On Thursday, March 3, at 11:00 am EDT, a new Virtual Investment Summit organized by Funds Society will be held. Entitled “Improving Access to Private Markets – Semi-Liquid Private Equity Strategy”, it will be hosted by Gonzalo Binello, Head of Latin America at Schroders, with Emily Pollock, Private Asset Sales Director, as speaker.
Private assets are currently in high demand for investors and democratization of private equity is an ongoing trend that looks to bring to bring private equity down market. From trillions of dollars held in pension plans, to UHNW and mass affluent markets, untapped pots of capital are waiting to be put to use.
Schroders Capital Semi-liquid Private Equity Strategy aims to invest on an opportunistic basis in non-listed companies across a diverse set of regions, sectors and industries. The strategy will access investment opportunities predominantly through co-investments and secondaries.
Gonzalo Binello, Head of Latin America & Intermediary International Business at Schroders
Binello was appointed to his role in July 2019. He is a member of the North America Management Committee and of the South America Management Committee. He has held a number of leadership roles with Schroders since 2003, including Head of Intermediary International Business in the US from February 2015 until June 2019, where he was responsible for the development of the intermediary business in the Americas.
From February 2013 to February 2015, he was a Global Director of Global Accounts based in London, with oversight of Schroders’ key accounts and global business opportunities. Between 2009 and 2013, he was Head of Distribution Latin America and Central America (ex -Brazil), with responsibility over the South America (ex Brazil) and Central America institutional and intermediary businesses. During this time, he was also Board Director of the Chile Office.
He joined Schroders in August 2003 to launch and develop the Latin America (ex Brazil) institutional and intermediary businesses. Prior to that, he worked as Sales Director at Reuters (2002 to 2003) covering Argentina, Chile, Uruguay and Peru; and as a Private Equity Investment Analyst at the Exxel Group (1999 to 2002). Binello earned both his Bachelor of Science and Master’s degrees from the Torcuato Di Tella University in Argentina.
Emily Pollock, Solutions Director for Schroders Capital
From her role, Pollock works with clients to build customised private asset portfolios and multi-private asset products. She joined Schroders in 2018, having previously worked in the New York Office on the Schroder Adveq Opportunity team, where she covered small market buyout and distressed investments.
Prior to this, Pollock was the senior member of the investment team for 50 South Capital based in London. In her role, she managed the European Investment portfolio, co-led efforts in Infrastructure and private debt globally, and assisted in portfolio construction and fundraising.
Pollock started her career in 2005 at Northern Trust, in Chicago, where she sourced, led and monitored buyout, growth and venture capital primary, secondary and co-investments in the US.
Pixabay CC0 Public Domain. El darwinismo digital está en un punto de inflexión disruptivo para los inversores
Internet connectivity and digital tools have transformed everything from retailing to how we watch movies, learn, order food, and experience healthcare, forcing countless companies across industries and sectors to evolve to new digital realities or risk extinction in an ongoing process that has come to be known as Digital Darwinism.
Now, this trend is at a tipping point that will make the disruption of the past two decades seem like table stakes, with myriad implications for investors
Today, software and hardware advances coupled with artificial intelligence (AI) have accelerated to such an extent that technology is creating unprecedented opportunities for innovation, impact and disruption across countries and economic sectors. This global phenomenon will sweep some businesses aside, allow others to gain dominant market share and impact the world’s geopolitical order. It’s also an opportunity for investors to profit from disruption and to contribute to positive real-world change.
This survival of the “digitally fittest” exposes weaknesses in firms lacking technological prowess while enabling others—sometimes small firms—to dominate. While Digital Darwinism to date has been most prominent in the consumer sector, now it is permeating everything in a moment of exponential growth, bringing society ever closer to what Ray Kurzweil calls Singularity, the moment where the power of man and machine converge.
The evolution is evidenced by the shortening life cycle of companies: The longevity of an S&P500-listed company was 30-35 years in the 1970s but is expected to shrink to 15-20 years during this decade, according to Huron Consulting.
Amid this paradigm shift, three trends to which investors should pay particular mind stand out:
Data and connectivity
Three decades ago, few people had Internet access, now 60% of people are online, accelerating disruption by generating 2.5 quintillion bytes of data daily. That data is being used to improve goods and services. The Internet of Things (IoT) highlights the pace of change, growing 9% in 2021 alone to 12.3 billion connections. More and more of the global economy is now digital: Within the MSCI All Country World Index, digital firms generated about $7.4 trillion of revenue in 2020 versus $2.2 trillion in 2001. That number is forecast to reach as much as $30 trillion by 2040, creating opportunities in everything from the metaverse to networking, connectivity infrastructure, semiconductors, cloud storage and cybersecurity.
Man-and-machine
This concept starts with the notion that the human body is hardware and DNA its software code. For example, the speed, innovation and collaboration that led to the rapid development of COVID-19 vaccines suggests scientists and technologists can meaningfully advance how we deal with all manner of diseases. Nanotechnology scientists are installing microelectrodes to help the blind see. Beyond health, the man-and-machine age holds vast potential too. As the metaverse blurs the lines between physical and digital experiences (spurred by Internet connectivity, virtual reality and the blockchain) shopping, entertainment, culture, and payments will be revolutionized. Imagine standing in your renovated kitchen before construction begins or test-driving a car at home. In education, students can be immersed in a culture or place. Imagine learning about the pyramids in Egypt by “visiting” one in the metaverse. Media, too, will change inexorably. Today in the US, consumers engage with 11 billion days of digital content annually and watch another 14 billion annual days of TV.
Climate tech
Addressing climate change is our biggest challenge today but it creates opportunities for investors to support positive change. In the year to June 2021, $87.5 billion was invested in firms combating the climate crisis, up from $24.8 billion the year before, according to PwC. As more capital is spent on the transition, significant investment will flow to technology innovators. US climate change envoy John Kerry forecasts that half of the cuts needed to achieve net-zero emissions will “come from technologies we don’t yet have.” Investors can support everything from AI-powered marketplaces for carbon offsets to improved power infrastructure.
All this could shake up the geopolitical world order as leading economies such as the US and China use technology to vie for dominance in the vital industries of the future, from making solar panels to semiconductors and robotics. As all this shakes out, there will be volatility as certain countries gain marginal power and advantages in particular sectors. On balance, however, I would expect to see the formation over time of stable global alliances that will facilitate disruption without onerous volatility.
These trends are challenging traditional equity investing approaches, as they too, after all, are not immune to Digital Darwinism. In this light, the evolutionary approach to buying stocks looks set to be thematic in nature, where investors can allocate capital via such themes as AI, the metaverse, clean-tech, healthy living, food security or water, instead of strictly based on industries, sectors or regions. This process could also help allocate capital more efficiently during the transition to a more sustainable world by allowing portfolios to invest for impact, both contributing to solutions while potentially benefitting from the volatility caused by the inevitable disruption.
A column by Virginie Maisonneuve, Global Chief Investment Officer Equity at Allianz Global Investors
Xavier Pardo Y Lelo de Larrea, Executive Director de Morgan Stanley
Copyright: LinkedIn. Foto cedida
Xavier Pardo Lelo de Larrea joins Morgan Stanley this Friday as Executive Director, according to BrokerCheck.
Pardo manages more than $300 million in client assets with about 40 high-net-worth and ultra-high-net-worth relationships, industry sources told to Funds Society.
He has more than 16 years of experience at Citi and was most recently Director of Wealth Management at the firm, according to his LinkedIn profile.
Pardo arrives to Morgan Stanley with a team of five Citi former advisors who work with clients in Mexico, Argentina, Chile, Ecuador and Central America.
The new team will review nearly a billion dollars in assets.
In recent weeks, several senior Citi officials have left the company after the firm announced its exit from the offshore Wealth Management business in Uruguay and Asia.
Michael Averett, Fernando Campoo and Alex Lago, also left the firm few days ago.
Foto cedidaPascal Blanqué, presidente de Amundi Institute y miembro del Comité Ejecutivo de Amundi.. Amundi crea la división Amundi Institute y reúne en ella sus actividades de análisis, estrategia de mercado y asesoramiento en asignación de activos
Amundi has announced the creation of the Amundi Institute, a new division to strengthen the advice, training and day-to-day dialogue to help their clients better understand their environment and the evolution of investment practices in order to define their asset allocation and help construct their portfolios. In this sense, the management company is responding to needs that it had been detecting for some time.
The Amundi Institute’s objective is to strengthen the advice, training and day-to-day dialogue on these subjects for all its clients – distributors, institutions and corporates – regardless of the assets that Amundi manages on their behalf, explained the firm in a press release. This new division brings together its research, market strategy and asset allocation advisory activities.
The Amundi Institute will also be responsible for conveying Amundi’s convictions and its investment and portfolio construction recommendations, thereby furthering its leadership in these areas. This new business line will continue to serve Amundi’s investment management teams and will contribute to strengthening their standards of excellence.
With an initial staff of around 60, the Amundi Institute will soon be strengthened to serve these new objectives. Pascal Blanqué has been appointed as Chairman and will supervise this new business line. He will be supported by Monica Defend, who will be Head of Amundi Institute.
“Inflation, environmental issues, geopolitical tensions… there are many structural regime changes underway. Investors across the board expect a deeper dialogue and sophisticated advice to build more robust portfolios”, said Blanqué.
Vincent Mortier will succeed Pascal as Amundi’s Group Chief Investment Officer. Mortier commented that the creation of the Amundi Institute will enhance the contribution of research to all of Amundi’s asset management activities so that they can “continue to create highperforming investment solutions over the long term, adapted to the specific needs of each client and taking into account all the parameters of an increasingly complex environment.”
Lastly, Matteo Germano, Head of Multi-Asset Investment, will be Deputy Chief Investment Officer.
Dynasty Financial Partners has announced in a press release that Sean Lindenbaum joined the firm as Director of Network Development, Southeast Division. He will be based on Florida’s East Coast and will report directly to John Sullivan, Head of Network Development.
“Sean brings a long and successful track record of experience to this newly created position at Dynasty. He has been recognized throughout his career as a skilled communicator, collaborator, and top performer – all qualities that will serve him well as he begins the next chapter of his career at Dynasty,” commented Sullivan.
In his new role, Lindenbaum will be responsible for collaborating with the Dynasty Network Development team, consulting to advisors interested in the independent model, and work alongside Dynasty’s other business segments to service the Dynasty Network as needed.
“We believe the broader southeast market, and Florida in particular, represent a significant opportunity for Dynasty. There are a number of advisors in the southeast market who are at wirehouses and IBDs who want a supported independent model and many RIAs who are looking to outsource technology, investments, and capital needs to gain further scale, efficiencies, and to grow faster both organically and inorganically”, remarked Dynasty’s CEO, Shirl Penney.
Additionally, they find that many of the top independent advisory firms and the advisors who run them “want to be independent but not alone”, so they “are looking forward to the opportunity to continue to grow” their Dynasty Network of RIAs in the southeast.
Lindenbaum was Managing Director of Sales at TD AmeritradeInstitutional from 2005-2021, where he was responsible for leading the Southeast and MidAtlantic sales team and has over 20 years of experience in delivering business solutions designed to accelerate revenue and sales growth. Prior to that, he was Vice President of Strategic Sales Planning based out of New Jersey with TD Ameritrade Institutional. He has his BS in Economics from the State University of New York at Oneonta and earned a professional certificate through Securities Industry Institute at The Wharton School.
Thus far in 2022, Dynasty has hired 9 people in St. Petersburg.
Wellington Management has announced the strategic expansion of its Alternative Investments platform through the hiring of the investment team of Shelter Haven Capital Management.
Founded in 2017 by Jerry Kochanski, an experienced alternatives portfolio manager, Shelter Haven is a market neutral, long/short equity manager that primarily focuses on small and mid-cap companies in the technology, media, telecom and consumer sectors, the asset manager revealed in a press release.
The boutique currently oversees around 350 million dollars in client assets across separate accounts and commingled funds. Its team of five investment professionals includes Hedge Fund Analysts Ross Hammer and Michael Yuan, and Research Associates Julia Karl and Alan Zhang, who will all be joining Kochanski at Wellington on 1 March. They will continue to manage the same market neutral, highly idiosyncratic investment strategy at Wellington.
The strategy focuses on delivering returns that are uncorrelated with market betas, an approach that fits well with Wellington’s plans to expand its long/short platform and build out its suite of multi-strategy investment products and custom alternative solutions to meet increasing client demand for liquid alternatives.
“This exciting development represents a unique opportunity for Wellington to expand our alternatives capabilities with an experienced investment team and an established client base. The market neutral strategy also aligns well with our alternatives priorities and demand from our clients,” said Christopher Kirk, Senior Managing Director at Wellington Alternative Investments.
Meanwhile, Kochanski commented: “I am looking forward to returning to Wellington where I began my investment career in 2003 and served as an equity analyst until 2008. Joining Wellington offers current and future clients the opportunity to access a breadth of capabilities, and benefit from the firm’s substantial global research, operational, risk, legal and compliance infrastructure.”
Michael Averett, Head de Business Development y complex manager de Bolton Global Capital
Copyright: LinkedIn. . Foto cedida
Bolton Global Capital has announced the hiring of Michael Averett as the Head of Business Development. He will also serve as a member of the firm’s Executive Committee and as the Complex Manager for Bolton’s Miami and Weston, Florida offices.
Throughout his 21-year career at Citibank, Averett has held multiple senior-level positions in the firm’s wealth management complex, most recently as Regional Director of Sales for the International Personal Bank (IPB) division, has highlighted Bolton in a press release. In this role, he led a team that managed $10 billion in client assetsand generated annual revenues in excess of $100MM for Citi’s high-net-worth offices in Montevideo, San Juan and San Francisco.
Prior to that, Averett managed IPB’s Client Solutions team and served as IPB’s Sales Head for all of its U.S.-based offices.
“We are delighted to bring on board a professional with such broad knowledge and experience in the international wealth management business”, stated Ray Grenier, CEO.
Established in 1985, Bolton Global Capital is an independent FINRA member firm with an affiliated SEC registered investment advisor. The firm manages $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.
Charlie Burrows, Head del mercado onshore del sureste de EE.UU.
Copyright: LinkedIn. Foto cedida
Charlie Burrows has been promoted as Head of the US Southeast Market at Deutsche Bank’s International Private Bank. The appointment is part of a strategy of expansion in the southern region of the North American power.
“Florida is becoming more and more important as some of our onshore clients choose to move there permanently. Charlie Burrows will do a great job leading our growing onshore Deutsche Bank wealth management team in Miami”, Arjun Nagarkatti, Head of the International Private Bank for Americas at the bank, posted on Linkedin.
In addition to Miami, Burrows will oversee the bank’s expansion in Palm Beach, Naples, Tampa Bay and Jacksonville, Funds Society confirmed with company sources.
“Anthony Valvo (Managing Director and Market Head for New York and Southeast at Deutsche Bank) and I are so excited by the momentum and enthusiasm of our Miami team and what we offer to our clients through our wealth planning capabilities, custom real estate lending solutions and our domestic and offshore expertise”, added Nagarkatti.
With more than 35 years in the industry, Burrows has worked at JPMorgan Chase & Co and Merrill Lynch‘s US Trust Cash Management Solutions Segment Executive division, according to his LinkedIn profile. The executive has been with Deutsche Bank since 2011.
Credit expert Stéphane Rüegg at Pictet Asset Management discusses what’s on the mind of his clients, the nascent green bond market and his very personal view of responsible investing.
Why does investing sustainably matter to you?
My awareness came about in different ways. First of all, watching the Rio Summit as a teenager, I vividly remember Brazilian indigenous leader Chief Raoni talking about the preservation of the Amazon forest. Also, I am a history buff and it occurred to me that lots of battles in military history would have had very different outcomes with climate change. The French were victorious at Austerlitz because the lake was frozen and they fired cannonballs that broke the ice; that lake has now dried up. A harsh winter during the battle of Teruel in the Spanish Civil War saw temperatures drop to minus 20 – nowadays they climb to 10 degrees in January. One contributing factor to the French Revolution was the poor harvest of 1788 which caused food shortages and high prices. These examples abound. Finally, I have lived in Asia and there are very few places where you can drink tap water, except perhaps Japan and Singapore. People drink from plastic bottles, which are not recycled. These different thoughts have made me reflect about the environment.
Even within Europe, there are some clear cultural distinctions around ESG
What are clients asking about?
Up until a few years ago, governance was the main ESG factor that influenced investments, and the environment mattered less because of the misalignment that former Bank of England governor Mark Carney calls ‘the tragedy of the horizon’: investment managers are judged on their 3-year track record while the impact of climate change will only be apparent in the coming decades.
However, with extreme weather events there has been a welcome realization that we are in a climate emergency. It has become a higher priority in Europe; Asian investors are looking at these developments and asking a lot of questions. Overall, clients’ main concern is ultimately driven by regulation. In Europe, we are moving towards a shared green taxonomy, but we will have to see how investors use it in the long run. It should not just be about hitting a threshold; we also need data that allows to track the progress of a company over the long term.
New standards will be gradually rolled out in Europe but even within the region, there are some clear cultural distinctions around ESG. German clients do not like nuclear power while others, like the French, think it’s necessary to make the transition to clean energy. In Belgium, home to many large brewers, the green label does not exclude alcohol.
Often, awareness about climate is the result of an environmental disaster, like Fukushima in Japan. In the US, the BP oil spill in the Gulf of Mexico helped change attitudes among American investors. The increased frequency of hurricanes and a spell of intense cold in Texas at the beginning of the year have intensified concerns about the environment across the US.
What risks investors in green fixed income should be aware of?
If I told you, imagine a bond with a social objective that allows people with little money to enter the property market and to integrate into society better, would you invest? Well, imagine it’s 2008 and I have just repackaged subprimes to you as a way to help American society reduce its fractures. So you have to be careful not to be dazzled by the green.
It’s a nascent market that requires you to have some major principles to guide your investments, like the moral compass that guides your personal life. You need to analyse the instrument as much as the issuer and follow up closely to ensure the company delivers on its promise. We are spoiled at Pictet because as a rule, we have what we think is the best supplier for each aspect of E, S and G – at the end of the day you need the data to understand ESG.
A broad-brush approach to evaluating companies’ ESG performance does not work, it is crucial to understand the dynamics of each sector. The environment is key for mining companies, for example, but the social aspect is equally important, in terms of accidents and working with local communities. A case in point is mining company Vale in Brazil where a lethal dam disaster caused the company to lose its position as the world’s largest iron ore extractor and sparked a governance and safety review. The way a company sets prices, or it treats customers or suppliers is just as important as the environment.
Are green ETFs an easy option for fixed income investors?
Green bonds ETF allow investors to dip a toe in the water, but they simply replicate an index. Bond index managers only include issuers that meet their eligibility criteria, so depending on data availability bonds may not be eligible for inclusion for a few months after issuance. When a company doesn’t report properly, it can take months to exclude the bond from the index.
And then it comes down to whether you agree with the benchmark. Do you include green bonds from companies that pollute? Do you include a green bond from an airport operator? When you buy an ETF you leave these decisions to the index provider. We think these are very important conversations to have with our clients.
It would be wrong to think that green bonds are the only way to gain exposure to virtuous companies. Companies in the business of blood testing or those in the health sector do not necessarily issue green bonds yet their contributions to society are important. Some companies may be ‘green’ but do not issue green bonds, such as this US water technology company we have in the portfolio. We bought the bonds because we were interested in the strategy of the company. Then they issued a green bond. On the other hand, we’ve had the example of an energy company promoting its sustainability credentials, then buying a shale gas company when the US energy market collapsed.
Does ESG change the job of professional investors?
In our team we have always cultivated a long-term mindset. Technological change and regulation are key inputs in our process because they can create new risks and opportunities and trigger a mini credit cycle in a sector. So, when ESG regulation started to come into force, we were not taken by surprise.
We also always have had a very fundamental investment approach of asking ourselves “why is the company making this acquisition/changing its business model by launching new products – does it make sense?” We may be opportunistic from time to time, but our approach is that we lend money to a company; we’re not traders.
We also talk to companies about our concerns. You can challenge company management during the meetings that you have with them, you don’t necessarily need defined engagements. Ultimately, governance is very important. You can’t trust a company on its environmental commitments if it doesn’t have good governance.
It would be wrong to think that green bonds are the only way to gain exposure to virtuous companies
Is the new generation more ESG-conscious?
I am not of the opinion that millenials believe in ESG much more than others. I think that each generation has its own biases and its blind spots. In the time of my grandparents, the harmfulness of tobacco was not taken into account at all. Today’s young people don’t understand the link between their streaming habits and the exponential growth of carbon emissions. Our ancestors saved water, used up all leftovers. Today we are in a much more wasteful society. My children don’t recycle. They have a sincerity about them, but they have blind spots, like all generations!
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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Foto cedidaÁlvaro Palenga, Sales Director de AMCS. Foto cedida
AMCS Group has announced the promotion of Álvaro Palenga, CFA, to Sales Director and his relocation from Montevideo to Miami. He will be reporting to Andrés Munho, Co Founder and Managing Partner.
In a press release, the company has pointed out that Palenga is assuming the role “at an exciting time”, as the business is seeking to significantly grow the market presence of its three asset management partners, AXA Investment Managers, Jupiter Asset Management and Man Group, in the US Non-Resident channel.
In his new role, he will be focused on covering wirehouses, private banks and broker dealers in Miami and Texas, while providing additional support to the New York area market, which is currently serviced by Chris Stapleton, Co-founder and Managing Partner of AMCS.
“We are extremely excited with the promotion and relocation of Álvaro as our Miami-based Sales Director. He has made significant contributions to our business in a short period of time, and we’re confident his consultative, investment-centric approach will be well received by our North American clients”, commented Munho.
Reorganization of the team
The firm has also announced the hire of Santos Ballester Molina as Sales Associate, based in Montevideo. He will support the wider AMCS sales team across the entire Americas region, with a focus on the southern cone client group.
“Having Santos join us in Montevideo at a pivotal time for our business to be able to support the wider team’s efforts represents a key addition to our team, and we’re confident he is up for the task of adding value for our clients across the Americas. We all look forward to both of their contributions to our ambitious growth plans”, said Munho.
Ballester will report to Santiago Sacias, Managing Partner and Head of Southern Cone Sales, who is also based in Montevideo. He joins from Riva Darno Asset Management in Buenos Aires where he has worked since completing his bachelor’s in economics from the University of San Andrés.
As part of this reorganization of the AMCS sales team, Francisco Rubio has left the business “to pursue other opportunities”, the press release says. He leaves “with tremendous gratitude” from the firm for his significant efforts over the years”.