The markets of Latin America are disparate and ever-changing, however the area’s high gross sales groups are steadfast.
Volatility has been the story the final 12 months, as extra nations like Chile and Colombia elect leftist leaders and charges rise throughout Latin America on the again of upper inflation, based on Ashley Farrar, head of U.S. gross sales at BTG Pactual.
“The position of gross sales hasn’t modified,” she mentioned. “We’re nonetheless right here so as to add worth to our purchasers by way of alpha producing concepts, company entry, and high-quality analysis, however managing the post-Covid, hybrid work.”
This dependable excellence has been acknowledged as soon as once more, as BTG Pactual was voted No. 1 in Institutional Investor’s 2022 Latin America Gross sales Crew, based mostly on the opinion of greater than 360 buy-side cash managers at 268 corporations.
Bradesco BBI elevated one spot from final 12 months to take second place, whereas JPMorgan Chase & Co. took third. BofA Securities and Santander positioned fourth and fifth, respectively. In keeping with different II surveys, the survey responses had been weighted by every respondent’s fee spend within the area. An extra leaderboard weighted by belongings beneath administration was additionally produced, which carefully mirrored these commission-weighted outcomes.
Corporations had been ranked based mostly on six attributes: including worth to analysis, offering a worldwide context, concept technology, market data and really feel, service and responsiveness, and understanding consumer wants. BTG Pactual topped all however one among these, with JPMorgan singled out for its skill to supply a worldwide context to its purchasers.
Carlos Lima, head of onshore LatAm Fairness Gross sales for JPMorgan, credit the agency’s international footprint and analysis product. “We’re effectively staffed within the area with senior crew members however a comparatively lean construction,” he mentioned. “The way in which we differentiate ourselves is by our product providing and a partnership method the place we promote the agency, not the fairness product alone. In bullish markets the place everyone seems to be earning profits, it’s more durable to distinguish itself, however when the tides flip that’s when relationships are solidified and JPMorgan actually shines.”
After capital markets in Latin America skilled their busiest season, issues took a pointy flip and efficiency took an enormous hit, Lima added. “That led to important redemptions and a transfer away from equities into fastened earnings with the rise in rates of interest,” he mentioned. “That’s not a straightforward repair and the drive behind the bullish fairness markets up to now couple of years turned an essential headwind. With that background, gross sales needed to rapidly adapt and get nearer to the day-to-day of the desk monitoring flows and carefully watching worldwide markets.”
For gross sales groups to achieve success, a tradition of collaboration and partnership is important, based on BTG Pactual’s Farrar. “The most important key to our success is that we actually work as a crew and that applies to everybody within the financial institution, not simply in equities or fairness gross sales, and that all the time goes again to the partnership tradition,” she mentioned.
Whereas the most important impediment to the sell-side continues to be the menace that index funds and ETFs pose to energetic administration, this 12 months has proven why corporations like BTG Pactual shine. “That is the place the volatility now we have seen the final 12 months can truly assist, as a result of it proves the worth of energetic administration. For promote aspect corporations like BTG that excel at worth added, alpha producing analysis and gross sales, this atmosphere ought to solely enhance our aggressive benefit,” Farrar mentioned.