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Bolton Global Capital Hires Arturo Hierro in Miami

Bolton Global Capital is continuing to recruit new Advisor talent in the Miami market. The firm has announced that Arturo Hierro, most recently of Loyola Asset Management, has joined the firm.

Hierro has over 20 years of industry experience in the United States, in addition to having previously worked in the industry in Mexico.

His clientele consists primarily of high and ultra-high net worth individuals located in Mexico and the United States.

“Arturo is a top professional and we are glad that he has decided to join Bolton in our Miami office” according to Ray Grenier, CEO of Bolton. “By combining his experience at successfully growing his book of business with Bolton’s global wealth management capabilities, Arturo will be in a position to strongly expand his practice.”

Established in 1985, Bolton Global Capital is an independent FINRA member firm with an affiliated SEC Registered Investment Advisor. The firm manages approximately $12 billion in client assets for US-based and international clients through 110 independent financial advisors operating from branch offices in the US, Latin America and Europe, according the firm information.

incMTY Celebrated its Tenth Edition with More Than $300 Million in Investment Announcements

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This year, incMTY, the entrepreneurship festival promoted by the Tecnológico de Monterrey, successfully concluded its tenth anniversary. In this edition, the ecosystem of Mexico and Latin America interacted and developed opportunities through the in-person attendance of more than five thousand people and another 5,000 more who attended the event virtually, reaching 10 thousand people.

incMTY has become the most important economic vehicle in Latin America for the generation of business opportunities. Proof of this was that this year the festival broke its own record by presenting and announcing more than 300 million dollars in venture capital investment. Likewise, new projects were presented by the Government of Nuevo León, the private sector and renowned international companies, with more than 2.6 billion dollars in direct foreign investment.

More than 300 national and international speakers; 50 venture capital and corporate venture capital firms participated in the ‘Founders & Investors Summit and Corporate Innovation and Venturing Forum’; key players from more than 20 countries representing the ‘quintuple helix’ (entrepreneurs, investors, academia, governments and IP) with 406 activities; and on demand content hosted on the Whova App (available until December 9).

Rogelio de los Santos, president of Tec’s Eugenio Garza Lagüera Entrepreneurship Institute, commented that “there is much to build and contribute to the world, but incMTY today is already a powerful platform where opportunities and innovation multiply”.

Presentation and investment announcements at incMTY 2022:

Government of the State of Nuevo León and Invest Monterrey: US$2.6 billion. Samuel García Sepúlveda announced this figure as part of the impact of foreign investment. Likewise, through the Ministry of Labor and the Directorate of the State Employment Service, he earmarked 1 million pesos for companies located in Nuevo León, with the aim of promoting responsible entrepreneurship with a focus on generating new jobs.
Daikin Industries: 300 million dollars. The number 1 Japanese air conditioning company in the world recently announced this amount of investment in Mexico. In addition, starting in 2022 Daikin, along with INCmty, work for innovation in the HVAC industry (Heating, Ventilation and Air Conditioning, for its acronym in English). Through the entrepreneurship challenge ‘incMTY Disruptair Challenge’, 70 disruptive projects participated and these are the three winning teams: SolarX (first place), Flair (second place) and Bono (third place).
Proeza Ventures: US$50 million. The Proeza group’s capital fund announced that it will invest in 15 startups related to mobility issues. Its mission is to discover visionary entrepreneurs and build startups that transform the mobility industry to create a more sustainable world.
German Society for International Cooperation (GIZ): US$15 million for the Catalyst – Climate Fund.
Nekko Capital: US$10 million, a venture capital fund based in Barcelona, Spain aimed at early-stage companies, announced its ‘Seed Capital Fund’.
99 Startups: $1.1 million. This venture capital fund that seeks to finance pre-seed and seed stage startups, announced its participation in an investment round in Cuéntame, a platform with artificial intelligence that provides the appropriate wellness resource for each person and three family members, according to their stress level and time of life; with this they will seek to consolidate their presence in Mexico, Colombia and Chile.
Alaya Capital: US$1 million. The venture capital fund of entrepreneurs for entrepreneurs located in Chile, is about to raise its third fund and expects to reach US$80 million to invest approximately US$1 million in at least 25 startups that are in the regional scaling stage. It has funded companies such as Betterfly, Lemon and SixClovers.
Municipality of Monterrey: 5 million pesos. Luis Donaldo Colosio Riojas, Municipal President of Monterrey, launched the first Municipal Fund for Technology-Based Entrepreneurship.
During the festival, a collaboration signing and launch of the Kuikmatch-Alianza del Pacífico platform took place, for 100 thousand dollars equity-free, destined to promote the science and technology-based ventures winners of its call for proposals.

incMTY’s most impressive capital raises:

Betterfly, considered the first Latin American “social” unicorn, exhibited at incMTY how it raised $125 million in a Series C investment round.
During the Founder & Investor Summit, emphasis was placed on the $100 million investment in SparkCognition, where Dalus Capital participated as a partner of March Capital for the growth of this company, a world leader in artificial intelligence for industrial applications.
Yaydoo, the ‘B2B paytech’, announced its $20.4 million capital raise and merger with PayStand to serve all SMBs in the Americas. As of today, its valuation exceeds $2 million.
Mercado Libre Fund, which invests in technology companies, typically in Series A and B rounds, announced during incMTY $20 million in the Elenas platform.
Autolab, an auto parts and repair platform, announced raising $6.5 million in a Seed+ round of equity and debt led by Bullpen Capital, with participation from Proeza Ventures.
Orchata, a Mexican startup led by its founder, Luis Mario García, offers the promise of “we deliver your groceries to your door in 15 minutes” and to begin its expansion it raised US$4 million in an initial round in which Y Combinator, JAM Fund, FJ Labs, Venture Friends, Ivesto and Foundation Capital stood out as investors.
Nowports, a Regia-based company and the first LogiTech unicorn in Latin America, detailed during incMTY about its valuation with its Series C milestone led by SoftBank Latin America Fund.
Calii, the Mexican startup that connects fruit and vegetable producers directly with homes, restaurants and retailers, mentioned raising $22.5 million in capital.

Safra New York Corporation To Acquire Delta National Bank and Trust

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Safra New York Corporation, the parent company of Safra National Bank of New York, announced that it has entered into a definitive agreement to acquire Delta North Bankcorp and its subsidiary, Delta National Bank and Trust.

Delta provides private banking and wealth management services to high net-worth clients through its offices in New York and Miami.

The acquisition is a strategic extension of Safra National Bank of New York’s private banking business both in the United States, and throughout Latin America, where it has been providing premier private banking and financial services to high net-worth clients.

With this transaction, the J. Safra Group will strengthen its private banking business and global wealth management capabilities.

Jacob J. Safra, Chairman of Safra National Bank of New York, commented: “This transaction highlights the importance of the Latin American market for the J.Safra Group and represents an attractive opportunity to expand our position in the region. It is a market we know very well and in which we have achieved a highly regarded presence for our clients. Delta’s private banking business fits perfectly with the strategic vision of Safra National Bank of New York.”

Simoni Morato, CEO of Safra National Bank of New York, said: “This transaction underscores our strength as one of the premier brands in Private Banking globally. We look forward to welcoming Delta’s clients and employees to our organization in New York and Miami. Together, we are confident that we will add immeasurable value to clients.”

Guillermo Sefair, Chairman and President of Delta National Bank and Trust Company: “It is an important transaction between two family-owned international private banks, with common principles and values. We are fully committed to this new chapter to continue to bring excellence and quality of services to our clients and employees.”

The acquisition is expected to be completed during the course of the first half of 2023, subject to regulatory approval. Financial terms are not disclosed.

What to Expect From Divided Government

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With the results of the midterm election results known, in which Republicans won a majority in the House of Representatives and Democrats held the Senate, it appears the next two years will be one of legislative gridlock, says a PIMCO report.

“We believe the practical implications for markets and the economy are largely the same whether the Republicans had won only the majority in the House or whether they had won both the House and Senate. After all, a majority is still a majority, and the main levers of a party not in the White House – namely, obstruction and oversight – will be available to House Republicans despite their slim majority and control of only one chamber,” says the analysis by Libby Cantrill, a specialist in Public Policy.

In this sense, the expert highlights four essential points.

First, a total freeze is expected on President Biden’s legislative agenda, where perhaps most important for markets is that all tax hikes, whether personal or corporate, have been eliminated. This suggests that the next tipping point for taxes will be in 2025, when Trump’s tax cuts expire.

On the other hand, there will be more oversight. House Republicans will flex their oversight powers on issues from the Biden administration’s energy policy to its approach on China (which, in some circles, is thought of as not sufficiently hawkish) to the Securities and Exchange Commission’s panoply of proposed regulations.

Oversight is likely to be more symbolic than substantive – after all, without veto-proof control of both chambers of Congress, there is little Republicans can do to alter policy. However, increased oversight can slow down the regulatory gears and make it more cumbersome to advance policy for any White House.

While the Federal Reserve is also likely to be an object of oversight – from both sides – we doubt the Fed will be sensitive to any political pressure to change its seemingly singular focus on combatting inflation

Third, the specialist predicts more fiscal fights. The Republican majority in the House of Representatives may be conducive to a source of market volatility next year.

“With little or no cushion for losing votes in Congress, it may be more difficult for the future Speaker to navigate upcoming fiscal tipping points, particularly the need to raise the debt ceiling, given that some in the Republican caucus have indicated they will not support any debt limit increase without commensurate spending cuts, something that is not a win-win for the Democratic Senate and the White House,” the report adds.

PIMCO’s assumption is that the statutory debt ceiling will be reached by the end of this year, but the Treasury Department’s extraordinary measures will extend that deadline to the fall of 2023.

However, despite the expected maneuvering and associated potential volatility, especially at the front end of the yield curve, the firm believes the Republicans will eventually cave in the House of Representatives and the debt ceiling will be raised.

“Keep in mind that the 2024 presidential campaign will be in full swing by then, and Republicans are unlikely to sacrifice a chance at the White House,” the expert clarifies.

Finally, less fiscal support is expected. While it is still believed that there will be bipartisan support for ongoing aid to Ukraine and for the defense budget, we also believe there will generally be a higher threshold for providing broader countercyclical fiscal support, even if the economy slows.

The U.S. economy has already experienced a significant fiscal contraction in 2022 by virtue of the withdrawal of many of the COVID-related programs, and next year we can expect more contraction, in the face of which a divided Congress is unlikely to do anything. In other words, just as the “Fed call option” has been eliminated, so too has the “tax call option” been eliminated, at least until a new Congress comes to power in 2025.

Compromise?

While our expectation is largely for gridlock in the next Congress, we do foresee some areas of potential compromise. These include legislation that could bring better clarity to the regulatory remit on cryptocurrencies – a need that is even more urgent given recent crypto exchange issues – and energy-permitting language that could expedite both traditional and renewable energy projects.

How will the markets react?

While past is certainly not prologue, the equity markets historically have tended to do well in years of split government. Indeed, in previous years of a similar composition of power in Washington – namely, a Republican House, Democratic Senate, and Democratic White House, the equity market has returned on average 13.6% (per S&P 500 data), a higher average return than almost any other composition of power. Of course, 2023 may look quite different from history given sticky inflation, recession risk, and war in Ukraine.

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More Advisors Want Customized Model Portfolios

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As model portfolios continue to gain traction among financial advisors—the size of the model target segment increased to $8.0 trillion in 2021, up from $7.2 trillion in 2020—demands from broker/dealer (B/D) home offices and individual registered investment advisor (RIA) practices for customized products are beginning to increase.

Model providers that can meet this demand have an opportunity to create sticky relationships with clients, offering flexibility and personalization uniquely tailored to their financial picture, according to The Cerulli Report—U.S. Asset Allocation Model Portfolios: Model Customization and Tax Optimization.

Cerulli estimates the model target segment represents 26% of industry advisor assets, 46% of advisors, and 61% of advisory practices. For financial advisors evaluating the benefits of model portfolios, tax efficiency is among the top requests—60% of model providers report receiving at least some requests from advisors surrounding this objective.

“This aligns with a broader industry trend regarding the importance of effective tax management as a way to add value to client portfolios,” says Matt Apkarian, associate director. “Advisors want to be able to effectively tax-loss harvest, and to be able to reduce the tax impact of changing investment solutions.”

Other top requests from individual RIAs include substitution of investment vehicles and substitution of investment tickers or managers. One-third (33%) of model providers report receiving many requests for ticker or manager substitution.

“These are considered some of the most basic offerings from custom model providers, which are an expectation from advisors who want to feel unique and to be able to say they are the only ones using a particular portfolio,” adds Apkarian.

Broker/dealer home offices have similar demands when it comes to custom models—investment vehicle substitution (71%) and tax awareness (64%) are two of the most frequent requests. Nearly half of model providers also report receiving requests from B/D home offices for thematic tilts and changes to investment architecture.

Overall, Cerulli believes custom models represent not only an opportunity for model providers, but something that will be necessary to retain and grow model assets going forward.

“Demands from RIAs and B/D home offices will increase over time in response to evolving investor preferences, and model providers retain the job of determining the scope of customization requests that can be managed at scale,” says Apkarian. “Investing in capabilities and expertise now will ensure that model providers can solidify their position in an industry that will benefit from advisor adoption and the scale that will follow,” he concludes.

What’s Next After FTX?

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FTX, once the world’s third largest crypto exchange and a private company previously valued at $32.5 billion, is reportedly on the brink of bankruptcy after its rival Binance walked away from a deal to acquire it.

This in turn unnerved the broader crypto markets, putting pressure on bitcoin, which is now trading at $16,700. It’s clear that crypto is the “something that breaks” as the Fed aggressively hikes rates. The question for iCapital now is – how systemic is it?

The phrase “liquidity crunch” is eerily reminiscent of what we heard during the financial crisis, so when Binance said that in a statement about FTX, it raised concerns about systemic implications. Latest reports suggest that FTX investors were told that without more capital, bankruptcy is likely. Given the current state and persistent weakness of the market, there could be other bankruptcies, especially in companies that relied on trading volumes to grow and price appreciation of cryptocurrencies to continue, said the Anastasia Amoroso report.

Overall trading volumes have risen significantly most recently, with the current daily trading volume across the crypto universe at $610 billion vs. the year-to-date average of roughly $300 billion per day. However, this year this average is lower than the 2021 average daily trading which peaked at just north of $1.5 trillion. And the market cap of cryptocurrencies declined by 72% in a year falling from nearly $3 trillion a year ago to roughly $800 billion. This is a massive wipe-out and wealth destruction, almost on par with the $3.3 trillion in home equity U.S. homeowners cumulatively lost during 2008 or the nearly $4 trillion lost in the overall market cap of the Nasdaq Composite Index between 2000-2001.

However, “we believe the crypto meltdown should not have the same systemic consequences as the housing crisis did in 2008”, added Amoroso.

Still limited household exposure to crypto. Roughly 10% of all households in both the U.S. and in Europe have some cryptocurrency exposure. Of those households in Europe that have exposure, roughly 65% hold less than $5,000 worth of cryptoassets. Within the U.S., the average crypto holding is roughly $1,000. This is in stark contrast to housing, for example, where a significant share of the population was exposed, as 66.0% of U.S. households are homeowners and the share of homeowners with a mortgage is 64.8%.

Limited banks’ exposure to crypto, expansion of which was largely financed by venture capital. Banks have made efforts to add crypto to their offerings, but are just getting started, having largely avoided the space to date. According to the Basel Committee on Banking Supervision as of the end of 2021, total cryptoasset exposures reported by banks amounted to roughly $9 billon, which is less than 0.14% of the surveyed banks overall risk exposure. And given that most of the crypto ecosystem is private – there are 10,036 private crypto companies globally vs. 218 that are public – the growth of it has mostly been financed by venture capital (VC).

For example, global VC funding in the crypto ecosystem has reached $29.0 billion through the first three quarters of 2022 after a banner $30.3 billion in 2021, which was an 5.4x step-up from 2020 funding levels. Cumulatively, $83.9 billion has been invested by VC firms in various cryptocurrency and blockchain companies since 2011, and unfortunately, some portion of this funding is now at risk of a write down. For example, Sequoia Capital just put out a note to LPs stating that it is reducing its investment in FTX to zero.

Select institutions and corporates have bumped up their allocation to crypto, but not uniformly and to manageable levels. In fact, while a recent study found that 94% of state and government pension plans invest in cryptocurrencies, most pension still allocate a very small portion to cryptos. For example, the Houston Firefighters’ Relief and Retirement Fund, which has the ability to allocate up to 5% of its overall portfolio to cryptocurrencies, has 0.5% of its portfolio in crypto.

Given this lack of broad exposure within the finances of most stakeholders, we don’t view the crypto meltdown as systemic, however, the impacts on tech and growth can be more far reaching.

First, venture capital funds will bear the brunt of the losses. These same funds were likely funding deals in other areas of growth and tech. And having to write down their crypto investments could limit their ability and willingness to take on risk to finance other areas of growth. All in, this will create a more subdued risk-taking environment. VC valuations have grown rapidly from 2020 through the first half of 2022 which generated spectacular returns for VC firms – 3-year annualized return of 30.5% for VC vs. 3.9% for the Russell 2000. Now we are likely facing a period of repair and valuation deflation, and therefore, lower returns.

Second, crypto is a part of the tech ecosystem, and as a result, the impact of its collapse will be felt in other parts of tech earnings adversely impacting earnings. For example, as new coin creation stalls and existing coin mining declines, so should demand for cryptomining processor semiconductor chips. AMD estimated that 5-10% of overall demand comes from cryptominers, which would decline significantly during period of turmoil. Taiwan Semi estimates while crypto accounted for 10% of sales in 2018, but this percentage declined to 1% in 2021. While these percentages are not large, they add to other overhangs facing the semiconductor industry.

Third, the other concern is as crypto leverage unwinds and investors face margin calls, other assets may need to be liquidated. And given the overweight to tech many investors held in recent years, that could be a candidate for liquidations. The bottom line is if together with crypto there is selling pressure on other parts of tech, this will certainly cap (if not depress) any market upside since Information Technology and Communications Services account for a third of the overall S&P 500 market cap.

While “we don’t see crypto unwind as systemic,” what’s playing out is reminiscent of the tech and housing bubbles, where valuations rose without a corresponding rise in revenues/profits, said Amoroso. They collapsed when too much leverage and “asset packaging” accumulated in the system. The realities of unsustainable crypto schemes are coming to the forefront right now. The amount of crypto financial engineering appears to be staggering. Lack of regulation, lack of consumer protections, and lack of liquidity buffers are blatantly apparent and unfortunate. Select actors, knowingly or unknowingly, created business models that are untenable if asset values decline, withdrawals pile up, and liquidations occur.

The good news is that those untenable use cases will be exposed and will fail. The crypto correction is healthy for the overall ecosystem as froth and exuberance will be flushed out. Crypto applications solving real-world problems should survive. And in an interesting turn of events, TradFi (traditional finance) is actually among those building sustainable DeFi (de-centralized finance) solutions. Despite the meltdown in many parts of the crypto ecosystem, traditional finance players are leveraging blockchain technology to process cross-border payments, issue digital bonds, or make private equity available on the public blockchain to expand access to individual investors. These are some examples of viable use cases and types of applications that have merit and should survive. And importantly, they are being done within the established regulatory framework.

Bitcoin overtime should also find more viable applications. It is not financially over engineered and does have applications in payments. But in an environment where cash pays 4%, bitcoin will likely struggle. History suggests that it takes time for broken leaders to regain their dominance. For crypto broadly, we would expect any recovery after the FTX collapse to be L-shaped.

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Janus Henderson Announces Changes to Board of Directors

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Janus Henderson Group announced that current board member, John Cassaday, has been appointed to succeed Richard Gillingwater as Chair of the Janus Henderson Board following Gillingwater’s retirement, effective December 31, 2022.

The Company also announced that while Ed Garden, Trian Fund Management’s Chief Investment Officer and Founding Partner, will continue to serve as an Independent Non-Executive Director of the Company, Nelson Peltz, Trian’s Chief Executive Officer and Founding Partner, has resigned from the Company’s Board of Directors, and Brian Baldwin, Partner and Senior Analyst at Trian, has been appointed as an Independent Non-Executive Director in place of Mr. Peltz, effective 15th November.

Richard Gillingwater, Chair of the Janus Henderson Board of Directors, said: “We are thrilled that John is taking on this critical role. His breadth and depth of experience, wealth of leadership, and understanding of the industry makes him the ideal person to lead Janus Henderson into its next growth phase. Additionally, on behalf of the Board and the management team, we thank Nelson for his significant contributions and invaluable insights. We are pleased to welcome Brian to the Janus Henderson Board and look forward to benefitting from his knowledge and perspective, as well as continuing to work closely with Ed on a number of high priority operating and strategic matters.”

John Cassaday, member of the Janus Henderson Board of Directors and Chair-elect, said: “I am honored to be appointed Chair of the Janus Henderson Board and to follow in the footsteps of Richard’s legacy of strong leadership and commitment to the Company. I look forward to working closely with the Board and the management team to help guide and position Janus Henderson for future success.”

Nelson Peltz, Trian’s Chief Executive and Founding Partner, said: “As its largest shareholder, Trian strongly supports Janus Henderson’s new CEO, Ali Dibadj, and his management team, the Company’s cost-efficiency program, the firm’s newly defined strategy, and Janus Henderson’s refreshed Board, including its new Chair, John Cassaday. With these changes in place, and with two of Trian’s Partners, Ed Garden and Brian Baldwin, on the Board, Trian believes Janus Henderson is well-positioned to help clients define and achieve their desired investment outcomes while delivering significant long-term shareholder value.”

The Denominator Effect Prevails in the Rise of Alternatives by AFOREs

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Assets under management of the AFOREs in 2022 have had a drop of $13.9B to September, closing the month at $241.0B. Back in December 2021 they were at $254.9B according to CONSAR information. This represents a 5.4% drop. Some AFOREs experienced a 10% reduction of their assets, while in the extreme case there is one that managed to achieve a slight increase of at least 1%. In the previous year, assets grew 7% on average.

All AFOREs increased their percentage of investment in alternatives in percentages ranging from 0.4% to 2.9%, with an average growth of 1.4%.

Between December 2021 and September 2022 there is an increase of $2.5B in alternative investments, bringing these investments to $19.6B which means an increase from 6.7% to 8.1% as a percentage of investment between December 2021 and September 2022. According to our own estimates, 2.6% are international investments and 5.5% are local at market value.

The decline in local and international equity investments accumulated during the year largely explains this drop in assets under management. Between December 2021 and September 2022, local equities dropped 0.2% of their weight in the portfolio from 6.5% to 6.3% and investments in international equities dropped from 14.4% to 11.2%, which is a drop in the portfolio of 3.2%.

This increase in the percentage invested in alternatives and decrease in the percentages of local and international equities is called the denominator effect. The denominator effect refers to the value of an investor’s private equity portfolio exceeding his or her allocation due to a decrease in the value of other elements of the investment portfolio.

In 2022 the issuance of vehicles seeking global investments in the fund of funds sector continues to dominate. Between January and September 5 CKDs and 57 CERPIs emerged signifying new commitments for $7B of which only 6% have been called which have a market value of $426M according to proprietary information.

With these new issues in only four years the CERPIs are about to reach the number of CKDs (128 CKDs vs. 136 CERPIs) and the same happens with the committed resources ($23.6B in CKDs vs. $21.1B in CERPIs) with the difference that 77% of the commitments have been called in CKDs and only 27% in CERPIs. It should be considered that the first CKD was issued 13 years ago.

In the new 2022 pipeline there are only 3 CKDs and 2 CERPIs where the amounts are expected to continue to dominate in CERPIs. BIVA brings 4 of the issues and BMV 1. As for the sectors two are located in funds of funds and one in infrastructure, real estate and debt respectively.

In the composition of the AFOREs’ portfolios, the drop in assets and the increase in the weight of alternative investments will cause investments in this asset class to take a break in general terms, where the doubt is the time for recovery in equities with a recession at the door to cause the opposite effect.

Column by Arturo Hanono

Apex Group Wins Participant Capital Mandate

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Apex Group announced that it has been appointed by Participant Capital Advisors to provide fund and financial services.

As the affiliated asset management arm of Royal Palm Companies, Participant Capital allows wealth managers and their clients to invest in real estate opportunities that have traditionally only been available to institutions via a suite of investment vehicles.

Apex Group will provide fund administration services to Participant Capital’s Luxembourg domiciled funds. Fund administration is at the core of Apex Group’s single-source solution, delivering timely, accurate and independent services, underpinned by market leading technology platforms. According to a recent Total Economic Impact (TEI) report by Forrester Consulting, clients of Apex Group’s single-source solution achieve, on average, cost benefits of $5.39m, with a net present value of $2.75m over a three-year period.

These services will be provided by Apex Group’s growing Miami office, which offers the Group’s full single-source solution to asset managers, financial institutions, private clients and family offices, with a focus on the delivery of services to clients in the Miami, Florida and Latin American markets. This mandate is expected to be expanded in due course to provide additional depositary and digital banking services via Apex Group subsidiary EDB.

Alex Contreras, SVP Business Development at Apex Group comments: “As the Miami Real Estate market continues to go from strength to strength, we are excited to announce our appointment by Participant Capital, who we look forward to supporting through our integrated approach to fund and financial services. Our single-source solutions, underpinned by our experienced team, will enable Participant Capital to streamline their operational processes, and allow them to continue to focus on accelerating the growth of their business and continue to deliver attractive returns for investors.”

Felix Haydar, Operations Director, Participant Capital further adds: “We have chosen to partner with Apex Group at a critical time in our growth trajectory, as we look to expand our real estate fund offerings to a wider range of investors. In selecting Apex Group, we found a partner that offered scalable fund administration services and the ability to access additional cross-border financial services in one convenient relationship. The Miami team has been responsible and shown a depth of experience in servicing our private equity real estate vehicles.”

MFS Investment Management Establishes Uruguay Office

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MFS Investment Management is announcing the opening of a new office in Montevideo, Uruguay. The office is located in the Zonamerica free trade zone area, and will be home to the sales and support staff serving the Southern Cone region.

“Expansion into Uruguay reaffirms our longstanding strategic commitment to Latin America overall and the Southern Cone region where we have been building long standing relationships for nearly three decades. We are proud to bring MFS’ nearly 100 years of investment experience and expertise to Uruguay. We believe this new office will allow us to continue creating value for our clients responsibly for many years to come,” said L. José Corena, managing director for the Americas for MFS.

The Free Trade Zone offers a favorable business environment, a growing local investor base and a strategic location from which MFS can more effectively serve the Southern Cone region moving forward.

“From our new base in Montevideo, we are well placed to deepen existing relationships as well as grow new relationships throughout the Southern Cone. As the appetite for investing continues to grow across Latin America, MFS will leverage its presence in Uruguay to enhance its clients’ experience throughout the region,” said Stephan von Hartenstein, a senior regional consultant who will be based out of the new office.

Originally founded in Boston, Massachusetts, in 1924, MFS has been serving the Americas for more than 35 years. The new office will allow MFS to continue to serve its many longstanding relationships throughout the region, including Argentina, where it has some of its deepest and long lasting distribution relationships. Furthermore, the office will complement the firm’s Miami, Florida and Santiago, Chile offices serving the Americas, in addition to coordinating with sales teams in the firm’s Boston headquarters and London office.

“For more than three decades, we have offered our actively managed equity, fixed income and multi asset strategies in the region to meet the demand of a growing investor base. We are extremely pleased to have a new central location from which to engage distribution partners and advisors going forward,” said Ignacio Duranona, senior regional consultant, who will partner with von Hartenstein in the new office.

MFS manages more than $529 billion globally for individuals and institutions. Within the Americas and across major global markets, the firm offers the MFS Meridian® Funds, a line of 36 equity, bond and multi asset funds, in addition to institutional separate accounts and other investment vehicles globally, according the firm information.