Manutara Ventures Invests in the Expansion of Proptech BuildLovers to Latin America

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(cedida) José Manuel Martínez, CEO y cofundador de BuildLovers

In a bid to drive technological transformation in the construction industry, venture capital fund Manutara Ventures participated in the latest funding round for the startup BuildLovers. This investment aims to boost the technological development of the proptech and kickstart its operations in Chile.

According to a statement, the early-stage specialized vehicle – originating in Chile and operating in Silicon Valley and Miami – invested 300,000 dollars in the firm. This represents half of the capital raised in the round, they added.

The company aims for greater autonomy through technology, the initiation of operations, and sales growth in Chile and Spain. In the future, they are considering expanding operations throughout Latin America or the United States from Chile, they detailed.

“In the short term, our main objective is to establish a solid presence in Chile, using this market as a starting point or hub for our future expansion. In the long term, we aim to consolidate our position in the Latin American market and continue innovating in the industrialized and customized housing construction sector,” said José Manuel Martínez, CEO and Co-Founder of BuildLovers, in the statement.

The focus is also on how to reach clients once the platform is launched and on building alliances with financial entities. The digital platform, which already operates in Spain, has sold more than 20 homes since its launch and has over 75 projects in the pipeline.

Thus, the proptech joins Manutara’s portfolio, which includes several recognized startups such as Xepelin, ETpay, and OpenCasa. Overall, the total valuation of the portfolio exceeds 1 billion dollars, reaching a value more than ten times the initial investment.

Investment Story

The connection between the two entities in the entrepreneurial ecosystem was established when the startup made the first approach, according to the venture capital fund’s statement.

“On our part, we observed, thanks to an investment in Fund I, that there is a certain difficulty in acquiring homes at a reasonable price and within an appropriate timeframe, a problem that BuildLovers helps to solve. Additionally, the construction industry has seen very little technological innovation from a client perspective,” said Nicolás Moreno, Portfolio Manager of Manutara Ventures.

Martínez, on the other hand, highlights the fund’s “solid reputation in supporting innovative projects and visionary entrepreneurs” from Chile.

What factors ultimately led them to invest in BuildLovers? The portfolio manager emphasizes that “the team is fundamental to any investment” and assures that the founding team of the startup has “what it takes to take this startup to the next level.”

Furthermore, the investment firm highlights that “model validation is very relevant, as this fund seeks to invest in more mature companies, which goes hand in hand with the traction achieved to date. The traction was quite promising, considering that the technology was in its MVP (minimum viable product) stage to validate the model. Having the model validated at the time of investment is very positive for us,” adds Moreno.

Assets in UCITS and AIF Funds Doubled Over the Last Decade to Reach €20.7 Trillion

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The European Fund and Asset Management Association (EFAMA) has published its annual Fact Book on the behavior and main trends of the European investment fund industry, as well as a general review of regulatory developments in the 29 European countries. One of its main conclusions is that in the last decade, assets in UCITS and AIFs (alternative investment funds) have doubled, reaching €20.7 trillion, demonstrating the industry’s robustness.

“This year’s Fact Book shows that UCITS are delivering good returns with declining costs, attracting both European and foreign investors. While this is good news for the financial well-being of those investors, there are still too many European households not reaping the benefits of investing in capital markets. This is a crucial year of change within EU institutions, with a clear recognition by lawmakers that we need to further encourage retail investment to address the pension gap and support economic growth. To achieve this, we need decisive actions that simplify investment, reduce bureaucracy, and bring us closer to a Savings and Investment Union,” says Tanguy van de Werve, Director General of EFAMA.

Among the data collected in the report, it is noted that net sales of fixed-income UCITS in 2023 were greatly influenced by the evolution of interest rates. Net inflows were driven by the pause in central bank rate hikes and expectations of rate cuts in 2024. It also highlights that inflows into money market funds were mainly driven by short-term interest rates. In contrast, multi-asset UCITS funds experienced their first net outflows in ten years.

One of the trends identified in the report regarding UCITS funds is that large vehicles are gaining more importance in the European market. “UCITS funds with less than €100 million represented less than 4% of the total net assets of UCITS in 2023, with a market share that is gradually decreasing. At the same time, the share of funds with more than €1 billion in net assets is increasing,” the report indicates.

According to the document, the share of US equities in the allocation of equity UCITS has increased significantly. Specifically, it doubled from 22% to 44% in the last decade. EFAMA explains, “This is because US equity markets outperformed Europe, particularly large US tech stocks.”

The Appeal of UCITS Funds

One reason European market funds are attractive is their costs, which, according to EFAMA’s report, have been gradually decreasing. In fact, between 2019-2023, the average cost of long-term active UCITS decreased from 1.16% to 1.06%, while UCITS ETFs dropped from 0.23% to 0.21%. “This trend is expected to continue, driven by greater transparency in fund fees and intensified competition among asset managers,” they indicate.

According to EFAMA, foreign investors are an increasingly significant group of EU fund buyers. Evidence of this is that, in the past five years, foreign investors purchased an annual average of €276 billion in EU investment funds. In comparison, €174 billion were sold cross-border within the EU, and €196 billion were bought domestically.

Additionally, EU retail investors continued to buy funds in 2023 but shifted their focus to bonds. “Given the reluctance of banks to increase interest rates on savings accounts, national governments in countries like Italy and Belgium successfully attracted domestic retail savers by offering bond issues with higher yields,” the report indicates.

In general terms, the average annual performance of all major types of UCITS was positive. Equity UCITS delivered an average of 14.2%, multi-asset UCITS generated 8.7%, bond UCITS 5.7%, and money market funds 3.3%. “With an EU inflation rate of 3.4% for the year, most UCITS proved to be an excellent investment option in 2023,” EFAMA adds.

Sustainable Investment

Something that caught EFAMA’s attention is that sales of sustainable funds slowed down. “Net sales of dark green Article 9 SFDR funds declined compared to 2022. Conversely, Article 6 funds (without a sustainability focus) saw a shift, attracting €41 billion in net inflows. These trends were mainly driven by the growing popularity of ETFs, as most ETFs are Article 6,” the report indicates.

New York Remains the World’s Richest City in 2024

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New York, the San Francisco Bay Area and Tokyo are the three wealthiest cities in the world, according to the latest report by Henley & Partners.

“The document offers a fascinating view of the changing face of global wealth, revealing a landscape where investment migration programs have emerged as a powerful tool for high-net-worth individuals looking to capitalize on the world’s most promising cities,” highlights Juerg Steffen, Chief Executive Officer of Henley & Partners.

The report shows the clear leadership of the United States, with 11 cities within the ranking of the world’s 50 richest cities. At the top is New York, with an astonishing 349,500 millionaires, followed by the Northern California Bay Area (305,700) and Los Angeles (212,100). “China also has a notable presence, with five cities in mainland China and seven cities if we count Hong Kong (a Special Administrative Region of China) (143,400) and Taipei (30,200). Beijing (125,600 millionaires), Shanghai (123,400), Shenzhen (50,300), Guangzhou (24,500), and Hangzhou (31,600) have seen significant increases in their millionaire populations over the past decade,” points out Steffen. In his opinion, this dynamic reflects broader changes in the global economy, where the United States maintains its traditional strongholds, while China’s rapid urbanization and growing technological prowess play an increasingly important role in wealth creation.

Focusing on the table, New York leads with 349,500 millionaires, 744 centimillionaires (with investable wealth of over $100 million), and 60 billionaires who, together, surpass $3 trillion, which is more than the total wealth of most major G20 countries. Hot on its heels, in second place, is the Northern California Bay Area, which includes San Francisco and Silicon Valley. “The Bay Area has enjoyed one of the highest wealth growth rates in the world, increasing its millionaire population by a massive 82% over the past decade, and now hosts 305,700 millionaires, 675 centimillionaires, and 68 billionaires,” notes Steffen.

Regarding Tokyo, which topped the group as the world’s richest city for a decade, it has suffered a 5% decrease in its resident high-net-worth individual (HNWI) population over the last ten years, and now ranks third with just 298,300 millionaires. Notably, the city-state of Singapore has risen two places to fourth in the global ranking after an impressive 64% increase in millionaires over the past 10 years, and it seems likely to soon overtake Tokyo as the richest city in Asia. Widely considered the world’s most business-friendly city, Singapore is also one of the top destinations globally for migrating millionaires: approximately 3,400 high-net-worth individuals moved there in 2023 alone, and the city now boasts 244,800 millionaire residents, 336 centimillionaires, and 30 billionaires.

The Decline of London

London, the world’s richest city for many years, continues to fall in the rankings and now occupies fifth place with only 227,000 millionaires, 370 centimillionaires, and 35 billionaires, a 10% decrease over the past decade. In contrast, Los Angeles, home to 212,100 millionaires, 496 centimillionaires, and 43 billionaires, has risen two places over the 10-year period to sixth place, enjoying a remarkable 45% growth in its wealthy population. Paris, the richest city in continental Europe, maintains its seventh place in the ranking with 165,000 millionaire residents, while Sydney climbs to eighth with 147,000 HNWIs, after experiencing exceptionally strong wealth growth over the past 20 years.

“The 24% gain in the S&P 500 last year, along with the 43% rise in the Nasdaq and the staggering 155% rebound in Bitcoin, have boosted the fortunes of wealthy investors. Additionally, rapid advancements in artificial intelligence, robotics, and blockchain technology have provided new opportunities for wealth creation and accumulation. However, even as new opportunities arise, old risks persist. The war in Ukraine, which has seen Moscow’s millionaire population drop by 24% to 30,300, is a stark reminder of the fragility of wealth in an uncertain and unstable world,” adds Steffen, who considers a key factor driving growth in the world’s richest cities to be the strong performance of financial markets in recent years.

China’s Millionaire Boom

China has established a notable presence in the latest ranking of the world’s 50 richest cities, with 5 cities in mainland China on the list and 7 cities if we include Hong Kong (a Special Administrative Region of China) (with 143,400 millionaires) and Taipei (30,200). Beijing (125,600 millionaires) is ranked in the Top 10 for the first time after a 90% growth in its millionaire population over the past decade. Although Hong Kong has dropped four places over the 10-year period to ninth in the ranking, Shanghai (123,400), Shenzhen (50,300), Guangzhou (24,500), and Hangzhou (31,600) have seen significant increases in their millionaire populations.

Andrew Amolis, head of research at New World Wealth, explains that Shenzhen is the world’s fastest-growing city for the wealthy, with its millionaire population soaring by 140% over the past ten years. “Hangzhou has also seen a massive 125% increase in its number of high-net-worth residents, and Guangzhou’s millionaires have grown by 110% over the past decade. When it comes to potential wealth growth over the next decade, cities to watch include Bengaluru (India), Scottsdale (USA), and Ho Chi Minh City (Vietnam). All three have enjoyed exceptional growth rates of over 100% in their resident millionaire populations over the past ten years.”

As for the Middle East, Dubai easily takes the crown as the region’s richest city, with an impressive 78% growth in its millionaire population over the past 10 years. Currently ranked as the 21st richest city in the world, it is very likely that this modern wealth magnet will enter the Top 20 in the coming years. Although Abu Dhabi, the oil-rich capital of the United Arab Emirates, has yet to secure a spot in the Top 50 ranking, growth rates above 75% make it a likely contender in the future.

While no African or South American city features among the world’s 50 richest cities, the report identifies several rising stars that could well join the ranks of the world’s leading wealth centers in the near future. Nairobi, Kenya’s bustling capital, now has 4,400 millionaires, a 25% increase over the past decade, driven by its thriving tech ecosystem and growing middle class. Cape Town, South Africa’s stunning coastal jewel, has enjoyed a 20% increase in millionaires, making it the country’s preferred city, now home to 7,400 of them.

World’s Most Expensive Cities

Monaco, arguably the world’s top safe haven for the super-rich, where average wealth exceeds $20 million, is also the world’s highest-ranked city in terms of per capita wealth. More than 40% of the Mediterranean principality’s residents are millionaires, the highest proportion of any city globally. It also tops the list of the world’s most expensive cities, with apartment prices regularly exceeding $35,000 per square meter.

New York City ranks second, with prime real estate prices averaging $28,400 per square meter, followed by London ($26,500 per m²), Hong Kong ($25,800 per m²), Saint-Jean-Cap-Ferrat in France ($25,000 per m²), and Sydney ($22,700 per m²).

Dominic Volek, group head of private clients at Henley & Partners, says that 7 of the world’s 10 richest cities are in countries that host investment migration programs actively encouraging foreign direct investment in exchange for residency or citizenship rights. “You can secure the right to live, work, study, and invest in major international wealth hubs such as New York, Singapore, Sydney, Vienna, and Dubai through investment. Being able to relocate yourself, your family, or your business to a more favorable city or having the option to choose from several different cities around the world is an increasingly important aspect of international wealth and legacy planning for private clients. The more jurisdictions a family can access, the more diversified their assets will be, the lower their exposure to regional and country-specific risks, and the greater the opportunities they will be able to enjoy. Similarly, cities and countries can use investment migration as an innovative funding mechanism to attract the world’s wealthiest and most talented to their shores,” concludes Volek.

Thornburg Signs William “Billy” Rogers and Jodan Ledford

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Thornburg has added William “Billy” Rogers as the new Chief Operating Officer (COO) and Jodan Ledford as Head of Institutional to its team, according to a statement obtained by Funds Society this Thursday.

The new hires arrived a few months after the hiring of Richard Kuhn as head of product and Jonathan Schuman as head of international, as previously reported by Funds Society.

Billy Rogers, as the new COO of Thornburg, will determine the strategic direction of technology and operations and drive interdepartmental initiatives to ensure the organization’s continued success and growth, the statement adds.

Before joining Thornburg in 2024, Rogers worked at PIMCO for 12 years in various roles, including product management, compliance officer, and head of regional operations and advisory. In 2010, he left PIMCO to join Janus Henderson, where he spent eight years as a fixed income trader and four years leading their global unconstrained macro office.

Subsequently, Rogers spent three years as an executive consultant, helping to integrate and lead a large West Coast retail SMA business. Additionally, he has participated in numerous fintech startups throughout his career.

He holds a BBA in business administration from the Anderson School of Management at the University of New Mexico and an MBA from the Marshall School of Business at the University of Southern California.

Jodan Ledford will be responsible for developing and executing sales strategies, building and maintaining high-level relationships, and representing the company within the institutional investment community, according to the information obtained by Funds Society.

Before joining Thornburg in 2024, Ledford was CEO of Smart USA, a retirement fintech provider. Previously, he was managing director of clients at Legal & General Investment Management America, where he led a team in sales, marketing, investment solutions, product strategy, and portfolio management.

Earlier, Ledford was an executive director at UBS Global Asset Management, where he developed investment solutions and risk management strategies for large institutional clients and led a mid-market initiative for medium-sized US corporate pension plans.

He also worked as an associate in the investment banking division of J.P. Morgan, developing risk management strategies for companies with large pension plans. Ledford began his career as an actuarial analyst at Watson Wyatt Worldwide.

He holds a master’s degree in applied statistics from the University of Miami and a bachelor’s degree in mathematics from Emory University.

The Afores Transfer 1.344 Billion Dollars to the Pension Fund for Welfare

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As required by the President of Mexico, Andrés Manuel López Obrador (AMLO), on Monday, July 1, his government began delivering the first pension supplements to retired workers.

The date was significant for the president and his administration because it marked the sixth anniversary of what he considers his historic electoral victory in 2018, and the start of an economic and social regime change known as the “Fourth Transformation.”

One of the initiatives promoted by the president a few months ago was the creation of the Pension Fund for Welfare (FPB), a state-managed fund that will be used to supplement workers’ pensions so that they can retire with 100% of their salary, up to a cap of approximately 932.10 dollars at the current exchange rate.

The first pension supplements were to be delivered on July 1, a promise that has been fulfilled.

These pensions will consist of the pension the worker receives from their individual account (replacement rate) and the supplement that brings their pension to 100% of their salary at the time of retirement, provided it does not exceed the cap of 16,777.77 pesos and pertains to the 1997 law generation.

Afore Transfers

In a statement, the Mexican Association of Retirement Fund Administrators (Amafore) reported compliance with the law requiring the transfer of resources to the Pension Fund for Welfare.

“As part of the process to carry out the transfer, the Afores, in collaboration with the authority, conducted a thorough review to determine which accounts belonged to people over 70 years old in the case of IMSS and 75 years old in the case of ISSSTE, and who had not contributed to social security for one year,” said the institution.

Thus, the total amount of resources sent to the trust established at the Bank of Mexico was approximately 1.34 billion dollars.

Amafore indicated that in the coming days, it will send a certificate of transfer of the resources from this sub-account to the last registered contact point of each worker.

Additionally, in the next month of September, an account statement will be generated with the latest movements under the Afore administration. Subsequently, the account statement delivered will include the performance reports of the Pension Fund for Welfare.

The Labor Market With Pre-Pandemic Numbers Brings Fed Cuts Closer

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The U.S. labor market continues to show signs of recovery, with a steady trend in job creation and a decline in the quit rate, suggesting normalization and cooling. This keeps the door open for rate cuts later this year, according to analysts.

Job vacancies increased to 8.14 million in May, which is above expectations. However, the trend remains a decline in vacancy figures as the U.S. economy moves closer to pre-pandemic levels.

The quit rate was the major warning sign of an imminent increase in labor costs that caused inflation to spike in 2021 and remain elevated since then. However, the marked decline in the quit rate suggests that the labor market is cooling, as companies are less willing to pay more to hire staff or workers themselves are becoming more reluctant to move.

Similarly, The Conference Board states in its analysis that “the modest cooling of the labor market in the second quarter, from heated to robust, should be welcomed by the Fed.”

Additionally, the weakening of consumer demand and, consequently, the growth of real GDP in the first half of 2024 should have brought some calm to the labor market, adds The Conference Board.

However, with no signs of a collapse in the labor market, the Fed can maintain a restrictive monetary policy to drive consumer inflation back towards the 2 percent target.

“We continue to forecast that the unemployment rate will peak this year below the natural rate of 4.4%,” says the study, which adds that inflation is likely to stabilize at 2% by mid-2025, allowing for a 25 basis point rate cut at each of the November and December 2024 meetings.

According to ING Bank, wage growth and inflation should continue to cool, keeping the door open for rate cuts later this year, states an ING Bank report.

Fed Chairman Jerome Powell, speaking at the ECB Forum on Central Banking in Sintra, Portugal, acknowledged that the economy and labor market have been strong, but that inflation is showing “signs of resuming its disinflationary trend” along with a “rebalancing in the labor market,” adds the report signed by James Knightley, Chief International Economist, U.S.

While Powell declined to provide details on the timing of any potential rate cuts, markets are now pricing in a roughly 75% chance of a cut at the September FOMC meeting.

“If we get another couple of core inflation numbers at or below 0.2% monthly, unemployment exceeds 4%, and more evidence of cooling consumer spending growth, we believe the Federal Reserve will begin to shift monetary policy from restrictive territory to ‘slightly less restrictive.’”

UBS Private Wealth Management Announces the Arrival of a Team in Tampa

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UBS Private Wealth Management announced this Tuesday that the Reynolds, Grindel & Hall Wealth Management Group has joined the Tampa, Florida office from Morgan Stanley.

The team, consisting of Jeffrey Reynolds, David Grindel, and Jeremy Hall, who together bring nearly 70 years of industry experience, will be under the leadership of Managing Director and Florida Market Director, Greg Kadet.

“I am delighted to welcome Jeff, David, and Jeremy to UBS,” said Kadet, who oversees UBS’s Wealth Management and Private Wealth Management businesses in the Greater Florida region.

“These talented financial advisors employ a comprehensive planning approach to meet clients’ financial needs and are excellent additions as we continue to expand our capabilities and presence in the region,” the statement said.

Reynolds is a multigenerational financial advisor with over 30 years of experience serving families, organizations, and business owners, focusing on understanding each client’s wealth as well as their short- and long-term goals, according to the firm’s statement.

“He and his team create tailored plans to help clients achieve their wealth goals,” the statement adds.

Grindel is a certified financial planner with 20 years of industry experience. He strives to build long-term, trusting relationships and help guide clients to simplify their financial lives while ensuring their financial plans remain aligned with their goals and objectives over time, says the firm.

Hall is also a certified financial planner who focuses on helping clients navigate assets, estate planning strategies, retirement planning, and insurance needs, UBS adds.

“His approach is based on designing financial plans that reflect an integrated view of clients’ multigenerational and legacy goals,” the statement concludes.

The Assets of Robo-Advisors and Neo-Brokers Could Reach $2.8 Trillion in 2024

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The assets under management in the digital investment market, including robo-advisors and neo-brokers, have snowballed in recent years, growing from $3.8 billion in 2017 to $2.26 trillion in 2023. According to data analyzed by AltIndex.com, it is estimated that the assets in this business will continue to grow, but possibly at a slower pace.

According to AltIndex.com, the assets of robo-advisors and neo-brokers will reach $2.8 trillion in 2024, 30% less than previously forecasted. Growth projections for the robo-advisors sector decreased by 46%; however, the neo-brokers market is expected to increase by double the previous forecast. “Thanks to robo-advisors, neo-brokers, and trading apps, people can invest in stocks, bonds, and other assets without actively managing their portfolios, with algorithms adjusting their risk preferences, making data-driven decisions, and maximizing returns. This approach offers, in principle, a broader range of investment options and lower fees, attracting millions of people to the market,” explains the platform.

Between 2017 and 2023, the number of people using these services multiplied by 35, increasing from approximately 15 million to over 500 million. Thanks to this enormous user base, the entire market has experienced five consecutive years of triple-digit growth. And although market forecasts remain optimistic, the latest Statista survey showed a significantly lower annual growth rate than expected last year.

According to Statista’s 2024 Market Insights, the total transaction value in the digital investment industry will grow by 23% and reach $2.79 trillion this year, nearly 30% less than the $3.9 trillion expected in the 2023 market forecast. Most of that decline will come from the robo-advisors segment. Last year, Statista projected that the robo-advisors segment would reach a transaction value of $3.39 trillion in 2024; now, that figure is 46% lower, standing at $1.8 trillion.

On a positive note, the neo-brokers market is expected to grow much more than anticipated last year. In May 2023, Statista data showed that this sector would reach a value of approximately $500 million in 2024. However, growth projections have become much more optimistic since then. The latest data shows that the total value of assets managed by neo-brokers will reach $980 billion in 2024, nearly double the previous year’s expectations. Statista expects this figure to continue growing, reaching $1.07 trillion by 2027, or 75% more than the 2023 forecast.

Nearly 600 million people will use digital investment services in 2024. Despite a 30% decline in the projected growth rate, the digital investment market continues to demonstrate its resilience. The market is expected to welcome an impressive number of users this year, proof of the efficiency, speed, and low service fees it offers.

Felipe Torres Joins Ureña Wealth Management Group in the Snowden Lane Network

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Snowden Lane Partners announced on Wednesday that Felipe Torres has joined the Ureña Wealth Management Group as Managing Director, based in the Coral Gables office.

“We are very pleased to welcome Felipe, who brings nearly 20 years of financial services experience to our team,” said Armando A. Ureña, Senior Partner and Managing Director of Ureña Wealth Management Group at Snowden Lane Partners.

Before joining Snowden Lane, Torres worked for three years as a Senior Investment Advisor at Creand Wealth Management.

Prior to his position at Creand, Torres worked as an Investment Advisor at Banco Santander for five years. Throughout his career, Torres has also gained experience at financial institutions such as UBS, Citi, and Corredores Asociados, where he specialized in creating and rebalancing investment portfolios to meet the specific investment goals of each client.

“I am thrilled to join Snowden Lane. The firm has shown tremendous growth in recent years, and I look forward to playing my part in continuing that momentum. Above all, I know that the technology, flexibility, and additional resources that a high-end boutique like Snowden Lane can offer will allow me to continue providing tailored solutions to achieve my clients’ financial goals,” commented Torres.

“The Ureña group is looking to expand our team’s capabilities, and Torres’ experience in serving high-net-worth Latin American individuals makes him a natural fit,” added Ureña.

Torres holds an MBA from New York University and a bachelor’s degree in finance from Universidad Externado de Colombia.

BNP Paribas AM Appoints Pieter Oyens as Global Marketing Director and Guillaume Wehry as Co-Head of Global Product Strategy

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BNP Paribas AM has strengthened its Marketing and Global Strategy teams with the appointment of Pieter Oyens as Global Marketing Director (CMO) and Guillaume Wehry as Co-Head of Global Product Strategy.

According to the asset manager, since July, Pieter Oyens has been reporting hierarchically to Steven Billiet, Head of the Global Client Group. In his new role, he will lead the marketing organization to ensure greater coordination with the priorities of the product, investment, and sales teams on an international, regional, and national scale, in order to best meet client needs.

“Thanks to his extensive experience, Pieter has developed a deep understanding of BNP Paribas Asset Management’s product range and strategic opportunities. I am convinced that this knowledge will enable him to develop and execute the comprehensive marketing strategy we need to advance our business development. His experience in Asia will be particularly useful in reinforcing our objectives in this key region for the asset manager,” highlighted Steven Billiet, Head of the Global Client Group.

With over 20 years of experience in investment banking and the asset management industry, Pieter has held various regional and international executive positions in sales, product development, and derivatives. He previously served as Co-Head of Global Product Strategy at BNP Paribas AM and, before moving to Paris, was Head of the Investment Specialists team in Asia-Pacific, based in Hong Kong, where he was a member of the regional Executive Committee. In this regard, he has extensive experience in Asia, having spent 14 years in Hong Kong working for BNP Paribas Group and ABN AMRO Bank, among other entities. He holds a law degree from Leiden University in the Netherlands and is a CFA (Chartered Financial Analyst) charterholder.

On the other hand, Guillaume Wehry will lead the product strategy team alongside François Roux. As Co-Head of Global Product Strategy, Guillaume will report hierarchically to Pierre Moulin, Global Head of Product and Strategic Marketing. “I am confident that Guillaume will help BNP Paribas Asset Management in developing our product priorities, allowing us to execute our current and future strategic plans. He is well-equipped to manage, optimize, and develop our strategic and innovative product offerings in line with our strategic pillars in private assets, ETFs, and thematic investments, within the framework of the new interest rate environment. Additionally, he will assist us in achieving our ambitious sustainability goals, which are a key element of BNP Paribas Asset Management’s corporate philosophy,” added Pierre Moulin, Global Head of Product and Strategic Marketing.

Guillaume brings over 25 years of experience in the asset management industry, of which more than 10 years were spent in Asia. He has held various senior positions within BNP Paribas Group, SGAM, and Amundi in Europe and Asia. In 2018, he joined BNP Paribas Asset Management as Head of Marketing for Asia-Pacific in Hong Kong, where he drove commercial efforts in the region, particularly in the distribution segment. Guillaume holds a degree in Management from Université Paris IX Dauphine.