Alexandre Gabus from ABN AMRO Investment Solutions is our Sales Manager of the Month
6 NOV, 2023
Alexandre GABUS is Head of Sales, leading the 3rd party distribution activities. Alexandre has 30 years of experience in the industry and a long track record in 3rd party distribution. He started his career as analyst at Credit Lyonnais and joined the intermediate desk of Caisse des Dépots in 1998. In 1999, he moved to Credit Agricole Indosuez in Monaco as Head of Portfolio Managers. In 2007, he joined Schroders as Institutional Sales for France and Monaco and becomes Head of Intermediary in 2010. He started working at ABN AMRO Investment Solutions as a Sales Director in 2019.
What made you decide to go into the financial sector? Did you have any other vocations?
Initially, I wanted to become a doctor, but after realizing that I wasn't cut out for it, I decided to take the broad-based Economics course.
From then on, I was fascinated by financial markets and companies analysis. I have read and learned a lot on forecasts and their impact on share prices in various sectors which further intensified my interest in that industry.
Throughout all these years, I've been fortunate to be supported by several financial mentors who still inspire me and help me in my professional choices.
I have held a numerous of different positions throughout my carrier, including Stock Trader, Cash Equity Sales, Portfolio Manager and Advisor, all culminating in the Sale of Mutual Funds. I would certainly say that the common thread among them is a deep and strong understanding of the markets and their implications.
Markets are constantly evolving, which makes our jobs interesting and challenging. There's no such thing as routine!
Could you tell me the most difficult aspects of your job and also the most positive ones?
Among difficult aspects, I would say high pressure situations that can arise from time to time and managing expectations from clients. Learning to manage these circumstances has certainly led to the positive sides of my job.
In fact, among the positive aspects, I would mention the human relationships with people (clients, teammates, etc). Building a lasting trustworthiness relationship with our clients is crucial, and for many of them this relationship goes beyond the professional sphere. As instance, completed a few long-distance triathlons and Ironmans with some of them.
I have had and still have the opportunity to manage teams, and here again, the mutual trust we've built up over the years has been very important in terms of personal development as well as contributing to the development of companies I worked with.
In your opinion, what are the key drivers for successful fund distribution?
In my opinion, a good fund distribution is a successful combination of a number of factors, including a broad range of products that can respond to a maximum number of different asset allocation situations and clients’ needs, a strong track record, effective marketing and a strong brand awareness.
In addition, good fund distribution need to be based on a sound understanding of investor and product behaviour.
Adaptability, innovation and alignment with regulation are also essential factors in keeping pace with market developments.
Of course, I cannot mention all these factors without mentioning the “Luck Factor” that is essential to any success.
A proper analysis of client/prospect segments and their potential by country as well as the correct allocation of resources needed is also necessary.
How do see the fund distribution evolution?
It's a complex topic in my opinion, on one hand, regulatory changes are going to completely change the landscape of financial product distribution once again. And on the other hand , only active management with high alpha generation will survive to the rise of ETF investment.
We will probably observe much more artificial intelligence in portfolio management processes, and of course in varying degrees.
The client will of course remain at the heart of the distribution of financial services, with SRI considerations increasingly integrated.
What is your advice to investors, how should they position themselves with the current environment?
In my opinion, we need to remain very selective in the equity markets, as valuations are sometimes very high in certain sectors and many investors are abandoning certain sectors altogether.
The market has been guided by the 'magnificent seven', this might change given the incredible level of valuations of these stocks. It seems to me that within your equity allocation, you could once again invest in high-quality, defensive management with a genuine, original SRI approach. For example high-quality fund such as the AAF-Parnassus US ESG Equities fund.
The portfolio managers invest in truly unique businesses from a moat and relevancy perspective. The portfolio is highly concentrated with a high active share. We believe that this fund can benefit from the rotation of the 7 mega caps.
Our analysts select the best funds in their universe but beware of the greenwashing that is still polluting the market.
You can't improvise yourself as an SRI manager, and I think it's best to put your trust in managers who have been integrating ESG issues for more than 10 years.
However, I would be extremely wary of SCPIs and PE, as valuations have not yet incorporated the rise in interest rates and the property correction that is likely to follow....
What is your favorite thing to do when you disconnect from the markets?
Sports of course, sea sailing and spending time with my family..
What have you been read recently ?
The trilogy that has really impressed me recently is by Don Winslow: the dog's claw, cartel and frontier.
These books really make you think about the war on drugs in the United States and Mexico.
This opinion does not constitute a business proposal, neither a solicitation to buy, an offer to sell or legal or tax advice. On no account does it constitute a personalised recommendation or investment advice. Before making any investment decision, the investor is responsible for assessing its risks and for ensuring that the decision is consistent with his objectives, his experience and his financial circumstances. Please refer to regulatory documentation (prospectus and KID) before any investment decision and for more information about risks and fees.
