BNY Mellon has appointed Antonio I. Portuondo president of The Bank of New York Mellon Trust Company, N.A., a nationally chartered trust company with offices throughout the United States, effective May 7, 2014.
In his role as president, Portuondo will oversee the company, which delivers a broad range of trust, custody and agency services to issuers of debt and institutional investors. Portuondo replaces Troy Kilpatrick, who recently left the company.
Portuondo joined BNY Mellon in 1998 and is currently head of the public, not-for profit sales and relationship management team in the U.S. for BNY Mellon Corporate Trust. In this role, he has primary responsibility for the public, not-for profit corporate trust business, comprising more than 10,000 clients. Portuondo, who has more than 21 years of experience in the corporate trust industry, has held a variety of management positions in account administration, sales and relationship management. He also served as the chief administrative officer for the public, not-for profit Corporate Trust business.
“Tony has consistently demonstrated the value of his experience with the public, not-for profit sector and his expertise in relationship management, making him an ideal choice for this strategically important position. As we build for the future, his deep understanding of the corporate trust business will be key to our success,” said Eric D. Kamback, CEO of BNY Mellon Corporate Trust.
As of March 31, 2014, BNY Mellon Corporate Trust served as trustee and/or paying agent on more than 65,000 debt-related issues globally. Its clients include governments and their agencies, multinational corporations, financial institutions and other entities that access the global debt capital markets. The corporate trust business utilizes its global footprint and expertise to deliver a full range of issuer and related investor services and to develop customized and market-driven solutions. Its range of core services includes debt trustee, paying agency, escrow and other fiduciary offerings.
CC-BY-SA-2.0, FlickrGonzalo Cuadrado Quiles is the Latin American Equity Fund manager at EDM Gestión. The Bottom-up Approach of the EDM Latin American Equity Fund Takes its Manager to... Brazil
It was just a few months ago that EDM Gestión decided to expand the stock markets in which it invests to Latin America, and that the company registered a fund in Luxembourg focusing on shares of companies within the region, which is managed with the same philosophy that has brought them so much success in their Spanish and European equity funds.
Gonzalo Cuadrado Quiles, manager at EDM Gestión, has been in charge of the project since its inception and, in an interview with Funds Society, recognizes the attractiveness of this whole new world of opportunities. Especially after the emerging markets’ scene in recent months, which saw investors making massive withdrawals of capital which have caused declines in valuations in markets like Brazil. In these times of great inefficiencies, when many investors who replicate indexes are forced to exit, is when a company like EDM can offer value. “This is where a management company of modest size can take advantage of the inefficiencies, and, through active management, provide additional value by means of a good research,” he said. Sometimes, due to their large size, funds can not take advantage of opportunities in smaller companies and that is a limitation which EDM isn’t faced with.
And it’s in those great inefficiencies which are created by massive outflows or by the size of the companies, where the manager finds value to construct the fund’s portfolio, which he admits he is still in the process of building. Although the portfolio is not yet fully constructed, it already offers returns of around 5%.
Through a process identical to that of other EDM European or Spanish vehicles, which is based on the selection of companies according to their fundamentals (high-ROE, visibility on earnings growth, sustainable and stable cash flows, low debt, quality management teams with integrity, and reasonable valuations), and on a process of long-term investment, the manager is ready to invest in any country, any sector and in any size company, although his steps led him especially to Brazil (with a portfolio weight of 45%) and Mexico (26%), with the rest in companies from countries like Chile or Peru.
Opportunities in Brazil
Although he insists that this composition is purely a result of the selection of companies, it is also obvious that Brazil is a market which actually offers many opportunities. First, says Cuadrado, by developing its equity market, which has boosted the number of companies, and which in turn offers more opportunities, at least in numerical terms. Secondly, he recognizes that Brazil has been under the spotlight of international investors and has suffered more than other markets in the region, a de-rating which has left valuations at attractive levels, although he focuses primarily on the quality of the companies. And he also admits that a change in government could help in the future. Among his investments are Localiza, the car hire market leader; the aircraft manufacturer, Embraer, and Vale, the basic materials company.
Cuadrado is not in favor of comparing prices in Brazil and Mexico, since the composition of the two markets is different; he also has a great part of the fund’s positions in the North American country, in companies like Gruma (world leader in packaged flour pancakes), a company with a lot of exposure to the U.S.
Cuadrado does not mind investing in European or American firms with exposure to Latin America (like the Spanish company Prosegur, with 85% of its EBITDA in Latam) or Latin American companies which have exposure to other parts of the world. In fact, he believes that the internationalization process to compete with European or U.S. firms is a value catalyst of the local companies which have done very well for decades. In fact, he reminds us that some sound and liquid companies are taking positions in Spanish firms. Other catalysts which will propel Latin American companies are the low private leverage (of households and businesses in the region), the need for development of tertiary services, which in many Latin countries are a far cry from those in Europe or USA, or the potential for consumer credit. Therefore, although his investment process focuses on companies, he admits that macroeconomics offer much potential to his fundamentals: policies to improve infrastructure in the region or the demographic factor (for example, a large percentage of the population under 25 years of age unlike the aging in Europe) provide the potential for the growth of many businesses in the region. “There is much talk about the poor state of Latin American economies, but it is not as alarming as it is usually portrayed: each country has an independent monetary authority, institutions which are increasingly sounder, less debt than many developed countries, smaller deficits, and with the exception of Brazil, controlled inflation,” explained the manager.
In addition, cash outflows in recent years in emerging economies and the concentration of flows in Europe or the U.S. make it increasingly more difficult to find opportunities in the developed world. “The times of cheap money in U.S. are over but that has already been gradually assimilated,” he says regarding the threat that tapering will pose for emerging economies. On the other hand, it seems logical that at some point the global flows will turn around to favor developing markets once again.
A Growing Appetite
Cuadrado explains that the fund, domiciled in Luxembourg, is attracting investors mainly from Spain and Europe, and already boasts 16.5 million Euros in volume. Their expectations are also for growth, both by the behavior of markets (“Latin America has a higher growth potential, although with other risks,” says the manager) and by flows. At EDM, they expect the demand to come not only from Europe, but also from Latin American clients, channeled through its sales organization in Mexico and due to the satisfaction with European or Spanish stock funds under the company’s management, and to the growth in active management. “There are not many managers characterized by their selection of securities and exposure is more common through ETFs,” he says. That is why this fund may provide them value.
Cuadrado manages the fund from Barcelona, but has frequent meetings with companies, whether in Latin America or in London, where the roadshow campaigns are targeted, because knowing the companies is a basic premise to invest in them.
CC-BY-SA-2.0, FlickrPhotos: Funds Society. Pioneer Investments Meets its Private Banking Clients at a Bayside Gathering in Miami
Pioneer Investments invited its international private banking clients in Miami to enjoy an evening on the shores of the bay, at the Cipriani restaurant, one of the finest in the city.
The cocktail event featured a performance by Dylan Ace, a magician and illusionist who is well-known for his appearances in major television networks in the United States and Latin America.
Through this event, and under the banner “Committed to Global Leadership through Innovation and Consistency”, Pioneer wished to thank its clients for their confidence in the company’s investment products.
CC-BY-SA-2.0, FlickrFoto: Alispire, Flickr, Creative Commons. La industria de activos europea etiqueta sus fondos de inversión responsable
The Luxembourg Fund Labelling Agency (LuxFLAG) has announced the launch of the LuxFLAG ESG Label. The ESG Label will be granted to investment funds which meet specific criteria related to their respect of Environment, Social and Governance objectives. The Label is available to UCITS and AIFMD funds domiciled throughout Europe or in equivalent jurisdictions. Three asset management companies have already committed to apply for the new ESG label: OFI Asset Management, Nordea and Sparinvest.
“Over the past ten years, the responsible investment sector has grown at a rate that has outstripped growth in most other investment strategies. The LuxFLAG ESG Label is a new tool in the broad range of initiatives that encourage fund stakeholders to act responsibly and aim for the achievement of a better and sustainable future. We in Luxembourg strongly support this goal” commented Pierre Gramegna, Minister of Finance of the Grand Duchy of Luxembourg.
“The new LuxFLAG Label is appropriate for investment funds which truly incorporate disciplined ESG criteria in their investment process. It will help these funds differentiate themselves from other offerings in the market place and it will help investors make informed decisions through the enhanced transparency and visibility the label provides”, said Mr Thomas Seale, Chairman of LuxFLAG.
Mr Seale continued: “As there is no existing product based label covering ESG, the new ESG Label by Luxflag fills a gap in the European investment fund market.”
Responsible Investing is an exciting area and is steadily gaining momentum with investors showing a growing interest in investment strategies that integrate Environmental, Social and corporate Governance criteria into the investment process. According to the KPMG RI Fund Survey 2013, the ESG category is by far the largest of all categories in the RI landscape, both in number of funds with 1,135 and in total AuM with EUR 198 billion (2012). In terms of creation of new funds, the sector demonstrated a steady increase. Approximately 100 funds were created in 2010-2011 and 62 new funds in 2012.
The financial crisis has forced the asset management industry to set up minimum standards and mechanisms to build up transparency and credibility within the financial sector. Asset managers now recognise that the integration of these standards in the investment process is a requirement from the investor community.
Until now LuxFLAG has offered two thematic labels: microfinance and environment. It has seen a two-fold increase in the number of funds it labels in the last two years as the number of responsible investing investment funds in Europe is growing.
The ESG Label is granted for a period of one year and can be renewed. The Label is granted by LuxFLAG’s Board of Directors, based upon an application by the investment fund including information reviewed by an auditor, and a recommendation by LuxFLAG’s Eligibility Committee of specialists.
The Eligibility Committee for the new Label is composed of: Nathalie Dogniez, Partner, PwC Luxembourg; Ulrika Hasselgren, President, Ethix SRI Advisors Sweden; Adrie Heinsbroek, Sustainability Advisor, ING, the Netherlands; Nicolas Hennebert, Partner, Deloitte Luxembourg; and Hakan Lucius, Head of Division, Corporate Responsibility and Civil Society, European Investment Bank.
CC-BY-SA-2.0, FlickrWim-Hein Pals, director del equipo de renta variable emergente de Robeco. Mercados emergentes: Buenos precios, mires donde mires
Investors are looking at emerging markets again after equity values have risen following months of underperformance. Part of the reason is that they have higher growth potential than Western stocks and offer “cheapness all over the place”, says Wim-Hein Pals, Robeco’s leading specialist on the asset class.
Wim-Hein Pals, head of the emerging markets equities team, believes that earnings growth in Asia and Latin America will exceed that available in the West, and the best picks lie in domestic companies serving a rising middle class.
He says the superior growth potential of emerging markets profits and share prices is partly due to the “base effect” of their currently low floor. He predicts emerging market companies will see profits rise by 12% in 2014 compared with 8% for developed markets.
The asset class has been ‘in the wars’ of late – sometimes literally with conflicts or civil unrest in Ukraine, Thailand, Turkey and the Middle East. Shares in constituents of the MSCI Emerging Markets Index have fallen heavily since the Ukraine crisis erupted, but have since bounced back.
Many investors believe the worst is over
Investor cash is flowing back into emerging markets.
Fund flows show that investors are returning to the sector, believing that the worst is over, partly thanks to elections that will lead to changes of governments or renewed restructuring in four of the world’s most populous nations. Polls are held this year in Brazil, India, Indonesia and South Africa, with business-friendly reforms high on the agenda. Meanwhile, the new Chinese government has adopted a new growth plan to focus more on restructuring.
“Emerging market stocks are way undervalued at the moment and there is cheapness all over the place,” says Pals, long-time portfolio manager of the Robeco Emerging Markets Equities Strategy.
“Earnings revisions have bottomed out and are now going up. There is hardly any profit growth in the EMEA region, but Asia and Latin America growth looks set to be in the mid double digits.”
Pals says emerging market equities are 30% cheaper than those in developed markets on the three major valuation metrics of comparing share prices to the earnings, book (asset) values and cash flow of the companies concerned.
“The valuation parameters have been very positive arguments for overweighting emerging markets over developed markets in a global equity portfolio,” he says. “Recently, earnings, macroeconomic and political momentum and sentiment – fund flows and spreads over emerging market bonds – have joined the group of strong arguments in favor of emerging markets equities.”
However, due to ongoing currency concerns, exporters will be more vulnerable than the companies that are internally serving a rising middle class with more spending power in their own countries, he says. “Domestic demand is a theme in our emerging market core portfolio; consumer discretionary is our favorite category,” he says.
“Across all sectors, cyclical sectors are doing a bit better than defensives in Asia, and we are also overweight on financial companies.”
From election fear to election cheer
“All these election outcomes turned out to be market neutral to market positive,” says Pals. “India was the one with the most positive outcome. It will be good for equities and the local currency as well.”
“So elections in emerging markets are no longer a fear factor but have become very much supportive of the asset class.”
Aside from India, Pals has a clear preference for three other nations: China, South Korea and Turkey. “Everyone talks about China as a homogenous group, but of course, stock selection is all important. Here we favor a combination of interesting restructuring stories in State Owned Enterprises, domestic consumer suppliers such as automobile makers, and internet-related names.”
“China is still growing at over 7% a year, and earnings are accelerating as well. We have to be very selective in the stocks that we pick, particularly in the financial sector, but overall, there are a lot of interesting investment opportunities.”
“We also have a long-term overweight on South Korea and we continue to be constructive from both a domestic and exporting point of view.” Pals is also overweight on Turkey, believing the worst of recent political turmoil is over, allowing the government to concentrate on the economy.
Two researchers from the United States have claimed first prize (USD $30,000) for their study on the outperformance of diversified portfolios of index fund portfolios to portfolios of actively managed funds in S&P Dow Jones Indices’ third annual SPIVA Awards program. Second prize (USD $15,000) in the SPIVA Awards program went to a team of researchers from universities across the U.S. for their study of explicit indexing.
In its third year, the S&P Dow Jones Indices’ SPIVA Awards recognizes excellence in research on the topic of index-related applications, acknowledging researchers from around the world for exploring innovative techniques that enhance the use of indices in the financial markets. Winners are selected by a jury of academics and industry experts.
The winning paper, “A Case of Index Fund Portfolios,” published by Richard Ferri of Portfolio Solutions®, LLC and Alex Benke of Betterment, shows that an all index fund strategy in portfolios is favorable over portfolios of actively managed funds. Two distinct strategies were compared in the report: one that selects low-cost market-tracking index funds exclusively and a second that selects from actively managed funds that attempt to outperform the markets. The study revealed that the probability of outperformance using the simplest index fund portfolio started in the 80th percentile and increased over time. A broader portfolio holding multiple low-cost index funds began at close to the 90th percentile.
Honorable mention (second prize) was awarded to Martijn Cremers of the University of Notre Dame, Miguel Ferreira of Nova School of Business and Economics, Pedro Matos of the University of Virginia – Darden School of Business, and Laura Starks of the University of Texas at Austin for their research paper entitled, “The Mutual Fund Industry Worldwide: Explicitly and Closet Indexing, Fee, and Performance”. The paper examines the relationship between indexing and active management in the mutual fund industry worldwide. The findings suggest that the growth of explicitly indexed funds worldwide improves the efficiency of the asset management industry.
“As the interest in index investing continues to grow, researchers are delving deeper into the active versus passive management debate,” says David M. Blitzer, Managing Director & Chairman of the Index Committee at S&P Dow Jones Indices. “The winning paper adds a new dimension to this debate by comparing the performance of portfolios of index funds to portfolios of actively managed funds. The second paper studies how the growth in index investing has changed the competitive structure of mutual fund markets in 32 countries.”
To view the complete papers, as well as the biographies of each SPIVA Awards winner, please visit this link.
Standish, the Boston-based fixed income investment boutique for BNY Mellon, has launched a bundled solution for U.S. insurance companies that includes asset management, global custody, and insurance accounting and reporting.
Custody, insurance accounting and reporting are being provided by BNY Mellon’s asset servicing business. The new comprehensive offering meets the needs of insurance companies that require asset management and asset servicing to be bundled.
“Developing synergies between our investment management and investment services businesses enables us to meet the unique needs of the insurance segment, while also demonstrating the power BNY Mellon brings to bear across the investment lifecycle,” said Christine Todd, president of Standish and head of its insurance and tax-sensitive groups. “This is our initial offering of investment management and investment servicing as a single solution.”
The new offering enables BNY Mellon to provide investment management and investment services to a broader range of insurance companies, according to Vince Pacilio, executive vice president, BNY Mellon, and head of the insurance segment.
“We’re seeing more insurance companies looking for bundled solutions as they would rather partner with providers that offer a holistic and more comprehensive set of services,” Pacilio added.
On Monday, May 19, the Financial Stability Oversight Council (Council) hosted a conference on the asset management industry and its activities to help inform the Council’s ongoing assessment of potential risks to U.S. financial stability. During the conference, practitioners – including CEOs, treasurers, and risk officers – as well as academics and other stakeholders discussed a variety of specific issues that relate to the industry.
Opening the conference, Treasury’s Under Secretary for Domestic Finance Mary Miller noted that the Council was established to “bring regulators from across the financial system together to collectively identify, monitor, and respond to potential threats to financial stability.” She went on to note that Council members did not “come to today’s conversation with any predetermined outcome.”
Under Secretary Miller emphasized that if the Council identifies risks to financial stability posed by asset managers or their activities, it has a number of policy responses. She said: “the Council’s authorities include highlighting potential emerging threats in its annual reports to Congress, making recommendations to existing primary regulators to apply heightened standards and safeguards, and designating individual firms on a company-specific basis. If we identify risks that require action, we will seek to deploy the most appropriate remedy.” However, “it is possible that at the end of this comprehensive review, the Council may choose to take no action.”
Following her remarks, and before moving on to the panels, Norm Champ, the Director of the Division of Investment Management at the Securities and Exchange Commission (SEC), gave an overview of the asset management industry. The SEC’s presentation is available here.
The conference then moved on to the panels, each of which was moderated by a senior official of a Council member agency. The first panel, which was moderated by John Worth, Chief Economist, National Credit Union Administration, provided a discussion of investment activities and risk management practices within the asset management industry. The panelists were Kent Daniel, Professor of Finance, Columbia Business School; William De Leon, Global Head of Portfolio Risk Management, PIMCO; Itay Goldstein, Joel S. Ehrenkranz Family Professor, Professor of Finance, The Wharton School of the University of Pennsylvania; Michael Mendelson, Portfolio Manager, Risk Parity Strategies, AQR; and John Rogers, President and CEO, CFA Institute; Member, Systemic Risk Council.
The second panel focused on industry characteristics and the interaction of asset management activities with the broader financial system, and was moderated by Nellie Liang, Director of the Office of Financial Stability Policy and Research at the Board of Governors of the Federal Reserve System. The panelists were Sarah Breeden, Head of Market Sectors and Interlinkages Division, Financial Stability, Bank of England; Ken Griffin, CEO, Citadel; Barbara Novick, Vice Chairman, BlackRock; David Scharfstein, Edmund Cogswell Converse Professor of Finance and Banking, Harvard Business School; and Kim Schoenholtz, Professor of Management Practice, New York University Stern School of Business.
Finally, the third panel discussed key operational functions and what obstacles, if any, exist to resolving a failing manager or fund in a rapid and orderly manner, and was led by Lawranne Steward, Senior Counsel of the Commodity Futures Trading Commission. The panelists were John Gidman, Chief Information Officer, Loomis, Sayles & Company; Alan Greene, Executive Vice President, U.S. Investor Services, State Street Corporation; Andrew Metrick, Deputy Dean & Michael H. Jordan Professor of Finance and Management, Yale School of Management; Philip Prince, Treasurer, Pine River Capital; and Peter Stahl, Associate General Counsel, Fidelity Investments.
For additional information on the Council, please visit this link
CC-BY-SA-2.0, FlickrFoto: Patrick Feller. ¿A qué se debe el rally de los bonos?
U.S. Treasuries rallied last week, pushing yields to new 2014 lows – but why did it happen? According to the blog followPioneer.com, by Pioneer Investments, war fears seem an unlikely explanation: gold and oil were well-behaved, and equities were flattish. U.S. economic fears couldn’t explain it – the data wasn’t bad – but low Eurozone GDP growth might have contributed. The trading desk buzz is that we’re seeing a short squeeze – there just aren’t enough bonds to go around.
Pioneer Investments thinks that domestic services may be starting to put upward pressure on core CPI and PPI. There’s little inflation visible in globally traded goods (import prices are down 0.3% year over year (y/y) and export prices are up 0.1%). Headline CPI rose 0.3% in April; core rose 0.2%. April CPI was up 2.0% y/y, while core was 1.8%. Nevertheless, the methodology used to calculate PPI has changed. The old Producer Price Index has been “PPI total final demand”. Let’s call it “new PPI”. New PPI rose 0.6% in April, far above expectations. Core was up 0.5%. Headline new PPI was up 2.1% y/y. Excluding food & energy, it was up 1.8% y/y. This is not just food and energy inflation—it’s also in the core. Sam Wardwell, CFA, Senior Vice President and Investment Strategist at Pioneer Investments notes that Alan Greenspan had this to say: “I don’t know whether or not that is other than a blip, but if inflation is beginning to pick up, it’s got to start somewhere, and it usually starts the way we’re looking at it.”
Jordi Comas, CEO at Andbank.. Andbank Aspires to be within the Top 5 Private Banks in Latin America in the Next Decade
Since 2008, when Andbank’s management was put into the hands of Jordi Comas, CEO, and Tubau Ricard, managing director, the bank has gone from being centered in Andorra to its internationalization, leading to a significant leap in Spain and Latin America, undoubtedly driven by the legislative change in the Principality of Andorra. This change has shifted Andorra from being a tax haven, with bank secrecy as its greatest asset, to becoming a low tax jurisdiction; a situation which has forced Andbank to find markets abroad in which to continue growing.
In addition to Spain, Andbank now has a presence in Luxembourg, Switzerland, Monaco, Bahamas, Miami, Mexico, Panama, Brazil and Uruguay, and it intends to continue to grow as long as good opportunities arise. It should be remembered that in 2008 only 5% of its business came from Latin America, whereas currently the region represents a third of its total business.
Last year, the bank grew an average of 30% in each Latin American country in which they are present. With a clear commitment to becoming a highly diversified bank and within the strategy set by Andorra, Comas declared that in seven to ten years time, the bank aspires to be within the top 5 private banks in Latin America, where they not only have set a goal of growth, but also to add value.
During an interview with Funds Society, Comas reviewed the banking institutions’ progress, the results achieved during the 2013 financial year, submitted at the beginning of May, as well as Andbank’s plans for 2014, when the bank hopes to continue with the growth rates registered last year. In 2013, the bank’s profit grew by 13.3% in comparison to 2012; this was due primarily to the consolidation of its private banking model and to the strong development of its international business.
Likewise, clients’ assets under management grew by 22% in the previous year to reach €13,5 billion, (about US$18,5 billion). The group’s international area represents almost 60% of the clients’ resources, and the bank maintains a high solvency ratio of 20.69%.
Comas said that, despite the “dramatic environment registered at the economic and taxation levels”, 2013 was a good year for the bank and hoped to continue to grow at the same rate in the coming years.
It should be remembered that in 2013 Andbank reinforced its presence in Spain with the acquisition of Inversis Bank’s private banking business, an operation which allowed Andbank to add another €4.5 billion in one stroke to the €1 billion raised during its first year in Spain, where they arrived in early 2012 with the purchase of Medivalor, a small securities brokerage agency.
Implementing the Inversis platform model in Latin America
As for its plans for Latin America, where they’re still committed to continued and strong growth. Comas commented that they plan to implement the Inversis platform model to Latin America, where it’s difficult for the average investor to access products that are only available to the large investor and only through the larger banks. The CEO stressed that they will be paying particular attention to Mexico and Brazil, where “there’s no online platform which brings together third party products.” Comas stresses that the organization not only aims to do private banking, but also to democratize it given the region’s “very clear potential”.
As to whether they will continue with its acquisition policy and its partnerships with other firms as they have been doing in recent times, the company’s CEO clarified that they don’t regard neither of those operations as an incorporation of assets, but as a way to attract talent. “That’s why we find it so difficult to make acquisitions.”
Currently Andbank aims for continued growth in the 10 jurisdictions in which it operates and, should opportunities present themselves, Comas has no doubts that they will pursue them. “We are acquirers by nature, especially in Latin America, and especially in Miami, Mexico and Brazil, where we believe we have to make a strong commitment to growth.” It should be noted that earlier this year, the bank acquired the Miami firm, Swiss Asset Advisors, led by Michael Blank who, together with his team, joined Andbank’s Miami office.
“We don’t put a ceiling to our growth. Our limit is to find excellent professionals who want to join our project. We try to recruit the best … Our goal is to grow soundly and with the best people,” stressed the CEO, who insisted on Latin America’s importance for the group’s business.
In this respect, the CEO referred to Uruguay’s example, where they are present through a representative office in Punta del Este, which was recently joined by a team from HSBC. For Comas, the Southern Cone is a very important region because it is an area of great development, in the same way as Miami and Panama. Comas explained that a number of bankers have recently joined Andbank Panama, and the same has happened in the Bahamas, where earlier this year the bank also changed their head office, appointing Juan Iglesias, from Julius Baer as the CEO in charge.
