The firm writes that this latest development sees it onboard an active deal pipeline, as a cornerstone of DWS’s strategic initiative to fast-track the growth of its EUR111 billion Alternatives franchise. 

DWS has a 50-year plus track record in Alternatives including established strength in real estate, infrastructure, liquid real assets and direct lending.

The firm writes that the new Capital Solutions business unit will be part of DWS’s Alternative Credit business and offer sophisticated and flexible solutions in the special situations lending space. 

The unit adds to DWS’s other strategic initiatives in Alternative Credit which include Direct Lending, Leveraged Loans and Structured Credit.

Based in London, Spasov is a senior industry figure with over 20 years of capital solutions experience. He was most recently Founder & Chief Investment Officer at Trimontium Capital, and was previously a Managing Director in the Hedge Fund Solutions Group at Blackstone and a member of its Special Situations Investing Group. Prior to that Spasov was a Principal at Ares Management and Vice President at Fortress Investment Group.

He reports to Dan Robinson, Head of Alternative Credit (EMEA).

Dan Robinson, Head of Alternative Credit (EMEA) at DWS, says: “With the appointment of Vlado we are moving forward at pace with our commitment to grow in Alternative Credit. The Capital Solutions strategy addresses an under-served part of the private credit markets between senior debt and equity. Vlado is highly experienced in providing innovative, flexible solutions in this space with a strong and proven track record and we are very pleased to have attracted him to DWS. As well as leading our Capital Solutions business we expect Vlado to play a leading role in the growth of our Direct Lending business.”

Vlado Spasov, Head of Capital Solutions at DWS adds: “There are significant opportunities for growth within the most sophisticated areas of the private credit markets, especially in the delivery of complexity premia to our investors. I look forward to working with the team at DWS and building a leading capital solutions franchise.”

Jupiter writes that it has agreed with GAM that, in order to best serve investors in the GAM UK Equity Income Fund, the fund will continue to be managed by Adrian and Chris following their move. Initially, Jupiter will manage the fund under a subadvisory agreement until it is transferred to Jupiter’s platform later in 2024, subject to customary approvals.  Additionally, subject to regulatory approval, Adrian and Chris will at some point next year assume management of the GBP1.5 billion Jupiter Income Trust, currently managed by Ben Whitmore. Gosden will report to Kiran Nandra, Head of Equities, and Morrison will report to Adrian.

Over three years, the GAM UK Equity Income Fund has recorded top quartile performance, returning 27.7 per cent versus the FTSE Allshare benchmark of 24.3 per cent (as at 30.09.23). Before joining GAM in 2017, Gosden co-managed the GBP10 billion UK equity income franchise at Artemis, having previously held roles at Societe Generale Asset Management and Fleming Investment Management.

Chris Morrison worked closely with Gosden during their time at GAM, having joined the company in 2011. Prior to that, he worked at Bank of Tokyo Mitsubishi UFJ Asset Management where he managed European equity portfolios.

Gosden says: “I am excited to join Jupiter and am looking forward to being part of its successful equities team. Their ethos of high conviction, truly active management is closely aligned with the way that Chris and I have invested over our careers and which we continue to believe can deliver the best outcomes for clients. UK equities have not been in favour with investors in recent years but the United Kingdom is home to many companies which are leaders in their field, with strong balance sheets and resilient business models. Valuations are low and, with the combination of strong dividends and enhanced share buybacks, I believe we will see increased appetite for the asset class from both domestic and international investors.”

Kiran Nandra, Head of Equities at Jupiter Asset Management, says: “Adrian is one of the most highly regarded UK Equity Income investors in the market with a very strong track record of delivering performance for clients and of raising AUM in this asset class. We are delighted to have him as part of the equities team at Jupiter. The current manager of our Jupiter Income Trust, Ben Whitmore, manages a range of value strategies and will continue to focus on these.

“Since I joined Jupiter in the early part of this year, we have been looking closely at our equity range of funds, including UK equities, and it is our intention to continue to develop and grow this part of our business, ensuring our clients have access to the best investment talent and a compelling mix of high quality, differentiated active investment strategies.”

Under the terms of the agreement, SSGA will manage a multi-billion pound portfolio on behalf of Van Lanschot Kempen’s pension fund fiduciary management clients in the UK, using a comprehensive investment solution which enables greater flexibility, efficiency and control over portfolios for clients of all sizes, freeing many from the potential limitations of pooled funds for the first time.

The firm writes that the partnership reflects the changing LDI landscape and the need to develop new approaches for management of LDI portfolios. Among other drivers, the Bank of England becoming a net seller of gilts at the same time as issuance is increasing has prompted many pension schemes to review their approach to LDI, the firm says.

The individually segregated solution, jointly designed by Van Lanschot Kempen and SSGA, and powered by the market leading Charles River Investment Management Solution (CRIMS), will help clients navigate this new economic landscape, manage liquidity, reduce their funding level volatility, and implement their investment strategies in a transparent and cost-effective way.

Critically, the solution will utilise real time data and regular updates from portfolio managers and advisers with the aim of ensuring the highest standards of governance across portfolios, plan for a range of scenarios and the operational resilience of pension schemes.

Nikesh Patel, Head of Client Solutions & Chief Investment Officer at Van Lanschot Kempen, says: “The LDI landscape has fundamentally changed and we believe a more robust approach is needed than has been available to investors historically. In our conversations with trustees of schemes of all sizes, we have noted a desire for an investment solution which provides greater liquidity control and dynamic management to allow schemes to plan for a range of scenarios in an uncertain macroeconomic environment. This LDI investment solution, which we have developed in partnership with State Street Global Advisors, will allow us to be even more responsive and deliver stronger investment outcomes for our LDI clients.”

Alistair Byrne, Head of UK Institutional Distribution, at State Street Global Advisors, says: “We are delighted to deepen our partnership with Van Lanschot Kempen with this important LDI mandate. We have been investing in our people and technology and look forward to supporting Van Lanschot Kempen in growing its fiduciary management business.”

Robeco writes that Nick King brings valuable experience to the firm, having previously served in senior roles at Fidelity International and BlackRock, where he specialised in ETF product development, portfolio management, and distribution across various asset classes. King’s expertise will be key in steering Robeco’s development into the ETF market.

Ivo Frielink, Head Strategic Product & Business Development at Robeco, says: “We are very pleased to welcome Nick to Robeco as Head of ETFs. His extensive experience in ETFs and his commitment to innovation align perfectly with Robeco’s strategic vision and research-driven approach. We are confident that under Nick’s leadership, Robeco can successfully wrap its investment expertise and strategies into a comprehensive ETF lineup.”

Robeco writes that ETFs have been under consideration at the firm for a while, given their growing popularity and versatility in the investment landscape. Robeco recognises that ETFs present a major opportunity to package strategies, complementing existing capabilities offered through mutual funds and mandates.

Nick King, incoming Head of Exchange Traded Funds at Robeco, says: “I am delighted to join Robeco during this pivotal moment in its journey into the ETF market. I look forward to leading the charge, and leveraging my experience to drive innovation and success in this rapidly evolving space. Together with the talented team at Robeco, I am confident that we can make a meaningful impact on the future of ETFs.”

Nick King’s new position of Head of ETFs at Robeco as Head of ETFs has been created within the organisation as it explores and prepares to launch ETFs – a new endeavour for the company. His previous experience within the ETF space will prove to be very valuable, the firm says.

The firm adds that Robeco is constantly seeking ways to expand the delivery of its investment strategies and innovate. “ETFs are one such opportunity to achieve both. Given their advantages as compared to mutual funds, we expect ETFs to become a preferred vehicle for investors in the long run. Offering both mutual funds and ETFs will position us up for long-term competitiveness and increase our ability and flexibility to serve clients.”

Commenting on Robeco’s commitment to active management, the firm writes that the notion that ETFs are strictly passive is often misconceived. “Ultimately, ETFs are simply another vehicle to wrap intellectual property, whether that be via passive or active strategies. Managers globally have been coming to market with ETFs to package active strategies. While the active ETF market in Europe may still be nascent, we believe Robeco can capture significant growth as an early adopter and provide differentiated products compared with existing ETFs, especially given our SI expertise.”

Robeco is working to launch its first ETF in the second half of 2024. The firm adds that: “As a complement to mutual funds, the ETF platform will be built to, in time, service all possible Robeco strategies, including within equities, multi asset and fixed income. We will likely also use the ETFs to package Robeco indices.

“Exact strategies to be wrapped are still to be determined; however the focus is that the ETFs will wrap Robeco intellectual property in line with our key strengths of sustainability, quant investing, thematics, credits and emerging markets.”

Prior to that, he was a founder of World Golf Group, the precedent for LIV Golf. Harrison has also held senior positions with Standard Life UK as Investment Director, Global Financial Institutions and with Capital Group as Managing Director, Global Financial Institutions.

Harrison’s appointment comes in the wake of Fundpath’s completion of a GBP4 million late seed funding round with growth capital partner Fuel Ventures. The investment in Fundpath is one of Fuel’s largest commitments to date, allowing Fundpath to extend the breadth and depth of its systems and proprietary data, to invest in new technologies, and recruit more people.

Harrison is among four key appointments today announced by the firm:

·       Flora Scott joins Fundpath as Chief Marketing Officer, having consulted for the organisation over the last two years. Previously Scott headed Communications & Marketing at asset manager Redwheel.

·       Jim Way joins as Senior Relationship Manager. He brings 24 years of sales experience in asset management, having most recently been with Invesco.

·       Stephen Capon joins the company as Senior Relationship Manager, having spent the last 20 years working with investment funds and solutions at Ninety One Asset Management.

Co-Founder & CEO, Jamie Hinchliffe comments: “We simply use the power of real time, accurate and whole of industry data to share information across the whole fund distribution ecosystem to enable more targeted, more effective communication between the buyers and sellers of funds.

“This is a critical period in our evolution as we develop the Fundpath offering and capability, and it is vital that we can invest in the very best people. With his deep experience on the frontline with Standard Life and Capital Group, Adam understands only too well the disconnect which exists between asset and wealth managers. We are grateful to our funding partner Fuel Ventures, without whom we would not be able to invest in building the team with such confidence.”

Commenting on the significant market opportunity and his new role, Harrison says: “From my earliest engagement with the team, I could see the enormous potential of the Fundpath model, and the way in which it improves the flow of information and democratises data. Fundpath presents a new way of thinking about fund distribution, using the power of data to better serve clients. It’s a very powerful tool, and I am excited about the efficiencies we are bringing to our wealth management partners and asset management clients alike – and the Company’s ambitious development plans.”

As part of the broader build-out of the USD777 billion firm’s private assets capability, Fidelity’s private credit team was established in early 2021 to launch a full range of loan and private credit strategies.

In November last year, the team launched Fidelity’s first collateralised loan obligation (CLO), the Fidelity Grand Harbour 2021, aligned to SFDR Article 8 requirements, which was a first for the industry. Future launches will focus on further expanding the European loan and CLO platform, as well as a focus on structured credit and European direct lending.

Michael Curtis, head of private credit strategies at Fidelity International, says: “Fidelity entered the private credit market in early 2021 and subsequently launched its first SFDR Article 8 aligned CLO in November 2021. Since then, we have invested heavily in growing the team to ensure we have the right level of support and technical expertise to help drive our ambitious expansion plans as we diversify into new areas such as direct lending.”

Andrew McCaffery, Fidelity International’s global CIO, adds: “A growing, and broader, profile of investors are joining the structural trend to add and increase private assets allocations within their portfolios, and we expect this to expand further over time. We are committed to building a broad private assets business across a wide range of capability areas. Using our bottom-up research process, we will continue to leverage our global research capability and established public markets sustainability methodology to bring an effective ESG approach to private markets.”

McCaffery continues: “To support our growth plans, it’s important we attract and invest in experienced talent, as we have done with the private credit team. More broadly, our private assets business continues to grow at pace, and we have now hired close to 70 dedicated employees across various functions over the past year.”

Among the key new hires, Marc Preiser has joined the Fidelity International Private Credit team as portfolio manager and will focus on developing and launching a direct lending offering. He joins after five years with Apollo Global Management, where he developed and managed Apollo’s direct lending business in Europe, and brings a proven track record in building private credit businesses with over 20 years’ investing in middle market direct lending opportunities at Apollo, MidCap Financial and Merrill Lynch Capital.

Raphael Charon has joined as head of origination for direct leading. He previously 10 years at Bank of Ireland where he held the position of deputy global head of leveraged and acquisition finance and CEO France, bringing extensive experience in originating and assessing complex transactions in the European midmarket space. Prior to this Charon held senior roles in leveraged finance origination and capital markets at RBS and HSBC.

Pierluigi Volini will lead credit risk management and portfolio oversight across private credit strategies. He is an experienced illiquid and liquid corporate credit investment professional with a track record of over 20 years deploying capital in European sub-investment grade corporate debt across special situations, distressed debt, high yield and leveraged loans. Volini joins from Credit Suisse where he spent 10 years as head of European special situations desk strategy – having previously held similar roles at Barclays, Lehman Brothers and Goldman Sachs.

Tim Johnston joins as managing director for direct lending from Beechbrook Capital, where he was a partner. Johnston brings 15 years’ experience of originating, executing, and monitoring transactions in the UK direct lending market. He has completed more than 30 transactions across a wide range of sectors and has held board observer roles at more than 15 investee companies. Prior to Beechbrook, worked at ICG and at PwC.

Ben Forman has also joined Fidelity’s private credit team as director of direct lending to help develop and launch the firm’s direct lending initiative, bringing 20 years of experience. Forman was previously a director in the leveraged and acquisition finance team at Mizuho Bank, where he led complex financings for mid-cap and large-cap private equity sponsors across Europe. He also has prior experience in restructurings and workouts, successfully completing several restructuring processes in his time at Mizuho. Before joining Mizuho, he worked at Dresdner Kleinwort in M&A.

And Mikko Iso-Kulmala has been appointed as a private credit investment director from Barings, where he spent nine years in the high yield and leveraged loan team. At Barings, he looked after the client portfolio management for the franchise, as well as most recently overseeing the investment business management aspects for the team. He helped the firm to grow into one of the European loan managers, working on a number of private credit offerings whilst also helping to build out special situations credit business and focusing on the CLO franchise. Prior to this, he worked at JP Morgan Asset Management.