Interaction Between Governments, Companies and Individuals Will Shape the Future of Responsible Investing Post-COVID-19

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Heinsbroek_Adrie
Foto cedidaAdrie Heinsbroek, Principle Responsible Investment at NN IP. La interacción entre gobiernos, empresas y particulares en el mundo post-COVID-19 determinará el futuro de la inversión responsable

COVID-19 has disrupted every aspect of human life. This global threat has spurred us to reconsider priorities and heightened the importance of social justice and preservation of the planet. But if it is to be the catalyst that drives change towards a more sustainable world, what role will governments, companies and individuals be required to play? In a press release, NN Investment Partners identified new “unknowns” that responsible investors will increasingly need to take into account in their decision-making.

“Fundamental changes are already underway, as seen in the unprecedented fiscal and financial packages from governments, issuance of social bonds to fund healthcare and employment preservation projects, and companies cancelling dividends and share buybacks to focus on the welfare of their employees and other stakeholders”, says the asset manager. In its view, a second theme to emerge has been the increased urgency to shift to a lower carbon world. “It is already clear that corporate adaptability and responsibility helps build this resilience from an investment performance perspective”.

Adrie Heinsbroek, Principle Responsible Investment at NN IP pointed out that how a new “social contract” between governments, companies and individuals might play out raises many questions. “Investors and asset managers must assess how they should act upon these unknowns and be aware of how flexible they need to be if they are to adapt and tap into these corona-led trends”, he commented.

On 15 July 2020, Heinsbroek was joined by Joseph Stiglitz, Nobel Laureate and former World Bank chief economist, in a digital event to discuss how the actions and interactions of governments, companies and individuals will shape responsible investing in a post-Covid-19 world. This was the second event in NN IP’s UpsideDown series focusing on the world after corona.

Stiglitz said that COVID-19 has created many shocks but it has also accelerated changes that were already underway, especially around how we value economic and commercial success. “GDP, for example, is too simplistic a measure and ultimately misleading. A broader set of indicators are needed to accurately capture the value inherent in wellbeing and sustainability in a new multi-stakeholder world”, he added.

The transition towards a more balanced and inclusive economy is both dependent on and steers developments for three key groups: governments, companies and individuals; “and they form a triangle that is not just linked but also mutually dependent”, says NN IP. Differences between countries, cultures, economic status and type of government will also affect the speed and direction of change.

How will governments lead?

A major question for the asset manager is how interventionist will governments be in the next decade. In its view, the fiscal and monetary support packages enacted to combat the economic fallout from the COVID-19 crisis are “unprecedented”.

But will these packages and government policy be linked to the sustainability agenda, such as climate-change measures and carbon-reduction initiatives? Will governments take this opportunity to make financial support for companies conditional on tackling issues such as social inclusion? Will they intervene more assertively, using punishment and incentives to steer corporate behaviour? “They will also need to collaborate more internationally to meet climate targets and other sustainability goals”, adds NN IP.

A multi-stakeholder model

NN IP believes that within the triangle, companies have the most opportunity to propel change towards a more sustainable economy. The unknowns at a corporate level are driven by the trade-off between a “shareholder first” approach and a multi-stakeholder model. The value of social behaviour (looking after customers and employees rather than investors via dividends or share buybacks) is one of the most prominent developments to have come out of the pandemic.

Will this more sustainable value creation at corporate level become a more permanent trend and continue to be rewarded in the post COVID-19 world? Will companies discard practices that put shareholder interests above those of other stakeholders? If a multi-stakeholder perspective becomes the driver for value creation, the firm expects non-financial parameters to become a determining factor in assessing and predicting this. “Such a change will also affect the role that environmental, social and governance (ESG) factors play in assessing financial value”.

Individuals behaviour

The COVID-19 crisis has increased people’s awareness of climate and social issues and the consequences of their behaviour. But will this heightened awareness translate into new patterns of behaviour? Will preferences strengthen for more sustainable products and services, such as organic foods? Will the trends developed during the lockdown, such as healthier lifestyles and less flying, continue? Finally, will sustainability become a privilege just for those who can afford it, posing a threat to a more inclusive global society?

Heinsbroek concludes: “There will be many challenges ahead and differences to address, but there are also elements that connects us. One aspect that has become clear is that effectively assessing value involves taking a broader perspective. Looking beyond financial factors. This will become an increasingly dominant trend in how we measure both economic and societal progress, and as investors we have the means to positively influence it.”

Investor Attention Is Increasingly Turning to the Upcoming US Presidential Election

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Pixabay CC0 Public Domainjnn1776. jnn1776

Stocks moved slightly higher in June as investors remain optimistic over the benefits of a reopening economy. However, a growing number of COVID-19 hotspots in several US states has threatened the momentum of a recovering economy and created concern over the potential resurgence in recovering states. Information technology stocks continued their success from previous months and consumer discretionary companies benefited from encouraging data from auto suppliers and homebuilders.

Tensions continued to rise between the relationship of the United States & China. Uncertainty exists between key Chinese diplomats and US officials over their trade-agreement commitments. Investor attention is increasingly turning to the upcoming US presidential election between President Trump and the presumptive Democratic nominee, Joe Biden.

The Fed had signaled their objective to continue supporting an economic recovery. Both Congress & the White House expressed their intentions for another round of stimulus funding. The potential for expanded unemployment benefits, tax cuts or industry-specific stimulus could provide direct aid to households and help jumpstart the economy.

As investors eagerly wait for more news in regard to a vaccination, markets have been volatile and fragile during this bumpy recovery. We continue to use this volatility as an opportunity to buy attractive companies, which have positive free cash flows and healthy balances sheets, at discounted prices, and seek companies that can both withstand continued economic fallout from the pandemic as well as thrive when it ends.

In the Merger Arbitrage world, returns in June were largely driven by completed deals, as well as continued progress on deals in the pipeline. Notably, we have seen some spreads revert to pre-COVID levels. We are retaining some dry powder, but we continue to deploy capital in situations that present the highest likelihood of success and certainty of value.

We are seeing early signs of a return to deal making as we move beyond the air pocket created by COVID-19. The Federal Reserve and other central banks have unleashed unprecedented liquidity that should provide an accommodative market for new issuances and M&A. CEOs and Boards of Directors continue to seek ways to create shareholder value in an increasingly global marketplace, while competing with disruptors and a consumer base that is shifting online at an increased pace. This includes both M&A and financial engineering, which can spur deal activity. We previously mentioned that Grubhub and Uber were in deal discussions, which led to two separate transactions in the food delivery space, propelled by the evolving consumer environment: Grubhub/JustEat and Uber/Postmates.

 

Column by Gabelli Funds, written by Michael Gabelli

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GAMCO Merger Arbitrage UCITS Fund, launched in October 2011, is an open-end fund incorporated in Luxembourg and compliant with UCITS regulation. The team, dedicated strategy, and record dates back to 1985. The objective of the GAMCO Merger Arbitrage Fund is to achieve long-term capital growth by investing primarily in announced equity merger and acquisition transactions while maintaining a diversified portfolio. The Fund utilizes a highly specialized investment approach designed principally to profit from the successful completion of proposed mergers, takeovers, tender offers, leveraged buyouts and other types of corporate reorganizations. Analyzes and continuously monitors each pending transaction for potential risk, including: regulatory, terms, financing, and shareholder approval.

Merger investments are a highly liquid, non-market correlated, proven and consistent alternative to traditional fixed income and equity securities. Merger returns are dependent on deal spreads. Deal spreads are a function of time, deal risk premium, and interest rates. Returns are thus correlated to interest rate changes over the medium term and not the broader equity market. The prospect of rising rates would imply higher returns on mergers as spreads widen to compensate arbitrageurs. As bond markets decline (interest rates rise), merger returns should improve as capital allocation decisions adjust to the changes in the costs of capital.

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Disclaimer:
The information and any opinions have been obtained from or are based on sources believed to be reliable but accuracy cannot be guaranteed. No responsibility can be accepted for any consequential loss arising from the use of this information. The information is expressed at its date and is issued only to and directed only at those individuals who are permitted to receive such information in accordance with the applicable statutes. In some countries the distribution of this publication may be restricted. It is your responsibility to find out what those restrictions are and observe them.

Some of the statements in this presentation may contain or be based on forward looking statements, forecasts, estimates, projections, targets, or prognosis (“forward looking statements”), which reflect the manager’s current view of future events, economic developments and financial performance. Such forward looking statements are typically indicated by the use of words which express an estimate, expectation, belief, target or forecast. Such forward looking statements are based on an assessment of historical economic data, on the experience and current plans of the investment manager and/or certain advisors of the manager, and on the indicated sources. These forward looking statements contain no representation or warranty of whatever kind that such future events will occur or that they will occur as described herein, or that such results will be achieved by the fund or the investments of the fund, as the occurrence of these events and the results of the fund are subject to various risks and uncertainties. The actual portfolio, and thus results, of the fund may differ substantially from those assumed in the forward looking statements. The manager and its affiliates will not undertake to update or review the forward looking statements contained in this presentation, whether as result of new information or any future event or otherwise.

 

 

AIS Financial Group Hires Mina Lazic as Relationship Manager

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Foto Mina Lazic
Foto cedidaMina Lazic, new Relationship Manager at AIS Financial Group. Mina Lazic, new Relationship Manager at AIS Financial Group

AIS Financial Group has hired Mina Lazic as new Relationship Manager. The firm announced in a press release that she will report directly to Samir Lakkis, founding partner.

Lazic has 12 years of work experience as Global Markets Sales, working in investment banks in London. In her last role, she was Executive Director in Nomura, responsible for Cross-Asset Sales for Russia and CIS. Previous to that, she spent 8 years with Société Générale, selling FX, Rates, Credit, Flow and Structured products to FI clients in CEE, Russia, CIS, Greece, Cyprus and Austria, among others.

Lazic started her career in Merrill Lynch as Equity Derivative Sales and she holds a Masters in Finance and a Bachelors in International Economics and Management Degree from Bocconi University in Milan, Italy.

AIS currently distributes over 1 billion dollars a year in structured products and is now broadening its business line, distributing third-party funds. With offices in Madrid, Geneva, Bahamas and Panama, the company will look to partner with those managers who want to outsource their sales force and “benefit from the knowledge and experience” that they have in the region.

HSBC Global AM Appoints Luther Bryan Carter as Head of Global Emerging Markets Debt

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Foto cedidaLuther Bryan Carter, new Head of Global Emerging Markets Debt at HSBC Global AM. HSBC Global AM nombra a Luther Bryan Carte responsable de deuda global de mercados emergentes

HSBC Global Asset Management announced the appointment of Luther Bryan Carter as Head of Global Emerging Markets Debt, effective immediately. Based in London, he will report to Xavier Baraton, Global CIO Fixed Income, Private Debt and Alternatives.

The asset manager explained in a press release that in his new role, Carter will be responsible for the management of the global EMD team, investment process and portfolios, after the completion of due diligence and regulatory approval. “While taking immediate oversight responsibility for all investment decisions, his first initiative and focus will be on deepening the country research function”, they added.

Carter will take over from Nishant Upadhyay, who will remain with the firm and will focus on fixed income investment platform projects. The firm thanked Nishant for his contributions to the business since joining in 2016.

Xavier Baraton, Global CIO Fixed Income, Private Debt and Alternatives, said: “Bryan has a strong track record in the industry and will play a leading role in strengthening our EMD investment process. Global EMD remains our key capability and Bryan’s appointment is testament to our commitment to managing these assets with the skill, expertise and stewardship that our clients expect.”

Bryan has nearly 20 years’ industry experience, most recently as the award-winning lead portfolio manager for EMD at BNP Paribas Asset Management, where he hired and led a team of 16 professionals and significantly increased the firm’s EMD asset base. Prior to joining BNP Paribas, he worked at Acadian Asset Management, T Rowe Price and as an economist at the US Treasury Department.

HSBC Global AM stated that Carter has “strong ESG credentials” having developed and implemented an innovative ESG process for EMD at BNP Paribas. Since 2014, he has been deeply involved in the Emerging Markets Investors Alliance, a leading global non-profit network of institutional investors committed to advancing sustainable social and economic development in emerging markets.

Franklin Templeton Announces its New Global Distribution Model, Led by Adam Spector

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Foto cedidaJulian Ide, new Head of EMEA Distribution. Julian Ide, nuevo responsable de distribución para EMEA de Franklin Templeton

After announcing the acquisition of Legg Mason a couple months ago, Franklin Templeton has stablished the new structure of its global distribution team. Adam Spector will become Head of Global Distribution, overseeing global retail and institutional distribution, including marketing and product strategy, and will be reporting to President and CEO Jenny Johnson. Subject to completion of the firm’s acquisition of Legg Mason (expected on Friday, July 31) Spector will assume this new role effective October 1, 2020.

Spector currently serves as Managing Partner of Brandywine Global Investment Management, LLC, a specialist investment organization within Legg Mason, and will retain that role. Brandywine Global’s brand, investment independence and dedicated client service model will remain unchanged, stated Franklin Templeton on a press release.

Prior to his role as Managing Partner, Spector led Brandywine Global’s Marketing, Sales and Client Service organization. Before joining Brandywine Global in 1997, Spector was a director in the international investment management group for SEI Investments and the co-founder of a start-up in Prague.

Franklin Templeton’s new distribution model is organized into four regions: United States; Asia Pacific; Europe, Middle East, Africa; and Americas ex-U.S.; with more functions that were previously centralized now aligned to the regions. The four regional heads will report to Spector. Until he begins his new role, Johnson and Jed Plafker (recently appointed to a new role as EVP, Global Alliances and New Business Strategies) will continue to co-lead the company’s corporate-level distribution efforts.

“Bringing together the complementary strengths of the two firms (Franklin Templeton and Legg Mason) will allow us to create a more balanced and diversified organization that is competitively positioned to serve more clients in more places”, said Spector.

Julian Ide, Head of EMEA Distribution

Franklin Templeton also announced the appointment of Julian Ide as Head of EMEA Distribution. Edinburgh-based, Ide will remain as CEO of a specialist investment organisation of Legg Mason, Martin Currie. He will report to Spector.

The asset manager explained that “using his vast experience in the investment management industry”, Ide will play a leading role in further developing their distribution strategy and unlocking opportunities for growth in the EMEA region.

“I am delighted to be taking up my new role. Franklin Templeton is one of the world’s largest global asset managers with a strong investment focus, extensive value-add client partnerships and robust track records across many equity and fixed income asset classes. I am excited by the vision of the senior leadership team and the innovative culture to deliver an ambitious agenda in EMEA”, Ide commented.

The asset manager insisted that the core facets of Martin Currie will remain unchanged: “Martin Currie will continue to have investment independence as well as institutional distribution and client service independence. The Martin Currie brand will continue as a strong presence in active equity management and the group will continue to look for ways to innovate, to improve its alpha generating capabilities and service to clients”.

Continental Europe and Latin America

They also revealed that Paris-based Michel Tulle will continue to oversee distribution efforts in Continental Europe. He will be further supported by Stefan Bauer, Country Head in Germany; Michele Quinto, Country Head in Italy; Patrick Lutz, Country Head in Switzerland; Javier Villegas, Head of Distribution Iberia; Bérengère Blaszczyk, Head of Distribution France and Benelux and Mats Eltoft, Head of Distribution in the Nordic region.

Furthermore, Hugo Petricioli, will remain as Country Head for Mexico and Central America. He will continue to report to Andrew Ashton, CFA and Managing Director Head of Americas ex-US Distribution, which includes Canada, Latin America and Americas Offshore. Ashton will take on additional responsibility for marketing and product strategy across the region, and he will also report to Spector.

Johnson, CEO of Franklin Templeton, said that the acquisition of Legg Mason will establish them as “one of the world’s largest independent asset managers, with approximately $1.4 trillion in assets under management globally”.

Marco Morelli is appointed Executive Chairman of AXA Investment Managers

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AXA PRESI
Foto cedidaMarco Morelli. Marco Morelli is appointed Executive Chairman of AXA Investment Managers

AXA announced the appointment of Marco Morelli, previously Chief Executive Officer of Monte dei Paschi di Siena, as Executive Chairman of AXA Investment Managers (AXA IM) and a member of AXA’s Management Committee. Morelli -who will report to Thomas Buberl, Chief Executive Officer of AXA- will take office on September 14 and will be based in Paris.

The company stated in a press release that he will replace Gérald Harlin, AXA’s Deputy Chief Executive Officer and Executive Chairman of AXA IM, who has decided to retire at the end of September. After 30 years with the Group, Harlin will remain a member of the Board of Directors.

“I would like to warmly thank Gérald for his very significant contributions to AXA’s success and his decisive role in making the Group a world leader in insurance. I would also like to thank him for postponing his retirement last year to take over the leadership of our asset management entity AXA IM, to which he and his teams have given a new impetus by putting in place a new organization that is better adapted to its future development”, commented Buberl.

“On a personal note, I would like to reiterate that I feel particularly privileged to have worked with him. I know that all AXA employees join me in wishing him all the best in his future endeavors”, he added.

Meanwhile, Harlin declared himself “very happy” and “proud” of what has been achieved with AXA IM’s teams. “Thanks to its new streamlined organization, based on two strategic operational pillars, Core and Alternative investments, AXA IM is ready to pursue its development under Marco’s leadership”, he said.

Buberl also highlighted the 36 of experience in banking and financial services of Morelli and stated that his knowledge of European markets and “proven leadership” will be key assets to further develop AXA IM. “All the members of AXA’s Management Committee join me in wishing him the best in his new role”, he added.

Morelli is “honored” to join AXA and to take over the management of AXA IM. “I look forward to working with the teams and drawing on their recognized expertise to take AXA IM to a new stage of growth and development, in line with its strategy”, he commented.

AXA IM, 100% owned by AXA, is an active, long-term, global, multi-asset investor, with approximately €804 billion in assets under management as at end of March 2020. AXA IM employs over 2.350 employees around the world and operates out of 30 offices across 21 countries.

Lombard Odier and the WWF launch Donor’s Guide to the Environment

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Pixabay CC0 Public Domain. Lombard Odier y WWF lanzan la Guía del Donante Medioambiental

Lombard Odier and the WWF are publishing a guide to philanthropy for individuals and private foundations wishing to make a meaningful contribution to reverse biodiversity loss and address threats to nature. The Donor’s Guide to the Environment is intended as “a useful resource for any philanthropist wanting to protect the environment and help fight climate change”, said Lombard Odier in a press release.

Written and published in partnership with the WWF, the guide aims to raise awareness and facilitate engagement and funding in this field. “It provides information and analysis to better understand the scope of the nature and climate emergency we are facing and identify different types of solutions”, they stated.

Drawing on the combined experiences of Lombard Odier Group and the WWF, it outlines concrete projects, expected outcomes and donor opportunities for preserving oceans, forests and freshwater habitats across the globe. The guide also highlights case studies in the field of impact investment.

One million species are threatened with extinction and the way we currently produce and consume is causing irreparable damage to biodiversity, land, forests, oceans and river systems. The science is clear: the loss of nature together with climate change is a global emergency putting our economic prosperity, wellbeing, development and survival at risk”, said Marco Lambertini, Director General of WWF International.

In 2017, only 3% of the US$410 billion donated to charity by US citizens went to environment-related causes, although this represented an increase of 7.2% on the previous year (NP Source). In Europe, a study from the European Foundation Centre looking at 87 of the largest European foundations found that they gave a total of €583 million in environment-related grants in 2016, less than 1% of the estimated €60 billion given in grants by European foundations that year (EFC).

“Despite awareness being higher than ever before and increasing engagement by philanthropists around the globe, faster progress is needed, along with the commensurate financing, to rebalance our relationship with nature. Philanthropy can help today and more than ever before in financing actions that target the root causes of nature loss and climate change and mobilise decision makers in driving the much needed systemic change for a sustainable future for people and planet”, added Lambertini.

Lombard Odier stated that the guide “clearly demonstrates that all donations are important to respond to today’s climate and environmental crisis”. For example, an amount such as US$35’000 can kick-start the development of a local sustainable fishing industry in the Mediterranean, whereas getting a developing country climate change-ready “requires funding in the hundreds of millions or even billions of dollars”.

“The estimated funds needed to protect our climate and halt the loss of biodiversity are enormous. While the majority of the funding will come from governments, there are tremendous opportunities for philanthropic donors to make a difference as well,” said Patrick Odier, Senior Managing Partner of Lombard Odier Group and President of Fondation Lombard Odier.

“Philanthropy has a rare value. It is the catalyst that can ignite significant change in our culture. It can fund and support visions, no matter at what stage, be it the seed of a good idea or a fully-grown initiative. In this respect, the finance sector is also stepping up to the challenge, with innovative and sustainable finance initiatives”, he added.

As well as highlighting grants, the Donor’s Guide showcases some new financing tools, also important in addressing the environmental challenge. One example is the Blue Bond from The Nature Conservancy, which raises money to refinance developing countries’ debts on the condition that they use the money received to protect or preserve their natural environments.

“Such new financing tools are valuable because they mobilise capital that allows countries to address underlying structural factors that often attract less attention from philanthropists,” said Maximilian Martin, Global Head of Philanthropy at Lombard Odier Group.

The Donor’s Guide to the Environment has been edited by Lombard Odier Group and is available in English. It can be downloaded free of charge from the Lombard Odier Group and WWF websites.

Convertible Bonds Bonanza Creates Theme-Based Opportunities for Investors

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Pixabay CC0 Public Domain. Los activos en fondos europeos alcanzaron los 11,8 billones de euros en 2020

There are as many reasons to believe that equities will continue the rally they began in March as there are to expect another downturn. In either case, volatility is likely to remain high. NN Investment Partners believes that in times of such heightened uncertainty, investors would do well to consider including convertible bonds in their portfolios. In their view, market developments since the coronavirus began have confirmed the relevance their convertible bond investment approach.

A convertible bond is a bond plus an embedded stock option, giving features of fixed income and equities in one instrument. These equity/fixed-income hybrids offer the best of both worlds: their conversion option gives exposure to the upside in share prices, and their bond cashflows provide downside protection should the underlying share price fall.

“The market has certainly responded to the potential merits of convertibles”. NN IP notes a sharp rise in issuance of convertibles over the past quarter: it was USD 16 billion in April, USD 27 billion in May and USD 25 billion in June, amounting to more than USD 67 billion in total. This is about two-thirds of the annual average over the past decade of around USD 100 billion.

CBonds - NN IPThe asset manager believes that the reason for the new issuance has to do with the fact that convertibles offer a cost-effective and flexible way for companies to raise capital, either to remain operational or to take advantage of new business opportunities. The current volatility in equity markets means it is also often more attractive than a share issue; the lower coupon rates for convertibles make the running costs much cheaper than those for straight debt.

Martin Haycock, Senior Convertible Bonds Specialist at NN IP, says that around a third of recent issues relate to companies that are in trouble because of the current crisis, such as travel companies, while the majority of issuers are looking for capital to finance growth.

“We are interested in this latter group, which includes companies involved in cybersecurity, cloud computing, batteries/electrification and healthcare, which will see growth in the next three to five years,” says Haycock. “This is why it is crucial to take a thematic approach to navigate economic cycles and invest in the right convertibles.”

Tarek Saber, Head of Convertible Bonds points out that convertible bonds bonanza is underway, as more and more companies see the benefit of issuing convertibles in the post-coronavirus world.

“This is a positive for the asset class and a growing number of investors are embracing the unique historic risk-return characteristics of convertibles and allocating a place for them in their strategic asset allocations,” says Saber. “We would recommend allocations of between 3% and 10%, depending on investors’ appetites. Whatever they choose, they should partner with investment managers who are strict in their investment process and won’t buy new issues just because they might be theoretically cheap at issue, but instead focus on the credit and equity fundamentals of the issuer.”

Taking this into account, the NN (L) Global Convertible Opportunities invests long-only in a portfolio of thoroughly researched convertible bonds. The fund is actively managed and invested in balanced convertibles that provide asymmetrical returns. It aims to outperform the global convertible universe (measured by the Refinitiv Global Focus Index – Hedged) by 200bps per annum.

Hanneke Smits Will Take Over as CEO of BNY Mellon Investment Management after Mitchell Harris Retires

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BNY Mellon
. Foto cedida

The Bank of New York Mellon Corporation announced that Mitchell Harris, CEO of BNY Mellon Investment Management, which includes the Wealth and Investment Management businesses, has announced his intention to retire effective on October 1st. Consequently, the company has appointed Hanneke Smits as new CEO of BNY Mellon Investment Management, and Catherine Keating will continue in her role as CEO of BNY Mellon Wealth Management.

The corporation stated in a press release that both Smits and Keating will report to Todd Gibbons, CEO of BNY Mellon. Furthermore, Smits will join BNY Mellon’s Executive Committee.

Mitchell has been instrumental in driving our Investment Management business over the last four years as CEO and we wish him all the best in retirement. During a period of tremendous change in the investment landscape, he helped reposition our multi-boutique model and launch new investment capabilities, leaving us well positioned to meet the evolving investment needs of our clients,” said Gibbons.

He also claimed that they are “delighted” to elevate Hanneke into the CEO role for Investment Management. “She has spearheaded Newton’s business momentum and client-centric culture, and we look forward to her leadership within Investment Management. Mitchell has cultivated a strong bench of leaders, including Hanneke and Catherine, who will continue to drive the execution of our strategic priorities to deliver leading investment solutions to our clients underpinned by exceptional investment performance.”

Meanwhile Smits stated that she is “deeply honored” to serve as CEO of BNY Mellon Investment Management. “We have made great progress in building a diversified investment portfolio to help our clients achieve their investment goals. We will build on this strong foundation to continue to drive performance and innovation across our investment products, while also serving as a trusted partner for our clients in today’s rapidly changing investment environment”, said Smits.

Smits will continue as CEO of Newton until October 1st and the company revealed a search is currently underway to replace her. Over the next several months, Harris will work closely with her and Keating to ensure a smooth transition of leadership.

Smits has been CEO of Newton Investment Management, a subsidiary of The Bank of New York Mellon Corporation, since August 2016. Her career spans close to three decades in financial services, including serving as a member of the Executive Committee at private equity firm Adams Street Partners from 2001 to 2014, and Chief Investment Officer from 2008 to 2014. Hanneke is a non-Executive Director to the Court of the Bank of England and serves on the board of the Investment Association.

In addition, she is Chair of Impetus, a venture philanthropy organization that supports charities that aim to transform the lives of disadvantaged young people, and as part of this appointment, she is Trustee of the Education Endowment Foundation, founded in 2011 by The Sutton Trust in partnership with Impetus. She is co-founder and former Chair of Level 20, a not-for-profit organization set up in 2015 to inspire women to join and succeed in the private equity industry. Originally from the Netherlands, Hanneke has a BBA from Nijenrode University and a MBA from the London Business School.

GAM Hires Jeremy Roberts as New Head of Global Distribution

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Anotación 2020-07-08 094647
Foto cedidaJeremy Roberts, nuevo responsable global de distribución de GAM.. GAM ficha a Jeremy Roberts y le nombra responsable global de distribución

GAM Investments announced the appointment of Jeremy Roberts as Global Head of Distribution. Roberts will join the asset manager in September from BlackRock, where he was Co-Head of EMEA Retail Sales and Head of the UK Retail Business. He will report directly to Peter Sanderson, Group Chief Executive Officer, and will be a member of the Senior Leadership Team.

GAM has announced in a statement that this is a role recently created as Tim Rainsford, current Head of Sales and Distribution, is leaving the company “to take up a new opportunity”. That’s why a new role of Global Head of Institutional Solutions will also be appointed to assume the responsibilities of Rainsford together with Roberts.

“I’m thrilled to be joining GAM as Global Head of Distribution in September. GAM has an extremely strong management team, a great suite of active products and an innovative, client-centric culture and therefore I’m really looking forward to joining such a talented group of people”, said Roberts, who has 20 years of experience in the industry.

Meanwhile, Sanderson claimed to be delighted with Roberts joining the company. “His leadership experience, enthusiasm and his passion to deliver outcomes for clients make him a great fit for GAM. I am excited to welcome Jeremy to the firm to help us further build on our strong distribution capabilities. I would also like to thank Tim for his contribution to the firm and to wish him all the best for the future”.