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Investor Diaries: Miami advisors' hot new market and Peru's wealth frenzy

David Gutierrez gives us the lowdown on what’s got Peru’s private wealth industry excited, while Citywire newcomer Raj Dhaliwal makes her first trip to offshore hotspot Miami

MIAMI

Raj Dhaliwal

Relationship manager

I had never set foot on Floridian soil before joining Citywire, but in just my third week of work I was off to the US offshore hub alongside Samantha Muratori, our head of Latin American and US offshore relationship management.

On our very first day in Miami we were greeted by a powerful storm – not exactly what I was expecting from the city, but an unforgettable experience nonetheless.

Luckily, the sun finally shone through, and over the next three days we had meetings with representatives from Citibank, Santander, Sabadell, Bolton, IPG and AZ Apice, who each offered me unique insights into their businesses.

From AZ Apice, we met Bruno Gorgatti and Walter Alves – two Brazilians who launched the RIA in March 2015.

They believe that independent businesses will really take off in the coming years; clients like both the transparency and the range of services these firms can offer.

We asked each fund selector how they’re preparing for an inflationary scenario. The general consensus among those we met was that it is now more important than ever to create a core asset allocation model from which portfolios can be built.

Although the market is continuing its upward trend, the gatekeepers we met were concerned about their portfolios and are wondering whether there is too much risk on the table.

In order to minimize the effects of an inflated market, the fund selectors are constantly reassessing their strategies and weighing up whether they need to find safer alternatives for the future.

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HOT TOPIC


Even though the US market is continuing to grow, there is another market in favor here – Europe. Fund selectors were in agreement about wanting to increase their exposure to European funds, but they differed on the strategies they choose.

Larger banks recognized the growth of the European market but also noted that it was slow moving, opting to increase allocation to European large caps. Some RIAs wanted to increase their allocation to European equities too, but predicted that the strength of the Euro large caps may lead to difficulties exporting goods. For this reason, they focused their attention on small caps instead.

POPULAR GROUPS


  • BLACKROCK
  • MFS
  • FRANKLIN TEMPLETON
  • ALLIANCE BERNSTEIN

TRENDING SECTORS


  • EUROPEAN EQUITIES
  • HIGH YIELD
  • MORTGAGE BACKED SECURITIES
  • FLOATING RATE

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Raj and Samantha (right) meet AZ Apice’s Bruno Gorgatti (left) and Walter Alves

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Raj catches up with Brasil Plural’s Gustavo Farhat

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PERÚ

David Gutierrez

Relationship manager, Latin America

Christmas is coming early for the Peruvian private wealth management industry. Many of the private banks, family offices and wealth management firms I visited on my most recent trip to Lima were extremely busy handling clients who were considering taking up the government’s offer to repatriate their wealth.

Some wealth businesses, such as Scotiabank’s private banking arm, were happy with the results, but many private bankers were finding themselves short of time to take care of the increasing demand for their services.

I was told that the most challenging piece of the puzzle is finding the right structures to repatriate those funds in order to make the most out of the amnesty. Declaring offshore money is one thing – returning that money onshore is quite another. After all, Peruvian investors don’t trust their own country or currency, and prefer to keep their investments outside the country, in mostly US dollar denominated assets.

Family offices are also taking their slice of the pie. Some groups, such as Grupo Wiese, are thinking of expanding their family office business to include the administration of financial assets for families. It’s good timing for smaller businesses too: this policy is not just for the super-rich. There are people with hundreds of thousands dollars in investments offshore who are also taking part in the amnesty. Someone needs to service them too, especially as large institutions tend to ignore them.

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HOT TOPIC


For the amnesty to be a success and for the government to secure these assets, Peruvians need to feel secure. Many are skeptical of current president Pedro Pablo Kuczynski’s ability to deliver on reforms. He is yet to deliver on many of the policies he promised and markets are already pricing in a full-term government that will act on neither what was promised nor what needs to be done.

POPULAR GROUPS


  • JP MORGAN ASSET MANAGEMENT
  • MORGAN STANLEY INVESTMENT MANAGEMENT
  • BLACKROCK
  • ABERDEEN ASSET MANAGEMENTM
  • VONTOBEL ASSET MANAGEMENT

TRENDING SECTORS


  • EMERGING MARKETS
  • US EQUITIES

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David chats to Jose Luis Rodríguez (left) and Rodrigo Mendoza (center) from Grupo Wiese

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