Foto: Chan Chen. Nikko Asset Management distribuirá los fondos de renta fija de Legal & General Investment Management
La firma japonesa Nikko Asset Management y Legal & General Investment Management(LGIM) han firmado un acuerdo de cooperación empresarial para la prestación de servicios de gestión de inversiones.
Según el acuerdo, LGIM y Legal & General Investment Management America (LGIMA) proporcionarán productos globales de renta fija que Nikko Asset Management distribuirá entre inversores japoneses, compañías de seguros y bancos principalmente japoneses. Se espera que los primeros fondos sean lanzados a mediados de 2016.
LGIM también ha accedido a facilitar el marketingy la venta de productos de Nikko Asset Management en Reino Unido y otros países.
Takumi Shibata, presidente y CEO de Nikko Asset Management, dijo: «Estamos encantados de anunciar nuestra cooperación empresarial con LGIM. Estamos seguros de que esta colaboración beneficiará verdaderamente a nuestros clientes mediante el suministro de soluciones de inversión de renta fija que ofrece LGIM «.
Por su parte, Marcos Zinkula, director ejecutivo de LGIM, afirmó estar muy contento por el acuerdo. “Japón es una parte clave de nuestra estrategia para avanzar en el establecimiento de nuestro negocio global de gestión de activos. Estamos encantados de poder ofrecer a los clientes de Nikko Asset Management acceso a nuestra gama de productos y servicios de renta fija».
Eric Varvel, nuevo director global del negocio de Asset Management de Credit Suisse - Photo Youtube. Eric Varvel es nombrado director global del negocio de Asset Management de Credit Suisse
Credit Suisse ha anunciado que Eric Varvel se unirá a la división de International Wealth Management (IWM) como director global de gestión de activos, a partir del 1 de junio de 2016. Desde Nueva York y sucediendo a Bob Jain, reportará a Iqbal Khan, CEO de IWM, y será miembro de su comité de dirección.
Varvel, que acumula más de 25 años de experiencia en el banco suizo, repartirá su tiempo entre Suiza y varios mercados emergentes, incluyendo la región de Asia Pacífico, para impulsar el desarrollo global de la operación de Asset Management.
«Estamos encantados de tener un líder tan experimentado para dirigir nuestro negocio de gestión de activos y deseando trabajar con él en esta dirección. Con toda seguridad su experiencia global, recorrido y experiencia contribuirán significativamente al mayor desarrollo de nuestra operación de asset management y al logro de nuestros ambiciosos objetivos. Las sólidas relaciones de Eric con muchos clientes estratégicos serán de gran valor, no sólo para el negocio de gestión de activos, sino también para la división de IWM en general», afirmó Iqbal Khan.
Global Asset Management tiene una gran presencia en inversiones alternativas desde Estados Unidos, un negocio de inversión líder ubicado en Suiza y una sólida base en mercados emergentes. Eric Varvel jugará un papel decisivo en el crecimiento del negocio de inversiones alternativas, el refuerzo del posicionamiento del banco en suiza y la aceleración del crecimiento del negocio en mercados emergentes y Europa, añadió.
Eric Varvel acumula más de 25 años de experiencia en la entidad suiza. Fue miembro del comité ejecutivo entre febrero de 2008 y octubre de 2014. Durante este período, ocupó distintos puestos de responsabilidad, incluyendo el de CEO del Banco de Inversión y CEO de las regiones Asia Pacífico y Europa, Oriente Medio y África. Antes de su incorporación al comité ejecutivo, fue co director de la división global de banca de inversión, basado en Nueva York. Previamente, dedicó 15 años a desarrollar la presencia del banco en la región de Asia Pacífico, desde diferentes puestos, incluido el de director de banca de inversión, director de cobertura de mercados emergentes y director comercial de renta fija y derivados corporativos. Durante ese tiempo, residió en Tokio, Yakarta y Singapur. En los últimos tiempos, Varvel ha sido presidente para mercados emergentes y sovereign wealth funds y asesor del CEO.
According to Libby Cantrill, Executive Vice President in PIMCO’s Executive Office, now that Ted Cruz and John Kasich have dropped out of the race, Donald Trump is all but certain to receive the Republican nomination in July at the party’s convention. A Trump candidacy, however, doesn’t make it easier for investors to anticipate the possible economic and market implications of a Trump presidency if he were to win the U.S. general election in November. Here are two important reasons behind the uncertainty:
Trump does not necessarily subscribe to the conventional Republican orthodoxy of lower taxes, less spending and open markets made famous by President Ronald Reagan. Indeed, Trump’s economic agenda is more ideologically varied – with some tenets of Republican orthodoxy, such as lower taxes across the board, and with some Democratic principles, such as preserving Social Security and Medicare. Most famously, Trump’s extreme policy position on trade, which calls for a total overhaul of existing U.S. trade agreements and possible punitive action against U.S. trading partners, such as a 45% tariff on Chinese imports, does not belong to the platform of either party.
Trump’s stated economic policies are at times conflicting and often changing, which also makes it difficult for investors to interpret the possible consequences. For instance, several weeks ago in an interview with the Washington Post, Donald Trump called for a total elimination of the U.S. $19 trillion debt over the next eight years, which is effectively infeasible without abolishing most government spending and substantially increasing taxes. At the same time, Trump has called for a tax plan that would increase the debt by $9 trillion (according to the Tax Foundation). Trump has since walked away from the pledge to exhaust the U.S. debt but it still leaves observers wondering where he is focusing: on austerity or on fiscal expansion?
«What are investors supposed to do with a candidate whose economic ideology is divergent from that of his party’s, not to mention often inconsistent and fluid? At the very least, give it some time. Trump, who interestingly does not have much of a policy team to date, will have to hire experienced policy advisers who will help him solidify his economic agenda before heading into the convention – and certainly before he engages formally in debates with the other presumptive nominee, Hillary Clinton, a known policy wonk. At that point, we should have a better idea of what a Trump administration would mean for both the economy and the markets – for better or worse,» concludes Cantrill.
Martin Blessing will succeed Lukas Gaehwiler as President Personal & Corporate Banking and President UBS Switzerland in the Group Executive Board (GEB) of UBS, effective 1 September 2016. Blessing was CEO of Commerzbank AG until the end of April this year. During his 15 years on the Board of Managing Directors of Commerzbank, half of which as its Chairman, Blessing significantly shaped the firm. He managed the successful integration of Dresdner Bank and led the bank back to stability and a robust business model following the financial crisis. Today, Commerzbank is active in more than 50 countries, finances 30 percent of Germany’s foreign trade and is the undisputed leader in financing German SMEs. The firm serves around 15 million clients with over 50,000 employees. Prior to Commerzbank, Blessing was at Dresdner Bank and the consultancy McKinsey. He studied in St. Gallen, Switzerland, and Frankfurt am Main, Germany, following a bank apprenticeship.
Also effective 1 September 2016, Lukas Gaehwiler will take on a new strategic role as Chairman of the Region Switzerland, focusing on clients and other selected mandates. At the same time and at his own request, he will step down from his current operative roles as President UBS Switzerland and President Personal & Corporate Banking (P&C), as well as from the GEB. For more than six years, Gaehwiler has run the business of UBS in Switzerland very successfully. In that time, UBS regained its position as the unquestioned market-leading universal bank in its home market. He oversaw a sustained increase in profitability during challenging market conditions, with significant new client growth, as well as the successful digitalization of the business, continuous improvement in customer satisfaction, and the effective implementation of a new legal structure for UBS in Switzerland.
Group Chief Executive Officer Sergio P. Ermotti: “I thank Lukas Gaehwiler for his excellent work and am personally pleased that he will continue to remain close to UBS in his new role. With Martin Blessing we gain a professional with a proven track record and significant experience in all areas of the business for UBS. I am certain he will further advance our business in Switzerland and beyond.”
CC-BY-SA-2.0, FlickrFoto cedida. Julius Baer nombra a Yves Robert-Charrue responsable en funciones de Investment Solutions Group
Julius Baer ha nombrado a Yves Robert-Charrue nuevo responsable en funciones de Investment Solutions Group (ISG) con efecto inmediato, según anunció la entidad en un comunicado. Ese nuevo rol se añade a sus actuales responsabilidades como responsable de Intermediarios. En sus funciones adicionales, Robert-Charrue también reportará de forma directa al CEO, Boris F.J. Collardi.
Robert-Charrue sustituye a Burkhard Varnholt que, siguiendo los reajustes en el Investment Solutions Group a principios de año, ha decidido abandonar el banco a finales de mayo. Según Citywire, Varnholt se incorporará a Credit Suisse como responsable de Inversiones (CIO) global adjunto dentro del equipo de soluciones de inversión y productos, a partir del mes de noviembre. Estará basado en Zúrich y reportará a Michael Strobaek, CIO global y responsable de soluciones de inversión y productos.
Como resultado de estos cambios, Yves Bonzon será el único responsable de Inversiones (CIO) de Julius Baer. Continuará liderando la unidad de Investment Management (IM) del banco, responsable de la gestión de soluciones de inversión discrecionales.
Yves Robert-Charrue se unió a Julius Baer en 2009 y ha sido miembro del Consejo Ejecutivo del banco desde 2010. Ya fue responsable del ISG desde 2010 a 2011 y en la entidad hacen hincapié en la importancia de su experiencia previa a la hora de liderar de nuevo la unidad.
En los últimos dos años, Burkhard Varnholt ha sido clave a la hora de dar forma al enfoque de inversión de la entidad, impulsando sus productos y servicios y desarrollando la plataforma de próxima generación. En particular, ha integrado criterios medioambientales, sociales y de gobernanza de forma sistematica en la selección de activos.
Collardi, el CEO de Julius Baer, comentó: “Estoy encantado de que Yves Robert-Charrue haya aceptado asumir el liderazgo del grupo ISG en funciones. Al mismo tiempo, agradezco a Burkhard Varnholt su valiosa contribución en los últimos años: gracias a su visión, Julius Baer se ha convertido en una banca privada líder con respecto a la inversión responsable. Le deseamos lo mejor para el futuro”.
BNY Mellon appointed Richard Gill as head of its Markets business in Europe, the Middle East and Africa (EMEA). Gill will lead the regional business strategy and have overall responsibility for managing Markets within EMEA. He will report to Michelle Neal, president of BNY Mellon Markets.
“Richard’s appointment allows us to better balance global and regional considerations in managing our businesses,” said Neal. “Our senior regional executives in EMEA and Asia Pacific (APAC) now have dual reporting lines to the head of the region and to the global head of their business. These changes will empower these executives and give them significant input on issues that affect local employees, business partners and clients.”
Gill has worked at BNY Mellon for over 20 years and his previous roles include co-head of FX Trading and chief FX Dealer. In his new position, he will also serve as a member of the Markets Executive Management Team, the Markets Risk Committee and the EMEA Chairman’s Forum. Regionally, Gill will continue to be based in London and report to Michael Cole-Fontayn, chairman of EMEA at BNY Mellon.
Mark Militello will continue as head of Markets APAC and report directly to Neal. Militello will also serve as a member of the Markets Executive Management Team, the Markets Risk Committee and the APAC Executive Committee. Regionally, Militello will continue to report to Steve Lackey, chairman of APAC at BNY Mellon.
Standard Life Investments and Bosera Asset Management announced on Monday the launch of the Bosera-Standard Life Investments Emerging Opportunities Bond Fund. The Fund signals the establishment of a strategic relationship between the two companies, with an aim to collaborate in several areas including joint product innovation and investment management cooperation.
The Fund is a sub-fund of Bosera Investment Funds, an umbrella unit trust established under the laws of Hong Kong. The Fund aims to achieve income and capital appreciation through primarily investing in global emerging market (EM) debt securities and EM currencies.
The development of the Fund builds on the combined strengths of Standard Life Investments’ strong emerging market debt investment capability and Bosera’s China fixed income expertise.
The new Fund will be managed by Kai He, Head of Fixed Income at Bosera International, who is responsible for portfolio allocation in the mainland China and Hong Kong, and for the investment management of the Fund overall. The sub-manager of the Fund is Richard House, Head of Emerging Markets Fixed Income at Standard Life Investments, who will manage portfolio allocation in emerging markets globally except mainland China and Hong Kong.
David Peng, Head of Asia, Standard Life Investments, said, “The co-creation of the new Fund in Hong Kong signifies the first step in our strategic collaboration with Bosera International, one of the leading Chinese asset managers, which reinforces Standard Life Investments’ global business strategy and strong conviction in the China growth trajectory. Bosera International and Standard Life Investments have a proven record of picking successful investment opportunities from within the Chinese bond market and global EM debt respectively. Working together, with our combined international and local market insight, our clients are offered exposure to an expanded global universe of EM opportunities. This underpins our commitment to deliver innovative investment solutions designed to meet the evolving needs of investors.”
Kai Shao, Executive Vice President, Shenzhen headquarters of Bosera International, said, “Capitalizing on the collective strengths of Standard Life Investments’ global investment expertise and Bosera’s China fixed income capability, the partnership aims to strengthen both companies’ ability to deliver for investors. We are delighted to have this excellent opportunity to collaborate with Standard Life Investments on product development, investment management and knowledge exchange. The joint development of the new Fund marks the first initiative of our strategic relationship. This is great news for our clients as they are now provided a new investment choice to tap into the wider, exciting EM fixed income opportunities.”
Kai He, Head of Fixed Income, Bosera International, commented, “The Chinese bond markets, both onshore and offshore, have become a more and more important part of the world’s fixed income market, and have been delivering good returns over the past years. We believe it is worth giving China a more fair allocation in the EM space, by which investors will benefit from an enlarged opportunity set. This is what this Fund will bring about.”
Richard House, Head of Emerging Markets Fixed Income, Standard Life Investments, added, “The fundamentals of emerging markets are stronger than commonly believed. EM sovereign debt offers an attractive opportunity for both long term growth and income, and has produced better risk-adjusted return than developed markets bonds over the long term. Currently, EM sovereign debt offers one of the highest yields among liquid global fixed income asset classes. The Chinese bond market is the third largest in the world. The weight of China in current EM debt indexes does not reflect the global importance of the Chinese bond market and we believe it should form a more significant proportion of a global EM debt portfolio. ”
CC-BY-SA-2.0, FlickrFoto: Jimmy Baikovicius
. Chartered Alternative Investment Analyst Association presenta su sección de Miami
Chartered Alternative Investment Analyst Association (CAIA) celebrará un evento este jueves, día 12 de mayo, en el Rusty Pelican de Key Biscayne para presentar su sección miamense. Su objetivo es crear un espacio en que intercambiar ideas, aprender y hacer contactos profesionales con otros profesionales de las inversiones alternativas. CAIA es líder mundial, y una autoridad, en la educación sobre inversiones alternativas, especialmente en private equity, real estate, hedge funds, commodities y alternativas líquidas.
La comienza a las 5 pm con un cocktail, tras el cual Bill Kelly, CEO de la asociación, inaugurará el encuentro profesional y dará paso a Karim Simplis, CFA VP/Senior Product Manager de Alternativos de Franklin Templeton Investments, que será el key note speaker, con una presentación sobre el panorama actual de los activos alternativos, productos y regulación. A continuación, David C. Coggins, M.B.A. Principal de Coral Gables Asset Management; Helen Doody, MD de Abbey Capital; y Shawn Lese, MD Global Real Assets, de TIAA Global Asset Management participarán de una mesa redonda moderada por Christopher T. Battifarano, CFA, CAIA, Director de análisis de GenSpring Family Offces.
La nueva sección de Miami espera sea el primero de muchas otras citas formativas y de networking en la ciudad.
Para más información y registro puede utilizar este link.
CC-BY-SA-2.0, Flickr. KKR celebra su 40 aniversario
La firma de capital privado KKR celebra su aniversario número cuarenta con el lanzamiento de un nuevo programa de llamado «KKR 40 de 40.»
Henry Kravis y George Roberts, los copresidentes y directores generales de KKR, dijeron: «Cuando empezamos esta firma hace 40 años con tres personas y 120.000 dólares, nuestra visión era la de crear una empresa con una cultura que premia la colaboración y el trabajo en equipo . Hoy que esos 120.000 son más de 120.000 millones, somos más de 1.200 personas y, con el apoyo de nuestros empleados, hemos tenido éxito en la creación de esa cultura, estamos orgullosos de nuestra evolución a partir de una firma de capital privado centrada en Estados Unidos a una firma de inversión mundial. Hoy tenemos varios tipos de capital, lo que nos permite invertir detrás de cualquier tipo de idea, en cualquier parte del mundo. Tenemos inversores que confían en nosotros para encontrar esas ideas, y estamos invirtiendo en temas que están resolviendo algunos de los retos más importantes del mundo».
KKR 40 para 40, o #KKR40for40, es un nuevo beneficio de KKR donde los empleados de la firma pueden utilizar 40 horas de tiempo pagado para ser voluntarios en sus comunidades. El tiempo es flexible y está diseñado para permitir a los empleados a participar de manera significativa con las organizaciones no lucrativas que prefieran.
«Debido a que hemos recibido tanto a lo largo de los años, hemos decidido que la mejor manera de conmemorar nuestra entrada en nuestra quinta década es dar de regreso. A través de los años, los empleados de KKR han dedicado miles de horas de tiempo privado a causas benéficas y causas de la comunidad, trabajo que es tan importante como los otros tipos de trabajo que hacemos. Durante este año, esperamos que nuestros empleados se tomen el tiempo para dar a otros en el mismo espíritu de colaboración, trabajo en equipo y excelencia que ha construido esta firma», dijeron Kravis y Roberts.
En honor al aniversario de la firma, KKR también puso en marcha una carta, un vídeo, y otros materiales relacionados. En la carta, la firma señala que al 31 de diciembre de 2015, «nosotros y nuestros empleados y demás personal tenemos aproximadamente 12.300 millones de dólares invertidos en o comprometidos con nuestros propios fondos y sociedades de inversión, y cada uno de los empleados también es propietario de acciones nuestras. En corto, invertimos como propietarios … porque somos propietarios «. Tanto Kravis y Roberts se mantienen optimistas sobre el futuro.
Puede leer la carta y ver el video en el siguiente link.
As we approach the end of the first-quarter earnings season, the state of health of the corporate sector is that much clearer: An earnings recession is in full swing. Earnings for the S&P 500 have seen their third consecutive quarter of declines, and will likely be down by approximately 6% year-over-year. While things look better if you adjust for the severe decline in the energy sector, it’s still nothing to write home about.
In previous CIO Perspectives, we have talked about how this lackluster earnings season could give way to better results in the second half of the year, now that oil and dollar headwinds have eased off. At the same time, I have urged caution against chasing the recent market rally because we still feel a more significant earnings breakout is necessary for the market to move above its current trading range.
There is now clarity on another front, too: We finally know who will contest this year’s U.S. presidential race.
Unfortunately, that may be the only thing that is clear in a campaign which has set new standards for unpredictability. Donald Trump’s candidacy was met with derision a year ago. Until his rivals threw in the towel last week, many were sure that we were headed for a contested Republican convention. Why should the unpredictability stop now? Trump could lose by a landslide or win by a landslide—your guess is as good as mine.
This Campaign Could Distract From Fundamentals The distraction of a Clinton-Trump matchup could subdue sentiment over the next few months, but it may also direct market attention away from the more important questions about what sort of fiscal policies we should expect from this political transition.
At the moment, our concern is that we will not get what would be helpful in supporting a fundamental earnings recovery—regardless of who wins the election.
An Unpopular President Will Lack a Real Mandate Hillary Clinton’s average “strongly unfavorable” rating in recent polls has been around 37%, while Trump’s has been a staggering 53%. No one else in recent history has managed to alienate more than 32% of the electorate at this stage of a presidential campaign.
This matters because we believe that when the president lacks a real mandate it reduces the likelihood of meaningful policy progress on a number of vital issues for the corporate sector: corporate tax reform, infrastructure spending, and more rational regulatory and trade policy.
On corporate taxation alone, the U.S. remains weighed down by a needlessly complex code, higher rates of taxation than those of similar economies, and a problem with tax repatriation that constrains potential investment in our economy. On trade, even the starting position isn’t pretty. Trump is the first anti-trade Republican nominee in decades, and Clinton has tacked a long way to the left to hold off Bernie Sanders for the Democratic candidacy.
Fiscal gridlock and trade uncertainty could leave the Federal Reserve still doing all the heavy lifting to keep our economic recovery on track.
Populist Policies Threaten Long-Term Damage Moreover, these are not just U.S. issues. The economic nationalism and populism evident in presidential campaign rhetoric are increasingly heard around the referendum on the U.K.’s membership in the European Union, for example, and in trade, currency, industrial and immigration policy debates worldwide.
Even as fundamentals improve, it could be these concerns that determine market sentiment for the rest of 2016.
Neuberger Berman’s CIO insight column by Joseph V. Amato
