant with almost $3 trillion in assets; it is the largest provider of mutual funds and the second-largest provider of exchange- traded products in the world. With a wide variety of accessible investment options, the ability to capitalize on economies of scale, and a philosophy of passing the results of efficient operations to its investors in the form of lower costs, Vanguard has built a solid reputation and continues to attract the highest flows.

In addition to its strong expertise in passively-managed investments, Vanguard has also managed to grow its business on the active side. As of the end of 2014, Vanguard was the third-largest active fund manager in the world, with active assets exceeding $900 billion.

On Sept. 26, 2014, “bond king” Bill Gross announced his decision to leave PIMCO, the asset management company he co-founded, sending a shockwave throughout the investment world and prompting unprecedented outflows from PIMCO in the days following his departure.

PIMCO experienced outflows of $176 billion worldwide in 2014, or 26% of their 2013 assets. Outflows from PIMCO Total Return amounted to $96.1 billion in the space of only five months.

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Outflows from PIMCO benefited other funds in the intermediate-term bond category. TCW enjoyed consistent inflows to Metropolitan West Total Return Bond MWTIX, which has a Morningstar Analyst RatingTM of Gold, and Gold-rated Dodge & Cox Income DODIX attracted significant amounts of investor money for Dodge & Cox.

BlackRock and iShares combined (they are really the same company) turn out to be the world’s third-largest fund asset manager after Vanguard and Fidelity, with a total of $1,862 billion in assets. They were able to produce organic growth rates above 10% on both the active (BlackRock) and passive (iShares) sides of their business.

Sotheby’s International Realty Expands Presence Into Brazil

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Sotheby’s International Realty announced that Brezilian Imobiliaria Bossa Nova has joined the brand and will now do business as Bossa Nova Sotheby’s International Realty. The firm, led by owners Luciano Amado as president and Marcello Romero as vice president, is located at Alameda Gabriel Monteiro da Silva 2027, Pinheiros, Sao Paulo.

“Sao Paulo and Rio de Janeiro are exciting markets that encompass extraordinary properties in a broadly diverse destination, and provide a highly influential source of avid real estate buyers,” said Philip White, president and chief executive officer, Sotheby’s International Realty Affiliates. “We are pleased to welcome Luciano, Marcello and their team to our global network.”

According to Romero, the new affiliation with the brand represents the opportunity for them to expand and grow. “The support of this brand will allow us to supply our team with new technologies, training and market intelligence, combined with an extraordinary inventory in Sao Paulo, Rio de Janeiro and top beach and countryside locations,” said Amado. “Thanks to this affiliation, we now have direct access to a global market through the brand’s 760 offices worldwide.”

The brand´s network has currently more than 16,500 sales associates located in approximately 760 offices in 60 countries and territories worldwide. Bossa Nova Sotheby’s International Realty listings are marketed on the global website. In addition to the referral opportunities and widened exposure generated from this source, the firm’s brokers and their clients will benefit from an association with the Sotheby’s auction house and worldwide marketing programs of the Real Estate Business. Each office is independently owned and operated.