Catalonia is voting to renew its parliament this Sunday. Contrary to other regions, attention was not focused on emerging parties like Podemos and Ciudadanos but completely monopolized by the independence question. Debates have mostly opposed the pro-independence list “Together for Yes”, led by current President Artur Mas, to the rest of parties that defend the unity of Spain. «We expect the current uncertainty to ease in the medium term, in particular after the general elections of December, since the next central government should take note of the Catalan elections and start negotiations for additional political and fiscal autonomy», explains Jean-Alexandre Vaglio, member of the Research team at AXA IM.
The Catalan political landscape is facing an almost unprecedented situation. The ruling Convergence and Union (CiU), that federated the Democratic Convergence of Catalonia (CDC) and the Democratic Union of Catalonia (UDC) since the first post-Franco elections, was dissolved due to diverging opinions regarding the Catalan independence process. Artur Mas, President of Catalonia and leader of the CDC, is now running the pro-independence joint list “Junts pel Si” (JS, Together for Yes) that gathers the centrist CDC and the Republican Left of Catalonia (ERC). In addition to this move, Mas directly called for a plebiscitary vote to turn this regional election into the referendum he wanted last year and that he had rebranded in a “participation process”, to abide by the Spanish Constitution.
As yet, polls suggest that JS will not be able to get the absolute majority, even though it is leading polls and that the Catalan system favours more than proportionally the party that ends up with the most votes. The Popular Unity Candidacy (CUP), an emerging extreme-left party, chose not to ally with JS but might support it just for the sake of the unilateral independence declaration, such that latest polls found JS-CUP might get a short absolute majority (set at 68 seats). Parties opposed to independence, Popular’s Party (PP), Spanish Socialist Workers’ Party (PSOE) and Ciudadanos gather roughly the same votes than three years ago, though the breakdown is different, to the advantage of Ciudadanos and mostly at the expense of PSOE. Lastly, Podemos joined ecologists to form Catalunya Si que es Pot (“Catalonia Yes we can”), with a moderate stance as regards independence, not supporting it but letting voters decide through a referendum. However, to the contrary of what happened in Barcelona, Podemos does not seem to get much traction, since this joint list currently polls at 13-14%, while its allies already got 10% in the 2012 elections.
«Overall, such reshuffle of parties casts some shadow on the final output of these elections which look like a very close call, in a very fragmented context.
As for last year’s “participation process”, debates have experienced a significant escalation, with strong stances adopted by opposing parties in the run-up to elections. Hence, if the situation is to remain volatile in the short term, it may ease and stabilize in the medium term once negotiations are engaged with the central government, probably about additional political and fiscal autonomy. The stability of the forthcoming government will also be questioned as electoral themes outside independence were neglected while they can differ very significantly between the parties that have similar positions on independence, in particular for JS and CUP, which would find very difficult to coordinate and rule Catalonia together».
Old Mutual Global Investors announced that the Old Mutual Absolute Return Government Bond Fund, which is a UCITs fund, and the Old Mutual Liquid Macro Fund, which is a Qualifying Investor Alternative Investment Fund (QIAIF), will be launched on 7 October 2015, with US$ 150 million of seed capital from Old Mutual plc.
The funds will be managed by Russ Oxley and his team, who joined Old Mutual Global Investors from Ignis Asset Management earlier this year. Russ Oxley, the lead manager, and co-managers Adam Purzitsky and Paul Shanta, will be supported in their portfolio management and trading by Huw Davies and Jin Wong, and in systems development by Josh Heming.
“This is a very exciting development for our company as a lot of work has been undertaken to prepare for the launch of this range. We have had a lot of interest from investors as Russ and his team are highly respected, having one of the best track records of managing absolute return government bond funds in our industry. We are therefore confident that demand will be strong from our global client base”, said Warren Tonkinson, managing director of Old Mutual Global Inverstors.
The objective of the funds is to seek to deliver positive total returns on a rolling 12-month basis with stable levels of volatility uncorrelated to bond and equity market conditions. The Old Mutual Absolute Return Government Bond Fund will be managed to a volatility target of 4%-6%, with expected annualized returns of cash plus 5%. The Old Mutual Liquid Macro Fund, which will also offer investors daily liquidity, will be managed to a volatility target of 7%-9%, with expected annualized returns of cash plus 8%. The funds aim to be diversified from global fixed income markets by employing a highly distinctive investment strategy focused on expressing views on macro themes through exposure to forward interest rates, inflation expectations and foreign exchange.
The low correlation with global bond markets is likely to be appealing at a time when the traditional safe-haven role of government bond markets is increasingly questionable. Due to the distinctive process and avoidance of credit and credit-like assets, and of emerging market debt the Fund is also expected to exhibit low correlation with other absolute return investment strategies (including global macro hedge funds, fixed income, equity and multi-asset based strategies), making it a potentially attractive addition to a portfolio. The portfolio managers will place a strong emphasis on investing in highly liquid assets, in which the market has historically remained liquid, even in the most extreme periods, including for example the global financial crisis.
“We are delighted that Old Mutual will be supporting the strategy with US$ 150 million of seed capital at launch. This demonstrates the belief we have in the strategy and our commitment, to both these Funds, and to the development of the Alternatives business within Old Mutual Global Investors. We have successfully delivered uncorrelated returns in our highly liquid Global Equity Market Neutral strategy, which now has over US$ 4.5 billion in client assets under management, and we hope for similar investor support for this highly liquid, uncorrelated, strategy”, commented Donald Pepper, managing director of Alternatives.
“Our investment philosophy hinges on the belief that, through a detailed understanding of forward interest rates, it is possible to express views on global macro trends in a very precise way. Through our approach to investing, we are able to target specific risks and opportunities, without “inadvertently” taking economic exposures to those risks we would rather avoid. At the core of our approach is the understanding that forward rates are influenced by very different factors depending on their location on the curve. We believe we have the potential to deliver positive returns for investors within clearly defined volatility parameters irrespective of the direction of interest rates. Our investment track record of successfully managing these strategies is clear evidence that our process if very effective”, commented Adam Purzitsky, co-manager of the fund.
Paul Shanta, co-manager of the fund, also added: “We have developed a unique investment strategy over a period of many years and a product that we think plays a valuable role in our clients’ wider portfolio. Joining Old Mutual Global Investors has given us the opportunity to further enhance our processes and technology and to prepare a bespoke platform for the launch of our new funds. We are excited about being part of an organization that shares our ambition and now look forward to working with investors.”
Foto: Giuseppe Milo
. Morningstar 2015 ETF Conference: soluciones estratégicas, tácticas o de gestor, a discusión
Morningstar has announced the speakers and agenda for its sixth annual ETF Conference, Sept. 29-Oct. 1 at the Sheraton Chicago Hotel and Towers. The conference features experts from across the exchange-traded fund (ETF) industry including Morningstar analysts, who will provide in-depth knowledge and perspective for financial advisors.
«With more than $2 trillion in assets under management in the growing U.S. ETF industry, investors and their advisors face myriad options when it comes to ETF investing,» Ben Johnson, CFA, Morningstar’s director of global ETF research, said. «Our sixth annual ETF Conference will gather industry experts to discuss and debate three key areas of ETF investing—strategy, tactics, and managed-portfolio solutions—to help investors achieve better outcomes.»
Joe Davis, Vanguard principal and chief economist, will deliver the keynote opening address on Tuesday, Sept. 29. Charles Ellis, founder of Greenwich Associates and author of Winning the Loser’s Game and Falling Short: The Coming Retirement Crisis and What to Do about It, will give the keynote luncheon address on Wednesday, Sept. 30.
General session speakers on Wednesday, Sept. 30, are Andrea Frazzini, Ph.D., AQR; Jason Hsu, Research Affiliates; and Mark Kiesel, PIMCO. Jim Crowley, Pershing; and Jon Stein, Betterment, will address attendees on Thursday, Oct. 1.
The popular «Meet the Pundits» panel will close the conference on Oct. 1. Morningstar’s Johnson, ETF.com’s Matt Hougan, and ETF Trends’ Tom Lydon will engage in a no-holds-barred discussion of the latest trends in the ETF industry, moderated by author and journalist John Wasik.
The conference offers 15 breakout sessions focusing on strategic, tactical, and managed-portfolio solutions. Speakers from BlackRock/iShares, Eaton Vance, Envestnet, Fidelity, Invesco PowerShares, J.P. Morgan, MSCI, Windham, and WisdomTree, among other firms, will cover an array of timely topics, including:
Strategic beta abroad;
Currency-hedged ETFs;
The active/passive debate and the future of active ETFs;
Tactical asset allocation;
Accessing alternative strategies and niche markets through ETFs; and
Managing interest-rate risk and the role of fixed income.
Morningstar will offer two preconference workshops from 1-4 p.m. on Sept. 29. Attendees will be able to choose one of two workshop tracks. The first workshop, «The ABCs of ETFs,» will cover the evolution of ETFs as an investment vehicle and provide a practical review of ETFs by asset class, along with their benefits and limitations. The other workshop, «An Overview of the Trends Shaping the ETF Market,» will offer Morningstar analysts’ insights on key topics including strategic beta, active ETFs, and the opening up of onshore Chinese stock markets.
To register for the conference, please follow this link
JP Morgan Asset Management has appointed Alex Stanic as a Portfolio Manager. Alex is based in London and joins the Global Equities Team, led by Howard Williams.
Alex has 20 years experience in the asset management industry, specialising in global equities. He spent over a decade at Newton, leading the global team, and the last six years at River & Mercantile as Head of Global Equities. Alex’s experience and track record in managing global portfolios will further strengthen an already strong team. He will work closely alongside the team managing JP Morgan Asset Management’s range of Growth equity strategies.
Commenting on the appointment, Alex Stanic said “I am thrilled to be joining JP Morgan Asset Management and to be working alongside a well-established, experienced team of portfolio managers as we look to expand the suite of global equity strategies.”
Foto: Jaime Lázaro Ruíz, director de Asset Management de BBVA Bancomer / Foto cedida. BBVA Asset Managment es reconocida como la mejor gestora de activos en México y España para clientes institucionales y corporativos
Asset Management de BBVA Bancomer fue reconocido como el Mejor Gestor de Activos en México para clientes institucionales y corporativos según la revista especializada Global Finance, que para la primera edición de estos premios evaluó a aquellas operadoras con la mejor gama de productos y servicios adaptadas a los clientes empresariales y corporativos (excluido el sector financiero); y también consideró los informes del mercado, la opinión de los analistas del sector, a las compañías y los clientes. BBVA Asset Management España también fue premiada como la Mejor Gestora para clientes institucionales y corporativos en España.
El director de Asset Management de BBVA Bancomer, Jaime Lázaro Ruiz, comentó: “Este reconocimiento pone en valor el nivel de servicio y esfuerzos que en la institución bancaria estamos haciendo y que también el Grupo BBVA viene desarrollando globalmente en el segmento de clientes institucionales”.
“Nuestro crecimiento también se ha visto fortalecido por el lanzamiento de tres fondos dirigidos a clientes que buscan una mayor sofistificación en sus inversiones. Uno de ellos es el fondo de deuda de retorno absoluto B+RAD, que desde su lanzamiento en febrero de este año, ha captado cerca de 12.000 millones de pesos”.
Explicó que considerando el actual entorno económico mundial, la industria de fondos de inversión en México, incluyendo fondos de fondos, rebasó los 92.000 millones de pesos.
Al cierre de agosto de 2015, BBVA Bancomer obtuvo un crecimiento superior al de la industria (5,04%), permitiéndole un aumento en la participación de mercado para alcanzar el 19,15% y administró activos por más de 369.870 millones de pesos.
En lo que se refiere al número de inversionistas, BBVA Bancomer continúa como líder en el sector con más de 567.000 inversionistas, siendo la operadora con el mayor número de clientes, tanto en productos de renta variable como en fondos de deuda.
BBVA Asset Management, es la Unidad de BBVA, que a través de sus entidades gestoras de fondos de inversión, mandatos y fondos de pensiones, se alza como un referente global en el mundo de la gestión de activos. A nivel mundial, BBVA Asset Management gestiona más de 100.000 millones de euros y tiene presencia local en Argentina, Chile, Colombia, España, Luxemburgo, México, Perú y Portugal.
Global Finance es una revista especializada con presencia en 180 países cuya audiencia incluye directivos y representantes corporativos y financieros de alto rango, responsables de tomar decisiones de inversión y estratégicas en las empresas multinacionales y las instituciones financieras.
Foto: Christian Van der Henst. ¿Cuáles son las nuevas propuestas para mejorar los pilares solidario y de ahorro obligatorio de las pensiones en Chile?
El pasado lunes 14 de septiembre, la Comisión Asesora presidencial sobre el sistema de pensiones de Chile entregó su informe oficial analizando y entregando propuestas para realizar una reforma en el sistema previsional chileno.
La comisión, liderada por el economista David Bravo Urrutia y compuesta por un equipo de 14 economistas y expertos chilenos y otros nueve internacionales, fue creada en abril de 2014 a través de un decreto impulsado por la presidenta Michelle Bachelet, con el objeto realizar un diagnóstico acerca del actual funcionamiento del sistema de pensiones chileno.
El informe de la comisión propone mantener la estructura actual de planes de pensiones privados pero reforzarla con mayores contribuciones mensuales (con una nueva cotización a cargo del empleador del 4%), y equiparando la edad de retiro de las mujeres (actualmente fijada en 60 años) a la de los hombres (65 años), con el objetivo de acumular una mayor cantidad de fondos en el retiro. Además la pensión básica solidaria (pensada para las rentas más bajas) debería aumentar un 20%, y ampliar su cobertura a al menos el 80% de la población chilena más vulnerable (actualmente solo cubre al 60%).
La comisión estima que las reformas propuestas requerirán un gasto adicional cercano a los 1.000 millones de dólares por año, una vez que las recomendaciones estén completamente implementadas.
Después de la entrega del informe de la comisión, los ministros de las ramas económicas (Finanzas, Trabajo y Economía) deben proponer un proyecto de ley factible para ser entregado en el corto plazo y las iniciativas legales necesarias para abordar las materias que requieren mayor estudio. No se ha establecido una fecha final para la entrega de esta segunda fase del proceso.
Por su parte, Rodrigo Pérez Mackenna, presidente de la Asociación de Administradoras de Fondos de Pensiones, comentó en un comunicado a la prensa que valoran el trabajo realizado por la Comisión Asesora presidencial y que se iniciará “un estudio detallado de las propuestas contenidas en este informe final, siempre teniendo como único objetivo mejorar la calidad y cobertura del Sistema de Pensiones en Chile”. La Asociación de AFP reiteró su disposición a colaborar con las autoridades de gobierno chileno, y proponer medidas destinadas a mejorar los beneficios y la sostenibilidad financiera del sistema de pensiones.
Foto: McKay Savage. Oppenheimer Funds y Apollo Credit Management se asocian para ofrecer soluciones de crédito estructurado
Oppenheimer Funds ha anunciado una asociación estratégica con Apollo Credit Management, una gestora afiliada a Apollo Global Management, LLC, que servirá de sub-asesor para el fondo Oppenheimer Global Strategic Income Fund.
“Como gestores progresistas, Oppenheimer Funds busca consistentemente añadir valor a sus clientes. Apollo Credit Management ofrece una amplia gama de estrategias de crédito alternativo que complementa nuestras fuertes capacidades en renta fija, lo que nos ayudará a continuar ofreciendo una oferta convincente” dice Art Steinmetz, presidente y director ejecutivo de Oppenheimer Funds.
“Continuando con la historia de innovación del fondo, queríamos añadir un socio cualitativo en términos de rendimiento, equipo de inversión, y más importante, que compartiera nuestro punto de vista de servir a los clientes primero. Estamos lanzando nuestra relación a través de nuestros productos de renta fija, y exploraremos otras iniciativas potenciales con el tiempo”.
“Estamos encantados de asociarnos con Oppenheimer Funds, con su enfoque innovador para proporcionar a sus inversores acceso a las soluciones de crédito alternativo que son el buque insignia de Apollo Global Management. Esta exposición a soluciones de crédito, que históricamente sólo estaba disponible a los inversores institucionales de Apollo, ofrece ventajas significativas de rendimiento y diversificación al inversor individual”, declara Marc Rowan, co-fundador y director ejecutivo de Apollo.
“Con similitud a Apollo, Oppenheimer Funds está dedicado a proporcionar soluciones de inversión de excelencia a sus clientes, y esperamos que se materialice en una gran y próspera asociación con una institución de tan alto calibre”.
El fondo Oppenheimer Global Strategic Income tiene por objetivo obtener ingresos de diversas fuentes de inversiones en renta fija, mientras mantiene una baja volatilidadrelativa con respecto a la categoría multi-sector en renta fija. El fondo utiliza todas las capacidades en renta fija imponible de Oppenheimer Funds. Con la nueva asociación, el fondo tendrá acceso a oportunidades no tradicionales en los mercados de renta fija – incluyendo crédito estructurado, préstamos del segmento medio, inversiones directas en bienes raíces, y valores relaciones con seguros – para mejorar el interés y el rendimiento ajustado al riesgo, diversificar el fondo para minimizar la volatilidad, y avanzar en la historia de innovación de la compañía”.
“Nuestra asociación con Apollo Credit Management es muy emocionante, nos proporciona acceso a diferentes áreas de los mercados de crédito que proporcionan una correlación baja, y fuentes diversificadas de altos ingresos para los accionistas del fondo”, comenta Michael Mata, gestor del fondo Oppenheimer Global Strategic Income. “Nuestros accionistas deben recibir los beneficios de nuestro servicio y escala sin pagar un extra por tener alcance a estos activos no tradicionales”.
CC-BY-SA-2.0, FlickrPhoto: Heribert pohl. Misperceptions of Thailand
Nikko Asset Management ha lanzado un fondo UCITS de renta variable asiática, ex-Japón, domiciliado en Luxemburgo. La estrategia estará manejada por el experimentado equipo de renta variable de Asia ex-Japón de Nikko Asset Management, que está liderado por Pedro Sartori y Eng Teck Tan. El fondo ha estado gestionado por el equipo desde 2006.
Este nuevo producto tiene como objetivo lograr el crecimiento del capital a largo plazo invirtiendo en una cartera de entre 40 y 60 valores de empresas de la región asiática, sin incluir Japón, que tengan una capitalización media o grande. El equipo tiene un enfoque de inversión activo basado en el análisis fundamental, centrado en aprovechar las acciones que el mercado no ha valorado correctamente.
El fondo ofrece acceso al equipo de renta variable asiática de Nikko Asset Management y a sus principales recursos de gestión de fondos de Asia. La firma japonesa cuenta con aproximadamente 200 profesionales de la inversión que operan en 11 países, nueve de los cuales están en Asia.
Este último lanzamiento se basa en el éxito de otras dos estrategias UCITs: el Global Equity y el Global Multi Asset, que Nikko Asset Management puso en marcha a principios de este año. La firma continúa ampliando su gama de fondos UCITS, que proporcionan acceso a una amplia gama de activos en los mercados desarrollados y emergentes.
«Hemos puesto en marcha el fondo en respuesta a la demanda de los inversores de equipos especialistas en gestión activa en la región de Asia, excluido Japón», comentó Sartori. «La demanda de un equipo altamente cualificado de gestión activa gestión con recursos sobre el terreno, y experiencia en diferentes condiciones de mercado está aumentando».
«Nuestroexperimentado equipo de Asia ha colaborado estrechamente desde 1999, y tienen un buen historial de rentabilidad a largo plazo a través de los diferentes ciclos de mercado que ha atravesado Asia. Esta experiencia es muy valiosa a la hora de obtener alfa en unos mercados asiáticos que podemos considerar de rápida evolución».
A lo largo de 2015, Nikko Asset Management tiene planeado lanzar otras estrategias UCITS para dar servicio a la creciente demanda de estrategias especializadas.
OppenheimerFunds announced a strategic partnership in which Apollo Credit Management, which is an affiliate of Apollo Global Management, LLC, will serve as sub-sub-advisor to the Oppenheimer Global Strategic Income Fund (GSIF).
«As a progressive money manager, OppenheimerFunds consistently strives to add value for our clients. Apollo Credit Management offers a wide range of alternative investment credit strategies that complement our strong in-house fixed income capabilities, which will help us continue to deliver a very compelling offering,» said Art Steinmetz, Chairman, CEO and President of OppenheimerFunds.
«Continuing the fund’s history of innovation, we wanted a quality partner in terms of performance, investment team and most importantly, one that shares our cultural viewpoint on serving investors first. We are launching our relationship via our marquee fixed income product, and will explore other potential initiatives over time.»
«We are delighted to partner with OppenheimerFunds on this innovative approach to provide their investors with access to Apollo’s flagship liquid alternative credit solution. These credit exposures, which have historically only been available to Apollo’s institutional investors, offer significant yield advantages and diversification to the individual investor,» said Marc Rowan, co-founder and senior managing director of Apollo.
«Similar to Apollo, OppenheimerFunds is focused on delivering investment excellence to its clients, and we look forward to a long and prosperous partnership with such a high-caliber institution.»
Global Strategic Income Fundis dedicated to providing current income from diversified sources of fixed income investments while maintaining low overall volatility relative to the multi-sector fixed income category. GSIF utilizes the complete set of OppenheimerFunds’ taxable fixed income capabilities, and the new partnership will help the Fund access non-traditional fixed income market opportunities – including structured credit, middle-market loans, direct real estate investments and insurance-linked securities – to improve yield and overall risk-adjusted performance, diversify the fund to minimize volatility, and advance the firm’s history of innovation.
«Our partnership with Apollo Credit Management is very exciting as it gives us access to different areas of the credit markets that can provide low-correlated, diversified sources of high income for our fund shareholders,» said Michael Mata, portfolio manager of GSIF at OppenheimerFunds. «Our shareholders will receive the benefits of our scale and service without paying extra to reach these non-traditional asset classes.»
Robeco Group and RobecoSAM have announced that they have been awarded A+ scores by the United Nations-supported Principles for Responsible Investment (UN PRI) for their overarching approach to responsible investment. Of the 681 investment managers that are signatories of the UNPRI, only 16% received A+ scores for their overarching approach. Robeco has been a signatory of the UNPRI since 2006, RobecoSAM since 2007.
Roderick Munsters, CEO of Robeco: “I am delighted that Robeco has achieved A+ scores for all the different modules assessed by the UN PRI. It is testimony to our approach to Sustainability Investing; we were one of the first larger asset managers to make Sustainability Investing a strategic priority over a decade ago, and today Sustainability Investing is one of the strategic pillars of our 2014-2018 strategy. The high scores we have been awarded for all the modules confirm our leadership in Sustainability Investing across all asset classes. I’m convinced that the importance of sustainability investing will continue to increase and that our expertise in this area will continue to benefit our clients and us.”
Michael Baldinger, CEO of RobecoSAM: “We are proud to have been awarded such outstanding scores by the UN PRI. RobecoSAM has shaped the Sustainability Investing landscape over the past 20 years and these strong results reflect our unwavering conviction that financial analysis without ESG integration is incomplete. Our focus over the last two decades has helped us develop A+-rated knowledge, tools and best practices which are of benefit to both current and future clients. «
Although RobecoSAM’s scores are partly reflected in Robeco’s group score, the company was also assessed separately since it is a UN PRI signatory in its own right.
