Emerging Markets Recovering Faster than Developed Markets

  |   For  |  0 Comentarios

Pixabay CC0 Public Domain

2022 was a year when global equity markets were quite correlated – unfortunately to the downside, but we expect that to change in 2023.  Our observations of what is happening on the ground give us confidence that Emerging Market economies can recover sooner than Developed Markets, and that equity valuations in EM could improve in 2023 and beyond.

One of the most important capital market drivers in 2022 has been inflation. A common stereotype is that inflation is a challenge for Emerging Markets but not for Developed Markets.  But EM policymakers have learned a lot from the financial crises of the 1980s and 1990s.  As a result, they have been pursuing very orthodox and disciplined monetary policy for the last 20 years, including last year when the world re-opened from COVID. This time around, EM central banks are ahead of the curve compared to Developed Markets.

Inflation across the major Emerging Markets has been less volatile and is only modestly elevated compared to historical trends. More importantly, because EM central banks have generally been aggressive at raising interest rates to contain inflation, several EM economies already have positive real rates, and others are not far away. We expect inflation is likely to peak and soften in Emerging Markets sooner than in Developed Markets.  This has historically been an attractive set-up for EM.

Another common concern about investing in EM is the risk of depreciating currencies, but many EM currencies have held up better to a rapidly appreciating dollar than their Developed Markets counterparts this year.

Several factors have contributed to this currency resilience.  First, Emerging Market countries navigated COVID with much less stimulus than the developed world, which has protected their sovereign balance sheets. Additionally, EM countries have become less reliant on trade with developed economies over the last decade, so they can continue to grow even while demand has softened in Europe and the US.

Valuations declined substantially in 2022 across both EM and DM. But something to keep in mind is that before the US and EU started to pursue zero-interest policies after the Global Financial Crisis, equity valuations around the world used to be close. Over the last decade, Emerging Markets maintained higher interest rates, which led to EM equities trading at a discount. Today, EM equity valuations look attractive relative to local interest rates, historical equity valuation levels, and when compared to Developed Markets – which now need to earn their cost of capital since the days of 0% rates are over.

Politics have also been center stage in Emerging Markets this year. Following China’s 20th Party Congress and President Xi Jinping’s election to an unprecedented third term, we have good visibility into who will be leading the country for the next five years and are starting to get more clarity around regulatory policy and economic goals. For example, China is trying to do the right thing to clean up its property market issues. The government is stimulating demand, by allowing second-home purchases in some markets and subsidizing mortgage rates, while doing its best to provide liquidity to developers that are struggling.

The biggest thing that will drive economic growth is people just getting out to work and playing again, post covid shutdown. I think expectations for China are relatively low valuations, not universally, but more in the H-share market. The offshore part of the Chinese equity market is still very attractive, even though we have seen a bounce off the bottom. Looking out for one or two years the multiples are still very attractive, especially relative to developed markets. We see China as a very interesting opportunity on a medium-term basis.

When we went into the Brazilian election, it was very tight, and the result was by no means a broad mandate for Lula’s left-leaning agenda. What we’ve seen since he’s taken office is a hard left pivot to try to push some more of his populist policies.

I think we had expected the Senate to be more of a check initially than it has been.  Longer term, given the right tilt in the Senate, we would expect them to bring the most aggressive parts of Lula’s agenda back into the middle. The opportunity and the reason why we think Brazil could be a great story this year is the fact that valuations are really at multi-decade lows. Even though Brazil was a decent market overall last year, that was primarily driven by the commodity companies and the banks, which benefited from high-interest rates. Meanwhile, the rest of the Brazilian index has really suffered, and valuations are quite compressed. Therefore, we see the medium-term outlook for Brazil as still quite strong.

The Middle East is really a relatively undiscovered area of emerging markets that we believe will become a driving influence over the next decade. I know a lot of people think about the region as just purely tied to oil and oil-related revenue with unsustainable government growth models, which were built on turning oil revenue into subsidies for consumption and government handouts.

 

However, the governments in the region recognize that is not sustainable. First of all, that oil revenue is not going to be around as long as they might hope. Secondly, they have a lot of people they need to employ, not purely through government handouts.

They are therefore working on new businesses that they can bring to the region. Tourism is a big focus. They are monetizing low-cost energy resources for other industries like wafer manufacturing, for example, both for solar, also for logic semiconductors. They are utilizing their low-cost energy resources to monetize them for higher-value production to create jobs and to bring people to the region to drive that economic growth.

If you look at it today, the Middle East has the energy and the economic resources to make this transition.  Europe has lost access to low-cost gas and is looking for other sources where it can relocate some of its manufacturing capacity. This would be a perfect option for the Middle East. We are starting to see that type of relationship develop. For all these reasons, we think that there’s a real sort of fertile investment landscape that’s starting to develop there.

While 2022 was a frustrating year for Emerging Markets equity investors, EM economies are well-positioned to reaccelerate in 2023 and beyond.

 

Opinion article by Charles Wilson and Josh Rubin, fund manageros of Thornburg Investment Management. 

U.S. Energy Sector Poised to Regain Dominance

  |   For  |  0 Comentarios

Captura de Pantalla 2022-04-26 a la(s) 10
Pixabay CC0 Public Domain. ..

Russia’s invasion of Ukraine has triggered plans by many oil and natural gas importing countries to curtail Russian imports and transition to what may be perceived as more reliable, less unsavory sources of supply, while accelerating their transitions to green energy – opening the door for the U.S. to re-emerge as the world’s dominant oil and gas provider, according to Preqin.

Reducing dependency on Russian energy will be onerous, particularly for Europe, which imports about 30% of its natural gas and 25% of its oil from Russia. So far, the U.S. and some EU countries have curtailed imports of Russian crude oil and if more countries follow suit, there will be strains in the global markets to adjust to accommodate a reconfiguration of the 5 million Bbl/d (barrels per day) of waterborne exports from Russia. Indeed, Russia’s oil tanker exports are being offered at a significant discount of roughly $30/Bbl to Brent, indicating that new buyers aren’t fully absorbing demand lost in the boycott.

Recent releases from the U.S. Strategic Petroleum Reserve (SPR) (30 million Bbl) and from international partners (30 million Bbl) provide minimal relief. Potential deals – if they could even be reached – with Iran (1 million to 1.5 million Bbl/d) and Venezuela (less than 1 million Bbl/d) would still not be enough to fill the void. If anything, the recently announced historic SPR release (1 million Bbl/d for six months) suggests that these deals are unlikely to be completed soon and emergency responses are needed to meet demand.

The war in Ukraine comes at a particularly vulnerable time of tight inventory and a low backlog of oil wells, with little room for disruption. According to the U.S. Energy Information Agency, prior to Russian sanctions, OPEC+ excess capacity stood at only 3%-3.5%, or roughly 3-3.5 Bbl/d, down from about 8% to 9% in 2002. However, from recent discussions with energy officials in the Middle East, true spare capacity could be even lower at just 2.5%.

We believe OPEC+ will likely stick to its current plan and not increase output further, despite higher oil prices. This is because if the cartel decided to bring more volumes online, the investment community might react to the prospect of little-to-no spare capacity by sending oil prices even higher. Moreover, Russia is joint chair of OPEC+, leaving it unclear whether it will be able to fulfill its share of the cartel’s production.

The U.S shale industry – which produces both crude oil and natural gas – is well-positioned to increase production in the lower 48 states, but it will take time. During the last few years, energy producers curbed spending on new wells, following two mini U.S. shale boom and bust cycles, the latest causing roughly $55 billion of defaults. Responding to shareholder demands for strong investment returns, producers pivoted from a focus on production growth (“drill baby drill”) to one of capital discipline – maintaining modest leverage metrics and consistent cash returns on volume growth of just 0% to 5%.

As a result, exploration and production (E&P) operators face shortages in oil rigs (utilization is approaching 90%), frac fleets (which are completely sold out), and labor. E&P executives have indicated they could deploy more capital and maintain high profitability levels – thanks to improvements in drilling and completion technology – but estimate it will take them up to 12 months to increase current production volumes. In our view, the U.S. Shale “3.0 model” (e.g., spending within cash flow) of reliable production volumes and consistent cash returns could make U.S. energy attractive to countries overseas over the medium- to long-term.

Along with growth in U.S. shale production, Preqin expect recent geopolitical events and consequent rise in oil and gas prices to accelerate investments in green energy. As green energy becomes a larger component of the overall global supply, traditional U.S. oil and gas will likely remain a dependable baseload power source in the overall market.

Sculptor Jo Endoro to Present His Art at AM House Art Gallery in Miami

  |   For  |  0 Comentarios

golden_mask
The Golden Mask - Jo Endoro. ..

After his ateliers in Pietrasanta (Italy) and Casa de Campo (Dominican Republic), sculptor Jo Endoro is ready to land in the USA. The inauguration of AM House art gallery (257 Giralda Ave, Coral Gables) is scheduled for April 30th, 2022.

For the Italian artist, who has been active in Europe, South America, and the USA, this is an important recognition, since his works will now be exhibited together with those of the caliber of Pablo Picasso, Salvador Dalí and Fernando Botero.

Jo Endoro was born as a sculptor, inspired by Canova’s neoclassical forms, reinterpreted using innovative techniques.

His works in marble and bronze are the offspring of a timeless gaze, capable of going beyond the noise of an exhausted present due to the persistence of appearing. “Being is timeless and Jo Endoro chases it” was written about the artist by Italian writer Francesco Mazza.

“I have always had an attraction for forms, for architectural forms, for everything that has a particular shape, starting with Greece, continuing with ancient Rome, and following with the Classicism of the 1700s. My whole vision derives from sculpture, which in my opinion is the greatest form of art because marble does not forgive any mistakes, it requires constant work with the material and absolute rigor in the realization. This concept can then be transferred to other disciplines” said Jo Endoro.

About the artist

Born as a sculptor, Jo Endoro has always been inspired by the neoclassical forms, that he reinterprets by using modern and cutting-edge techniques, using mainly in marble and bronze. Over the years spent in the Dominican Republic, he also devoted himself to painting, depicting the last famous classical and neoclassical sculptures of European art on recycled wood panels from the heart of the rainforest, through the use of mixed techniques.

Snowden Lane Partners Adds $350 Million Advisor Team

  |   For  |  0 Comentarios

. Pexels

Snowden Lane Partners announced that Andrew Randak has joined the firm as Senior Partner and Managing Director, alongside his colleagues, Nicole Boutmy de Katzmann and Kristian Sedeño, both of whom joined as Managing Director and Partner.

Together, they form The Mile Creek Global Group, based in Snowden Lane’s New York, Coral Gables and New Haven offices and overseeing $350 million in client assets.

Randak is a CFA and boasts nearly 30 years of industry experience. He provides sophisticated and unbiased advice to successful businesspeople, their families and their companies. Like Boutmy de Katzmann and Sedeño, he specializes in helping clients throughout Europe, North and South America manage wealth and tackle complex, cross-border issues.

Similarly, Boutmy de Katzmann advises families in Europe, Latin America and the United States, with expertise in multigenerational wealth planning, investments, philanthropy and gifting. Sedeño is a CPA and has also provided wealth management and private banking services to domestic and international families for over a decade.

“We were excited when Andrew, Nicole and Kristian expressed interest in joining the firm and are pleased to officially welcome them to the team,” said Greg Franks, Snowden Lane’s Managing Partner, President & COO.

“We have the utmost respect for Fieldpoint Private, as they have done outstanding work in our industry. We are fortunate to have The Mile Creek Global Group come on board and I’m looking forward to witnessing the big impact they will undoubtedly have at Snowden Lane,” he adds.

Prior to Snowden Lane, Randak and Boutmy de Katzmann each served as Managing Directors and Senior Advisors at Fieldpoint Private, while Sedeño worked as Vice President and Associate Advisor.

Randak began his career in private banking at The Chase Manhattan Bank. He spent two of his six years in Chase’s Santiago, Chile offices, where he managed the firm’s private client lending platform. In 2000, he joined Brown Brothers Harriman & Co. where he was responsible for wealth management and trust clients in South America. He moved to Fieldpoint Private in 2015 with a mandate to grow the firm’s wealth advisory and private banking business outside the United States.

Sedeño is a Certified Public Accountant and worked at PricewaterhouseCoopers (PwC) from 2009 to 2011. Following that, he joined Brown Brothers Harriman as an Associate, working with ultra-high net worth families in South America. Together with Randak, he joined Fieldpoint Private in 2015 to help build the firm’s global presence.

Boutmy de Katzmann’s career in global banking started at Republic National Bank of New York. With Republic, she served as an international private banker in Montevideo, Milan, London and New York. A few years after HSBC acquired Republic in 2000, Republic’s former senior executive team invited her to join them in forming a new firm, NuVerse Advisors, where she remained for over a decade. After NuVerse, she was a Senior Director in Oppenheimer & Company’s Private Client division for over three years.

Snowden Lane has 122 total employees, 69 of whom are financial advisors, across 12 offices around the country: Pasadena and San Diego, CA; New Haven, CT; Coral Gables, FL; Chicago, IL; Pittsburgh, PA; Baltimore, Salisbury and Bethesda, MD; San Antonio, TX; Buffalo, NY, as well as its New York City headquarters.

Thoma Bravo Makes Push Into Latin America

  |   For  |  0 Comentarios

Screenshot 2022-04-25 134622
Orlando Bravo, courtesy photo. , foto cedida

Thoma Bravo, a successful private equity firm focused on the software and technology-enabled services sectors with over $100B of AUM, is making its first foray into Latin America in the firm’s history. Orlando Bravo, founder and Managing Partner at Thoma Bravo, will be visiting Mexico City on April 28th and 29th to meet with local investors and share his vision on the software industry and its future.

Orlando Bravo told Funds Society: “Growing up in Puerto Rico, Latin America is near and dear to my heart. It’s a vibrant, dynamic market with an ever-expanding technology scene. We have been fortunate to have the confidence of several institutional and private investors in the region and are impressed by their investment programs. As the region grows, we are looking to create enduring partnerships with leading local investors which will allow us to further immerse ourselves into the region’s software and technology ecosystem. First on the list is Mexico City”.

Thoma Bravo has a more than 20-year track record of partnering with existing management teams of market leading, positive cash flowing and high margin software businesses. Leveraging the firm’s deep sector expertise and proven strategic and operational capabilities, Thoma Bravo helps to accelerate the company’s growth and innovation. The firm has acquired more than 375 software companies across a range of industries, including healthcare IT, security, financial technology, infrastructure and applications.

“The acceleration in digital transformation across all industries has underscored how essential software is for commerce and business continuity as well as its continued resilience,” said Jennifer James, Managing Director, Head of Investor Relations and Marketing at Thoma Bravo. “With our proven operational expertise, we see a tremendous opportunity to invest in profitable software companies with high revenue retention.”

Thoma Bravo is entering Latin America in partnership with Alpine Capital Advisors, a leading fundraising and advisory firm across the Americas with offices in New York, Santiago, Mexico City and Sao Paulo.

Venture Capital AUMs at Record High of $2 trillions

  |   For  |  0 Comentarios

Captura de Pantalla 2022-04-21 a la(s) 08
. Pexels

Venture Capital assets under management (AUM) have experienced double digit annual growth in the 20-30% range over the past four years and now stand at a record high of $2trillions, according Q1 2022 Venture Capital Report by Preqin.

As the venture capital market matures, 14% of institutional investors are planning to commit $600 millions or more over the next 12 months, up from 10% during the same period last year and the only category that recorded more than 1% year-on-year growth, the report said.

Confidence remains highest in the North American and European markets. There has been a noticeable uptick in the proportion of investors targeting these regions, increasing from 53% to 59%, and 52% to 60%, respectively.

Investor interest shifts and dry powder grows

Experts highlight that amid market uncertainties and elevated asset valuations, investor interest has shifted to seed, startup and early-stage focused funds in search of opportunities, with nearly half (48%) of investors aiming to place capital in the early-stage strategy in the next 12 months, up from 40% in Q1 2021.

Venture capital dry powder has grown by $43.1 billions during the first quarter of 2022 to $478.5 billions. Early-stage funds’ dry powder increased by 24% during the first quarter of 2022. Now, early-stage funds make up around a third, or $168.6 billions, of total Venture Capital dry powder, making this the most significant specialized strategy in the risk world. Expansion/late-stage funds’ dry powder level, however, fell by 6% between Q1 2022 and FY 2021.

Kebelyn Lee, Associate Vice President, Research Insights at Preqin, says: “In spite of the sell-off in some of the more speculative technology stocks in the public equity market so far this year, there does not appear to be any immediate impact on venture capital activity. Fundraising came in slightly lower year on year but is still at a strong level given a strong base of comparison from 2021. Deal volume in APAC has been notably strong compared to North America and Europe in the last few quarters.” 

Larger funds pull ahead  

Venture Capital fundraising continued at a strong pace in Q1 2022. $54billions was raised by global Venture Capital funds in the quarter, an 11.1% rise on Q4 2021, but an 8.8% decline on the same period last year. The year-on-year decline is not a bad result given the strength of activity in late 2020 and going into 2021.

Despite a strong fundraising record, VC investors’ concerns over asset valuations, competition for assets, and the Russia-Ukraine conflict remain relevant.

In Q1 2022, just 202 funds were raised—the lowest number of funds raised since 2017—implying that investors are putting their trust and capital in larger and more experienced VC managers.   

Given the global average venture capital fund size in Q1 2022 jumped from $126.9 millions to $267.3 millions quarter-on-quarter, investors are clearly demonstrating a preference in larger funds. 

This trend is especially obvious in North America and Europe, which saw a 190% and 48% increase in average fund size during Q1 2022. Globally, there has also been a drop in planned commitment below $50 millions.

Morgan Stanley Investment Management Expands Latin America and US Offshore Sales Team in Mexico

  |   For  |  0 Comentarios

Captura de Pantalla 2022-04-19 a la(s) 15
. Pexels

Denise Casellas and Jennifer Romero have joined Morgan Stanley Investment Management as part of the Latin America and US Offshore Sales team.

They will be reporting into Carlos Andrade, Head of MSIM’s Latin America and US Offshore Sales.

Denise and Jennifer will be responsible for relationship management in Mexico and other markets, they will focus on institutional and intermediary channels. 

Prior to joining the firm, Denise Casellas was a Business Development Executive for Vanguard in Latin America, servicing various clients including intermediary and institutional investors in Mexico and Brazil.

Previously, she was a Product Specialist at SURA Asset Management. Before SURA, she was at Santander Asset Management, serving as the link between Asset Management and the Private Bank. Denise has 14 years of industry experience.

Jennifer Romero was part of the Senior Equity Sales team at BBVA Mexico prior to joining MSIM. She was responsible for coverage of Pension Funds and other institutional clients.

Previously, she was an Equity Analyst for Qualitas Insurance Company. Jennifer has 6 years of industry experience.

abrdn Launches Twin Precious Metals Bdrs in Brazil

  |   For  |  0 Comentarios

Screenshot 2022-04-19 112948
Courtesy photo of ring the bell ceremony on April 19th, 2022. , foto cedida

On April 19th, 2022, abrdn, the leading global asset manager, announced the launch of two Brazilian Depository Receipts (BDRs) referencing existing North American exchange traded funds (ETFs) focused on precious metals.

The new BDR funds, initially offered to qualified investors and listed on B3, the Brazilian stock exchange located in Sao Paulo, will provide exposure to physical gold and silver, respectively.

The available BDRs will offer Brazilians easily accessible, liquid and cost-efficient exposure to both precious metals at a time when many investors are seeking to bulwark their portfolios with increased diversification and protection. Benefiting from investment, risk and operational knowledge drawn from abrdn’s existing stable of metals funds, the new instruments join a growing array of BDRs now listed on B3, numbering more than 100 overall.

“These new BDRs will immediately enhance the landscape of publicly-listed funds for investors, who have grown in number and sophistication but remain limited in their pathways to exposure to gold and silver,” said Menno de Vreeze, Head of Business Development, International Wealth Management at abrdn.  “Today’s macroeconomic conditions demonstrate the imperative for fast, trusted access to these metals perhaps more than ever before, and we are extremely excited to bring these tools to a Brazilian market that is dynamic yet still broadly untapped. We were proud to work with B3 and our local partners on this timely and long-awaited launch, and will continue our work together to offer further exposure of this kind in Brazil in the future.”

“This is a big step in the Brazilian market, bringing an opportunity from of our shelf of passive vehicles in partnership with B3 via their BDR-of-ETF program to provide easy access to two of our flagship metals products. We believe this will also provide excellent foundation for future to provide exposure to our separate commodities suite, as well,” added Daniel Xavier, abrdn Business Development in Sao Paulo.

“B3 continues to support market participants to bring crucial and innovative BDRs to Latin America’s largest market, with providers today including abrdn and many of the world’s largest asset managers,” said Rogerio Santana, Director of Client Relations at B3. “Today’s new BDR offerings provide more confirmation of the Brazil’s market potential and steady maturity, meeting our investors’ requirement for local funds to  help them properly diversify their portfolios and navigate volatility. We are excited to support these new BDRs going forward and congratulate abrdn on their first launch on our platform.”

Robeco appoints María Elena Isaza as Sales Director for US Offshore and Latam business

  |   For  |  0 Comentarios

Captura de Pantalla 2022-04-13 a la(s) 19
Foto cedidaMaría Elena Isaza. ,,

Robeco appoints María Elena Isaza as Sales Director for US Offshore & Latam business, effective 18 April.

Isaza will co-lead Robeco’s Miami sales team together with Julieta Henke (Sales Director), and share responsibility for South Florida covering all channels in the biggest US Offshore hub.

Isaza and Henke previously spent a decade together at Merrill Lynch and now reunite as business partners at Robeco. Together with Jason Shidler (Sales Director) they report to Ana Claver, CFA, Managing Director, Head of Robeco Iberia & US Offshore & Latam. This addition to the team follows the recent senior appointment of Ignacio Alcantara as Head of Business Management.

María Elena Isaza started her career at Merrill Lynch where she held multiple roles, including loan officer, assistant sales manager to the Miami international office, and product specialist. She then joined Goldman Sachs Asset Management, where she led the efforts for third-party distribution of offshore mutual funds. She then when on to Schroders where she spent 9 years and was responsible for Southeast and Caribbean.

Ana Claver, CFA, Managing Director, Head of Robeco Iberia & US Offshore & Latam: “We’re delighted that María Elena is joining our team and takes on this strategic sales position together with Julieta Henke. I’m confident that her extensive sales experience in the region is a great asset that our entire sales team will benefit from. Our recent appointments of new talent reflect Robeco’s long-term commitment to the US Offshore & Latam business.”

María Elena Isaza, Director of Sales for US Offshore & Latam: “I’m very proud to be taking on this new sales position and I’m excited to be working again with Julieta Henke and with the entire sales team at Robeco US Offshore & Latam. I look forward to exceeding clients’ expectations and to continue to add value for them.”

Robeco is a pure-play international asset manager founded in 1929 with headquarters in Rotterdam, the Netherlands, and 16 offices worldwide. A global leader in sustainable investing since 1995, its integration of sustainable as well as fundamental and quantitative research enables the company to offer institutional and private investors an extensive selection of active investment strategies, for a broad range of asset classes. As at 31 December 2021, Robeco had EUR 201 billion in assets under management, of which EUR 195 billion is committed to ESG integration.

Sanctuary Wealth Expands Global Reach into Brazil

  |   For  |  0 Comentarios

Screenshot 2022-04-18 135026
AZ Apice, foto cedida. Foto:

Sanctuary Wealth continues its rapid global expansion with the addition of independent advisor AZ Apice Capital Management to its network of partner firms on the Sanctuary Global platform. Headquartered in Sanctuary’s Miami office, the four-person team is led by Managing Partners Walter Alves and Bruno Gorgatti and advises on more than $400 million in client assets under management, primarily for clients domiciled in Brazil. The team was formerly affiliated with Insigneo.

“Sanctuary is enjoying phenomenal growth on all fronts, in number of partner firms and assets under management, both domestically and internationally,” said Jim Dickson, CEO and Founder of Sanctuary Wealth. “AZ Apice was already successful as an independent firm before joining Sanctuary, which shows that Sanctuary Global is filing a need in the marketplace and providing resources and services that haven’t otherwise been available to these firms.”

Bruno Gorgatti and Walter Alves both earned MBAs from Thunderbird School of Global Management at Arizona State University and have been business partners focusing on the Brazilian market for more than 20 years. They are fluent in English, Portuguese, and Spanish. They first joined forces at Lehman Brothers and then worked as a team within Morgan Stanley’s Private Wealth Management Division, where they were Executive Directors, before declaring their independence and launching AZ Apice in 2016.

“We have been following Sanctuary’s success for the past few years and were thrilled when they extended their offering to internationally focused teams. The choices for supported independence for international advisors had been extremely limited prior to Sanctuary,” said Walter Alves, Managing Partner, AZ Apice.  “After conducting thorough due diligence, we knew that we wanted to be part of the Sanctuary network.  Sanctuary provides a wide range of solutions for our clients, efficiencies that will enhance our business, and a culture of excellence.”

Joining Bruno Gorgatti and Walter Alves at AZ Apice will be Daniella Martins, Sales Supervisor, Compliance Associate, and an AZ Apice team member since 2020, and Pietra Coquieri, Sales Associate, who joined the team in 2022.

“Sanctuary Global is proud to welcome Walter, Bruno, and AZ Apice as our latest partners in our growing Miami office. They are outstanding advisors with a strong international clientele, and we look forward to helping grow both their client base and the assets they manage,” said Robert Walter, President of Sanctuary Wealth.