Pixabay CC0 Public Domain. Preqin compra Colmore, firma tecnológica de servicios y gestión de mercados privados
Ameriprise Financial has signed a definitive agreement with BMO Financial Group (BMO) to acquire its EMEA asset management business for 845 million dollars. The transaction is expected to close in the fourth quarter of 2021, subject to regulatory approvals in the relevant jurisdictions.
The firm has revealed in a press release that this all-cash acquisition adds 124 billion dollars of assets under management (AUM) in Europe. It will be a growth driver for Columbia Threadneedle Investments, the global asset manager of Ameriprise, and further accelerate the core strategy of the company growing its fee-based businesses and increase the overall contribution of wealth management and asset management within its diversified business.
Together with BMO’s EMEA asset management business, Ameriprise will have more than 1.2 trillion dollars of AUM and administration. The firm believes that the acquisition will add a substantial presence in the European institutional market for Columbia Threadneedle Investments’ and expand its investment capabilities and solutions. The addition of BMO will increase its AUM to 671 billion dollars and expand those in the region to 40% of total of the asset manager.
In addition, the acquisition establishes a strategic relationship with BMO Wealth Management giving its North American Wealth Management clients opportunities to access a range of Columbia Threadneedle investment management solutions. Separately, in the U.S., the transaction includes the opportunity for certain BMO asset management clients to move to Columbia Threadneedle, subject to client consent. Ameriprise expects the transaction to be accretive in 2023 and to generate an internal rate of return of 20%.
“We’ve built an outstanding global asset manager that complements our leading wealth management business and generates strong results. BMO’s EMEA asset management business will be a great addition to Columbia Threadneedle that will deliver meaningful value for clients and our business. This strategic acquisition represents an important next step as we expand our solutions capabilities, broaden our client offering and deepen our talented team”, Jim Cracchiolo, Chairman and Chief Executive Officer at Ameriprise Financial said.
EFG Asset Management (EFGAM), an international provider of actively-managed investment solutions, has announced in a statement that it will bring its US growth equity strategies to eligible US institutional investors.
New Capital, its fund management arm, will offer its products to the US domestic market through EFG Asset Management (North America) Corp, a newly formed US Securities and Exchange Commission (SEC) registered investment adviser.
Now, US institutional investors may access four funds via separately managed accounts (SMAs) and Collective Investment Trusts (CITs): New Capital US Future Leaders, New Capital US Growth, New Capital US Small Cap Growth and New Capital Healthcare Disruptors.
The equity strategies are managed by senior portfolio managers Joel Rubenstein, Tim Butler and Mike Clulow and portfolio manager Chelsea Wiater, all of whom have been running the portfolios since inception and are based in Portland, Oregon. They are supported by Donald Klotter and Amanda Meyer on business development. The senior portfolio managers have been together since 2003 and the team as a whole has worked together for over 10 years.
“This move marks an important step in the development of our growth strategy across North America and our ongoing commitment to the region. The US equity strategies have offered a great source of performance to our clients in Europe and Asia, and we are delighted to be able to offer US institutional investors access to the same strategies”, Moz Afzal, Chief Investment Officer at EFGAM said.
Lastly, Donald Klotter, Global Head of Institutional Sales, commented that, although the team has been managing US equity portfolios for almost two decades together, this is a “pivotal time” for their institutional audience.
“The New Capital US Growth and New Capital US Small Cap Growth strategies each have a five-year track record, and both have assets in excess of USD 200 million. All strategies have delivered strong results since inception. Our conviction of multi-year growth in the US remains high and we look forward to continuing to deliver long-term results for our clients”, he concluded.
Pictet Asset Management’s Asian Equities ex Japan strategy aims to invest in companies with sustainably high or improving cash generation and returns, which they think are undervalued and have a strong potential for growth. Find out how to capture the investment potential of Asia.
Reasons to invest in Pictet Asset Management’s Asian equities ex Japan strategy:
1. An inefficient market creates investment opportunities
Pictet Asset Management believes Asia ex-Japan is inefficient, as market participants often focus on the short-term over the long-term and earnings (which can be manipulated) over cash. Pictet Asset Management aims to capture investment opportunities primarily across two broad areas where they think the market is either underestimating:
structural growers – companies that are able to sustain their above average/above market growth rates and returns
companies that are going through an inflection – where temporarily depressed returns are extrapolated into the future
2. A focused approach
An active, research intensive investment process helps to identify the best investment opportunities. While Pictet Asset Management likes growth stories, they won’t overpay for them. Their investment philosophy incorporates a focus on cash generation whilst maintaining a strong valuation discipline. They believe a portfolio made up of companies like this should be able to outperform across market cycles.
3. Strong local knowledge and presence
The strategy is run by an experienced investment team including regional specialists based in Hong Kong. Together, they hold over 900 company visits a year.
Why invest in Asia ex Japan?
Asia is the fastest growing region in the world thanks to its highly diversified economies, its demographic advantages as well as structural reforms; and in Pictet Asset Management’s view is today far more resilient due to its better management of the pandemic. The region is also among the most advanced in terms of themes such as e-commerce and fintech with its companies investing more than many developed peers in research & development (1), which would drive future growth.
Asia is the fastest growing region in the world thanks to its highly diversified economies, its demographic advantages as well as structural reforms; and is today far more resilient due to its better management of the pandemic. The region is also among the most advanced in terms of themes such as e-commerce and fintech with its companies investing more than many developed peers in research and development, which should drive future growth.
Despite their superior growth potential, Asian assets are under-represented in investor portfolios. Pictet Asset Management believes Asian equities are attractive due to the strong earning potential of companies and attractive valuations, especially relative to developed markets.
A pick-up in global activity, better corporate earnings, and receding currency and debt risks across the region all contribute to a positive outlook. Against this backdrop, Pictet Asset Management continues to find companies with strong cash flow, earnings growth higher than the market and compelling valuations.
How Pictet Asset Management manages the portfolio
Pictet Asset Management has over 30 years’ experience investing in Asia equity markets, with offices throughout the region. They take an active approach believing that Asia equity markets are inefficient. Therefore fundamental analysis and judicious stock selection are paramount to success. Arguably this is now the case more than ever as markets open up to foreign investors and disruptive technologies rapidly change industries.
Pictet Asset Management seeks companies, with the best growth potential, using a valuation approach based on cashflow rather than simple earnings. Asia is a complex market and they also take into account Environmental, Social and Governance (ESG) criteria, making them multidimensional stock pickers. Finally, they believe this analysis is best achieved through meetings and engagement with company management using qualitative criteria to score businesses.
Notes:
(1) Source: Refinitiv Datastream, Pictet Asset Management, February 2021
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. 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 Limited, which is authorised and regulated by the Financial Conduct Authority, 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 Inc. (Pictet AM Inc) is responsible for effecting solicitation in North America 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 Managerr authorized to conduct marketing activities on behalf of Pictet AM Ltd and Pictet AM SA. In the USA, Pictet AM Inc. is registered as an SEC Investment Adviser and its activities are conducted in full compliance with the SEC rules applicable to the marketing of affiliate entities as prescribed in the Adviser Act of 1940 ref. 17CFR275.206(4)-3.
Foto cedidaYves Perrier, consejero delegado de Amundi.. Amundi firma con Société Générale el acuerdo marco para la compra de Lyxor
Amundi declared in a press release that it has entered into exclusive negotiations with Société Générale for the acquisition of Lyxor for 825 million euros (755 million euros excluding excess capital) in cash.
The asset manager highlighted that the transaction would allow them to accelerate its development on the fast-growing ETF segment, while complementing its offering in active management, in particular in liquid alternative assets as well as advisory solutions.
The operation is expected to be completed by February 2022 at the latest, after consultation of the Works Councils, and subject to receiving the required regulatory and anti-trust approvals.
After this acquisition, Amundi will become the European leader in ETF, with 142 billion euros in assets under management, a 14% market share in Europe and a diversified profile in terms of client base and geography.
Founded in 1998, Lyxor is a pioneer in ETF in Europe and has 124 billion euros in assets under management. It is one of the key players in the ETF market, with 77 billion of assets under management and a 7.4% market share in Europe. Also, Amundi pointed out that it has developed a recognized expertise in active management, notably through its leading alternative platform.
“The acquisition of Lyxor will accelerate the development of Amundi, as it will reinforce our expertise, namely in ETF and alternative asset management, and allows us to welcome highly recognized teams of people. This acquisition is fully in line with the Crédit Agricole group’s reinforcement strategy in the asset gathering business. It will also further reinforce the business relationships with our historical partner Société Générale. Finally, by creating in France the European leader in passive asset management, it will contribute to the post-Brexit positioning of the Paris financial centre”, said Yves Perrier, Chief Executive Officer of Amundi.
Lastly, Valérie Baudson, Deputy Chief Executive Officer, claimed that they are looking forward to welcoming the “talented teams” of Lyxor. “The combinations of our strengths will allow us to accelerate our development in the ETF, alternative asset management and the investments solutions segments”, she added.
Foto cedidaTim Ryan, consejero delegado de Natixis IM.. Tim Ryan, nuevo consejero delegado de Natixis IM
Tim Ryan, former CIO at Generali, has been appointed member of the Natixis senior management committee in charge of Asset & Wealth Management, and CEO of Natixis Investment Managers, effective April 12th. He will succeed Jean Raby, who has decided to pursue another professional opportunity, revealed Natixis in a press release.
Ryan started his career in the asset management industry in 1992, working in quantitative research and equity portfolio management in an HSBC subsidiary. In 2000 he joined AXA, where he broadened his experience as Head of Quantitative Asset Management before becoming Chief Investment Officer for the insurance business in Japan in 2003 and subsequently for Asia. In 2008, he was appointed Chief Executive Officer in charge of various regions (Japan and EMEA) for AllianceBernstein’s US asset management subsidiary. In 2017, Ryan joined Generali as Group Chief Investment Officer for insurance assets and Global CEO of Asset & Wealth Management.
“I would like to warmly thank Jean Raby for his remarkable work over these past four years. Under his leadership, Natixis Investment Managers has asserted its position as a world leader in asset management with assets under management of more than 1.1 trillion euros and has built out its commercial offer with new affiliate asset managers and new areas of expertise. I am pleased that Jean will remain at my side over the coming weeks to ensure an efficient transition”, commented Nicolas Namias, CEO of Natixis and Chairman of the Board of Directors of Natixis IM.
He also said that, as they prepare to launch their new strategic plan for the period to 2024, he is “delighted” to welcome Ryan to drive forward their “robust momentum” across their Asset & Wealth Management businesses, develop their multi-affiliate model to serve their clients and enhance their ESG strategy. “Ryan’s in-depth knowledge of the asset and wealth management businesses, together with his international experience, leadership and business development skills, will be key advantages for Natixis and our Group”, he added.
From 1998 until now, two macro trends have influenced international wealth planning and international taxation:
1. Tax homogenization or cartelization (which implies a global rise in taxes and the undoing of any traces of tax competition); and
2. The encroachment on individuals’ privacy (necessary to reach the objective above).
Both trends gained momentum after the 2001 WTC attack right up until Donald Trump’s leadership push and they seem to be acquiring even more relevance as we speak.
To illustrate this, it is important to remember that, between the attack and Trump’s rise to power, the following changes happened (among others), all of them leading towards the trends mentioned above:
1.The “Patriot Act” was passed;
2.Low or null taxing jurisdictions were forced to abolish bearer shares, and in many cases to require companies established there to register directors’ names before authorities (unlike several states of the U.S.);
3.FATCA was passed and enacted; and
4. The Common Reporting Standard was passed and enacted.
Just like Trump’s Presidency stopped the advance of invasion to privacy (for example, IGA signing for FACTA implementation with third-country parties was halted). It implied, in fact, not just a halt but also a step back regarding wide agreements between high tax
jurisdictions leading to a revival of tax competition once championed by Ronald Reagan. Biden’s victory, and above all, the pandemic have caused a fast return to the trends discussed above.
In between Trump losing the 2020 elections and his stepping down from office, Congress ignored his veto over the National Defense Act and forced its passing. This Act included the “Corporate Transparency Act,” which, in a nutshell, established the obligation to communicate to FinCEN the final beneficiaries of any company incorporated in the U.S.
It is uncertain how FinCEN will process such a huge amount of information – but what is not uncertain is that this provision will lead to an incredible erosion of an individuals’ privacy, with or without justification.
As for the second topic, taxes, Yellen’s words are still very fresh. “The U.S. should not have an issue with increasing its corporate taxesas it will not lose investments because this action forces the world’s countries to cooperate”. It is impossible to provide a better definition of tax cartelization.
In Latin America, both trends are the order of the day.
Starting with taxes; three countries have already approved taxes on extraordinary wealth (or on great fortunes), using the pandemic as an excuse. These countries are Argentina (made worse by the fact that Argentina, together with Uruguay and Colombia, already had a wealth tax before the arrival of Covid-19), Bolivia, and Chile.
Although a part of the world has long left this kind of tax behind, essentially because it is counterproductive for countries growth, difficult to manage, and a violation of the principle of equality, as well as for being one of themostevaded taxes, in some Latin American countries it seems to be gaining momentum due to the losses caused by the ongoing pandemic and the appearance of new populist governments.
Until recently, out of the 35 countries in the region, there was an equity tax, a personal property tax, or a wealth tax only in three of them.These countries were Argentina (besides thehighestrates and thelowestminimum taxable amounts), Colombia, and Uruguay.
Towards the end of last year, Boliviabecamethe fourth country in the region to have this tax type. On December 28 of that year, the Bolivian parliament passed a tax on fortunes about 30 million Bolivianos reaching 152 people in Bolivia and a second wealth tax (in theory, for the only time) in Argentina. According to the information shared by the President of Bolivia over social media, the government authorities on economic matters estimated that with the new provision, around 100 million Bolivianos would be collected (approximately USD 14.3 million).
Argentina and Bolivia are remarkably differentfrom each other, in particular:
Firstly, as I mentioned before, there already was a tax on personal property in Argentina, which makes this additional tax unconstitutional, as it affects the same assets twice. And since the deadline for payment of this tax was originally March 30, there are already several court filings requesting precautionary measures against it or a declaration of unconstitutionality);
Secondly, Bolivia’s tax reaches wealth ranges above USD 4,300,000, while in Argentina, it must be paid above USD 2,420,000;
In Argentina, rates for this tax vary from 2% to 3% for assets in the country and from 3% to 5.25% for assets owned abroad; in Bolivia, rates are 1.4% for persons with wealth ranges between USD 4.3 million and USD 5.7 million; 1.9% for wealth ranges between USD 5.7 million to USD 72 million; and 2.4% for wealth ranges above that; and
The new tax in Bolivia will be paid on an annual basis and permanent for all persons living in the country, including foreigners, having property, deposits, and securities in the country and abroad; this is not the case (so far, at least) in Argentina because there is already a personal property tax there, annual and with rates which may climb to 2.25%, with a practically null threshold.
Besides the provisions passed in Argentina and Bolivia, there is a bill heavily underway in Chile and moreor less incipient rumours or projects, sometimes with less backing, in Mexico, Peru, Uruguay, and other countries.
In Chile’s bill, the twomaindifferences with the cases above are the following:
The Chilean threshold is USD 22 million (similar to the US minimum for the inheritance tax, in line with the banking world’s standards for great fortunes); and that
There being a high level of juridical security in the country, likely, this “extraordinary,” “one-time-only” tax will actually be so. In Argentina, there have been numerous examples of taxes passed for a certain amount of time, then extended for decades (such as the earnings tax, the personal property tax, the check tax, the increase in the VAT rates, and so on).
Our position on this tax, whatever the specifics in each country, remains the same as always: there really are only four types of taxes: taxes on earnings, consumption, transactions, and equity, and the latter is by far the most dangerous and debilitating for any country. I would propose that a tax on current wealth is nothing but a tax on future poverty.
Going back to the issue of individuals’ privacy, another unfortunate trend in Latin America is the passing of a variety of provisions making taxpayers notify tax authorities of their wealth planning, which violates not only the privacy of persons but also principles as basic as they are important, such as attorney-client and accountant-client privilege.
In this case, Mexico took the first step through a law passed by Congress on October 30, 2019, which entered into force on January 1, 2020. One of the effects of this law was to include the Tax Code of the Federation, the obligation, not just for taxpayers but also their tax advisors, to reveal fiduciary structures leading to a fiscal benefit.
Not unusually, after Mexico, Argentina followed suit, with AFIP’s General Resolution 4838, currently under study by several Nation’s Judges.
The revival and strengthening of both trends, not just in Latin America but the entire world, compels us to investigate current wealth structures in order to get ahead of greater changes and speed up the creation of innovative fiduciary structures for clients who have not yet done so. The growing fiscal voracity of countries will likely lead to completely legal structures now, but this could not be the case in the not-so-distant future.
All in all, there are storm clouds ahead in the wealth structuring and wealth preservation space.
A column by Martin Litwak, founder and CEO of @UntitledLegal, a boutique law firm specialized in fund investment, corporate finance, international wealth management, exchange of information and fiscal amnesties as well as the first Legal Family Office in the Americas. Litwak is the author of the books “Cómo protegen sus activos los más ricos (y por qué deberíamos imitarlos)” (How wealthiest people protect their assets and why we should do the same) and “Paraísos fiscales e infiernos tributarios” (Tax havens and tax hells).
Foto cedidaMatt Christensen, director global de Inversión sostenible e impacto de Allianz GI.. Allianz GI amplía y reestructura su equipo global de inversión sostenible bajo el liderazgo de Matt Christensen
Allianz Global Investors has announced the expansion and restructuring of its global Sustainable Investment team under the leadership of Matt Christensen, Global Head of Sustainable and Impact Investing, to enhance its commitment to sustainability. In this sense, they are hiring Thomas Roulland and Julien Bertrand.
The asset manager has decided to create three pillars for this new structure which will help ensure they continue “to push the boundaries of sustainability for its clients”, they highlighted in a press release. First, a newly created Sustainability Methodologies & Analytics teamwill innovate with state-of-the-art technology and ESG data, including Artificial Intelligence and Natural Language Processing, in order to support research, develop new methodologies across asset classes and develop client-oriented solutions. The team will also oversee Allianz GI’s ESG integration efforts, ESG scoring method and develop the firm’s data set for the climate strategy.
“We have strong ambitions with regard to carbon reduction, and the new team will be instrumental in transforming the pathway set out by the Net Zero Initiatives into operational targets for investors and comprehensive reporting to our clients”, Christensen commented.
Roulland will head the Sustainability Methodologies & Analytics team and will be joined by Bertrand as an ESG analyst for methodologies and analytics. Both join from Axa IM, where Roulland was Head of Responsible Investment Solutions, Models & Tools, and Bertrand worked as an ESG analyst recently.
The asset manager has revealed that the second area is a new Sustainability Research & Stewardship team. It will manage the thematic research and engagement strategy under the leadership of Mark Wade, who was previously Co-Director of Research Credit.
Isabel Reusswill continue to head the Sustainability Research team, which will also develop a thematic approach along the topics of Climate, Planetary Boundaries and Inclusive Capitalism. Antje Stobbe, member of the Sustainability Research team since 2019, has been promoted Head of Stewardship and will lead Allianz GI’s engagement and proxy voting activities globally. They will both co-lead the “Climate Engagement with Outcome”. This approach aims to engage with companies on the climate transition pathway towards a low carbon economy.
Finally, a newly created Sustainable Investment Office will be responsible for shaping AllianzGI’s overall sustainable investment strategy and policies, sustainable product strategy and the coordination of cross-functional sustainability topics across the firm. The team will play a critical role in providing improved knowledge to clients and other stakeholders on AllianzGI’s sustainable investment capabilities. It will be headed by Nina Hodzic, who was Director ESG Integration and Solutions since 2019 and has been promoted to the new role.
Christensen believes that this structure brings a new focus on ESG data and technology, a refreshed research setup and a dedicated sustainable investment office that will help accelerate their drive to embed sustainability across the firm. “The team set-up will provide us with the platform we need to ensure that we are in a position to shape -not follow- the market in the years ahead on critical issues like climate change and social inequalities”, he added.
Pixabay CC0 Public Domain. NN IP amplía su gama de estrategias de bonos verdes con un nuevo fondo de deuda soberana
NN Investment Partners has announced in a press release the launch of the NN (L) Sovereign Green Bond, a new fund adding to its green bond offering.
The asset manager said that this is the first sovereign bond fund aiming to have a positive environmental impact through the projects it finances. It complements its existing range of green bond funds, applying the same investment approach as the NN (L) Green Bond fund, but with a specific focus on treasury and government-related bonds.
The new vehicle comes just five years after NN IP launched its first dedicated green bond fund and only one year after launching a corporate green bond fund. Currently, they offer a full range of green bond funds: aggregate, corporate, sovereign, and an option for a fund with a shorter duration.
In their view, by having access to separate sovereign and corporate green bond funds, investors enjoy “maximum flexibility” to select the building blocks they need to make their fixed income allocation more sustainable with a measurable and positive impact.
“I am proud to be part of the development of an asset class that will play a key role in financing climate change mitigation and supporting the environment. Whilst in the past, investor demand for green bonds mainly came from impact investors, we now see more typical fixed income investors allocating to green bonds as well”, commented Bram Bos, Lead Portfolio Manager Green Bonds at NN IP.
In his opinion, these investors are looking to make their portfolio more sustainable without sacrificing financial performance. “Offering a broad range of green bond strategies makes this even easier, as it allows them maximum flexibility to allocate to green bonds that replicate the characteristics of traditional bonds in their portfolio”, he added.
An exponential growth
Lastly, NN IP highlighted that the launch of the sovereign green bond fund occurs at a time when the sovereign green bond market has seen significant growth in issuance, representing a diverse issuer base that they believe will continue to grow exponentially. Italy recently issued its inaugural green bond in March whilst Spain and the UK have also announced plans to issue their first green bonds in 2021, which will give the sovereign green bond market a further boost.
“These developments are creating a market that is well-diversified in terms of issuers and countries, which allows for a well-diversified portfolio with comparable characteristics to a regular allocation to treasuries”, they pointed out.
The asset manager estimates that green bond issuance could increase this year by 50%from 2020 to 400 billion euros, putting the total market above the 1 trillion mark, and expects the global green bond market to grow to 2 trillion euros by the end of 2023. The announcement from the EU that 30% of the NextGenerationEU bonds (in total 800 billion euros) will be green supports NN IP’s forecast for market growth.
Pixabay CC0 Public Domain. XP incorpora a su plataforma el fondo Jupiter European Growth centrado en compañías large cap europeas
XP Inc. is bringing to its platform the first international fund of Jupiter, an asset manager based in London with 35 years of experience and US$ 80 billion in Assets Under Management (AUM).
The new offered fund is the Jupiter European Growth, focused on leading European-based companies that have Global operations, like Adidas, Dassault, Novo Nordisk, Pernod-Ricard and Deutsche Boerse. The fund consists of a concentrated portfolio of 35-45 holdings, focusing on large cap companies operating in sectors with attractive industry economics, high barriers to entry and sustainable competitive advantages.
The benchmark is the FTSE World Europe, that covers companies with these profiles. The fund has been overcoming the index systematically for periods like three and five years.
Launched 19 years ago, the product is co-managed by Mark Nichols e Mark Heslop since October 2019. Together, they have more than 30 years of experience with European companies. The strategy is based on the stock picking view, seeking consistent returns in the long term and considering ESG principles.
The fund will have a minimum investment of R$ 500, with a management fee of 1%.
With this launching, XP takes another step towards democratizing the offer of global products to its clients, a process that has already brought to the platform funds from globally recognized managers, such as JP Morgan, Fidelity, AXA and Wellington. With values starting at BRL 100, the investor can have access to products linked to different types of companies, from the most traditional to the most innovative, in markets such as Europe, China and the United States.
William Lopez, Head of Latin America & US Offshore at Jupiter commented:
“We are delighted to have signed this strategic partnership with XP and to play our part in expanding the range of international funds available in the Brazilian market. Jupiter European Growth offers Brazilian investors exposure to European equities via a strong investment team and a proven active strategy. We look forward to working closely with XP in the future to provide greater access to Jupiter’s investment expertise in Brazil.”
“Jupiter Asset Management have a huge expertise in European markets, so, for us bringing their funds to our platform is a real milestone. The Brazilian investors will have the opportunity to diversify their portfolio in a fund with world-class companies”, says Fabiano Cintra, funds specialist at XP.
Foto cedidaDe izquierda a derecha: Marc van Heems, estor de fondos para la estrategia de bonos corpo. Vontobel refuerza su equipo de renta fija global en Zúrich y Nueva York
Vontobel has expanded its fixed income team with four seasoned new hires in Zurich and New York. The asset manager pointed out in a press release that the appointments -which follow four new hires in January across its Zurich and Hong Kong offices- reinforce its commitment to attracting the best investment talent to drive value for investors.
Pamela Gelleshas been named Senior Credit Analyst on the Developed Market Corporate Bonds team in New York. She joins Vontobel after eight years at BNP Paribas Asset Management, where she was a credit analyst following both investment grade and high yield companies within the consumer products, retail, hospitality and transportation sectors. She also co-created and implemented an ESG methodology for the company’s credit analysis.
Prior to that, Gelles covered various industry sectors, including healthcare and utilities, at BNY Mellon Asset Management, Foresters Financial, NLI International and The Carlyle Group. She also spent 12 years as a ratings analyst at Standard & Poor’s.
Another outstanding designation is that of Marc van Heemsas Portfolio Manager for the Global Corporate Bond strategy in Zurich. He joins Vontobel from Lombard Odier Investment Management, where he was a portfolio manager for European and Emerging Markets Credit, responsible for active implementation of trades in investment grade and BB-rated bonds, including senior and subordinated cash bonds and credit default swaps. As a credit analyst, he covered non-financial sectors in developed markets and Asia, including Autos/Parts Suppliers, Defense/Aerospace, Capital Goods, China Real Estate, Indian Renewables and Energy.
The Zurich offices will also welcome as Head of Fixed Income Trading Jean-Michel Manry, a seasoned Operations and Trading Manager with expertise in derivatives, fixed income and forex. He joins from Rama Capital, a Geneva-based family office where he was an Operational and Trading Advisor. Prior to that, Manry spent 18 years at Pictet Asset Management, where he was Head of Fixed Income Trading and later became Head of Buy-side Trading for Multi-Asset strategies.
Lastly, Nicolas Hauser has been appointed Fixed Income Trader in Zurich. He joins from Fisch Asset Management, where he was responsible for trading and execution of corporate bonds and convertible bonds, as well as FX and futures. His expertise also includes futures trading for CTA managed futures accounts and interest rate risk hedging.
Simon Lue-Fong, Head of Fixed Income at Vontobel, highlighted that these hires reflect “the continued growth of, and investment into,” their global fixed income offering. “The volatility in markets over the last few months has demonstrated the importance of a truly active approach and the value of our high conviction active management style. Marc and Pamela will play key roles in helping to deliver value for our clients, and the knowledge and insight they provide will be instrumental in supporting the rest of the team”, he added.
Currently, the Fixed Income team consists of 41 investment professionals located in Zurich, New York and Hong Kong.