CC-BY-SA-2.0, FlickrPhoto: Moyan Brenn. Cazenove Capital Management Acquires C. Hoare & Co's Wealth Management Business
Cazenove Capital Management, the UK wealth manager of Schroders, has reached an agreement with C. Hoare & Co. to acquire its wealth management business.
C. Hoare & Co. is a London-based private bank with a 300-year history of providing banking services to high net worth and ultra-high net worth clients. Over the last decade, it widened its service offering into wealth management and has developed a high-quality business with approximately 1,800 clients and £2.2 billion of discretionary assets under management at the end of June 2016.
Peter Harrison, Group Chief Executive at Schroders, said: “C. Hoare & Co.’s culture of client focus and exemplary client service are a strong fit with Schroders. This acquisition of its UK wealth management business grows our business in this area. I am confident that the relationship will create long-term value and benefits for clients, shareholders and employees.”
Andrew Ross, Chief Executive at Cazenove Capital Management, said: “We believe the combination of our two businesses will bring significant benefits and enhanced opportunities for our clients. The complementary fit between our two firms, the strong shared service culture, long-term thinking and established heritage of both businesses make this an ideal match.”
Alexander Hoare, Partner and Director at C. Hoare & Co., said: “We have chosen Cazenove Capital, the UK wealth manager of Schroders, because our firms share established heritages and similar cultures with the same dedication to customer service. We are very proud of the wealth management business that we have built over the last decade and we are keen for it to continue to flourish. We look forward to an ongoing relationship with Cazenove Capital.”
Financial terms of the transaction were not disclosed and it is expected to complete in the first quarter of 2017.
CC-BY-SA-2.0, FlickrPhoto: RIccardo Cambiassi. Claudia Ripley, Ingrid Tharasook and Fabrizio Palmucci Join Jupiter
Jupiter has appointed three product specialists to support its UK equity, Asia and GEM equity and Fixed Income and Multi-Asset teams. Reporting to Katharine Dryer, who heads the product specialist team at Jupiter, these new hires will provide additional support to some of our growing investment strategies and bring the recently-established product specialist team to full capacity. All three will have taken up their positions at Jupiter by the beginning of the fourth quarter of 2016.
Claudia Ripley joins Jupiter to work across all our UK equity funds, with a particular focus on those managed by Steve Davies and Ben Whitmore. She has nine years’ UK equity product experience, seven of which were spent as the Lead Retail Product Strategist on the BlackRock UK Active Equity Team.
Ingrid Tharasook joins from Coutts & Co.’s investment strategy team to cover Jupiter’s range of global emerging market equity funds. Her previous experience as a sector specialist in emerging market fixed income and Asian (and Japanese) equities will complement the management styles of Jason Pidcock and Ross Teverson as they build on recent momentum. A fluent Brazilian Portuguese and Thai speaker who has lived across four continents and has nine years’ investment experience, Ingrid brings a truly global perspective to her new role.
Fabrizio Palmucci joins the Fixed Income and Multi-Asset team to support recent growth in this area. Fabrizio spent five years developing the Pimco Source partnership as the Head of Fixed Income Product Management team at Source. Fluent in Italian, Spanish and French, Fabrizio will have a particularly strategic role to play in supporting our distribution teams as we increase our European footprint. His 14 years’ experience encompasses product management credit analysis and bond trading.
Katharine Dryer commented: “We are delighted to have attracted three talented professionals to these new roles. They will help us develop our communications with clients and enable our fund managers to stay focused on generating performance. The work of Alastair Irvine with the Jupiter Independent Funds team and Tommy Kristoffersen on Cedric de Fonclare’s team has demonstrated the value the product specialist role can provide as a key link between the investment and distribution teams. My congratulations go to all of the new recruits.”
Carlos Martinez . Carlos Martinez Joins Investment Placement Group’s Miami Office
Investment Placement Group (IPG), an Independent Broker Dealer and Registered Investment Advisor, recently announced that former Merrill Lynch advisor Carlos Martinez has joined the firm’s Miami, Florida office which is managed by Rocio Harb.
Martinez has over 20 years experience and through his 16 years at Merrill Lynch, he managed a 100 million dollar portfolio. “Making a decision to join a new firm is not to be taken lightly, taking in consideration what is best for my clients being the most important factor. After much consideration and due diligence, I determined that IPG is the best place for my clients and for me. They have highly skilled support teams and are focused on the needs of global investors” said Martinez.
“Carlos is true professional with a long track record of working with Latin American investors. He is a great addition to our team and we are happy to welcome Carlos to IPG” added Harb.
“Our goal has been to add experienced and highly qualified advisors in key locations, Carlos certainly fits the bill. We look of forward to his continued success at IPG”, said Gilbert Addeo, COO and Head of Business Development at IPG.
Joining Maurico Assael and Roberto Lizama, this is the third high profile hire of IPG in less than 10 days.
Photo: George Hodan. Afores’ AUM Grew 9.6% in the First 8 Months of 2016
Between December 2015 and August 2016 (8 months) assets under management of Afores had a growth rate of 10%, which exceeds the growth in 2014 (7%). Assets under management ended August at 2,784,587 million pesos (mp) amounting to 148 billion dollars.
Half of the growth of 243,624 mp is explained by the bi-monthly contributions made by workers affiliated and the other half by the returns generated by the Siefores; however transfers between Afores (workers who decide to switch from one Afore to another); as well as the reallocation of accounts, helps growth in some cases. In the case of transfers between January and August 2016, 130,494 mp moved accounts and 31,500 mp were relocated last August.
Reassignment is a mechanism through which the CONSAR “assigns” temporary accounts of workers who do not choose Afore o the better performing ones, seeking to encourage the Afores to obtain better long-term returns/performance. The allocation and reallocation process was conducted under the rules issued in January 2015 where the following factors were considered:
Increased net yield consistently as a central criterion in the process
Additionally, those who made the greatest Afores registration effort workers
Lower fees
Effort to promote voluntary savings at theAfores.
Afores that won accounts in this process were those that have shown good performance in the net return indicator. It is noteworthy that the receiving Afores this year should keep a favorable yield performance in order to keep accounts in the following remapping process which will happen in 2017. Otherwise, those accounts would be reassigned.
In the first eight months of the year, Pensionissste, grew 21.2% in assets managed reaching 154,340 mp at end-August. Of this 1.2% came from Afores transfers and 3.2% from reassigning accounts. Pensionissste has 5.5% market share and in the last six years its market share has remained virtually unchanged (5.7% in 2010).
Afore Azteca is the second fastest growing in 2016 by presenting a growth of 17.1% which corresponds to 3.9% from transfers between Afores. From 2010 to date, Afore Azteca has doubled its market share rising from 0.8% to 1.6% with organic growth without purchasing another Afore. If they maintain these growth rates, in about three years they could reach Metlife (10th place). In the last two years Metlife has only grown 3 to 4% per year (3% in 2015 and 4% in 2016). Via transfers Metlife lost 2.1% and 3.0% was reallocated, which sums a drop of 5.1%.
Afore Coppel grew 17% even though they lost 0.7% in transfers. In recent years this Afore has been increasing its market share year after year. In 2010 it was of 2.5% and today, they have 5.3%. Coppel is just 4% away form Afore Principal who holds the No. 7 position, and only grew 2%. Afore Principal lost 2.5% market share to transfers and in reassigments it had a net outflow of funds of 4.1%.
Afore Banamex carries a 14% growth in the year, where 1.9% was due to transfers between Afores and 2.5% reallocation. Banamex was the Afore that achieved the highest growth amongst both areas. In March of 2013 when Afore XXI-Banorte acquired Afore Bancomer, the latter was 61.6% larger than Afore Banamex. Today, only three years later, this difference has shrunk to only 33.2%. If this trend continues, in three years we could see Afore Banamex back as number one, position that it occupied between 2002 and 2012. Afore XXI-Banorte has grown 4.5% this year, but the transfer between Afores (-0.6%) and reallocation (-1.6%) affected him with a 2.2% decline.
Accumulated in the year (eight months) Afore Sura and Afore Profuturo have had a very similar AUM’s growth: Profuturo with 12% and Sura with 12.1%. Sura is the third largest Afore with 15.1% market share and Profuturo fourth with 13.0%. Sura transfer in was 0.9% and reallocation 2.6% while for Profuturo was 0.8% transfer in and 1.4% reallocation. Currently Profuturo is 16% behind Sura, while Sura needs to gain 17% market share to reach Banamex.
Invercap this year only brings growth in assets of 4.3%. Transfer out was -2.6% and -3.5% reassignment for a total of -6.1% in outflows. Invercap’s organic growth has been notable. In 2010 it had 3.6% market share and today 6.4%.
Inbursa has had an accumulated growth this 2016 of 3.1% where the transfer out was -3.2%. In 2010 Inbursa’s market share was 8.6% and today is 3.7%.
As can be seen, with only a couple of years, we could see significant changes in the market share among Afores, even without considering any sale or merger between Afores, which could not be ruled out.
CC-BY-SA-2.0, FlickrPhoto: JosepMonter / Pixabay. Building a Case for Increased Infrastructure Spending
The U.S. presidential election is entering the homestretch and investors are gauging the potential investment implications of the candidates’ proposed plans. As I noted in my last blog, amid a bitterly fought campaign, one topic is drawing a fair amount of attention: increased infrastructure spending.
It has been a particular area of focus for both parties and even the Federal Reserve. It is a rare area of agreement between the two presidential candidates, suggesting that whoever wins the election will likely emphasize it in the next administration. Moreover, the phenomenon is not only in the United States, but in other developed countries. Are the stars aligning for significant increased infrastructure projects, and does this have implications for investors? Among the reasons that suggest they may be:
Monetary policy
Central bank actions have been one of the most influential forces in shaping global markets in recent years. Yet we remain in a low growth environment, which raises the question: “Has monetary policy run its course in the current cycle?” The lack of growth momentum and weakened fundamentals around the globe suggest so.
Economic need
Given low economic growth, as well as the weak state of the nation’s infrastructure, using federal aid to repair bridges and roads and other projects could be a means of increasing productivity and fostering economic growth. See the chart below. In addition, infrastructure spending could help lift labor participation rates thus narrowing the gap between labor mismatch and labor productivity.
Depending on the type of project, infrastructure has the potential to create a positive multiplier effect on markets from an economic perspective. In the short term, infrastructure projects could provide private sector growth and jobs, thus potentially leading to increased tax revenues and a boost in consumer confidence and consumption. As a recent report from the BlackRock Investment Institute suggests, an increase in government spending can add up to 2% to gross domestic product (GDP), depending on where in the economic cycle the spending occurs. (Not surprisingly, it is likely more effective when it comes in a recession.)
Low funding costs
Large scale central bank bond purchase programs have pushed yields to all-time low (Source: Bloomberg), and in many cases, negative. While this has created challenges for investors, particularly those who require income, the low interest rate environment means the cost to finance infrastructure projects through government debt is far less than in years past.
This renewed focus on longer-term fiscal policy measures like infrastructure is not unique to the United States. In July, Japan announced a new ¥28 trillion stimulus package, of which ¥13.5 trillion is earmarked for a variety of fiscal policy initiatives centering on public infrastructure projects such as upgrading port facilities and building new food-processing plants that help boost food exports.
Similarly, the UK, facing the possibility of an economic slowdown—or even its first recession since the financial crisis—appears ready to incorporate aggressive stimulus beyond monetary measures. Like the U.S., minimal public resources have been allocated to infrastructure over the past decade. Private sector infrastructure spending in the UK is also drying up as a result of uncertainty around Brexit. The number of contracts aimed toward infrastructure-like initiatives is down by 23% over the past year (Source: Office for National Statistics, UK, June 2016).
In short, a combination of factors have created a compelling case for infrastructure investment. Should these scenarios unfold, equity sectors and industries related to infrastructure activities like industrials or transportation in the U.S. specifically, may stand to benefit. However, the timing and level of impact remain to be seen. It is important to recognize that how infrastructure projects are funded can mitigate some of the multiplier effect. For the U.S. in particular, it is also important to recognize that whoever wins the election could still face a divided government, raising questions about how quickly a bill could get passed, and how large a bill it would be.
To gain exposure to global infrastructure companies, investors may want to consider the iShares Global Infrastructure ETF (IGF). For U.S. exposures, investors may consider the iShares Transportation Average ETF (IYT) or the iShares U.S. Industrials ETF (IYJ).
Build on insight, by BlackRock written by Heidi Richardson
Andrew Formica, Chief Executive at Henderson. Henderson and Janus Capital will be Merging
A new giant will join the global asset management industry. The businesses of Henderson and Janus will be combined under Henderson, which will be renamed Janus Henderson Global Investors and will continue to be a Jersey incorporated company and tax resident in the UK. The combined group will be a leading global active asset manager with AUM of more than $320 billion dollars and a combined market capitalisation of approximately $6 billion dollars.
The merger will take place via a share exchange, with each share of Janus common stock exchanged for 4.7190 Henderson ordinary shares. Henderson and Janus shareholders are expected to own approximately 57% and 43% respectively of Janus Henderson Global Investors’ shares on closing, based on the current number of shares outstanding. The merger is currently expected to close in the second quarter of 2017, subject to requisite shareholder and regulatory approvals.
Henderson and Janus CEOs will lead Janus Henderson Global Investors together.
Andrew Formica, Chief Executive of Henderson, said “Henderson and Janus are well-aligned in terms of strategy, business mix and most importantly a culture of serving our clients by focusing on independent, active asset management. I look forward to working side-by-side with Dick, as we create a company with the scale to serve more clients globally, as well as the strength to meet their future needs and the growing demands of our industry.”
Dick Weil, Chief Executive Officer of Janus, said “This is a transformational combination for both organizations. Janus brings a strong platform in the US and Japanese markets, which is complemented by Henderson’s strength in the UK and European markets. The complementary nature of the two firms will facilitate a smooth integration and create an organization with an expanded client-facing team and product suite, greater financial strength, and enhanced talent, benefiting clients, shareholders and employees.”
According to a press release, the merger promises increased distribution strength and coverage in key markets, including the US, Europe, Australia, Japan and the UK, as well as a growing presence in the Asia-Pacific region, the Middle East and Latin America. The company will have approximately 2,300 employees, based in 29 locations around the world.
Henderson shares currently trade on the LSE and ASX, while Janus shares currently trade on the NYSE, after the merger the new company plans to have the NYSE as its primary listing.
Janus’ subsidiaries, INTECH and Perkins will be unaffected by the merger. INTECH CEO, Adrian Banner, will continue to report to the INTECH Board of Directors and Perkins CEO, Tom Perkins, will continue to report to the Perkins Board of Directors.
CC-BY-SA-2.0, FlickrPhoto: Moyan Brenn
. A Deeper Look into Japan’s Debt Problems
I have previously written about investing in the Asia Pacific region and why it is crucial that investors take a balanced and comprehensive long-term investment view (see ‘Capitalising on the Pacific Decade’). The prevailing market view on the region remains negative, mainly centring on China’s debt problem and general doubts about Abenomics. This article focuses on some aspects of this negativity from a sovereign balance sheet perspective and concludes that the potential dangers are overstated.
When analysing stocks, investors consider both balance sheet and income statements. But when it comes to sovereign analysis, analysts often focus more on the latter, which consist of ‘flow’ related economic data (such as GDP, trade, employment, production, capital flow, government budget) but place less importance on the former. Regarding a sovereign’s balance sheet data (national debt, current account), there is a tendency to focus solely on the government itself, ignoring the household or corporate sectors. Focusing on flow data makes sense for an open economy such as the US, where most of the productive sectors of the economy are held in the private sector via capital markets. The government plays a limited role on the asset side of the aggregate balance sheet. However, it can lead to incomplete or misleading conclusions in the case of Japan.
Japan: the misconception of too much debt
One of international investors’ major concerns regarding Japan is the government’s high debt level, without taking into account the household and corporate sectors. However, Japan’s national wealth largely resides in the household and corporate sectors, which makes the government’s heavy debt less of a concern. It also means that Japan is much less vulnerable to the sort of capital flight by offshore investors that often triggers financial crises.
As of 2014, the household sector’s financial net worth stood at 280% of GDP, which represents one of the highest levels globally and compares well with US at 260%. In contrast, the government’s debt to GDP ratio has risen significantly over the past two decades, from 67% in 1990 to 248% in 2015. In effect, the government has been forced to borrow to stimulate its economy because the household and corporate sectors refuse to consume and invest, instead choosing to save. So while the income statement of the country has remained flat for the best part of a decade, the national wealth is strong and Japan is able to export those savings to finance other countries’ deficits.
It’s not just the household sector that has accumulated significant wealth, the corporate sector also has a significant savings glut. Japanese companies are well known for sitting on large cash positions and being reluctant to invest. Japan’s listed companies hold over USD 1 trillion in cash and 56% of these companies are totally debt-free, i.e. net cash.
Japan’s economy has effectively become similar in position to a wealthy, ageing rentier, living off years of accumulated savings. The country’s strong balance sheet position allows the government room to experiment as it aims to change the deflationary mindset of an entire population and stimulate private demand. A bank run scenario is highly unlikely in Japan, which is why comparable debt analysis for heavily indebted countries is not relevant.
Most sovereign analysis on Japan ignores the wealth residing outside the government sector and over-emphasises the government’s deficit spending. The push for a higher sales tax, due to concerns about the government’s high debt ratio, was the wrong prescription for Japan. Prime Minister Abe’s first consumption tax hike was a costly policy error for Abenomics as it unwound the momentum and positive early effects from the government’s stimulus programme. The recent decision to postpone the second hike was the right call.
The country’s strong balance sheet also explains the ‘safe haven’ status of the Japanese Yen and its recent strength. Other reasons for Yen strength include the country’s surging current account as a result of a significant change in the net trade balance from 2014 to 2016 due to lower oil imports and because declining inflation expectations, not nominal interest rates, are driving foreign exchange rates. Real interest rates in Japan have actually been rising more than the US, because expected inflation rates are collapsing5.
Abenomics was initially quite effective for the economy and the Nikkei until the first sales tax hike took place in 2014. The BOJ’s ‘Halloween easing’ in 2014 further pushed the Yen from USD 110 to 120 and the Nikkei up to 20,000. However, without further action, the Yen strengthened for the reasons stated above and the Nikkei retreated to 2014 levels.
In our view, the Yen will tend to strengthen unless BOJ Governor Kuroda’s resolve to raise inflation expectations regains credibility. Unfortunately, the BOJ’s monetary policy has been doing much of Abenomics’ heavy lifting over the past couple of years and has few bullets left. Further bond buying and even more negative rates have lost their potency because these monetary signals are not affecting the demand side of the economy. What is required now is even stronger fiscal policy. The combination of strong fiscal and monetary policies should help to raise inflation expectations and lower the Yen.
The question is not if the BOJ and the government will act, but when and how. Recently, market participants have been openly debating the possibility of debt monetisation or ‘helicopter money’ in Japan. In my view, when quantitative easing and NIRP are coordinated with a stronger stimulus programme, the effect on the economy and general inflation expectations will be similar to more controversial forms of monetary policy. The difference between this and the BOJ deciding to directly underwrite the debt incurred by the Ministry of Finance is merely a matter of semantics.
Yu-Ming Wang is Global Head of Investment and Chief Investment Officer, International at Nikko AM.
Andrea Di Nisio, photo: LinkedIn. Andrea Di Nisio Joins Unigestion as Head of Southern Europe Intermediaries
Unigestion, the boutique asset manager with scale announces three senior hires to its newly formed intermediary team. The team will initially have five members and Unigestion plans to grow this further as the firm increases its presence in intermediary markets. Their initial focus will be making Unigestion’s institutional investment expertise available to intermediaries in the Southern Europe, UK, Nordics, Switzerland and the US.
Simone Gallo joins Unigestion as Head of Intermediary Distribution. Simone will have responsibility for building the global intermediary channels focusing on wealth managers, multi-managers and sub-advisory mandates. Simone joins from Pictet Asset Management where spent six years as Senior Vice President in the Global Clients Group. Before this he was Executive Director at Goldman Sachs Asset Management in charge of the sales relationships across global accounts in EMEA. He started his career with Schroders Investment Management in 2001.
Andrea Di Nisio joins as Head of Southern Europe Intermediaries. Andrea’s main focus will be to build Unigestion’s presence in intermediary channels in Spain, Italy and Portugal. Andrea joins Unigestion from Dalton Strategic Partnership where from 2009 to 2016 he was the Partner responsible for promoting the firm and its funds to intermediaries across Southern Europe. Andrea started his career in 1998 at Schroders Italia in Milan and in 2001 joined the international team of Schroder & Co in London. He then moved to Cazenove Capital Management as a Fund Director responsible for wealth management and fund distribution in Southern Europe.
Lloyd Reynolds joins Unigestion as Head of Nordic and UK Intermediaries. Lloyd will lead the expansion in these markets, leveraging Unigestion’s institutional presence. Lloyd brings over 20 years of experience in distribution across Europe and Asia. Most recently he was with North Hill Capital. Prior to this Lloyd has held various international leadership roles for Goldman Sachs Asset Management, JP Morgan, Schroders Private Bank and Flemings.
Tom Leavitt, Managing Director at Unigestion commented: “It is exciting to have Simone, Andrea and Lloyd on board bringing their collective knowledge of the international intermediary markets. They will help us extend access to our strategies through these markets, sharing the benefits of our institutional quality strategies to fund selectors looking to grow and protect the assets of their clients through multi assets, liquid alternative and equity solutions. We welcome them all very warmly to the team.”
CC-BY-SA-2.0, FlickrSergio Álvarez-Mena, courtesy photo. Sergio Alvarez-Mena Joins the Miami Office of Jones Day
The global law firm Jones Day has announced that Sergio Alvarez-Mena has joined the Firm as a partner in its Financial Institutions Litigation & Regulation Practice. An attorney for more than 30 years, Alvarez-Mena will serve clients in Florida and Latin America primarily from Jones Day’s Miami Office.
Prior to joining Jones Day, Alvarez-Mena was a director in the Legal & Compliance Department at Credit Suisse Securities. Responsible for the company’s cross-border business, including the Latin American, European, and Asian markets, he focused on compliance matters relating to “Know Your Customer” regulations, with attention to money laundering, corruption, and similar illegal activities.
“Sergio’s extensive experience with financial institutions and his knowledge of their compliance concerns will provide our clients with a valuable perspective,” said Pedro A. Jimenez, Partner-in-Charge of Jones Day’s Miami Office. “With more than 15 years’ experience in the financial services sector, he is one of the region’s most respected compliance attorneys. We are very pleased that he is joining Jones Day.”
Prior to joining Credit Suisse Alvarez-Mena was an Executive Director of Morgan Stanley Smith Barney. He was formerly lead counsel for the Private Wealth Management division, as well as lead counsel for all U.S. based cross-border business including the Latin American division, and its New York, Geneva, Miami, and Sao Paulo offices. Alvarez-Mena also served as Head of the International Private Client Group and was in management from 2010-2013. Before joining Morgan Stanley he served as lead counsel to Merrill Lynch International Latin America Private Client division and Merrill Lynch Bank & Trust (Cayman).
“As our clients continue to look to us for guidance amid the uncertainties they encounter with the constantly changing regulations impacting banking institutions, Sergio’s understanding of compliance matters will be a valuable asset,” said Jay Tambe, who co-leads Jones Day’s Financial Institutions Litigation & Regulation Practice. “He will provide great counsel and insight to our clients in Miami and throughout Latin America.”
Jones Day is a global law firm with 44 offices in major centers of business and finance throughout the world. Its unique governance system fosters an unparalleled level of integration and contributes to its perennial ranking as among the best in the world in client service. Jones Day provides significant legal representation for almost half of the Fortune 500, Fortune Global 500, and FT Global 500.
CC-BY-SA-2.0, FlickrPhoto: Juan Antonio F. Segal
. JP Morgan Creates a New Wealth Management and Investment Solutions Unit
JP Morgan Chase has created a new unit that combines the firm’s wealth management business across Asset Management and Consumer & Community Banking. The Wealth Management & Investment Solutions unit will be lead by Barry Sommers and Brian Carlin, who will report to Asset Management CEO Mary Callahan Erdoes.
According to a memo by Erdoes, that Funds Society had access to, Sommers will become CEO of Wealth Management, responsible for JP Morgan’s client business: Chase Wealth Management, the Private Bank and J.P. Morgan Securities. While Carlin will become CEO of Investment and Banking Solutions, responsible for all wealth management products, services and platforms, including investments, lending, banking, technology and operations. In addition, he will oversee the Digital Wealth Management and Institutional Wealth Management Business.
“Barry and Brian bring a tremendous amount of experience and horsepower to our business and are ideal leaders to partner. They’ve worked together for years, and bring complementary experiences and backgrounds.” Erdoes wrote of the appointment.
Of Sommers she said: “Barry has worked in both Consumer & Community banking and Asset Management, and knows our investment business and branch network as well as any leader in the firm. As Consumer Bank CEO, Barry delivered record investments and outpaced the industry in deposit growth for four straight years.”
While for Carlin, she stated: “Brian has worked in Asset Management for 15 years, including the past three years as our Chief Financial Officer. Prior to that, he ran Products and Investments in the Private Bank, where he led the development of Private Bank and Chase Wealth Management investment solutions. He also built the Private Bank’s mortages, deposits & custody, and trusts & estates offerings.”
“Beyond their capabilities, Barry and Brian represent the best of our values and leadership. They think client first, are culture carriers and excel at running business end-to-end. We have complete confidence that they will continue our track record of success.” Erdoes concluded.
