Con una historia que se remonta a 1924, Eaton Vance Management ha gestionado carteras de inversión siguiendo principios que perduran en el tiempo, enfatizan la gestión de riesgos y buscan retornos a largo plazo. Nuestras capacidades abarcan un amplio rango de ingresos provenientes de acciones, renta fija y estrategias alternativas. Cada estrategia está basada en una filosofía de inversión bien razonada y en la aplicación consistente de un proceso de inversión disciplinado y repetitivo. Un profundo análisis fundamental es la base primera para nuestra toma de decisión con respecto a una inversión. Empleamos a analistas profesionales que buscan añadir valor a las carteras de los clientes desarrollando ventajas competitivas relacionadas con el conocimiento e información sobre los segmentos industriales que siguen, así como de la aplicación de juicio inversor. Gestionamos el riesgo con detallados análisis de los títulos y la construcción cuidadosa de la cartera. Gestionando los activos, nos adherimos a las disciplinas de inversión existentes y mantenemos consistentemente el foco en la gestión del riesgo y, cuando corresponda, gestión de impuestos. La solidez de nuestro enfoque inversor y la capacidad de nuestros equipos de gestión quedan reflejadas en los resultados que hemos alcanzado para nuestros clientes en el largo plazo.
Alexander Schindler es el nuevo presidente de la asociación de fondos europea. Foto cedida. Alexander Schindler: nuevo presidente electo de EFAMA
EFAMA, la asociación europea de fondos y gestores, ha elegido por unanimidad a Alexander Schindler presidente para los dos próximos años. La elección tuvo lugar en la asamblea general de EFAMA celebrada en Lisboa el viernes 19 de junio. En la misma reunión, también se designó a William Nott, CEO de M&G Securities, vicepresidente y se nombró el resto del consejo de la entidad.
Alexander Schindler, que ha sido vicepresidente de EFAMA desde junio de 2013, releva en la presidencia a Christian Dargnat, que ocupaba el cargo desde 2013. Schindler fue elegido miembro del consejo de dirección en mayo de 2012 y es parte del comité directivo del mismo desde junio de ese mismo año. El banquero y abogado también ha sido miembro del consejo directivo de BEA Union Investment Management Limited, Hong Kong desde 2007.
Por su parte el nuevo vicepresidente, William Nott, es CEO de M&G Securities desde marzo de 2006 y, con anterioridad, lo fue de M&G International. Nott lleva 6 años en el consejo de dirección de EFAMA.
En su discurso de investidura, el nuevo presidente de EFAMA alabó el trabajo realizado por la asociación y, en especial, por su predecesor en un “momento decisivo para la industria europea de la gestión de activos. La agenda europea –tras la renovación de los mandatos del parlamento y la comisión el año pasado- presenta tanto oportunidades como retos para nuestra actividad y su papel en el crecimiento a largo plazo y en el debate de financiación”.
BNP Paribas Investment Partners announces the appointment of Matt Joyce as a Portfolio Manager within its Multi Asset Solutions group, headed by Charles Janssen. Based in London, Matt will join the Active Asset Allocation team led by CIO Colin Graham.
The Active Asset Allocation team consists of more than 20 dedicated professionals responsible for establishing active asset allocation strategies for a broad range of multi asset mutual funds and investment solutions offered to retail and institutional clients.
Matt has over 12 years’ investment experience, covering long-only and long/short strategies. Prior to joining BNP Paribas Investment Partners, Matt worked at Schroders Investment Management as a multi asset analyst and fund manager, focusing on equity and cross asset volatility research, and managing balanced products and volatility strategies.
His previous experience includes roles at Occam Asset Management, where he was an analyst and fund manager covering European equities, and at Polar Capital, where he was an analyst on UK and global equity long/short strategies. Matt has a BSc in Financial Economics from Birkbeck College, University of London, and an MSc in Applicable Mathematics from the London School of Economics & Political Science. He is a CFA Charterholder.
Charles Janssen, Head of Multi Asset Solutions at BNP Paribas Investment Partners, comments: “The addition of Matt Joyce to the Multi Asset Solutions group further demonstrates our commitment to expanding our multi asset offering as part of the strategic development of our business. Demand for multi asset products continues to grow in line with the increasing need for retirement solutions among retail and institutional investors and this is a key part of BNP Paribas Investment Partners’ investment offering. Given the ongoing environment of market uncertainty and low yields, we expect continued growing demand as investors look to outsource their asset allocation to meet their growth or income requirements.”
Family Office Exchange (FOX), a global membership organization of enterprise families and their key advisors, announced the introduction of FOX Networks, a new way for members to problem solve and gain expertise in six key family office disciplines. The six disciplines areTechnology Operations & Data Security, Human Capital, Private Family Trust Companies (PFTC), and three types of investing—Direct Investing, Strategic CIO, and Endowment Model Investing.
There are three aspects to these networks: leadership from a seasoned, subject matter expert, peer discussion to gain the experience of other members, and high quality research and educational content. These elements are delivered through an online community, in person meetings, and a series of scheduled webinars. Recorded webinars, research, and top industry white papers will be available for each network through the association online Knowledge Center.
“FOX has provided special interest work groups to solve specific problems for decades and now we are formalizing Networks to deepen this problem solving,” said Alexandre Monnier, President of Family Office Exchange. “FOX Networks provide a clear, easy way to reach the ideas and get answers to important topical challenges in family offices.”
The association has recruited a number of distinguished practitioners to run the Networks. Technology Operations and Data Security is headed by Steven Draper, who has served as a technology consultant in the wealth management industry for 25 years. The Human Capital Network is led by Kelley Ahuja, Director of Human Capital, who joined earlier this year from the Lyric Opera of Chicago. The PFTC Network is run by Ruth Easterling, a Managing Director for 16 years. The Direct Investing Network is run by Linda Shepro, Managing Director, who joined from FDX Capital earlier this year. The Strategic CIO Network is headed by David Toth, Director of Advisor Research, who joined from PNC, and the Endowment Model Network is led by Karen Clark, Managing Director, who recently joined FOX from Sandaire, a leading multi-family office in London.
Access to the Networks is included in core membership for current members. Non-members are able to access membership in one Network on an a la carte basis.
Foto: Renato Targa
. MexDer implanta una nueva plataforma de control de riesgos
MexDer, mercado mexicano de derivados, implementará una nueva plataforma de monitorización y control de riesgos para sus miembros. La nueva herramienta, provista por FIX Flyer, ha remplazado la interface de riesgo pre transaccional existente en MexDer, permitiéndole crecer rápidamente y satisfacer las demandas del mercado al mismo tiempo.
El sistema monitoriza la exposición a riesgos de los miembros de MexDer desde una plataforma central, dando a los socios liquidadores máximo control y visibilidad y ofreciéndoles la posibilidad de establecer parámetros de control de riesgo para seguir la operación de sus clientes.
José Oriol Bosch,Director General de MexDer se muestras satisfecho con las mejoras que el sistema supone pues considera que “hemos dado pasos importantes para facilitar el acceso directo del mercado a nuestros productos. El Grupo BMV continúa estableciendo los más altos estándares para la comunidad financiera de México y de América Latina. Esta plataforma de última generación nos permite alcanzar nuestras metas globales . La solución se ha implementado efectivamente logrando que ejecutemos nuestra estrategia de facilitar el acceso a nuestro mercado y atraer flujo global ̈.
̈Nuestros miembros esperan un continuo crecimiento del volumen, lo que en ocasiones puede cargar nuestra infraestructura de negociación ̈ añade José Miguel De Dios, director de servicios transaccionales de derivados en MexDer ̈.
Rotterdam-headquartered asset manager Robeco has announced the launch of a multi-factor credit fund, aimed at offering investors access to a factor-based investment strategy.
The fund will be managed by Robeco’s Credit Team, with Patrick Houweling as portfolio manager. Houweling joined Robeco in 2003 and has also been managing Robeco’s conservative credits strategy since 2012, which exploits the low-risk anomaly in credit markets.
The fund will have 150 to 200 names in its portfolio. Although it mainly consists of investment grade credits, it can hold a maximum of 10 percent in BB in order to benefit from the attractive characteristics of fallen angels and rising stars.
Patrick Houweling comments on the launch: “At Robeco, we have been closely studying the possibilities of bringing our factor investing offering beyond the traditional equity markets. I am delighted that we have put theory into practice by introducing this factor investing fund to credit investors. This fund is driven by our proprietary quantitative multi-factor model, which offers balanced exposure to the low-risk, value and momentum factors.”
It seems the jury is still out over the future direction of the US equity market. Not even a month ago the S&P 500 index flirted with all time-highs, prompting the bulls to wonder if investors really could be the beneficiaries of a seventh successive year of share price gains. Up until then the bears appeared to have had the upper hand – cue recent downward revisions to Q1 GDP numbers, softer than expected retail sales in April and the havoc wrought on company results from a stronger dollar.
I’d counter this pessimistic sentiment. While exporters were hit in the Q1 results season (and yes 45% of S&P companies are overseas earners) domestic companies fared relatively well. Regarding softening GDP numbers, we bulls prefer not to talk about output but national aggregate income which, for the first quarter, registered 1.4% annualised growth. Economists still think there’s no reason for the US not to register 2.5%-3.0% growth in the second quarter annualised.
For me it seems as though we are still in the sweet spot of equity investing. The risk of the US Federal Reserve tightening has been kicked a little bit further into the long grass and, if the IMF has its way, is likely to stay there for some time to come. Yet raising rates is a sign that the economy is not only off life-support but recovering well in the process.
So let’s focus on what we know so far. Knock-out non-farm payroll numbers for May aside, if ever there was a sign of confidence returning to the US economy it’s in the escalating value of M&A deals. In May alone these totalled a staggering US$ 243bn, which if this rate continues could well top 2007’s record. If management didn’t believe the economy was stable they wouldn’t be committing such large amounts of cash to buying other businesses, surely?
And corporates are right to be optimistic. The US economy is one of just three to experience self-sustaining growth in 2014 – the other two being India and the UK. Corporate margins are nearing 50 year highs and, unlike many, I see no reason for them to revert to the mean given the double tailwinds of a fall in oil prices and advances in technology. So while optimistic on the economy, my only real concern is that the rate of corporate investment spend needs to increase. Companies are still in the ‘let’s return cash to shareholders’ mind-set, rather than ‘let’s invest in plant and machinery mentality.’
Unsurprisingly, given the concerted actions of central bankers to drive down bond yields and whip up demand for equities, risk appetite has increased substantially from its October 2014 lows, with investors favouring growth stocks over value. Although, as most US equity investors will know from bitter experience the rotation from growth to value styles and back to growth could change anytime soon.
The recent correction in global bond markets suggests that point may not be too far away. While style volatility has been less pronounced in the US than Europe that’s not to say it doesn’t exist. Watch this space. The trick is, as ever, to keep alpha returns diversified.
Ian Heslop, Head of Global Equities and Manager, Old Mutual North American Equity Fund.
Foto del Annual Investment Management Summit 2014 - foto cedida. Gestionar el riesgo y generar retorno en mercados complejos
The 6th Annual Investment Management Summit: Managing Risk and Generating Return in Complex Market Environments will bring together leading investors, financial advisors and market experts to discuss the recent developments and evolving trends that are shaping the industry.
Against the backdrop of a strengthening US economy and a slowdown in the pace of growth abroad, the summit will provide a comprehensive overview of today’s global economic climate and explore the various factors influencing investment strategy as investors adjust to the end of zero interest rates in the US. Attendants are welcome to participate in lively discussions to better inform asset allocation and risk management decisions.
The Summit will also highlight new trends in investment management and implications for the industry as a whole. From new entrants offering automated online investment advice to increased investor appetite for smart beta and liquid alternatives, the traditional asset management industry is facing a multitude of headwinds that are sure to challenge the status quo. Attend to hear senior industry leaders discuss the changing landscape and offer guidance for the road ahead.
Global investors have moved out of equities into cash ahead of an expected U.S. Fed rate hike, according to June’s BofA Merrill Lynch Fund Manager Survey (FMS). Investors have also shown concern about a Greek default and a possible bubble in Chinese equities as they have scaled back risk.
Cash levels rise to 4.9 percent of portfolios, up from 4.5 percent in May; proportion of investors overweight equities falls to net 38 percent from 47 percent.
Expectations of higher rates are the highest since May 2011, with a net 80 percent of the panel forecasting a rise in short-term rates.
The majority of the FMS panel sees a negative resolution of Greece talks: 15 percent predict Grexit, and 42 percent predict default without exit.
China worries: seven out of 10 investors say China’s equity market is in a “bubble.” A net 50 percent see China economy weakening.
The proportion of investors expecting to underweight global emerging markets surges to a net 21 percent from net 6 percent in May.
Corporate operating margins will fall in the coming 12 months, say a net 17 percent of investors – up from net 5 percent in May.
The U.S. dollar is the most crowded trade as Fed tightening looms; 72 percent predict the euro will weaken vs. the dollar in coming year.
“Higher cash levels show how caution is in the air, with 65 trading days until we expect the Fed to tighten,” said Michael Hartnett, chief investment strategist at BofA Merrill Lynch Global Research.
“Investors remain bullish on European equities but are increasingly concerned about Greece and higher yields,” said James Barty, head of European equity strategy.
