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Tailored for investment professionals this site provides information on our products, strategies and services. Please remember capital is at risk and past performance is not a guide to the future.

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Welcome to our Institutional Update

Romain Drezet, Sales Director
The global economy remains robust with little risk of recession anticipated by our models over the next 12 – 18 months.

The unwinding of quantitative easing poses risks to the major developed economies in the months ahead. Meanwhile, many market observers have begun to fret about the possible end to the current recovery, and with it the current bull market.

In this edition: Is a recession coming?

On a global basis, improving economic data have continued to push global equities forward. The gradual tightening of fiscal policy bears watching, of course, yet for the moment, we see little immediate danger of a recession.

This quarter we explore the state of the global economy, searching for evidence of when the current recovery may turn. The Multi-Asset team is especially interested in finding investment opportunities for client portfolios as the cycle matures.

A range of views across the asset classes and strategies

You can also read how active management offers engaged stewardship and responsibility as well as views on the evolving Chinese equity market and European equities.

Paying for external research costs: Implementing MiFID-II

As part of a package of measures designed to implement the new European regulation regime, we can now confirm that investors in our funds and client accounts will no longer bear the cost of external research. These costs will now be met by us. A core philosophy of our firm is to always do the right thing. We believe paying for external research costs is consistent with that philosophy in our search to provide the best investment outcomes for our clients. To find out more about our implementation of MiFID-II, please ask your client representative.

We hope you find this issue both interesting and useful. Please get in touch if you would like any further information.

Best regards,


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