Frozen by the entanglement of risk
Equity prices in continental Europe and emerging markets, including China, are below fair value, and present an opportunity for investors, but the ‘entanglement of risk’ in current markets is making Brian Singer, partner and head of dynamical allocation strategies team, William Blair cautious. William Blair typically targets around 10 per cent volatility in its portfolios, but at the moment it is…

Exchanges need to adapt to institutional demands: Norges
Institutional investors now dominate the free float holdings of listed companies and exchanges need to adapt to this enduring change in market structure and investor needs, according to Norges Bank Investment Management, manager of the $818 billion Norwegian sovereign wealth fund. Norges Bank, which itself owns around 1 per cent of the world’s listed stock, says that exchanges remain critical to well-functioning markets and provide a valid function as listing venues and as the final arbiter of prices discovery process. However they need to adapt and innovate to enhance their attractiveness to institutional investors which have supplanted the many retail investors that…

Dalio focuses on secular forces
The US Federal Reserve is not paying enough attention to secular forces affecting the market, according to chairman and founder of Bridgewater, Ray Dalio, who says the “risks of the world being at or near the end of its long-term debt cycle are significant”. In an opinion piece posted on LinkedIn, The Dangerous Long Bias and the End of the Supercycle,…

Fiduciary law
Fiduciary law, which creates the boundaries and rules for asset owners managing other people’s money, is evolving. The short-termism, misaligned incentives and complex and over-supply of services that characterises financial services, is under fire. Regulators around the world are increasingly looking at how to change the behaviour and supply chain dynamics in the industry, and at the same time the evolution…

Reduced volatility at the expense of lowering liquidity: the impact of the mega manager
The impact of size is a delicate point for asset managers. For specialist asset classes, and boutique managers, being small and nimble can be a source of alpha. On the other hand, being large can reduce fees and increase innovation and product offering. But now there is evidence to show that the emergence of the mega manager can also have an…

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Analysis >
Equity prices in continental Europe and emerging markets, including China, are below fair value, and present an opportunity for investors, but [more]
Research >
Funds management is often discussed in the context of it being part art and part science, however most of the literature [more]
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As the fixed income asset class undergoes rapid change and the opportunity set expands, unconstrained bond funds have become popular. But as this article examines, with that expanded opportunity set [more]

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Frozen by the entanglement of risk

Equity prices in continental Europe and emerging markets, including China, are below fair value, and ... [more]

Exchanges need to adapt to institutional demands: Norges

Institutional investors now dominate the free float holdings of listed companies and exchanges need to ... [more]

Dalio says Fed should focus on secular forces

The US Federal Reserve is not paying enough attention to secular forces affecting the market, ... [more]

Is the financial services sector serving the public interest?

Fiduciary law, which creates the boundaries and rules for asset owners managing other people’s money, ... [more]

The impact of the mega manager

The impact of size is a delicate point for asset managers. For specialist asset classes, ... [more]

The power of knowledge management

Funds management is often discussed in the context of it being part art and part ... [more]

The contested role of asset consultants

Asset consultants are a key part of the investment chain, providing small funds with services ... [more]

Demystifying private equity

US public pension funds, on average, have around 9.4 per cent allocated to private equity ... [more]

Big owners should act like big owners

One of the key ways that institutional investors can promote a long-term orientation in the ... [more]