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Allianz GI: crece la demanda de activos alternativos líquidos

Allianz GI: Alternatives Are Growing Up — Wikimedia CommonsFoto: Spencer Rhodes, portfolio manager de Inversiones Alternativas globales de Allianz GI. Allianz GI: crece la demanda de activos alternativos líquidos

A raíz del colapso del mercado de 2008, los activos alternativos han experimentado una importante transformación, explica Spencer Rodas, de Allianz Global Investors. Esta clase de activos, históricamente populares entre los High Net Worth Individuals (HNWI) y los distribuidores a través boutiques de pequeña escala, están cada vez más respaldados por las grandes firmas gestión de activos y han comenzado a llamar la atención de los inversores institucionales.

Un ejemplo es Allianz Global Investors. Sus activos alternativos bajo gestión han crecido desde los 2.100 millones de euros a los 5.400 millones en un año, hasta octubre de 2014. De estos, 3.400 millones de euros están invertidos en activos alternativos líquidos como opciones y futuros, mientras que el resto permanece en activos no líquidos como las infraestructuras, cuenta Spencer Rhodes, porfolio manager de Inversiones Alternativas globales en Allianz GI.

La gama de productos alternativos líquidos varían del mercado de renta variable con posiciones largas/cortas a estrategias de opciones estructuradas generadoras de alfa, a través de las primas de riesgo sistemáticas de las estrategias de retorno absoluto global.

Según el experto, el incentivo para invertir en activos alternativos ha cambiado desde la crisis de 2008, pasando de una generación de alfa hacia una protección a la baja, mientras los inversores lidian con el problema intangible del actual contexto macroeconómico.

«Los clientes necesitan sustituir su inversión en deuda porque los tipos de interés son muy bajos, pero con las bolsas en máximos históricos, muchos están nerviosos para aumentar la exposición a la renta variable. Esto conduce a una exploración de las inversiones alternativas», dice Rhodes.

Sin embargo, desde la crisis, la evolución de los hedge funds ha sido objeto de críticas, dado que índices como el Bloomberg Hedge Fund han ido de forma constante por detrás del S&P 500.

Con el cambio de objetivos, la rentabilidad de los activos alternativos también debe evaluarse de forma diferente, argumenta Rodas. «Criticar a un hedge fund porque ofrece un retorno menor que un índice de la bolsa es una equivocación. El éxito depende de lo que se espera que el hedge fund haga”, apunta Rhodes.

«Por ejemplo, nuestra estrategia Allianz Discovery Europe se caracteriza por tener posiciones largas/cortas en renta variable con un objetivo de rentabilidad anual entre el 5 y el 8% y un 9,5% de volatilidad. Si consigue esos objetivos, la estrategia es exitosa a los ojos de nuestros clientes, independientemente de cómo evolucione el FTSE 100 o el Euro Stoxx 50″.

«De cara al futuro, la protección bajista, la gestión de la volatilidad y la diversificación seguirán siendo los temas clave que contribuyan a la integración de los activos alternativos», explica el experto de Allianz Global Investors. «Como en cualquier industria, se puede contar con la innovación de las pequeñas boutiques en los primeros años, pero ahora es más grande, y los investment managers más consolidados están institucionalizando e incorporando los activos alternativos para ayudar a conseguir sus objetivos de rentabilidad», concluye.

The Boston Company AM Launches MLP and Event-Driven Alternative Strategies for Institutional Investors

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The Boston Company Asset Management, LLC (TBCAM), a Boston-based BNY Mellon boutique that invests in active equity, has launched two new strategies for institutional investors – an energy infrastructure strategy that utilizes master limited partnerships (MLPs) and an event-driven absolute return strategy. To manage these offerings, TBCAM has brought on an experienced team that founded and managed Pine Cobble Capital, LLC, along with their existing strategies and assets.

The energy infrastructure strategy invests primarily in companies that own and operate midstream assets, such as pipelines, terminals and processing facilities, which have long useful lives and offer attractive rates of return. The strategy focuses on generating total returns through a combination of current yield, distribution growth, and the identification of catalysts that could affect cash flow and market perception. This strategy invests in MLPs, corporations that control MLPs or midstream assets, and other companies influenced by developments in U.S. energy infrastructure.

The event-driven strategy invests in a concentrated number of long and short positions with potential value drivers such as financial or corporate structure changes, operational restructurings, mergers and acquisitions or special situations. This strategy is focused primarily on U.S. small and mid-capitalization equities and also opportunistically invests across the capital structure in corporate credit securities.

Bart Grenier, chief executive officer and chief investment officer for TBCAM, said, «The launch of these two strategies significantly strengthens our alternative investment capabilities at a time when institutional investors are increasingly looking for new investment options. We believe the energy infrastructure sector presents a compelling opportunity for a catalyst-driven, total return approach due to the combination of attractive current yield, strong distribution growth potential, and a dynamic industry environment. Moreover, the bottom-up, value-oriented process employed by the event-driven strategy is a good fit with The Boston Company’s fundamental approach.»

The two strategies are managed by Robert A. Nicholson and Zev D. Nijensohn, who joined TBCAM in November, 2014, as senior managing directors and senior portfolio managers from Pine Cobble Capital LLC, which they co-founded in 2007. The team will continue to take the same approach it utilized at Pine Cobble and has transitioned the strategies and assets it managed to TBCAM.

Prior to co-founding Pine Cobble, Nicholson served as a managing director and general partner at Spectrum Equity Investors, a private equity firm focused on media, communications, business and consumer services, and technology. Previously, he was a consultant at Bain & Company. Nicholson received his bachelor’s degree with honors in economics from Williams College and an MBA with high distinction from Harvard Business School.

Nijensohn was previously a senior analyst at Empyrean Capital LP, a multi-strategy event-driven hedge fund, where he covered telecom, media, financial services and business services. He also was a research analyst at Shumway Capital, a principal at Spectrum Equity Investors, and a mergers and acquisitions analyst at Robertson Stephens. Nijensohn holds an AB in history from Dartmouth College.

«Fundamental analysis is core to what we do, and it’s also at the core of The Boston Company,» said Nicholson. «We look forward to contributing our knowledge and experience and believe TBCAM’s platform enhances our ability to deliver attractive returns to a broader client base,» Nijensohn added.

Itau obtiene licencia para operar como corredora de bolsa en México

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Itaú BBVA ha obtenido licencia para operar como corredor de bolsa en México. Con un capital total de 456,9 millones de pesos (33,7 millones de dólares), la unidad de banca corporativa y de inversión del mayor banco de América Latina por valor de mercado planea contar con una plantilla de 50 personas antes de que acabe 2015, informa Bloomberg.

Itaú BBA ha crecido en América Latina en un momento en el que la recesión se afianzaba en Brasil en el primer trimestre de 2014. En diciembre del pasado año, el banco brasileño contrató a Alberto Mulas como CEO en México.

Cabe recordar que el pasado mes de enero Itaú anunciaba que adquiriría Corpbanca en Chile y Colombia en un acuerdo por 2.300 millones de dólares. El banco explicó recientemente que necesita unidades en toda la región para dar servicio a las empresas globales que operan en América Latina.

CenterSquare Launches Institutional Global Listed Infrastructure Strategy

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CenterSquare Investment Management, the real asset investment boutique for BNY Mellon, has launched an institutional investment strategy that invests in global infrastructure via publicly traded companies.

The investment universe for the strategy comprises companies throughout the world that manage, own or develop long-term real assets related to energy, communications, water, transportation, and other systems essential to a functioning economy. Within this universe, CenterSquare is focused on companies managing real assets with strong cash flow visibility, low direct commodity exposure, long duration contracts, and a steady long-term demand outlook.

«Global infrastructure assets are vital to economies worldwide and yet are significantly underfunded and underdeveloped,» said Todd Briddell, chief executive officer and chief investment officer for CenterSquare. «We see an opportunity to manage a liquid alternative asset class that features strong and historically stable yields and is poised for growth, driven by both economic and secular trends.»

Briddell said the global listed infrastructure strategy is a natural extension of CenterSquare’s expertise in listed real estate. «As in listed real estate, the return and risk characteristics of global infrastructure securities are based on the underlying real assets,» said Briddell.

CenterSquare’s global listed infrastructure team is led by portfolio managers Maneesh Chhabria, who was instrumental in the development of CenterSquare’s global real estate investment trust (REIT) platform in 2006, and Joshua B. Kohn, an energy investment specialist who joined the firm from Turner Investments.

CenterSquare has also brought in Theodore Brooks, III, previously a director of equity research at the power and utilities group at Barclays Capital, and Marshall E. Reid, previously a senior investment manager at the Teacher Retirement System of Texas.

CenterSquare was founded in 1987 and offers a variety of real asset strategies and products. CenterSquare manages approximately $6.8 billion in public real estate securities through CenterSquare Investment Management, Inc. and approximately $1.5 billion (gross) in debt and private equity real estate investments through CenterSquare Investment Management Holdings, Inc. (together referred to as «CenterSquare»), as of September 30, 2014. It manages investments for institutional investors and high net worth individuals throughout global markets and across public and private capital sectors. It is one of the investment boutiques of BNY Mellon Investment Management.

Alcentra Announces Final Closing of European Direct Lending Fund

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Alcentra Limited, the sub-investment grade specialist for BNY Mellon, announced last month the final closing of the Alcentra European Direct Lending Fund, L.P. with investor commitments totaling €850,000,000. The focus of the Fund is to provide debt financing to middle market companies in Europe. With the closing of the Fund, the firm’s committed capital for the strategy now exceeds €1,500,000,000.

«Direct lending is a large, attractive, long-term opportunity given the balance sheet constraints of European banks and the historical lack of non-bank lenders,» said Graeme Delaney-Smith, managing director and head of European direct lending for Alcentra. «Our size, experience and sourcing capabilities leave us well positioned, and has allowed us to invest a significant amount of the Fund over a relatively short period.»

«As one of the largest managers of sub-investment grade, corporate debt in Europe, direct lending has always been a key part of our business platform,» commented David Forbes-Nixon, chairman and chief executive officer of Alcentra. «This fund is a strong endorsement of Alcentra’s capabilities, with global investor participation by pension funds, insurance companies, endowments, foundations, wealth managers, and asset managers.»

Alcentra has been sourcing and arranging financings to middle market businesses in Europe since its launch in 2003. To date, Alcentra has invested over €2.0 billion in middle market companies across senior debt, unitranche, second-lien, mezzanine and equity investments. In 2012, Alcentra was among the first investment managers selected to participate in HM Treasury’s Business Finance Partnership initiative.

The Principal Financial Group Names Daniel J. Houston President & COO

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The Principal Financial Group has announced the Board of Directors has elected Daniel J. Houston president and chief operating officer effective immediately. Houston will oversee all global businesses including Principal Global Investors, Principal International, Retirement and Investor Services, and U.S. Insurance Solutions. In addition, Houston was elected to the Board of Directors. Larry D. Zimpleman continues as chairman and chief executive officer. Zimpleman will continue to oversee the company growth strategy, capital management and deployment, and corporate functions.

“The Principal has seen strong growth since the financial crisis due to our global investment management strategy, solid execution and great people. Dan has played an integral role in shaping and executing that strategy,” Zimpleman said. “He brings excellent operational expertise and global awareness along with deep talent leadership skills. In Dan’s 30-year career at The Principal, he has been on the ground in the field, managed numerous businesses, and helped lead the transformation of The Principal to a global investment management leader, all which will give him a clear view of where we’ve been and where this organization will go in the future.”

Houston joined the company in 1984 as a sales representative in the Dallas group and pension office. From there, he held a number of management positions in the company. He was named executive vice president in 2006, president of retirement and investor services in 2008, and president of retirement, insurance and financial services in 2009. A native of Iowa and raised in Houston, Texas, Houston received his bachelor’s degree from Iowa State University in 1984. He is active on a number of boards including the Partnership for a Healthier America, Employee Benefits Research Institute, America’s Health Insurance Plans, United Way of Central Iowa, Mercy Medical Center and the Iowa State University Business School Dean’s Advisory Council.

Zimpleman joined the company in 1971 as an actuarial student and became a full-time actuary in 1973. From there, he rose to a number of management and leadership positions. He was named senior vice president in 1999, executive vice president in 2001, president of Retirement and Investor services in 2003, president and COO in 2006, president and CEO in 2008, and became chairman of the board in 2009.

Fitch Affirms J. Safra Asset Management Ltda.’s Rating at ‘Highest Standards’

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Fitch Ratings has affirmed the International Scale Asset Manager Rating at ‘Highest Standards’ for J. Safra Asset Management Ltda. The Rating Outlook remains Stable.

The ‘Highest Standards’ rating for J. Safra Asset reflects Fitch’s view that the company’s investment platform and operating framework are superior relative to the standards applied by international institutional investors.

The rating affirmation of J. Safra Asset reflects its well-formalized and consistent practices for investment process, risk controls and compliance, in addition to its robust and segregated structures for fiduciary administration and custody, in line with the best practices in the market. The rating also benefits from the solid franchise of the parent, Banco Safra S.A. (Banco Safra; Issuer Default Rating [IDR] ‘BBB’/Outlook Stable), the fifth largest private financial conglomerate in Brazil, from the company’s continuous investments in technology, satisfactory distribution channels and corporate structure of the group.

J. Safra Asset’s rating applies to its Brazilian domiciled investment activities and does not include offshore, private banking, wealth management, fund of funds, real estate funds, fiduciary administration and custody operations. Those areas have their own processes and policies, which are segregated from the traditional fund management.

Fitch believes that J. Safra Asset’s main challenges are: to increase its participation in higher value added funds, in the face of stronger competition; to keep a competitive edge using a lean investment personnel structure and to sustain a consistent performance mainly in the multimarket funds class.

The ‘Highest Standards’ rating is based on the following assessments:

Company: Highest

Controls: Highest

Investments: Highest

Operations: Highest

Technology: High

Hermes Boosts its Emerging Markets Team with LatAm Senior Hire

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Hermes Investment Management has announced that Oliver Leyland, CFA, is joining its London-based emerging markets investment team as Head of Latin America and Senior Analyst.

Oliver joins from Mirae Asset Global Investments, where he was a Senior Equity Analyst based in New York covering Latin America and CEEMEA, as well as a member of the fund management team for GEM and global long-only equity products. Prior to this, Oliver had spent five years living in São Paulo, Brazil, where he was an Equity Analyst covering Latin America for Mirae. Further to this, Oliver previously worked at Citi in London as an Equity Analyst on its Pan-European Building and Construction team.

Reporting into Gary Greenberg, Head of Hermes Emerging Markets and Lead Portfolio Manager, the addition of Oliver brings the emerging markets team to nine and reinforces Hermes’ commitment to a responsible, disciplined and long-term approach to investing.

Gary Greenberg, Head of Hermes Emerging Markets and Lead Portfolio Manager, said: “Oliver joins our growing team with a wealth of Latin American experience at an interesting and critical time in the region’s development. His seven-plus years of experience covering Latin America, including his time in Brazil, will be invaluable as we continue to seek opportunities for investors in the region.”

The Hermes Emerging Markets portfolio was launched in 1993, giving it a respected track-record of over 20 years. The team’s approach combines top-down and bottom-up analysis to find quality companies trading at attractive valuations, in countries with conditions that are supportive to growth.

México concreta su entrada al MILA, que se materializará en enero de 2015

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La Bolsa Mexicana de Valores informó este lunes de que, en referencia al evento relevante divulgado el 19 de junio de este año en relación a la incorporación del mercado de valores mexicano al Mercado Integrado Latinoamericano (MILA), se han firmado convenios de integración bilaterales entre la BMV con la Bolsa de Valores de Colombia, con la Bolsa de Valores de Lima y con la Bolsa de Comercio de Santiago. Adicionalmente, la subsidiaria de la BMV, S.D. Indeval Institución para el Depósito de Valores, ha suscrito convenios de apertura de cuenta y prestación de servicios con los Depósitos de Colombia, Perú y Chile.

El inicio de la negociación con valores que formen parte de MILA se dará una vez que se cumplan las condiciones establecidas en el Reglamento Interior y Manual Operativo de la BMV y de S.D. Indeval.

A partir de enero 2015 iniciará la primera operación de la Bolsa Mexicana de Valores (BMV) en el Mercado Integrado Latinoamericano (MILA).

Una vez que se confirme que se pueden realizar intercambios operativos “en todos los sentidos” entre las cuatro plazas bursátiles, y su funcionalidad, la Bolsa de Valores de Lima, la Bolsa de Valores de Colombia, la Bolsa de Comercio de Santiago y la BMV acordarán el “banderazo de salida”.

“El valor de capitalización de las tres plazas del MILA es de 602.000 millones de dólares y el de México es de 527.000 millones. El valor conjunto de las cuatro supera los 1.100 millones, con lo que estaríamos muy cerca del que tiene el Bovespa”.

Algunas casas de bolsa de México han acudido a la integración de la BMV a MILA, para acercarse con los centros bursátiles e intermediarios de esos países.

La reunión fue denominada como “Encuentro de Corredores” en las plazas bursátiles de cada nación, con el objetivo de consolidar alianzas para el ruteo de órdenes mediante acuerdos de corresponsalía y capacitación por parte de las bolsas.

Las casas de bolsa en México que participaron fueron GBM, Interacciones, Credit Suisse, Deutsche y Valmex.

En esas distintas jornadas, los representantes de Grupo BMV presentaron el mercado mexicano su estructura, estadísticas, modelo y sistemas de liquidación y custodias.

New Governance for BNP Paribas’ Corporate and Institutional Banking Division

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BNP Paribas has announced a new governance for its Corporate and Institutional Banking division, previously called Corporate and Investment Banking. This new CIB is centred on two client franchises, corporates and institutionals.

To best serve institutional clients with a comprehensive range of solutions, BNP Paribas Securities Services comes under the governance of the new CIB, while remaining a separate legal entity. This new CIB also aims to promote dialogue between institutional and corporate clients, thanks to a more collaborative and efficient structure, which will facilitate the implementation of the Group’s business development plan.

In addition, to simplify the regional approach, the North and Latin America regions, and the Europe and MEA regions, will be combined to create two larger regions: Americas and EMEA. The APAC region remains unchanged.

In EMEA a simpler organisation for seamless service for corporate clients will be structured around: Corporate Clients Financing and Advisory EMEA on one side, and Country Management and Corporate Trade and Treasury Solutions EMEA, on the other side.

BNP Paribas CIB is a provider of financial solutions to corporate and institutional clients worldwide and this new governance will strengthen its existing strong franchises in Transaction Banking, Specialised Financing, Derivatives, Advisory and Capital Markets where it is a top European house in ECM and a global leader in DCM.

Institutional clients globally: a collaborative approach to increase depth of service

In order to provide to our institutional clients a wider access to the best of BNP Paribas CIB’s products and services, and to position the Bank as their strategic partner, the solutions provided by BNP Paribas CIB will now be structured around:

A newly created Global Markets which will provide an offer across all asset classes, building on global business lines, financing and prime services capabilities, and regional franchises. A solid presence in the regions will be key to support BNP Paribas CIB’s regional development plans.
BNP Paribas Securities Services will continue offering its current spectrum of solutions and will remain a separate legal entity, with its own commercial and operational autonomy.
Financial Institutions Coverage will offer global coverage for all CIB and other Group businesses across all institutional client segments.

Corporate clients in EMEA: a simpler governance for seamless service

For its corporate clients, BNP Paribas CIB offers facilitated relations and the benefit of its entire range of solutions: a well-established geographic presence and local expertise; the know-how of its coverage bankers and product experts; a robust, industrialised flow banking platform.

In line with the creation of the EMEA region, the activities dedicated to the corporate clientele are grouped into two business lines:

Corporate Clients Financing and Advisory EMEA will bring all of BNP Paribas CIB’s expertise to address the investment and financing needs of CIB’s corporate clients. This business line will group all types of Coverage, the Financing businesses and Corporate Finance.

Country Management and Corporate Trade and Treasury Solutions EMEA will deliver a transversal and industrialised platform for our corporate clients’ flow banking needs. This group will include Energy and Commodities Finance Europe, Trade and Banking Flow, Cash Management, Corporate Deposit Line, Trade and Deposit Product Development.

Yann Gérardin, head of BNP Paribas CIB, stated: “The banking industry has changed dramatically, and not only in terms of regulations. Business models are being industrialised, rationalised, digitalised. Clients are expecting us to serve them holistically with added-value and industrialised solutions. Our new CIB focusing on our two client franchises of corporates and institutionals will allow us to meet their expectations more simply and more efficiently. And it will also reinforce our capacity to achieve our development plans as announced earlier this year.”

To support this strategic initiative, BNP Paribas announces the following appointments (effective 5 January 2015):

In addition to his current responsibilities, Jean-Yves Fillion is appointed head of the Americas for CIB.

Thomas Mennicken is appointed Head of Corporate Clients Financing and Advisory EMEA, under the supervision of Thierry Varène, appointed Chairman of Corporate Clients Financing and Advisory EMEA. Thierry Varène will maintain the steering responsibility of the commercial activities for the largest clients. Thomas Mennicken will maintain his current responsibilities at BNP Paribas Fortis CIB. Reporting to Thomas Mennicken are: Yannick Jung who is appointed Head of Corporate Coverage EMEA  Bruno Tassart who is appointed Head of Financing Solutions EMEA Sophie Javary who is appointed Head of Corporate Finance EMEA

Marc Carlos is appointed Head of Country Management and Corporate Trade and Treasury Solutions EMEA. Marc Carlos will maintain his responsibility, at Group level, as head of the global USD clearing and payment business line. Thierry Varène and Marc Carlos in his EMEA role will report to Yann Gérardin while Thomas Mennicken will report to Thierry Varène.

Henri Foch is appointed Head of Financial Institutions Coverage globally and will report to Yann Gérardin.

Patrick Colle continues as Chief Executive Officer of BNP Paribas Securities Services and will report to Yann Gérardin. Jacques d’Estais remains Chairman of the supervisory board of BNP Paribas Securities Services.

Yann Gérardin, in addition to his role as Head of BNP Paribas CIB, will manage directly Global Markets. Reporting to him are:  Olivier Osty appointed Head of Sales, Structuring and Trading; Capital Markets business line heads will report to Olivier Osty.

In the regions, Pascal Fischer is appointed Head of EMEA Capital Markets; he will coordinate the Global Markets geographies and manage key transversal projects; he reports to Yann Gérardin. Also, Pierre Rousseau is appointed Head of APAC Capital Markets and reports to Yann Gérardin and Eric Raynaud. Bob Hawley is appointed Head of Americas Capital Markets and reports to Yann Gérardin and Jean-Yves Fillion.

In the context of BNP Paribas setting up Global Markets, headed directly by Yann Gérardin, new Head of CIB, it was agreed with Frédéric Janbon that he would be appointed Special Advisor to the Group General Management. Jean-Laurent Bonnafé, Chief Executive Officer of BNP Paribas, commented: “I would like to express my utmost gratitude to Frédéric for his contribution to the development of our global Fixed Income platform over the past nine years.”