Insigneo, has appointed a new Head of Investment Products, Mirko Joldzic, who joined the firm today, based in the firm’s Miami Headquarter reporting to Javier Rivero, Insigneo’s president and COO.
Mr. Joldzic will be responsible for leading the investment product team and setting the strategic direction of the Asset Management product range, including the development of new products, banking/lending opportunities and collaborating across the organization to identify opportunities and enhancements that will competitively differentiate Insigneo’s product offering.
He also will be supporting the development of new business opportunities and contributing to Insigneo’s recent expansion in Latin America and throughout the United States, according the company’s statement.
Rivero said: “I am happy to welcome Mirko to the Insigneo leadership team as we continue to build our product offering to provide Investment Professionals with a robust platform that is unparalleled in the market.”
Mr. Joldzic has an extensive background in financial services, most recently at Raymond James. He was also part of key teams at world renowned organizations such as UBS, Barclays Wealth and Investment Management, J.P. Morgan and Bank of America. He has a BA of Science Finance from Montclair State University and additionally holds the series 7 and 66 licenses.
“I am excited to join Insigneo and take on this new challenge in my career. I have been following Insigneo in the marketplace and its growth trajectory. I look forward to contributing to the long-term growth plans of the firm. I am also thrilled to join a firm, and a leadership team, whose focus is to offer innovative product solutions and exemplary service to our network of Investment Professionals and help them realize their goals.” said Joldzic.
Wells Fargo announced today $1 million in donations across three nonprofits to enable humanitarian aid for Ukraine and Ukrainian refugees, as well as support services for U.S. service members and their families across the globe.
The funding was distributed among the American Red Cross, World Central Kitchen and the USO.
American Red Cross, in coordination with the global Red Cross network including the International Federation of Red Cross and Red Crescent Societies (IFRC), International Committee of the Red Cross (ICRC) – A global first responder, the Red Cross is distributing food, water, first aid supplies, medical supplies, clothing and other urgent support as well as providing temporary shelter to people affected by the crisis.
World Central Kitchen provides meals in times of crisis. Their team is currently serving tens of thousands of meals to Ukrainian families fleeing their homes as well as those who remain in country.
The USO is rapidly responding with support for American service members in Eastern Europe with call centers, hygiene and meal kits, care packages, and other essentials. It also offers resources that provide care and comfort to U.S. service member families during this stressful time.
In addition, the company is making it easier for its employees to support these organizations through its internal employee giving system. Wells Fargo is also amplifying employee generosity to these organizations through its Community Care Grants program, allowing donations of up to $1,000 to qualify for additional grant dollars to further extend impact.
“In times like this, it’s important we come together to support those most impacted,” said Wells Fargo CEO Charlie Scharf.
Scharf adds: “We appreciate the nonprofits on the ground and hope our grants will enable them to accelerate getting humanitarian aid to those who require it most. At the same time, we want to support our nation’s military, which is often called upon in times of need, and we will continue to provide essential services for service members and their families.”
Both Mariscal Lozano and Bestard arrive from UBS’s Coral Gables office.
As for Bestard, who has more than 25 years in the Miami industry, he has worked at UBS since 2013 when he arrived from Morgan Stanley where he served from 2007 to 2013, according to his BrokerCheck records.
The advisor started in 1997 at Lehman Brothers where he worked for 10 years until 2007.
Mariscal Lozano started in 1999 at Lehman Brothers and moved to Morgan Stanley in 2007 where he worked until 2013 when he moved to UBS. Always based in Miami, according to his Finra profile.
Finally, Rivera, also with Miami experience, started at Morgan Stanley between 2008 and 2015. He then moved in 2015 to Jefferies until late last year, according to BrokerCheck.
Foto cedidaParesh Upadhyaya, Director of Fixed Income and Currency Strategy at Amundi AM.. Paresh Upadhyaya (Amundi): "Mi apuesta es que la Fed seguirá subiendo los tipos hasta septiembre"
Paresh Upadhyaya is Fixed Income and Currency Strategy director and a portfolio manager at Amundi Asset Management. He also leads Amundi Pioneer’s currency research effort from Boston and advises the firm’s global fixed income and equity investment staff on currency-related issues. With a degree in economics and international relations from Boston University and an MBA in finance from Boston College, he has held multiple senior positions at other asset managers and is an authority on fixed income and equity investing, sovereign debt, currencies and monetary policy. On 8 March, Funds Society had the opportunity to interview Mr Upadhyaya to discuss the economic impact of the war in Ukraine, especially the influence of this crisis on inflation, global monetary policies, fixed income and currency investment, as well as the company´s strategy for the current environment.
Fernando Moldenhauer, for Funds Society: Mr Upadhyaya, inevitably the first question has to be about the impact that the current situation in Ukraine is prompting on global economy. As you know we already came from an increasing inflation situation that has been now exacerbated by hikes on energy and commodities prices. We also have the sanctions issue, so the question is: how this situation is going to impact on global economy and on global stock markets? Can it pose a threat to the post-COVID recovery?
Paresh Upadhyaya: Great question. I think what we’re seeing is a geopolitical shock to the global economy. Global economy growth expectations, estimated at 4%, have been cut by at least half a percent or more. The surge in commodity prices is going to hurt, particularly countries that are big importers of commodities, especially oil importers. The other transmission mechanism for slowing global growth is through tightening financial conditions. Financial conditions have been excessively accommodative throughout the world, but those conditions are now beginning to tighten. Global monetary policy began to tighten up last year, but this year is going to start to gain more momentum with the US and the G10 economies entering the tightening cycle, joining much of the emerging markets that began their tightening cycle last year. So the combination of all those factors is going to lead to a weaker growth. I think we are still growing above the trend, but the risks are clearly to the downside and the greater the potential escalation in the Russian-Ukraine conflict, the greater the uncertainty.
FM: Given the current situation. Do you think the FED and other central banks will postpone their tightening policies in an attempt to soften the crisis?
PU:The issue that I think all central banks are facing and this is especially true for the Fed and the ECB, is that inflation has overshot their forecasts by multiples, not just a little, but by a lot. And there are a number of factors that go beyond just very strong domestic growth. The supply chains have aggravated the inflation situation, the demand for goods caused by the pandemic that have really driven up goods prices and energy. In the US we have the tightest labor market in decades while in Europe the unemployment rate is actually below the pre pandemic levels and we could see wages really began to pick up beginning September onwards.
Headline inflation is over 7% and will keep increasing, only starting to rolling over in late Q2 or early Q3. In the US, the risk of a wage inflation spiral is a fact. All of that suggests that even if the Fed wants to be a bit cautious given the external events with Russia, the domestic inflation situation, which is really a global issue, will prevent them from going slowly or more cautiously on rate hikes. So I think at the March meeting the Fed will hike by 25 basis points, and if I was to hazard a guess, my bias is still that the Fed will continue to hike at every meeting and maybe in September they will began to reevaluate if they continue the hiking at every meeting or not.
FM: We have recently seen the first movements of an approach between US and Venezuela government to study the possibility of increasing the Venezuelan oil imports to counter an eventual ban on Russian imports. Would that be an effective measure to avoid the negative effects of the prices hike?
PU: Venezuela is one that is believed to have one of the largest, if not the largest, untapped reserves of oil in the world. But Venezuela is only one of the countries where we can see sort of an increase in output. The other big 800 pound gorilla in the room is Iran, and there was some optimism among some that this may actually increase the odds of an Iranian nuclear deal, which would allow for a huge increase in supply to come into the markets. There are also rumors of President Biden flying out to Saudi Arabia to meet with Mohammed Bin Salman to try to see if Saudi Arabians can boost their output. All of that will not be enough to offset Russia, which is one of the top five largest exporting markets, but it would certainly help alleviate the situation.
FM: Let´s focus now on Amundi Asset Management´s experience with Rusia. Do you still have exposure to the country or you had already left it before the crisis? Did the sanctions impacted you?
PU: Fortunately we were not positioned in Russia. We have been investing in Russia over the last 10 years, but it has always been more tactical than strategic. We actually got out of those bonds on the local currency bonds about a year ago for fear of potential sanctions bills by the US Senate. We weren’t sure when the US would turn on and pass those bills, but one thing that has been sort of a constant trend when analyzing the Russian credit is the threat of sanctions that has been hanging over the country´s head since the invasion of Crimea.
FM: Let’s now open the door for a more in-depth analysis of fixed income markets. How do you think all this situation is impacting this particular sector?
PU: There is this tug of war that’s taking place between geopolitics that is giving a clear flight to quality safe haven status to sovereign bonds, like US treasuries. The precarious inflation situation is very destabilizing as a macro force, and it´s putting upward pressure on yields. Therefore, you will notice that the price action in US Treasuries and in global yields in general, has been very choppy, with sharp spikes up and down.
I think the general bias is that once we get a better handle of the situation or the markets have fully priced in the most likely outcome of the Russian-Ukrainian event, yields will continue to move higher, and therefore we favor being underweight duration in a lot of our core strategies. I would say that we’re still not there yet because I still think there could be a potential series of escalations that could lead to further rallies in Treasuriess or further flight to quality to Treasuries.
FM: As the company´s director of Fixed Income, what can you tell us about Amundi´s approach and latest products on fixed income. Is there any innovation or fund in particular you would like to present to the audience?
PU:So I would say there is a flagship fund, which is this strategic income fund, which is the one that I directly help to manage. And there, as I described earlier, our core strategic holding is to remain underweight duration, to be cautious on spread product, especially at investment grade, where we remain underweight because we think from a valuation perspective it´s hard for us to see yields fall any further. Once the Fed begins its tightening cycle, we think investment grade spreads will widen. On the other hand, we are overweight in high yield spreads, because we are cautiously optimistic that high yield can avoid some other churn that could take place.
FM: What about emerging markets? Given the current situation, is it a good idea to invest on them? What´s the Amundi vision on fixed income and currency investment in emerging markets right now?
PU: I would say that for emerging markets I think we’re going to be cautious for the moment, but emerging market equities and emerging market fixed income securities are already among the worst performing, if not the worst performing asset class in markets. So there is a good deal of pessimism that I would say is already reflected in emerging markets securities. Not to say it can’t get worse, there’s always a risk it could get worse, but I think we’re getting to the point that I think is going to begin to attract bottom fishing in various asset classes. I think what we need some more clarity on the Russian-Ukrainian war. Does this remain localized or is it starting to expand beyond the current war zone? That I think will really answer the question whether this is the time to start buying emerging markets across the board or if it´s time to start buying EM currencies against the dollar and selling the dollar against G10 currencies.
FM: OK, good. So I guess for your answer that you are cautious about the evolution of the euro and the dollar, you think they are going to be resilient. So can you talk a little bit about the new strategies, new approaches that Amundi is presenting regarding currency investment, or your current favorite products or vehicles of currency investment?
PU: On the currency side, you know the dollar has been on a bull market that I think will receive renewed momentum during the Russian-Ukrainian war as a dollar bill benefited from flight to quality. But I I think that the market is now beginning to price in a pretty healthy tightening cycle by the Fed, though I think we still have more to go to take us back to neutral and then even to restrictive territory. So there is still a little more upside to go in the dollar, but I think we’re getting close to where we may be seeing a consolidation in the dollar bull market and I would be looking for opportunities to begin to fade.
Foto cedidaEvento Global Markets Outlook de StoneX
Copyright: Stonex. ..
StoneX held its Global Markets Outlook at the Hyatt Regency in Orlando on March 3rd, where they presented the most important topics to watch out for this year.
In a context of inescapable war, the most important topics were based on inflation, ESG investment, commodity prices and the explosion of the crypto world.
The event was attended by almost 500 people from the following countries: Argentina, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, France, Great Britain, Mexico, Panama, Paraguay, Peru, Spain, United States, Dominican Republic and Uruguay.
Inflation call to Switzerland and the emerging markets
Inflation is the talk of the industry, and the StoneX event was no exception.
In this regard, Vincent Deluard reviewed the macro view and came to several conclusions. The first, and the one that has been heard the most in recent days, is that it is very difficult for inflation to moderate in the first boreal.
Moreover, Deluard explained that bank credit, labor shortages and wealth shock will drive inflation in 2022.
On the other hand, a devaluation of Asian currencies, especially China, is to be expected and he also concluded that monopolies and the rise of the Gig Economy will create a direct dependence between prices and wages.
Finally, the expert stressed that a portfolio of Swiss and emerging assets should be the new 60/40 portfolio.
Commodity prices and South America
One cannot talk about commodities without taking China into account. In this regard, Blu Putnam, Chief Economist of CME Group, commented that the Asian giant generated a super revolution in the price of commodities, but warned that it is not the same economy of a few decades ago.
On the other hand, Putman talked about South American farmers. The expert said that normally when we see high prices “we think that farmers will have good yields”.
However, the CME Group executive warned that producers will have many high costs, such as fertilizers.
“Farmers will have to think very, very carefully, because although they will sell at higher prices, they will have much higher costs,” he said.
Finally, he made a point about the weather and the La Niña phenomenon in Argentina that could bring problems with drought to producers in that South American country.
In relation to the criteria for ESG investment, Vincent Deluard, Director of Global Macro Strategy at StoneX and economist Andrew Busch, former CMIO and former US government official, discussed the pros and cons of this type of investment and its performance in portfolios.
Among several of the arguments made in favor of ESG, the importance of following company ratings was highlighted. On the other hand, it was noted that if demand continues to grow, production will have to respond to that demand, making it more difficult to maintain parameters.
In our view, dividends are one of the most powerful engines of shares markets and this statement reflects the convictions I have forged since 2008.
Since then, I have devoted my career to this issue of dividends to fully capitalise on it. And my convictions have stood the test of fifteen years of practice marked by many challenges and two crises in the financial markets: the 2008 financial crisis and the 2020–2021 pandemic.
In the face of inflation returning, this strategy could reveal its good results and protective qualities.
I am often asked, rightly, why it is relevant to focus on firms that pay dividends – because dividends do not increase shareholders’ assets, contrary to a preconceived idea.All else being equal, the price of a share should decrease in proportion to the coupon paid when it is clipped.
The main reason for this is that firms struggle to reinvest all their profits optimally and it is also hard for them to identify the right projects without ever making mistakes.
Over time, our opinion is that they become less disciplined. They make mistakes and become exposed to projects that do not pay well or even cause loss. This ends up putting their shareholders at a disadvantage. However, in my opinion, firms that aim to pay dividends, usually keep a tighter rein on their spending and they try to choose projects more wisely.
Still, we prefer growth dividends to high dividends. High dividends can betray the woes of a struggling firm – one too bogged down in debt or going through a critical change.
The average rate of dividends in our strategy is in a reasonable range of 3% to 4%. But we aim for a potential annual growth of 5% to 10%*.
I have always managed this strategy in a context of stability or falling consumer price indexes. But this strategy now seems to prove its worth with the return of inflation. I believe that only growth dividends have the potential to offer real positive yields. High dividends are tempting at first glance, but in my view, they are unable to grow so they do not protect against inflation.
To ensure your assets do not decrease in value, in my view you have to invest in good stocks, of course, but also in firms whose dividend growth rate is the same as, or exceeds, the rate of inflation.
Our approach should continue bearing fruit in coming years – provided the right stocks are chosen. That is the challenge we rise to.
To meet this challenge, a good starting point is to look in the rear-view mirror to identify boards that take dividend growth seriously.
Yet this policy has to be pursued going forward in the firms concerned. And we operate with this in mind, focusing on the firms we feel more promising in the next ten years.
The US represents the biggest share of our investment universe, even though Wall Street is more associated with major growth stocks. Hundreds of US shares are eligible for dividend investing. A considerable pool is also available in Western Europe, Australia and Canada. And prospects are brightening up in Japan after some tough years.
We find firms that best meet our criteria in the most defensive sectors, especially in everyday consumer goods and health.
For more cyclical sectors, it is a bit harder to select stocks but we could find interesting pockets for instance in technology transportation or semiconductors..
Opinion tribune by Stuart Rhodes, fund manager at M&G Investments
Foto cedidaJosé Castellano dará el relevo a Jamie Hammond como responsable de Distribución Internacional de iM Global Partner.. José Castellano abandona su puesto como Deputy CEO y responsable de Distribución Internacional de iM Global Partner
José Castellano, until now Deputy CEO and Head of International Distribution at iM Global Partner, is leaving the firm. As of April 4th, 2022, he will remain as Senior Advisor of the firm.
According to iM Global Partner’s statements to Funds Society, his mission will be to assist the firm in its future developments. Jamie Hammond will take over from Castellano as head of International Distribution.
“Jose has decided to distance himself from the intense daily management required by his role as ‘Deputy CEO, Head of International distribution’. From April 4th, 2022, he will become Senior Advisor of iM Global Partner with the main mission of helping the company in its future developments,” the company explains.
From the firm, they add: “We would like to strongly thank Jose for his very significant contribution within iM Global Partner in building its international distribution network. We are also happy that he has agreed to remain active on behalf of iM Global Partner.”.
Castellano said: “Obviously I also thank Philippe Couvrecelle for envisioning and leading very passionately and successfully this amazing company.”
Jamie Hammond will take over from Castellano as head of International Distribution. Hammond is a veteran and one of the best-known distribution executives in the business, with a great track record and experience, and who fully shares iM Global Partner’s vision and values. He currently heads the firm’s EMEA Distribution area and is Deputy CEO.
Extensive experience
Castellano joined the firm in March 2021 to support iM Global Partner’s development outside the United States. At that time, he joined directly for the dual role of Deputy CEO and Head of International Business Development. He has extensive experience in the sector, having spent 25 years in the distribution business in this industry.
Within his professional career, it is worth highlighting his time at Pioneer Investments, where he spent 17 years and was one of the main distribution executives for the Asia Pacific, Latin America, United States and Iberia regions. Under his leadership, these regions experienced the highest growth worldwide, making the fund manager one of the most important players in each of these markets. Prior to joining Pioneer Investments in January 2001, he was head of Morgan Stanley’s private equity group for two years and head of Wealth Management for another seven years at Morgan Stanley. José Castellano holds a degree in finance from Saint Louis University and several postgraduate degrees from Nebrija University and IE.
Hammond has more than thirty years of experience in the sector. Prior to joining iM Global Partner last summer, Hammond worked at AllianceBernstein Limited (UK) as Managing Director and Head of the EMEA Client Group. He joined AB in January 2016 as head of EMEA Sales, Marketing and Customer Service Functions. Prior to that, he spent 15 years at Franklin Templeton Investments, where his last positions were CEO of UK regulated entities and Managing Director for Europe. He joined Franklin Templeton in 2001 following the acquisition of Fiduciary Trust Company International, where he was Sales Director responsible for mutual fund development in Europe. Prior to that, Hammond held the position of Head of National Sales at Hill Samuel Asset Management, the asset management division of Lloyds TSB Group.
Rafael Guimarães Lopo Lima took over as the new regional director of the Brazil section of Santander Private Banking International’s subsidiary.
Guimarães moved to Miami in January from São Paulo where he was Head of Commercial Private Banking for UHNW clients of the spanish bank.
The promotion follows the promotion of Beltrán Usera to Head of Santander Private Banking International’s new office in New York.
Guimarães has worked at Santander since April 2008 where he started in the role of Senior Private Banker, according to his LinkedIn profile.
Prior to Santander, the banker worked for ABN Ambro Bank in two periods (2006-2008) and (2001-2005). He was also Senior Product Manager at Bank Boston between 2005 and 2006.
Just as the Covid crisis has begun to fade, a conflict in Ukraine is erupting. The question investors now face is the degree to which Russia’s invasion will undermine the global economic recovery. The next few weeks will offer some clarity.
Even so, as long as Russia’s invasion doesn’t result in a drawn-out conflict, any consequences to global markets are likely to be manageable. Neither the Ukraine crisis nor the spike in oil prices is enough to derail what continues to be robust global growth.
Both countries make up only a small proportion of world GDP and, apart from Russian energy exports to Europe alongside some other commodities, have fairly modest roles to play in global trade. Some global industries will be potentially affected – apart from commodities: car manufacturers, food producers, steelmaking and chipmaking – but it is the second-round effects on European inflation and consumer confidence that need to be monitored.
The conflict might prove concerning enough to stay some of the more hawkish elements at the world’s major central banks, not least the US Federal Reserve. So while the trend clearly remains towards monetary tightening, it could be at a slower pace than the markets have been pricing recently.
With all that in mind, in the very short term, it makes sense for investors to show some caution. Which is why we have taken a few risk mitigation measures within our equity positioning. But overall, our main asset allocations – overweight equities, underweight bonds – remain unchanged.
Our business cycle indicators point to a positive outlook for the global economy during the next year, with all major economies expected to grow at between 3 per cent and 5 per cent. World retail sales may have peaked, but they remain above trend. Industrial production and exports are accelerating. And services affected by Covid are poised to boom – not least travel and mass events.
The US economy, which is least likely to be affected by Ukraine, shows strong underlying consumer demand and a resilient housing sector. Europe is vulnerable to its reliance on Russian gas, but the overall trend is towards recovery and monetary policy is likely to remain supportive. And China is starting to recover.
Meanwhile, even with the latest spike in oil prices, inflation should peak towards the end of the first quarter or early in the second across all major regions.
Our liquidity indicators offer mixed signals. Set against a the vast pool of global liquidity that has been built up during the Covid pandemic, central banks are starting not only to turn off the taps, but to drain some of the excess – we expect a net contraction of central bank liquidity this year to reach 3 per cent of global GDP. The Fed is poised to undertake a quadruple tightening – exiting quantitative easing, starting quantitative tightening and hiking rates even as inflation peaks and starts to slow. Offsetting this, however, is growth in the provision of credit from private sector banks. And central banks might find it prudent to talk down some of the markets’ excess hawkishness, particularly in light of global events.
Our short-term valuation indicators show that both equities and bonds are trading at close to fair value, with only commodities looking expensive among the major asset classes. For the first time in a long time equity markets do not exhibit extreme relative valuation readings in either regions or sectors. The US remains the most expensive stock market, but only moderately so. The upward move in real rates was behind the recent outperformance of value stocks over growth – future earnings are worth less today as rates head higher – but that trade might be running its course. And while there may be further downward pressure on price to earnings (P/E) ratios, a 20 per cent decline in 12 month P/Es since September 2020 suggests there’s limited scope for further contraction in stocks’ earnings multiples for the rest of this year – so, for instance, our model suggests P/E ratios will stabilise over the coming year (see Fig. 2).
Our technical indicators suggest that equities are oversold – particularly after the Ukraine-inspired drops. But there are no real signs of market panic. US equity sentiment is particularly gloomy, a bearish shift that’s been confirmed by the latest Bank of America fund manager survey. To us, this indicates the scope for a further sharp decline in US stocks is limited.
Opinion written by Luca Paolini, Pictet Asset Management’s Chief Strategist.
Information, opinions and estimates contained in this document reflect a judgment at the original date of publication and are subject to risks and uncertainties that could cause actual results to differ materially from those presented herein.
Important notes
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Unexpected regulatory actions and concerns over China’s property market were just a couple of reasons for the volatile year in China; however, there are reasons for optimism in 2022. One sign is a clear easing cycle that is already developing in Beijing, which should result in stronger economic performance and improved sentiment among Chinese investors, who drive their domestic exchanges.
Please join us for an interactive discussion with Matthews Asia Investment Strategist Andy Rothman and Portfolio Manager Winnie Chwang as they discuss how last year’s experiences can help us plan for the year ahead and why we believe China’s vibrant, entrepreneurial economy remains well-positioned for dynamic growth. Topics will include:
The state of China’s economy and its economic prospects in 2022
The progress of monetary, fiscal and regulatory policy easing
Key trends and sectors that may impact growth prospects
How our investment team has traversed the regulatory environment
Why an all-share approach may provide proper exposure to the region
Speakers
Andy Rothman
Andy Rothmanis an Investment Strategist at Matthews Asia. He is principally responsible for developing research focused on China’s ongoing economic and political developments while also complementing the broader investment team with in-depth analysis on Asia. In addition, Andy plays a key role in communicating to clients and the media the firm’s perspectives and latest insights into China and the greater Asia region. Prior to joining Matthews Asia in 2014, Andy spent 14 years as CLSA’s China macroeconomic strategist where he conducted analysis into China and delivered his insights to their clients. Previously, Andy spent 17 years in the U.S. Foreign Service, with a diplomatic career focused on China, including as head of the macroeconomics and domestic policy office of the U.S. Embassy in Beijing. In total, Andy has lived and worked in China for more than 20 years. He earned an M.A. in public administration from the Lyndon B. Johnson School of Public Affairs and a B.A. from Colgate University. He is a proficient Mandarin speaker.
Winnie Chwang
Winnie Chwangis a Portfolio Manager at Matthews Asia and manages the firm’s China Small Strategy and co-manages the China and Pacific Tiger Strategies. She joined the firm in 2004 and has built her investment career at the firm. Winnie earned an MBA from the Haas School of Business and received her B.A. in Economics with a minor in Business Administration from the University of California, Berkeley. She is fluent in Mandarin and conversational in Cantonese.
