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White Papers

White Papers

In-depth, expert analysis on the changing landscape of investments around the world. Leading asset managers reports uncover trends, highlight changes and consider future strategic impact.

CFA - Driving Change: Diversity & Inclusion in Investment Management

As the investment management industry faces an increasingly competitive environment, with margin pressures, technological disruption, and changing consumer preferences, firms must focus on their “people model” as a key part of their strategy. The successful investment firm of the future will be differentiated by its culture and its ability to attract the best talent. An inclusive culture that leverages diverse views effectively will be an important element determining a firm’s success. The industry seems stuck when it comes to diversity and inclusion. In light of that, this report asks a number of pertinent questions: Why is this the case and what can be done to change it? What is working and what isn't when it comes to recruiting, promoting, and retaining top talent? What does an "inclusive" work culture look like?

Company: CFA
Date added: 21-09-2018
Sector: Briefing - Investment

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Invesco - Strategic sector selector: Bottom fishing

Recent sector moves have given us the chance to reassess our allocation and we think that investors have overreacted to risks in certain sectors. Our economic outlook is broadly unchanged from the last quarter, and therefore we upgrade sectors that have been buffeted by trade war talk and fears of significant economic slowdown. We raise European autos and banks to Overweight and downgrade retail in both regions. Travel & leisure remains our favourite cyclical sector and we like telecommunications as a defensive hedge.

Company: Invesco
Date added: 31-07-2018
Sector: Briefing - Investment

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Pantheon - Outlook for 2018

Against a backdrop of global economic recovery in 2017, the question of how major Central Banks will gradually change course towards a more normal path for monetary policy and interest rates creates an uncertain outlook for financial markets over the next few years. This concern is exacerbated by current.

Company: Pantheon
Date added: 18-05-2018
Sector: Briefing - Investment

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Macquarie - Has Goldilocks left the building?

In response to the global financial crisis, central banks undertook unprecedented support for the financial system, including $US20 trillion in bond purchases, reducing interest rates to zero, and even cutting rates into negative territory across much of Europe and Japan. This contained environment of low rates, central bank bond purchases, and implied continued central bank support has been one of the key pillars behind the strong market reaction — one that saw not only risk assets hit new highs but also market volatility measures develop historical lows. Economic growth and inflation since the crisis have been in a generally stable range: Not too slow to suggest a repeat recession, and not too fast to encourage withdrawal of stimulus. The Goldilocks conditions of “just right” economics have been a perfect environment for most asset prices.

Company: Macquarie
Date added: 20-03-2018
Sector: Briefing - Investment

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Knight Frank - The Wealth Report 2018

From geopolitical shifts to luxury spending trends, this private equity report brings together the latest intelligence and the sharpest insights into the issues that matter most to the world’s wealthiest people.

Company: Knight Frank
Date added: 14-03-2018
Sector: Briefing - Investment

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Allianz - Economic Insight: Three questions on the global economic cycle

Where are we in the global economic cycle? Since the recovery from the Global Financial Crisis, the global economy has been stuck in a post-crisis malaise characterized by low economic growth, deflationary pressures in some regions and ultra-low interest rates in the context of very accommodative monetary policies in advanced economies.

Company: Allianz
Date added: 30-11-2017
Sector: Briefing - Investment

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Invesco - Investment strategies for institutional investors

In financial markets, predictability is a rare commodity. Following the largely unexpected results from the UK referendum on EU membership and the US presidential election – along with the far-ranging impact these political events promise – the need for portfolio diversification has been further underlined.

Company: Invesco
Date added: 01-01-2017
Sector: Briefing - Investment

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Invesco - 360° magazine: magazine - views, ideas and analysis from the Multi Asset team (Vol 2)

Do you remember what you were doing three years ago?  As I recall, global equity markets were continuing their strong run from the lows of summer 2012, as several risks receded and market sentiment improved.  However, the effects of the global financial crisis were still being strongly felt by institutional investors, leading many to look for alternative ways to generate growth while limiting further drawdowns.

Company: Invesco
Date added: 01-12-2016
Sector: Briefing - Investment

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Schroders - Over confident investors and the help they want: an overview of engagement

Misplaced belief in the understanding of investments could hurt investors planning their financial future. However, a strong desire to learn and seek advice from financial professionals presents a perfect opportunity for the investment industry to engage with consumers.

Company: Schroders
Date added: 12-09-2016
Sector: Briefing - Investment

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Schroders - Economic and Strategy Viewpoint: October 2016

This month we look at political risk, both in the US and Europe, as the US presidential election and Italian referendum approach.

Company: Schroders
Date added: 03-09-2016
Sector: Briefing - Investment

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Invesco - 360° magazine: magazine - views, ideas and analysis from the Multi Asset team (Vol 1)

I am delighted to welcome you to 360° magazine, our new publication for institutional investors. As a professional investor, you’ll know how challenging it can be to find reliable sources of return in volatile market conditions, with value often being created and eroded rapidly. This has generated an increasing demand for investments that can provide effective diversification: dampening volatility, while delivering alpha. 

Company: Invesco
Date added: 01-09-2016
Sector: Briefing - Investment

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Robeco - Efficient factor investing strategies - A ‘Sharper’ approach to harvesting factor premiums

There is a shift towards allocating to the factor premiums momentum, value and low volatility. However, since common factor indexes are a suboptimal way to harvest factor premiums, this paper shows the improved results of a more sophisticated approach. Factor strategies developed by Robeco lead to higher returns, while lowering the risks, resulting in higher Sharpe ratios.

Company: Robeco
Date added: 28-06-2016
Sector: Briefing - Investment

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Association of British Insurers (ABI) - Pension Finder White Paper

The Association of British Insurers (ABI) has committed to taking forward the next phase of a UK pensions dashboard, including potentially creating a prototype.

The announcement came at the launch of the Pension Finder White Paper, outlining how the dashboard could be created.

The White Paper was drawn up by the Pension Finder working group, a collaboration of 14 organisations led by the Money Advice Service and including the ABI, Aviva, NEST and Standard Life.

It includes recommendations on a dashboard model, implementation and governance.

Company: Association of British Insurers
Date added: 01-06-2016
Sector: Briefing - Investment

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Schroders - Three key questions to ask in an effective investment review

Navigating an investment strategy review can be a daunting task. To help trustees, we have distilled down the process to the three key questions we believe they need to focus on.

Company: Schroders
Date added: 01-06-2016
Sector: Briefing - Investment

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Schroders - Three key questions to ask in an effective investment review

Navigating an investment strategy review can be a daunting task. To help trustees, we have distilled down the process to the three key questions we believe they need to focus on.

Company: Schroders
Date added: 01-06-2016
Sector: Briefing - Investment

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Economic Volatility: Hidden Societal Cost of Prevailing Approaches to Pension Reforms

This comprehensive 56-page report by the OECD provides interesting insights into the performance and investment behaviours of the world's biggest institutional investors, examining in depth the trends observed at a national and regional level.

Company: OECD
Date added: 01-05-2016
Sector: Briefing - Investment

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BlackRock - Investment Direction: Year of the Bear?

BlackRock sets out their current investment strategy views. This includes their views on US equity factors, their reasons for downgrading both financials and high yield to neutral. The Appendix explains how BlackRock formulates their asset allocation views.

Company: BlackRock
Date added: 16-03-2016
Sector: Briefing - Investment

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DGC Asset Management - Critical Insights - Inflation vs Deflation vs Stagflation

The European Central Bank announced today that they will be cutting interest rates from 0.05% down to 0% and increasing their Quantitative Easing Programme by a third to 80 billion euros from April.

This is very interesting timing as in Part 5 of our series, we begin to examine the current economic climate; one that is largely manipulated by monetary and fiscal policy, and increasingly influenced by geopolitics. This report contains an insight into inflation and we look at the major influencers of value growth, from aforementioned policy decisions designed to float a potentially deflationary economy in the West (highlighted in the news today), to the socio-economic factors driving rapid expansion in emerging economies.

We look at how the dynamics of demographics we pointed out in Part 1 of this series are advancing emerging market economies whilst weighing down long-term growth prospects elsewhere. We now aim to weigh to this combination of inflationary and deflationary pressures, and seek to find some answers as to how this might play out in the global economy.

Company: DGC Asset Management
Date added: 14-03-2016
Sector: Briefing - Investment

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Pensions Institute - UK Pensions: "We Need a National Narrative: Building a Consensus around Retirement Income" - review of retirement income 2016

This paper presents the results of a report, commissioned in June 2014 by the former UK Shadow Work and Pensions Secretary Rachel Reeves MP, to examine how to increase DC savers' retirement income following the Government's pensions 'freedom and choice' reforms. The research has been conducted by Professor David Blake, Director of the Pensions Institute

Company: Pensions Institute
Date added: 14-03-2016
Sector: Briefing - Investment

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Willis Towers Watson - Global Pension Assets Study 2016

The 2016 GPAS (Global Pensions Asset Study) adds Chile, India and Spain to its study of the 19 largest pension markets in the world, (other countries being: Australia, Brazil, Canada, France, Germany, Hong Kong, Ireland, Japan, Malaysia, Mexico, Netherlands, South Africa, South Korea, Switzerland, the UK and the US). The 2016 GPAS study analyzes asset size (comparison with GDP and growth statistics), asset allocation, DC (Defined Contribution) and DB (Defined Benefit) shares of pension assets, and six medium-term factors that are increasingly influential on pension fund development known as 'The Faces of Change'.

Company: Willis Towers Watson
Date added: 14-03-2016
Sector: Briefing - Investment

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Willis Towers Watson - Management Presentation

Willis Towers Watson - Management Presentation December 2015

Company: Willis Towers Watson
Date added: 14-03-2016
Sector: Briefing - Investment

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The Whole Story: Factors and Asset Classes

With a "zoo" of risk factors being proposed for smart beta or asset allocation purposes, how can we discern which factors are actually likely to persist in the future? Jason Hsu suggests that practitioners and academics now run so many backtests that the traditional t-statistic of 2 is no longer sufficient to validate a strategy. Instead the t-statistic required should be adjusted to allow for the quantity of data-mining that is happening.

Company: Research Affiliates
Date added: 05-10-2015
Sector: Briefing - Investment

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GMO - The Idolatry of Interest Rates, Part II: Financial Heresy and Potential Utility in an ERP Framework

In this white paper, James Montier continues his discussion of the idolatry of interest rates with "Financial Heresy," while Ben Inker offers a counterpoint to James' thesis.

Company: GMO
Date added: 01-10-2015
Sector: Briefing - Investment

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GMO's 7-Year Asset Class Forecast as of September 2015

GMO's 7-Year Asset Class Forecast as of September 30, 2015

Company: GMO
Date added: 01-10-2015
Sector: Briefing - Investment

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UBS Asset Management - The investment drought - How can the problem of weak investment be fixed

In this White Paper we aim to address some of the potential causes of the recent investment malaise, and propose potential solutions. We also explore some of the structural shifts in the global economy that point to the most promising areas for long-term investment.

Company: UBS
Date added: 01-09-2015
Sector: Briefing - Investment

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