Capital 3PM Edition 2022 by International Investor

WORLD ECONOMIC FORUM - ANNUAL MEETING

“WE INTERVIEW CAPITAL 3PM’S MANAGING PARTNER ADAM DAVIS”

EUROPE’S ENERGY CRISIS JAPAN’S BET ON BLUE HYDROGEN WHAT YOU CAN AND SHOULD CONTROL WHEN INVESTING

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WHY WINE MAKES A GREAT INVESTMENT

CAPITAL 3PM ISSUE 2022

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‘The Fixed Income Frenzy’ Is This The Future Of Short-Term Investing?

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Editor’s Note The phrase “unprecedented times” has been overused in the past few years but with the uncertainties of the world we’re living in, it’s essential to consider what we will recover from and what will mark our futures more permanently. As the bull market in stocks and crypto draws to a close, fixed-income securities are looking more attractive than ever. In an article from Capital 3PM, the Managing Director Adam Davis shares his experience. Required reading for those investors more concerned with the return of their investment, than the return on their investment! The energy transition was well underway at the start of the year, before the war in Ukraine. But as that conflict drags on, energy prices have shot up, leading to general price inflation. Geopolitical hawks, central bankers and climate activists are all seeking to speed up the shift to cleaner, less volatile energy sources. In this issue, we examine how two regions, Europe and Japan are planning for their energy future. Meanwhile, the pent-up demand to travel post-pandemic is so great, that even with the backdrop of conflict and 1970 levels of inflation, the aviation industry is seeing a rebound. We look at Virgin Atlantic as an example. Having re-established its full trans-Atlantic service, it is now seeking to add increasing amounts of renewable jet fuel to clean up its operations and safeguard them against supply chain disruptions. Find out more about how companies and markets are preparing for ever more disruptions in this edition of International Investor. Stay safe out there and happy reading

Con te n ts

Contents

Japan’s bets big on blue hydrogen for its Energy Future

Interview with Alex Pusco, CEO of ActivTrades

Emirates REITs in the running for two awards this year,

One of the world’s most sophisticated

We see sit down with the driving force

We sit down with CEO Sylvian Vieugot,

economies looks to put Nuclear and Coal

behind one world´s leading FX Brokerage

who continues to impress investors to

behind it, here’s how

Firms

learn how he does

What you can and should control when investing.

Why fine wine is now a highly desirable asset

As Stock Markets Sink is Fixed Income the Future?

We take a look at what you can control to

In times of turbulence fine wine can be an

We talk to Adam Davis, managing partner

reduce risk and drive performance

excellent way to preserve Capital

of fixed income pioneers, Capital 3PM

From Flight Tool to Icon: The 2022 Breitling Navitimer

Redefining Infrastructure. Sustainably. Successfully

Europe’s Energy Crisis and Its Effect on Energy Investment

On the 70th anniversary of an icon, we

Kommunalkredit; The bank that is

The is no going back, so what does the

delve into its journey f rom pilot’s watch

connecting the pieces to drive the energy

future hold, and what does it mean for

to Style icon

transition and decarbonize our economies

investors

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The World Economic Forum’s Annual Meeting

People’s Bank remains committed to Sri Lanka

Why Climate transition must include the highest emitters

Against a backdrop of deepening global

For six decades the Bank has been a key

Rather than leave assets stranded we

f rictions and f ractures, the meeting aims

stakeholder in Sri Lanka’s development

should retrofit and repurpose them to

to be the starting point for a new era of

and sees no reason why that should

achieve our environmental goals

global responsibility and cooperation

change in the future

62 Virgin Atlantic - Back in the US, and with a New Sustainable Fuel Supply After some difficult years, as the airline approaches its 40th year in business, it would appear the sky is the limit

66 In the Fintech Race, Client Experience Should Come First

Technology has completely transformed the financial landscape, disrupting the investment services sector by providing new value propositions, but how have client expectations evolved?

70 Navigating Volatile Terrain International Finance Centres are uniquely positioned to offer security in an age of uncertainty. The British Virgin Islands shows us howl

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Japan’s Bet on Blue Hydrogen FROM NUCLEAR TO COAL TO HYDROGEN In order to understand Japan’s focus on hydrogen, we must first go back to the 2011 Fukushima nuclear disaster. In 2010 around a third of Japan’s electricity came f rom nuclear power, and there were plans to expand further. But when the 2011 disaster hit, all of Japan’s nuclear power plants were shut down, and many remain closed to this day. And so, back to coal. The Japanese government has recently constructed new coal-fired power stations, where cheap coal imported from Australia is burned. An economic solution, sure, but not an environmental one.

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Japan’ s Bet on Blu e H ydrogen

Under pressure to move away f rom coal, but reluctant to close the old coal plants and switch to renewables,

If, on the other hand, you use coal or natural gas, and

Japan’s answer is to change over to burning hydrogen

capture and store the CO2 emissions, you get blue

or ammonia. This reluctance comes f rom the enormous

hydrogen. The use of blue hydrogen has been criticized by

investment made by electric power companies in coal-

some, but others see it as essential for the rapid transition

fired power plants. Rendering them useless overnight

we must make to get to a sustainable energy system.

would result in financial difficulties for the power companies, and consequently for banks and pension

Japan and Australia have already initiated a joint project

funds.

in the state of Victoria to turn a type of coal called lignite, or brown coal, into hydrogen, which is shipped to Japan.

The coal plants can be converted to burning hydrogen or ammonia, neither of which produce any carbon dioxide.

At the moment, the greenhouse gasses produced by

And so, we come to Japan’s focus on hydrogen, and its

this process are released into the atmosphere. But Japan

wish to be the world’s first “hydrogen economy”.

and Australia plan to install a capturing method at some stage in the future. This has not been met favorably by

Hydrogen technology has been criticized, by Elon Musk

climate change campaigners, who claim the technology

among others, for its expense and complexity. But

to capture and store greenhouse gasses is unproven, not

Japan envisions a future where hydrogen fuel cells are

to mention that Japan will need to extract the brown coal

everywhere, in homes and offices and factories, as well as

needed for years to come.

cars. Some commentators think the Japanese government

WHAT IS BLUE HYDROGEN?

opted for blue hydrogen ten years ago when renewables

So what exactly is blue hydrogen, and how does it differ

were expensive, and they are now locked into a plan that

f rom green hydrogen?

no longer makes sense.

Well, the end result of both processes is the same, but it’s

SO IS BLUE HYDROGEN THE ENEMY OR PART OF THE SOLUTION?

the method of production that defines the name. If you

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make hydrogen from water using renewable energy, you

Some studies claim that blue hydrogen will be even worse

get green hydrogen. Green hydrogen production is more

for the environment than directly burning natural gas.

environmentally f riendly, but the problem is that it’s very

Others have rejected this claim, arguing that as capturing

expensive.

methods improve, so will the sustainability of the blue

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hydrogen production process.

AN IMPORTANT TRANSITIONAL STEP The fact is that a worldwide green hydrogen infrastructure

Green hydrogen will undoubtedly become a major

will take some time to put in place. And in the meantime,

element of our future sustainable energy system. But

blue hydrogen may be a useful stopgap. Investing in blue

while blue hydrogen has its problems, the fact is that it

hydrogen now could speed up the eventual progression to

will help us get to that preferable outcome faster.

a greener way. Environmental, Social, and Corporate Governance (ESG) Investment in carbon capture and storage solutions has

is becoming more and more important for companies.

never been higher. And all the infrastructure used to

And there is no industry that has a higher visibility on

manufacture blue hydrogen can be used in the future for

ESG metrics than the energy sector. Because of its low

zero-emission hydrogen.

carbon footprint, production or use of blue hydrogen offers the fossil fuel industry a significant opportunity to

The U.K. government recently presented a hydrogen

improve their ESG scores. It is significantly cheaper than

strategy that gives equal weight to both blue and green

green hydrogen, and is an ideal transitional step in the

hydrogen. The idea is to unlock the potential of hydrogen

decarbonisation of the economy.

as a clean energy solution, and to scale up production with investment. Other European countries, such as Norway, have also backed a dual approach. In its hydrogen strategy presented in 2020, Norway highlighted the importance of investing now to support technology development and commercialisation, as the blue hydrogen process will eventually lead to a cleaner, greener system. This twin-track approach is supported by many recent European studies, which show that the CO₂ intensity of blue and green hydrogen will be comparable when appropriate and realistic technology concepts and boundary conditions are implemented across Europe.

THE HYDROGEN ECONOMY The Middle East has long been a critical region of interest for Japan, given Japan’s dependence on the region for a large proportion of its crude oil imports, and the fact that core sea trading routes linking Japan and Europe pass through the region. This, along with the clean hydrogen production potential of the region makes the Middle East a natural choice for strategic partnerships in hydrogen supply chain development. We have already seen successful pilot projects, such as the one undertaken by Saudi Aramco and the IEEJ, producing blue ammonia that was shipped to Japan. Saudi Aramco stated in February 2021 that its hydrogen business

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Japan’ s Bet on Blu e H ydrogen

would be world-scale by the end of this decade, and that Japan and South Korea will most probably host the first

The support of Japanese financing institutions will be

hydrogen trading markets.

critical to establishing a reliable supply to meet this demand. Finance and policy will open up an opportunity

The Middle East looks set to be a crucial source of blue

for MENA, with its natural resources and production

hydrogen. The UAE, for example, aims to become one of

capabilities, to become an essential contributor to

the lowest-cost and largest producers of blue hydrogen

decarbonisation, and help bring about the achievement of

created f rom natural gas. The commitments made

Japan’s hydrogen society.

by both private and public players in Japan and the Middle East indicate strongly that both regions view this partnership as a mutually beneficial endeavour that will create real opportunities for a viable hydrogen economy.

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Award-Winning

30+ International Awards

20+ Years Experience Established 2001

100k+ Traders

ActivTrades serves traders in 170+ countries

Enhanced Funds Protection Insurance up to $1,000,000

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How does it feel to lead one of the top FX brokerages worldwide? Alex Pusco (AP): It’s thrilling to be at the forefront of a fast-changing industry and to lead a team of highly skilled and motivated professionals. The Forex market has always been welcoming to us and we’re very happy that traders recognize the value of our products and services. We continue to work tirelessly to deliver a cutting-edge offering and to bring expertise to our clients worldwide in order to help them maximize their profits.

IIM: RECENTLY ACTIVTRADES CELEBRATED ITS 20TH ANNIVERSARY. HOW DID THE COMPANY CHANGE? AP: Over the last twenty years, ActivTrades has not only grown in size (both employees and number of offices) but has also expanded the number of financial instruments and products it offers, in order to meet the ever-growing need of our clients for greater flexibility within the financial markets. During this time, the retail foreign exchange industry has gained a lot of traction and we have noticed numerous changes in the regulatory landscape across Europe and in technological developments, including the rise of mobile trading, which have contributed to an already complex environment in which to operate. Recently, we opened a new office in Luxembourg to answer the trading needs of our European customers after Brexit. This new entity is regulated by the Commission de Surveillance du Secteur Financier (CSSF) and has already seen rapid growth. One thing that makes me very proud is that ActivTrades is one of only a few FX brokerages that has continuously innovated and expanded throughout the years, regardless of market conditions. We have worked exceptionally hard to ensure retail, corporate and institutional clients have access to a large number of financial instruments and have the best trading tools possible.

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How doe s it fe e l to l e ad on e of t he top FX brokerages worldwide?

IIM: WHAT ARE SOME OF THE BENEFITS OF TRADING WITH ACTIVTRADES?

extremely hard to make sure our customers get fair

AP: We have reduced commissions on CFDs on Shares.

global markets.

conditions and early advantages when trading on the

I believe that was a major improvement for our clients. It means there is a lower entry level for first-time

We offer traders tight spreads starting from 0.5 pips. This

traders and a reduced cost of trading. This increases the

allows clients to trade in low volatility and high liquidity

accessibility of our platforms and makes trading more

environments.

attractive. The speed of execution is another vital condition for Another benefit came f rom our desire to invigorate

our clients. For short-term traders, latency can be an

traders after a turbulent 2020. Zero commission on a wide

issue, because the higher it is, the more outdated the

range of European, UK, and US stocks for non-leveraged

price becomes. ActivTrades offers its clients an ultra-fast

retail investors has provided an excellent opportunity for

average execution time of under 0.004 seconds. This also

clients to diversify their portfolios without additional costs.

contributes to exceptionally low slippage due to the high liquidity our company possesses.

Our clients can also now trade with f ractional shares. They allow traders to build and diversify their portfolios

Currently our average slippage for some of the most

without making large investments. I believe this will be

popular trading instruments like EURUSD and GBPUSD

especially suitable for retail traders looking to broaden

is -0.000000002627 (Zero slipped deals: 95.59%), and

their investment approach.

-0.00000007 (Zero slipped deals: 94.89%), respectively. On average this year more than 96% of trades were executed

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IMM: WHEN IT COMES TO TRADING CONDITIONS, WHAT ARE YOU MOST PROUD OF?

with Zero slippage.

AP: We pride ourselves on offering some of the best

We are also very proud of our multilingual customer

trading conditions on the market. We have worked

support, as well as the additional funds insurance

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protecting our clients’ capital up to $1,000,000.

technical indicators and more than fifty drawing tools. Our TradingView integration offers 100+ fundamental analysis

IMM: WHAT ARE THE “PULLBACK ENTRY” AND “PROGRESSIVE TRAILING STOP”?

tools, a dozen alert conditions on price, strategies and

AP: Pullback Entry gives you a dynamic entry point that

an ActivTrades account also gives customers the ability to

allows you to enter a position at a better price when the

trade directly from the TradingView app.

market turns in your favour.

indicators and the ability to execute chart trading. Having

The Progressive Trailing Stop works a little bit differently.

IMM: WHAT FEATURES AND INNOVATIONS ARE IN THE PIPELINE GOING FORWARD?

To maximize your profit, you need to protect it. To do

AP: We’re currently working on several big projects which

that we created the Progressive Trailing Stop. This

will be revealed over time. Currently, we are redesigning

functionality allows you to set up two additional tiers

our website to be more user-friendly and overhauling

which automatically adjust your Trailing Stop distance if

our trading platform to further improve the trading

the market reaches a defined trigger place, thus allowing

experience.

you to exit at a much better price and protecting the accumulated profit.

IMM: HOW DO YOU SEE THE LATEST MARKET DEVELOPMENTS?

IMM: CAN YOU SHINE MORE LIGHT ON ACTIVTRADES’ TRADINGVIEW INTEGRATION?

AP: We have seen significant swings, offering traders

AP: There was quite the demand amongst our clients

massive possibilities, especially on equities and

for the powerful charting platform and social network

commodities. Many of our clients have been trading high-

TradingView. The new integration allows customers

volume indices, some of which reached several peaks.

to benefit from an impressive list of advanced and

Many have found positive gains in Energy commodities,

customizable trading features and analytical tools. Traders

which might continue to yield strong profits. I believe

will be able to use 12 customizable chart types and up to

that these conditions will remain, offering traders a more

8 charts in one layout. There are 25 indicators available

favorable trading environment in the months ahead.

per chart, custom timef rames, over one hundred pre-built

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Emirates REIT is in the running for two awards this year

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Emirates REIT is in the running for two awards this year, namely the “REIT CEO of the Year” and the “Leading Shari’a Compliant REIT of the Year in MENA” for 2022. Emirates REIT is a Dubai-based real estate investment trust that invests principally in income-producing real estate in line with Shari’a principles. It currently owns a portfolio of 11 assets in the commercial, education and retail sector and benefits from exclusive Ruler’s Decrees permitting it to purchase properties in onshore Dubai and Ras Al Khaimah. It is operated by the Equitativa Group, a leading regional asset manager, that is focused on creating and managing real estate investment trusts (REITs). The group offers innovative, risk-adjusted, income-generating financial products that cater to institutional and retail investors. As the founder of the UAE’s first Shari’a compliant REIT, Emirates REIT, Equitativa is today one of the largest REIT managers in the Gulf Cooperation Council (GCC) region and one of the biggest Shari’a compliant REIT managers in the world. Sylvain Vieujot has been nominated for the CEO Award. He is the co-founder and Executive Chairman of Equitativa Group, a group of companies that specialises in creating and managing financial products in emerging markets and particularly Real Estate Investment Trusts. He has been an entrepreneur with 30 years of experience in creating, expanding and listing companies, and previously created Freelance.com (which was listed on the French Stock Market – Alternet of Euronext), Platre.com and the Enata Group. He first arrived in Dubai in 2005 and launched Emirates REIT in 2010 in a joint venture with the Dubai Islamic Bank, which became the first listed Shari’a compliant Real Estate Investment Trust in the Middle East in 2014.

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Emirate s REIT is in the ru n n in g for two award s t hi s year

He is currently shifting his focus to the growth of Equitativa as Executive Deputy Chairman and will continue to play a critical role in the REIT’s strategic oversight and direction as part of the management board. The group recently reported its FY 2021 financial results for Emirates REIT and followed on from a challenging year in 2020 as the COVID-19 pandemic impacted real estate markets globally. Despite these issues, Emirates REIT reported a 59.3% increase in operating profit to USD 46.6 million in 2021 compared to the previous year. Net profit for the period was USD 63.1 million, compared to a net loss of USD 242.9 million in 2020.

“Our portfolio of high-quality commercial assets is ideally positioned to benefit from the continued momentum in the market, as demonstrated by our increasing occupancy rate which continued to grow following the year end increasing to 81.0% in March 2022 from 71.8% at the end of 2021. We also made considerable progress tackling legacy issues during the year, including the DIFC-LCIA award in favour of the REIT with regards to outstanding rent payments by the Jebel Ali School.”

Overall growth in 2021 was driven by an increase in total property income to USD 68.6 million, up 3.9% compared to

Thierry Leleu, CEO of Equitativa, said: “2022 will be a

the same period in the previous year, as occupancy across

pivotal year for Emirates REIT. The performance of the

the REIT’s portfolio grew by c. 2.8 percentage points to

business has been strong and resilient despite the

71.8% as at 31 December 2021. Subsequent to the year end,

previous difficulties presented by the global pandemic. My

the successful conclusion of ongoing lease negotiations

new role as CEO will see me focused on further improving

led to a further increase in occupancy to 81.0% as at 31

the operational efficiencies of the REIT and partnering

March 2022. Net property income increased 7.7% as the

with our stakeholders to enhance its capital structure with

REIT continued to focus on cost optimisation.

the aim to deliver sustainable growth in income and value to our shareholders. With our strong base of investors and

The REIT booked a net unrealised gain on revaluation of

balanced portfolio of very high-quality assets, we are well

USD 44.7 million in 2021 compared to a loss of USD 243.4

placed to take advantage of the upturn we’re seeing in

million in 2020, as its independent valuers CBRE and

the Dubai property market currently.”

Cushman & Wakefield considered the improving market sentiment in the UAE’s commercial and retail real estate

Mr. Leleu, who joined Equitativa as Deputy CEO in

markets. The REIT’s portfolio was valued at USD 762.1

November 2021, has a strong track record of building

million in 2021, a 7.5% increase compared to the previous

and managing REITs. Until September 2020, he was the

year. The REIT’s net asset value (NAV) at the end of 2021

Chief Investment Officer of Cromwell European REIT,

was USD 289.8 million, equating to a NAV per share of

a trust that listed in Singapore in late 2017. During his

USD 0.95, up 28.3% compared to the previous year.

tenure there, he grew the portfolio by 50% to about three times the size of Emirates REIT’s portfolio, and drove

Following the positive close to 2021, and the emergence of significant new opportunities in the UAE and broader GCC’s real estate markets, Equitativa also announced plans to expand its management team and governance structures with the Board appointing Thierry Leleu as CEO of Equitativa (Dubai) Limited, Dr Faisal Alayyan to the REIT’s Investment Board, and Simon Townsend to the REIT’s Oversight Board. Sylvain Vieujot, Executive Deputy Chairman of Equitativa, said: “We delivered a strong set of improved results in 2021, following a difficult year in 2020, as the world tackled the COVID-19 pandemic. The swift and decisive actions taken by the UAE’s leadership supported a sustained recovery and renewed confidence in the local real estate market in 2021, which drove our improved performance during the year. “Our operating income increased 59.3% year on year, and we recorded a net unrealised gain on revaluation of USD 44.7 million during the year, as a more positive sentiment returned to the UAE commercial real estate market.”

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outperformance for 8 consecutive quarters.

another way to invest in real estate

real estate investment made safe and simple A REIT, or Real Estate Investment Trust, is a company that owns real-estate properties and generates incomes from these properties. It allows anyone to invest in real estate in a safe and simple way, through the purchase of shares.

manager of

www.reit.ae www.theresidentialreit.com Registered and licensed by DFSA and ADGM

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What you can and should control when investing We may worry about events outside of our control in our lives overall and the same feelings can apply when we f ret about money. But focusing on the factors we can control means that we are being proactive and can also bring about considerable rewards through an improved financial outcome.

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What you ca n and should con t rol when invest in g

THE POWER OF BEING FOCUSED

YOUR FEES – TO BOOST GROWTH POTENTIAL

To ‘control the controllables’ is a common refrain

Paying more than you should in fees is an easy trap to fall

among top athletes and sports psychologists, but what

into – because as a proportion of an overall investment

does it actually mean? In a nutshell it advocates that a

portfolio, these charges seem negligible. Investors

sportsperson has a better chance of succeeding if they try

may also think that paying more in fees (to a ‘star’

and ignore factors outside of their control – such as the

fund manager, for example) can lead to better returns

skills of their opponent, the weather, crowd noise and so

but consistently the evidence does not support this

on. Instead, they should focus on what they can control:

assumption https://www.netwealth.com/ourviews/strike-

their own game, attitude, mental approach and more.

3-another-downturn-another-failure-by-active-managersto-outperform/. So while you can’t avoid paying fees to

You can apply the same thinking when you invest. For

manage your money, these charges are controllable.

example, you can’t control such things as inflation, market performance and your life expectancy (although you can

Over 10 years, for example, you could be over £17,000

model for them). Yet you can control other factors which

better off for every £100,000 invested if you saved 1% in

have a meaningful effect on your future financial outcome,

fees by using a more competitive wealth manager like

and you should pay great attention to these throughout

Netwealth (comparing all-in fees of 1.65% vs 0.65% per

your life.

annum, assuming an annual gross investment return of 5%). For a personalised assessment, choose the sums and timeframes that apply to you using our fee saving calculator https://www.netwealth.com/resources/fees/.

Simulated historic and future performance numbers should not be relied upon as an indicator of future performance.

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YOUR TIME IN THE MARKET – TO AVOID MISSING OUT

YOUR PORTFOLIO DIVERSIFICATION – BECAUSE ASSET PERFORMANCE VARIES EACH YEAR

To act on news or react to events after the market has

Why can’t you just hold the best performing growth

adjusted is a natural instinct, and because many investors

stocks? Or focus on a fast-growing emerging market? Or

(like most people) are prone to cognitive and emotional

stick with gold after it has been on a good run? Because

biases https://www.netwealth.com/ourviews/why-do-

from year to year different assets deliver different levels

we-do-what-we-do-with-our-money/, it’s easy to believe

of returns – but it’s difficult to predict in the short term

that you can make decisions that benefit f rom a timely

which assets will perform well and when.

intervention. This kind of thinking is typically a mistake. A diversified portfolio reduces extremes and smooths You may have heard the often-repeated wisdom of

the path of returns. Individuals may find it difficult to

spending time invested in the market and not trying to

construct and continuously monitor their own portfolios

time the market. Here is a good example of why. From

cost-effectively, or to find the time to do so – which is

the end of 1986 to the end of 2020 the S&P 500 produced

why so many look to firms like Netwealth to judiciously

total returns in dollars of 3,196%. But if you missed the

diversify their money at the right cost.

top 10 trading days over this period you would only be up 1,372%. Many of these top 10 days (including two in 2020

The chart below shows just how varied asset returns can

alone) occurred when investor sentiment was negative,

be over time, with the best performing assets (at the top)

therefore, trying to time when to be in or out of the

each year changing quite regularly.

markets is very difficult and can be extremely costly.

MARKETS CAN BE VOLATILE, BUT GENERALLY CLIMB THE WALL OF WORRY AND TREND UP OVER TIME

Source: Bloomberg, Netwealth. S&P 500 Daily returns from 31st December 1986 to 31st December 2020. Please note that past performance is not indicative of future performance.

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What you ca n and should con t rol when invest in g

IT IS HARD TO KNOW WHICH ASSET CLASS WILL BE THE TOP PERFORMER IN ANY GIVEN YEAR

Source: Netwealth, Bloomberg. Market returns in GBP, some assets reflect currency hedging. Please remember when investing your capital is at risk

YOUR USE OF TAX WRAPPERS – TO MAKE YOUR MONEY WORK EVEN HARDER

SIMULATED HISTORIC AND FUTURE PERFORMANCE NUMBERS SHOULD NOT BE RELIED UPON AS AN INDICATOR OF FUTURE PERFORMANCE.

Tax wrappers are designed to encourage people to invest, and they are often underused – but you shouldn’t neglect

This outperformance – of nearly £100,000 – is due to the

their value. Putting your savings in a tax-f ree wrapper

fact that a family of four can shelter £58,000 each year

such as an ISA can greatly improve your net returns.

from the taxman (£20,000 per adult and £9,000 per child in a JISA). (Assumption based on returns from a Netwealth

For example, £100,000 invested for 10 years could be

Risk Level 7 portfolio and subject to higher-rate tax.)

worth £127,000 when subject to the higher rate of income and capital gains tax. Yet if this money is invested in an

EXPERIENCE THE BENEFITS OF TAKING CONTROL

ISA – paying no tax – it could be worth £153,000, nearly

The volatility of investing – and the commentary around

double the total return on investment. (Assumes long-

it https://www.netwealth.com/ourviews/how-can-anxious-

term median expected returns investing in a Netwealth

investors-cope/ – can sometimes be troubling and cause

Risk Level 6 portfolio, with tax marginal rates of 40% on

us not to do the right thing with our money. Yet even the

income and 20% on capital gains. Source: Netwealth.)

factors you can’t control should be frequently assessed and modelled (which you can do here https://www.

The boost that a family can get if they each use their tax

netwealth.com/financialplanning#tools) so action can be

allowances each year is quite remarkable. We show below,

taken where necessary.

for instance, how much better off a family of four could be in only 10 years by using their allowances compared to

The four factors listed above – fees, investing and staying

investing the money outside of a tax wrapper.

invested, being diversified, and using tax wrappers – are very much within your control and can have a huge impact on investor outcomes. To focus on these is time well spent and dramatically increases your chances of investment success. Please note, the value of your investments can go down as well as up.

Source: Netwealth

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Jessen Joseph Software engineer

Wealth management. Some say it’s all about the technology. Others say it’s all about the people. We agree.

Wealth management | Pensions & ISAs | Financial planning W ith investing, your capital is at risk.

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Why fine wine is now a highly desirable asset The market for alternative assets has exploded in the last decade in particular, from collector cards to antiques, and sneakers to classic cars, but one asset class has emerged as a lead performer – fine wine. According to Knight Frank’s ’s luxury investment index 2021, investmentgrade wine has risen 13% in price in the first half of the year, making it frontrunner of all luxury investments including Scotch whisky and Hermès handbags. London is the global centre of the fine wine investment industry, with strong connections to the most important trading markets in North America and Asia, and with critical access to European producers where the majority of fine wine is made. Historically the wines of Bordeaux have been the bedrock of the fine wine market, but as production excellence has spread so to have the ambitions and success of top producers from elsewhere. Burgundy has been a star performer over the past decade, the top domaines growing multiples in value, whilst to many people’s surprise Champagne has grown significantly in value during the pandemic, up 37% in 2021 alone*. More broadly the top Super Tuscans have been collector’s radar for some years, Piedmont’s time has arrived and the top reds from northern Spain have been exciting drinkers with the quality coming out of their exceptional old vineyards. Performance in the new world has been dominated by the top Cabernets from Napa, but Australian drinkers will not be surprised to know that Penfolds and Henschke are highly desired by global investors and are on the cusp of being joined by others in the coming years in what could be an exciting decade for Australia’s finest names. When market volatility is rising, or economic conditions point towards challenging time or fears of recession, savvy investors understand that fine wine’s unique and varied attributes can offer remarkable capital preservation, real value growth and an intelligent way to diversify a portfolio away from more volatile assets. Time has shown that through both good times and bad, fine wine is always in demand with long-term returns strongly underpinned by regular, and ongoing consumption. A leading innovator in the fine wine investment sector, is London-based OenoFuture, a company with expertise in active portfolio management and with an impeccably credentialled wine sourcing team, headed up by an Australian Master of Wine. A novel feature of Oeno’s offer is access to its extensive network of top restaurant and trade clients (OenoTrade) and luxury central London boutique (OenoHouse), which provide profitable liquidation pathways for investors during their investment lifecycle and offer wineries the opportunity to supply their best wines at their apex of maturity – services which other wine investment companies are unable to match.

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Why fine wi ne is n ow a hi ghly desirable asset

What makes fine wine unique among all luxury assets

EXCELLENT HEDGE AGAINST MARKET TURBULENCES

is ongoing consumption, and with annual vintage

In traditional stock, bond, commodity and currency

conditions playing an integral role in a wine’s quality and

markets volatility can be significant, especially during

price it becomes clear that increasing scarcity of specific

periods of strong socio-political upheaval, and the deep

vintages or releases becomes a significant driver of long-

pools of liquidity that allow these markets to function

term valuations. Fine wine, broadly defined as those wines

can make for an uneasy ride for the individual investor.

for which there is secondary market demand, and which

Fine wine, ironically, is relatively illiquid and can be a

improve in quality over time, is itself a niche part of the

comfortable harbour in less volatile waters. Asset-backed,

total wine industry. Overall, fine wine is considered to

and thanks to legally protected fixed bottle sizes, fine

represent just the top 1% of the annual USD$400bn global

wine is resistant to inflation by stealth (shrinkflation) and

wine industry.

can thus be a wonderful store of value during inflationary

A RARITY BY VIRTUE

eras and stable influence during volatile times.

“With the secondary fine wine market breaking all price records over the previous year and being totally unaffected by global turbulence due its minimal correlation, I anticipate that ultra-rare and highly desirable gems like the prestigious Henry Jayer will only go one way…up! It’s also worth remembering that with yields being low in the Burgundy region and demand being stronger than it ever has been – there is only one outcome, asset appreciation, stronger price growth and flourishing dependability.” - Michael Doerr, CEO A recent Liv-Ex report (Liv-Ex collates indices on the world’s most traded fine wines), states that fine wine has outperformed the S&P 500 with 13.6% increase over the last 15 years, compared to 7.8% (excluding dividends) for the S&P.

When COVID-19 first struck markets in Feb 2020, the S&P 500 dropped by 25%, while the Liv-ex* 1000 index for fine wine slipped by merely 4%. Whilst the S&P recovered strongly, it was nonetheless a traumatic journey for many at a time when such a recovery was deeply uncertain. Similarly, during the 2008 global financial crisis the Liv-Ex 1000 dipped by just 0.6% compared to a stomach-heaving 38.5% for the S&P 500 and in the two years that followed the fine wine market boomed.

“Wine is a tremendously exciting asset class that is fascinating, mysterious and yet highly profitable in a world of mundane investment products. It can bring a sense of fresh air to stale portfolios, and a bastion of safety during the turbulent times we are currently experiencing.’ - Ashley Ling, Global Investment Director, OenoFuture

OENOFUTURE, AN INNOVATIVE FINE WINE COMPANY Founded in 2015, OenoFuture is a personalised wine investment advisory service that adopts a contemporary approach to wine investment, born out of a vision to make the fine wine market accessible to all regardless of their exposure to or experience of the industry. Oeno’s sourcing credentials are underpinned by a diverse team of international wine experts, from France, Italy, Greece, Spain, Australia, and South Africa. Our varied

“The potential in wine investment lies in its ability to mimic other asset classes. Like gold, wine can be an exceptional store of value and an effective hedge against inflation during market turbulence. But it can also resemble blue-chip real estate, with potential to double or triple in value over 10 or more years.”

expertise offers us excellent connections and insights into wineries from all over the world. Recently joining the company as Ambassador of Italy is Gabriele Gorelli MW, the first Master of Wine based in Italy, whilst in Spain we work with Almudena Alberca MW, the first Spanish female Master of Wine. Most recently, we’ve been awarded The World’s No.1 Wine Investment Firm by Investor Magazine in 2021, as well as as Fine Wine Investment Company Of The Year 2019 and

- Justin Knock MW, Director of Wine

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2020 in the European Global Business & Finance Awards.

“OenoFuture is proud to offer an all-inclusive, impeccable wine investment service by bringing together some of the world’s most qualified wine experts.”

“Moving forward we have innovative ideas developing around blockchain to cement our place as the world’s leading fine wine investment company.”

- Daniel Walker, Head of Investment

Development

OUR UNIQUE APPROACH TO WINE SOURCING

DIVERSIFIED EXIT STRATEGIES

By looking into diversified and flexible ways of sourcing

As with any other alternative assets, it’s crucial to consider

wine, OenoFuture has built a portfolio of the world’s rarest and most exquisite wines. This includes purchasing directly f rom our exclusive wineries, the Bordeaux negociant network (La Place) and acquiring highly sought-after wines from trusted partners in the secondary market that represent a solid investment opportunity for

- Sid McNamara-Rajeswaran, Head of Business

options of exit strategies before making an investment. Fine wine, however, is one of the rare asset classes with a full circle cycle, which means it is produced in a regulated quantity, purchased, stored and ultimately consumed. Oeno’s unique business structure optimises the

our clients.

opportunities in wine for all. In addition to gaining access

As well as wines from traditional regions in France,

with OenoFuture enjoy a variety of in-house exit strategies

OenoFuture is known for its particular strengths in fine wines f rom Italy, Spain, California and Australia which

to the world’s finest and rarest wines, clients investing through retail and hospitality buyers of OenoHouse and OenoTrade.

have demonstrated huge potential for growth. And yet, we are always looking out for the next generation of stars and have recently signed exclusive distribution deals for top producers in Piedmont, Mount Etna and in Campania.

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“Is Fixed Income the Future”? Adam Davis, Managing Partner of the fixed income pioneers, Capital 3PM, tells us more … WHAT WAS THE ORIGINAL IDEA BEHIND CAPITAL 3PM? The original idea of Capital 3PM was to create an end-to-end capital raising advisory business, that encompassed both the sell and the buy side. On the sell side, institutions would engage with us to assist them in their capital raising objectives. This could be anything from a straightforward fund raise for their investment product or perhaps some creative input to redesign their marketing collateral. On the buy side, we would introduce well screened and researched alternative, non-market correlated opportunities to private clients. We were approached by Institutions who were already successfully raising funds in a certain jurisdiction but needed assistance in another part of the world. As my partners and I had decades of experience in engaging with Sovereign Wealth Funds, Private Family Offices, listed Real Estate Funds and private Wealth Managers, we believed that we could create a valuable resource for any entity looking to raise funds from the market.

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However, this has changed over the last 5 years as Capital 3PM has become very well known for our ability to simply raise capital across the international space. We now have a specific focus on UK Fixed Income Institutions who are working with some of the world’s largest blue-chip organizations. I would like to think that our clients see us as an integral part of their capital flows into their businesses.

WHY DO YOU SPECIALIZE IN FIXED INCOME? In the early days of Capital 3PM we raised capital for Hedge Funds, REIT’s and Multi-Asset Funds. What we learnt very quickly was that some of the world’s largest Institutions really dominate this space and we couldn’t really make an impact on the market. At the same time the Fixed Income space was very lightweight in terms of placement agents as the industry didn’t really find Fixed Income exciting. For example, it was far ‘sexier’ to be marketing a Hedge Fund that was delivering double digit returns annually than to market a two-year Fixed Income bond that was delivering around 8%PA. We took a decision to focus our efforts on the less ‘sexy’ offerings that we found in the Alternative Fixed Income space. Fixed Income is such a broad offering, from the super conservative Government Gilt to the highly risky Tech Start Up Corporate Bonds. We spend much of our time finding Fixed Income that is a hybrid of the two. Stability and predictability of a Government Gilt but with a compelling investment story and track record that makes logical sense in today’s market. The clients that invest in our products tell us repeatedly that they find our investments exciting enough to catch their attention, but secure enough for them to sleep well at night. Think of our investment philosophy having the innovation characteristics of Elon Musk’s Space X but with the cautiousness of Warren Buffets Berkshire Hathaway. Finally, we love the fact that Fixed Income always has a space within any investor portfolio, regardless of your attitude to risk. It doesn’t matter what the market conditions are, or how popular the latest ‘in vogue’ investment sector seems to appear, Fixed Income should be a consideration. You may be a super conservative Sovereign Wealth Fund, an adventurous crypto investor or an avid real estate speculator, we believe you should have some allocation to Fixed Income. It was this opportunity to be able to market to any investor at any time in the economic cycle that made Fixed Income become the core of our business.

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Why fine wi ne is n ow a hi ghly desirable asset

HAVE THE RECENT WORLD EVENTS ATTRACTED A NEW TYPE OF CLIENT TO CAPITAL 3PM?

Our products have become more and more appealing. In

In short 100% yes, we are engaging now in May 2022

they listened but did not act. Now in 2022, these investors

with more clients than we ever have before. What were

are acting, reducing their exposure to the volatile markets

once the ‘go to’ investment markets for most investors

and investing with us. We pride ourselves on the fact that

are becoming less attractive as we see huge drops in

investing is a very personal thing, we wait patiently for

value across the global markets, profit warnings f rom

investors to come to us, only when the time is right for

some of the largest blue-chip stocks which are impacting

them.

on usually reliable dividends. Some of the world’s most

2020 we had investors who were tempted by our offering,

successful fund managers are suggesting that the market

WHAT ARE YOUR FINAL THOUGHTS TO CLOSE:

is at its most unpredictable in the last 20 years. Add into

In summary, we think the next few years are going to be

the mix the countless unwelcome Crypto surprises and

very challenging in many ways. I always thought when the

what you have is a very nervous and indecisive investor,

pandemic struck, that the world was going to become a

regardless of what your risk appetite is.

very different place for at least 5 years, and regrettably it feels as if that prediction is already playing out. We have a

As all of this has been playing out, Capital 3PM has been

war in Europe that remains ongoing, showing little signs

quietly growing its private client investor base, attracting

of a ceasefire. We have inflation at its highest level for

casualties of the aforementioned events. We also work

the last 40 years. A pandemic, that in certain parts of the

with some of the world’s most successful private wealth

world is still wreaking havoc and causing huge disruption

managers and they in turn are referring their clients

to daily life, both for individuals and businesses.

to us who are looking for a larger allocation into the Fixed Income space. Interestingly, many private wealth

In the investment world we call this a ‘special situation’

managers would be the first to admit they have pushed

– a series of atypical events in the economic cycle that

Fixed Income to the back of the queue when it comes

potentially offer an investment opportunity. It is this

asset allocation. They now recognize the value and

backdrop that really does lend itself to the investments

importance of fixed return, fixed term, asset backed and

we have spent decades researching and supporting. If you

insured investment products. As of today, we partner with

have not previously considered Alternative Fixed Income

more wealth managers internationally than ever before.

investing, our door is always open for both private and institutional investors.

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FIXED INCOME

INVESTING

Diversify your portfolio to avoid the volatility of the stock markets and secure a fixed term, fixed return of between 8% and 12% PA in GBP, USD and EUR

United Kingdom Green Park House | 15 Stratton Street London, W1J 8LQ | United Kingdom

United Arab Emirates Indigo Icon Tower | Office 1802 Dubai | UAE

Call: +44 (0) 20 3287 0089

Call: +971 (0) 50 101 8219

Email: info@capital3.pm

www.capital3.pm BEST FIXED INCOME INVESTMENT ADVISORY FIRM // 2021

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From Flight Tool to Icon: The 2022 Breitling Navitimer A 70-YEAR JOURNEY With Breitling’s legendary timepiece, the Navitimer, turning 70 this year, the brand has unveiled a redesigned collection that emphasizes bold color, enhanced styling, and incredible journeys.

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The Navitimer started life as the quintessential pilot’s watch, and for 70 years it has been beloved by aviators and tastemakers in equal measure. It has been worn by an astronaut in space and by the biggest stars on Earth. Today, Breitling honors the legend of its most iconic timepiece with the introduction of a new Navitimer that captures its most classic features, while enhancing them with modern refinements. Breitling CEO Georges Kern said of the new Navitimer: “We don’t throw the term ‘icon’ around lightly. The Navitimer is one of the most recognizable watches ever made. It’s on collectors’ lists of the greatest watches of all time. What began as a tool for pilots has gone on to mean something profound to every single person who has had this timepiece along on their personal journey.”

THE ORIGINAL PILOT’S WATCH In 1952, Willy Breitling developed a wrist-worn chronograph with a circular slide rule that would allow pilots to perform all necessary flight calculations. He never could have predicted the phenomenon the Navitimer would become. Just two years later, the Aircraft Owners and Pilots Association (AOPA), the largest aviators’ club in the world, announced the design as its official timepiece. The association’s winged logo was emblazoned at 12 o’clock, and the “navigation timer”—or Navitimer—was born. As the burgeoning civil aviation industry grew in size and reputation, so too did the Navitimer. A favorite of airline captains and aircraft enthusiasts, it even made its way into space on the wrist of astronaut Scott Carpenter in 1962, who used it as a 24-hour timepiece to tell day from night. The Navitimer’s journey took it from the stars of the vastness of space to the stars of Hollywood, as the watch’s irrepressible aesthetic also attracted celebrities of the day, such as Miles Davis, Serge Gainsbourg, Jim Clark, and Graham Hill. It was evident that the Navitimer boasted style and glamour as well as function.

AN EVOLUTION IN BREITLING’S SIGNATURE MODERN-RETRO STYLE In creating the new Navitimer, Breitling preserved the most recognizable aspects of the icon’s classic design code. From a distance, this is unmistakably a Navitimer, with its circular slide rule, baton indexes, trio of chronograph counters, and notched bezel for easy grip. Up close, however, its modern refinements can clearly be seen.

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Why fine wi ne is n ow a hi ghly desirable asset

A flattened slide rule and a domed crystal create the

dancer Misty Copeland, and aviation pioneer and explorer

illusion of a more compact profile. Alternating polished

Bertrand Piccard.

and brushed finishes give the metal elements a lustrous yet understated quality. A slimmer silhouette on the

Each member has been on an incredible journey to get

oscillating weight enhances the open-caseback view of

to where they are today, at the very pinnacle of their

the COSC-certified Breitling Manufacture Caliber 01. This

respective fields. Each one has charted a course and

movement is backed by a five-year warranty, provides

maintained it through their will and determination.

approximately 70 hours of power reserve, and allows the

And each one is on their way to achieving their next

wearer to change the date—now visible through a discreet

set of ambitions. Using powerful visuals and the Squad

window in the subdial at 6 o’clock—at any time.

Members’ own narration, this exciting, personal campaign gets to the heart of these moving journeys.

The watch comes in a range of sizes (46, 43, or 41 mm), two case materials (stainless steel or 18-karat red gold),

Misty Copeland says:

and a choice of straps (semi-shiny alligator or seven-row

“This project means a lot to me because it celebrates not only where I was in life, but where I’d come from and where I am going. There is an absolute parallel between navigating towards a physical destination and navigating towards the vision of where you want to be in life. You’ll see that theme come through in these three stories.”

metal bracelet). Modern colors in shades of blue, green, and copper define its updated dial options. And if there is one feature sure to spark nostalgia, it’s the return of the AOPA wings to their original position at 12 o’clock.

CHARTING A PERSONAL JOURNEY After an incredible 70 years, the Navitimer has surpassed its original function as simply a tool used by pilots to navigate their course. It has become a symbol for those

The Navitimer has come a long way since Willy Breitling

charting their personal journeys through life.

first drafted his idea for a wrist-worn flight tool. This redesign, with its focus on color, styling, and inclusive

To celebrate the significance of these personal journeys,

appeal, marks a new phase in the Navitimer’s journey, one

Breitling has launched a new campaign, NAVITIMER—

that blends Breitling’s modern aesthetics and values with

FOR THE JOURNEY, featuring the Navitimer Squad.

its historic watchmaking savoir faire, to create an updated

The Squad is made up of basketball superstar Giannis

identity for the iconic watch that started it all.

Antetokounmpo, American Ballet Theater principal

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INFRASTRUCTURE IS OUR FUTURE

INFRA BANKING EXPERTS #ALWAYSFIRST We help to create a better world by enabling the de velopment of sustainable infrastructure that improves the quality of people’s lives. Not just for ourselves, but also for the coming generations. www.kommunalkredit.com

INFRA BANKING EXPERTS

Redefining Infrastructure. Sustainably. Successfully. As an energy and inf rastructure specialist, Kommunalkredit is bridging the needs of sponsors and investors across a wide spectrum of products that includes public finance, financial advisory, corporate finance, acquisition and leverage finance, export finance and project finance. They also deliver asset management via the Fidelio KA Infrastructure Debt Fund platform and equity financing for project developments via the KA Development vehicle. Global trends driving infrastructure investments include climate change, demography, digitalisation, globalisation versus regionalisation and the increased relevance of communication in agile working and distance learning. The bank is proud to actively contribute to 14 of the UN’s 17 Sustainable Development Goals (SDGs) and to promote the ESG ambitions of the European Union.

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Why fine wi ne is n ow a hi ghly desirable asset

They are growing and attracting talent, supporting new

specialist in infrastructure and energy financing as well as

projects and directly addressing demand f rom borrowers,

public finance with its resilient and sustainable business

developers, operators, the public sector and institutional

model. Despite macroeconomic changes, not least as a

investors for sustainable and responsible investment

result of the COVID-19 pandemic, low interest rates and

opportunities.

rising inflation, the bank’s strong performance in the 2021 financial year proves once again that the financing

“We have a real focus on creating a better world by enabling the development of sustainable infrastructure, combining sustainable and responsible investments with attractive returns”, says Kommunalkredit CEO Bernd Fislage.

and implementation of innovative projects in the areas

2021 was a challenging year with a stop-and-start strategy

considerable impact of the health crisis. Kommunalkredit

depending on the pandemic’s impact on the economy,

responded quickly to the varied challenges, especially

but both the EU Green Deal and the pandemic brought

by focusing more on digitalisation & communication

opportunities. A number of extreme weather events

in light of working from home, distance learning and

highlighted the need for sustainable inf rastructure,

a secure and reliable energy supply. About 80% of the

while the impact of covid put the spotlight on hospitals

projects implemented in 2021 are related to these areas.

and other public infrastructure and the paradigm

With a new business volume in infrastructure and energy

shift in business behaviours drove demand for digital

financing of EUR 1.9bn (2020: EUR 1.1bn), they have further

infrastructure. The financial industry has a lot of leverage

expanded their position in the European infrastructure

here, with the multi-faceted layers of stakeholders driving

market.

of hydrogen, green and sustainable energy production and storage, e-mobility, digital communication and data centres as well as social institutions are essential to the community. This is also a testament to the resilience of the European market for infrastructure financing, which achieved a record volume of nearly EUR 300bn despite the

finance towards sustainable and innovative projects that fight climate change and drive the transition to

They have supported the realisation of 46 infrastructure

decarbonisation forward.

projects in 2021: from wind power plants in Scandinavia, broadband expansion in the Netherlands, solar

In times that are very challenging on an economic,

photovoltaic parks in Southern Europe, fibre-optic

political and, above all, humanitarian level,

projects in Germany, health infrastructure in the United

Kommunalkredit has expanded its leading role as a

Kingdom and many more.

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However, Kommunalkredit operates not only in Europe

national and international climate targets and the

and beyond, but also supports pioneering initiatives in

European Union’s (EU) Green Deal. They also take

the Austrian domestic market. They are investing in the

their socio-political responsibility and role as a pioneer

construction of the largest electrolysis plant in Austria

seriously: Kommunalkredit was the first Austrian

jointly with OMV, where up to 1,500 tonnes of green

financial services provider with EMAS certification, the

hydrogen will be produced annually f rom 2023 onwards,

first Austrian issuer of a social covered bond and the

thus reducing CO2 emissions by up to 15,000 tonnes

first Austrian bank in the European Clean Hydrogen

annually. Another lighthouse project is their joint venture

Alliance. They have also joined the UN Global Compact

“PeakSun” with the Upper Austrian energy supplier eww,

sustainability initiative in the last year.

to finance, assemble and operate photovoltaic rooftop systems on commercial real estate. That joint venture uses

Bernd Fislage

a contracting model, which means that people don’t need

Kommunalkredit CEO

to buy solar panels for their rooftops, with the company instead financing those and then leasing them to customers on a long-term basis. Customers receive all the electricity generated by the system and can either use it in their own building or feed it into the public power grid. With this model, they are able to deliver energy below the current price without subsidies, which is more attractive than ever simply because of the very high and volatile energy prices we currently face. Their activities have a clear focus: sustainability in accordance with ESG (Environment, Social, Governance) and SDG (Sustainable Development Goals) criteria. The issue of sustainability is part of our DNA. Sustainable management – i.e. operating responsibly in economic, social and ecological terms – is the basis for their business model. The inf rastructure and energy projects they have helped implementing contribute to decarbonisation,

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Europe’s Energy Crisis and Its Effect on Energy Investment NO RETURN TO NORMALITY The Russian invasion of Ukraine has forced European leaders to assess their dependence on Russian energy, and to accelerate plans to find alternatives. The entire European economy is facing a threat even more severe than the Covid-19 pandemic, which has already tested its economic resilience. According to most economists, the war in Ukraine and the ensuing economic sanctions imposed on Russia will bring about more drastic changes for Europe’s economy and markets than any previous crises. There have been calls from the European Parliament for an immediate and complete embargo of Russian oil, coal, nuclear fuel and gas. However, this action will come at a price for the European economy, increasing an already high level of inflation and threatening to undermine the tentative recovery that started last year as economies attempted to re-emerge from the pandemic.

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Europe has for some time now been an export-oriented

The problem with raising interest rates to rein in inflation,

economy with a large industrial backbone, and a high

is that it will eventually make life difficult for fiscal

dependency on energy imports. It has benefited greatly

authorities. A higher interest rate environment will result

f rom globalization and the division of labor in recent

in debt sustainability concerns.

decades, but now the eurozone finds itself having to ramp up its green transition and pursuit of energy autonomy,

The low level of inflation throughout the eurozone’s

while at the same time increasing spending on defense,

recent history meant the European Central Bank was

digitization and education.

never forced to choose between fiscal sustainability and pursuing its inflation targets, since low inflation

If Europe can pull off such a transformation, it will be well-

necessitated the accommodative monetary policy that

positioned. But the pressure on household finances and

aided fiscal sustainability.

incomes will remain enormous, or indeed worsen, until it gets there, even if corporate profits remain high.

The problem now, however, is that the ECB is having to tighten policy to limit inflation against the backdrop of

The humanitarian crisis is another element of the war,

even higher public debt, a legacy of the pandemic, and

given that it is taking place in the ‘breadbasket’ of Europe,

continued pressures on public finances.

a key production area for grain and corn. Food prices look set to rise to unprecedented levels, and in developing

THE FUNDING GAP

countries, inflation could quite literally be a matter of life

The energy crisis may be seen as an opportunity, in the

and death for many people.

sense that the EU was, in any case, pursuing aggressive targets to reduce greenhouse gas emissions, and there is

For now, at least, no return to normality is on the horizon

mounting political support for making a serious effort to

for Europe.

tackle climate change. The eurozone has been generous

DEBT SUSTAINABILITY ISSUES

with public money to support new energy technology.

Economists have acknowledged that this shift for the

But start-up money and grant funding soon dry up, and

European, and indeed global, economy will place added

businesses are struggling to raise funds for innovative,

pressure on central banks and governments, who will

large-scale projects that will be necessary to complete the

have to try to juggle inflation against fiscal sustainability.

green transition, and in turn reduce reliance on Russian imports.

BNP Paribas has predicted that a more urgent drive to decarbonize, higher government spending and debt,

This funding gap means Europeans face the prospect

more intense headwinds to globalization, and higher

of either failing to hit their ambitious climate targets,

inflationary pressures would all feature over the coming

or facing further energy shortages and rising costs.

period of uncertainty.

According to many experts, the solutions are there, but only if there is a significant financial boost. Many

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technologies currently in their infancy will be key in

not enough independent companies in the eurozone

reaching net-zero emissions, but they need investment.

addressing specific energy problems.

FAST MONEY

Companies that are researching and building expensive

One problem is that it is difficult to entice investors away

hardware are particularly vulnerable to finding

f rom mature technologies like solar and wind power.

themselves short of investment. Once they reach a certain

Many venture capitalists are currently more interested in

size, the kind of institutional investors they need to attract

cryptocurrencies and quality-of-life start-ups. The kind of

are often looking for safer places to put their money.

capital-intensive investment needed in the energy sector can be off-putting. Inconsistent government policies

Existing, mature climate technology hardware took

that have been accused of simply being “greenwashing”

decades of investment and R&D to finally get to where

haven’t helped inspire confidence either.

they are now. The issue, of course, is that Europe cannot afford to wait decades. A transformation is needed now.

Even as the world faces the dire consequences of climate change, investors’ money is flooding into less urgent

THE ROLE OF GOVERNMENT POLICY

developments in cryptocurrency, the so-called metaverse,

If carbon emissions are to be drastically reduced, and

and digital art collections sold as NFTs. These “fast money”

energy autonomy achieved, innovation and adoption

investments are orders of magnitude more attractive to

of new technologies needs to be an immediate priority.

the majority of investors, with only 4 percent of all the

Ambition and vision now have to be matched by policy

money invested in European start-ups last year going to

and execution.

the energy sector. Many investors claim that government policy could The number of dedicated funds for energy investments is

be doing more. Despite ambitious climate pledges,

rising. But even so, there is a tendency for the companies

regulations and laws that are in place haven’t created

in them to be software developers, who are deemed to

strong enough incentives for investment.

be less of a risk than companies working on larger-scale energy projects to tackle existential energy concerns.

Some investors have suggested that for large-scale energy

For example, four of the seven companies backed by 360

projects seeking investment, the government should

Capital’s new fund are artificial intelligence companies or

expedite permitting, cut taxes and provide matching

software providers.

funds. At the moment there is a lot of talk from European governments on climate, but not enough action.

PROBLEMS IN THE SCALING-UP PHASE

Investors, companies, and all Europeans need to know the

The problem for many European start-ups is that when

government is on their side. Because the alternative is

they become successful, they are acquired by enormous

increasingly stark.

American or Chinese companies, which means there are

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The World Economic Forum Annual Meeting - 2022 A COLLABORATIVE ENVIRONMENT The World Economic Forum Annual Meeting took place from the 22nd to the 26th of May 2022. The partners who participate every year are some of the leading corporations, banks, and investment funds in the world. The Annual Meeting is always a key date on the calendar of any investor. The meeting embodies the World Economic Forum’s philosophy of collaborative, multi-stakeholder impact. It provides a uniquely collaborative environment in which to reconnect, share insights, gain fresh perspectives, and build problem-solving communities and initiatives. Against a backdrop of deepening global frictions and fractures, it aims to be the starting point for a new era of global responsibility and cooperation.

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Why fine wi ne is n ow a hi ghly desirable asset

HISTORY AT A TURNING POINT The Annual Meeting 2022 brought together over 2,500

Among them, for example, were a Ukrainian emergency

leaders and experts from around the globe to the Swiss

worker, an African climate campaigner and an Afghan

mountains, participating in over 200 sessions, and all

educator of girls. In his video message, Sikander Bizenjo,

committed to the ‘Davos Spirit’ of improving the state

a first responder from Pakistan, urged leaders to include

of the world. The 2022 meeting convened against the

young people in the decision-making process. These

backdrop of a pandemic and conflict in Europe, at what is

videos, posted on YouTube and TikTok and other media,

surely the most significant geopolitical and geo-economic

have become a key feature of the forum, as it seeks to

moment of the past three decades.

extend its messaging beyond the attendees themselves, and across society as a whole.

This was also the first in-person meeting since the start of the COVID-19 pandemic. The theme for 2022 was: History

AN ADDRESS FROM UKRAINE

at a Turning Point: Government Policies and Business

As leaders gather this week to address the world’s

Strategies.

toughest challenges, the war in Ukraine is front and centre. Volodymyr Zelenskyy, President of Ukraine,

The major issues for the meeting, which were discussed

delivered a special address on the opening morning

across a wide range of panels made up of global experts,

at Davos 2022, setting the agenda for leaders to come

key stakeholders, and thought-leaders, were: Climate

together to help his country.

and Nature, Fairer Economics, Tech and Innovation, Jobs and Skills, Better Business, Health and Healthcare, Global

He said that the sanctions against Russia should have

Cooperation, and Society and Equity.

been “preventative” and questioned whether Ukraine would have had to “set a historical precedent for courage”

PERSPECTIVES FROM THE FRONTLINES

had action come sooner. He called for help to come “as

This year the meeting focused on sharing perspectives

fast as possible” to equip Ukraine for victory and help

f rom people on the frontlines of conflict and climate

rebuild the country after the war.

change. In a series of video messages, the forum heard f rom some of those most affected by some of the biggest

Børge Brende, the President of the World Economic

challenges confronting the globe today.

Forum, has called for something like the Marshall Plan in order to help with the reconstruction of Ukraine, while

The aim of Davos is to highlight the inspiring work of this

Professor Klaus Schwab in his opening remarks said,

group of young changemakers that they call the Global Shapers Community. These are young people who are full of energy, and who are working hard to make a positive difference in their communities.

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“Our first thoughts are with the war in Ukraine.

Russia’s aggression on their country will be seen in future history books as the breakdown of the postWorld War II and post-Cold War order. This is the reason why we speak about a turning point in history. In Davos, our solidarity is foremost with the people suffering from the atrocities of this war.” WHAT LIES IN STORE FOR THE WORLD ECONOMY? Indeed, the spectre of the ongoing conflict loomed over Davos for the duration of the meeting, with many sessions given over to discussions of energy and food security, and the future of these networks that we rely on. Also up for discussion were the cost of living challenges across the globe. Inflation in the UK hit a 40-year high in April, and in this context, the World Economic Forum’s Chief Economists Outlook has warned of lower economic activity, higher inflation, lower real wages, and greater food insecurity globally in 2022. The economists warn that this could have devastating human consequences as the global economy fragments. The future of globalization was also a hot topic at Davos 2022. The Financial Times recently warned that the threedecade era of globalization is at risk of going into retreat. It’s a subject that was explored in sessions throughout the week, with a wide range of topics being discussed such as Balancing Globalization and Resilience in a Time of Crises and Strategic Outlook: The Future of Global Operations.

European University Institute, had this to say during the Russia: What Next? session:

“It’s too simplistic to say we’re moving towards some kind of a new Cold War, with a liberal world order and an authoritarian world order. I think alliances are going to be a lot more flexible than what we are used to. I also don’t think that we’re going to go towards an area where there is a lot of talk… of deglobalization. I think we’ll have more regionalization of globalization but it’s not going to go away.” A LACK OF A-LIST SUPPORT? There were some notable absentees at Davos this year. Climate activist Greta Thunberg gave it a miss. US President Joe Biden was not on the guest list, nor was UK Prime Minister Boris Johnson, French President Emmanuel Macron, or Italy’s Prime Minister, Mario Draghi. The reticence of some high-profile personalities is understandable, as heading to the Swiss mountains to rub shoulders with the world’s elite, during a cost-of-living crisis raging across Europe and the world, is perhaps not the greatest look. However, there were addresses from Pedro Sánchez, Prime Minister of Spain, Ursula von der Leyen, President of the European Commission, and Jens Stoltenberg, Secretary-General of NATO.

Alexander Stubb, former Prime Minister of Finland and current Director, School of Transnational Governance,

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Why fine wi ne is n ow a hi ghly desirable asset

They each made calls for unity in light of the current

Herweck, the Chief Executive Officer, AVEVA Group Plc,

global challenges that we are facing, in particular the

explaining why AVEVA joined the initiative.

Russian invasion of Ukraine.

THE FUTURE OF GLOBAL COOPERATION Other speakers included Bill gates, John Kerry, and the

Even a glance through the programme for Davos 2022

Klitschko brothers.

tells us what the priorities and challenges are for the

LAUNCH OF DIGITAL FOREIGN DIRECT INVESTMENT INITIATIVE

global economy at the moment, and what oaths we should look to in order to progress.

At Davos 2022 the World Economic Forum announced

There were multiple sessions on the future role of Africa

the launch of the Digital Foreign Direct Initiative. World

and the Middle East, the part that digital tools will have to

Economic Forum President Børge Brende set the context

play in addressing climate and healthcare concerns, and

clearly: “There will be no real economic recovery without a

the need for innovation and action, and public-private

trade recovery and an investment recovery.”

cooperation.

The initiative will “offer unique insights on how to create

If there is one key idea to take away from Davos 2022, it is

a digital ecosystem that brings prosperity to people

that of global cooperation. Collaborative innovation and

to help government to better serve their citizens and

sustainable partnerships are going to be watchwords

also encourage businesses to grow,” explained Deemah

of the kind of development that the WEF believes

Al Yahya, Secretary-General, Digital Cooperation

is necessary to confront the crises that threaten to

Organization (DCO).

overwhelm us.

By working together, “we can ensure that every person,

Investors, along with every other group, will have an

every country and every company can stand to benefit

important role to play in deciding whether these words

f rom the tremendous opportunities the digital economy

and ideas can become the new reality.

brings,” she added. - All photos courtesy of the world economic forum Public-private partnerships “will play a key role in accelerating the digital transformation and enabling prosperity for societies around the globe,” said Peter

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Virgin Atlantic - Back in the US, and With a New Sustainable Fuel Supply THE AIRLINE OF CHOICE ACROSS THE ATLANTIC Following renewed customer confidence and a strong uptick in bookings, which are up 50% year on year, Virgin Atlantic has decided to reinstate its full portfolio of US destinations for the first time since the beginning of the pandemic. The airline has added frequencies and reintroduced services to key US gateways, in order to reaffirm its position as the airline of choice across the Atlantic. Flights to Seattle and Washington DC have been added, with services to New York, San Francisco and Atlanta also increasing. In April, a third daily service to Los Angeles was added, meaning that Virgin Atlantic now serves the Californian city more than any other airline. The carrier is also operating Orlando flights from its four UK gateways of Heathrow, Manchester, Edinburgh and Belfast, resulting in more flights from the UK to the theme park capital of the world than any of its competitors. Flights to Seattle from London Heathrow are now departing five times weekly. As home to Microsoft, Amazon and Boeing, Seattle is one of the fastest growing cities in the US, and something of a mecca for entrepreneurs and innovators. The airline operates its 787-9 to Seattle, with its famous on-board bar and top of the range in-flight entertainment.

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Virgin Atl antic - B ack in the US , an d Wit h a New Sustai n ab le F u el Supply

The London Heathrow to Washington DC service is also

to customers making travel plans. The updated flexible

operating five times a week on an Airbus A330, providing

booking policy enables Virgin Atlantic customers making

vital connectivity between the two nations’ capital cities

a new holiday or flight-only booking for travel up to 31

and re-establishing links for both business and leisure

December 2022, to make as many changes as necessary

travelers alike. Virgin Atlantic has also announced its first

to their travel dates, origin or destination, with the change

new US route since 2015, to Austin, Texas, operating four

fees waived, as well as one free name change.

times weekly.

A NEW SUSTAINABLE FUEL SUPPLY A RETURN TO THE HEARTLAND

The reinstatement of the US portfolio is not the only good

Juha Jarvinen, Chief Commercial Officer at Virgin

news for Virgin Atlantic. The carrier recently announced a

Atlantic, commented: “Following the relaxation of travel

deal with Neste, a Finnish company that creates solutions

restrictions, we’ve seen demand increase to many of our

for combating climate change and accelerating a shift to

global destinations, but particularly to our heartland

a circular economy. The deal secured a UK supply of 2.5

in the USA. Our customers can’t wait to return. The

million liters (or 2,000 metric tonnes) of neat Sustainable

restart of our Seattle and Washington DC services mark

Aviation Fuel (SAF), to be delivered to London Heathrow.

an important milestone, as we move into recovery and welcome our customers back on board to all the

The supply is an important step towards the airline’s

destinations they’ve missed. We’re simply not Virgin

target of 10% SAF by 2030. The agreement forms part

without the Atlantic and our growing transatlantic

of a wider collaboration between Virgin Atlantic, one

portfolio demonstrates why we’re the airline of choice to

of the world’s most fuel-efficient long-haul airlines and

the USA.”

Neste, the world’s leading provider of SAF, to increase the availability and use of SAF in the UK.

ENHANCED FLEXIBILITY FOR CUSTOMERS To help customers book with confidence, Virgin Atlantic

Neste MY Sustainable Aviation Fuel™ is made from

has extended its policy of unlimited f ree date and flight

sustainably sourced, renewable waste and residue raw

changes for new bookings, which allows further flexibility

materials. In its neat form, it can reduce greenhouse

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gas emissions by up to 80% of life cycle, compared to traditional fossil jet fuel. Virgin Atlantic and Neste are supported by ExxonMobil’s expertise in the supply and distribution of jet fuel to manage this delivery of SAF into the UK. ExxonMobil is Virgin Atlantic’s largest fuel supplier at London Heathrow.

A SUSTAINABILITY LEADER Virgin Atlantic has positioned itself as a sustainability leader for more than a decade, and has committed to achieving net zero by 2050. Today, 100% of its fleet is twin engine and 70% next generation, making it one of the youngest and most fuel-efficient airlines in the skies. This follows a multi-billion-dollar fleet renewal programme

“After fleet renewal, SAF represents the greatest opportunity to decarbonise aviation in the short to medium term. This supply is the beginning of commercial SAF at scale for Virgin Atlantic. To meet our 10% SAF target in 2030 we need to deliver this volume more than seventy times over, requiring cross-industry and Government action to support commercialisation of SAF at scale, particularly in the UK. We will continue to work closely with Neste and ExxonMobil, as well as wider industry partners, to find innovative solutions to achieve this goal.”

that has already delivered a 20% reduction in carbon

With the boost to its transatlantic business, and its

emissions between 2007 and 2019.

continuing commitment to meet sustainability goals as evidenced by the Neste deal, Virgin Atlantic has shown

The agreement with Neste represents the first

the adaptability and innovation that has marked it out

commercial supply of SAF for Virgin Atlantic, following its

from other carriers since the beginning. As the airline

long-standing commitment to SAF and operation of the

approaches its 40th year in business, it would appear that

first commercial aircraft using sustainable fuels in 2008.

the sky is the limit.

Holly Boyd-Boland, VP Corporate Development, Virgin Atlantic said:

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In the Fintech Race, Client Experience Should Come First Nicolas Shamtanis, BDSwiss CEO Driven by technological advancement, the financial technology (fintech) industry has grown tremendously in the past two decades; while more recently, with the Covid-19 pandemic, we saw a real acceleration of the move to digital financial services. Technology and innovation have completely transformed the financial landscape, disrupting the investment services sector by providing new value propositions that allow for improved client experiences. Naturally, client expectations have also evolved alongside these innovations, with more and more people shifting away from the incumbent “traditional banking services” of brickand-mortar institutions and opting to bank, trade, and invest digitally with neobroker or neo-bank fintech services.

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Virgin Atl antic - B ack in the US , an d Wit h a New Sustai n ab le F u el Supply

The reason behind this “fintech revolution” is clear –

SUPPORT CLIENTS CAN RELY ON

fintech investment products have demonstrated their

In the financial services industry, the level of service

potential to bridge gaps between product and user in the

offered to clients, coupled with a broker’s industry

delivery of financial services, and to enable the provision

expertise is key to building satisfaction, loyalty and

of new products and services to client groups who have

customer lifetime value. To this end, quality, omnichannel

been previously unable to access similar services through

client support in multiple languages is crucial for fintech

traditional banking institutions – in fact, when it comes

companies, as round-the-clock support is what clients

to trading and investing, brick-and-mortar banks tend to

have come to expect. Client calls should be answered

reserve trading and investment services exclusively for

promptly, and service agents should be equipped with

high-net-worth individuals.

all the necessary knowledge and tools they need to troubleshoot any problem the client may be experiencing.

Undeniably, the rise of online investment fintech companies has ushered in a new era of financial inclusion,

As clients have grown accustomed to digital experiences

providing equal access to the global financial markets

that anticipate their actions and are readily available

through a simple click of a button and making previously

across platforms and channels, personalised, prediction-

inaccessible financial markets and investment options

based, hyper-relevant journeys are now becoming the

now attainable by everyone.

norm. At BDSwiss, we recognise the value of differentiated

A SERVICE-FIRST APPROACH

client experiences, which is why we have put in place omnichannel information and support systems that guide

The ability to perform any financial task with a

clients throughout their journey enabling them to quickly

smartphone and mobile app has shaped the user

and efficiently access the help they need, when they

experience around fintech products, especially when it

need it most. From onboarding to trading, we ensure that

comes to younger investor generations. And while the

BDSwiss clients are supported every step of the way.

majority of fintech firms focus solely on technological innovation, “client experience” goes beyond simply

BEYOND CLIENT EXPERIENCE

offering an intuitive app. Clients have come to expect

Following on our commitment to providing a world-

far more than a multi-asset offering from their brokers;

class trading and investing experience, at BDSwiss we

they demand a high level of service, a regulated trading

have developed our custom VOX CRM in house, in order

environment, bespoke tools, competitive conditions, and

to cater to the needs of all key departments within the

personalised communications that empower them to

company in regard to client data management. Adopting

make well-informed investment decisions.

a proactive approach to client service, our all-in-one CRM system enables our departments to analyse client

The concept of customer experience is a multidimensional

behaviours so that they can provide personalised and

one, facilitated through cognitive, emotional, behavioural,

context-based interactions. Of course, this presupposes

sensory, and social responses to a brand or service. So how

that we support our front-facing teams with rigorous

can fintech companies go about creating those seamless,

internal trainings and briefings on our latest products,

integrated experiences that guarantee meaningful

conditions and technologies so that they have the know-

interactions?

how and the expertise required to make the most of our

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CRM client data and be able to provide a top-level service

knowledge, skill, and training they need to navigate not

tailored to each of our client’s needs.

just our tools and platforms, but also the rapidly evolving financial markets.

Communicating effectively with clients can not only significantly enhance engagement and client loyalty,

One of the most significant pillars on which any business

but can also help companies truly understand their

is built on is “trust” — and by giving our clients a clear and

clients’ needs and gauge interest for existing or new

solid understanding of the investment services we offer,

product offerings. Client feedback provides a “goldmine

we essentially communicate to them that we are investing

of insights” that can help businesses identify areas of

in their education and are committed to creating long-

improvement and allocate the appropriate resources

term and transparent relationships with them. From

to enact positive change. Beyond analysing client

expert-led webinars to trading courses, e-books, up-to-

interactions and behaviours through our CRM and

the-minute market analyses, and on-location seminars

Business Intelligence systems, at BDSwiss we have

and workshops – all of which are translated into many

also found that conducting regular client surveys on all

different languages – we make a point of offering curated

aspects of our business operations and at all stages of our

educational content that empowers our clients with the

product development has been instrumental in helping

knowledge they need to embark on their trading and

us drive operational excellence.

investment journeys.

INVESTING IN KNOWLEDGE

OFFERING BESPOKE DIGITAL EXPERIENCES

Another important aspect of a holistic client service

Fintech brokers need to consider client experience as

approach is proactively educating clients on the different

a decisive factor in their ability to achieve sustainable

investment vehicles and trading products being offered.

business growth. As fintech innovations and democratised

Navigating the financial services world can be a daunting

access to the global financial markets become

and time-consuming task for many first-time traders

mainstream, value-added services including real-time

and investors. The complexity of leveraged products,

personalisation, bespoke support, and access to quality

low level of awareness, lack of plain language can create

financial education and market research could become

information barriers that can ultimately lead clients to

key differentiators for a fintech company.

lose interest in a fintech company regardless of how revolutionary its investment products may be.

In line with our mission to democratise finance for all, at BDSwiss we have committed to continue to deliver

At BDSwiss, we believe that client skilling and education

bespoke trading and investing fintech solutions under a

are powerful retention tools as they can help our clients

comprehensive one-stop-shop, while providing our clients

understand the benefits and risks involved in online

with the tools, support, and education they need to forge

trading and empower them to make more informed

their financial future.

decisions. At its core, financial literacy is about extending equal opportunities to all clients, arming them with the

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Navigating The Volatility Terrain IFCs like the BVI offer security in the age of uncertainty As investors deal with the uncertainty in global markets, international finance centres (IFCs) like the British Virgin Islands (BVI) are uniquely positioned to offer security in the age of uncertainty. For close to 40 years, the BVI has been at the forefront of helping investors successfully navigate the volatility terrain. The jurisdiction’s ongoing success story can be credited to a willingness to embrace change and remain agile and resilient in the fast-moving landscape. By adopting a forward-looking approach, the BVI stays at the forefront of new trends, identifies opportunities in emerging economies and sectors, complies with international regulatory standards, mitigates risks, and is unwavering in its dedication to global growth, innovation, and progress.

FACILITATING GLOBAL GROWTH By facilitating global development and investment in emerging economies, the BVI enables communities worldwide to tap into resources they would not otherwise have access to. The BVI is strengthening links across Asia, Africa, Europe, and the Americas to build a global village of investors and companies with a shared vision for progress. International collaboration remains at the core, understanding that countries must work together to drive improvement to solve society’s biggest challenges as a global community. With a longstanding strong relationship with Asia, the BVI provides the region with corporate structures that remain immensely popular with Asian businesses, institutional investors and high-net-worth individuals, the main drivers behind the region’s strong economic model.

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Navi gatin g Th e Vol at ility Terrain

As Asia’s GDP is expected to expand in nominal terms

ownership register for all companies – its state-of-the-

f rom $33tn in 2021 to $39tn in 2023, the opportunities

art technologically-advanced Beneficial Ownership

in the region will continue to grow, fuelled by large

Secure Search system (BOSSs). Only licensed corporate

populations and the rising adoption of new technologies.

service providers can incorporate companies, and by law,

The BVI’s robust reputation and expertise in the region

they must conduct customer due diligence, including

puts it in a solid position to help facilitate this growth.

enhanced checks for politically exposed people. The beneficial ownership information is accessible to

Elsewhere, countries across Af rica are also emerging as

international law enforcement authorities. In response

the new f rontiers for growth, boosted by young, tech-

to sanctions requests, the BVI authorities can and have

savvy populations and the Af rica Continental Free Trade

provided information on the owners of BVI companies in

Agreement prospects. The BVI brings its expertise to the

as little as one hour.

table by creating neutral platforms to facilitate crossborder trade, investment, and finance, making it the ideal

DIGITAL INNOVATION

conduit for expansion.

The BVI’s forward-thinking legislative design is another quality that makes it distinctive. The jurisdiction’s range

Globally, as climate change action increases in urgency,

of professional associations, including legal, accountancy,

investment in agriculture and green energy will be crucial

trust and estate, funds, insolvency, compliance, registered

over the next decade. Here again, the BVI will continue

agents, and banking, work closely with the government

to make significant contributions to sustainable finance,

and regulators to keep the jurisdiction’s legal framework

enabling the flow of investment into communities and

in the financial services sector agile, relevant, and

making the most required real impact.

modernised.

NEUTRALITY & SECURITY

The BVI’s Regulatory Sandbox exemplifies this for

Speculation is that the lingering effects of the pandemic

Fintech Innovation, which creates an ecosystem where

and the f ragmentation of the current economic and

entrepreneurs, start-ups, and traditional financial

political systems put the concept of globalisation under

institutions can develop new solutions for financial

threat. Notwithstanding the mobility challenges, the

services without regulatory burdens. This programme is

reality is that this period has accelerated technological

growing in popularity and opening doors for companies

innovation and digitalisation, which both help to

who would not otherwise get the chance to test products

dismantle some of the barriers to capital flows and make

and solutions.

it easier for both inward and outward investment to happen. These increase the demand for services that

Leading the way in cryptocurrency and digital assets,

facilitate efficient and secure cross-border transactions.

the BVI was one of the first countries to cater to digital

And IFCs like the BVI are uniquely placed to meet these

asset funds. While preparing for the developing global

demands.

regulatory standards in this area, the BVI’s ability to harness opportunities in digital assets and mitigate

The BVI offers jurisdictional neutrality, a location

the risks has put the jurisdiction in a “sweet spot.” It

independent of the home jurisdictions of the various

has attracted a global clientele and made it one of the

counterparties where transactions can be conducted

world’s leaders in this space. Central to the BVI’s success

while adding little or no additional cost. This can be

has been its commitment to building a nurturing

important, for example, when forming joint venture

environment for innovative entrepreneurs across the

vehicles between businesses f rom different countries.

spectrum to thrive and grow.

The BVI also offers tax neutrality, administrative

With agility, resilience, and innovation at its core, the BVI

convenience, and regulatory specialisation as an IFC.

remains optimistic that it has the tools to help investors

However, the most significant advantage that the

navigate whatever lies ahead in the global volatility terrain

jurisdiction offers is the ability to mitigate country,

of the future. `

legal, and commercial risks. As a result, it can help protect assets f rom potential loss or seizure due to

Elise Donovan

social or political instability or delinquent regulatory or

CEO, BVI Finance

enforcement institutions in a particular country. The BVI has recently been part of implementing the sanctions regime. Successful sanctions rely entirely on identifying the ultimate beneficial owners of incorporated companies. The BVI has some of the strictest controls of any financial centre globally. It has a beneficial

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People’s Bank remains committed to the future of Sri Lanka People’s Bank, which was established six decades ago with the objective of providing banking and financial services to the general public in Sri Lanka, is now one of the leading financial institutions in the country. Over the years, this unique banking institution has made significant contributions to the socioeconomic development of the country. From its inception in 1961, People’s Bank has expanded rapidly throughout the country, introducing branded accounts tailored to customers of different ages and sectors, and offering various loan schemes for the betterment of the lives of the people of Sri Lanka. At the same time, the contribution of People’s Bank towards the uplifting of local industrialists including agriculture, fisheries, livestock, microfinance, and small and medium scale enterprises is highly commendable.

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Peopl e ’ s B ank re mains commit t ed to t he future of Sri Lan ka

Initially, People’s Bank’s main objectives were to develop

times, with an Agriculture-Based Harvest Loan Scheme,

the Co-operative and Rural Banking sector and move

which was introduced to create a self-sufficient country,

forward as a commercial bank. Today, the Bank has

the bank provided Rs.2.3 billion over a period of 15 months

become a fully accredited national and internationally

ending 31 December 2021 alone. People’s Bank also

accredited banking institution providing a wide range

introduced loan schemes such as ‘Made in Sri Lanka’ to

of services such as Personal Banking, Enterprise

promote local industries, ‘Saarabhoomi’ to encourage

Banking, and Corporate Banking as well as offering

local production of fertilizers, pesticides, herbicides,

Treasury, Investment Banking Services and International

‘Vanitha Saviya’ for empowering women entrepreneurs,

Operations.

and ‘Business Power’ to uplift small and medium enterprises.

Currently, People’s Bank is one of the leading licensed commercial banks in the country, with 742 branches

Another novel initiative launched by the bank was

and service centres islandwide and employing a staff of

People’s Spark Entrepreneurship Development Program

over 8,000. People’s Bank has over 14 million customers,

with the aim of empowering Sri Lankan youth who are

making it the bank with the highest customer base in the

passionate about running their own business. Under

country.

this the bank selected and groomed a group of young people covering various fields related to entrepreneurship

As a responsible state bank, People’s Bank has not only

with the involvement of local business professionals

provided financial services to its customers but has also

and university lecturers. At the end of the program the

has made significant contributions to the socio-economic

bank reviews the business plan prepared by them and,

progress of the country by providing financial assistance

if appropriate, take steps to provide a loan of up to Rs.2.5

in the areas of exports, education, health, expressways,

million without any security.

roads, tourism and inf rastructure. Not forgetting its original primary objectives the bank has been actively

People’s Bank as a pioneer in digital banking in Sri Lanka

assisting SME entrepreneurship in Sri Lanka. In recent

seeks to bring to its customers a superior customer

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experience by introducing state-of-the-art banking and

continues to be ranked among the world’s Top 1000 Banks

financial services at all times. It was the first bank in the

since 2018by the Banker Magazine.

country to implement a complete digital transformation for the entire operating model, covering all aspects from

The bank was recently named the ‘Best Investment Bank

the lowest to the highest levels of the Bank.

in Sri Lanka’ by Global Banking and Finance Review. In addition, People’s Bank has been recognized for its

People’s bank’s Self Banking Units (SBUs) are a pioneering

excellence at numerous awards ceremonies such as

introduction to its digitalization program. At present there

Asian Banker, International Business Magazine and World

are over 265 SBUs islandwide consisting of ATMs, CDMs

Finance.

and bill payment machines (KIOSK). Locally, People’s Bank’s People’s Pay Mobile Payment All the bank’s branches now offer quick account opening

Application won the Gold Award for ‘Best Mobile Payment

and over a million people are registered with the

Application’ for payments done through LankaQR at

People’s Wave app, which allows customers to bank from

the recent LankaPay Technnovation Awards, Sri Lanka’s

anywhere. People’s Bank also launched the People’s Pay

pioneering and only payment technology innovation

Mobile Appin support of the state efforts to promote

award ceremony. People’s Bank’s People’s Wave Mobile

digital transactions without the use of cash. In addition,

Banking Application was also recognized as the ‘Best

the People’s Website offers online banking and People’s

Mobile Electronic Payment Initiative’ at the recent Asian

Wiz Credit provides personal loans within 24 hours. The

Digital Finance Forum Awards in Colombo.

bank has won numerous local and international awards for digital banking.

People’s Bank plans to continue to facilitate digital banking and bring the latest banking experience closer

People’s Bank, as a state-owned bank, has played a pivotal

to Sri Lankans through the provision of financial services

role in bringing digital financial services closer to the

in line with high international standards as well as

urban as well as rural population of the country which

convenience, high quality and reliability through excellent

has resulted in many international accolades. The bank

banking services.

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Divestment won’t deliver: Why climate transition must include high emitters Many fixate on the finance sector’s support for high-emitting industries, charging them as key accomplices in environmental degradation – and they’re right. But demanding investors pull the financial tablecloth from under heavy industry in one fell sweep, forgoes that the real magic lies in transforming existing emitters into the clean corporates of the future. For certain, the climate can’t handle new oil, gas and coal projects, but simply divesting does not equate to climate transition.

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Peopl e ’ s B ank re mains commit t ed to t he future of Sri Lan ka

Global populations still rely on several high-emitting

of hope for engagement in the financial sector. Here,

industries to function. Fossil fuels, the primary target of

companies pledge to investors that their funds will

divestment campaigns, still supply 84% of world energy,

finance climate conscious projects. So far, Paris-aligned

while seldom discussed are the many high-carbon

proceeds nearing USD2tn have been raised in the green

materials such as cement and steel needed to build cities

bond market, accompanied by a range of industry

and inf rastructure. Though there is a real need to scale up

standards to guide best practice. However, the growth of

green growth - particularly as dependence on fossil fuels

the green market hasn’t spilled over into credible climate

shores up the power of petrostates – transitioning current

transition and moving high-emitting sectors from “brown

high-emitters can play a big part whilst meeting the

to green” still requires finance. Here lies an opportunity to

needs of a growing population.

unite two, currently siloed, activities of investor activism and green issuance.

But transition requires more than just hope – it needs engagement. Research by leading American universities

Enter transition finance… Or maybe not. The transition

found divestment to be less effective than engagement

label was once promised to offer a means of financing

when attempting to make companies act responsibly.

the transition of high-emitting industries to align their

Divestment risks assets being bought up by investors

activities with net-zero targets. At the end of 2021

without any environmental concerns and offers no

however, the transition label remained in its infancy with

guarantee of producing social goals. Engagement

issuance totalling just $4.4bn. The label appears lost for

however can deliver, and traditional tactics such as

direction and has been replaced by a soaring market for

shareholder votes can unite with new approaches such as

sustainability-linked bonds (SLBs), the issuance of which

requesting green debt issuance.

increased more than 10-fold in 2021 to a total of $130.2bn.

Green and other thematic finance emerged as a beacon

SLBs have been praised for inviting a broader range

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of companies into ethical bond markets, many of

Climate Bonds’ have already launched criteria for the

whom would otherwise be shunned f rom the green

high-emitting cement industry (responsible for 8% of

market. Unlike typical green bonds, SLBs come without

global emissions) and production of basic chemicals.

restrictions on the use of proceeds and instead, issuers

Steel and hydrogen criteria are soon to follow with the

commit to improving environmental performance against

work eventually landing at fossil fuel transition. While

key performance indicators (KPIs). Unfortunately, SLBs’

this seems ambitious, there is already precedent for the

rising growth is accompanied by rising concerns over

transition of fossil fuels to low-carbon energy. Ørsted,

greenwashing, as the robustness and ambition levels of

once one of the most coal-intensive energy companies

KPIs come under scrutiny. Meanwhile, investors still line

in Europe, transitioned into an energy company ranked

up at the door of sustainable markets looking to slash

as the world’s most sustainable in the space of a decade.

climate risk from their portfolios.

A resounding example any high-emitter can transition if given the right pathway.

This shows that sustainable financing for heavy emitters needs guidance - and it has started to emerge. Climate

And there’s no limit to where this could land; gas

Bonds Initiative, an international NGO influential in the

infrastructure can transition to carry green hydrogen,

growth of the green bond market, has turned its attention

coal mines be repurposed for carbon sequestration, and

to transition finance. The organisation’s transition

oil refineries adapt to manufacture synthetic aviation

investment criteria are underpinned by science-based

fuels. Divestment alone is too blunt a tool, only to be used

Paris-aligned standards, restoring the hopes for credible

where engagement has failed. After all, the transition

transition finance that have thus far fallen by the wayside.

needs industry innovation, not industry incineration.

The criteria also encompass guidance for entity-level transition plans that are needed to regulate KPI-based instruments such as SLBs.

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International Investor Awards Winners 2022 COVID-19 change the way businesses work, the investment community had to take a step further and reinvent in many ways. In order to recognise the effort behind every individual and company during this time, we selected champions f rom a wide range of businesses. The awards are open to any business, large, mid-size or small, established or start-up, provided they display first rate service, opportunity, innovation and performance. The following pages celebrate organisations that drive forward the world of international business and investment.

Inte rnational I nvestor Awards Win n ers 2022

ACTIVTRADES

AIX INVESTMENT GROUP

BARRICK GOLD CORPORATION

Best Customer Service // 2022

Best Investment Advisory // MENA 2022

Best ESG Mining Company // 2022

At AIX Investment Group, we push the

Barrick Gold Corporation (NYSE:GOLD)

boundaries of traditional investing.

(TSX:ABX) is a global gold and copper

We provide only the best, personalized

producer, operating mines and projects

solutions for our investors. Our range of

in 18 countries across North America,

expertise boasts of innovative investment

Latin America, Africa, the Middle East and

products, high-quality solutions and top

Papua New Guinea.

Most Trusted Global FX Broker // 2022 ActivTrades is an award-winning, multiasset global forex broker founded in 2001, offering a wide range of financial products including over 1000 CFD and Spread Betting instruments across Forex, Indices, Shares, Commodities, Financials, and ETFs.

experts with a proven track record in the finance industry. Our products are

Our portfolio spans the world’s most

Headquartered in the heart of London

designed with one main objective, to

prolific gold and copper districts and is

preserve and grow our investor’s capital

focused on high-margin, long-life assets.

and provide security for institutional and

The highly diversified workforce is drawn

individual investors.

almost entirely from our host nations and

together with offices in Milan, Nassau, Sofia, and Luxembourg, the company delivers exceptional trading conditions and outstanding support to our loyal

equipped with world-class skills.

customers in more than 140 countries.

As our firm is built on a strong foundation of intellectual and economic capital, we

Strong performance and delivery have

The brokerage offers the world’s most

focus on attracting highly talented people.

led to peer-leading returns with a strong

We create an atmosphere that rewards

balance sheet and robust cash flow.

popular trading platform: MetaTrader, enhanced with Smart Tools developed exclusively for our customers as well as our own ActivTrader – an intuitive and fullyfeatured platform designed for all levels of trading experience and available on desktop, smartphone, and tablet.

initiative, independent thinking, and integrity. Our solid background, including strong capital, ensures our capacity to deliver on our commitments. Furthermore, the deep expertise of the AIX team gives us the foundation of intellectual capital on which we draw.

ActivTrades is regulated by the UK’s Financial Conduct Authority (FCA), Commission de Surveillance du Secteur Financier (CSSF), and Securities Commission of The Bahamas (SCB).

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COUTRNEY CAMPBELL

EMIRATES REIT

FADI DABBAGH

Financial CEO of the Year // Jamaica 2022

Shariah Compliant REIT of the Year // Mena

Business Personality of the Year // UAE 2022

Mr Courtney Campbell, MBA (Dist), ACIB,

2022

Mr. Dabbagh is a global business leader with over 30 years of success across

BSc, JP is President and Chief Executive

Emirates REIT is the UAE largest listed

Officer of the VM Group, a leading

Sharia compliant Real Estate Investment

Jamaican Financial Group with operations

Trust (REIT). It was the first REIT

that extend to major financial districts in

incorporated in the UAE in 2010 and has

North America and the United Kingdom.

approximately USD 723 million of assets

Courtney has leveraged the organisation’s

under management. Emirates REIT is

cultural beliefs and core values to kindle

incorporated in the DIFC and licensed by

the VM Team’s passion for uplifting

the DFSA.

multiple industries, transforming stagnant operations into profitable enterprises. He has founded numerous companies and has been at the helm of many multibillion-dollar B2B and B2C enterprises. He was listed in the Arab Power List in 2021.

Jamaicans. Courtney is a strident advocate for greater financial inclusion, which is the founding purpose of VM and a significant motivator behind the work that he does.

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Inte rnational I nvestor Awards Win n ers 2022

INVEST DURBAN

KOMMUNALKREDIT

LLUIS NOGUERA

FDI City of the Year // Africa 2022

Best Sustainable Infrastructure Investment

Best Solar CEO // 2022

Invest Durban acts as a partnership between the Metro City Council and the private business sector, offering a f ree investor advisory service, plus key promotion, facilitation, and aftercare services between all investment stakeholders. Invest Durban delivers a world-class metro based investor support service, encompassing our four-part business mandate, namely investment promotion and marketing; foreign investment identification, attraction and

Company // Europe 2022 We help to create a better world by enabling the development of sustainable infrastructure that improves the quality of people’s lives. Not just for ourselves, but also for the coming generations. We are ALWAYS FIRST when it comes to delivering outstanding results with speed and precision. We combine sustainable and responsible investments with attractive returns.

Lluís Noguera (born in Barcelona, Spain) is a Telecommunications Engineer from the Polytechnic University of Catalonia. He also completed management studies at the Imperial College London Business School. He began his professional career as a Project Manager at the transport company TNT in Amsterdam. In 2005, he joined the Investment

facilitation;FDI aftercare and expansion,

Banking division of J.P. Morgan, where

plus investment advocacy. Invest Durban

he held a variety of roles related to the

works closely with theDepartment of

Infrastructure M&A units in London and

Trade & Industry including invest SA, Trade

Madrid.

and Investment KZN(TIKZN), the Durban chamber of commerce and Industry, the

He then joined Gas Natural Fenosa (now

KZN GrowthCoalition, and state-owned

Naturgy) in 2008, as M&A Director, until he

enterprises such as Dube Trade Port, the

moved to Global Power Generation ( joint

DBSA, IDC, Eskom & others. Key partners

venture between Naturgy and KIA) in 2015,

include the largest banks, audit and

where he was appointed CEO.

advisory firms,plus sector-based organised business bodies working in concert to

In 2019, he joined X-ELIO (sustainable

promote investment in Durban.

energy developer JV between KKR and Brookfield) as Chief Executive Officer. Mr. Noguera has done several Executive Education courses at AIF-INSEAD, IESE, Oxford Said Business School, ESADE and Singularity.

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MICHAEL DOERR

NAVOI SPECIAL ECONOMIC ZONE

NETWEALTH

Wine Investment CEO of the Year // 2022

Best Free Zone // Central Asia 2022

Most Innovative Wealth Management Firm //

Michael Doerr, Oeno Group’s founder and

Navoi Free Economic Zone was created

CEO, has been passionate about luxury

by the Government of Uzbekistan in

assets and wine f rom a very early age,

2009, being the first FEZ in Uzbekistan.

starting his first business buying and

Since May 2019 it encompases the whole

selling high-performance sports horses

territory of the Navoi region. Currently

at just 14 years of age. Mr. Doerr went

Navoi FEZ counts 94 resident companies,

on to start and manage three luxury

most of these being involved in the

asset companies across the world and

building materials industry, chemistry,

taking Oeno Group f rom a money-losing

electronics and automotive.

start-up to a multi-award-winning firm with what is now considered one of the world’s leading fine wine merchants and investment specialists.

UK 2022 We founded Netwealth in 2016 to give clients a better choice compared to established wealth managers. Many were not moving with the times and adapting to the needs of modern investors. We therefore combined the best elements of a traditional service with the benefits of a technology-enhanced approach. This allows us to offer considerable advances: lower fees to help investments grow more, greater control to help investors manage their money how and when they wish, and industry-leading transparency to relieve much of the stress of planning for the future. These improvements are backed up by a professional team with decades of experience at the highest level. Whether investors are preparing for retirement, wish to grow their funds meaningfully in a tax-free wrapper or want sound advice to help secure their family’s future – our powerful, Modern discretionary service means we are well placed to help them achieve their goals.

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Inte rnational I nvestor Awards Win n ers 2022

NORDEA ASSET MANAGEMENT

OENO WINES

PEOPLES´BANK

Best ESG Firm // Northern Europe 2022

Best Global Wine Investment Firm // 2022

Best Digital Bank // Sri lanka 2022

Nordea Asset Management (NAM), is part

OenoGroup embodies everything

of the Nordea Group, the largest financial

good that the Oeno brand has come to

services group in the Nordic region.

represent.

NAM is an active asset manager dedicated

OenoFuture is our multi-award winning

to delivering returns with responsibility.

investment arm with a fully-managed

Sustainability and responsible investment

service that is second to none. Our expert

are deeply rooted in our Nordic DNA, and

insider knowledge and investment

this is evident in our corporate culture,

expertise yield market-beating profits,

whether we are designing solutions that

putting us at the cutting edge of a

prioritize ESG or serving clients across the

fast-paced market. Closely linked to

globe.

OenoFuture is OenoTrade which connects the novice or seasoned wine investor with

NAM manages asset classes across the

the private trade sector. The final element

full investment spectrum. Our growing

of the trinity is OenoHouse.

third-party distribution f ranchise services a wide range of international fund

It’s our home, an inviting space for our

distributors, including many of the leading

clients and city workers to mingle with

global wealth managers. We distribute our

like-minded individuals. Here guests can

products through banks, asset managers,

enjoy the finest of wines in an elegant

independent financial advisors, insurance

setting unrivalled anywhere in the city.

companies and family offices.

For those who wish to broaden their wine knowledge our market-leading experts are on hand to assist in one of our many private areas.

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Best SME Bank // Sri lanka 2022 For over 60 years, People’s Bank has been repeatedly lauded for its consistency, leadership and sustainable growth in Sri Lanka’s banking sector. The Bank has evolved from being a provider of financial solutions to the masses to a leader in digital banking sphere that simplifies cutting edge technology to benefit the entire nation. The Bank has the country’s largest customer base and physical/digital network and has established itself in a unique position to successfully reach its over 14 million customers.

QENTA PAYMENTS

RIZE ETF

RESPONSIBLE GOLD

Best Emerging Markets Payment Solution

ESG - Best Food Investment Firm // Europe

Best ESG Blockchain Bullion Company // 2022

Provider // 2022

2022

QENTA Payments offers the latest

Rize ETF is Europe’s first specialist

technologies in cashless payment

thematic ETF issuer. To us, thematic

processing. Our gateway connectivity,

investing is about investing in the future

focused on small & medium sized

we want to live in. We believe that acute

enterprises in emerging markets, offers

change to the way capital is currently

100+ payment options with local currency

being deployed is needed if we are to

capabilities and access to traditional

see support for the most meaningful and

and alternative payment methods,

transformative growth stories of tomorrow.

responsible sourcing mandates of luxury

mobile money, e wallets, crypto and cash

We also believe that companies with

compliant and recognized as a positive

collection points.

sustainable business practices have

Responsible Gold™ is transforming the gold supply chain. The Responsible Gold Supply Chain Application and GoldID, governed by the Responsible Gold Standards, deliver unprecedented visibility and trust into gold’s provenance and chain of custody. The output, Responsible

including local and cross border cards,

Gold, is a premium product, fulfilling the brands and wealth managers. Shariahcontributor to the UN SDGs, Responsible Gold optimizes efficiency, transparency,

an advantage over their peers and are best positioned for growth in the future. By allocating capital to well-governed

and sustainability across the gold value chain.

companies and good corporate citizens with sustainable business strategies, we enhance the potential for positive outcomes for society and the natural world. Our strapline “Future First ETFs” is an authentic reflection of our approach to investing, which seeks to take a longterm view on the world we want to live in the future, and invest in the thematic opportunities that we believe will help get us there. We believe we’re creating a new approach to investing; one that enables investors of all stripes to invest in the future whilst remaining on the right side of history.

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Inte rnational I nvestor Awards Win n ers 2022

RL COMMERCIAL REIT

ROBINSONS LAND CORPORATION

RUSSELL CURTIS

Best Sustainable REIT // Philippines 2022

Best Property Developer // South East Asia

FDI CEO of the Year // Africa 2022

RL Commercial REIT, previously known as Robinsons Realty and Management Corporation, has been living up to its mission to provide shareholders with excellent and stable returns by providing high-quality commercial real estate spaces that are environmentally sensitive and enable partners to prosper comfortably and sustainably.

2022 RLC is one of the Philippines’ leading real estate developers in terms of revenues, number of projects and total project size. It is engaged in the construction and operation of lifestyle commercial centers, offices, hotels and industrial facilities; and the development of integrated developments and mixed-use properties, residential buildings, as well as land and residential housing developments, including socialized housing projects located in key cities and other urban areas nationwide. RLC adopts a diversified business model, with both an ‘investment’ component, in which the Company develops, owns and operates commercial real estate projects (principally lifestyle commercial centers, office buildings, hotels and industrial facilities); and a ‘development’ component, in which RLC develops real estate projects for sale (principally residential condominiums, serviced lots, house and lot packages and commercial lots).

Russell has run the Durban Investment Promotion Authority, known as Invest Durban, for 18 years. He’s a NED of the Durban Chamber of Commerce, the Durban Auto Cluster, & past Chairman of the Institute of Directors, KZN. Previously, also on The Mercury Editorial Board, Independent Newspapers, plus the Boards of other Commercial Co’s & NPC’s. Internationally, he sat on the UN Investment Advisory Council 2008/9, & 2016/17. Russell also served on the MCI/ World Bank Expert Advisory Group on City Investment Promotion & jointly authored publications. He has been a UN World Investment Forum Panelist in 2010, 2014, 2016, & 2018. He holds the degree of Chartered Associate, Institute of Bankers SA, a Post Grad Diploma in Business Administration from the University of Wales, & an MBA (Essentials) from the London School of Economics. He is a devout Christian with 30 years Business experience in the Corporate Banking, Financial Services, & Investment Advisory industries, whilst remaining active on various Social Justice, Developmental, and Philanthropic platforms.

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SEDCO CAPITAL

VM GROUP

X-ELIO

Best Global Ethical Asset Manager // 2022

Best SME Property Finance // Jamaica 2022

Best Solar Company // 2022

SEDCO Capital is a global, Shariahcompliant, and ethically led asset management and investment advisory firm. Our investment philosophy is built on three pillars: Principles, Partnership, and Performance. We provide clients with responsible investment solutions through a dynamic asset allocation process across diversified asset classes that deliver strong risk-adjusted returns. By adopting a global view to investing while looking through the lens of our proprietary Prudent Ethical Investment (PEI) approach, an integration of Shariah-compliant and Responsible Investment principles, we provide our clients with unparalleled global access to investments across developed and emerging markets, including Saudi Arabia, in alignment with their investment

ESG Finance Group of the Year // Jamaica 2022 VM Group started as a simple but noble dream held by a group of clergymen – to create a mutual organization to assist hardworking but economically marginalised Jamaicans to own their homes. Our founders understood the value of mutuality in the achievement of shared goals and wanted more Jamaicans to experience the benefits of being homeowners. That is the genesis of our mutuality, and it remains at the core of VM’s purpose 14 decades after our founding. Today, our operations are spread across oceans and seas with the same aim. With offices in Jamaica, and representative offices in the United Kingdom, Florida and New York, our reach is wide and our commitment unshakable.

X-ELIO is a global leader in the renewable and sustainable energy industry with a strong commitment to the reduction of greenhouse gases and the fight against climate change. Backed by 17 years of industry experience and strong, committed shareholders with extensive experience in the infrastructure and renewables sectors such as KKR and Brookfield (50/50). X-ELIO is a company specialized in the development, construction, financing and operation of renewable and sustainable energy projects with a global presence in Europe, the United States, Latin America, Japan and Australia. X-ELIO has built over 2.6 GW of solar PV plants and is uniquely positioned to create value in a world that requires more and more sustainable and renewable energy sources. X-ELIO firmly

objectives. We cultivate longstanding,

believes that its business model is the best

trusted relationships with our clients and

driver to promote an economic recovery

currently oversee more than $5.2 billion

based on the highest sustainability

in total assets under management (AUM)

criteria.

built on the back of a long successful track record.

Success is

built with YOU

128 years of supporting and enabling dreams, 128 years of resilience, relevance, trust, safety and security. Let’s continue working to create your envisioned success together. Visit www.ﬁrstbanknigeria.com to learn more about us.