As senior portfolio manager of the Wilmington International Fund, Clem develops and maintains close working relationships with a network of investment managers located in Europe, Japan, and Asia ex-Japan. He is a voting member of the firm’s investment committee and a non-voting member of its portfolio management committee. He is a frequent contributor to the firm’s Wilmington Wire publications.
Prior to joining investment management, Clement was a senior relationship manager with M&T Bank’s international trade division. He led a team of four relationship managers who financed transactions supporting foreign buyers’ purchases of U.S. exports, often from firms in M&T Bank’s business regions. He received the President’s Council Award for his sales accomplishments. Before joining M&T, Clem served in a variety of positions with the Export-Import Bank of the United States. As a relationship manager, he shepherded U.S. firms’ export finance transactions through the bank’s credit approval process. He served on the bank’s credit committee, which approved all loans under $10 million and managed the bank’s workouts division, working within creditor groups to renegotiate the debts of foreign and U.S. borrowers. He participated as the bank’s representative on a U.S. government delegation to inter-governmental trade financing negotiations organized by the OECD in Paris. Clem also served as a country risk economist, advising the bank’s board on country eligibility and sovereign loan pricing decisions and participating in inter-agency working groups. Earlier in his career, he served as an international economist with business consulting firm WEFA, providing economic advice to a range of business clients.
Clem holds an MBA in finance and international business from George Washington University and a bachelor’s degree in international economics from the School of Foreign Service at Georgetown University. He is a CFA® charterholder and served five terms on the board of the 600-member Baltimore CFA Society, including two as its elected president. Currently, he is serving as the M&T appointed board member of the Maryland Chamber of Commerce.
July 13, 2018—The unresolved issue of Brexit—the UK’s exit from the European Union (EU)—continues to present ongoing uncertainty for the UK and broader European equities. Markets have already priced in much of this uncertainty. If the UK fails to conclude an agreement with the EU on post-Brexit arrangements, we believe equities will be negatively repriced. If the U.K.
June 29, 2018—During 2Q 2018, it appears that China equity and currency risks have risen against the background of a somewhat softer local economy. A Chinese state think tank caused a stir by briefly posting online a report warning policymakers that they should take actions to preclude a “financial panic.
June 8, 2018— Global investors view European elections, referenda, and other changes of government through a market lens: To what degree are these political developments favorable or unfavorable for markets? The surprise 2016 BREXIT referendum outcome was, of course, market negative. French, German, and Dutch elections in 2017 were all positive, in that they produced centrist pro-European Union (EU) governments.
May 31, 2018— Over the last week there were significant developments in Italian politics that roiled worldwide markets. We believe some of the market volatility was an overblown reaction to the proposal of an anti-euro finance minister, dredging up Greece-style fears of cracks in the eurozone but in a much larger, more consequential country. The proposal was more political theater than anything else.
February 26, 2018 – Ever since the surprise Brexit referendum in June 2016, global investors have been closely watching European elections for signs that political instability might impact regional economic progress or equity markets. On March 4, it is Italy’s turn for general elections. Italian voters go to the polls to elect a new Chamber of Deputies (lower house of parliament) and Senate (upper house).
