Global ESG Investment 6 Mar 24 – INDUSTRY SNAPSHOTS
Yahoo Finance - BlackRock drops ESG approach for 'transition investing' focus -
BlackRock (BLK) is scrapping Environmental Social Governance (ESG) investing and instead pivoting to focus solely on the environmental component, rebranding it as "transition investing."
For the complete story, see:
https://finance.yahoo.com/video/blackrock-drops-esg-approach-transition-225945468.html
Asset Servicing Times -
For the complete story, see:
MAPFRE has risen in the prestigious climate change index, the CDP, where it has achieved one of the highest scores, that of 'leadership' (A-), surpassing companies in the financial sector, whose average rating is a B.
For the complete story, see:
https://timesofmalta.com/article/mapfre-ranks-among-leading-companies-fight-climate-change.1087036
Other Stories
Reuters - Invesco joins list of US asset managers to exit CA100+ climate group -
MSN -
BNN Breaking - Vanguard Leads Shift in ESG Strategy, Expands Investor Proxy Voting Choices Amid Controversy -
Media Releases
Vanguard Funds - Vanguard Announces CEO Retirement and Appointment of President -
The impact of government environmental attention on firms' ESG performance: Evidence from
Industry Overview
Overviews of Leading Companies
Actiam
Amundi Pioneer
Baywood
BBVA Asset Management
BlackRock (NYSE: BLK)
Boston Common
CCLA COIF
Columbia Asset Management
DegroofPetercam Asset Management
Essex Funds
Glenmede
Goldman Sachs Group, Inc. (NYSE: GS)
Gotham Funds
Highland Funds
Hirtle Callaghan
Mapfre Asset Management
Matthews Asia Funds
Pantheon Asset Management
Pictet Asset Management
PIMCO
Robeco
Schwartz Investment Counsel
TIAA Investments
Touchstone Investments
VALIC
Vanguard Funds
Senior Associate:
News and Commentary
Yahoo Finance - BlackRock drops ESG approach for 'transition investing' focus -
BlackRock (BLK) is scrapping Environmental Social Governance (ESG) investing and instead pivoting to focus solely on the environmental component, rebranding it as "transition investing."
For the complete story, see:
https://finance.yahoo.com/video/blackrock-drops-esg-approach-transition-225945468.html
Asset Servicing Times -
For the complete story, see:
MAPFRE has risen in the prestigious climate change index, the CDP, where it has achieved one of the highest scores, that of 'leadership' (A-), surpassing companies in the financial sector, whose average rating is a B.
For the complete story, see:
https://timesofmalta.com/article/mapfre-ranks-among-leading-companies-fight-climate-change.1087036
Participants in
For the complete story, see:
Reuters - Invesco joins list of US asset managers to exit CA100+ climate group -
Invesco (IVZ.N), opens new tab on Friday became the fifth major
For the complete story, see:
MSN - State Street's Exit from
For the complete story, see:
Vanguard chief executive
For the complete story, see:
https://www.ft.com/content/2abebae7-59d8-40ee-b239-26a6d911de57
BNN Breaking - Vanguard Leads Shift in ESG Strategy, Expands Investor Proxy Voting Choices Amid Controversy -
For the complete story, see:
Media Release
s
Vanguard Funds - Vanguard Announces CEO Retirement and Appointment of President -
Chief Executive Officer
Board is currently conducting comprehensive CEO selection process
Chief Investment Officer
On his decision to retire as CEO,
During his tenure at Vanguard,
Under
Investment veteran and Chief Investment Officer
In his expanded role as both President and CIO,
Commenting on
About Vanguard
Founded in 1975, Vanguard is one of the world's leading investment management companies. The firm offers investments, advice, and retirement services to tens of millions of individual investors around the globe—directly, through workplace plans, and through financial intermediaries. Vanguard operates under a unique, investor-owned structure where Vanguard fund shareholders own the funds, which in turn own Vanguard. As such, Vanguard adheres to a simple purpose: To take a stand for all investors, to treat them fairly, and to give them the best chance for investment success. For more information, visit
vanguard.com
.
All figures as of
The Poseidon Principles provide a standardised methodology for data collection and reporting of emissions from banks' shipping portfolios, with the overall ambition of supporting and facilitating the decarbonisation of the shipping industry.
"We are happy to have signed the Poseidon Principles, the main reference for climate alignment of ship finance. This adds to the list of sectors in which the bank measures its environmental impact, furthering our commitment to helping our customers become more sustainable," says
"The shipping industry is a key enabler for world trade and offers transportation services with superior CO2 efficiency when compared to air- and road-based alternatives. The industry has made significant progress on its decarbonisation journey. However, this work will still be ongoing for many years. As a Poseidon Principles signatory,
During 2024,
For more information about the Poseidon Principles, please visit
www.poseidonprinciples.org/finance/.
Contact:
Hannes Mård
, Media Relations Manager, +46 73 057 41 95
https://www.swedbank.com/newsroom/press-releases.details.C59E27FBCB2E7685.html
The impact of government environmental attention on firms' ESG performance: Evidence from
Abstract
Environmental, Social, and Governance (ESG) have been globally recognized as a pivotal driving force for achieving sustainable development goals. Extant studies have mainly focused on exploring its economic consequences, while evidence on how the public sector, especially local government, affects enterprises' ESG performance is scarce. By manually extracting environment-related textual information from 2011 to 2020 urban government work reports, we quantify government environmental attention (GEA) and explore its impact on firms' ESG performance. The result indicates that an increase in GEA enhances firms' ESG performance. We confirm this finding using a range of robustness checks. Our mechanism analysis shows that GEA facilitates firms' ESG performance by altering three environmental-related firm behaviors: green investment, environmental governance information disclosure, and green technology innovation. Heterogeneity analysis demonstrates that this positive effect differs in firm ownership, CEO experience, and factor intensity. Our findings provide insight for policymakers to propel firms to undertake more social responsibility.
https://www.sciencedirect.com/science/article/abs/pii/S0275531923002507
The Industry
Published by
ESG investing - statistics & facts
Raising awareness to environmental, social, and governance (ESG) issues and targeting goals beyond maximizing profits and minimizing risks is a growing trend around the world, also within investing, which has generated large inflows of assets into ESG funds in recent years. Applying non-financial factors into the investment process is a response to global challenges such as climate change and inequalities, with the aim to have a positive impact on society - although environmental factors are the main focus for most ESG investments. It is more and more becoming the standard in the investment industry, especially in
What is driving the growth of ESG investments?
The growth of sustainable investments is driven by several factors: from regulators, impact on risk and return, from client demand, to influence corporate behavior, and keeping a good brand and reputation, just to name a few. Although some investors still believe that it might have a negative impact on risk and return, meaning they believe that the ESG portfolios will underperform compared to non-ESG portfolios, and they do not want to sacrifice investment performance. This unwillingness to accept lower return or increasing risk used to be the main barrier to wider adoption of ESG investing, but it is, however, becoming more acknowledged around the world that sustainable investments can perform even better, or at least as well as non-ESG portfolios, and can help mitigate risk. The main reason keeping investors from ESG investing today is more due to other factors, such as lack of knowledge, lack of comparability of ESG data across issuers, or regulatory or legal constraints.
How is ESG performance measured?
ESG impact is still hard to measure, despite around one third of invested assets being defined as sustainable, and despite the growing awareness to the topic. There are several score systems in use to measure the risks and effects of investments, such as the most widely used Sustainalytics,
Source: Statista.com
https://www.statista.com/topics/7463/esg-and-impact-investing/#topicOverview
Leading Companies
Actiam
We offer sustainable investment strategies and solutions to insurance companies, pension funds, banks and distribution partners. ACTIAM scores high on all standards for sustainable investments. Over the past years, ACTIAM has often been awarded the highest possible score based on the survey into responsible investments carried out by the
Sustainable investing is in our DNA
ACTIAM is a globally operating asset manager that translates sustainability into three practical focus themes: Climate, Water and Land, each with their own goals. We have a sustainable investment policy in place since almost three decades. We are also a front runner in impact investing - especially in micro finance and SME finance - and launched our first impact investment fund in 2007. We are co-founder of the Platform of Carbon Accounting (PCAF), supported by the Dutch government and a founding father of the Access to Medicine Index.
Source: ACTIAM, as per end of
https://www.actiam.com/en/about-actiam/
*As at
The assets under management/advisement described herein incorporates the entities within Aegon Asset Management brand as well as the following affiliates:
https://www.aegonam.com/en/about-us/
AIG is a leading global insurance organization with operations in approximately 80 countries and jurisdictions. We provide a wide range of property casualty insurance, life insurance, retirement solutions, and other financial services to support our clients in business and in life through our
What unites us across all of these offerings is our commitment to helping individuals, businesses and communities prepare for and respond to times of uncertainty. Whether serving those facing natural disasters or millions striving for a financially secure retirement, we have the specialist expertise to help clients better manage risk.
We're also committed to making a positive difference for our colleagues and in the communities where we work and live.
We encourage colleagues to give back to the causes they care most about, supporting these efforts through our Volunteer Time Off and Matching Grants Programs.
AIG - AIG Reports Excellent Fourth Quarter and Full Year 2023 Results -
Fourth Quarter 2023:
Net income per diluted share was
Life and Retirement APTI was
Returned
Repurchased
Full Year 2023:
Net income per diluted share was
General Insurance NPW increased 5% year-over-year, or 7% on a comparable basis †
Life and Retirement full year 2023 APTI was
Returned
Return on common equity (ROCE) was 8.6% and adjusted ROCE* was 9.0%; adjusted ROCE was 12.5% for
2023 was a remarkable year of strategic progress for AIG, including the divestiture of Validus Re, which closed in the fourth quarter, the sale of
* Refers to financial measure not calculated in accordance with generally accepted accounting principles (non-GAAP); definitions of non-GAAP measures and reconciliations to their closest GAAP measures can be found in this news release under the heading Comment on Regulation G and Non-GAAP Financial Measures. † Net premiums written on a comparable basis reflects year-over-year comparison on a constant dollar basis adjusted for the International lag elimination, the sale of
AIG Chairman & Chief Executive Officer
"
"For the full-year 2023,
"Life & Retirement continued to deliver strong financial results, benefiting from continued spread expansion and strong sales with total premiums and deposits exceeding
"With three successful secondary offerings in 2023, we reduced AIG's ownership in Corebridge to approximately 52% at year end. We expect to deconsolidate Corebridge in 2024, which will bring greater visibility into our business, capital structure and operations.
"AIG's strong performance and strategic actions in 2023 supported our sustained and balanced capital management strategy. We maintained financial flexibility while reducing financial debt by
"We have significant momentum as we enter 2024, and excellent underwriting, operations, claims service, and talent are what will drive AIG's continued growth. As we continue to navigate an increasingly complex global risk environment, we will remain agile and disciplined while delivering sustainable and differentiated value to our customers, partners and stakeholders."
For full year 2023, net income attributable to AIG common shareholders was
AATI was
For the fourth quarter of 2023, net income attributable to AIG common shareholders was
AATI was
Total net investment income for the fourth quarter of 2023 was
Book value per common share was
In the fourth quarter of 2023, AIG repurchased
On
The AIG Board of Directors also declared a quarterly cash dividend of
On
FINANCIAL SUMMARY
Three Months Ended
Twelve Months Ended
($ in millions, except per common share amounts)
2022
2023
2022
2023
Net income attributable to AIG common shareholders
545
86
10,198
3,614
Net income per diluted share attributable to AIG common shareholders
0.72
0.12
12.94
4.98
Adjusted pre-tax income (loss)
1,613
1,995
5,800
7,401
1,212
1,437
4,430
5,371
Life and Retirement
852
957
3,317
3,805
Other Operations
(451)
(399)
(1,947)
(1,775)
Net investment income
3,258
3,932
11,767
14,592
Net investment income, APTI basis
2,960
3,459
10,997
13,094
Adjusted after-tax income attributable to AIG common shareholders
1,053
1,270
4,036
4,921
Adjusted after-tax income per diluted share attributable to AIG common shareholders
1.39
1.79
5.12
6.79
Weighted average common shares outstanding - diluted (in millions)
754.9
708.0
787.9
725.2
Return on common equity
5.5%
0.8%
20.7%
8.6%
Adjusted return on common equity
7.5%
9.4%
7.1%
9.0%
Book value per common share
55.15
65.14
55.15
65.14
Adjusted book value per common share
75.90
76.65
75.90
76.65
Common shares outstanding (in millions)
734.1
688.8
734.1
688.8
We are a dedicated and autonomous Nordic asset manager within the
We operate in the Nordic countries from offices in
At Alfred Berg, we have a passion for what we do and for our clients, backed up by more than 150 years of experience in the business. Today, we focus exclusively on asset management, combining the strengths of
.
Local Power
We are present locally with sales and investment professional dedicated to our clients
Nordic Strength
We are joining forces at the Nordic level, in order to build Nordic products and share best practices and expertise.
Global Reach
Thanks to our parent company,
Our local presence in combination with an extensive global network is what makes us unique. We offer competitive products for the benefit of our customers and creating long-time added value.
https://www.alfredberg.com/about-us/
The Fund seeks growth of capital while adhering to Islamic principles.
of prominent Islamic scholars and community leaders from
Shariah compliance - The Fund adheres to Islamic principles. Based on Islamic criteria, the following businesses are generally excluded: Alcohol, Tobacco, Pork-related products, Conventional financial services (banking, insurance, etc.), Weapons and defense, Entertainment (hotels, casinos/gambling, cinema, pornography, music, etc.) The Fund does not invest in interest-paying instruments frequently used by mutual funds as overnight or temporary investments, and instead may hold cash on a temporary basis.
Diversification - The Fund offers diversification with a portfolio of over 100 Shariah -compliant companies in diverse business sectors.
Low Expenses - The Fund is a no load fund with one of the lowest annual fees of Shariah -compliant funds available. (Source:
Accessibility and Flexibility -The Fund is available at Charles Schwab One Source , the largest mutual fund marketplace. In addition, it is available through Ameritrade , Scottrade , VanGuard 401K Plans and TD Waterhouse . The Fund offers flexible accounts and services including telephone purchase and redemption, and check writing.
Active Portfolio Management - An actively managed portfolio enables the Fund to take advantage of future opportunities in the market while staying true to Islamic principles. Among the securities that meet Islamic principles, the Investment Advisor determines a security's attractiveness for purchase based on a number of factors, including its anticipated value and record of earnings growth, among other things.
AMG Funds
The World Leader in Boutique Investing
AMG Funds is part of
Boutique investment managers
have competitive advantages that have been empirically proven to outperform non-boutique peers and indices over the long-term 2 .
https://www.amgfunds.com/about_us.html#
Company reports EPS of
Net income (controlling interest) of
Completed investment in
Repurchased
"AMG reported 2023 Economic Earnings per share of
"AMG recently celebrated 30 years of successfully partnering with independent investment management firms globally. As we enter our next decade, AMG continues to provide the advantages of partnership to magnify our Affiliates' long-term success and actively support their independence. In 2023, we invested our capital and resources in and alongside our Affiliates, including to develop new products and expand their client reach into new geographies. In addition, as AMG's unique partnership model continued to attract outstanding firms seeking a strategic partner, we welcomed two new private markets Affiliates,
"AMG enters 2024 with significant momentum across our business, increasing opportunities to invest for growth, and an excellent capital position. Given our and our Affiliates' distinct competitive advantages, we are well-positioned to create meaningful incremental shareholder value over time."
FINANCIAL HIGHLIGHTS Three Months Ended Years Ended
(in millions, except as noted and per share data)
Operating Performance Measures
AUM (at period end, in billions)
Average AUM (in billions)
642.2
648.1
709.4
660.3
Net client cash flows (in billions)
-10.5
-6.1
-33
-29.2
Aggregate fees
1,884.30
1,560.90
5,560.50
5,066.60
Financial Performance Measures
Net income (controlling interest)
Earnings per share (diluted)(1)
17.4
5.15
25.35
17.42
Supplemental Performance Measures(2)
Adjusted EBITDA (controlling interest)
Economic net income (controlling interest)
290.1
242.9
797.2
717.8
Economic earnings per share
7.4
6.86
20.02
19.48
For additional information on our Supplemental Performance Measures, including reconciliations to GAAP, see the Financial Tables and Notes.
(i) In the third quarter of 2023, AMG completed both the sale of EQT shares received in connection with the BPEA Transaction and the sale of its outstanding equity interests in Veritable; the gains related to / from these transactions are included in GAAP financial metrics and are excluded from applicable non-GAAP financial metrics, including Economic net income (controlling interest).
(ii) Pro forma represents the combined fundraising as if our new Affiliate investments during 2023 had been consummated as of
Capital Management
During the fourth quarter of 2023, the Company repurchased approximately
About AMG
AMG (NYSE: AMG) is a strategic partner to leading independent investment management firms globally. AMG's strategy is to generate long‐term value by investing in a diverse array of high-quality independent partner-owned firms, through a proven partnership approach, and allocating resources across AMG's unique opportunity set to the areas of highest growth and return. Through its distinctive approach, AMG magnifies its Affiliates' existing advantages and actively supports their independence and ownership culture. As of
www.amg.com.
Conference Call, Replay and Presentation Information
A conference call will be held with AMG's management at
The conference call will also be available for replay beginning approximately one hour after the conclusion of the call. To hear a replay of the call, please dial 1-877-660-6853 (
https://ir.amg.com/static-files/f0ae92af-1367-44ca-af9b-2e860976fde0
Amundi Pioneer
We offer savings and investment solutions thanks to a full range of expertise in both active and passive management, in traditional and real assets, within dedicated and integrated investment platforms. We also provide advice and services as well as technological tools. Our clients are retail clients of banking networks and third-party distributors, institutional investors, corporates and other investment professionals. Responsible investment and societal commitment are part of our DNA.
We are driven to empower economic and human possibility for clients, colleagues and communities around the world.We are a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.
https://www.aon.com/home/index.html
Fourth Quarter Key Metrics and Highlights
Total revenue increased 8% to
Operating margin decreased 920 basis points to 23.1%, and operating margin, adjusted for certain items, increased 60 basis points to 33.8%
EPS decreased 21% to
Repurchased 2.3 million class A ordinary shares for approximately
Announced definitive agreement to acquire leading broker NFP to unlock fast-growing middle market with
Full Year
Total revenue increased 7% to
Operating margin decreased 110 basis points to 28.3%, and operating margin, adjusted for certain items, increased 80 basis points to 31.6%
EPS increased 3% to
Cash flows from operations increased 7% to
Repurchased 8.4 million class A ordinary shares for approximately
PRNewswire Opens in a new tab
/ --
Net income per share attributable to
"In the fourth quarter and full year, our colleagues delivered 7% organic revenue growth, highlighted by double-digit growth in Reinsurance Solutions and
FOURTH QUARTER 2023 FINANCIAL SUMMARY
Total revenue in the fourth quarter increased 8% to
Total operating expenses in the fourth quarter increased 23% to
Foreign currency translation in the fourth quarter had a
Effective tax rate for the fourth quarter was 16.7%, compared to 6.1% in the prior year period, primarily driven by changes in the geographical distribution of income and a lower net favorable impact from discrete items than in the prior year period. After adjusting to exclude the applicable tax impact associated with certain non-GAAP adjustments, the adjusted effective tax rate for the fourth quarter of 2023 was 18.2% compared to 9.0% in the prior year period. The primary drivers of the change in the adjusted tax rate were the geographical distribution of income and a lower net favorable impact from discrete items than in the prior year period. These adjustments are discussed in "Reconciliation of Non-GAAP Measures - Operating Income and Diluted Earnings Per Share" on page 10 of this press release.
Weighted average diluted shares outstanding decreased to 202.0 million in the fourth quarter compared to 209.3 million in the prior year period. The Company repurchased 2.3 million class A ordinary shares for approximately
FULL YEAR 2023 CASH FLOW SUMMARY
The full year 2023 cash flow summary provided below includes supplemental information related to free cash flow, which is a non-GAAP measure that is described in detail in "Reconciliation of Non-GAAP Measures - Organic Revenue Growth and Free Cash Flow" on page 9 of this press release.
Cash flows provided by operations for 2023 increased
Free cash flow , defined as cash flow from operations less capital expenditures, increased 5%, to
FOURTH QUARTER 2023 REVENUE REVIEW
The fourth quarter revenue reviews provided below include supplemental information related to organic revenue, which is a non-GAAP measure that is described in detail in "Reconciliation of Non-GAAP Measures - Organic Revenue Growth and Free Cash Flow" on page 9 of this press release.
Three Months Ended
(millions)
2023
2022
% Change
Less:
Currency
Impact
Less:
Investment
Income
Less: Acquisitions,
Organic
Revenue
Growth
Revenue
Commercial Risk Solutions
5 %
1 %
1 %
(1) %
4 %
Reinsurance Solutions
332
281
18
1
6
(3)
14
763
678
13
1
—
1
11
Wealth Solutions
377
353
7
3
—
(1)
5
Elimination
(3)
(4)
N/A
N/A
N/A
N/A
N/A
Total revenue
8 %
2 %
1 %
(2) %
7 %
Total revenue increased
Reinsurance Solutions organic revenue growth of 14% reflects strong growth in treaty, driven by strong retention and continued net new business generation, as well as strong growth in facultative placements and investment banking. Market impact was modestly positive on results in the quarter. The majority of revenue in our treaty portfolio is recurring in nature and is recorded in connection with the major renewal periods that take place throughout the first half of the year, while the second half of the year is typically driven by facultative placements, capital markets activity, and advisory work that is more transactional in nature.
Wealth Solutions organic revenue growth of 5% reflects strong growth in Retirement, driven by advisory demand and project-related work related to pension de-risking and ongoing impact of regulatory changes. In Investments, a modest increase in AUM-based delegated investment revenue was offset by a decline in advisory.
FOURTH QUARTER 2023 EXPENSE REVIEW
Three Months Ended
(millions)
2023
2022
$ Change
% Change
Expenses
Compensation and benefits
9 %
Information technology
131
138
(7)
(5)
Premises
77
73
4
5
Depreciation of fixed assets
48
36
12
33
Amortization and impairment of intangible assets
19
26
(7)
(27)
Other general expense
521
306
215
70
Accelerating
129
—
129
100
Total operating expenses
23 %
Compensation and benefits expense increased
Information technology expense decreased
Premises expense increased
Depreciation of fixed assets increased
Amortization and impairment of intangible assets decreased
Other general expense increased
Accelerating
FOURTH QUARTER 2023 INCOME SUMMARY
Certain noteworthy items impacted adjusted operating income and adjusted operating margins in the fourth quarters of 2023 and 2022, which are also described in detail in "Reconciliation of Non-GAAP Measures - Operating Income and Diluted Earnings Per Share" on page 10 of this press release.
Three Months Ended
(millions)
2023
2022
% Change
Revenue
8 %
Expenses
2,596
2,118
23 %
Operating income
(23) %
Operating margin
23.1 %
32.3 %
Operating income - as adjusted
10 %
Operating margin - as adjusted
33.8 %
33.2 %
Operating income decreased
Interest income increased
Other income (expense) decreased
Net income attributable to
2023 FULL YEAR SUMMARY
Total revenue in 2023 increased 7% to
Net income attributable to
During 2023, the Company repurchased approximately 8.4 million class A ordinary shares for approximately
Conference Call, Presentation Slides and Webcast Details
The Company will host a conference call on
www.aon.com Opens in a new tab
.
About
Follow
https://aon.mediaroom.com/2024-02-02-Aon-Reports-Fourth-Quarter-and-Full-Year-2023-Results
We are a global asset manager with integrated expertise across all major asset classes. As part of the
Investment philosophy We believe in the power of integration, creating opportunity and empowering investors to have greater confidence in their investment decisions and outcomes. We manage all our investments according to the five key pillars below.
We believe in informed risk, effectively managed. We manage risk with discipline and rigour. By combining our extensive experience and unique insights, we reach an informed view on every decision throughout the whole investment process.
We are actively responsible investors. We promote sustainable business practices in global markets, encouraging greater transparency and better corporate governance. This helps us to reduce risk and strive to enhance the long-term value of your investments.
We invest with conviction for the long term. Everything we do is driven by our long-term perspective and our focus on building strategies and funds that are built to last. This ensures we develop long-lasting partnerships with our clients.
We are inspired by our clients' needs. By listening to your aspirations and understanding the challenges you face, we aim to create the strategies and funds that focus on delivering the specific outcomes you need.
We collaborate to innovate. Our global business acts as one team. By bringing together our knowledge, skill and creativity across major asset classes, disciplines and regions globally we can unearth great investment opportunities for you.
https://www.avivainvestors.com/en-gb/about/
As a responsible asset manager, we actively invest for the long term to help our clients, our people and the world to prosper and secure a sustainable future for the planet. It is in our DNA and unites everyone across the company.
https://www.axa-im.com/who-we-are
Private banking is a global growth market, presenting opportunities that
https://www.jsafrasarasin.com/internet/com/com_index.htm
Baywood
High-quality investment opportunities are not always readily accessible to the public. At Baywood Management, we provide our clients with access to market segments that are often beyond the reach of the public.
Baywood Management specialises in pointing our clients to high growth industries and companies with clear pathways to returns.
Baywood Management's experienced and high performance team, combined with our high performance portfolio, ensures that we achieve only the best results for our clients.
https://www.baywoodmanagement.com.au/
BBVA Asset Management
More than 40 years in the asset management business
BBVA AM is the investment management arm of
Local presence
In
Investment teams
Portfolio managers and analysts organized by country and asset class
+700 people
Including 150 investment professionals with prestigious international certifications in asset management and risk management.
€110 billion AUM
BBVA Asset Management is a reference in the mutual and pension fund industries in
https://bbvaassetmanagement.com/
KEY FACTS
A leading, full-service multifamily office
Privately owned and independent,
Founded by an industrial-age entrepreneur
A self-made man,
https://www.bessemertrust.com/
BlackRock (NYSE: BLK)
BlackRock is one of the world's leading providers of investment, advisory and risk management solutions. We are a fiduciary to our clients. We're investing for the future on behalf of our clients, inspiring our employees, and supporting our local communities.
Sustainable outcomes:
We advance sustainable investing because our conviction is it delivers better outcomes for our investors. As the world moves towards a net zero economy, how can we help investors prepare for the transition?
https://www.blackrock.com/corporate/about-us
As a member of
https://capitalmarkets.bmo.com/en/about-us/
BMO's Second Quarter 2023 Report to Shareholders, including the unaudited interim consolidated financial statements for the period ended
www.bmo.com/investorrelations
and at
www.sedar.com
.
Financial Results Highlights
Second Quarter 2023 Compared with Second Quarter 2022:
Net income of
Reported earnings per share (EPS)2 of
Provision for credit losses (PCL) of
Return on equity (ROE) of 5.6%, compared with 34.5%; adjusted ROE1,3 of 12.6%, compared with 15.7%
Common Equity Tier 1 (CET1) Ratio4 of 12.2%, compared with 16.0%
Year-to-Date 2023 Compared with Year-to-Date 2022:
Net income of
Reported EPS2 of
PCL of
ROE of 3.4%, compared with 28.0%; adjusted ROE1,3 of 13.0%, compared with 17.2%
"Our performance this quarter reflects our highly-diversified business mix and the strength, size and stability of our balance sheet, which has been further enhanced by the successful acquisition of
"This strong foundation and our proven track record of delivering resilient financial performance over time positions us well to support our Canadian and
"In addition, we continue to be acknowledged for our ethical business practices and how we live our purpose. For the sixth consecutive year, BMO was recognized as one of the World's Most Ethical Companies by
Sustainability is embedded within BNPP AM's strategy and investment decision-making. Among the leaders in thematic investment in
Source: BNPP AM, as at
The Board of Directors of
https://group.bnpparibas/en/press-release/bnp-paribas-group-results-as-at-
Boston Common
Through Boston Common's investment process, the firm seeks to 'enhance conventional investment analysis' within an Environmental, Social, and Governance (ESG) framework. Additionally, Boston Common seeks to work with clients to customize aspects of their mission with their investments.
https://www.intentionalendowments.org/boston_common_asset_management
We believe that a disciplined, "bottom-up" research process is the foundation of superior investment performance.
Our deep in-house research team combines industry-specific knowledge with in-depth fundamental analysis. Central to our investment process is close collaboration among team members. Our portfolio managers leverage this free exchange of ideas and our extensive network of venture capital and private equity relationships, clients, directors and outside shareholders to uncover investment opportunities.
Brown Advisory is an independent firm where all employees own equity - ensuring that our interests are aligned with those of our mutual fund shareholders. Our independence from investment banking or principal trading interests allows us to challenge conventional wisdom without concern over conflict of interest.
https://www.brownadvisory.com/mf
We're a Responsible Investing leader that individuals, advisors and institutions rely on for competitive returns and measurable impact.
Calvert has been at the forefront of ESG investing for decades (focusing on matters related to the Environment, Society and corporate Governance). It's this extensive experience that allows us to better understand how the pressing challenges facing society today underpin a complex range of both risks and opportunities for the companies in which we invest.
Our team of 550 professionals manages about €125 billion of AUM. We operate management offices in Luxembourg,
https://www.candriam.com/en/professional/about-us/
We are the leading financial group in retail banking in
https://www.caixabank.com/home_es.html
Board of Directors submits a proposal to the General Shareholders' Meeting for the payment of a cash dividend of €0.3919 gross per share against 2023 earnings, representing a cash pay-out of 60%. In addition,
Gross income grows +28.3% in the year to €14.23 billion, driven by net interest income (+54.3%), income from insurance services (+19.6%), and equity investments (+26.4%), offsetting lower fees and commissions (-5.1%).
Growth in total business volume (including performing loans and customer funds). Customer funds increase to €630.33 billion (+€19.03 billion in the year), while the performing loan portfolio stands at over €344 billion.
Strong commercial activity throughout the year. Net inflows into mutual funds, savings insurance, and pension plans reach €5.34 billion, up +34% year-on-year. New production of protection insurance also grows, +7% to €739 million.
Profitability and cost-to-income ratios continue to improve. Return on equity (ROE) at 13.2% and cost-to-income ratio down to 40.9%.
NPL ratio under control at 2.7% at the end of the year, with a solid coverage ratio of 73%.
Consistently strong liquidity and capital, with €160.2 billion in liquid assets following the early repayment of TLTRO III and CET1 capital ratio at 12.4%.
"This unique way of banking allows the Board of Directors to propose the payment of a dividend worth €2.89 billion, half of which will be reverted to society through "la Caixa" Foundation and the FROB", Goirigolzarri added.
Gortazar highlighted that "in a highly challenging environment, we have completed a very positive year in terms of commercial activity performance: we have granted 280,000 loans to businesses and 80,000 new mortgages to families, while also continuing to grow our relational customer base, which now stands at 71.5%".
Income statement evolution
The increase in core revenues (+31.6% in the year) to €15.14 billion stands out in 2023, driven by net interest income, which grows to €10.11 billion (+54.3%), with support from the positive impact of the new interest rate environment on the banking business, and also the excellent work carried out by the commercial network. This satisfactory performance offsets the decline in net fees and commissions (-5.1%). Specifically, recurring banking fees dropped by 9.4% year-on-year following the end of cash custody fees on corporate deposits and the discounts applied under customer loyalty programmes.
Gross income ended 2023 at €14.23 billion, up +28.3% year-on-year, driven by NII, insurance service result (+19.6%) and income from equity investments (+26.4%). Meanwhile, personnel and general expenses increased during the year (+4.7% and +6.1%, respectively).
The positive evolution of the income statement enabled the Group to achieve a return on equity (ROE) of 13.2%. The cost-to-income ratio also improved once again by falling to 40.9%, more than 9 percentage points lower than a year ago (50.3%).
Growing business volume
Business volumes at
Assets under management stand at €160.83 billion (+8.7% in the year), supported by market conditions and significant inflows in savings and investment products. Net inflows in mutual funds, savings insurance and pension plans amounted to €5.34 billion, up +34% vs. 2022, while
In terms of loans and advances to customers, the Group's performing loan portfolio exceeded €344 billion at 31 December, with growth in both corporate and consumer segments and reduction in residential mortgages.
With regards to new production during the year, new mortgage loans amounted to €9.38 billion, with a remarkably strong performance in the fourth quarter. As for consumer lending, new production totalled €10.33 billion in 2023, while new business loans stood at €37.01 billion, both with a strong performance as towards the end of the year.
Sound risk management
Liquidity and capital position at optimal levels
The Group closed 2023 with optimal levels of both liquidity and capital, in line with the progress achieved throughout the year. Total liquid assets stand at €160.20 billion at 31 December, up €21.19 billion in the year.
And all this, following the full early repayment of the outstanding TLTRO III balance which results in zero-balance drawn under the
In terms of capital, the Common Equity Tier 1 (CET1) ratio stood at 12.4%, with organic capital generation of 201 basis points in the year.
Attractive shareholder remuneration in line with the Strategic Plan
The dividend will be channelled back into society, since around 50% of this amount will be paid to "la Caixa" Foundation, which carries out its Welfare Projects, and to the Spanish State, through the FROB (
The Board has also approved the dividend plan for 2024, including a cash pay-out target of between 50% and 60% of consolidated net profit, payable in two cash payments: an interim dividend to be paid in November of between 30% and 40% of the consolidated net profit for the first half of 2024, and a complementary dividend payable in
Commitment to financial inclusion
Aside from its network of branches and ATMs,
This service allows users, whether or not they are customers of the bank, to carry out the most common banking transactions, including withdrawing cash, making deposits, paying bills, and taxes in locations without a bank branch or with other restrictions limiting access to financial services.
Social support endeavours
Financial strength allows
Indeed, in 2023
The Bank has more than 10,000 social housing units and around 360,000 customers with social or basic accounts.
CCLA COIF
CCLA is one of the
Our products and services:
have a strong long-term performance record
are fairly priced
are managed responsibly
Our investment solutions for clients are flexible and our people understand the particular needs and challenges facing charity investors.
https://www.ccla.co.uk/about-ccla
Columbia Asset Management
Columbia Asset Management was founded in 1997 by
The firm matches client objectives and profiles with customized investments. We can meet the personal needs of every client with a diversity of investment options, including but not limited to stocks, bonds, mutual funds, options, real estate, international investments, and private equity.
Sound investment advice and exceptional service, principled with professional integrity and privacy, are key to our firm and are the reasons that we have maintained more than a 99 percent client retention rate on an annual basis since we began.
Columbia Asset Management has repeatedly ranked in Bloomberg/Wealth Manager's Top-Dog Report, an annual listing of the nation's top advisory firms. We also placed in the Top Ten Most Reliable Wealth Managers of
Columbia Asset Management is an
Columbia Asset Management is a fee-only investment advisor and does not accept any commissions. The percentage fee we charge for assets under management is lower than industry average. We receive fees only from what we specifically invoice, with no hidden fees or costs, and full transparency.
We earn our fees through implementing a proper and effective investment strategy, monitoring portfolios and the market, making necessary allocation changes, and reporting quarterly to each client.
The firm has chosen a custodian/broker that offers, in our opinion, the finest combination of price and service to best serve our clients. National surveys have confirmed this choice.
http://www.columbiaasset.com/about.html
Founded in 1980 by
We invite you to get to know us and learn how we may be of service to you and yours.
http://www.danainvestment.com/
DPAM (
DPAM has been a sustainable investor for over 20 years, and an innovative pioneer in responsible and sustainable investing. Our company integrates ESG across asset classes and themes and is also an active owner.
DPAM's asset management is inherently research-driven. Our proprietary, in-house, fundamental and quantitative analyst teams, form the foundation of the firm's asset management activities.
https://funds.degroofpetercam.com/about-us.html
The assets we manage represent more than shares in a portfolio.
That money represents the savings, sacrifice, and dreams that investors have entrusted to us. We take this responsibility seriously.
Founded in 1981, Dimensional has a long history of applying academic research to practical investing. We offer a full range of equity and fixed income strategies designed to target higher expected returns.
https://us.dimensional.com/about-us/our-company
DNB Asset Management is among the leading asset managers in the Nordic region, managing investment strategies including discretionary mandates within Nordic and global asset classes, both long-only equities, long/short equities, investment grade and high yield corporate bonds, multi-assets, multi-manager portfolios and alternative investments.
DNB Asset Management's product focus is centered towards producing world class UCITS funds to be marketed across selected markets in
https://dnbam.com/en/who-we-are
As a responsible investor with a long-term view, we aim to provide high, long-term returns, at an acceptable level of risk, whilst considering Environmental, Social and Governance (ESG) factors.
We exercise our ownership rights in line with international norms and standards, including the
https://dnbam.com/en/responsible-investments/esg-overview-dnb-funds
We offer individuals and institutions access to our strong investment capabilities across all major liquid and illiquid asset classes as well as solutions aligned to growth trends. Our diverse expertise in Active, Passive and Alternatives asset management - as well as our deep environmental, social and governance focus - complement each other when creating targeted solutions for our clients. Our expertise and on-the-ground knowledge of our economists, research analysts and investment professionals are brought together in one consistent global CIO View, giving strategic guidance to our investment approach.
DWS wants to innovate and shape the future of investing. We understand that, both as a corporate as well as a trusted advisor to our clients, we have a crucial role in helping navigate the transition to a more sustainable future. With approximately 4,400 employees in offices all over the world, we are local while being one global team. We are committed to acting on behalf of our clients and investing with their best interests at heart so that they can reach their financial goals, no matter what the future holds. With our entrepreneurial, collaborative spirit, we work every day to deliver outstanding investment results, in both good and challenging times to build the best foundation for our clients' financial future.
https://etf.dws.com/en-gb/about-us/about-dws/
"In a challenging 'flow-less' recovery for our industry, DWS was one of the fastest organically growing asset managers globally. We thank our clients for their trust across all of our three pillars - Passive including Xtrackers, Active and Alternatives. Overall, we delivered solid results and implemented our strategy with discipline."
"For an asset manager with our footprint and ambition, focus, prioritising investments and a tight grip on all expenses are key to remain in position of strength. In a demanding environment DWS delivered an adjusted Cost-Income Ratio of 64 percent well within our outlook and high net inflows ex Cash of
Business Development
In a "flow-less" market recovery, which made it difficult for the asset management industry in 2023, DWS returned to net inflows. The company ended the year among the large asset managers worldwide with the highest organic growth rate ex Cash.
Supported by all three pillars - Passive including Xtrackers, Active and Alternatives - DWS recorded net inflows (ex cash) of
Adjusted revenues declined by 3 percent year-on-year due to lower management fees as a result of lower average AuM in 2023, while performance and transaction fees as well as other revenues increased compared to the previous year. The adjusted profit before tax decreased by 11 percent year-on-year, while net income was 5 percent lower in 2023. The DWS Executive Board will propose an attractive and competitive ordinary dividend of
Thanks to DWS' strict cost management, the adjusted cost base rose only slightly by 2 percent year-on-year despite investments into growth and inflationary pressure. The adjusted Cost-Income Ratio at 64.0 percent in 2023 comfortably meets DWS' outlook of below 65 percent for 2023 .
Adjusted revenues decreased by 3 percent to
Adjusted profit before tax declined by 11 percent to
Assets under Management (AuM) further rose by
Net flows ex Cash improved strongly to
Active Asset Management ex Cash reduced net outflows in the fourth quarter to minus
Passive Asset Management recorded net inflows of
Alternatives reduced net outflows in the fourth quarter to minus
Adjusted costs , which also exclude transformation charges of
The adjusted Cost-Income Ratio (CIR) at 64.0 percent for FY 2023 was well within DWS' outlook of below 65 percent for 2023. Year-on-year the adjusted CIR increased by 3.4 percentage points (FY 2022: 60.6 percent), driven by the lower management fees and higher costs in line with DWS' growth course. The adjusted CIR stood at 65.7 percent in the fourth quarter of 2023 (Q3 2023: 63.1 percent).
Growth Initiatives and Strategic Progress
Since announcing its refined strategy in
In the " Reduce " category, DWS took restructuring efforts early and disciplined to self-fund its investments into its growth and build projects. In 2023, DWS completed the sale and transfer of its Private Equity Solutions (PES) business, further exits of non-strategic businesses are planned. In addition, DWS accelerated its restructuring program, while also ensuring the stability of its franchise.
In the " Value " category, which covers DWS' Active business, the company focused on changes in Active Fixed Income including the management, leading to a strong outperformance for its clients in a challenging environment. For Active in total, DWS improved the 1-year outperformance rate to 66 percent, the 3-year outperformance rate stood at strong 70 percent, and the 5-year outperformance rate rose to a remarkable 76 percent compared to the relevant benchmarks. Furthermore, DWS increased the number of its Active funds with AuM of more than
As part of its " Growth " initiatives DWS focused investments in the Xtrackers business, which delivered record inflows throughout the year. Regaining the number 2 position in European ETP net flows shows that this strategy pays off. Additionally, DWS also ramped up the launch of innovative products with a number of attractive thematic ETFs in the US. DWS also continued its investments into Alternatives with strategic hires, the focus on infrastructure, and the push into private credit. With the newly launched DWS Infrastruktur Europa, DWS already generated flows of more than
In the " Build " category, where DWS focusses on future trends in the asset management industry, the company strengthened its position in 2023 with a strategic alliance with
Moreover, as also communicated at the capital markets day in 2022, DWS made further steps to leverage its strong strategic partnerships in APAC by extending its strategic alliance with
There were also further important developments at DWS in the fourth quarter:
The Supervisory Board of
DWS had also changes in the management team . Due to a focus shift in DWS' IT-transformation project, which does not reflect the basis on which Angela Maragkopoulou joined DWS, she ended her assignment as Chief Operating Officer (COO) by mutual agreement at the end of 2023 and moved on to embrace new challenges.
Furthermore, DWS started to roll-out a digital leasing management solution for 39 million square feet across more than 150 properties in its pan-European commercial asset portfolio. DWS is driving operational efficiencies across its real estate asset management division as part of its tech-driven European real estate strategy. The solution enables DWS to access critical deal and tenant information from anywhere in real time, improving productivity and accuracy for leasing teams and providing visibility into portfolio risk and opportunities.
DWS also expanded its range of sustainable investment products with three new Xtrackers ETFs. The listed index funds offer investors the opportunity to invest in companies in
Moreover, DWS continued to be recognized externally for its asset management capabilities , for example being named best asset manager in the categories "Multi Asset", "Bonds Euro" and "Infrastructure Equity" at the Scope Awards. Further recognitions include "Equity Manager of the Year" and "Real Asset Manager of the Year" in the insurance industry in
Outlook
In 2024, DWS will continue to implement its strategy with discipline and expects adjusted revenues, adjusted costs and adjusted profit before tax to be essentially unchanged compared to 2023. Net inflows should be higher than 2023, driven by Passive flows.
Webcast/Call
https://group.dws.com/ir/reports-and-events/financial-results/
. It will also be available for replay. Further details will be provided under
https://group.dws.com/ir/
.
https://www.dws.com/en-gb/our-profile/media/media-releases/q4-2023/
Essex Funds
Investing involves risk, including loss of principal. There is no guarantee that this, or any, investing strategy will be successful. Small and mid cap investing involve greater risk not associated with investing in more established companies, such as greater price volatility, business risk, less liquidity and increased competitive threat.
The
https://www.gabelli.com/funds/insights/32d1a675-2910-4994-ad6c-a4f2b3956d8a
GAM is a leading independent, pure-play asset manager. The company provides active investment solutions and products for institutions, financial intermediaries, and private investors through three businesses: Investment Management, Fund Management Services and Wealth Management. GAM employed 605 FTEs in 14 countries with investment centres in
Generation is a pure-play sustainable investment manager. It is all we do. It is all we will ever do. Since its founding in 2004, Generation has played a pioneering role in the development of sustainable and environmental, social and governance (ESG) investing.
https://www.generationim.com/our-firm/
Glenmede
We are an independently owned boutique asset management company offering actively managed equity, liquid alternative, fixed income and ESG investing strategies. As highly skilled active investment advisors, we serve a global client base of institutions, consultants and advisors in helping them meet their investment goals. Through collaborative teams and a commitment to a consistent decision-making process, our offerings provide long-term value for our clients.
https://www.glenmedeim.com/overview/
Goldman Sachs Group, Inc. (NYSE: GS)
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in
https://www.goldmansachs.com/our-firm/index.html
Gotham Funds
Institutional investors and selected wealthy individuals have traditionally had the "opportunity" to invest in private hedge funds. Typically, these funds carry high fees, large minimum investment requirements and long lock-up periods. The Gotham Funds are a series of long/short equity hedge funds available in mutual fund form. The funds are managed by Gotham Asset Management led by
https://www.gothamfunds.com/strategy.aspx
More than 30 years ago, the group of environmental and public health nonprofits that founded Green Century° decided to help people save for their future without compromising their values. It was a simple concept, but one that was only being used by a handful of pioneers in the socially and environmentally responsible investing space.
Since then, Green Century has grown into a leader in the environmentally and socially responsible investing field, providing mutual funds for individuals and institutions to keep their money out of the most irresponsible industries while using Environmental, Social, and Governance (ESG) criteria in investment analysis and portfolio construction.
https://www.greencentury.com/about-us/
Since its creation in 1993
https://www.groupama-am.com/en/about-us/our-business/
Convinced of the need to include Environmental, Social and Governance (ESG) factors in investment analysis and decisions, Groupama AM has put its full weight behind a rethink of its profession, in order to place
https://www.groupama-am.com/en/a-responsible-vision-of-finance/
The ESG Growth Portfolio is an open-end fund incorporated in the
https://www.bloomberg.com/quote/HCESX:US
A global leader in active, responsible investment
We provide specialised capabilities across equity, fixed income and private markets, in addition to multi-asset strategies and proven liquidity-management solutions.
Through our world-leading stewardship services, we engage companies on strategic and sustainability concerns to promote investors' long-term performance and fiduciary interests.
Our goals are to help individuals invest and retire better, to help clients achieve better risk-adjusted returns, and to contribute to positive outcomes in the wider world.
https://www.hermes-investment.com/about-us/
Highland Funds
Highland Funds is the retail investment complex of
The Highland Funds offerings include a suite of open-end mutual funds, closed-end funds, and an ETF, covering a range of asset classes and investment strategies.
HCMFA is an affiliate of
Today, Highland operates a diverse investment platform, serving both institutional and retail investors worldwide. In addition to high yield credit, Highland's investment capabilities include public equities, real estate, private equity and special situations, structured credit, and sector- and region-specific verticals built around specialized teams.
https://www.highlandfunds.com/
Hirtle Callaghan
We are possibility engineers.
We partner with our clients to achieve missions and build legacies that endure for generations to come.
The markets upend and boom, bust and correct. More than ever, the investment landscape is complicated by endless choices and constant information flow. What if you could have a partner sitting on the same side of the table - advocating for YOU? Thirty years ago, we pioneered the Outsourced Chief Investment Officer model to reduce the time and resources required internally to achieve world-class investment results. Holding ourselves accountable to the highest standard, we build complete, custom-designed investment solutions that will open possibilities for greater cures, more education, smoother retirement and future generations.
https://www.hirtlecallaghan.com/who-we-are/
Impax aspires to best practices across all aspects of the management of its listed and private equity investments. Environmental, Social and Governance ("ESG") considerations are embedded within our rigorous ten step investment process for listed equities. Failure by a company to reach the required ESG score will prevent our investment.
Impax engages with investee companies and undertakes long term engagement to improve practice and disclosure across their governance and sustainability activities. We view proxy voting as a key activity in the ongoing dialogue with companies in which we invest. We are committed to ensuring the consistent exercise of voting rights associated with shares held in investment mandates where proxy voting has been delegated to us. Impax supports the
https://impaxam.com/investment-philosophy/environmental-social-and-governance-risk-management/
We are a leading global asset manager responsible for over £817.1bn1 in assets under management across liability driven investment, fixed income and currency, multi-asset and absolute return.
https://www.insightinvestment.com/uk/introducing-insight/
Invesco Reports Results for the Three Months and Year Ended
Invesco Announces Fourth Quarter Diluted EPS of
Intangible impairment of
(76.1)% operating margin in Q4 2023 includes
Net debt (2) reduced to
Update from
"Organic flow growth outperformed in the fourth quarter and the year during a challenging environment for organic asset growth in 2023. Led by 17% organic growth in our global ETF platform, several of our key capabilities delivered net long-term inflows during the quarter including
"Over the past year, we streamlined our business to more effectively and efficiently improve investment and financial performance, address emerging trends in the asset management industry, and meet client demand. We will continue to invest in high-demand solutions while maintaining a disciplined approach to expenses, focusing on profitable growth, and further strengthening our balance sheet. Our range of investment capabilities, geographic positioning, discipline to drive performance, and simplified organizational structure allow us to execute at pace with ever changing client needs."
"As we enter 2024, we are well positioned to help clients navigate the impact of evolving market dynamics and subsequent changes to their portfolios. As market sentiment improves, this should translate to even greater scale, performance, and improved profitability for Invesco. I would like to thank my colleagues, Executive Leadership Team, and our Board of Directors for their efforts in 2023, their focus on our clients, and support for a smooth transition during the year. I am excited for the future of Invesco."
(1)
Represents non-GAAP financial measure. See the information on pages 9 through 12 for a reconciliation to the most directly comparable
(2)
Net debt: Debt less Cash and cash equivalents
Net flows:
Net long-term inflows were
Retail and institutional net long-term inflows were
Net market gains and foreign exchange rate movements increased AUM in the fourth quarter by
Summary of net flows (in billions)
Q4-23
Q3-23
Q4-22
2023
2022
Active
Passive
13.9
13.5
7.3
39.2
27.8
Net long-term flows
6.7
2.6
(3.2)
10.2
(0.5)
Non-management fee earning AUM
3.1
3.6
(2.1)
6.2
(3.2)
Money market
(18.1)
(16.1)
30.1
(11.1)
56.4
Total net flows
Annualized long-term organic growth rate (1)
2.4 %
0.9 %
(1.2) %
0.9 %
— %
(1)
Annualized long-term organic growth rate is calculated using net long-term flows (annualized) divided by average long-term AUM for the period. Long-term AUM excludes money market and non-management fee earning AUM.
Fourth Quarter Highlights:
Financial Results
Q4-23
Q3-23
Q4-23 vs. Q3-23
Q4-22
Q4-23 vs. Q4-22
Operating revenues
(2.0) %
(2.1) %
Operating income/(loss)
(
N/A
N/A
Operating margin
(76.1 %)
15.8 %
17.0 %
Net income/(loss) attributable to
(
N/A
N/A
Diluted EPS
(
N/A
N/A
Adjusted Financial Measures (1)
Net revenues
(4.8) %
(5.6) %
Adjusted operating income
(10.9) %
(18.7) %
Adjusted operating margin
26.3 %
28.2 %
30.6 %
Adjusted net income attributable to
33.6 %
19.6 %
Adjusted diluted EPS
34.3 %
20.5 %
Assets Under Management
Ending AUM
6.6 %
12.5 %
Average AUM
(0.9) %
8.9 %
Headcount
8,489
8,603
(1.3) %
8,611
(1.4) %
2023 Highlights:
Financial Results
2023
2022
% Change
Operating revenues
(5.5) %
Operating income/(loss)
(
N/A
Operating margin
(7.6 %)
21.8 %
Net income/(loss) attributable to
(
N/A
Diluted EPS
(
N/A
Adjusted Financial Measures (1)
Net revenues
(7.2) %
Adjusted operating income
(24.9) %
Adjusted operating margin
28.2 %
34.8 %
Adjusted net income attributable to
(10.8) %
Adjusted diluted EPS
(10.1) %
Assets Under Management
Ending AUM
12.5 %
Average AUM
3.3 %
(1)
Represents non-GAAP financial measure. See the information on pages 9 through 12 for a reconciliation to the most directly comparable
Fourth Quarter 2023 compared to Third Quarter 2023
Operating revenues and expenses : Operating revenues decreased
Operating expenses increased
Non-operating income and expenses: Equity in earnings of unconsolidated affiliates was
The tax provision was a benefit of
Diluted earnings per common share: Diluted earnings per common share was
Fourth Quarter 2023 compared to Fourth Quarter 2022
Operating revenues and expenses : Operating revenues decreased
Excluding the intangible asset impairment, operating expenses increased
The tax provision was a benefit of
Adjusted (1) Operating Results:
Fourth Quarter 2023 compared to Third Quarter 2023
Net revenue and adjusted operating expenses : Net revenues in the fourth quarter of 2023 decreased
Adjusted operating expenses in the fourth quarter 2023 decreased
Adjusted operating income decreased
Non-operating income and expenses: Equity in earnings of unconsolidated affiliates was a loss of
The effective tax rate on adjusted net income decreased to 9.9% in the fourth quarter from 23.6% in the third quarter. The decrease in the effective tax rate was primarily due to a discrete tax benefit related to the resolution of certain tax matters, the favorable tax treatment of the gain on the sale of certain
Adjusted diluted earnings per common share was
Fourth Quarter 2023 compared to Fourth Quarter 2022
Net revenues and adjusted operating expenses: Net revenue in the fourth quarter of 2023 decreased
Adjusted operating expenses increased
Adjusted operating income decreased
The effective tax rate on adjusted net income decreased to 9.9% in the fourth quarter of 2023 from 26.9% in the fourth quarter of 2022. The decrease in the effective tax rate was primarily due to a discrete tax benefit related to the resolution of certain tax matters, the favorable tax treatment of the gain on the sale of certain
(1)
Represents non-GAAP financial measure. See the information on pages 9 through 12 for a reconciliation to the most directly comparable
Capital Management:
Cash and cash equivalents:
Debt:
Net Debt (2) :
Common shares outstanding (end of period): 449.5 million
Diluted common shares outstanding (end of period) : 453.0 million
Dividends paid:
(2)
Net debt: Debt less Cash and cash equivalents
Common dividends declared: The company is announcing a fourth quarter cash dividend of
Preferred dividends declared: The company is announcing a preferred cash dividend of
About
Invesco is a global independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. Our distinctive investment teams deliver a comprehensive range of active, passive and alternative investment capabilities. With offices in more than 20 countries, Invesco managed
invesco.com/corporate
.
Members of the investment community and general public are invited to listen to the conference call today,
invesco.com/corporate
.
Investing in funds that promote environmental, social, and governance (ESG) issues is more than just a way to feel good about where your hard-earned savings go to work; socially responsible investing may also make good economic sense. Explore this site to learn more about the benefits of ESG investing and our lineup of ESG funds.
At
https://www.jhinvestments.com/esg#making-a-difference
We are an independent and 100% employee-owned investment adviser. Our team's top priority is working for institutions and high-net-worth individuals, fostering an entrepreneurial culture that results in mutually beneficial long-term relationships.Because
https://www.kennedycapital.com/
Your leading alternative investment partner
Liontrust is a specialist fund management company that takes pride in having a distinct culture and approach to running money.
The company launched in 1995 and was listed on the
https://www.liontrust.co.uk/who-we-are/about
Results for the 6 months ended
Half Year results:
• Strong capital position with surplus capital of £86.5 million as at
• Gross Profit £98.6 million (
• Adjusted PBT of £36.0 million (
• Adjusted diluted EPS of 42.32p (
• Adjusted operating margin of 35.9% (
• Revenue margin of 0.67% on Average AuMA of £29.5 billion (
• Non-cash Impairment charge of £29.9 million to acquired intangible assets and
• First interim dividend of
1 Statutory loss before tax of £10.1m (
2 Diluted EPS (14.6)p (
This slide includes Alternative Performance Measures (APMs) - see Appendix 5 for the definition of these APMs.
For full release see:
Mapfre Asset Management (BME: MAP)
MAPFRE Asset Management has more than 30 years of experience in asset management. It is part of the
https://www.mapfream.com/en/who-we-are/
2023 Annual Earnings Presentation
MAPFRE's net result reaches €692 million (+7.7%) and the adjusted ROE is nearly 10% -
The net result would have stood at €767 million (+19.4%), without the €75 million goodwill writedown in
Premiums are up 9.7%, reaching nearly €27 billion, the highest figure in the company's history, while revenue grew 9.2%, reaching over €32.2 billion.
LATAM, where net results soared to €373 million, up 24%., is the main contributor to earnings.
MAPFRE RE increases its contribution to earnings, reaching €245 million (+71%), with solid business growth.
The ROE stands at 9.9% excluding goodwill writedown in
Shareholders' equity grew over 10%
The Board of Directors has agreed to propose to the AGM a final dividend against 2023 of
Under the new IFRS 17&9 international accounting standards, net income rose 20.2% (€677 million), the ROE stood at 8.3% and shareholders' equity reached €8.5 billion. The most relevant data are presented herein.
"In 2023, we hit records in terms of premiums, and this strong growth is already translating into profitability, with the adjusted ROE close to 10%. MAPFRE is overcoming the challenges of the current context and continues advancing its business transformation. Furthermore, we reaffirm the commitment to our shareholders with a final dividend of
*DISCLAIMER:
IFRS ACCOUNTING
HOMOGENIZED LOCAL ACCOUNTING
Local accounting reflects the evolution of the different business units under the accounting criteria in force in each country.
The 9.2% increase in revenue consolidated the trends from recent quarters and reflects both a relevant increase in business volume as well as an improvement in financial income.
Premiums are up 9.7%, with no relevant impact from exchange rates. This growth reflects a general improvement in business, with an 8.4% increase in Non-Life and a 14.6% increase in Life.
The net result reached €692 million, including the following singular events during the year:
The occurrence of two relevant catastrophic events - the earthquake in
€46.5-million net revenue as a result of the arbitration from the end of the Bankia alliance.
€75-million goodwill writedown of insurance operations in
The hyperinflation adjustments in
The net result and ROE excluding the impact of this writedown stand at €767 million and 9.9%, respectively.
Regarding Non-Life business, premiums are up over €1.6 billion in the year, with 10.9% growth in General P&C, 9.5% growth in Accident & Health and 3.3% in Auto. The combined ratio stood at 97.2% (-0.8 p.p.), and the volatility and dispersion from previous quarters remain. General P&C maintained a solid combined ratio (87.6%), with a -0.3 p.p. improvement, which compensated the high loss experience that persists in the Auto business. The Auto combined ratio reached 106% (-0.1 p.p.), as a result of inflationary tension. The Accident & Health combined ratio stood at 98.9% and improved compared to the previous year (-1.2 p.p.). The gross financial result, excluding the goodwill writedown, reached €767 million, up almost €160 million, growing 26.2%.
In the Life business, premiums are up close to €760 million, driven by Life Savings in
The investment portfolio is detailed below. Net realized gains had a €91 million impact on the result, in line with the previous year (€100.4 million in 2022).
Shareholders' equity for the Group under homogenized local criteria reached nearly €8.1 billion, a €782-million increase (+10.7%). Unrealized gains on the portfolio of financial assets available for sale contributed €566 million in the year, while currency conversion differences were stable.
3. INFORMATION BY REGION AND BUSINESS UNIT (accounting criteria in force in each country)
Premiums in
Life business volume is almost 1.4 times higher than the previous year, reaching nearly €2.7 billion, of which over €2.3 billion correspond to Life Savings (close to €6 billion in 2022).
Non-Life premiums are up 7.8% and reflect the positive development of General P&C (+9.5%), driven by Commercial lines and Accident & Health (+8.0%).
In Auto, premiums are up 5.3% due to the gradual adaptation of tariffs to the inflationary context. The portfolio stands at over 6.1 million insured vehicles, with a slight reduction from risk-selection measures.
The Non-Life result and combined ratio have been affected by the Auto business, which had a combined ratio of 103.6% (+2.6 p.p.). This line is affected by the recovery of mobility to pre-pandemic levels, the high inflation scenario, the Baremo update and a higher occurrence of weather-related claims. Tariffs will continue to be adapted based on the development of expected costs.
General P&C was also affected by weather-related events, above all the heavy storms in
Life business continued contributing significantly to the result, both in the Savings as well as the Protection segment, the latter of which had a 69.1% combined ratio.
The financial result continues to improve in a more favorable environment, with a €177.9-million gross contribution to the Non-Life result (€117.4 million in 2022).
The net result stood at €361 million, of which
Business in LATAM consolidates the strong trends of recent quarters with over €9.8 billion in premiums and a result of €373 million, the largest contributor to Group earnings.
In
The Auto business is up 0.9%, and tariffs continue to adapt to inflation. The portfolio of insured vehicles continues going down in the year related to risk-selection measures.
The Non-Life combined ratio reduced significantly to 78.6%, due to a more than 12-point improvement in the Auto line as a result of tariff increases, reaching 102.5%. The General P&C combined ratio stood at an excellent 69.8%, supported by the Agro business.
The Non-Life financial result also continues to perform very positively, with a €92.3 million gross contribution (€80.8 million in 2022).
The Life Protection business also posts a solid combined ratio, standing at 79%. The Life financial result also improved, supported by the high interest rates in the country.
The rest of LATAM continues its strong contribution to the Group result
Premiums in the region grew 13.3%, while the net result reached €140.5 million, with relevant contributions from
The combined ratio rose to 101.8% due to an uptick in General P&C that was partially offset by an improvement in the Auto business.
The Life business and financial income continued improving and contributing very positively to results.
In
In
Premiums reached nearly €2.7 billion in December, growing 3.6% in euros, despite the slight depreciation of the dollar (-3.3%). The largest contributor was
The Non-Life combined ratio stood at 105.4%, still affected by the inflationary environment, but with a 2.9 p.p. improvement in the year.
The Auto combined ratio stood at 107.1% (-2.5 p.p.), with better performance during the second half of the year. Loss frequency is stable, and the already-implemented tariff increases in
In General P&C, the combined ratio stood at 100.8%, affected by various weather-related events during the year, as well as the relevant increase in the cost of catastrophic reinsurance protection. In the Homeowners line, the trend of increasing tariffs continues.
Net realized gains had a €5.2 million impact on the result (€27.7 million in 2022).
Despite the excellent result in
EMEA
Premiums reached nearly €1.3 billion, representing a 2% decrease and reflecting the fall in the Life business in
The region recorded €47 million in losses, concentrated in
In
MAPFRE RE consolidates its strong growth and increases its contribution to earnings
MAPFRE RE premiums, which include the Reinsurance and Global Risks business, grew 8.8%, reaching nearly €7.9 billion.
The Reinsurance business grew 7.8%, while the Global Risks business is up 12.2%.
The combined ratio improved significantly in the year, reaching 95.6% (-1.2 p.p.), supported by the recovery of tariffs in the reinsurance market, especially catastrophic covers.
Two relevant cat events - the earthquake in
The financial result also grew, with a €128.2-million gross contribution to the Non-Life result (€79.5 million in 2022). Net realized gains had a €12.3 million impact on the result (€2.4 million in 2022).
The net result reached €244.6 million, up 70.6%.
ASISTENCIA (MAWDY) continues to focus on strategic markets for the Group, with a focus on more digital activity
Revenue reached €472 million, growing 9.2%, and recording earnings of €5.4 million.
Agreements of the Board of Directors
In addition to the proposed increase in the final dividend against 2023, the Board has also approved the appointment of
Terminology
Definitions and calculation methodology for financial measures under IFRS 17&9 used in this report are available at the following link:
https://mapfre.com/media/shareholders/2023/2023-12-alternate-performance-measures.pdf
Definitions and calculation methodology for financial measures under homogenized local accounting used in this report are available at the following link:
https://www.mapfre.com/media/shareholders/2022/2022-03-22-alternate-performance-measures.pdf
https://www.mapfre.com/en/communicate/corporate-communicate/2023-annual-earnings-presentation/
Matthews Asia Funds
Matthews
https://global.matthewsasia.com/
A key player in sustainable finance,
https://www.mirova.com/en/about-us
Neuberger Berman was founded in 1939 to do one thing: deliver compelling investment results for our clients over the long term. This remains our singular purpose today, driven by a culture rooted in deep fundamental research, the pursuit of investment insight and continuous innovation on behalf of clients, and facilitated by the free exchange of ideas across the organization.
As a private, independent, employee-owned investment manager,
From offices in 35 cities worldwide, Neuberger Berman manages a range of equity, fixed income, private equity and hedge fund strategies on behalf of institutions, advisors and individual investors worldwide. With more than 600 investment professionals and approximately 2,200 employees in total, Neuberger Berman has built a diverse team of individuals united in their commitment to client outcomes and investment excellence. Our culture has afforded us enviable retention rates among our senior investment staff and has earned us citations in the top-ranked firms (among those with 1,000 or more employees) in the Pensions & Investments "Best Places to Work in Money Management" survey each year since 2013.
https://www.nb.com/en/global/who-we-are
We work with our clients to deliver their desired investment outcomes using our responsible, theme-based approach, fundamental research and deep industry experience.
We believe that achieving perspective - by using our range of global investment themes - can help to block out distracting 'noise', manage risks, and identify the attractive opportunities which can generate long-term returns for our clients.
https://www.newtonim.com/us-institutional/our-purpose/
As the stand-alone asset manager of
https://www.nnip.com/en-INT/professional/about
We service 16 of the world's 20 largest global wealth managers. We serve clients in 20 different countries. Our client service team of ~200 people at 18 local offices represents 30 nationalities. We have ~235 investment professionals in 4 locations, supported by traders and risk analysts.
https://www.nordeaassetmanagement.com/about-us#:~:text=We%20service%2016%20of%20the,by%20traders%20and%20risk%20analysts
.
We believe investors should be compensated for the risks they take - in all market environments and any investment strategy.
We purposely combine robust capital markets research, expert portfolio construction and comprehensive risk management to craft efficient solutions that deliver targeted outcomes.
https://www.northerntrust.com/europe/what-we-do/investment-management/northern-funds
Headquartered in our founding city of
https://www.northerntrust.com/united-states/about-us/investor-relations
https://www.bloomberg.com/quote/OWSIX:US
asset management solutions on the back of its long-standing fixed-income and insurance-related management expertise (stocks and bonds) ;
investment services thanks to our innovative technological platform.
https://www.ostrum.com/en/ostrum-nutshell
Pantheon Asset Management
We are experienced investors in private equity, infrastructure & real assets and private debt. As responsible stewards of our clients' capital, we aim to source and execute the best possible private market opportunities.
Investing with confidence and conviction, we have a long-standing reputation from 35 years of investment experience in private markets. We invest with integrity and professionalism and follow a policy of active ownership and engagement. We listen to our clients, then aim to deliver investment solutions to meet their requirements.
We refuse to stand still. Heritage and innovation come together at Pantheon enabling us to learn from the past while at the same time look to the future. We are at the forefront of pioneering private equity initiatives for the Defined Contribution and Private Wealth markets.
We operate from offices in
Pantheon is owned by
https://www.pantheon.com/introducing-pantheon/
We have over 1,600 employees, including more than 500 private markets investment professionals, across 20 offices. Our global footprint is built on the deep experience and expertise of our local teams.
https://www.partnersgroup.com/en/about/
Baar-Zug, Switzerland;
2024 guidance on gross client demand of
18 billion in new commitments from its global client base in 2023 (guidance
Managing over 300 diverse private markets portfolios in different stages of their lifecycle across all private markets asset classes is
Mandates (
Evergreens (
Traditional closed-ended private market programs (
During the twelve-month period to
Breakdown of total AuM as of
2023
2022
Last 5 years CAGR [4]
Gross client demand
Private equity
75.5
71.2
+ 13 %
7.7
Private debt
29.3
26.8
+ 11 %
4.4
Private infrastructure
25.2
20.8
+ 19 %
3.7
Private real estate
17.0
16.5
+ 4 %
2.4
Total
146.9
135.4
+ 12 %
18.2
In private equity,
In private infrastructure,
Portfolio realizations amounted to
Outlook 2024
For the full-year 2024,
Conference call today
here
or use the contact details at the end of this press release.
Key dates/publications 2024
Financial Results as of
Announcement of AuM as of
Interim Financial Results as of
[1] AuM is an Alternative Performance Metric (APM). A description of the APMs can be found in
http://www.partnersgroup.com/en/shareholders/reports-presentations/
. AUM figures are for
[2] Respective year includes syndications.
[3]
[4] CAGR: compound annual growth rate for net assets for the period
[5] Respective year includes syndications.
In 2018, Impax acquired
https://impaxam.com/about-us/history/
Impax aspires to best practices across all aspects of the management of its listed and private equity investments. Environmental, Social and Governance ("ESG") considerations are embedded within our rigorous ten step investment process for listed equities. Failure by a company to reach the required ESG score will prevent our investment.
https://impaxam.com/investment-philosophy/environmental-social-and-governance-risk-management/
Pictet Asset Management
Pictet Asset Management is a specialist asset manager offering investment solutions and services to investors around the world. Our mission is to build lasting partnerships with our clients by exceeding their expectations for investment performance and service.
https://www.am.pictet/en/us
PIMCO
PIMCO manages assets entrusted to us by central banks, sovereign wealth funds, pension funds, corporations, foundations and endowments, and individual investors around the world. Our scale and specialized resources have helped build a diverse platform of product offerings.
PIMCO manages
https://www.pimco.co.uk/en-gb/our-firm/
When you work with us, you benefit from the global investment management expertise of Principal®. We were founded in 1879 with the vision of helping people and businesses progress toward financial security. Principal now manages more than US
https://www.principalglobal.com/about-us
Founded in 1937,
https://www.putnam.com/about-putnam/
Robeco
Robeco is an international asset manager offering an extensive range of active investments, from equities to bonds. Research lies at the heart of everything we do, with a 'pioneering but cautious' approach that has been in our DNA since our foundation in
https://www.robeco.com/en/about-us/
We're the
Royal London - Membership grows as Royal London continues to champion mutuality -
"In the first half of 2023 we delivered good growth in Workplace Pensions new business and our net inflows increased 25% to over £3.2 billion. This growth, alongside our continued cost discipline, has helped to deliver a 16% increase in operating profit.
"As many of our customers continue to come to terms with the increased cost of living and higher interest rates, our priority has been to help them navigate these challenges, while building their long-term financial resilience. In April, we shared £155 million in ProfitShare with over 2 million members, and the 120,000 new Workplace Pensions customers we have welcomed since the start of the year all became members and are eligible for future ProfitShare allocations.
"Our success in Workplace Pensions is driven by employers increasingly valuing the benefit as a key way of supporting their employees' financial wellbeing. As a result, they are choosing to partner with digital first providers with a strong sense of purpose. As more and more employers adopt this view, mutuals, like Royal London, will be a natural choice. Our mutual mindset of continually focusing on delivering positive enduring change for our customers and wider society ensures they, and employers and advisers, continue to place their trust in us."
Highlights
Welcomed 479 new workplace pension scheme employers and over 120,000 new workplace pension customers, supporting them in planning and saving for the future.
Our financial wellbeing health check was launched at the end of 2022, and we introduced a new state benefits calculator to the service this year, enabling customers to identify potential eligibility for c.£3.75m per annum in benefits, entitlements and grants.
Our flagship Governed Range attracted net inflows of £1.7bn (H1 2022: £1.5bn), with assets under management (AUM) reaching £56bn.
Paid 99.1% (FY22: 99.4%) of protection claims in the first half of year, paying £343m (H1 2022: £304m) supporting over 39,000 customers and their families through life shocks.
Reached an agreement with
Supported financial advisers in meeting their Consumer Duty requirements through a dedicated online hub, interactive webinars and account support.
Investment performance of actively managed funds over three years remains strong despite difficult market conditions, with 95% of funds outperforming their three-year benchmark (H1 2022: 80%) 3 .
Through our social impact strategy, announced a new £1.2m partnership with
Financials
Six months ended
Six months ended
Operating profit before tax 4
£127m
£109m
Transfer to/(from) the fund for future appropriations 5
£161m
£(49)m
New business
Life and pensions new business sales 6
£4,865m
£5,494m
Inflows
Gross inflows 7
£14,977m
£12,772m
Net inflows 7
£3,214m
£2,578m
Funds
Assets under management 8
£153bn
£147bn
Capital 9 (Solvency II)
Regulatory View solvency surplus
£2.6bn
£2.5bn
Regulatory View capital cover ratio
200%
206%
Investor View solvency surplus
£2.6bn
£2.5bn
Investor View capital cover ratio
212%
213%
Operating profit before tax 4 increased by 16% to £127m (H1 2022: £109m) driven by growth in Workplace Pensions new business contribution and higher risk free rates which increased the expected returns on our assets.
Transfer to the fund for future appropriations (FFA) 5 of £161m (H1 2022: transfer from FFA (£49m)) reflects the improvement in operating profit and overall investment returns in line with our long-term expectations.
Life and pensions new business sales 6 of £4,865m (H1 2022: £5,494m) reduced in value as higher interest rates decreased the present value of new business premiums. Workplace Pensions new business sales grew 7% after adjusting for the increase in the discount rate whilst Individual Pensions sales fell as higher interest rates impacted defined benefit transfer volumes.
Net inflows 7 increased to £3,214m (H1 2022: £2,578m) driven by higher external net flows into our Global Equity strategies.
Assets under management 8 increased to £153bn (
Capital position remains robust with the Investor View and Regulatory View capital cover ratios 9 stable at 212% (
Successfully issued a £350m Restricted Tier 1 contingent convertible debt instrument in May, the first of its kind for a
As an investment manager we make decisions every day on behalf of savers and investors around the world. They depend on our broad investment expertise, across private and public markets to manage: £731.6 billion (€871.3 billion/
*As at
https://www.schroders.com/en/about-us/
Schwartz Investment Counsel
We provide effective investment counsel because of our intimate knowledge of the financial markets and a thorough understanding of each client's investment objectives.
Through rapidly changing economic and market conditions, the Firm provides continuity and stability to investment portfolios through fundamental security analysis and our basic value orientation.
As of
https://www.schwartzinvest.com/about-us/
Welcome to
Focus on long-term, mutually beneficial relationships
Strong commitment to fiduciary responsibility and prudent investing to meet clients' investment objectives while remaining consistent with their risk tolerance levels
Diligent application of fundamental security analysis and strict discipline to provide continuity and stability to investment portfolios
http://www.schwartzinvest.com/
https://www.sparinvest.lu/about-us/
https://www.swedbank.com/corporate/asset-management.html
Swedbank´s President and CEO
Increased income during the year
Good cost control - C/I ratio 0.33
Solid credit quality in a weaker economy
Strong capitalisation and liquidity
Proposed dividend of
Contact:
Hannes Mård
, Media Relations Manager, +46 73 057 41 95
This information constitutes inside information that
https://www.swedbank.com/newsroom/press-releases.details.B26E41CC947C163A.html
TIAA Investments
TIAA is a leading provider of secure retirements and outcome-focused investment solutions to millions of people and thousands of institutions. It is the #1 not-for-profit retirement market provider4, paid more than
https://www.tiaa.org/public/about-tiaa/news-press/press-releases/2022/07-20
Tortoise invests in essential assets - those assets and services that are indispensable to the economy and society.
With a steady wins approach and a long-term perspective, Tortoise strives to make a positive impact on clients and communities.
Touchstone Investments
Touchstone Investments offers a diverse, focused selection of mutual funds across asset classes and mutual fund strategies. Combined with our steadfast dedication to active management, we bring a fresh perspective to portfolio construction. We challenge you to take the time to look through a different lens. You will be surprised how you can truly discover the difference.
Touchstone Investments, a Distinctively Active mutual fund company, is committed to providing investors with access to institutional asset managers who act in a sub-advisory capacity. The Touchstone Funds are advised by
https://www.westernsouthern.com/touchstone/about
For more than 25 years,
VALIC
VALIC will now be known as
With this name,
As we move forward, our goal remains the same - helping you Envision MORE when it comes to planning for the future. You can also rest assured that you will continue to be served by the same caring team from the VALIC family of companies.
https://www.aigrs.com/landings/aig-retirement-services
Vanguard Funds
Founded in 1975, Vanguard is one of the world's leading investment management companies. The firm offers investments, advice, and retirement services to individual investors, institutions, and financial professionals. Vanguard operates under a unique, investor-owned structure where Vanguard fund shareholders own the funds, which in turn own Vanguard. As such, Vanguard adheres to a simple purpose: To take a stand for all investors, to treat them fairly, and to give them the best chance for investment success.
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