TOP 30 OFFSHORE GATEKEEPERS
SEPTEMBER 2021 CITYWIREAMERICAS.COM
LEAD SPONSOR
Jorge Garcia Ryan Kinkade Winds of change Daniel Lanyon Rioseco Christian Lee Chris Lynch Juliana Maeda José María Martínez-Sanjuán Memorable moments Christel Miranda Alison Nest Michael Percontino Esteban Polidura
Matthew Pusak Richard Rainback Cristobal Ramírez Miguel Reyes Guilherme Salgueiro Carla Sierra Jennifer Solimine Lucas Toro Santiago Ulloa Pablo Vergara Robert Walter Book club Get in touch
Cover Introduction Eduardo Anton Nicolas Ardito Barletta Alberto Arrambide Fabiano Cintra Roberto de Andrade Meeting mishaps Denise Desaulniers Maria Fernanda Díaz Trujillo Fernando Duran
Profiles
Contents
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Atholl Simpson Editor asimpson@citywireamericas.com +1 212 301 4905
This Top 30 is not a ranking nor an exhaustive list of all the fund selectors and product heads at every firm that cater to offshore clients but a directory of some of the key people shaping the industry’s offshore product platforms. The gatekeepers profiled come from wirehouse giants, such as Morgan Stanley and Merrill Lynch, and some of the region’s most influential private banks and wealth managers, including Itaú, Santander, and Julius Baer. From investment chiefs and product managers to heads of research, their titles may vary, but the one thing they have in common is that they oversee and select which investment strategies their businesses offer to offshore clients. In short, they are the decision-makers. We asked them to share what industry trends will dominate the offshore industry over the next few years, with ESG, technological innovation, and industry consolidation among the top contenders. They also shared their most unfortunate fund manager encounters – featuring tales of intimidating leaders, confused wholesalers, and bad timing – as well as some of the most memorable moments from their careers. For the bookworms among you, we also put together a list of their favorite financial books. I want to thank everyone who participated in this special report, and I hope readers find it useful.
elcome to the second edition of Citywire Americas’ Top 30 Offshore Gatekeepers – your guide to the key players within the US offshore and Latin American fund selection industry.
The Top 30 Meeting mishaps Winds of change Memorable moments Book club
Worst manager meeting ‘The worst meetings are those where people are not prepared in advance. I remember one where we spent 30 minutes discussing a strategy and suddenly the wholesaler realized it was closed to new participants… Oops!’
Role Eduardo Anton coordinates Andbank’s Latin American portfolio management and advisory teams based in Miami, Mexico, Panama, Brazil, and the Southern Cone. His 20-person team oversees $6.5bn in assets and is responsible for providing investment solutions to the group’s high net worth clients and advisors in the region, including asset allocation, customized portfolio management and product selection. He also leads the product development for the Americas region and coordinates the bank’s global mutual funds committee. Résumé Anton’s wealth management career began in 2006 when he joined the back office of Allfunds Bank in Spain. In 2007, he switched to Spanish bank Inversis Banco, where he helped research mutual funds and ETFs for the group’s multi-asset portfolios. In 2015, he moved to Miami to join Andbank and was charged with building its investment platform for the offshore market.
MIAMI, US
HEAD OF PORTFOLIO MANAGEMENT AMERICAS ANDBANK
Eduardo Anton
Biggest industry changes ‘We are seeing a democratization of investing in the US with no-fee trading. I know there are many strong opinions about the new Robinhood traders making a joke out of investing with WallStreetBets and the inflation of securities with no intrinsic value. However, I strongly believe it is here to stay. With the amount of free information and learning resources out there, these new retail investors will get wiser with time. In the next three years, we could see these trends arriving in Panama and the region.’
Role Nicolas Ardito Barletta manages relationships with offshore fund providers, carrying out due diligence on mutual fund, venture capital, and private equity strategies to recommend investments to Global Bank’s advisors and clients. He also oversees client portfolios and is in charge of portfolio analysis and portfolio rebalancing. Résumé Ardito Barletta started his career as a market analyst for Citi Bank Panama in 2017. After a year he was transferred to Citi Bank Guatemala and assumed the position of corporate solutions associate, where he sold derivative solutions to corporate clients in Guatemala and El Salvador. In March 2020, he returned to Panama to start his role as head of asset management for Global Bank Panama, the second-largest privately owned Panamanian bank.
PANAMA CITY, PANAMA
HEAD OF ASSET MANAGEMENT GLOBAL BANK
Nicolas Ardito Barletta
Best advice you’ve received ‘Be imprecise. Our educational system is hung up on precision and the art of approximation is insufficiently valued. Perfectionists spend too much time on little differences at the margin at the expense of important things. The ability to make good approximations for the most part gets you the information you need to make a good decision.’
Role Alberto Arrambide supervises the investment mandates of Banco Sabadell’s Miami private banking unit and oversees the fund analysis and selection of mutual funds for his group’s discretionary and advisory strategies. He coordinates and oversees a four-person team of portfolio managers that handle discretionary-managed portfolios in different currencies and two Luxembourg-based mutual funds. Résumé A 27-year industry veteran, Arrambide started his career on the trading floor of the Mexican Stock Exchange. He later joined BBVA, where he held several investment-related positions in New York, the Cayman Islands and Miami. He moved to Banco Sabadell in 2008 when BBVA sold its US private banking business to the bank. He was named head of the discretionary and fund selection department in 2013.
HEAD OF DISCRETIONARY INVESTMENT AND PORTFOLIO MANAGER BANCO SABADELL
Alberto Arrambide
Role Fabiano Cintra is in charge of establishing strategic relationships with international asset managers for Brazilian firm XP Investimentos. His role also involves selecting third-party funds and strategies and distributing them to XP’s advisory and sales force, both retail and wholesale, in Brazil. He runs a three-person team and oversees more than $6bn in assets. Résumé Cintra started his career in the financial industry in 2010, working in different areas such as products, business and sales. In 2019, he joined XP Investimentos from Itaú Asset Management where he had been for nine years and had worked on developing offshore investment solutions for international institutional clients investing in Latin America.
HEAD OF INTERNATIONAL FUNDS XP INVESTIMENTOS
SÃO PAULO, BRAZIL
Fabiano Cintra
Biggest industry changes ‘The industry will go through some very disruptive times as we navigate technology, automation, talent retention, generational wealth transfers and changing regulations. I am confident that Citi is ready, especially as it is putting the full force of the firm behind wealth management. The approach Citi is taking to transform our bank is for the benefit of our clients.’
Role Roberto de Andrade is responsible for all aspects of Citi Private Bank's managed investment platform product delivery for Latin American clients. His eight-person team comprises specialists based in Citi’s New York and Miami offices who work alongside Citi Investment Management’s research, portfolio, and product teams to identify alternative and traditional investment products to add to the group’s investment platform. Résumé Prior to his current role, de Andrade was a team leader of the Citi Private Bank Latin America Investment Lab in New York City with direct responsibility for providing services as well as customized investment strategies to clients in Latin America. Prior to joining Citi in 2010, he worked in the telecommunications industry.
HEAD OF MANAGED INVESTMENTS LATIN AMERICA CITI PRIVATE BANK
NEW YORK, US
Roberto de Andrade
Fund analyst teams can average more than 100 fund manager meetings per year, and not all of them will go according to plan. Here are some of our Top 30’s most memorable manager encounters
‘Ironically, it was with a manager that I respect a lot for her knowledge and ability to explain complex situations in a simple way. However, this time, Hurricane Irma was on its way and it was set to hit Miami the day after she arrived. She was so worried that her presentation was making no sense; she could not answer simple questions and was visibly disturbed. After our meeting, I believe she went directly to the airport and took the first plane she could find out of Florida.’ Alberto Arrambide Banco Sabadell
‘I’m not sure if I’ve ever had a bad manager meeting, as I like to do my research and come prepared to ask questions and keep it interactive. That said, I’ve definitely had unproductive meetings. I am very receptive to hearing about new ideas and strategies, but I expect fund managers to also come prepared and have done their own research on my target market.’ Jorge Garcia HSBC GlobalPrivate Bank
‘In 2012, we were working on a potential fund of closed-end UK trusts. I was covering alternatives and reviewed several strategies investing in illiquid assets, including a global timber fund. The manager opened the call by saying an activist investor had acquired a majority of the trust’s shares and was attempting a management takeover. In defence, their board was in the midst of a strategic review, which ultimately ended in the liquidation of assets. I learned a lot about timber as a commodity, like the “store on the stump” option and that trees are cloned, but didn’t continue with that review.’ Ryan Kinkade Franklin Templeton
‘It was my first time in London. I got lost among the buildings on my way to a manager meeting and lost my internet connection. I spent more than 20 minutes spinning around trying to find my way. When I finally arrived, I was very late and felt really embarrassed. The manager's schedule was tight so the meeting was over very quickly and was not as productive as I would have liked.’ Christel Miranda Credicorp Capital
‘It was with an investment boutique. The portfolio manager and founder continuously said it was a team process. The founder wanted to convey that everyone’s opinion was equal in the decision-making process. However, when I spoke with the analysts, they always appeared to be looking at the portfolio manager while answering my questions. They were intimidated by him and it was clear they were concerned they might say something that contradicted him. The firm eventually dissolved and the analysts and the portfolio manager joined other companies. I later ran into that portfolio manager at a much larger firm. Unsurprisingly, he did not last there either.’ Michael Percontino Deutsche Bank
‘We had a video call with a well-regarded fund manager in April 2020. During the meeting, we discussed their oil price projections and their reasons for why large, listed oil producers appeared attractive at the time. The manager was very confident that WTI Crude prices could not drop much lower without meeting a technical support level. Ten minutes after the meeting ended, WTI Crude prices turned negative for the first time.’ Richard Rainback EFG Asset Management
Meeting
mishaps
Best advice you’ve received ‘You can’t get in trouble for things you haven’t said. Best to say less than more and listen.’
Role In her role as investment counselor, Denise Desaulniers provides investment support to all of Bci Securities’ major lines of business in Miami, which cater to high net worth clients in the firm’s target markets of Chile, Peru, Colombia, and Mexico. Her responsibilities include researching and approving funds and strategies for inclusion in the group’s investment products. She also builds portfolios for clients and runs Bci’s two managed portfolios: Alpes for offshore clients and Sierra for onshore ones. Résumé Desaulniers has been working with both US and international wealth management clients for more than 30 years. Prior to joining Bci, she worked at Santander International Bank for 15 years supporting Latin American ultra-high net worth clients as well as family offices. She has also worked for Banco Sabadell Private Bank and Société Générale in New York City where she ran a $1bn investment portfolio.
HEAD OF INVESTOR SOLUTIONS BCI SECURITIES
Denise Desaulniers
Role Maria Fernanda Díaz Trujillo has a wealth of experience in international investment. She is currently in charge of the unit that builds and structures Bancolombia’s investment strategies and distributes these products to the firm’s institutional, corporate, private and retail clients. Résumé Díaz Trujillo has been at Bancolombia for most of her career and held a number of roles, most of which have been focused on finding new investment solutions for clients and overseeing international strategies. She has focused on international investment for the Colombian bank since 2007.
HEAD OF STRUCTURING AND VICE PRESIDENT OF INVESTMENTS BANCOLOMBIA
MEDELLÍN, COLOMBIA
Maria Fernanda Díaz Trujillo
Role Fernando Duran is responsible for the investment strategy, fund selection and model portfolios of Mexico’s Banorte Private Bank. The firm operates an open architecture platform that includes products ranging from structured notes to mutual funds. Once his eight-person team has analyzed and recommended an investment strategy, it has to receive final approval from his firm's committee of investment products before it can be included on the platform. His team also acts as the liaison between Banorte’s product teams and private bankers. Résumé Duran has been at Banorte since 2011 following the Mexican group’s merger with local bank Ixe, where he had been working as head of global product sales for its private bank since 2009. Prior to this, he spent five years working at Citi Private Bank catering to high net worth Mexican clients.
MEXICO CITY, MEXICO
HEAD OF STRATEGY AND INVESTMENTS BANORTE PRIVATE BANK
Fernando Duran
Role Jorge Garcia is responsible for the end-to-end management of HSBC US Private Bank’s mutual fund and ETF platform. This includes onboarding fund providers and managing external relationships, as well as working closely with the group’s investment counselors and private bankers to provide them with best-in-class solutions. He also covers the private bank’s multi-asset discretionary platform, working closely with its portfolio managers to select third-party funds that fit the bank’s asset allocation models. Résumé Garcia was born in the Philippines and immigrated to the US when he was seven. He started his wealth management career in 2010 working at firms such as Merrill Lynch and JP Morgan before joining HSBC Global Asset Management in 2014 as an investment specialist. He later decided to get into product management and briefly left HSBC to head up ETF selection at Oppenheimer, before coming back to HSBC in 2019 and joining its private bank.
REGIONAL HEAD OF MUTUAL FUNDS AND ETFS, AMERICAS HSBC GLOBAL PRIVATE BANK
Jorge Garcia
Biggest industry changes ‘ESG continues to dominate conversations. Our global manager selection team has been working diligently in bringing more ESG options to the table. In addition, crypto-assets are slowly making their way into the funds space. I wouldn’t be surprised if crypto-linked Ucits and US domestic (40 Act) funds started to appear within the next few years.’
Memorable moment ‘A due diligence trip in 2018 took me around the world in 17 days, starting in New York and heading east to London, Singapore, and San Mateo. A colleague and I held 16 external search and monitoring review meetings. We continue to invest with three of the new managers we met on the trip, so it was a success, but I hope to never do that again!’
Role Ryan Kinkade leads Frankin Templeton's manager research team, which sits within its investment solution unit, and how the firm covers investment strategies and portfolio construction. His responsibilities include setting the scope of the team’s research coverage and agenda to address client portfolio needs and overseeing the firm’s due diligence process. He is also directly involved in meeting and reviewing many of the firm’s prospective or current managers and funds. Résumé Kinkade joined Franklin Templeton more than 14 years ago through its Futures Associates program, rotating through departments. He worked on the group’s municipal bond trading desk during the depths of the global financial crisis in 2008, before moving into a research role. He has spent the past 13 years dedicated to manager research and was appointed head of the manager research team in 2019.
HEAD OF MANAGER RESEARCH FRANKLIN TEMPLETON
Ryan Kinkade
The pandemic accelerated many slow-burning industry trends and also kickstarted some new ones. We asked our Top 30 gatekeepers which trends they believe will dominate the wealth management landscape over the next few years
‘We are in a period of profound change as some catalysts have accelerated trends such as remote working and financial technology. The trend for consolidation of independent managers into bigger outfits, which has characterized the recent period, is also likely to continue, leading to a more consolidated but flexible international private banking industry with fewer but bigger participants.’ Alberto Arrambide Banco Sabadell
‘A lot of changes are already happening. To mention but a few: the democratization of investments through digital solutions; companies’ growing investment in innovation to differentiate themselves from rivals; the increasing exposure to alternative investments in retail portfolios and more liquid structures for private investments; sustainability and responsible investment principles as a central axis in decision-making; and the growth of customized solutions from active managers to stay ahead of passive investments.’ Christel Miranda Credicorp Capital
‘Cryptocurrency and blockchain-based solutions are slowly making their way into the fund space. Although broader blockchain funds have found more success getting through regulatory approvals to launch Ucits and US domestic (40 Act) vehicles, I wouldn’t be surprised if we see crypto-linked funds follow suit within the next few years, as they are already available through other fund-like vehicles.’ Jorge Garcia HSBC Global Private Bank
‘ESG analysis is likely to become integrated into every fund’s investment process. We seem to be in a phase where ESG analysis is portrayed as a unique selling point for funds. I believe this will simply become an industry standard, but this trend will be accelerated by fund selectors. It is difficult to find a fund research team that has not yet taken steps to integrate a form of ESG assessment into their due diligence process – this will not go unnoticed by asset managers.’ Richard Rainback EFG Capital
‘Clients are demanding more tailor-made and sophisticated investment solutions that will continue to accelerate the transition to a fee-based model and external mandates. Technology and digitalization will remain a determinant factor in escalating our business, especially as new generations enter the industry. There will also be more industry consolidation, with margins narrowing, and strategic partnerships will continue to be necessary.’ Eduardo Anton Andbank
‘I think we’ll see the advance of many existing trends, including: financial advice shifting towards model delivery and a more digital or technology-enabled interface allowing advisors to scale and grow their business; product innovation in areas such as active non-transparent ETFs and semi-illiquid products; and increasing consideration of ESG principles, including regulation and standardization through efforts such as the Sustainable Finance Disclosure Regulation. I don’t think any of these are going away.’ Ryan Kinkade Franklin Templeton
Role Daniel Lanyon Rioseco has been at Chile’s Bice for 12 years and is part of its asset and wealth management division. He leads its multi-asset and foreign equity division, which carries out due diligence for the close-to 2,500 mutual funds available on Bice’s product platform. His responsibilities include defining the group’s overall approach to international equity, fixed income and currencies. He also helps manage its multi-asset funds and range of international funds of funds. Résumé Before moving to Bice’s investment unit at the end of 2018, Lanyon Rioseco worked in its insurance group for nine years, studying financial markets and how they would impact the group’s asset allocation strategy. He started his career in 2007 as an investment analyst at Chilean financial group Euroamerica.
SANTIAGO, CHILE
HEAD OF INTERNATIONAL EQUITY AND MULTI-ASSET FUNDS BICE INVERSIONES
Daniel Lanyon Rioseco
Role Christian Lee oversees a seven-person team of fund selectors and manager researchers based in New York and São Paulo, Brazil, for Itaú’s international offshore business. His team carries out research, due diligence, onboarding and approvals of third-party funds, portfolio management of discretionary products and also provides investment advice to the firm’s offshore advisory unit. Résumé Lee spent the first decade of his 25-year career working on the buy-side derivatives strategy team at BEA Associates, which eventually became Credit Suisse Asset Management. He joined Itaú in 2011 to lead the nascent alternatives products business, which has now grown to more than $10bn. He is an experienced trader and portfolio manager who has also run hedge funds.
HEAD OF RESEARCH AND SENIOR PORTFOLIO MANAGER ITAÚ USA ASSET MANAGEMENT
Christian Lee
Biggest industry changes ‘Our industry is experiencing a seismic shift as it pertains to talent. The next generation of financial professionals will likely have a profound impact that those who have been in the industry 20 years or longer have yet to fully comprehend.’
Role Chris Lynch works on Raymond James’s global wealth solutions team and manages its offshore mutual fund platform. This involves carrying out due diligence on available offshore mutual funds to improve the platform’s product offering and mitigate risk. He also acts as a liaison regarding products’ potential legal and compliance issues. Résumé Lynch has more than 25 years’ industry experience. He spent the majority of his career at Franklin Templeton in cross-border business development and as an Americas product strategy manager. In this role, he covered Ucits funds for US offshore and local asset management channels in Argentina, Mexico and Brazil. He joined Raymond James in 2018.
TAMPA, US
OFFSHORE PRODUCT MANAGER RAYMOND JAMES
Memorable moment ‘Hosting a conference at Lyford Cay Club in Nassau with Sir John Templeton as the keynote speaker. I had the opportunity to meet with Sir John and chat with him about his book, Discovering the Laws of Life, and how “enthusiasm breeds achievement”. It was a great honor to share some time with a true pioneer and legend of our business.’
Chris Lynch
Role Juliana Maeda is a senior fund selector and manager researcher for global strategies in Bradesco Asset Management’s fund of funds team. Her work feeds into Bradesco’s strategy of offering tailored investment solutions in an open architecture format and is used to build client portfolios for the Brazilian firm’s advisory services, global funds of funds and feeder funds. Résumé Maeda moved over to Bradesco’s asset management unit over the summer after spending the previous six years in Bradesco Private Bank in the same role. Prior to joining Bradesco, she was an associate at Brazilian private equity firm Bozano Investimentos, which rebranded as Crescera Investimentos. Earlier in her career, she focused on investor relations and worked at GP Investimentos and Patria Investimentos.
FUND SELECTOR BRADESCO ASSET MANAGEMENT
Juliana Maeda
Role José María Martínez-Sanjuán leads a team that analyzes and selects traditional and alternative funds from third-party asset managers for Santander’s global wealth management business. Based in London and Madrid, his team carries out the manager research and fund selection work that is used by the group’s wealth managers and portfolio builders based around the world. Résumé Martínez-Sanjuán joined Santander Private Banking the summer of 2006, originally as head of fund selection and alternative investments. He then moved to become head of manager research and selection at the bank’s London headquarters at the start of 2011, as part of its asset management unit. During that period, he oversaw a team of 10, selecting both traditional and third-party managers. He then relocated to Madrid in 2019 and assumed the role of global head of fund selection.
GLOBAL HEAD OF FUND SELECTION SANTANDER PRIVATE BANKING
MADRID, SPAIN
José María Martínez-Sanjuán
Gatekeepers recount some of the formative events of their careers and the lessons they learned along the way
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‘Experiencing the global financial crisis firsthand was notable. The collapse of Lehman Brothers and Bear Stearns shaped my thinking and view of risk management. I witnessed the collapse of two celebrated firms but also saw money management firms hold on to these stocks even as they dropped precipitously. In hindsight, I realized how poor the risk management function was at many of these money management firms.’ Michael Percontino Deutsche Bank
‘When I think back on all of my most memorable moments, unfortunately most of them were attributable to significant events in our nation's history that caused industry and market turmoil. Whether it was the dotcom bubble, 9/11, the financial crisis of 2008, or today's Covid tragedy, these events taught me a lot about the markets, people, and how to be a leader in the face of adversity.’ Robert Walter Sanctuary Wealth
‘The first few months of the pandemic when I was just starting in the industry gave me a chance to immerse myself in a variety of issues and topics. I had to really dive deep into different industries, companies, and countries, and into different areas such as healthcare, science, and economics to be able to have educated conversations with my clients. I believe this pandemic has been truly formative for people in our industry, similar in a way to how the 2008 crisis was.’ Nicolas Ardito Barletta Global Bank
‘I’ve had many memorable travels in my career – both good and bad. The most memorable was a due diligence trip in 2018 that took me around the world in 17 days, starting in New York City and heading east to London, Singapore, our San Mateo headquarters, and finally home to NYC. A colleague and I held 16 new external search and monitoring review meetings. We continue to invest with three of the new managers we met on the trip, so it was a success, but I hope to never do that again!’ Ryan Kinkade Franklin Templeton
‘It was when I was accepted onto the internship in the European corporate sales department at the headquarters of Banco Santander in Madrid. It was a great experience where I learned both technical and soft skills that I have been using ever since.’ Lucas Toro Davivienda Corredores
‘‘The fall of hedge fund Long-Term Capital Management (LTCM) in 1998. I was very active in the derivatives and options markets around that time. We had coverage all over the Street and witnessed what unfolded in real time. We were fortunate as active participants in volatility trading to take advantage of what ensued as LTCM cratered. It was also an eye-opener for many practitioners of all areas in finance about how “genius can fail”. It was an episode that revealed the systemic risks in the market from single entities.’ Christian Lee Itaú USA Asset Management
Best advice you’ve received '“You can't always go 200km/h.” A great company wants you to go the extra mile, but most of all, it wants you to be happy. We are all humans, and we have to acknowledge that we have personal lives. As long as we have good mental health, we will be able to continue giving our best to our company, clients and the people around us.’
Role Christel Miranda is in charge of a 10-person team that carries out the manager research and fund analysis for Credicorp Capital’s open architecture product platform. Her goal is to create and maintain financial solutions that cater to the investment needs of her firm’s clients in Peru, Chile, Colombia, Panama and the US. Her team also supports Credicorp’s asset management business, which specializes in Latin American fixed income and equity strategies. Résumé Miranda has been in the investment industry for more than a decade and has spent the past four years at Credicorp Capital. She joined the firm as an associate within its investment products team and was appointed to her current role in 2021. Prior to Credicorp, she spent seven years at Citibank in Peru, where she was named head of investment products for its international private banking unit in the country.
LIMA, PERU
HEAD OF INVESTMENT PRODUCTS CREDICORP CAPITAL
Christel Miranda
Role In her role as head of product development for Morgan Stanley’s Private Wealth Management (PWM) and International Wealth Management (IWM) divisions, Alison Nest oversees the group’s product platform, including traditional and alternative investments, insured solutions and capital markets for its advisors and clients. She also leads the firm’s traded products platform with responsibility for identifying key growth opportunities and mitigating risk within the business. Résumé Before her current position, Nest held multiple roles within Morgan Stanley’s alternative investments group, including head of hedge fund and liquid fund product development. She has also served as the chief financial officer for various business units within the wealth management division. She joined Morgan Stanley from Smith Barney in 2009, where she started her career as an analyst after graduating from Georgetown University.
HEAD OF PRIVATE AND INTERNATIONAL WEALTH MANAGEMENT PRODUCT DEVELOPMENT MORGAN STANLEY WEALTH MANAGEMENT
Alison Nest
Biggest industry changes ‘In a post Covid-19 world, the asset-capture opportunity for US booked offshore wealth will continue to grow with clients more focused on asset preservation and security. Client demand for product diversification, tailored advice and financial education is expected to increase coupled with an acceleration in the use of digital technology.’
Biggest industry changes ‘I think many money managers will continue to merge to keep pace with the popularity of ETFs. Some boutiques will remain independent but they will likely specialize in a limited set of products. The consolidation will be a result of many factors including fee comprehension and no-fee SMA portfolios.’
Role Michael Percontino carries out investment manager due diligence and analysis for equity strategies globally. This encompasses separate accounts, mutual funds, Ucits and hedge funds. He is responsible for manager due diligence for all global US equity strategies across all investment styles and capitalizations. This covers all of the platforms at Deutsche Bank across the US, Europe and Asia. He also collaborates with his group’s US CIO team by monitoring the strategies it uses within its discretionary portfolios. Résumé Percontino has worked at Deutsche Bank for more than 12 years. Throughout his tenure at the firm he has been part of the wealth management platform conducting manager due diligence. Prior to joining Deutsche Bank, he worked at Bear Stearns, also conducting manager due diligence.
MANAGER RESEARCH ANALYST DEUTSCHE BANK WEALTH MANAGEMENT
Michael Percontino
Role Esteban Polidura coordinates Julius Baer’s Americas research team, which includes more than 15 investment advisors and investment specialists in Switzerland and Latin America. He is in charge of the implementation of the firm’s investment strategy in client portfolios and the development of products and solutions for its Americas clients in the region. Résumé Polidura has 23 years’ experience in the financial industry as an analyst and investment strategist for Latin America. Prior to joining Julius Baer in 2019, he worked for UBS, where he was chief investment officer for Mexico. He has also previously worked for Deutsche Bank as head of equity research in Latin America and at Merrill Lynch and Citigroup in their Latin America equity research teams.
HEAD OF AMERICAS ADVISORY AND PRODUCTS JULIUS BAER
ZURICH, SWITZERLAND
Esteban Polidura
Biggest industry changes ‘The wealth management industry is quickly moving into a digital world. To me, that means competing against robo-advisors. As such, I strive to deliver a best-in- class experience to my clients. That means having a deep understanding of their needs to deploy a holistic advisory approach.’
Memorable moment ‘In 2016, I took on sole responsibility for the management of offshore mutual funds. I really enjoy working in the US offshore space as it feels like a family. Everybody knowseverybody, both here at Bank of America and in the industry.’
Role Matthew Pusak manages offshore mutual fund and ETF fund selection and manager research for Merrill Lynch International Wealth Management, which includes day-to-day responsibilities and strategic initiatives for both products. He works alongside a group of US domestic mutual fund, ETF, SMA, and model portfolio product managers. Résumé After graduating from Temple University in Pennsylvania, Pusak held an internship and various jobs, ultimately landing at Bank of America Merrill Lynch, where he has been for the last 11 years. He has held roles in the firm’s 401(k) call center and was a wealth management specialist before becoming an offshore mutual fund product manager in 2013.
OFFSHORE MUTUAL FUND AND ETF PRODUCT MANAGER BANK OF AMERICA MERRILL LYNCH INTERNATIONAL WEALTH MANAGEMENT
HOPEWELL, US
Matthew Pusak
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THE WORLD IN 2030: INVESTING FOR THE NEXT DECADE
The world in 2030 may seem a long way off, but at Capital Group we spend a lot of time thinking about the distant future.
“Imagining life in 2030 is not a hypothetical forme,” notes Capital Group vice chairman RobLovelace, a sentiment echoed by many of hiscolleagues. “In the portfolios that I manage, myaverage holding period is about eight years, soI’m living that approach to investing.” We asked our investment team to look intheir crystal balls to envision how life maychange by the end of the decade. Here are seven portfolio managers’ perspectives on theworld in 2030, and how these shifting trendsinfluence their investment decisions. 1. COVID COULD BE THIS GENERATION’SPEARL HARBOR — MARTIN ROMO 2. CASH IS AN ENDANGEREDSPECIES — JODY JONSSON NUMBER OF DIGITAL PAYMENT TRANSACTIONS 3. A CURE FOR CANCER MAY BEAROUND THE CORNER — CHERYL FRANK PHARMACEUTICAL R&D SPENDING (BILLIONS USD) 4. HEALTH CARE INNOVATIONREACHES WARP SPEED — RICH WOLF REVENUE OF REMOTE PATIENT MONITORING DEVICES 5. RENEWABLE ENERGY POWERS THEWORLD — NORIKO CHEN WORLD POWER GENERATION MIX (%) 6. ELECTRIC AND AUTONOMOUSVEHICLES HIT THE FAST LANE —CHRIS BUCHBINDER ELECTRIC VEHICLE FLEET WORLDWIDE (MILLIONS UNITS) 7. WHAT’S NOT CHANGING? SUCCESSFULINVESTING — ANDREW SUZMAN
Ten years from now I thinkwe will look back onCOVID as ourgeneration’s “Pearl Harbormoment” — a period when extreme adversityspurs innovation and behavioral changes to help address some of the era’s biggest problems. When Pearl Harbor happened, the U.S. artillery was 75% horsedrawn. Let me say that again: In 1941, three quarters of our artillery depended on horses. Yet by the end of the war we had entered the atomic age. That incredible transformation sparked a period of innovation and growth in the U.S. economy that lasted for decades. COVID could be the trigger that spurs us to tackle critical issues over the next decade, such as the cost of health care, education and housing. We’ve already seen an almost magically rapid development of COVID vaccines at a speed few thought possible. And we’re doing things in our daily lives we never imagined would happen this quickly. In 2030 we may be living, working, studying and playing in a radically new world. Our lives could be better, richer, healthier, cheaper and profoundly more digital, virtual and data centric. Many of the technologies already exist, but I believe there’s still so much untapped potential for innovative companies to think bigger and use them in ways that solve societal problems.
A decade from now I think digital payments will be the norm, and people will give you odd looks if you try to pay with cash. This is one area where emerging markets are ahead of the U.S. We’ve seen this trend for several years in developing countries — where many consumers had no bank accounts but did have mobile phones and adopted mobile payment technology quickly. The pandemic accelerated use of digital payments around the world, including places where it hadn’t previously been ingrained in daily life. Once this crisis is over, I think a lot more people will be comfortable making digital payments, and they probably won’t feel the need to use cash as much as they did before. As consumers become increasingly comfortable with the technology, companies with large global footprints could be poised to benefit. We’ve also seen strong growth in smaller companies outside the U.S. that offer mobile payment platforms for merchants.
Source: World Payments Report 2020 from Capgemini. 2020–2023 are estimates. Figures reflect all non-cash payments. No third party whoseinformation is referenced in this report under credit to it, assumes any liability towards the user with respect to its information.
A cure for cancer may be closer than you think. In fact, I believe some cancers will be functionally cured with cell therapy between now and 2030. New, reliable tests should enable very early detection of cancer formation and location. Beyond that, cancer could largely be eradicated as a major cause of death through early diagnosis. Vastly reduced costs and scientific developments have contributed to phenomenal growth in medical research. We’re in a renaissance period for R&D, and companies are investing aggressively to find unique ways to battle cancer and other illnesses. Genomics research and therapies derived from genetic testing have the potential to extend lives and generate billions of dollars in revenue for companies that develop them. I wouldn’t be surprised to see increasing amounts of pharmaceutical innovation come from outside the U.S. In fact, I expect to see many blockbuster drugs from China by 2030. The country has the biggest population of cancer patients in the world, and it’s significantly easier to enroll those patients in clinical trials. I expect they will begin to produce novel drugs within five to 10 years and sell them at one-tenth the cost in the U.S.
Source: Statista. 2019 through 2023 are estimates.
Star Trek, the classic sci-fi TV series, depicted a far-off future where space explorers traveled the galaxies equipped with cutting edge technology such as the tricorder, a hand-held medical device that scanned a person’s vital signs, issued a diagnosis and prescribed treatment in minutes. While I don’t think there is going to be a single tricorder that does everything, I suspect that by 2030 many of us will have devices like it that will analyze blood, do cardiology monitoring and even remotely check our breathing while we sleep, some of which are available today. We are already experiencing a massive wave of innovation and disruption across the healthcare sector that has the potential to drive new opportunity for companies, reduce overall costs and, most importantly, improve outcomes for patients. Breakthroughs in diagnostics will help lead to earlier detection of illnesses, which can help make drugs more effective — or in some cases treat disease before it progresses. One of the most exciting things today is something known as liquid biopsy, whereby a sample of your blood can be used to identify a tumor at its earliest stages. A broad range of traditional technology and medical technology companies have been working to develop home diagnostics for some time, and patients are now benefiting from their innovation. These are cost-effective devices that can collect all kinds of health-related metrics that not only help coach us to improve our own health, but can be immediately sent to our doctor for further consultation. We’re still in the early stages of development, but by 2030 it should be a routine part of our daily lives.
Sources: Industry & government data, Kagan estimates, Standard & Poor’s. Data compiled June 2020. Values in USD.
I believe we’ll see a dramatic shift toward renewable energy over the next decade. We are in the early stages of the transition to an electrification of the grid and green energy, and there are strong tailwinds that could drive growth through 2030 and beyond. Automation and artificial intelligence are setting the stage for a golden age in renewables — pushing costs down while boosting productivity and efficiency. Renewable energy has historically been perceived as expensive, impractical and unprofitable — but all that is quickly changing. Some traditional utilities are already generating more than 30% of their business from renewables and are reaching an inflection point where they are being recognized more as growth companies rather than just staid, old-economy power generators and grid operators. The move toward renewables is most pronounced in European utilities, where their governments have set high decarbonization targets. For example, the Renewable Energy Directive stipulates that a minimum of 32% of energy in the European Union should come from renewable resources by 2030.
Source: Bloomberg, New Energy Outlook 2019, a detailed study on global energy demand and supply conducted by 65 analysts for BloombergNew Energy Finance. “Other” includes geothermal, biomass, etc.
I think in 2030 we will have widely deployed fleets of autonomous electric vehicles operating in most major and many secondary cities around the world. Ownership of a personal vehicle will go from being a necessity to a luxury. Many people will still have vehicles — just like people ride horses or bicycles for fun. But personal vehicles will no longer be necessary as the primary form of transportation for most people in major cities. This is an area that I believe the market hasn’t fully appreciated yet. Right now, the market leaders are embedded in other companies —such as Alphabet’s Waymo, Amazon’s Zoox or the Cruise division of GM — so investors can’t buy a pure-play autonomous driving company. But as these fleets roll out more publicly, the market should start to reevaluate these companies and realize this is a real business, not a science project. I also think 2030 is when we’re likely to see hybrid electric engines and hydrogen engines introduced into commercial aircrafts, with widespread deployment over the following 5–10 years. The impact on global emissions could be significant if we transition to a world where we’ve got huge fleets of autonomous electric vehicles on the road and aircraft transportation shifting from oil-based fuel to amixture of oil, electricity and hydrogen.
Source: IEA, Electric vehicle stock in the EV30@30 scenario, 2018—2030, IEA, Paris. Data for 2020—2030 are forecasts, provided by IEA.
My colleagues may be able to look at the future and imagine new products and trends, but I’d like to predict one thing that won’t be different in 2030. Despite all the change going on in the world, I believe the nature of my job and focus as a portfolio manager will be exactly the same. In 2030 — just as we did in 2020 and 2010, and every year before that — we will come upon companies that do interesting things. We’ll try to buy them at reasonable prices and hold them so that any returns we get may be better than if we were to buy all companies. That is my true north. Some companies will get it right and some will get it wrong. Our job is to find the companies most likely to get it right and create wealth over time so that our investors may benefit. Not that we’ll be perfect, but I’m optimistic that we can get more companies right than wrong and continue to add value for our clients.
To download the e-book “The world in 2030: 10 predictions for the next decade” in English or Spanish, please visit capitalgroup.com/offshore-advisors.
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Best advice you’ve received ‘Try to see past a lackluster meeting or fund presentation. Not all fund managers are natural orators or strong presenters, but that does not necessarily mean they lack investment skill. A poorly delivered presentation might be masking an interesting investment opportunity; fund selectors are tasked with seeing past that mask.’
Role Richard Rainback is a fund analyst who conducts fund selection for EFG Asset Management's Miami-based team and its other offices around the world. He has key responsibilities covering model portfolio management and fund selection across a broad range of asset classes including equities, fixed income and multi-asset. The list of approved funds maintained by his team is used across EFG as a business, by both discretionary portfolio managers and advisors. Résumé Rainback’s career in the investment industry began in 2009 with operational due diligence roles at a UK-based life and pensions company. Since then, he has held fund research roles at Aviva Investors and investment platform Allfunds Bank, before joining EFG in a similar capacity in 2020.
LONDON, UK
FUND ANALYST EFG ASSET MANAGEMENT
Richard Rainback
Memorable moment ‘When my team reached our long-term goal of strengthening investment and product offering as well as the value proposition for clients. In 2009, we managed only local assets for a limited number of clients. Today, we manage mandates in all asset classes for a large number of clients. I’ve been able to build and maintain a highly cohesive team made up of excellent professionals with a unique DNA.’
Role Cristobal Ramírez leads the investment management team of Banchile Inversiones, the asset management arm of Chilean bank Banchile. He is responsible for the management of the firm’s discretionary assets and his team also generates investment recommendations for non-discretionary portfolios for the company’s high net worth client segments. This involves maintaining relationships with international asset managers and carrying out fund analysis and manager research to select the best products for his clients. Résumé Ramírez has been with Banchile his entire career. He began with the Chilean group in 2004 when he joined its broker-dealer operation as an analyst. In 2007, he moved to its asset management business where he worked on its mutual fund distribution team before switching back to its broker-dealer two years later. He took up his current role at Banchile Inversiones in 2013.
HEAD OF INVESTMENT MANAGEMENT BANCHILE INVERSIONES
Cristobal Ramírez
Biggest industry changes ‘There are four main themes I am keeping a close eye on: modernizing data collection and its use in decision-making; banking going beyond cash with digital engagement; holistic wealth planning, incorporating, and leveraging third-party technology enablers; and embedding innovation into the decision-making process.’
Role Miguel Reyes is responsible for product research at the Miami-based independent broker-dealer and advisory firm. He oversees a product platform that includes funds from more than 50 asset managers and also offers access to all actively traded Ucits ETFs. His 10-person team’s main goal is to create a suite of products and services that help the group’s financial advisors build their clients’ portfolios. He is also in charge of the firm’s trading relationships, investment financing, cash products, managed investments and investment management. Résumé Reyes has been with Insigneo since it was founded in 2017, following the merger of a handful of companies. Prior to that he had been with one of its predecessor firms, Global Investor Services, since 2006, where he was most notably head of sales and trading.
HEAD OF PRODUCTS AND SERVICES INSIGNEO FINANCIAL GROUP
Miguel Reyes
Role Guilherme Salgueiro leads Brazilian group BTG Pactual’s US offshore manager research team, which includes six team members based in New York City. His team oversees a product platform made up of more than 70 funds that cover traditional and alternative asset classes, with Salgueiro specializing in hedge funds and other alternative investments. They provide recommended fund lists to the firm’s international wealth managers to help them build client portfolios. Résumé Salgueiro has been in the investment industry since 2001 and has worked at BTG Pactual for 12 years. He joined the firm’s manager research and selection team in 2009 and was appointed head of the unit in July 2019. Before BTG Pactual, Salgueiro worked at Claritas Investments in São Paulo, Brazil, where he was a risk manager and fund of funds analyst. He also previously worked as a risk analyst for Brazilian hedge fund Quantix Investments.
HEAD OF MANAGER SELECTION AND ALTERNATIVES BTG PACTUAL WEALTH MANAGEMENT
Guilherme Salgueiro
Memorable moment ‘At an event dinner, I was seated at a table with one of the conference speakers. He started to share what he was going to say the following day in his closing speech. The person next to me started disagreeing with just about everything he said. Many of us found what the person next to me was saying hilarious, but we couldn’t show it as we didn't want to be rude!’
Role Carla Sierra manages a seven-person team that carries out manager reseach and due diligence and helps build investment portfolios for her firm's clients. She is also responsible for Aiva's fund of funds range and sharing the latest market and product information with the group's financial advisors, regional representatives and fund managers. Résumé Sierra has more than 20 years’ experience in the wealth management and private banking industry. She started her career at Scotiabank IFE in Uruguay in 1999 as an accountant and later became an operations manager. She then joined Banco Itaú BBA as a senior analyst in 2002 and was responsible for managing the financial aspects of its Uruguay branch. In 2008, Sierra continued her career at Banque Heritage, where she designed financial products and helped develop the group’s private banking business. She joined Aiva in 2018 as head of investments.
HEAD OF INVESTMENT MANAGEMENT AIVA
MONTEVIDEO, URUGUAY
Carla Sierra
Memorable moment ‘A few years ago, I walked into an elevator and congratulated a colleague who had recently become a managing director. He said that he would never forget when he was an associate and I stood up for him in front of a very senior professional at the firm. He said that even though I wasn’t senior myself at the time, I quickly defended him. As I’ve become more senior it has become increasingly important to me professionally and personally to see those around me succeed.’
Role Jennifer Solimine leads a global team of 50 experienced due diligence professionals across New York, London and São Paulo who determine which strategies are available on the firm’s investment platform. The team searches for managers who have a sustainable competitive advantage, using a highly selective process that combines quantitative analysis with qualitative research. Résumé Solimine has spent more than two decades at JP Morgan in various senior roles, most recently as global head of fiduciary risk and the US private bank chief risk officer. Prior to that, she served as head of investments for the private bank’s Greenwich, Conn. market. Before joining JP Morgan in 1999, she was a core equity portfolio manager at Nomura Asset Management and worked at Neuberger Berman in both research and marketing.
HEAD OF MANAGER SOLUTIONS JP MORGAN WEALTH MANAGEMENT
Jennifer Solimine
Role Lucas Toro heads Colombian broker-dealer Davivienda’s international unit which includes an eight-person team based in Colombia and Panama. He oversees its global investment strategy and manager research operation. His team works closely with Davivienda’s financial advisors to keep clients informed of global market events and how these might impact their portfolios. Résumé During his near 15-year career in the investment industry, Toro has focused almost exclusively on international assets, beginning with fixed income before moving on to gain expertise in other types of assets such as alternatives, stocks, mutual funds and derivatives. He joined Davivienda in 2018 after working as a bond strategist at Itaú and Corpbanca in Colombia.
HEAD OF INTERNATIONAL BUSINESS DAVIVIENDA CORREDORES
BOGOTÁ, COLOMBIA
Lucas Toro
Worst manager meeting ‘It was one with a fund manager that we had been preparing for a long time in advance. When we got to the meeting, which was a virtual one, we couldn’t understand anything because the presenter’s English was really bad. We just waited until the meeting was over and didn’t ask any questions.’
Role Santiago Ulloa founded the Miami-based WE Family Offices in 2013 and is responsible for the group’s international business strategy. The group’s clientele is split 50/50 between US domestic and international offshore clients, the latter being mostly from Latin America. Ulloa oversees the investment research and manager due diligence team that carries out fund selection for the firm’s client portfolios. His team includes senior investment managers Matt Farrell, who specializes in alternatives, and multi-asset specialist Sam Sudame. Résumé A native of Spain, Ulloa has been working with wealthy families for more than two decades. In 2000, he founded WE’s predecessor company, TBK Investments, which joined forces with GenSpring Family Offices in 2007. In 2013, his firm split from TBK and once again became independent and rebranded as WE Family Offices. Prior to founding TBK, Ulloa worked at BBVA, where he led private banking for all of Latin America as well as product development and regional distribution for the Americas.
MANAGING PARTNER WE FAMILY OFFICES
Santiago Ulloa
Role Pablo Vergara and his fund selection team form part of Chilean firm LarrainVial’s strategy unit, which is made up of more than 15 members who help select the products and build the portfolios for the firm’s wealth management clients. His responsibilities include the selection of onshore and offshore products as well as the search for new asset managers to include on the firm’s product platform, which currently features more than 3,000 funds and access to all US-domiciled ETFs. Résumé Vergara joined LarrainVial in 2011 shortly after graduating from Chile’s Adolfo Ibañez University. He started his career at the firm as an intern within its investment strategy department before being named an analyst in 2013. He was appointed to his current role in 2017.
HEAD OF FUND SELECTION LARRAINVIAL
Pablo Vergara
Tough meeting ‘I recall a tough discussion with a manager whose performance was lagging, and I found out that this person had been struggling with alcoholism. This was many years ago, and I did not have the leadership skills that I do now to optimally address the situation.’
Role Robert Walter’s primary responsibility as president of Sanctuary Wealth is to provide the firm’s partners with a middle office and product platform that integrates best-in-class technology and tools to help the group’s independent advisors grow their own businesses. His goal is to provide his advisor partners with the investment solutions and product platform they need to meet client needs. Résumé Walter has over 20 years’ experience, all on the independent side of the industry, working with entrepreneurs, registered representatives, broker-dealers, institutions and global families. He serves on the Sanctuary Wealth senior leadership team and helps define the firm’s strategic direction. Prior to joining Sanctuary in 2018, he worked in numerous senior leadership roles in the financial services industry, including trading manager, chief financial officer and treasurer.
PRESIDENT SANCTUARY WEALTH GROUP
Robert Walter
Groucho Marx once said he found television very educational: ‘Every time somebody turns on the set, I go into the other room and read a book.’ Follow his example, take a break from Netflix, and check out some of our gatekeepers’ must-read books
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