Investment Officer Netherlands

In the new multipolar world order, globalization is a thing of the past. Yet Charu Chanana, chief investment strategist at Saxo, still advises investors to allocate capital across continents. She recently flew in from Singapore for a European roadshow with investors.

With a new Fed chair on the way, subject to approval by the U.S. Senate, it seemed like a good moment to take another look at “inflation.” And especially at inflation expectations, because they largely determine the behavior of consumers and investors alike. What I see is far from reassuring.

The appointment of Kevin Warsh as the new chair of the Federal Reserve was met with relief by markets worldwide. Gold crashed 9 percent, silver 28 percent. It was not only American investors who reacted. The whole world was watching. And that is exactly the point.

Multi-asset benchmarks assume costless and frictionless implementation, setting a high bar for allocation funds to outperform after fees. Even so, these “one-stop-shop” solutions remain appealing for many investors.

Chinese equities have outperformed Wall Street for two consecutive years, yet the label ‘uninvestable’ continues to stick, analysts say. China bulls have not abandoned the market, but they remain divided over whether state-owned enterprises should be kept or avoided.

Amundi’s full-year results underscore how Europe’s largest asset manager has become a formidable ETF machine. Yet behind the record passive inflows, profits still rely heavily on traditional active management and a deliberate push into higher-margin activities.

Asset manager L&G is planning to set up hybrid “crossover” funds alongside its extensive passive business. These funds will contain both public and private investments. With this in mind, the British asset manager is working with specialists such as Blackstone.