Amerant Bancorp announced that its wholly owned subsidiary, Amerant Bank, entered into a definitive purchase and assumption agreement under which MidFirst Bank, based in Oklahoma City, will acquire Amerant Bank’s banking operations and six branches in the Houston, Texas metropolitan area. The transaction includes approximately $576 million of deposits and $529 million in loans.
“As part of our strategic planning process, we reviewed our current business model of operating in both Florida and Texas. While we have appreciated the opportunity to serve our customers in Houston and see the potential for growth there, we recognized that additional investment would be needed to gain the scale necessary for our Houston operations to materially contribute to future results,” said Jerry Plush, Chairman and CEO.
Plush added: “With the tremendous growth opportunities we see here in Florida, we believe it is prudent to focus on the execution on our ongoing expansion plans in South Florida and Tampa, and continue to work toward achieving our goal of being the bank of choice in the markets we serve.”
The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in the second half of 2024.
Stephens Inc. served as financial adviser and Squire Patton Boggs (US) LLP provided legal counsel to Amerant. Raymond James & Associates, Inc. served as financial adviser and Covington & Burling LLP provided legal counsel to MidFirst Bank.
Grupo Pacífico brings extensive experience and knowledge of the estate planning needs of non-resident U.S. investors, including technology entrepreneurs, business owners, executives, and their families, primarily focused on countries in Latin America and the United States, according to the company’s press release.
Fernando Massaro has been at Morgan Stanley since 2016 and holds an MBA from New York University.
On the other hand, Daniel Gonzalez Lucar is returning to UBS after a stint at Morgan Stanley from 2021 to 2024. The senior wealth advisor previously served at the Swiss bank between 2017 and 2021 and at J.P. Morgan from 2009 to 2016, according to his LinkedIn profile.
Richard Gonzalez, with about eight years of experience, worked at firms like Wells Fargo and Morgan Stanley. Additionally, Michael Presta spent the past four years at U.S. Bank as a Hedge Fund Operations Associate, at Glazer Capital, and Morgan Stanley.
Luis Reyes, for his part, joined Morgan Stanley in 2020 where he worked as a wealth management operation analyst and then client service associate.
Inauguration of Insigneo's Houston office | LinkedIn account of María Elena Orantes, Consul General of Mexico.
Insigneo was opened its flagship office in Houston, Texas. This occasion marks a significant milestone for Insigneo as it materializes its presence in Texas, the firm said in a press release.
The inaugural event served as both the opening of Insigneo‘s new office and the 2024 Q2 Quarterly Call. This dual-purpose gathering brought together clients, leadership team, and peers, providing an opportunity to explore the new office environment and gain valuable insights directly from Insigneo’s CIO, Ahmed Riesgo.
The event, which commenced on April 10th, has the speeches from Raul Henriquez, Chairman and CEO of Insigneo Financial Group, and Maria Elena Orantes Lopez, Consul General of Mexico.
This expansion underscores Insigneo‘s dedication to extending its services to the Mexican clientele and broadening its geographic footprint across Texas. Following the acquisition by PNC, Insigneo has strategically expanded its presence, with additional locations in San Antonio, El Paso, Laredo, and San Diego.
“This moment marks a significant milestone in our journey as an investment firm, expanding our reach and commitment to serving our clients with excellence and dedication.” said Maria G. Hernandez, Insigneo Market HeadTexas/US SW. “As we embark on this new chapter, we are grateful for the opportunity to further strengthen our presence in this vibrant city and contribute to its thriving financial landscape. With the support of our talented team and the trust of our clients, we look forward to achieving even greater success together.”
This expansion underscores Insigneo’s commitment to international wealth management, driven by state-of-the-art technology and continuous innovation, the statement concludes.
BlackRock and Santander announced that funds and accounts managed by BlackRock will provide financing on a $600 million diversified portfolio of infrastructure credit across communications, energy, power and transportation sectors via a structured transaction.
BlackRock’s private debt franchise provides differentiated, flexible and scalable financing solutions to a broad network of global financial institutions and corporate relationships.
Through the breadth of BlackRock’s over $50 billion of infrastructure client AUM across equity, debt, and solutions, the firm has built one of the market’s leading infrastructure debt franchises, sourcing, structuring and managing client assets with the potential for income generation.
“Our infrastructure debt franchise aims for win-win financing transactions that solve the needs of financial institutions and corporates, while generating returns for long-term investors. We have a longstanding relationship with Santander and look forward to providing flexible capital to support the growth of its global project finance franchise and all sectors of the burgeoning infrastructure economy,” said Gary Shedlin, Vice Chairman, BlackRock.
“We are pleased to announce this transaction, which underscores our commitment to private debt mobilization. By proactively rotating our assets, we not only strengthen our financial position but also generate capital for additional profitable growth. This approach is fundamental to our strategy of sustainable growth and value creation for our stakeholders,” commented José García Cantera, Group Chief Financial Officer at Banco Santander.
UBS Private Wealth Management announced that William Wright and Matthew Hoffman will be joining the firm in New York City, along with Senior Wealth Strategy Associate Audrey Kaus.
The team will be located in the firm’s 1285 Avenue of the Americas Private Wealth Management office and will report to Market Directors Thomas Conigatti and Neal Cooper.
“We’re thrilled that Will, Matt and Audrey will be joining our team, and we look forward to supporting them as they build and grow their careers here at UBS,” said Tom Conigatti, Market Director at UBS Private Wealth Management. “Their combined talents and dedication to client success make them a great addition to our culture and will help us to continue delivering unparalleled financial advice to our clients.”
“Will and Matt have extensive experience and deeply understand their clients’ sophisticated financial needs,” said Neal Cooper, Market Director at UBS Private Wealth Management. “With our firm’s global resources and capabilities now at their disposal, I’m confident that they will be able to provide even greater value for clients throughout their financial journeys.”
Wright and Hoffman advise high-net-worth individuals, entrepreneurs, business owners and corporate executives on all aspects of their wealth, including trust and estate planning, philanthropic giving and asset management advice.
The team offers access to opportunities beyond day-to-day portfolio management, including next generation education programs, innovative philanthropic and legacy planning strategies, and family office experiences that incorporate lifestyle services.
William Wright will join UBS from J.P. Morgan Private Bank as a Managing Director and Private Wealth Advisor. Will has more than 18 years of industry experience and began his career in financial services with Goldman Sachs in 2006. He serves a select circle of families whose significant wealth creates ongoing and often complex considerations. Through a deep understanding of each client’s balance sheet and expected cash flows, Will strives to provide clients with the clarity and guidance to make smart decisions. Will earned a Master of Business Administration from Duke University’s Fuqua School of Business and holds a bachelor’s degree from Syracuse University. He is also holds the Certified Public Accountant (CPA) designation. Will lives in New York City with his husband and dog. His interests include history, dogs, gardening in pots, wine collecting, music and fitness, as well as traveling to the mountains for skiing and hiking.
Matthew Hoffman will join UBS from J.P. Morgan Private Bank as a Private Wealth Advisor. Matt began his career in financial services in 2015 and advises a limited number of C-suite executives, entrepreneurs and high-earning professionals with multigenerational wealth. By understanding clients’ long-term objectives, Matt is able to provide objective advice around clients’ balance sheets and cash flows. Matt earned a Bachelor of Arts in Economics from the University of Michigan. He resides in New York City where his interests include golf, tennis, and NY sports. Matt enjoys getting out of the city on the weekends to hike and fish.
Audrey Kaus will join UBS from J.P. Morgan Private Bank as a Senior Wealth Strategy Associate. In her role, she will be responsible for managing all team operations and client requests, while supporting overall business development for the team. Since beginning her career in 2022 at J.P. Morgan, Audrey has led with a client-centric mindset, centered around delivering a personalized experience that is both effective and tailored to each client’s individual goals. Audrey earned a Bachelor of Arts in Business-Economics and a Bachelor of Arts in Spanish from The University of Chicago. She lives in New York City, and her interests include fitness, country music, cooking, animals, and travel.
In a year where more Americans are reaching 65 than ever before, lingering economic concerns are casting a shadow over many workers’ retirement prospects. A research from the Nationwide Retirement Institute® (NRI) reveals a gender disparity in retirement confidence and readiness among current U.S. workplace savers as women report more challenges than their male colleagues.
NRI’s In-Plan Protected Retirement survey of 1,200 employer-sponsored retirement plan participants revealed one in four women (23%) feel they’re “on the wrong track” for retirement, versus 15% of men, and 41% hold a negative or neutral outlook on their retirement planning compared to just 29% of men.
This gender disparity is further demonstrated by the fact that women are less likely than men to have reached key savings milestones, like saving enough for an emergency fund or adjusting their retirement investment allocations.
Today’s macroeconomic landscape may be throwing women retirement savers off course. The report found that women are more likely to be concerned about a recession or economic downturn and the impacts of rising costs or market volatility on their retirement savings.
As a result, more than half of women are concerned about outliving their income in retirement (52%). However, only 13% have diversified their investment portfolio and only 15% looked for other investment options that offer protection during economic uncertainty.
“Women are actively participating in their employer-sponsored retirement plans alongside their male counterparts, but they’re also facing a variety of challenges that can make navigating their retirement journey more complex,” said Cathy Marasco, leader of Protected Retirement for Nationwide Retirement Solutions. “Women are likely to live longer in retirement, so it’s understandable that fear of outliving their income would be a source of anxiety. The good news is there are new solutions available for employers to help plan participants address concerns about income in retirement.”
Outliving savings is a top concern, but protected retirement solutions can help
In addition to navigating the current macroeconomic landscape, another top challenge for 60% of women savers is determining how long they will need their retirement savings to last. Only 11% have created a plan to convert their savings into income in retirement. They also have other common concerns about their money, including the cost of health care (69%), Social Security not being there when they’re ready to retire (68%), and being able to manage expenses and lifestyle choices during retirement (52%).
Because of these challenges and concerns about their savings, many are interested in solutions that can help. Three in four women say they wish their 401(k) provided a “pension-like” income stream and nine in 10 women say that they would be at least somewhat likely to roll over their money into an in-plan protected retirement solution if it was offered to them.
“Women who participated in our study say a pension-like income stream would reduce their stress, increase their financial security and improve their peace of mind,” said Marasco. “This sentiment aligns with our research showing pension holders are more financially confident and less concerned about outliving their money than those without pensions. It’s time for employers to extend those same benefits to today’s workers by offering a guaranteed lifetime income investment solutions through their qualified employer-sponsored plan.”
To learn more about Nationwide’s Protected Retirement solutions and how they can offer plan participants guaranteed income for life and protect against market volatility, visit Nationwide’s resources for financial professionals and plan sponsors.
International advisor Ricardo Sucre is the latest recruit by Bolton Global Capital to exit Morgan Stanley.
With a career spanning more than three decades, managing ultra-high net worth individuals from Latin America, Sucre has developed and maintained relationships with international clients, resulting in a $200 million AUM business portfolio, Bolton said in a press release.
Prior to joining Morgan Stanley in 2014, Sucre held senior positions at Mercantil Commercebank in the areas of private banking, treasury sales management, and investment services. Notably, as a Senior Financial Consultant, he managed portfolios for ultra-high net worth clients executing trades across emerging markets, domestic corporate debt, and US government securities, the firm added.
At Bolton, Sucre will be joining forces with Ernesto Amengual, Leonardo Tedeschi and Jorge Aguerrevere. He will be based out of Bolton’s Miami office at the Four Seasons Tower on Brickell Avenue.
“As a consummate professional, Ricardo will undoubtedly continue along the same the path of success with the support of Bolton’s robust international wealth management capabilities. We are delighted that he is joining our firm.” said Bolton’s CEO Ray Grenier.
He has a Bachelor of Arts in Business Administration and a Major in Finance from Universidad Santa Maria in Venezuela.
BCP Global, a Miami-based fintech company, launched BCP Global-managed iBonds portfolios. This investment option utilizes BlackRock’s iBonds ETFs as underlying assets.
The initiative represents an opportunity for Latin American financial institutions and advisors to offer BlackRock’s iShares iBonds™ ETFs to clients through BCP Global’s innovative and user-friendly technology, the firm said.
“At BCP Global, we are dedicated to empowering financial professionals in Latin America with cutting-edge digital solutions, ideally suited to the current financial climate” said Santiago Maggi, COO & Co-Founder of BCP Global.
This product is particularly timely, aligning with the current financial focus on fixed-income investments. The iBonds ETFs, an innovative suite of bond ETFs with a fixed maturity date, offer a unique blend of benefits – certainty of maturity like a bond, flexibility of trading like a stock, and diversified exposure like a fund, the press release notes.
BCP Global, known for its ONE APP Solution introduced in 2022, continues to shake the LatAm financial sector.
“Our collaboration with BlackRock to offer iBonds ETFs is a testament to our commitment to providing diverse, simple, and accessible investment options,” said Mauricio Armando, CEO & Co-Founder of BCP Global.
“The ONE APP offers a comprehensive range of U.S. financial services, making it easier for clients across Latin America to access a variety of financial solutions. Integrating the BCP Global managed iBonds portfolios into this platform represents a significant step forward in democratizing investment opportunities for the LatAm market,” the company added.
The BCP Global managed iBonds portfolios are tailored to various risk profiles, including conservative, moderate, and growth strategies, ensuring a suitable option for every investor. Through the ONE APP, investing in these portfolios is straightforward, efficient, and user-friendly.
Photo courtesyGautam Samarth, CFA, head of Systematic Investment Strategies at M&G
M&G will present its M&G (LUX) Episode Macro Fund strategy at the X Funds Society Investment Summit in Palm Beach.
During the event, to be held April 11-12 at the PGA National Resort in Palm Beach, Gautam Samarth, CFA, head of Systematic Investment Strategies at M&G will discuss the investment virtues of its offering.
“The Fund has a very flexible investment approach, with freedom to invest in fixed income securities, equities, convertible bonds, asset-backed securities, currencies, cash, near cash and deposits,” says information provided by the firm.
Furthermore, M&G adds that these assets can be “issued anywhere in the world, including emerging markets, and denominated in any currency”.
Finally, the fund manager clarifies that the fund “will gain exposure to these assets primarily by taking investment positions at index or sector level through derivative instruments, but may also invest directly.”
About Gautman Samarth
Gautman Samarth is head of Systematic Investment Strategies at M&G. With more than seven years of experience in quantitative strategies, he started managing systematic equity strategies in August 2018.
He joined M&G in 2014 as a specialist analyst in the M&G Leaders team. Previously, Gautam worked for five years at Credit Suisse in New York, where his last position was in the HOLT investment strategy team.
He graduated from Trinity College (Hartford, Connecticut) in 2009 with a B.A. in economics and a minor in Chinese, and is CFA certified.
BNY Mellon will showcase the virtues of urban mobility for professional investment at the X Funds Society Investment Summit in Palm Beach.
During the event, which will be held on April 11 and 12 at the PGA National Resort in Palm Beach, George Saffaye, Global Investment Strategist, will present the BNY Mellon Mobility Innovation Fund.
The strategy managed by Newton Investment Management “is at the forefront of the disruption taking place in the traditional transportation ecosystem,” according to the firm’s description.
Furthermore, BNY Mellon states that “the goal is to identify companies that will participate in the theme and will become the future leaders of the space as it evolves to drive growth and strong future returns for investors.”
The portfolio is comprised of companies focused on finding solutions to the urban mobility challenges we face to move assets, people, and data across the transportation landscape in a safer, cleaner, and more efficient manner, adds the firm’s information.
About George Saffaye
He is a Global Investment Strategist specializing in Thematic Equity, US Large Cap Growth Equity, US Small Mid Cap Growth Equity, and Global Natural Resources strategies.
Saffaye joined Newton IM in September 2021, following the integration of the equity and multi-asset capabilities of Mellon Investments Corporation into the Newton Investment Management Group. Before joining Newton, he was a Global Investment Strategist, Senior Portfolio Strategist, and Investment Strategist at Mellon Investments Corporation and The Boston Company Asset Management (both BNY Mellon group companies). Saffaye also worked at Dreyfus, Credit Suisse Asset Management, and Warburg Pincus.
He earned a BBA in Finance and Investments from Bernard Baruch College of the City University of New York.
