Max Broden

Fixed income in 2024 - Lessons from History | Steven Friedman and Valentina Chen examine how asset allocators should consider the role of fixed income in their portfolios in 2024. Steve looks at the potential benefits but also analyzes three scenarios that present downside risks. https://bit.ly/440WKKe

11

My colleague, Roger Burkhardt, recently spoke with RTInsights about how Broadridge has implemented and used GenAI to increase employee productivity and better serve our clients – from automating meeting transcriptions to email processes. Roger shares the value derived from GenAI applications and how the tool's widespread adoption has been used to benefit different user groups and workflows with human-centric adaptions. Read more of his thoughts about GenAI. http://spklr.io/6041auVL #GenAI #DigitalTransformation #AI #Data

1

1 Comment

Add this WSJ article to the cacophony of exasperation being expressed by private equity investors (LPs) frustrated by the absence of liquidity provided by PE operators (GPs). A conundrum not likely to be resolved soon, and likely to dampen the realized returns ultimately received by LPs (asset owners). With foreseeable public market equity returns (as defined by a market index) widely expected to be insufficient to fund asset owners’ minimum required funding thresholds (ie: often estimated to be spending plus inflation approximating 7-8% per annum), are then 10-year US Treasuries yielding roughly 5.50% likely to be the best performing asset in an asset owners’ portfolio? If yes, then asset owners’ have a looming funding shortfall - especially absent changes to doctrinaire equity style-box and index-tracking implementation dogmas.   A fresh perspective on public market equity implementation that focuses on satisfactory investment outcomes that are relevant to asset owners’ actual spending needs and goals, rather than continuing the historically common practice – and expected future folly – of tethering one’s equity beta to that of an equity benchmark whose performance from today’s elevated levels is widely expected to be sluggish and insufficient to fund minimum liabilities (ie: payout rates, actuarial hurdles, spending goals, etc.). Such a change in public equity perspective comes without ratcheting-up illiquidity, non-transparency, leverage or alts-like fees & expenses. Heather Gillers

32

24 Comments

Great panel about growth strategies with recently promoted Robert Karofsky (Co- President Americas - UBS) recently promoted Michael Camacho (Head of WM US), and John S. Mathews (Head of PWM - UBS)! Few insights from the private wealth briefing: 1) ~$18T of assets will pass between generations from now to 2030 based on a recent Ernst & Young survey. 2) ~$30T of assets will pass to women between now to 2030 based on a recent McKinsey survey. 3) UBS ARC (Analytical Research Community) is a competitive advantage: connecting tech founders, venture capitalists with high quality sector research. 4) Recently created Unified Global Banking, led by Jennifer Gabrielli aims to bring 'one bank' to the next level with wrap around solutions for private clients and their companies. Thanks for spending time together! Team: Chuck Korasick / Robert Gach / Jen Lechman / Samantha Bloom / Jon Schechter, CFP® / Lizzie / Susan Mgmt: Lauren Gorsche #ubsglobalwealthmanagemnt #pwmconference2024

76

4 Comments

Since it was first introduced, the SEC Marketing rule has created significant uncertainty for SEC-registered investment management firms in the US and those firms globally who market investment products in the US. CFA Institute has actively engaged with many firms that are eager to better understand the SEC guidance, particularly given the overlap with our GIPS standards. Now we can address much of the uncertainty, as we release the findings from our survey, offering the first comprehensive view of how firms are interpreting and applying the SEC Marketing Rule. Conducted in partnership with the Investment Adviser Association, the survey explored the range of approaches firms are taking, the challenges they face, and many other key elements with the rule. I’m delighted to share the results with you and to see the impact these findings will bring: https://bit.ly/4dbzNrP #Compliance #SECMarketingRule #FinancialRegulation

61

3 Comments

From Bloomberg: Insurers that have become major business lines in private equity firm’s push beyond buyouts — such as Apollo’s Athene Holding Ltd. — invest more in private credit products that the PE firms create, arguing they provide better returns than the Treasuries or corporate debt favored by the old guard. Traditional insurers contend the products come with too much risk and could blow up in times of stress, even though their private-credit investments have ticked up. #markets #investing #credit #privatecredit #fixedincome #shadowbanks

4

Amid high base rates, many companies face a growing concern: the influx of silent defaults requiring amendments. We have been closely monitoring this trend, recognizing the critical need for strategic solutions. Learn more: https://lnkd.in/gyMXUpJC #LincolnPerspectives #capitalmarkets #privatecredit

16

MarshBerry’s Annual M&A Year in Review provides industry leading perspectives and insights into the ever-evolving landscape of mergers and acquisitions in the Insurance Brokerage and Wealth Management industries. This comprehensive report isn't just a compilation of data; it's a strategic tool designed to empower firms to make informed decisions and drive strategic growth. Download this report today and access unparalleled propriety data to obtain key insights for 2024. https://lnkd.in/e7axN8ez #MarshBerry #Insurance #MergersAndAcquisitions #Agencies #Brokers #OrganicGrowth #YearInReview

20

If you think portfolio risk management is just about diversification, think again. This article sheds light on some surprising strategies that challenge common perceptions. Here are some thought-provoking takeaways: - Did you know that reducing the number of investments in a portfolio can sometimes actually decrease risks? It's all about strategic selection. - Contrary to popular belief, actively managing risk doesn't necessarily mean more frequent trading. In fact, a hands-off approach can be a smart move. - One of the key points discussed is the importance of understanding the correlation between investments, a factor often overlooked in risk management strategies. - Asymmetric risk and the role it plays in portfolio management is explored, offering a fresh perspective on balancing risk and return. - Ever considered tail risk hedging? This article dives into this lesser-known strategy that can enhance risk management effectiveness. Share your thoughts and feelings on these unconventional risk management strategies. https://lnkd.in/ecgSpH93

An excellent reminder about the benefits of multi-manager investing from Megan Roach, CFA. Multi-manager, multi-style investing is not a new idea. It’s the way institutional investors, such as defined benefit (DB) plans, have been investing for decades. DB plans would never invest all their assets with one underlying investment manager – especially across asset classes, but not even within asset classes. This is a lesson learned long ago by many large defined contribution investment committees, and a strategy that should be considered by plans of all sizes. Happy National 401(k) Day! #National401kDay #401k #definedcontribution #DC #retirement #savings

23

1 Comment

“The barbell I'm looking at is The TJX Companies, Inc., the off price business, becomes increasingly important, not just to consumers in tough environments, but to brands as department stores continue to shrink. Sure it is expensive, but it is expensive for a reason. On the other side, my team just did a big deep dive into Under Armour. Not the company you’d think to put neck and neck with #TJX but here’s a company that’s incredibly large, and yet people have written off as dead. It’s not dead. That doesn’t make sense given its billions of dollars of revenue. But it is sick. And now you have Kevin Plank coming back and saying, I can do more with less. And so in a world where investors are worried about how hard it will be to generate another dollar of revenue, I like a business that is going to win because it is donating those revenues, not fighting to grab them. It sounds counterintuitive but some of these businesses just over stretch. Some of these brands dilute themselves and the best fix is by doing more with less.” I joined CNBC to discuss executional divergence across retail and which businesses can win because of, and in spite of, the macroenvironment. Watch the full clip here http://spr.ly/6040op2sQ

75

3 Comments

=> The U.S. labor market report produced a knee-jerk reaction among major FX – but MXN, COP, BRL, and ZAR are bucking the trend => MXN clearly likes the idea of a stronger growth in the U.S. Further, President Sheinbaum continues to send orthodox policy signals (including the post-election fiscal adjustment), and there is now a possibility that parts of controversial judicial reform might be revised => BRL/COP/ZAR’s outperformance is even more interesting – Domestic factors still getting noticed? (chart’s source - Bloomberg LP)

13

The Fall Edition of FPRI's Orbis is exceptional. It directs our attention to the critical elements essential for defining the direction of American domestic and foreign policy. It starts off with an article by Robert Kaplan on "What Should Be America’s Role in the World?" followed by Andrew's Michta's piece on "America Needs a Grand Strategy" then by "Revisiting Grand Strategy at the Inflection Point" by Nikolas K. Gvosdev etc. The intellectual content is fertile, visionary, and actionable. I highly encourage you to get a copy and read it. https://lnkd.in/e92JpaXG

1

Investors prioritize outcomes, aiming for quality results while minimizing disappointments. How can we maximize our desired outcomes effectively? In the fixed income sector, the potential upside is known, and current yields offer more potential gains than in recent history. Learn about quality investing from Ben Hayward at TwentyFour Asset Management. Read more: https://bit.ly/3WRn1JB #Vontobel #FixedIncome

18

Lower middle market M&A continues to show robust activity in 2024. GF Data reports 180 deals closed in 1H, set to outpace 2022 and 2023. Average multiples up to 7.4x EBITDA in Q2 from 6.9x in Q1. Seller-friendly environment emerging. Smart business owners are aligning with the right advisors to navigate these shifts. Wondering where you fit in? Reach out to learn more: https://lnkd.in/e6yVTpb4 #growthstage #REAG #mergers #business #acquisitions #lowermiddlemarket #investmentbank

21

1 Comment

Rich Nuzum explores key findings from the recently released, 2024 Mercer CFA Institute Global Pension Index that analyzes 48 pension systems, using more than 50 indicators. Download the report: https://lnkd.in/eKBVA3HR #retirement #pensions #savings #longevity

2