The Most Influential Chief Investment Officers to Follow in 2024

Vol: 03 Issue: 07 2024 to 2024

, , , , Wai?ng helps you as an investor and a lot of people just can't stand to wait. If you didn't get the deferred-gra?fica?on gene, you've got to work very hard to overcome that. - Charlie Munger

Editor’s Note istory is replete with examples of how patience, navigate turbulent waters and steer portfolios towards long- discipline, and emotional control have shaped term success. Drawing from the lessons of history and the H investment success stories. From legendary wisdom of seasoned investors, CIOs serve as guardians of investors like Warren Buffett, known for his patient capital, entrusted with the responsibility of preserving and approach to value investing, to institutional investors who growing wealth in an ever-growing world. adhere to disciplined risk management practices, the The most important importance of these qualities cannot be overstated. Market The CIO World's latest edition 'The Most Influential “ downturns, economic crises, and geopolitical events have Chief Investment Officers to Follow in 2024' focuses on quality for an investor is tested the resolve of even the most seasoned investors, yet such guardians who are considerably influencing the “ temperament, those who have stayed true to their principles have often investment business with their strategic acumen, monitoring emerged stronger on the other side. the company's numerous investments to develop distinctive not intellect. investment strategies that provide profitable returns for the Chief Investment Officers (CIOs) play a crucial role in firm. - Warren Buffe? embodying these principles within institutional investment firms. As stewards of large pools of capital, CIOs are tasked Have a good read ahead! with overseeing investment strategies, allocating resources, and managing risk on behalf of their clients or organizations. Their leadership sets the tone for investment decision-making and shapes the overall culture of the firm. In times of market volatility and uncertainty, CIOs must exhibit unrelenting discipline and strategic foresight to Alaya Brown

CONTENTS Cover Story Vijay Valecha Redefining the Career 08 Paradigm in Finance Profiles Fabiana Fedeli A Journey of Determination and 18 Global Exploration Louis Flamand Bridging Institutional Expertise with 22 Retail Accessibility Teymour Abou El Kheir Fueling Passion for Impact 32 Werner Braunöck Welcome to the Vanguard of 36 Transformative Investing Articles The Art of Reflection! How to Grow from Investing Missteps 14 From Graham to Buffett! Evolution of Value Investing Strategies in the Hands of 28 Chief Investment Officers

Company Name Featuring Descrip?on Damien, a seasoned professional, transi?oned from notary to Damien Nizerolle AccorInvest leadership roles at Klépierre and Unibail-Rodamco. His notable Group Chief Investment www.accorinvest.com achievements in acquisi?ons and investments culminated in his Officer current role as Group Chief Investment Officer at AccorInvest. Blue Diagonal Demetris, CIO of Blue Diagonal Capital, has 25 years of global Capital Limited Demetris Efstathiou financial market exper?se, specializing in emerging markets www.bluediagonal Chief Investment Officer and fixed income. capital.com Fabiana Fedeli Editor-in-Chief Chidiebere Moses Fabiana, raised in Rome, Italy, experienced adversity due to her M&G Investments Chief Investment Officer, father's un?mely death and gender-ascribed roles, leading her Deputy Editor Sam Carter www.mandg.com Equi?es, Mul?-Asset, to remain agnos?c to societal norms. and Sustainability Managing Editor Alaya Brown Assistant Editor Maria Evans Santander Private Juan is an experienced wealth management professional who Juan Sanchez-Roselly Banking specializes in financial advising, investment decisions, Global Chief Investment Visualizer Chris Carter www.santanderprivate behavioral finance, asset alloca?on, and economic history, as Officer banking.com well as knowledge of mul?cultural situa?ons. Art & Design Head Millie Simon Art & Design Assitant Judy Smith Louis is a seasoned private equity professional with extensive Altaroc experience in audit, management consul?ng, and wealth Louis Flamand Business Development Manager Phoebe Jacob www.altaroc.pe management, managing global private equity por?olios and Chief Investment Officer selec?ng private market funds globally. Business Development Executives Aisha, Olivia Technical Head David Walker Michael co-founded ROCE Capital. With a background at T Michael Niedzielski Rowe Price and Fidelity, he holds an MBA from Columbia, ROCE Capital Co-founder & Assitant Technical Head Mia Rodricks speaks mul?ple languages, and champions pediatric cancer www.rocecapital.com Chief Investment Officer research. Helena Smith Digital Marketing Manager Omar, a 16-year investment banking veteran with experience Research Analyst Eric Smith in fund placement, asset management, risk management, Greenstone Placement Omar Al-Gharabally por?olio advisory, private banking, and fundraising, is the Management FZ-LLC Circulation Manager Richard Martinez Chief Investment Officer Chief Investment Officer, President, and Partner of Greenstone www.gsequity.com Equity Partners. As a CIO, Teymour is a passionate advocate for innova?ve ideas Infinity Capital Teymour Abou El Kheir to tackle climate change and reduce carbon emissions through Investment Chief Investment Officer renewable energy sources like solar and wind. h?ps://infinitycapital.ro Follow us on www.facebook.com/thecioworld Vijay, a Chemical Engineering graduate, transi?oned from a www.twitter.com/thecioworld Century Financial Vijay Valecha water desalina?on company to finance due to the financial www.century.ae/en/ Chief Investment Officer We are also available on boom and the poten?al of engineers in finance. RNI No.: MAHENG/2018/75953 Werner, Founding Partner and Chief Investment Officer of Werner Braunöck Narmo Capital Narmo Capital brings 15 years of experience in Investment Founding Partner and Copyright © 2024 The CIO World, All rights reserved. The content and images used in this magazine www.narmocapital.com Banking and Alterna?ve Asset Management, embodying Chief Investment Officer should not be reproduced or transmitted in any form or by any means, electronic, mechanical, resilience and strategic foresight. photocopying, recording or otherwise, without prior permission from The CIO World. Reprint rights remain solely with The CIO World.

Cover Story Vijay Valecha Redefining the Career Paradigm in Finance Vijay Valecha Chief Investment Officer Century Financial

The Most Influen?al Chief Investment Officers to Follow in 2024 Navigating a Career Shift from Process Engineering to Below are the highlights of the interview: Finance, One Passionate Leap at a Time! Inspiring Inception ife, they say, is a journey. A journey that can lead us to some truly extraordinary places when we choose Century Financial, a pioneer in financial market L to follow our passions. It's remarkable how this investments, has successfully navigated the UAE market for pursuit can steer us towards uncharted territories, pushing over three decades. Initially starting with commodity the boundaries of what we thought possible. futures and forex dealing in 1989, the company has evolved into a leading provider of comprehensive investment Passion is a driving force, an ever-present companion that services, catering to both local and expatriate investors. In ignites our curiosity, fuels our enthusiasm, and empowers an industry that has witnessed numerous players and us to explore the world in fresh and unexpected ways. changing market conditions, Century Financial has stood When we dare to follow our passions, life becomes an out by earning the trust of its clientele through exceptional incredible adventure, full of vivid experiences and priceless customer service and a professional approach. The lessons. company's specialization lies in investment services, offering access to a vast range of 40,000 instruments across The tale of Vijay Valecha's career is an exemplar of the 125 global markets and 31 countries. With a focus on high- extraordinary places life can take you when you follow net-worth individuals (HNIs) in the region, Century your passion. Born in Mumbai and raised in Dubai, his Financial prioritizes the needs of its customers and strives early years were shaped by the typical expectations of a to provide them with the best possible experience. middle-class Indian family. Medicine or engineering was the envisioned path to success. Yet, life had a different The company's commitment to empowering investors and course charted out for him. traders is evident in its high-touch services, multi-asset trading platforms, bespoke research, and diverse range of Having earned a degree in Chemical Engineering in 2007, investable products. Additionally, Century Financial goes Vijay ventured into a career in process engineering at a beyond transactional services by offering support, training, water desalination company. Back then, the global financial and regular seminars to ensure that its clients are well- markets were witnessing a boom, and many of his peers informed and equipped to make informed investment began shifting their professional focus from engineering to decisions. finance. Driven by this growing trend and the belief that engineers were inherently equipped for success in finance, With activities spanning investment, wealth management, he decided to make a significant career transition. and trading technology, Century Financial has established itself as a regional powerhouse in the financial services However, as he soon discovered, finance was an entirely category. different arena, far removed from the world of engineering. Beyond the numbers and calculations, it required a Global Trading Journey profound understanding of intricate systems and complex market dynamics. The learning curve was steep, but Vijay As Vijay recounted, "Joining finance wasn't an extensively Finance was a whole different was unshaken, for his heart was in the game. His passion planned decision. It was more of an interest I had due to my ball game, and being good at for finance made even the most challenging aspects of the major in economics during engineering. Despite the math was a very, very small part field engaging and enjoyable. industry's perceived instability, I found myself drawn to it." of learning the field. The learning He remembered his entry into Edelweiss in March 2008, a In the end, his decision to pivot from engineering to finance curve was steep, but when you time many considered to be the worst for the financial was one of the most rewarding choices he had ever made. It sector. "Strangely enough, I consider it to be the perfect love doing something, it propelled him into the realm of investment, and he quickly timing," he explained, emphasizing that individuals automa?cally becomes easy. ascended through the ranks to become the Chief commencing their financial careers in 2008 acquired a Investment Officer at Century Financial. His journey is a Learning finance and taking that heightened awareness of risk, a quality he believed was testament to the incredible places one can reach when they jump s?ll happens to be one of lacking in today's newcomers. combine their passion with determination, and when they the best decisions I have ever dare to take the road less traveled. made in my life.

only educational but also enjoyable," Vijay shares. He emphasized, "Edelweiss is renowned for its Path to Financial Freedom He notes that many individuals struggle to combine commitment to fostering growth and providing valuable these two sciences due to differing timeframes. learning opportunities." As a novice, Vijay was not Financial independence, also known as FIRE, is believed by "Fundamentals play out over the long term, while dismissed but instead encouraged to explore new ideas and Vijay to be achievable for everyone. In a highly capitalistic technicals and quantitative analysis provide further develop his skills. world, individuals often disregard their aspirations and winning strategies in the short term," he points dreams, conforming to societal or worldly expectations. The out. "Combining both approaches is crucial for At Hira Global, he embarked on a different journey, taking desire to retire early is common, yet many struggle to a comprehensive understanding of various the initiative to establish a fund from scratch. This understand how to make it a reality. It is strongly investment portfolios tailored to individual experience provided him with valuable insights into the recommended that individuals start learning about the goals and life targets." business aspects of hiring and managing people, as well as importance of investing and the power of compounding at a meeting client expectations. "Both these experiences were young age, enabling them to become part of the FIRE Risk Management Strategies immensely beneficial to my personal and professional movement. It typically takes approximately 20–25 years of growth, allowing me to acquire a wealth of knowledge," he work to attain most of the fundamental goals individuals As quoted by John Keynes, "Markets can stay reflected. have. Considering that many people begin their careers in irrational longer than you can remain solvent." their early 20s, it is highly likely that we will soon witness Risk plays a crucial role in financial markets, Impact of a Quantitative Background individuals retiring in their early 40s, allowing them to fully and both fundamental and technical analysis can enjoy life and the world by embracing this movement. often fail due to the irrational and semi-efficient As a quant analyst at Rasmala, the development of the nature of the markets. Ignoring risk management can UAE's first pure quant-based fund in the regional markets Prominent Media Outlets result in irreversible losses, which not only hurt was a unique experience. Vijay's deep interest and expertise financially but also tarnishes the reputation of the in quantitative analysis, fueled by their educational Vijay has been fortunate to receive recognition and have his financial industry. Vijay has always emphasized the background and core area of interest, played a crucial role thoughts and inputs acknowledged by members of the importance of understanding the risks associated with in this endeavor. The convergence of numbers and financial community. He greatly appreciates the valuable higher leverage, higher beta, small-cap or new industries, aspirations has always been a captivating aspect for them, work carried out by these influential media organizations in and new asset classes. Investing a large portion of your as they find great enjoyment in quantifying everything. spreading financial awareness on a global level. He feels Reflecting on the experience of witnessing the market income in the financial markets based on the fear of missing privileged to have the opportunity to collaborate with some turmoil during the Great Recession at the outset of his out (FOMO) or the "you only live once" (YOLO) mentality Enhancing Expertise of the brightest minds in the world. career, "It shaped many of us into good risk managers with can lead to disastrous outcomes. a more conservative mindset. These qualities proved Uncovering the Global Market and Investing Industry Education always pays off, is the old saying, and it is very invaluable, enabling us to not only survive but also thrive in A prudent and patient investor, on the other hand, tends to true. Vijay emphasized that coming from a scientific any market cycle," Vijay added. Vijay emphasizes the importance of recognizing the outlast and outperform short-term trends and achieve background, he had to get himself and still try every day to dominant theme in the market during a particular decade or sustainable gains in the long run. get myself more and more educated in the financial field. When he joined a large financial organization in March cycle. In the 21st century, the first decade saw a focus on 2008, it had a workforce of over 10,000 employees. His real estate and banking, while the last decade witnessed a Trading Blueprints team, focused on low-risk arbitrage, consisted of 130 surge in technology leading up to electric vehicles. The individuals. However, by the end of the year, the team had current decade has begun with digital assets, the metaverse, Vijay, an experienced professional in the financial markets, shrunk to just 4 people. This experience taught Vijay the and artificial intelligence emerging as the main themes. has increasingly embraced the principles of behavioral importance of survival in the markets, as it ultimately leads finance. As a subfield of economics, behavioral finance to thriving. While it is crucial to understand these trends, he advises examines how psychological factors impact financial that only a small portion of one's portfolio should be decision-making. It challenges the conventional belief that Having seen one of the worst Overall, his journey in finance has been shaped by his investors are rational actors who base their decisions on allocated to trend-based investments. The majority of the turmoil in the markets, which is ability to adapt and persevere in challenging market logic and objective analysis. Instead, behavioral finance portfolio should always be dedicated to investing in basic conditions. o?en referred to as the Great suggests that investors are often swayed by emotions, industries that have consistent growth potential. Core biases, and heuristics. Many individuals struggle to components such as equities, bonds, and real estate should Recession, at the start of one's Unmatched Expertise differentiate between the risks and rewards they truly seek, remain the foundation of any portfolio. Once these core career makes for good risk leading to a misalignment between their investments and elements are in place, individuals can consider making managers and a more conserva?ve Vijay has always been a firm believer in the importance of expectations. In this role, the objective is to guide clients trend-based investments to potentially outperform the mindset. These are quali?es that having a strong grasp of both technical and fundamental towards a realistic understanding of risk and expectations. market on a smaller scale. analysis. "These studies are essential for understanding the help you survive and thrive during market. Fundamentals help us gauge valuations and fair Key Learnings and Experiences However, it is worth noting that consistently outperforming any part of a market cycle. pricing, while technical analysis allows for precise market the broader market by a significant margin has proven to be timing," he asserts! During his tenure at Edelweiss, Vijay acquired a challenging. Therefore, Vijay reiterates the importance of comprehensive understanding of finance, including Indian risk management for smart long-term investors who are Fueled by his interests in mathematics and economics, markets, ADRs, arbitrage, long-short strategies, quant planning for their retirement and future goals. "Learning quantitative analysis and fundamentals was not trading, and option strategy building.

The Art of Reflec?on! How to Grow from Inveing Miseps eflection is a powerful tool for personal growth, allowing individuals to learn from their R experiences and mistakes. By reflecting on past actions, one can gain valuable insights that contribute to continuous improvement and development. Leveraging reflection as a technical tool can significantly enhance decision-making processes and improve overall portfolio performance. This technical perspective delves into how investors can utilize data analysis, quantitative methods, and algorithmic strategies to dissect past missteps, extract actionable insights, and optimize future investment strategies. Data Analysis and Quantitative Methods Data analysis lies at the core of reflecting on investment missteps from a technical perspective. Investors can leverage historical market data, financial statements, and performance metrics to conduct thorough post-mortems on past investment decisions. Quantitative methods, such as statistical analysis, regression modeling, and machine learning algorithms, can help identify patterns, correlations, and causations behind investment successes and failures. By analyzing key performance indicators, risk-adjusted returns, and portfolio allocation strategies, investors can gain a deeper understanding of their investment behavior and the factors driving performance. This data-driven approach enables investors to objectively evaluate the efficacy of their strategies and make informed adjustments moving forward. 14 15 March, 2024 www.thecioworld.com March, 2024 www.thecioworld.com

Algorithmic Trading Strategies dynamics and improve investment decision-making processes. Algorithmic trading strategies offer a systematic framework for implementing investment decisions based on predefined For example, sentiment analysis algorithms can analyze rules and algorithms. These strategies can incorporate news articles, social media feeds, and market sentiment reflections on past missteps by integrating feedback loops indicators to gauge investor sentiment and identify market and adaptive learning mechanisms. trends. Natural language processing algorithms can extract insights from financial reports, earnings calls, and analyst For instance, reinforcement learning algorithms can transcripts to assess the fundamental health of companies. continuously adjust trading parameters based on real-time market feedback, optimizing performance over time. By integrating machine learning algorithms into investment Similarly, evolutionary algorithms can simulate the process strategies, investors can leverage reflections on past of natural selection to evolve trading strategies that are missteps to identify opportunities, mitigate risks, and robust and adaptive to changing market conditions. optimize portfolio performance in a data-driven and systematic manner. By encoding reflections on past missteps into algorithmic trading systems, investors can automate the process of In conclusion, leveraging reflection in investment strategies learning from experience and iteratively improve from a technical perspective offers a systematic framework investment strategies in a systematic and disciplined for learning from past missteps, optimizing investment manner. decisions, and enhancing portfolio performance. By harnessing the power of data analysis, quantitative methods, algorithmic trading strategies, portfolio optimization Portfolio Optimization Techniques techniques, and machine learning applications, investors can extract actionable insights from past experiences and Portfolio optimization techniques aim to construct diversified investment portfolios that maximize returns continuously improve their investment strategies in a while minimizing risk. Reflection plays a crucial role in dynamic and evolving market environment. fine-tuning portfolio allocation strategies and mitigating the - Alaya Brown impact of past missteps. Modern portfolio theory, mean-variance optimization, and risk parity strategies leverage historical data and statistical analysis to optimize asset allocation across different asset classes. By reflecting on past performance, investors can identify overexposed sectors, underperforming assets, and systemic risks within their portfolios. Furthermore, dynamic asset allocation models can adapt portfolio weights in response to changing market conditions and macroeconomic indicators. By incorporating reflections on past missteps into the optimization process, investors can enhance portfolio resilience and achieve more robust risk-adjusted returns. Machine Learning Applications Machine learning algorithms offer powerful tools for extracting actionable insights from vast amounts of financial data and uncovering hidden patterns in market behavior. By leveraging supervised learning, unsupervised learning, and reinforcement learning techniques, investors can enhance their understanding of complex market 16 March, 2024 www.thecioworld.com

The Most Influential Chief Investment Officers to Follow in 2024 Fabiana Fedeli A Journey of Determina?on and Global Explora?on Navigating Challenges, Building a Legacy, and Redefining , , Investment Strategies! common belief is that privilege is the path to Identifying and understanding the key risks success. It's true that some people seem to have of our investments and employing a A greater access to certain opportunities, but it's rigorous risk-management framework are important to think about the various stories that influence core parts of portfolio construction and the state of finance. Fabiana Fedeli is a living example of management. It is important to maintain a fortitude, inquisitiveness, and a steadfast work ethic. Her rise from the cobblestone streets of Rome to the top ranks diversied portfolio, both within and across of global finance is a tale of perseverance and a never- asset classes, and understand the risk ending quest for knowledge. She currently holds the tolerance and liquidity needs of our clients. position of Chief Investment Officer, Equities, Multi Asset and Sustainability at M&G Investments. , , Born and raised in Rome, Italy, Fabiana faced adversity early on. The untimely death of her father when she was studying in a language she barely knew, she completed her just a year and a half old left her and her mother forging Master's and transitioned from academia to a sell-side ahead as a family of two. Growing up in a society still analyst role in Tokyo, setting the stage for her illustrious entrenched in gender-ascribed roles, her upbringing with a career in global finance. single parent rendered her agnostic to societal norms—an invaluable asset in her later career. Financial modesty Below are the highlights of the interview: fueled her drive to excel, propelling her toward a future that defied expectations. Could you please tell us about your company and its inception story? Fabiana Fedeli Fedeli's entry into the world of finance wasn't a predestined path. A chance encounter with a TV program showcasing CIO Equi?es, Mul? Asset M&G is one of the UK's oldest asset managers. It was opportunities at one of Italy's premier business universities and Sustainability founded in 1901 and launched Europe's first mutual fund sparked her interest. Determined and armed with grit, she M&G Investments and the UK's first unit trust in 1931. Today, M&G is a secured a scholarship, igniting a journey that led her to FTSE100 company with 5000+ employees, £332 billion of study in Japan and work across the globe—from the United assets under management (as of June 30, 2023), and 500+ States to the UK and the Netherlands. investment professionals providing a broad range of investment solutions across asset classes spanning equities, A pivotal chapter in Fedeli's narrative unfolded in Japan. fixed income, multi-asset, private credit, infrastructure, real Driven by a desire to enter academia, she pursued a estate, and alternatives. scholarship that not only covered tuition but also provided for living expenses. Undeterred by the challenge of 18 19 March, 2024 www.thecioworld.com March, 2024 www.thecioworld.com

As active investors, we have a strong in-house proprietary What was your most important decision you made as a For those looking at a career as investors, humility and research capability, a long tradition of stewardship, and an Chief Investment Officer? resilience are rare, precious, and essential currencies in our ambition to consistently improve our sustainability line of work. You should never forget that you are credentials. As a CIO, I get to manage the most powerful asset: our safekeeping and growing assets for your clients. Without people. Therefore, my most important investment decisions those clients, you would not be in your seat. And for an How do you approach investment strategy development are about my team. Over the last two and a half years we aspiring CIO, make sure you create a team of investment and implementation, and what factors do you consider have worked hard at breaking silos between different professionals with diverse and complementary skill sets, not when evaluating potential investment opportunities? investment desks. We have abolished the word a collection of clones. "collaboration" and replaced it with "accountability." We I love my job and feel privileged to do what I do. I could are all accountable to each other for sharing best practices Please give us a few testimonials from your clients and not do it without our clients entrusting us with their savings and research ideas. Rather than duplicating, we pool awards or recognition that accurately highlight your and their investments. Therefore, clients are at the center of resources so that we can invest in the best tools, the best achievements in the corporate niche. everything we do. When we develop new strategies, we data and the best technology. A year ago, I hired a have to make sure that they serve our clients' needs. Clients' California-based technology-focused investment team. It Industry recognition: objectives, risk tolerances, and investment horizons are the took me a long time to find them. I was looking for clear key drivers of our investment offering. These needs are knowledge leadership as well as values that would make • Named by Financial News as one of the 100 Most evolving, and we have to evolve with them. Times are them part of that "accountability" culture. Their arrival has Influential Women in Finance in 2022 changing in the asset management industry; clients are been a catalyst for upgrading the technology know-how of becoming increasingly sophisticated and putting a lot of the broader team, and has led to the launch of our first Board directorships: thought into the amount of risk taken to achieve certain Global AI (Artificial Intelligence) strategy. returns, as well as the operational soundness supporting an • Non-executive Director on the Board of M&G investment strategy and, importantly, the longevity of the How do you collaborate with other departments or Investments South Africa. portfolio management team. The concept of a "star portfolio teams within the organization to align investment • Non-executive Director and Chair of the Audit manager" is being replaced by a "star team," where there is Committee of Relmada Therapeutics (Nasdaq: RLMD), strategies with overall business goals? a credible and clear ''bench'' of talent that can step into the a late-stage biotechnology company. lead portfolio manager's shoes and minimize key person One of the reasons why I enjoy working at M&G is the size risk. We also need to ensure that we have the combined Investment committee memberships: of our organization: we are large enough to have deep skills and capabilities to deliver these solutions for our expertise and meaningful resources in all major asset clients. We should not promise what we cannot deliver. classes (Equities, Fixed Income, Private Markets) and yet • Member of the Investment Committee of The we are small and nimble enough that there are no barriers Investment Association, a trade body representing In terms of identifying attractive investment opportunities, for us to work together and innovate horizontally across Investment Managers in the UK who collectively there are three pillars to our investment philosophy: 1) those asset classes. I can sit with my fixed income and manage over £8.8 trillion in assets. active share, as clients come to us to achieve returns that private asset colleagues and brainstorm on product • Member of the Investment Committee of UK-based they cannot derive from passive exposure; 2) in-depth in- innovation. I do believe that in the future, our clients will be The Open University house research, which allows us to identify opportunities increasingly interested in cross-asset opportunities where that may not be evident through a more superficial we are able to harvest alpha and manage risk in ways that Regularly published in print and interviewed on TV and approach; and 3) sustainability integration and stewardship. are less correlated with traditional asset verticals. radio: We have a long tradition of working collaboratively with the companies we invest in, and the world around us is also An example of cross-team product innovation this year has • Regular broadcast media appearances (Bloomberg, evolving. Considerations around sustainability, such as been between our public and private equity teams. We felt CNBC, Sky) and ongoing dialogues with senior climate change and diversity and inclusion, are necessary to that the market was not taking advantage of opportunities in journalists and editors in the UK, Europe, Asia, Africa, ensure that the companies we invest in remain resilient in a early-stage unlisted businesses, where significant value and the US, providing insights and analysis about how world of constant change. could be created by engaging with their management teams, we are navigating markets on behalf of our clients. guiding the companies through to IPO, and then continuing We don't follow the herd, even if that can feel to support those businesses post-listing. Therefore, we uncomfortable at times, particularly during bouts of market launched a cross-over strategy that leverages M&G's In Equities, Multi-Asset, and Sustainability, which are the volatility. Active decision-making is about seeking broader investment eco-system, combining the early-stage areas I am responsible for, we have over 150 colleagues opportunities that have the potential to deliver long-term research and origination expertise of our private asset working in the UK, US, Continental Europe, and Asia, with value for our clients and drilling down to fully understand colleagues with our long tradition of market research and our investment teams managing a combined £58 billion of the companies we are investing in. There's no substitute for company engagement in public assets. assets (as of June 30, 2023) and investing across the globe in-depth analysis. Next to it, knowing where to best direct on behalf of our clients. our research efforts comes with industry know-how and What advice do you have for aspiring Chief Investment investment experience. Officers or those looking to enter the investment field? 20 21 March, 2024 www.thecioworld.com March, 2024 www.thecioworld.com

The Most Influen?al Chief Investment Officers to Follow in 2024 LOUIS Flamand Bridging Ins?tu?onal Exper?se with Retail Accessibility A Journey Through Global Markets, Wealth Management, and a Retail PE Revolution! , , assion is the driving force that transforms a job into a fulfilling career, and nowhere is this more evident P than in the dynamic world of private equity. Louis WE BELIEVE THAT THE KEY RISK clients access to top-tier private equity funds under the guaranteed life insurance contracts in France. Operating Flamand, Chief Investment Officer at Altaroc, stands as same conditions as institutional investors. With co-founders under a B2B2C model, we reach retail clients through IN PRIVATE EQUITY FUND an example of the transformative power of following one's Maurice Tchenio and Frederic Stolar, both industry independent financial advisors and private banks. This passion in the realm of long-term investments. INVESTING IS TEAM RISK. THE pioneers, he is set to leverage his wealth of experience to approach has resulted in Altaroc raising over €820 million SMALLER THE TEAM, THE spearhead Altaroc's mission and revolutionize the private in just over 22 months in France alone. Our sights are now Beginning his professional journey in audit and equity landscape for private clients. set on expanding geographically, targeting the Swiss, UK, HIGHER THE RISK. IF YOU management consulting, he swiftly pivoted towards his Italian, Benelux and German markets. passion for the private equity asset class. His trajectory took BACK A TEAM OF 12 Below are the highlights of the interview: him from Ernst & Young's transaction services team in PROFESSIONALS AND THE TOP How do you approach investment strategy development Paris to Quartilium Funds of Funds, where he covered PE 2 KEY SENIOR PROFESSIONALS Could you please brief us on Altaroc and its inception and implementation, and what factors do you consider strategies across Europe, the U.S., and Asia. story? when evaluating potential investment opportunities? LEAVE THE FIRM, TRIGGERING Louis's global odyssey continued as he moved to London in A KEY MAN CLAUSE, YOUR Altaroc was born from a shared vision. We believed it was Our strategy consists of investing globally solely in buyout 2013, co-heading the private markets wealth management INVESTMENT CAN REALLY BE time to democratize access to institutional-quality Private and growth equity funds, which, we believe, offer the best team at UBS. Managing a substantial global private equity Equity, enabling individuals to tap into the potential of this risk/return profile for private clients. We seek to build IN TROUBLE. WE HENCE portfolio, he played a pivotal role in selecting private asset class. Maurice Tchenio first embarked on this mission annual portfolios of 5-7 funds meeting the following market funds worldwide for the leading wealth manager's AVOID TAKING A MATERIAL when he created Altamir in 1995. Altamir provides criteria: (i) sector exposure: 50% technology and global private client base. TEAM RISK: (I) WE ONLY individuals with access, through a publicly listed fund, to technology-related services, 20% healthcare, 20% services, the performance of the Apax and Seven2 (formerly Apax and 10% consumer; (ii) geographical exposure: 45% INVEST IN FUNDS OF MORE For over eight years, he headed the London-based PE team France) funds, along with co-investment opportunities. Europe, 45% U.S., 10% Asia and the rest of the world; (iii) at MetLife Investment Management, overseeing primary THAN $1 BILLION IN SIZE; (II) Frederic Stolar, on the other hand, had been managing market segment exposure: primarily exposed to the middle commitments and equity co-investments in Europe and WE BACK ROCK-SOLID capital from wealthy families at Sagard and shared the market that offers high-value creation potential and multiple Asia. With a portfolio exposure of $5 billion out of the ORGANIZATIONS, AS I conviction that the benefits of Private Equity should extend exit routes. Factors we consider when evaluating potential firm's $20 billion total exposure to private equity, he beyond the wealthiest families. investment opportunities include (i) the size and quality of became a key member of MetLife's global Private Equity EXPLAINED BEFORE, WITH A the organization: we want to back rock-solid organizations investment committee. LOW KEY PERSON RISK. Altaroc provides access to institutional Private Equity with at least 50 professionals and 3bn of AuM, with strong through annual funds-of-funds, with 80% committed to 5-7 internal sector and operating expertise; (ii) track records: Now, Louis embarks on a new chapter at Altaroc, a retail , , buyouts and/or growth equity funds and 20% allocated to the manager should have a deep track record that proves its fund of funds. Believing that the private equity asset class is equity co-investments. Our entry point starts at €100,000 capacity to generate a net performance in excess of 2x with mature enough to enter the retail market, he is captivated by for our Altaroc annual fund-of-funds and a mere €1,000 for a low loss rate. Our due diligence will then focus on Altaroc's vision—a retail revolution that provides private our Altalife fund-of-funds, accessible through liquidity- validating that this past performance is repeatable in the future. 22 23 March, 2024 www.thecioworld.com March, 2024 www.thecioworld.com

We specifically like to back managers who have developed How do you stay informed about market trends and profile standpoint: buyout and growth equity, and we will Educate financial advisors and retail clients through value-creation playbooks that encompass all the best changes in the investment landscape? not change our focus because of different market immersive videos and a sophisticated fintech ecosystem, practices they have developed during their long manager conditions. However, since the recent surge in interest rates, fostering a deep understanding of our asset class. experience. We meet with Private Equity managers very regularly. We we have been paying even more attention to PE managers' have regular update calls with our existing relationships and value creation levers when selecting funds, focusing on Create a dynamic marketplace for clients to buy or sell in How do you manage risk in your investment portfolio, deal flow meetings, and we often travel across Europe and managers whose past strong returns have been generated the secondary market. and can you share an example of a successful investment the U.S. focusing exclusively on meeting managers. This is with low levels of financial leverage. decision you made as a Chief Investment Officer? the best way to stay close to the market and identify market Altaroc's fully digitalized offering enables private trends. We also have frequent interactions with placement What challenges do you face as a Chief Investment individuals to commit to our funds-of-funds in 7 minutes. We believe that the key risk in Private Equity fund agents in order to identify future investment opportunities Officer, and how do you overcome them? We've streamlined capital call management, with 20% of investing is team risk. The smaller the team, the higher the and be aware of changes in the investment landscape. the commitment initiated at closing and subsequent 10% risk. If you back a team of 12 professionals and the top 2 Investing annual PE funds at the same time as they are calls on March 31st and September 30th each year until the key senior professionals leave the firm, triggering a key What metrics do you use to assess the performance of being raised can be challenging. We have the capacity to full commitment is reached. man clause, your investment can really be in trouble. We your investment portfolio? warehouse half of the portfolio, so we typically select 2–3 hence avoid taking a material team risk: (i) we only invest funds just before launching the fundraising for our new We recognize that we are in the nascent stages of this in funds of more than $1 billion in size; (ii) we back rock- Key performance metrics are TVPI, DPI, and Net IRR, as vintage to provide some portfolio visibility to our clients. revolution. The "Retail Revolution in Private Equity" solid organizations, as I explained before, with a low key these are net of fees and carried interest paid to the We then commit to the remaining funds we have selected challenges the established institutional order. Some person risk. managers. We pay a lot of attention to the investment rate of for that specific vintage towards the end of the fundraising. institutional LPs fear that retail capital inflows may dampen the funds we invest in, as we want our client commitments This implies knowing precisely the fundraising timing of all returns. However, I believe it will fuel the future growth of To invest in the lower middle market, which is typically to be fully invested in portfolio companies to reduce their target funds in the market and constantly speaking with the asset class, enhancing its sophistication and institutional gross-to-net performance spread. We hence invest with managers, as these timings can evolve rapidly. Investing in covered by small funds and hence small teams, I decided to quality across managers. This revolution is positive for all, managers, who typically invest more than 100% of their only 5-7 funds per year is also actually challenging, as we invest in lower mid-market funds that are part of bigger as Private Equity remains a driving force for the economy funds by recycling management fees and expenses. As such, need to analyze a large number of opportunities and platforms. More than a decade ago, as PE managers in the and society, fostering job creation and economic growth. we also monitor the "Total Value/Fund Size" performance benchmark them precisely to ultimately select the very best US started to raise larger flagship funds, becoming too large to invest in the lower end of the mid-market where they had metric, which should ultimately exceed the "Total ones. I also need to source equity co-investments, which What advice do you have for aspiring Chief Investment been successful in the past, some of them decided to launch Value/Paid In (TVPI)" metric thanks to recycling. can be a challenge with a more concentrated portfolio. I Officers or those looking to enter the investment field? a smaller fund with a dedicated team focused on the lower make sure that a material share of the funds we invest offers mid-market. This type of fund that belongs to a larger How do you collaborate with other departments or enough co-investment opportunities for us to allocate 20% I am passionate about Private Equity and long-term platform has a lower team risk because, should something teams within the organization to align investment of our annual fund of funds to equity co-investments. investments. I am not sure I would have enjoyed a CIO role happen to its small dedicated team, the manager can strategies with overall business goals? if it had not been focused on private markets. I simply transfer resources from the flagship fund to this smaller Can you provide insights into the future trends and believe that in order to succeed, one needs to enjoy one's fund. Compared to a small independent lower mid-market At Altaroc, we all work closely together in a single office in innovations in the investment industry that you job. My advice to any aspiring CIO would be to try to join a fund, this fund's team risk and hence risk profile is much Paris. At this stage of our development, we only focus on anticipate? company that focuses on the asset classes he or she is lower, and its return profile is actually higher as it benefits buyout and growth equity strategies, but we expect to passionate about. from the deep track record, "large cap quality" processes, launch new products in the future. Working closely with our Altaroc stands at the forefront of the Retail Revolution in sector expertise, and operational expertise of the large fundraising team is essential for us to design the right Private Equity, offering retail investors unprecedented flagship fund. I have made several successful investments products. access, returns, and technology-driven convenience. The in such funds in Europe as this theme that started in the Retail Private Equity endeavor faced multifaceted more mature US market arrived in Europe. How do you adapt your investment strategies to challenges: the need for capital, technological innovation, changing market conditions? and a breadth of competencies encompassing digital, We also obviously manage risk through the diversification investment, marketing, education skill sets, and regulatory of our funds. With 5-7 funds in an annual fund of funds, our One cannot time the market with a PE fund of fund understanding. Technology plays a pivotal role in this Retail portfolio is probably more concentrated than the portfolios program, as a PE fund will typically be invested over 5 Revolution. Only the highest-quality digital solutions of institutional funds of funds, but this allows us to be very years, i.e. with 5 entry points in different market conditions, empower retail funds-of-funds to: selective, and we tend to invest in funds that are quite and divested over the next 5 years, i.e. with 5 exit points in diversified in terms of number of investments. On the co- different market conditions, so that one cannot second guess Seamlessly manage capital calls, distributions, and investment side, we also target solid businesses in the best which vintage will be best and which strategy will reporting via mobile platforms, for a much higher number sectors of expertise of the managers we invest with. outperform for a specific vintage. Ultimately, it is the PE of clients than for institutional funds of funds. fund manager who controls the investment and exit timing, not the fund of fund manager. We focus on what we believe are the two most attractive PE strategies from a risk/return 24 25 March, 2024 www.thecioworld.com March, 2024 www.thecioworld.com

, , , , Far more money has been lost by investors trying to an?cipate correc?ons, than lost in the correc?ons themselves. - Peter Lynch

From Graham to Buffe?! Evolu?on of Value Inves?ng Strategies in the Hands of Chief Invement Officers alue investing, a time-tested investment strategy, has evolved significantly over the years. Originating from V the principles laid down by Benjamin Graham, often referred to as the "Father of Value Investing," the strategy has undergone transformational shifts under the stewardship of renowned investors like Warren Buffett. Today, in the hands of Chief Investment Officers (CIOs), the evolution of value investing strategies continues to shape investment decisions and portfolios. Let's delve into this journey from Graham to Buffett and explore how CIOs are navigating the ever-changing landscape of value investing. The Foundation: Benjamin Graham's Principles Benjamin Graham, through his seminal works like "Security Analysis" and "The Intelligent Investor," laid the foundation of value investing. His approach was grounded in the idea of buying stocks trading at a discount to their intrinsic value, thereby providing a margin of safety for investors. Graham emphasized the importance of thorough fundamental analysis, focusing on financial metrics such as earnings, dividends, and book value. 28 29 March, 2024 www.thecioworld.com March, 2024 www.thecioworld.com

During Graham's era, the market was less efficient, While the core principles of buying undervalued assets presenting ample opportunities for undervalued stocks to be remain intact, there is a recognition that value can manifest discovered and exploited. CIOs of that time adhered closely in different forms beyond traditional financial metrics. This to Graham's principles, seeking out bargains in a market includes factors such as intellectual property, brand equity, characterized by inefficiencies and mispricing. and network effects, which may not be fully captured by conventional valuation methods. The Buffett Era: A Shift towards Quality and Long- Term Thinking In addition, the concept of environmental, social, and governance (ESG) factors has gained prominence in the Warren Buffett, a protégé of Benjamin Graham, further investment landscape. CIOs are integrating ESG refined and evolved the principles of value investing. While considerations into their value investing strategies, Buffett initially followed Graham's approach of deep value recognizing the importance of sustainability and responsible investing, he gradually shifted towards a strategy that corporate behavior in long-term value creation. focused more on the quality of businesses and their long- term prospects. The Role of Behavioral Finance Buffett's emphasis on buying exceptional companies at fair Another area of focus for modern CIOs is behavioral finance, prices rather than mediocre companies at deep discounts which studies the psychological factors influencing investor marked a significant departure from Graham's approach. He behavior. By understanding cognitive biases and market famously coined the term "intrinsic value" to describe his inefficiencies, CIOs can better exploit opportunities and estimation of a company's true worth, considering factors avoid common pitfalls. beyond just the balance sheet. Behavioral finance has led to a greater emphasis on Under Buffett's guidance, CIOs began to prioritize qualitative factors such as sentiment analysis and market qualitative factors such as competitive advantage, psychology in the investment process. CIOs recognize that management quality, and brand strength alongside investor sentiment and market dynamics play a significant traditional quantitative metrics. This shift towards a more role in shaping stock prices, sometimes diverging from qualitative approach reflected an acknowledgment of the underlying fundamentals. changing dynamics of the market and the increasing efficiency of information dissemination. Conclusion Modern Challenges and Adaptations by CIOs The evolution of value investing from Graham to Buffett and beyond reflects the dynamic nature of the investment In today's fast-paced and information-driven markets, CIOs landscape. While the core principles of buying undervalued face a host of challenges that require adaptation and assets remain fundamental, CIOs have adapted their innovation in their value investing strategies. The rise of strategies to meet the challenges of modern markets. algorithmic trading, increased competition, and the proliferation of data have made it more difficult to uncover By integrating technology, embracing a more flexible undervalued opportunities using traditional methods. approach, and incorporating insights from fields like behavioral finance and ESG investing, CIOs are positioning To navigate these challenges, CIOs are leveraging themselves to succeed in an ever-changing environment. As technology and advanced analytics to augment their they continue to refine their value investing strategies, one investment processes. Machine learning algorithms are thing remains clear: the principles of prudence, patience, and employed to analyze vast datasets and identify patterns that a long-term perspective, championed by Graham and Buffett, may elude human investors. This integration of technology continue to guide the path forward. allows CIOs to sift through large volumes of information - Alaya Brown more efficiently and uncover hidden opportunities. Furthermore, CIOs are increasingly embracing a more flexible and opportunistic approach to value investing. 30 March, 2024 www.thecioworld.com

The Most Influential Chief Investment Officers to Follow in 2024 Teymour Abou El Kheir Fueling Passion for Impact A Journey of Investments, Real Estate, FMCGs, FMCGs, and pharmaceuticals. Its history is marked by Pharmaceuticals, and Sustainability! value addition and societal advancement, in addition to the financial element. As Teymour persists in governing Infinity " y professional journey has always been driven Capital Investment towards unprecedented heights, the by a profound passion for generating innovative journey develops not only as an account of commercial M ideas that can create a positive impact on the achievement but also as an interpretation of conscientious, world." - Teymour Abou El Kheir. Within the fluid arena of influential, and enduring leadership. He is laying the way investment and corporate leadership, Teymour Abou El for a future where success is determined not just by Kheir is an exemplar of creativity and progress. As Infinity financial gains but also by the enduring impact an Capital Investment's Chief Investment Officer, he not organization has on the world. only contributes a plethora of knowledge but also a genuine dedication to tackling one of the world's most imperative Below are the interview highlights: problems: climate change. Teymour Abou El Kheir How do you approach investment strategy development Chief Investment Officer Established in 2011, Infinity Capital Investment is beyond a and implementation, and what factors do you consider Infinity Capital Investment typical investment firm. As a multifaceted entity, it when evaluating potential investment opportunities? comprises of enterprises spanning various industries, including investment, real estate, FMCGs, pharmaceuticals, When it comes to developing and implementing an and a staunch focus on sustainability. Teymour’s vision investment strategy, I believe in taking a comprehensive goes above conventional success metrics; it's about creating approach. I consider a multitude of factors, encompassing a lasting legacy that contributes meaningfully to the world. market dynamics, business news, financial performance, and sustainability metrics, that can influence both the nation Infinity Capital Investment, under his leadership, has and the community. strategically expanded its portfolio, becoming a commercial powerhouse that fosters modernization, growth, and However, the primary focal points in my investment sustainability. The company's commitment to excellence, strategy formulation revolve around the alignment of adaptability, and a forward-thinking approach have set it potential investment opportunities with social and apart in the business landscape. While Infinity Capital environmental goals. I place a strong emphasis on ensuring Investment operates across diverse sectors, its diligence that our investments contribute to a sustainable, green toward sustainability is a flickering hallmark. Though many economy. Evaluating opportunities based on their potential companies focus solely on profits, they take a holistic for long-term growth is of paramount importance. Remaining well-informed about market trends and approach, acknowledging the interconnectedness of changes in the investment landscape is paramount, business, society, and the environment. The company's How do you manage risk in your investment portfolio, especially in the dynamic green economy. I involvement in renewable energy reflects its obligation to and can you share an example of a successful investment “ regularly peruse financial news to keep up with reduce carbon emissions and address the pressing challenge decision you made as a Chief Investment Officer? “ of climate change. real-time market updates. I also delve into industry As Chief Investment Officer, risk management in the reports, which provide valuable insights into sector- Yet, Infinity Capital Investments doesn't limit its impact to investment portfolio is the cornerstone of my role. To specific trends and emerging opportunities. just sustainability. The company wields considerable effectively manage risk, we employ a multifaceted influence in propelling various industries forward, approach. Diversification plays a key role, with investments strategically positioning itself in investment, real estate, spread across different countries and technologies. 32 33 March, 2024 www.thecioworld.com March, 2024 www.thecioworld.com

can expect a continued and even accelerated expansion of In addition to regular meetings, we establish cross- wind and solar energy projects. This growth is driven by functional teams, or task forces, when necessary. These significant cost reductions and technological breakthroughs. teams are designed to foster a more integrated approach, enabling the exchange of ideas and expertise across Furthermore, given the intermittent nature of renewable departments. energy sources, energy storage technologies, particularly batteries, will take the spotlight. Investments in this sector How do you adapt your investment strategies to will grow as we seek to create a more stable and changing market conditions? dependable grid. I also feel that the emphasis on sustainable and socially responsible investing will persist and evolve. Adapting investment strategies to changing market Investors will increasingly consider environmental, social, conditions is a fundamental aspect of achieving success in and governance (ESG) factors when making investment the investment landscape. The process involves keeping a decisions. constant vigil on economic indicators, market movements, and financial news; regularly assessing the performance of Lastly, innovations in fintech, artificial intelligence, and different asset classes; analyzing market trends while data analytics will transform how investments are managed, considering both short-term fluctuations and long-term providing new tools for risk assessment and portfolio trajectories; and altering portfolio allocations based on optimization. changing and evolving market conditions. What advice do you have for aspiring Chief Investment What challenges do you face as a Chief Investment Officers or those looking to enter the investment field? Officer, and how do you overcome them? For those aspiring to become successful Chief Investment There are several significant challenges that I encounter in Officers or enter the investment field, my advice is rooted in my role, with the constantly shifting market conditions and the importance of continuous learning and adaptability. The economic uncertainties ranking among the most formidable. investment landscape is dynamic and ever-evolving, and To address these challenges, I consistently remain vigilant, staying ahead of the curve is paramount. To do the same, continuously monitoring market trends and assessing how individuals must always maintain a strong sense of curiosity they might affect our investments. To challenge economic In addition, we place great emphasis on conducting What metrics do you use to assess the performance of and a desire to learn. They should always keep an eye on uncertainties, we engage in thorough research and always comprehensive research and analysis to identify investment your investment portfolio? industry trends and breakthroughs by constantly reading, keep a finger on the pulse of the industry. This helps ensure opportunities with strong growth potential and a solid risk- attending seminars, and upskilling themselves. our strategies remain relevant and adaptable to changing return profile. Assessing the performance of an investment portfolio is a economic dynamics. multi-dimensional process, and we rely on a range of It is also important for one to network effectively, as How do you stay informed about market trends and metrics, such as the Internal Rate of Return, Risk Adjusted connecting with established experts and professionals in the However, one of the most significant elements in changes in the investment landscape? Return, ESG Metrics, and benchmarking comparisons to investment field will provide access to their insights, overcoming these challenges is the people I choose to work gain a comprehensive understanding of its effectiveness. experiences, and invaluable guidance, as well as open doors with. I have a penchant for selecting individuals who are Remaining well-informed about market trends and changes for career advancement. not only highly qualified but also possess unique talents. in the investment landscape is paramount, especially in the How do you collaborate with other departments or Together, as a cohesive team, they bring a diverse range of dynamic green economy. I regularly peruse financial news teams within the organization to align investment Finally, it is imperative for professionals to be prepared to backgrounds, experiences, and educational pursuits to the to keep up with real-time market updates. I also delve into strategies with overall business goals? adapt to changing circumstances and market conditions. As table. industry reports, which provide valuable insights into the investment landscape transforms, flexibility and sector-specific trends and emerging opportunities. Collaboration with other departments or teams within the adaptability are always key to success. What's your perspective on the future trends, organization is instrumental in harmonizing investment particularly regarding the expansion of wind and solar In addition to these resources, I utilize market analysis tools strategies with overarching business goals. To ensure projects, energy storage technologies, and the growing that offer comprehensive data and in-depth analysis, helping seamless alignment between departments, we convene emphasis on sustainable investing? me make informed decisions. I also believe in the power of regularly via coordinated meetings that bring together learning from experts and peers in the field, and I actively diverse stakeholders from various departments. These As we look ahead in the investment industry, several participate in conferences and networking events to gain gatherings provide a forum to discuss respective objectives, significant trends and innovations are on the horizon. We valuable insights and experiences. identify common ground, and pinpoint areas of synergy. 34 35 March, 2024 www.thecioworld.com March, 2024 www.thecioworld.com

The Most Influen?al Chief Investment Officers to Follow in 2024 Welcome to the Vanguard of Transformative Investing Entering the investment field and aspiring to Navigating Resilience, Innovation, and Success in Alternative Asset Management Funds includes significant become a CIO requires a Investment Leadership based on “People, Purpose, Profit”! roles as a Portfolio Manager at Griffin Capital Management blend of educa?on, and Senior Analyst at Tisbury Capital Management, prac?cal experience, uccess is not final, and failure is not fatal. It is the showcasing his versatility and depth of knowledge. courage to continue that count, says Winston con?nuous learning, S Churchill. In the ever-evolving landscape of finance The roots of Werner's success trace back to his early career strong interpersonal skills, and investment, these words echo with profound wisdom. at Citigroup, where he honed his skills in the Corporate and a commitment to They encapsulate the essence of resilience and the relentless Finance and M&A departments in both London and New ethical prac?ces. Building pursuit of success, a philosophy embodied by our featured York. This foundational experience set the stage for a career personality, Werner Braunöck. marked by continuous growth, adaptability, and an a successful career in this unrelenting commitment to excellence. dynamic field takes ?me, As the Founding Partner and Chief Investment Officer of dedica?on, and a Narmo Capital, he stands at the helm of a financial empire As we delve into Werner's story, we unravel not just a tale proac?ve approach to built on 25 years of rich experience in Investment Banking of professional triumphs but a testament to the courage required to weather storms, learn from failures, and persist and Alternative Asset Management. His journey is marked personal and professional by a tenacity to navigate complex terrain, and his story on the path to success. In an exclusive conversation, he development. Werner Braunöck resonates with the very spirit of Churchill's quote. Werner shares insights, lessons, and the vision that propels Narmo Founding Partner & inspires and empowers enterprising forward-thinkers. Either Capital into the future, making him a luminary in the world the investors itself in his Funds or through the investments of finance. Chief Investment Officer directly! Narmo Capital Below are the interview highlights: Before establishing the Multi-Family Office “Narmo Capital” in 2013, Werner was the CIO and founding partner Could you please tell about yourself and what motivated of VERTO Invest, a venture that left an transformative you to embark on this sector? positive impact to the world through his high impact ESG investment in www.arcticgreen.com which became the The motivation for me to enter the multi-family office th largest Geothermal Company in the world! sector is 6 fold: His expertise extends beyond conventional boundaries. As Wealth Management Opportunity: There's a substantial the CIO and founding partner of the Alternative Asset market among high-net-worth individuals and families Management Fund “M&A Risk-Arb and Event Driven seeking sophisticated financial management. The potential Hedge Fund” J-C-M, he served as top quartile Hedge Fund for managing significant wealth and offering personalized manager to international institutions and also offering services as solution provider is a strong motivator. insights on intricate financial matters, notably di-stressed Icelandic debt exposure for large instituions. His journey in 36 37 March, 2024 www.thecioworld.com March, 2024 www.thecioworld.com

Relationship Building: MFOs often aim to build long-term We are a financial advisory firm geared towards delivering 1. Set Clear Objectives and Risk Tolerance: relationships with affluent investors. The personalization comprehensive, unbiased financial advice for institutional and depth of services I offer allow for strong connections, clients and high-net-worth individuals. Narmo was selected • Define Goals: Determine your financial goals, whether potentially leading to client loyalty and referrals. to serve as the main advisor to several prominent family it's wealth accumulation, retirement planning, saving offices. Narmo advises its clients on the best risk/reward for education, etc. Customization and Specialization: My clients are asset allocation and identifies suitable best-in-class • Risk Appetite: Assess your risk tolerance—how much motivated by the opportunity to specialize in offering investments for selected mandates. volatility or risk you can tolerate in your investments. customized solutions for complex financial needs, such as estate planning, succession, or philanthropic advising, Our clients are institutions and high-net-worth individuals. 2. Asset Allocation: which often require a high level of expertise. To exceed our clients expectations, Narmo primarily focuses on: • Diversification: Spread investments across different Entrepreneurial Drive: Starting a MFO was driven by asset classes (stocks, bonds, real estate, etc.) to reduce entrepreneurial goals—creating and managing a business Tailor-made Portfolio Construction and Asset Allocation; risk. that provides specialized financial services and tailor-made Comprehensive Investment Advisory and Investment • Balancing Risk and Return: Allocate assets based on advise and leadership. Strategy Review Process; Disciplined Portfolio Monitoring your risk tolerance and desired return. and Risk Assessment Procedures; Tailor-made Generational Financial and Professional Growth: The opportunities for Financial Planning; Delivering Superior Performance via 3. Time Horizon: financial success and professional growth are very Optimized Risk/Reward Analysis of Deal Flow. motivating factors to me. The MFO sector shows lucrative • Short-Term vs. Long-Term: Consider your investment opportunities as it deals with affluent clients and their Our Business: horizon—short-term goals may require more substantial assets. conservative investments, while long-term goals might At Narmo, we believe that the most important way we help allow for more aggressive strategies. Impact and Fulfilment: For some professionals, the ability you stay disciplined, focused, and on track is through our to make a substantial impact on clients' lives, their legacies, comprehensive step-by-step advisory process. This process 4. Research and Due Diligence: and philanthropic efforts can be a motivating factor, is designed to uncover your full range of financial needs, providing a sense of fulfilment beyond financial gain. from wealth planning to wealth protection to preserving • Fundamental Analysis: Evaluate potential investments Taking the biggest ESG impact investment as prime your legacy. This allows us to build customized financial based on financial statements, management, market example: USD 30mln in Arctic Green Energy in 2010 strategies to organize, preserve, and grow wealth in line trends, etc. which -during the last 13 years- converted smog cities into with our clients' plans. • Technical Analysis: Use historical price and volume “blue sky” in Asia and protecting millions of people’s life data to forecast future price movements. through green energy. This is to be continued globally on Narmo’s disciplined and discerning professional team even larger scale! regularly performs due diligence to the highest industry 5. Risk Management: standards and analyses industries to identify specific The MFO sector attracts individuals like me interested in investment opportunities and trends. Opportunities are • Risk Assessment: Understand and quantify the risks offering sophisticated financial services, customizing selected based on a clearly defined set of criteria. Portfolio associated with potential investments. solutions, and establishing long-term relationships with construction and asset allocation are executed to the highest • Hedging: Consider using tools like derivatives or high-net-worth clients. The motivations often revolve degree of alignment with our client’s needs. insurance to mitigate risks. around the opportunity to provide tailored, comprehensive wealth management and financial solutions to meet the What are our USPs? 6. Stay Informed: unique needs of affluent families. A proven track record of capital preservation combined • Economic and Market Analysis: Keep track of Could you please tell us about your company and its with long-term growth; independent advice on allocation economic indicators, geopolitical events, and market inception story? and investment; no conflict of interest because we are trends that can impact your investments. invested directly ourselves; a one-stop solution providing • Continuous Learning: Stay updated on investment Narmo is an independent financial advisory firm with a cost-conscious institutional financial advice; Tailor-made strategies, market changes, and new opportunities. long-term global approach to wealth preservation and financial solutions aligning clients risk and reward targets; a wealth planning. We provide professional advice on professional team with 50+ years of combined financial Factors to Consider When Evaluating Investments: customized financial strategies to plan, preserve, and grow services experience. wealth for our clients. Our prime aim is to help our clients • Market Conditions: Economic health, interest rates, achieve their long-term financial goals by providing value How do you approach investment strategy development inflation, etc., can affect investment performance. at every point of contact. and implementation, and what factors do you consider • Industry and Sector Analysis: Certain sectors or when evaluating potential investment opportunities? industries may perform better than others during specific economic cycles. 38 39 March, 2024 www.thecioworld.com March, 2024 www.thecioworld.com

• Company Fundamentals: Assess financial health, 9. Continuous Education and Learning growth potential, management quality, competitive advantage, etc. 10. Social-media and Online Communities • Valuation: Determine if the investment is undervalued or overvalued based on its price relative By employing a combination of these strategies and to its fundamentals. sources, in general CIOs and investment professionals can • Liquidity: Consider how easily an investment can be gather comprehensive information, analyse trends, and converted to cash without impacting its market price. make informed decisions in managing investment portfolios • Regulatory and Political Factors: Changes in within the ever-evolving financial landscape. regulations or political landscapes can influence investment performance. Can you provide insights into the future trends and • Environmental, Social, and Governance (ESG) innovations in the investment industry that you Factors: Increasingly important in investment anticipate? decisions, evaluating a company's ESG practices can be a crucial factor. While I can't predict the future, several trends and potential innovations have been gaining traction in the investment Implementation and Review: industry. Here are some insights into future trends that many anticipate could shape the investment landscape: • Execute the Plan: Invest according to the strategy developed. 1. Increased Emphasis on ESG Investing • Regular Review: Monitor and review your portfolio periodically, making adjustments based on changes in 2. Technological Advancements goals, market conditions, or personal circumstances. 3. Digital Transformation and Fintech Integration Remember, it's crucial to tailor your investment strategy to your individual circumstances and regularly review and 4. Alternative Investments and Private Markets adapt it as needed. Narmo’s input provides valuable insights and guidance based on your specific situation and goals. 5. Focus on Customization and Personalization How do you stay informed about market trends and 6. Regulatory Changes and Compliance changes in the investment landscape? 7. Behavioural Finance Integration Staying informed about market trends and changes in the investment landscape is crucial for any investment 8. Focus on Data Privacy and Cybersecurity professional, especially myself as the Chief Investment Officer (CIO). Here are several strategies typically 9. Continued Evolution of Passive and Active Management employed to stay updated: 10. Globalization and Geopolitical Considerations 1. News and Publications 2. Research Reports and Market Analysis 3. Economic Indicators and Reports 4. Networking and Conferences 5. Investment Research and Analysis 6. Regulatory Changes and Policies 7. Utilizing Technology 8. Investment Committees and Peer Discussions 40 March, 2024 www.thecioworld.com

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The Most Influential Chief Investment Officers to Follow in 2024

The Most Influential Chief Investment Officers to Follow in 2024

Presentation Transcript

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