The PFS board has appointed Ben Wright as a director of the organisation.

Wright is a chartered financial planner and fellow of the PFS, based in Sheffield. He will serve an initial four-year term, with his first board meeting set for 21 March.

The PFS board has also elected two of its existing directors, Carla Brown and Daniel Williams, as vice presidents of the professional membership body.

Both Brown and Williams will act as vice president this year, with one of them to be elected to serve as president in 2025, subject to confirmation at this year’s AGM. The other will serve as president in 2026, again subject to confirmation at the next AGM.

Brown will additionally take on the role of chair of the PFS power panel, on which she has served as an active member for several years.

Fidelity International

The firm has appointed Keith Metters to lead its overall business as president.

Metters, who joined the company in 2020 to head up its Workplace Investing business arm, will report to chair Abigail Johnson.

Metters has more than 25 years of experience in the industry, having previously worked in the US at Fidelity Investments. While there, he adopted a range of roles, most recently leading its Workplace Investing core market division, where he led the implementation of investment strategies and solutions for clients.

He replaces CEO Anne Richards, who announced that she would be stepping down from her role last year.

Titan Asset Management

Square Mile Consulting and Research chief executive Richard Romer-Lee has been appointed co-CEO of Titan Asset Management.

He will share the role alongside current Titan AM CEO Paul Hunt, while also retaining his role as head of Square Mile.

The acquisition of Square Mile by Titan was announced in June 2023 and received FCA approval last week. It includes the £2.5bn in assets under management held across Square Mile’s MPS solutions.

Square Mile will continue to operate under its own brand and management.

Sarasin & Partners

The firm has appointed Nomura AM’s UK head of equity Tom Wildgoose as senior portfolio manager with a global equity focus.

Wildgoose will begin his new role on 4 March after spending over 16 years at Nomura. He began in 2007 as a global equity analyst and portfolio manager, before becoming head of global research for the UK office in 2011, and head of equity investment for global equity in the UK office in 2014.

The financial services firm has appointed Nigel Gregory and Christopher Somers to the group’s Dubai office.

Gregory joins as global head of GSB Capital and has worked in various senior executive roles across compliance, training, sales, and management in UK banks for 10 years.

Somers joins as senior partner in the GSB Private banking team and prior to joining, has held senior positions at Standard Chartered Bank and the Royal Bank of Canada.

CII

The Chartered Insurance Institute (CII) has announced Enas Asiri and Suresh Nair as vice presidents.

Asiri is a long-standing member of the CII and became a Fellow (FCII) in 2015. Prior to joining National Life Assurance (BNL) in 2017, she was the head of the life and medical operations at the Arab Insurance Group (ARIG).

Nair brings three decades of experience in the insurance industry and is currently the executive director at Gargash Insurance Services in Dubai. He is also a Fellow of the CII and holds an MBA.

Lombard Odier

The wealth planning team has announced David Barker as senior wealth planner.

Barker has worked for over 25 years at the accountancy firm, Rawlinson & Hunter, in roles including head of tax and managing partner.

Sarasin & Partners

The investment manager has appointed Edward Lloyd and Jack Brodie.

Lloyd joins as senior investment manager after six years at Quilter Cheviot, whilst Brodie joins as investment analyst at the Sarasin Bread Street team.

Loyal North PLC

The financial planning business has hired Kuan Ang as group finance director and board member of the executive committee.

Ang brings 20 years’ experience working in senior roles for Ernst & Young and Deloitte.

SimplyBiz

The financial advice firm has hired Fabian Wiesner as head of distribution partnerships.

Wiesner joins from Aviva Investors as strategic partners manager and has previously held positions at Old Mutual Global Investors.

Spring Capital Partners

The funds distribution partner has appointed Dani Hristova and Will Nott as non-executive directors.

Hristova began her career at Legal & General Investment Management in 2015, and has since worked at Schroders Investment Management and Nordea Asset Management. She was recently appointed chief executive of Independent Investment Management Initiative (IIMI).

Nott brings four decades worth of asset management experience. He spent 34 years with M&G, where he was the chief executive of M&G Securities for 17 years. He was the President of the European Fund and Asset Management Association (EFAMA) from 2017 to 2019, and is currently chairman of Door Ventures, the digital RFP platform.

Mirabaud Wealth Management

The investment service has appointed Jonathan Unwin as head of portfolio management for the UK.

Unwin brings over 16 years’ experience managing client wealth. He has worked at Credit Suisse and in 2015, was the deputy head of asset management at Banque Havilland, a Luxembourg-based private bank.

Chartered Institute for Securities & Investment (CISI)

The professional body has hired Emma Black as president of the CISI North East Committee.

Black co-founded the wealth management company called Tier One Capital and built a compare-the-market savings tool called Cascade Cash Management. She also co-founded the new bank – GB Bank – in 2017 and has lectured across undergraduate and post-graduate levels at Durham University, Newcastle University and Leeds University.

Tom Kynge, deputy fund manager at Sarasin & Partners, said from the end of June the team have been selectively adding to investment grade bonds to reflect its view the worst of the interest rate rises is now over and that spreads offer good value.

“We have been positive on better-quality corporate bonds, known as investment grade bonds, for some months now,” he said. “These are bonds issued by companies that have robust businesses and reliable cash flows, and so are less likely to fail to make interest payments or repay loans.”

While the peak in the rises may be over, Kynge said the expectation interest rates will stay higher for longer has made these bonds more appealing in terms of the balance between risk and return they offer over the medium term.

“Buyers of bonds today are able to benefit from yields that are higher than at any time since the Global Financial Crisis of 2008,” he said. “For bond buyers, the combination of higher yields and relatively low credit risk is highly attractive, creating a supportive market for good-quality bonds.”

Outside of corporate bonds, Kynge said the team has also reviewed its exposure to alternative assets that have similarities with equities and bonds, including infrastructure which was one of the worst performing markets as interest rates rose.

“We believe it is time to revisit this sector, which offers good long-term potential as a result of urbanisation, modernisation and the transition to lower-carbon economies,” he said. “We also favour assets that are likely to perform well in response to the persistent inflation that underlies the outlook for higher-for-longer interest rates.

“Commodities are an obvious choice here, with oil and other hard commodities, such as gold, tending to do well during periods of inflation,” he added. “Longer term, these holdings are likely to benefit from rising commodity prices caused by geopolitical tensions and climate change.”

On the flip side, Kynge said higher rates can increase economic risks, for example making it more expensive for a company to borrow money to expand its business, or simply keep the business going.

“As this dynamic works its way through the global economy, investment markets will adjust to reflect the new normal – and this will make for more volatile markets,” he said. “In this environment, investors should consider the benefits of hedging strategies that can help protect portfolios, or even enhance returns.”

The global asset manager has appointed Oskar Geldof as head of BeNeLux.

Geldof has over 20 years’ experience and joins after a decade at Fidelity International where he was head of institutional sales for the Netherlands.

GSB Capital

The global wealth manager has hired Natasha Nathanielsz as client impact manager.

Nathanielsz brings 20 years’ experience in banking, customer service, and bank office administration support.

Evelyn Partners

The financial services company has expanded its Bristol financial planning team, hiring Bronwen Lancaster as partner, Joy Wisniewski as associate director of financial planning, and Chris Iles as a financial planner.

Lancaster has 20 years’ experience and joins Evelyn Partners from law firm, Irwin Mitchell.

Wisniewski joins from Hartsfield, where she spent 9 years, and previously worked as an advanced financial planner in banking in Australia.

Iles joins from Schroders Personal Wealth where he was a chartered financial planner.

Franklin Templeton

The investment service firm has appointed Maximilian Beeck as head of wholesale Switzerland.

Starting his career at UBS, Beeck has also previously worked at Janus Henderson and Allianz Global Investors.

Natixis Investment Managers

The asset manager has appointed Laura Kaliszewski as global head of client sustainable investing.

Kaliszewski joined Natixis in 2020 and has more than 15 years‘ experience in sustainable and impact investing, portfolio management, credit and risk with firms such as Deutsche Bank and JPMorgan.

Charles Stanley

The wealth manager has announced Abbas Owainati as head of asset allocation and Amish Patel as head of equity research.

Owainati has held roles as a macro strategist and economist at Quilter Investors.

Patel was previously a senior equity analyst at Talisman Global Asset Management and has worked at Quilter Cheviot and Janus Henderson.

WisdomTree

The asset manager has appointed Eva Casey as director of Ireland and Channel Islands sales.

Casey has 13 years’ experience in the asset management industry and joins WisdomTree from the institutional business team at State Street Global Advisers (SSGA).

Prior to SSGA, Casey spent seven years at Invesco, and has worked at Société Générale and Aviva Investors.

Walker Crips Financial Planning

The investment service has hired Joanne Crewe and Paul Gooch as financial planners.

Crewe has spent 23 years advising clients at Pannells Financial Planning Ltd before its acquisition.

Gooch also worked at Pannells Financial Planning Ltd, spending two decades advising clients and being part of the senior leadership team.

PGIM Investments

The investment manager has announced Rochus Appert as country head of Switzerland.

Appert has 30 years’ experience in the Swiss financial industry and joins from Columbia Threadneedle where he was most recently head of discretionary sales, Switzerland.

Appert has previously worked at BMO Global Asset Management, State Street Global Advisers, Credit Suisse and WestLB.

Kleinwort Hambros

The private bank has hired Gene Salerno as its new chief investment officer (CIO).

Gene brings over 20 years’ experience of cross-asset expertise and innovation.

He has headed investment strategy for SG Kleinwort Hambros, and since 2020, has been chief transformation officer.

AAB Group

The accountancy firm has hired Emma Lancaster as chief executive.

Succeeding Graeme Allan who has been at AAB for more than 16 years, Lancaster brings 15 years of board level experience in CEO and CFO roles in private equity backed, international, and people-based businesses.

Independent Governance

The pensions trusteeship and governance services has made four new hires.

This includes Yogen Mauree and Kate Tollis as trustee directors, alongside Peter Clarke as trustee manager, and Charlotte Bracken as marketing manager.

Mauree has joined from Signet Capital as head of risk management.

Tollis brings 25 years’ experience, joining from IGG as head of scheme governance and secretariat alongside roles for the British Airways (DB) pension schemes.

Newton Investment Management

The investment manager has appointed Liliana Castillo Dearth to lead the firm’s emerging market and Asia equities team.

Dearth has managed equity strategies for more than 20 years, most recently as portfolio manager at Wellington Management. Prior to Wellington, Dearth spent 18 years at AllianceBernstein.

Sarasin & Partners

The investment manager has announced six new hires.

These include two appointments from the charities team, Alexander True and Tania McLuckie – and four appointments from the private client team – Stephen Rothwell, Nick Wood, James Fishbourne and Graeme Bruce.

True, who joined Sarasin & Partners in 2014, brings over 15 years’ experience in financial services and charity portfolio management.

McLuckie has 10 years of investment experience across multi-asset and absolute return portfolios for charities, pensions, trusts and private clients.

Rothwell brings 25 years’ experience in the investment management and banking industry, working in management positions and with private clients and their advisers.

Wood, who joined Sarasin & Partners in 1998, is responsible for managing investment portfolios including trusts and pensions.

Fishbourne joined Sarasin & Partners in 2004 and is an investment manager with responsibility for private client portfolios.

Bruce who joined the firm in 2013 manages segregated international private client portfolios.

Belasko

Belasko has appointed Hannah Dunnell as managing director in its Guernsey office.

Dunnell brings 17 years’ experience in the local financial services industry, working across fund administration, corporate services and company secretarial services.

But while most risk assets have managed to deliver positive real returns so far this year, the broader backdrop remains challenging – as the full impact of central bank efforts to clamp down on inflationary pressures has yet to be felt.

In the face of ongoing uncertainty, six investors outline their thoughts on markets for the final quarter of the year and beyond.

Not a time for major calls

By Niall O’Sullivan, chief investment officer, multi-asset strategies, EMEA at Neuberger Berman

We have greeted this year’s equity market rally with some trepidation. While strategic asset allocations have done well, we have been cautious as equity markets appeared to diverge from economic fundamentals.

Initially, each month of divergence increased our concern about market levels, especially as investors were being paid to be patient by cash and short-term bond yields. Eventually, however, the balance between tactics and strategy made us recognise the near-term momentum was too strong to fight against, even as we held onto our medium-term outlook. By mid-year, we were shifting to neutral. But a ‘neutral’ view does not mean a portfolio has to be static.

What can be done to eke out incremental excess return opportunities? One place to look is within, rather than among, asset classes. For example, in equities, regional tilts can be explored. Japanese equities still appear attractively valued in a policy environment that remains very accommodative next to other developed markets, even after the Bank of Japan’s recent adjustments to yield-curve control.

No free lunch from here

By Andrew Lake, head of fixed income at Mirabaud Asset Management

The big danger right now is that inflation does not come down. Given people are not losing their jobs and consumers continue to spend, we must at least consider the scenario that inflation does not fall as quickly as expected.

One consequence of this would be the Fed continues to hike rates and a potential policy error occurs as they overtighten into a market that is already weakening – triggering a recession. The Bank of England could be going this way.

Overall, it is a tough environment and views are quickly flip-flopping between bull and bear. Right now, the government bond bears seem to be winning with forecasts of a ‘Goldilocks’ scenario and no recession. But the flip side of that is higher treasuries, which would cap equity market performance, so sadly there is no free lunch for investors with either scenario.

Expect greater market breadth

By Scott Berg, portfolio manager of the T Rowe Price Global Growth Equity strategy

Equity markets have performed well this year, but much of the gains have been concentrated in US mega-cap technology stocks.

In our view, rapid technological change, Covid, and geopolitical conflict are creating the setup for a bumpy ride going forward, where grinding out returns will be important. Markets will increasingly reward those companies that can withstand an economic decline and maintain or expand profit margins.

With the era of low interest rates, low taxes, low wage growth, cheap commodity prices, easy technological gains, and deflationary globalisation now passed, this will have implications for profit margins for all companies. While the first eight months in 2023 have somewhat hidden this theme, as mega‑cap technology companies have exerted a strong influence on equity returns, this narrowness will inevitably fade to create greater market breadth.

Bonds again present value

By Phil Collins, chief investment officer, multi-asset at Sarasin & Partners

Rather than looking to China, global equity markets have fixated on the hype around generative artificial intelligence (AI). This has bid up a small number of technology companies into what could be a mini asset bubble. Just seven stocks account for the lion’s share of the rise in the S&P 500 this year.

For the first time in many years, we find that bonds present attractive value. Corporate bond spreads are attractive relative to historical levels, while government bonds are close to fair value in the US, Europe and UK. Higher yields, resilient company earnings and strong balance sheets make good-quality corporate bonds a viable alternative to equities, and we have been adding long-term income generators to the portfolios.

The higher returns now available on bonds prompt a rethink of the pros and cons of holding alternatives. As well as offering competitive returns, carefully selected bonds can also provide better liquidity and lower risk profiles than some alternative investments. Even cash is coming into its own once again, with low risk returns able to compete with absolute return strategies.

The golden trust opportunity

By Nick Greenwood, manager of MIGO Opportunities plc

The investment trust sector has recently witnessed a perfect storm in recent weeks, as a number of factors coincided to trigger a rapid widening of discounts across the entire space. We have reached the point where many commentators are suggesting recent events have sounded the death knell for investment trusts. This is a call that we have heard many times over the decades, but the sector continues to evolve.

A fundamental reason why the trust sector should prosper is that asset classes such as property, private equity and shipping cannot operate within an open-ended fund. It would be impossible to sell a fraction of an office block or a containership within twenty-four hours to meet a client sale.

We firmly believe we will look back at the summer of 2023 and reflect that it represented a golden opportunity to buy discounted investment trusts.

Boon for yield-curve strategies

By Robert Tipp, chief investment strategist and head of global bonds at PGIM Fixed Income

Interest rates have just migrated from a decade of ultra-low levels back to what may be a sustained period back ‘home’ in their long-term 3-5% range. The renewed higher level of yields should easily support investment grade returns in the mid-single digits, with high-single-digit returns likely on the higher-risk sectors – such as high yield corporates and hard currency emerging market debt.

Rather than a harbinger of recession, the inverted yields of many DM markets suggest investors’ collective psyche remains anchored in the low-rate era, convinced that rates will be lower in the near future. Just as investors never caught up with the 40-year secular decline in rates, the inverted curve could be with us for some time, leaving a boon for yield-curve strategies.

Furthermore, with the vast majority of rate hikes behind us, market volatility is set to fall. A re-emergence of the ‘search for yield’ is likely to follow, providing a tailwind for spread product and further boosting returns.

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