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Natixis GAM Appoints New SVP of Global Public Relations and Communications

Natixis Global Asset Management has recently hired Ted Meyer for the role of Senior Vice President of Global Public Relations and Communications. Meyer joins Natixis from Reality Shares, where he was the director of communications.

Meyer will assume a key role in the development of the global public relations and communications strategy and will be responsible for overseeing activities in the U.S. and Canada. He will work closely with international counterpart Wesley Eberle and his UK-based team to provide support at the corporate, distribution and affiliate levels of Natixis.

The Boston-based public relations team will report to Meyer who will report to Caren Leedom, Executive Vice President of Global Communications and Public Relations. “With more than 20 years of experience Ted’s background makes him a great addition to the global public relations and communications team,” said Leedom.

Meyer joined Reality Shares, Inc., an innovative start-up asset management company, in February of 2015 and led their communications and marketing efforts. Among other accomplishments, he helped the firm develop and launch a new series of exchange-traded funds (ETFs) based on proprietary market strength and dividend health indicators, and he structured and implemented a content marketing and thought leadership program.

Along with Reality Shares, Inc., Meyer progressively expanded his experience in media relations and communications through positions at leading corporations. Meyer built the communications program at First Solar Inc., providing key support to executive management from 2010 – 2013. Prior to that role, he was the head of communications in the Americas for Deutsche Bank AG, where he worked for 10 years, and was responsible for internal communications, media relations and brand communications for Deutsche Bank’s operations throughout the region. Before his time at Deutsche Bank, Meyer worked in media relations at UBS and served as media relations and internal communications manager at General Electric Co.

There is a Clear Mismatch between Product Development Trends and Real Demand from Large Fund Selectors in Europe

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The European fund distribution consultant accelerando associates conducts regular surveys capturing the latest insights from both the buy as well as the sales side. In January 2016 accelerando reached out to 60 Global, European and Country Sales Heads across Europe in order to shed light into experienced and forthcoming opportunities and challenges in European fund distribution from the source.

The 2016 survey kicked off with questions on the fund selector’s takes on current product waves. Smart beta dominates headlines. Is the asset management industry smart enough without smart beta? While 53% of the interviewed fund sales people stated that fund selectors consider smart beta concepts to be potentially interesting, 33% said that selectors have a rather skeptical view on smart beta. Only 13% of the survey respondents believe that European gatekeepers consider smart beta funds as a clear value adding proposition.

Responses on multi strategy funds, which seem to be the product developer’s current darling, provided a very similar picture. 60% of the survey respondents said that fund selectors address multi strategy funds very selectively, while 20% believe the gatekeepers look at these funds rather skeptically. “With that, we witness a clear mismatch between product development trends and real demand from large fund selectors“ states Philip Kalus, managing partner of accelerando associates.

Passive and Active

The experienced and also expected growth of the ETF and passive fund space also provides regular industry headlines. However, how do European investors play out these funds? Cheap core exposure, tactical plays or cheap replacement for active funds? The survey outcome provides a mixed picture with leading scores for cheap core exposure (45%) and tactical plays (41%). Only 14% see ETFs as a threat to active funds based on replacements. “This demonstrates well again, that the question is not active versus passive, it is both. High alpha active funds will be always in demand. However, the picture is different for so called closet-tracker funds“ says Charles Velie, researcher at accelerando.

Covering the demand or doing the best?

Many asset managers roll out new products on a regular basis to ensure further asset gathering, while most fund selectors want asset managers to focus on what they are best in. So, is this creating a conflict of interest for fund sales staff? Interestingly, not for the majority of senior sales people interviewed. However, individual comments suggest that some sales people can afford to ignore product campaigns to a certain extent and that they only focus their activities on the very best offering. Nevertheless, for 38% it is a clear conflict.

Equity year?

2016 should be the year for equity funds – at least when it comes to the majority of early year asset manager statements. In stark contrast, 63% of the survey respondents believe that this is rather wishful thinking and that fund selectors will keep their powders dry.

There has also been a lot of talk about increased price pressure from European fund buyers recently. However, the accelerando survey suggests that price pressure in Europe has only increased moderately with a score of 53%, while 31% state that price dynamics have more or less stayed the same in recent years. “It is about adequate fee levels. Investors are willing to pay fees for quality“, concludes accelerando.

Fund selectors requirements

Most fund selectors have high minimum requirements in terms of assets under management in a target fund, which makes initial asset gathering outside captive channels hard for new fund launches and small boutiques.

Within the alternative world, in particular in private equity, club deals – investors joining forces to invest at early stage – are common. Within traditional fund distribution / fund selection this seems far from reality yet. 70% of the survey respondents have never witnessed it, while 27% have experienced fund selector club deals in a very limited amount only. “This is certainly something asset managers should promote more. It is a win-win. Selectors can access new funds and emerging talents at an early stage and promoters gain sufficient size“ states Philip Kalus.

Overcrowded?

Europe is overcrowded in terms of the number of fund promoters and funds available, says the study. Fund selectors have plenty of choice in any given asset class. At the same time operational and due diligence efforts have increased. A widespread move away from open towards guided / limited architecture has already been witnessed by the majority of accelerando’s survey respondents in the 2014 and 2015 surveys. 2016 does not come along differently. Only 7% stated that fund selectors do not intend to work with less funds / less fund providers.

The state of the industry

The asset management industry has increasingly come under pressure by troubling headlines. How about the perception of the state of the industry by European fund selectors? 63% of the senior sales people interviewed believe the perception is good, but not good enough, while 27% stated the perception is poor. The asset management industry has over-promised and under-delivered too often. Only 10% believe the perception is very good.

Digitalization

accelerando associates are firm believers that fund selectors want to access everything they need anytime from anywhere. Digitalization matters. 50% of the survey respondents believe that digitalization has nowadays a very high importance in marketing and communication to fund selectors, while 47% give it high, but early stage importance. Interestingly, 50% state that their employers do not encourage them to apply more digital contacts versus face to face meetings. “We expect this to change dramatically in the forthcoming years. Old-school sales models run high costs and a lot of unproductive time traveling to and in between investor meetings“ states Charles Velie from accelerando.

How about fund sales expectations for 2016? 67% of the survey respondents expect a good, but challenging year ahead, while 27% expect a challenging year indeed. Only 7% expect 2016 to be a good year indeed in terms of fund sales. Optimism looks different.

La Française to Take Majority Ownership of Forum Securities

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Two years after the announcement of their strategic partnership and the successful launch of the La Française Lux – Forum Global Real Estate Securities Fund, Forum Partners, subject to regulatory approval, will transfer an 80% interest in its wholly owned subsidiary, Forum Securities Limited, to La Française. The transfer is expected to close in the first quarter of 2016.

Forum Securities is an SEC registered investment advisor managing private investment accounts for institutions and family offices, with an investment focus on long-only and hedged global real estate public securities strategies. The business was established in 2009 and has seven full-time employees, six of whom perform investment, advisory and research functions. Employees represent seven nationalities and speak ten languages. Forum Securities has offices in Greenwich, CT (USA), Singapore and London. The team is recognized for its “out of the box” approach.

The new integrated platform will be re-branded La Française Forum Securities and will allow Forum Securities enhanced back office and reporting capabilities as well as stronger business development and client relations support. La Française will continue to expand its international footprint with a presence in the US and Asian markets. Together the firms will look to broaden their product offering to include: infrastructure/commodities, a Sharia compliant listed real estate investment fund, listed Green real estate funds, sector specific listed real estate funds and other customized strategies that meet investor demands.

The existing product line will continue to be managed by the Forum Securities team which will be reinforced to support the expected growth in offerings. Jana Sehnalova, Portfolio Manager within the Forum Securities Limited team, will be the Global Head and Managing Director of La Française Forum Securities and will report to Pascale Auclair, Global Head of Investments of La Française Global Asset Management.

Old Mutual Global Investors to Launch Gold and Silver Fund

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Old Mutual Global Investors has announced that it intends to launch the Old Mutual Gold & Silver Fund in March 2016, subject to regulatory approval.

The Fund, which will be a sub-fund of the Dublin domiciled Old Mutual Global Investors Series, will be managed by Ned Naylor-Leyland, who joined OMGI from Quilter Cheviot in September 2015. Ned will be supported by Analyst Joe Lunn and Investment Administrator, Amelia Bowyer, who previously worked with Ned at Quilter Cheviot.

The Fund will aim to deliver a total return by combining indirect exposure to gold and silver bullion, with selected precious metals mining equities, in order to target maximum diversification and potential for upside for investors. The management team will use a bottom-up stock selection process in order to identify companies that, they believe, will produce a good long-term return to shareholders.

Using a dynamic investment process the team will adjust the weighting of gold- and silver- related equity and equity-related securities, at various points throughout the market cycle, to create the optimal balance in the portfolio.

OMGI believes that the Fund will be suitable for clients looking to diversify their portfolio and benefit from the prospect of attractive long term growth in the gold and silver market.

Ned Naylor- Leyland comments:

“I’m delighted to be at Old Mutual Global Investors working on the launch of a new gold and silver fund. In times of market turmoil, monetary metals have consistently been turned to as a safe haven for investors. Gold and silver prices have fallen to levels from which they have rebounded strongly in previous bear market cycles and look set to rise again in popularity as an asset class over the course of 2016.”

Warren Tonkinson, Managing Director, Old Mutual Global Investors, comments:

“As investors increasingly look for alternatives to diversify their portfolios, now is the perfect time to launch the Old Mutual Gold & Silver Fund. Ned brings with him a wealth of experience and his appointment is another great example of how we are working with our colleagues at Quilter Cheviot to identify opportunities to utilise existing skills within the business to enhance our proposition and add value for investors.”

Ned Naylor Leyland joined OMGI from Quilter Cheviot in September 2015. Ned started at Quilter Cheviot in July 2008 and continues to run their Malta-domiciled precious metals fund. Ned joined Quilter Cheviot from Smith and Williamson. He started his investment career at Neilson Management in 2001 and has over 15 years’ experience working in the precious metals sector.

MUFG Investor Services Hires Mark Catalano to Strengthen the Business Development Team

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MUFG Investor Services, the global asset servicing arm of Mitsubishi UFJ Financial Group, has appointed Mark Catalano as Executive Director of the Business Development team.

Mark will be responsible for driving new client engagement in the Americas with MUFG Investor Services’ asset servicing solutions. These solutions include fund administration, middle-office outsourcing, custody, depository, trustee, fund of hedge fund financing, FX and wider banking services.

Mark will report into John Sergides, managing director of Global Head of Business Development & Marketing.

Formerly Head of US Business Development at Atlas Fund Services, Mark brings a wealth of experience in understanding the needs of alternative investment managers and the solutions required to support their growth ambitions. He was previously director, product & business development, alternative fund services, at Deutsche Bank, and prior to that, held positions at Fidelity Investments and Arthur Andersen LLP.

John Sergides, managing director, global head of Business Development & Marketing commented: “Mark’s appointment is a key hire in our strategy to grow organically and continue providing best in-class asset servicing solutions for clients. His expertise and understanding of the Americas market underpin our growth plans over the coming years. Mark has a proven track record of growth and deep knowledge of the alternative investment space.

Mark Catalano, executive director, Business Development Americas said: “Joining MUFG Investor Services provides an exciting opportunity to share my experience in a team that already demonstrates deep industry knowledge and a commitment to exceptional client service. I look forward to helping MUFG Investor Services achieve its growth plans by partnering with clients throughout the investment lifecycle.”

RPM Programs Experience Significant Increase in Net Flows Since 2008

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New research from global analytics firm Cerulli Associates explores the increasing popularity of rep-as-portfolio-manager (RPM) programs.

“Since the 2008 market collapse, advisors who may have previously outsourced portfolio management to home-office consulting groups are reasserting control of client accounts, which permits them to more nimbly respond to their customers’ changing risk profiles in a volatile market,” states Tom O’Shea, associate director at Cerulli.

Advisors point to flexibility as the No. 1 reason for using RPM platforms, with more than 67% citing “flexibility and control” as the major factors. More than half of advisors plan to increase their use of managed account platforms that give them discretion of their clients’ allocation to mutual funds, exchange-traded funds (ETFs), and stocks.

“The changing landscape of investment discretion caused by the growth of RPM programs is forcing asset managers to rethink their distribution strategies,” O’Shea explains. “Most broker/dealer firms offer their advisors two levels of discretion on an RPM platform: full and partial. Discerning the type of RPM discretion an advisor exercises is critical to the wholesaler’s effectiveness in the field because it will point the salesperson toward the gatekeeper they need to influence.”

“Asset management firms should focus their attention on helping advisors understand how their products complement an advisor’s portfolio construction methodology,” O’Shea continues. “Advisors have graduated from selling products to building client solutions, and asset managers need to demonstrate what kind of building block their product is.”

U.S. Institutions Gravitating Away From Pure Beta and Rebalancing Portfolios

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According to the latest research from Cerulli Associates, institutional investors in the United States are gravitating away from pure beta and duration-focused equity and fixed-income exposures.

“Institutions are considering the implications of volatility and constrained liquidity on their long-term goals and beginning to rebalance portfolios accordingly,” states Alexi Maravel, director at Cerulli. “While some are acting based on pressures outside of those in the financial markets, most are drawing lessons from the major losses experienced in 2007-2008 and taking precautions after years of post-financial-crisis gains.”

“Equity markets are struggling with the worst start to a calendar year in a decade and interest rates are near historical lows. Beneath the headlines are numerous indications of a change in the ‘risk-on’ approach that has benefited so many investors,” Maravel explains. “Conversations with both institutions and asset managers seem to begin and end with concerns about corporate spread widening and bond market liquidity.”

Many types of institutional investors are interested in strategies in which an investor can capture returns with low or no correlation to their other investments, such as absolute return, alternative credit, or infrastructure strategies, all of which tend to be actively managed.

“Institutions are increasing their awareness of the vulnerability to risk and volatility and it’s pushing institutions to re-allocate away from the passive index investments-pure market beta exposure-they have favored in the past six or seven years,” Maravel continues.

BNY Mellon Expects 9% Returns on Emerging Markets Over the Next 10 Years

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Each year, BNY Mellon Investment Management develops capital market return assumptions for approximately 50 asset classes around the world. The assumptions are based on a 10-year investment time horizon and are intended to guide investors in developing their long term strategic asset allocations. They combine general market expectations and consensus data, adjusted to reflect research and views on potential market dislocations from across BNY Mellon Investment Management.

Some of the paper’s key points are:

Global equity market returns will likely range from 7% to 9% over the next 10 years. Emerging market equity will lead the way with returns near 9%, primarily due to stronger earnings growth compared to developed markets.
U.S. Treasury yields will likely rise until they reach a normalized level in six years, with the 10-year yield rising to 4.0% and the 30-year yield rising to 4.5%.
Overall, fixed income returns will be suppressed due to low current yields and principal losses due to rising interest rates.
Expected returns for alternative asset classes will generally be in line with public equity markets on a risk-adjusted basis.

Led by BNY Mellon Fiduciary Solutions, the capital market assumption team consists of more than 30 investment professionals including investment strategists, economists, financial advisors, manager research specialists, and portfolio managers.

You can access the full report on the following link.

Aberdeen AM Places Miami at the Centre of its Strategy for Americas Region

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Martin Gilbert, CEO of the Aberdeen AM, company he co-founded over 30 years ago, met with us in Palm Beach, after a brief “road show” in Miami with which Gilbert reaffirms one of his strongest commitments for 2016: the US offshore market. “The offshore industry in the United States is extremely important for Aberdeen. It is a sophisticated professional community which is highly geared towards the Latin American HNW client and shows a marked interest in international markets where the range of Aberdeen products stand out”

85% of Aberdeen AM’s clients are outside the United States, and 90% of the assets in which the firm invests are also outside the US market. Bev Hendry, who is co-director for the Americas region and accompanies Martin Gilbert in the interview, reiterated the international character of the management company and its commitment to clients such as “wholesale”, brokers-dealers, family offices, and private banks, which from the United States handle the wealth of international clients, especially of those from Latin America, “we are very aware of the importance of Miami as a center for the management of offshore wealth originating in Latin America, and in 2016 we would like to reinforce our team in that city, and to eventually hold a conference in Miami in which our leading experts can present their best ideas.” With this “Investors Day” Aberdeen AM would bring its renowned experts, including Andrew McCaffery, Global Head of Alternatives; Archie Struthers, Global Head of Investment Solutions; and Devan Kaloo, Head of Global Emerging Markets, to Miami.

Apart from the idea of holding a global conference for investors in Miami, Aberdeen AM’s commitment to the city as the center for the offshore industry in the Americas also includes the idea of growing its sales team in Southern Florida, diversifying its headcount from the current New York office. Both Martin Gilbert and Bev Hendry stress the importance of Miami as the main hub for the region. Currently, Menno de Vreeze, Business Development Director for the International Wealth Management business in the Americas, and his team, consisting of Andrea Ajila, Damian Zamudio, and Paula Ojeda, are based in New York, from where they serve the entire region.

Creating a Giant: From US$75mn to 430bn in 30 years
Aberdeen AM was founded as a trust in 1983, around a fund which was created in 1876 to finance railways in the UK. Martin Gilbert explains modestly: “I was the assistant at the law firm which managed this trust, we repurchased the fund, and eventually, when the senior partners retired, I was responsible for the daily life of the firm.” The first five partners to join the new management company were all from the same school in the Scottish city of Aberdeen. Bev Hendry, the business’ current co-Head in the Americas region, was part of this group, and joined the management in 1987. “We were a very small company; in 1985 we had US$75mn in assets under management “Gilbert explains.

Since its inception, Aberdeen AM has been a very active management company in acquisitions. Martin Gilbert points out some key moments in its history: “In 1988 we had the good fortune to acquire Sentinel Asset Management, where Hugh Young worked as Director of Equities and expert on Asian Equities. Possibly the most important strategic move in Aberdeen’s history was the decision in 1992 for Hugh to move to Singapore to co-found Aberdeen Asia and lay the foundation for our successful Asian franchise.” Hugh Young is currently still a key player in Aberdeen AM’s Asian business, being responsible for its day-to-day operation and member of Aberdeen AM’s Executive Management Committee. Singapore currently has more than 150 employees, with 65 investment professionals spread across the Asian region, with offices in Australia, China, Hong Kong, Japan, Malaysia, Korea, Taiwan, and Thailand. Aberdeen’s Asian equity and fixed income funds have received numerous international awards for good performance, and although they have currently undergone significant repayments due to the difficult environment experienced by some emerging markets, they are still clearly leaders in this asset class.

Emerging Markets: Pros and Cons for the Management Company
Since the first quarter of 2013, emerging markets have presented an ongoing challenge for global investors. Because of Aberdeen AM’s leadership in this asset class, the impact has been important for the management company. In its annual results published in September 2015, it reported net outflows of 33.9 billion pounds in assets, mostly linked to equities and emerging markets, an amount just over 51 billion dollars at that date’s exchange rate.

“The deterioration in emerging markets has left some assets trading at very attractive levels,” explains the asset management company’s CEO. “Brazilian bonds, for example, are yielding 6% in hard currency. The yields in local currency are even more attractive. There are many opportunities in equities; especially in China and India where our Asian equity experts see many opportunities. Brazil, on the other hand, has probably bottomed out in terms of currency,” he says. “We remain a firm believer in the Asian region, particularly for investors whose local home currency is the US dollar.”

The management company’s CEO believes that investors who had the good sense to exit emerging markets are now already planning to return to at least a neutral position. For investors who have maintained their position in these markets the advice is unequivocal: “Whatever you do, do not exit now, as it’s the time of maximum pain”.

Gilbert points out that Aberdeen AM still maintains the same investment philosophy which led it to build a successful franchise in emerging markets: invest in solid companies with strong fundamentals and good corporate governance, and do so at a reasonable price.

Martin Gilbert is convinced that with this strategy money will return to emerging markets. In fact, referring to the results published for the year 2015, Gilbert points out that gross inflows of assets “have been excellent, although obviously, due to the situation in emerging markets and to oil prices, there have been significant redemptions,” particularly from sovereign funds from countries in need of resources.

Diversify into Alternative Assets
In its recent acquisitions, Aberdeen AM has focused on completing its range of alternative assets. “Over the past few months, we bought asset management companies which allow us to fill certain gaps in our product offering.” In August 2015, Aberdeen completed the acquisition of Flag, an asset management company which offers private equity solutions and real assets based in Stamford, with offices in Boston and Hong Kong. Arden, with offices in New York and London, is a hedge fund company which will complement Aberdeen AM’s range for this asset class. “Since the 2008 crisis, asset management companies have experienced a difficult environment, which opens opportunities to acquire good firms at good prices,” says Gilbert.

For Aberdeen AM, these acquisitions are aligned with of one of its main objectives for the coming years: the development of a franchise of alternative solutions to diversify its range of assets.

Talent Retention
For an asset management firm, retaining talent is a matter of utmost importance. Aberdeen AM compensates its key employees with the payment of a variable amount prorated over the five years following the time it is awarded -four years to the next level within the company-. In addition, investment professionals must invest part of that bonus in their own strategies, or in a list of related funds. Thus achieving the alignment of the client’s and the manager’s objectives.

“One of the keys to retaining talent in Aberdeen AM is our corporate culture,” says Gilbert. “Top management is quite accessible.” In addition, Aberdeen AM offers a graduate program, in which it yearly hosts some 100 trainees who temporarily work in the various offices of the company worldwide. “Each year, about 35 or 40 of those 100 become part of the program, and are trained in Aberdeen’s corporate culture from the start, promoting themselves internally within the company throughout their career.”

FIBA´s 16th Annual Anti Money Laundering Compliance Conference Will Gather More Than 1400 Participants in Miami

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One of the main gatherings for the International Banking Industry is the Annual Anti Money Laundering Compliance Conference, organized by Florida International Bankers Association (FIBA). The event attracts more than 1400 participants from more than 48 countries around the world, and presents over 100 industry leaders to discuss on more than 100 topics related to AML.

The 16^th annual conference will be taking place on March 7-9 at the InterContinental Miami and, this year, the discussions and debates will convene the speakers to discuss the following core topics: Newest Trends in the AML Landscape; FATCA and the Common Reporting Standards; Section 311 and Unintended Consequences; Correspondent Banking; U.S. Regulators and Policy Makers Q&A; AML Technology – Is your Institution using the right model?; And Latest Developments in Trade Based Money Laundering: Geographic Targeting Orders (GTOs), and the Intersection of Fraud and Money Laundering.

New this year, the conference will include additional panels that focus on real-time issues facing the industry, including: Terrorist Financing; Fireside Chat with FinCEN Director Jennifer Shasky Calvery; FIFA Corruption – PEPs, Corruption and Money Laundering; Disruptive Forces in Payment Systems: e-Money, Virtual Currencies, Mobile Payments and Online Lending.

For information and registration, you may use this link