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The Most Challenging Annual Forecasting in Years

The world remains in a state of disequilibrium. While modern civilization has rarely found balance, the range of outcomes tied to central banks optimizing for future growth and political leaders navigating new domestic and international realities stands particularly wide. That makes our annual forecasting ritual more difficult. Last year’s prognostications of a resilient consumer and stubborn inflation proved correct, but a major conflict in Europe and the Federal Reserve’s war on inflation left our market optimism misplaced. Higher interest rates and the prospect of a recession spared neither stocks nor bonds and punished speculative fads along with blue chip stalwarts. For 2022, the S&P 500 was down 18%, nearly returning the index to its 2020 close.

The direction of markets in 2023 and beyond depends largely upon the answers to three questions: (a) will hot and cold conflicts in Ukraine and Taiwan, respectively, stay contained? (b) can the Fed return inflation to the low-single-digits without triggering deep economic and earnings recessions? and (c) given the altered political economic backdrop, what multiple should investors pay for stocks? Despite abysmal sentiment, market volatility remains subdued with inflation data driven rallies and sell-offs punctuating what has generally been a steady grind lower. We continue to await a market uplift (the so-called January effect) as tax loss selling abates.

Uncertainty in the board room and elevated borrowing costs curtailed deals and financial engineering. M&A normalized to pre-pandemic levels, totaling $3.6 trillion in 2022, down 32% from the record-breaking $5.1 trillion activity in 2021, excluding SPACs. Activity by both strategic and financial buyers reawakened late in the year as market dislocations presented bargains too enticing to resist. Portfolios benefited from several deals, including Philip Morris International’s recently completed acquisition of Swedish Match and the announced acquisition of Aerojet Rocketdyne (+20%) by L3 Harris Technologies, Aerojet’s second trip to the altar in as many years. A number of announced spin-offs, including Liberty Braves as an asset-backed company and a fourth separation involving Madison Square Garden could create future consolidation targets. The most active industries were Technology ($720 billion, or 20% of total dealmaking), Energy & Power (13% of deal volume), and Industrials (12% of deal volume). Private Equity accounted for a record 20% of M&A activity in 2022, with total value reaching $785 billion. The U.S. remained the top venue for M&A with deal activity totaling $1.5 trillion, or 43% of worldwide volumes, a similar proportion compared to 2021.

The contracting stock multiples, widening credit spreads and rising interest rates spared few asset classes. Convertibles were caught up in this storm, but there are some positive takeaways for our market. Specifically, convertibles outperformed their underlying equities this year, participating in only 56% of the downside.

The convertible market is now quite fixed income oriented with high yields, high premiums, and low deltas. While this is not the typical profile of our market, it presents a unique opportunity. At current levels, many convertibles should participate in very little equity downside from here. They offer yields to maturity that in many cases exceed the expected annual return of our market over the long term. Some of these issues are trading at double digit yields to maturity despite positive cash flows and growth opportunities. We have seen some companies that have addressed investor concerns by issuing more manageable converts and buying back or exchanging some percentage of their existing debt. This can be an accretive transaction for the company and usually improves the credit. One portfolio holding, Bandwidth, did a transaction like this during the quarter and it was one of our top performing convertibles as a result. As it becomes clear that a company is not on a path to bankruptcy the bonds will move higher regardless of the equity price. This is what we call a credit delta. Additionally, in the event that one of these companies is acquired, the bonds would be puttable at par. This would be a very attractive outcome for bond holders. We continue to look for value in this area of the market and have added a number of these issues to the portfolio.

After a record low year for convertible issuance in 2022, we expect the primary market to rebound this year. The issuance we saw in the fourth quarter came at attractive terms and we expect this to continue as there is a significant appetite among convertible investors for new paper. We believe many companies have delayed coming to the market and converts offer an attractive way for companies to add low cost capital to their balance sheets, particularly as interest rates move higher and other forms of financing such as High Yield become more expensive. Continued issuance allows us to stay current and we expect to selectively layer new issues into our portfolio to maintain the asymmetrical risk profile we are seeking to achieve.

Pictet Asset Management: Omicron Wave Won’t Sink Stocks

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A new year, old problems? The rapidly spreading Omicron variant has triggered renewed mobility restrictions, leaving investors concerned about the economic fallout in some parts of the world.

But the global recovery remains resilient, thanks to a strong labour market, pent-up demand for services and healthy corporate balance sheets. Ample household savings can also cushion the blow: the IMF forecasts that the global gross savings ratio will hit an all-time high of 28 per cent in 2022.

Weighing the Omicron threat against this economic picture, we leave our asset allocation unchanged for the time being, with a neutral stance on equities and an underweight position in bonds. Given our positive outlook for the economy, we are looking for opportunities to raise our weighting in stocks in 2022.

Our business cycle indicators show the global economy is on track to grow 4.8 per cent in 2022.

We raised our GDP forecast for the US as the world’s biggest economy is experiencing a strong recovery in both manufacturing and services.

Buoyant consumer sentiment and excess savings of some USD2.2 trillion should also lead to robust jobs growth in the coming months.

Price pressures, however, been stronger and more persistent than expected. November CPI rose at the fastest pace since 1982 at 6.8 per cent, with core inflation running at an above-trend 4.9 per cent.

Even after stripping out Covid-sensitive items and base effects, inflation is still running way above the central bank’s official target at 3.6 per cent.

We expect core inflation to peak at 5.8 per cent in early 2022, which should prompt the US Federal Reserve to raise interest rates by as early as June 2022; it recently announced its intention to end asset purchases by March.

The euro zone economy remains resilient, but the outlook is becoming less clear because of the economic impact from renewed mobility restrictions and persistent supply chain disruptions.

Nevertheless, we still expect the region’s economy to grow 4.4 per cent, higher than the market consensus. We have become more optimistic on Japan; its economy is recovering from a sharp but brief Covid wave.

The country’s vaccine rollout is progressing well while consumer and business confidence indicators and housing market data have been encouraging. A weaker yen and a fresh fiscal stimulus should support growth in the coming months.

Our liquidity indicators lend weight to our neutral stance on equities.

Liquidity conditions for the US are turning negative as the Fed moves to rein in a surge inflation with tighter monetary policy. The picture is very different in China after the People’s Bank of China cut its reserve requirements ratio by 50 basis points in December.

The latest PBOC easing should release about RMB1.2 trillion of long-term monetary stimulus according to our calculations, equivalent to 1 per cent of GDP. The PBOC is creating liquidity at a quarterly rate of USD232 billion, by far the fastest pace among all major central banks.

Our valuation signals are more favourable than a year ago for both equities and bonds: price-earnings multiples for world stocks are down some 10 per cent from this time last year while bond yields across developed economies have risen by as much as 50 basis points.

Even so, it is difficult to find good value in any major asset class. We expect equities’ price-earnings ratios to contract some 5-10 per cent again this year in response to rising real bond yields.

Our expectations for earnings growth this year stand at 16 per cent, however, more than double the market’s consensus.

Technical indicators have turned negative for equities due to seasonal factors.

Balanced against this is the fact that investors sentiment is much less bullish than a few months ago, suggesting some more upside for riskier assets.

Opinion written by Luca Paolini, Pictet Asset Management’s Chief Strategist.

Discover Pictet Asset Management’s macro and asset allocation views.

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

This material is for distribution to professional investors only. However it is not intended for distribution to any person or entity who is a citizen or resident of any locality, state, country or other jurisdiction where such distribution, publication, or use would be contrary to law or regulation.

The information and data presented in this document are not to be considered as an offer or sollicitation to buy, sell or subscribe to any securities or financial instruments or services.

Information used in the preparation of this document is based upon sources believed to be reliable, but no representation or warranty is given as to the accuracy or completeness of those sources. Any opinion, estimate or forecast may be changed at any time without prior warning. Investors should read the prospectus or offering memorandum before investing in any Pictet managed funds. Tax treatment depends on the individual circumstances of each investor and may be subject to change in the future. Past performance is not a guide to future performance. The value of investments and the income from them can fall as well as rise and is not guaranteed. You may not get back the amount originally invested.

This document has been issued in Switzerland by Pictet Asset Management SA and in the rest of the world by Pictet Asset Management (Europe) SA, and may not be reproduced or distributed, either in part or in full, without their prior authorisation.

For US investors, Shares sold in the United States or to US Persons will only be sold in private placements to accredited investors pursuant to exemptions from SEC registration under the Section 4(2) and Regulation D private placement exemptions under the 1933 Act and qualified clients as defined under the 1940 Act. The Shares of the Pictet funds have not been registered under the 1933 Act and may not, except in transactions which do not violate United States securities laws, be directly or indirectly offered or sold in the United States or to any US Person. The Management Fund Companies of the Pictet Group will not be registered under the 1940 Act.

Pictet Asset Management (USA) Corp (“Pictet AM USA Corp”) is responsible for effecting solicitation in the United States to promote the portfolio management services of Pictet Asset Management Limited (“Pictet AM Ltd”), Pictet Asset Management (Singapore) Pte Ltd (“PAM S”) and Pictet Asset Management SA (“Pictet AM SA”). Pictet AM (USA) Corp is registered as an SEC Investment Adviser and its activities are conducted in full compliance with SEC rules applicable to the marketing of affiliate entities as prescribed in the Adviser Act of 1940 ref.17CFR275.206(4)-3.

Pictet Asset Management Inc. (Pictet AM Inc) is responsible for effecting solicitation in Canada to promote the portfolio management services of Pictet Asset Management Limited (Pictet AM Ltd) and Pictet Asset Management SA (Pictet AM SA).

In Canada Pictet AM Inc is registered as Portfolio Manager authorized to conduct marketing activities on behalf of Pictet AM Ltd and Pictet AM SA.

Total Professionally Managed Assets in the U.S. Grow by Nearly 11%

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Captura de Pantalla 2022-01-31 a la(s) 15 — . Pexels

U.S professionally managed assets grew nearly 11% and boast an 8% 10-year compound annual growth rate, according to the latest research by Cerulli Associates.

While the majority of addressable assets reside in the institutional channel, retail client asset growth has outpaced that of institutional markets consistently over the last 10 years, says the document The State of U.S. Retail and Institutional Asset Management 2021: Targeting Growth Opportunities.

The largest institutional client segments are insurance general accounts, corporate defined contribution (DC): 401(k) plans, and state and local government defined benefit (DB) plans. Collectively, these three channels represent more than 60% of the total institutional addressable market.

Cerulli points out that as institutional investors increasingly seek greater portfolio customization, enterprise risk management, and access to co-investment opportunities, they are growing their reliance on intermediaries—investment consultants, outsourced chief investment officers (OCIOs), or financial advisors—to select investment products and/or manage their portfolios. “Institutional investors demand more than returns and want an investment partner that exceed performance expectations and more,” remarks Brendan Powers, associate director of the firm.

The research also shows that growth of the retail segment of professionally managed assets has outpaced that of institutional over the subsequent decade, accounting for 49% of the total. As of year-end 2020, distribution through third parties, such as broker/dealers (B/Ds) and registered investment advisors (RIAs), account for 75% of total retail channel assets. The strongest channel growth occurred among hybrid RIAs (20%) and independent RIAs (16%).

In response to this evolving dynamic, Cerulli believes that asset managers should devote time and resources toward considering how they plan to address the retail segments. “From platform-level product placements to the introduction and adoption of asset allocation model portfolios, retail channels are increasingly demanding the levels of sophistication and dedicated service formerly reserved for institutional gatekeepers,” comments Powers.

While the fragmented nature of the retail channel will continue to pose challenges, the opportunities will outweigh the costs. “As commoditization and shrinking fees threaten many market competitors, managers will need to rethink their priorities as retail channels seem poised to account for the majority of client assets in the near future,” concludes Powers.

Jeff Klingelhofer (Thornburg IM):”The Returns Seen Over the Past Years Are Not Sustainable in the Medium Term”

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Inflation, tapering, valuations… what should we expect from global fixed income the year going forward? Jeff Klingelhofer, co-head of Investments at Thornburg IM, shares his view on the biggest opportunities and challenges in 2022.

With 2021 in the rear-view mirror, what are the biggest lessons you’ve learned over the past year? Did anything take you by surprise?

Navigating 2020 was not an easy feat, but after coming to grips with a global pandemic—and with the assistance from fiscal and monetary policy- makers around the world—the global economy and financial markets not only regained their footing but delivered extraordinary 2021 results that astonished investors. The biggest lesson in 2021 was that we should never discount the market’s ability to rally in the face of unknowns and adversity. The other lesson was to never discount the consumer’s ability to power the economy and drive company earnings growth. Bolstered by rounds of relief checks from the federal government, in the first half of 2021 consumer spending quickly recovered from its modest 2020 contraction and became the clear driver of economic growth.

Turning to fixed income specifically, the bond markets likewise did not follow the script many had expected. Buoyed by the central bank’s accommodative policies, as well as the government’s multi-trillion-dollar pandemic relief package, credit spreads between U.S. corporate debt and Treasuries narrowed to their lowest levels in more than a decade. A similar story held true for the high-yield bonds, where spreads collapsed and prices rallied.

Looking ahead to next year, what are your expectations for inflation and economic growth in 2022?

Our perspective is that inflation has been broadly a transitory phenomenon, as we expect supply bottlenecks to heal to some degree in 2022— although not dramatically. We also believe consumption demand will slow, as consumers have long ago tapped into their stimulus checks and personal savings levels are decreasing. Taken together, the supply-demand imbalance seen in the past year will improve, but wages will likely remain higher. So, we expect overall inflation to remain elevated, but it should begin to soften and remain moderate in 2022. Our expectations for economic growth next year will hinge on these questions: How fast will the labor market heal? And will the labor-market recovery be robust enough to replace the stimulus payments that will be fading away? We are cautiously optimistic that the current economic recovery will continue well into the new year, but that it will slow down due to structural headwinds in 2022, such as waning savings and easing of pent-up consumer demand.

How have inflationary risks and the potential for rate hikes impacted your portfolio positioning?

It remains to be seen whether inflationary pressures absolutely mean higher rates next year. The driving cause of inflation is critically important to understand when it comes to determining how quickly and by how much the Fed will raise rates—and in this case we think this will largely depend on whether inflation is predominantly driven by rising wages or by the ongoing supply-demand imbalances. If it’s the former, we think the labor market will be able to sustain higher wages than those of pre-COVID-19, as we’re coming off multiple decades of suppressed wages. Higher overall labor costs will feed into higher inflation, but not by a lot. On the other hand, if inflation is driven more by supply-demand imbalances and persists, we believe the Fed will act more aggressively to rein in inflation and won’t allow the markets to run hot. At the end of November, the Fed Chairman as well as other officials retired using the word “transitory” to describe the US inflation situation. We expect the Fed will be closely watching incoming data and will react appropriately to prevent run away inflation.

With rising rates set to knock on the door in 2022, many investors are questioning the role of fixed income. We continue to believe that bonds have had a long history of serving as a ballast in a portfolio during risk- off periods and that they can continue doing so by providing downside protection and diversification. We have therefore adjusted our portfolio positioning to be more defensive: We are favoring shorter-duration opportunities and will be even more discerning with our credit selections. For example, over the past couple years US investment grade issuance has doubled and companies have taken on meaningful amounts of debt due to the ultra-low interest rates. It will be more important than ever to select corporate credits from companies with strong cash flows that can service their debt coming out of the pandemic. We currently see opportunities in securitized markets that are backed by healthy U.S. consumer spending.

What are the risks worth keeping an eye on in 2022? What’s keeping you up at night?

Return forecasts will be arguably low going forward compared to previous environments where investors enjoyed double digit returns from equity markets for many years. The returns seen over the past years are not sustainable in the medium term. So the key risk lies in these concerns: How will investors prosper in an environment where we are unwinding from 30 years of falling fixed income rates and how do you continue to generate attractive returns? It will take a great deal of creativity to deliver positive outcomes for our clients and active managers will be best suited to meet that challenge.

Thornburg is a global investment firm delivering on strategy for institutions, financial professionals and investors worldwide. The privately held firm, founded in 1982, is an active, high-conviction manager of fixed income, equities, multi-asset solutions and sustainable investments. With $49 billion in client assets ($47 billion AUM and $1.9 billion AUA as of December 31, 2021) the firm offers mutual funds, closed-end funds, institutional accounts, separate accounts for high-net-worth investors and UCITS funds for non-U.S. investors. Thornburg’s U.S. headquarters is in Santa Fe, New Mexico with offices in London, Hong Kong and Shanghai. For more information, please visit www.thornburg.com.

For more information, please visit www.thornburg.com

Lombard Odier Appoints Marc Braendlin as New Head of Latin America

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buena — Foto cedidaMarc Braendlin, responsable de los mercados latinoamericanos de Lombard Odier.. Lombard Odier nombra a Marc Braendlin como nuevo responsable para el mercado latinoamericano

Lombard Odier has announced the appointment of Marc Braendlin as Head of Latin American Markets, with a special focus on Brazil. He will take over from February 1st with the aim of strengthening and expanding the group’s coverage of this region.

Braendlin will be based in Zurich and will report to Stephen Kamp, Head of Southern Europe & Latin America for Private Clients. The company has pointed out that the nomination marks its commitment to further expansion within Latin America, and growth in key strategic markets.

“We are pleased to welcome Marc to Lombard Odier. With more than 20 years’ experience in the banking sector, he has a solid track record of growing businesses in Latin America. This expertise, along with his key client relationships, will enable him to ensure the Firm’s continued growth, particularly in the strategic market of Brazil”, Kamp stated.

Braendlin began his career at Credit Suisse in 1998 where he was promoted to Vice President at Credit Suisse Group’s M&A/ Corporate Finance team in 2005. He then joined Julius Baer where he worked for 13 years, eventually holding the position of Deputy Region Head Latin America and heading the Brazilian market where he expanded the business. Most recently, Marc was Head of Latin America Zurich at Pictet. A Swiss national, he holds a degree in Economics and Business Administration from the University of Basel.

UBS Acquires a Digital Platform to Offer Wealth Management Services for Millennial and Gen Z Affluent Investors

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Captura de Pantalla 2022-01-27 a la(s) 14 — . Pexels

UBS and Wealthfront, an automated wealth management provider serving the next generation of investors, have signed an agreement whereby the bank will acquire the plataform in an all-cash transaction valued at 1.4 billion dollars.

UBS has revealed that through this acquisition, it will accelerate its growth ambitions in the US, broaden its reach among affluent investors and expand its distribution and capabilities. To do so Wealthfront will become a wholly owned subsidiary of UBS and will operate as a business within UBS Global Wealth Management Americas.

The transaction is currently expected to close in the second half of 2022, subject to closing conditions including regulatory approvals.

With over $27 billion in assets under management and more than 470,000 clients in the US, “Wealthfront’s award-winning, state-of-the-art platform helps clients easily manage their wealth by providing access to financial planning capabilities, banking services and investment management solutions”, the firms say.

Following the transaction, Wealthfront and its clients will benefit from access to UBS’s leading wealth management capabilities, including the UBS Chief Investment Office’s best-in-class thought leadership, an unrivaled global footprint, and deep products and services shelf.

“Adding Wealthfront’s capabilities and client base to our global investment ecosystem will significantly boost our ability to grow our business in the US,” commented Ralph Hamers, Group Chief Executive Officer of UBS.

The platform’s primary focus is on millennial and Gen Z investors, a client segment with significant domestic growth potential. With more than 130 million investors in the US alone, millennials and the Gen Z population together comprise a high growth segment that will own an increasing share of the world’s wealth.

In addition, Wealthfront will expand UBS’s existing offering through the firm’s Wealth Advice Center, which focuses on serving core affluent clients, and its Workplace Wealth Solutions business, which works with employees of corporate clients on equity plan participation, financial education and retirement programs.

“Partnering with UBS will allow Wealthfront to offer our clients additional value-added services and best in class research that will help accelerate our vision to make growing wealth delightfully easy,” said David Fortunato, Chief Executive Officer of Wealthfront.

AllianzGI Creates Unit Dedicated to Private Markets Impact Investments

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To enhance its commitment to impact investing, Allianz Global Investors (AllianzGI) has announced the creation of a dedicated Private Markets Impact unit within its Sustainable investment platform. This new area will be led by Matt Christensen, Global Head of Sustainability and Impact Investing.

The Private Markets Impact unit combines existing equity and debt investing expertise with a newly created impact measurement and management capability. The firm has revealed in a press release that this 12- strong unit, which will be overseen by Christensen, will complete the Sustainability platform created in 2021 to push the boundaries of sustainability for its clients.

Three impact teams

Martin Ewald, Lead Portfolio Manager, heads the Private Equity Impact Investing team, which seeks to invest in real assets and private companies that contribute to solve global environmental and/or social issues. He is currently responsible for EUR 500 million committed through the Allianz Impact Investment Fund and AfricaGrow initiative, and also the Emerging Market Climate Action strategy (EMCA) launched at COP26 by AllianzGI in cooperation with the European Investment Bank.

In this sense, AllianzGI reveals that with a target size of EUR 500 million, EMCA will invest in climate-focused investment funds and projects active in emerging markets and developing countries, with a focus on climate mitigation, climate adaptation, and access to electricity.

Meanwhile, Nadia Nikolova, Lead Portfolio Manager, is heading the Development Finance & Private Debt Impact Investing team, which currently invests in de-risked sustainable loans in emerging and frontier markets. The team brings together the expertise from the AllianzGI Private Credit platform with an impact investing lens. It focuses on building partnerships with Development Finance Institutions and Agencies, Donors and commercial investors to mobilize private capital for sustainable development, and already raised over USD 2 billion since 2017.

Also announced at the recent COP 26, the team manages the vehicle for the recently announced Managed Co-Lending Portfolio Program (MCPP) between Allianz and the International Finance Corporation (IFC), a member of the World Bank Group. “The new program, MCPP One Planet is the world’s first cross-sectoral portfolio of emerging-market loans aligned with the Paris Agreement”, the company explains.

In addition, AllianzGI announced the creation of an Impact Measurement & Management team, led by Diane Mak, and the launch of an impact framework to facilitate the due diligence and selection of investments that contribute to material and positive impact. The approach supports rigorous measurement and management of impact over the lifecycle of the investment to ensure that impact is being delivered. Diane Mak joined AllianzGI in August from Y Analytics where she oversaw TPG Global’s impact assessments and management activities.

“Impact investing is fast-growing out of its niche. Investors want to see a positive change for the planet while generating a return, and impact investing offers a solution to these twin goals. The future growth trajectory of impact investing depends on asset managers demonstrating how the impact can be measured and reported. Our new Impact Measurement & Management approach enables us to measure impact in private equity and debt investments and will allow us to develop further our offering according to the best standards”, said Christensen.

Lastly, Christensen has been appointed as a board member of the GRESB Foundation, a newly established not-for-profit organization that owns and governs the ESG standards upon which the GRESB real estate and infrastructure assessments are based. GRESB, a mission-driven and industry-led organization, provides standardized, validated and transparent ESG data to financial markets. The GRESB Foundation Board will guide the GRESB Standards to ensure they remain investor-led and aligned with responsible investment principles.

What Is the Next Step for the U.S. Equity Market for 2022?: A New VIS with DWS

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Next Tuesday, February 1, at 10:30 am EDT, Funds Society will host a new Virtual Investment Summit entitled “What Is the Next for the U.S. Equity Market by 2022?”.

Jerónimo Nin, Head of Trading and Investments at Nobilis, will present this event, which will feature speakers David Bianco, CFA, Chief Investment Officer-Americas at DWS, and Jesús Martín-del-Burgo, Head of Coverage-Latin America at DWS.

U.S. equity investors have much to digest heading into 2022 around “transitory” inflation, the speed of monetary policy changes, variants, and corporate earnings. How do all these data points then come together to present a picture of the stock market for the year ahead? This VIS will address these issues.

You can register at this link to attend the virtual event.

Host

Jerónimo Nin, Head of Trading and Investments at Nobilis has more than 15 years of experience in financial markets. He holds a degree in Economics from the Universidad de la República and is CFA charterholder. He has been an investment manager at Nobilis since the company’s inception, where he is responsible for supervising the model portfolios and managing two Fund of Funds in Uruguay, with AUM above 220 million dollars.

Nin was Chief Investment Officer of Integration at AFAP. He has extensive experience in active portfolio management and investment decision making. In addition, he worked at BEVSA and has given several lectures locally and internationally on investment decision making in the securities markets and the pension system.

Speakers

David Bianco, Chief Investment Officer-Americas at DWS has more than two decades of investment experience, having rejoined DWS in 2012 in his current role. Prior to that he was Chief U.S. Equity Strategist at Deutsche Bank and, before rejoining, at BofA Merrill Lynch and at UBS. Prior to being chief strategist, Bianco served as the Valuation & Accounting Strategist at UBS, a Quantitative Strategist at Deutsche Bank and an industry equity analyst at firms such as Deutsche Bank, Credit Suisse and at NatWest Markets. He earned a BS in Economics from The Wharton School, University of Pennsylvania and is a CFA Charterholder.

Jesús Martín-del-Burgo, Head of Coverage-Latin America at DWS, joined DWS in 2006 with 7 years of industry experience. Prior to his current role, he was Head of Sales for Chile and Peru and before that, he served as Head of Product Management for Iberia and Latin America and as a Risk Manager for DWS Investments in Madrid. Before joining, he worked as a Senior Investment Consultant for Insurance Companies and in Equity Sales at various institutions. Additionally, Martín-del-Burgo served as Academic Co-Director and Lecturer at Instituto de Estudios Bursátiles (IEB) from 2007 to 2011. He earned a BA in Business Administration from Universidad Autónoma de Madrid; Master’s Degree in Portfolio Management and MBA in Banking and Finance from Instituto de Estudios Bursátiles.

Unicorn Strategic Partners Will Represent Calamos Investments in Latin America

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Captura de Pantalla 2022-01-25 a la(s) 15 — Foto cedidaEquipo de Unicorn Strategic Partners. Foto cedida

Calamos Investments, a global investment management firm with more than 40 billion dollars in assets under management, has signed a strategic agreement with Unicorn Strategic Partners for the distribution of its UCITS investment solutions in the Latin American region.

In a press release, Unicorn revealed that it will serve both the retail and institutional business. Until now, Calamos covered the Latin American business under the guidance of Carlos Soriano, Head of US Offshore and Latam, who will now be responsible for the Unicorn relationship and will work directly with the team to continue to grow the business in the region.

Unicorn SP was launched at the end of 2017 and has become one of the premier fund distribution firms within the US Offshore and Latam market. They have a team of 16 professionals based in NYC, Miami, Buenos Aires, Montevideo and Santiago de Chile.

Florencia Bunge, partner in charge of the Latam retail business, commented that such an event is “a great milestone” for Unicorn SP, as it continues to enhance the list of high conviction strategies. In her view, these funds provide an integral and comprehensive solution to client’s investment portfolios in the region. “Our objective at Unicorn SP is to offer best-in-class strategies and avoiding any overlap between our menu of offerings at all times”, she added.

“Calamos is one of the most recognized firms in the industry for its Convertible strategy. Many clients in the region are familiar with Calamos and we are certain that they will greatly appreciate the daily coverage and presence of a local team”, Bunge concluded.

Fernando Campoo Joins Alex. Brown from Citi

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Captura de Pantalla 2022-01-25 a la(s) 10 — . Pexels

Alex. Brown, a division of Raymond James, has welcomed Fernando Campoo in Miami. He joins the firm from Citi, where he worked for 21 years.

“I couldn’t be prouder to announce that Fernando Campoo has joined the Alex Brown/ Raymond James family as managing director to serve clients in Central America. The sky’s the limit, Fernando,” posted Eric Termini, Alex Brown’s director for South Florida.

Campoo worked since 1997 for Jefferson Pilot Securities in Fort Wayne and then moved on to other firms in Windsor and Puerto Rico until landing at Citi, according to his BrokerCheck profile. He managed a portfolio of Central American clients with AUMs of approximately $200 million, according to industry sources.