What investors need to know about trade wars

Summary

With each new round of tariffs and trade deals, the financial markets are experiencing bouts of volatility as they reprice how economies could be affected. From Trumponomics to Brexit, our experts explore what it all means – and what the future may hold.

 

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About the author

Raymond Chan

Raymond Chan

CIO Equity Asia Pacific

Raymond Chan is a portfolio manager and Chief Investment Officer (CIO) Equity Asia Pacific with Allianz Global Investors, which he joined in 1998. He is responsible for all AllianzGI investment professionals in Asia (excluding Japan). He has overall responsibility for his team’s investment process and performance and is the lead manager for the firm’s Core Regional (Asia Pacific ex-Japan equity) products. He was previously an associate director and the head of Greater China team with Barclays Global Investors in Hong Kong. He has a B.A. from the University of Durham, UK, and an M.A. from the University of Exeter. He is a CFA charterholder.

Neil  Dwane

Neil Dwane

Global Strategist

Neil Dwane is a portfolio manager and the Global Strategist with Allianz Global Investors, which he joined in 2001. He coordinates and chairs the Global Policy Committee, which formulates the firm’s house view, leads the firm’s bi-annual Investment Forums and communicates the firm’s investment outlook through articles and press appearances. Neil is a member of AllianzGI’s Equity Investment Management Group. He previously worked at JP Morgan Investment Management as a UK and European specialist portfolio manager; at Fleming Investment Management; and at Kleinwort Benson Investment Management as an analyst and a fund manager. He has a B.A. in classics from Durham University and is a member of the Institute of Chartered Accountants.

Stefan Hofrichter

Stefan Hofrichter

Head of Global Economics & Strategy

Stefan Hofrichter is Head of Global Economics & Strategy at Allianz Global Investors. His research covers global economics as well as global and European asset allocation. Stefan joined the firm in 1996 as an equity portfolio manager and assumed his current role as an economist and strategist in 1998. Between 2004 and 2010, he also had responsibility for various retail and institutional mandates, including global and European traditional balanced funds, global multi-asset absolute return and multi-manager alpha-porting funds. Stefan became a member of the firm’s Global Policy Council in 2004. Stefan holds a degree in Economics from the University of Konstanz (1995) and in Business Administration from the University of Applied Sciences of the Deutsche Bundesbank, Hachenburg (1991). Stefan became a CFA Charterholder in 2000.

Mona Mahajan

Mona Mahajan

US Investment Strategist

Ms. Mahajan is the US investment strategist and a director with Allianz Global Investors, which she joined in 2017. As a member of the Global Economics and Strategy team, she is responsible for providing US retail and institutional clients with differentiated investment thought leadership. Ms. Mahajan is also a key spokesperson, communicating – both internally and externally – the firm’s high-conviction investment ideas and views from the Global Policy Council. Ms. Mahajan was previously a fixed-income portfolio manager, a structured-finance product specialist and a global market strategist at MetLife. Prior to this, she was an emerging-market strategist at Mirae Asset Global Investments; she also worked at hedge fund companies Para Advisors and Ziff Brothers Investments. Ms. Mahajan has a B.S. in economics from The Wharton School, The University of Pennsylvania; a B.A.Sc. in computer sciences from the University of Pennsylvania; and an M.B.A. from Harvard Business School.

Ann-Katrin Petersen

Ann-Katrin Petersen

Investment Strategist

Mrs Petersen is vice president and Investment Strategist with Allianz Global Investors, which she joined in 2014.

In her current role, she is responsible for developing macroeconomic research and providing top-down analysis of global financial markets relating to investment opportunities in Europe for the firm’s investment professionals and client service teams, and for conveying the firm’s views to clients and media.

Before joining Allianz Global Investors, Mrs Petersen worked as Economist Europe at Allianz SE's Group Economic Research. In the midst of the sovereign debt crisis she was responsible for analysing economic, financial and political developments in the euro area for internal and external clients worldwide.

Mrs Petersen has more than 8 years of investment-industry experience. She studied at the Universities of Bayreuth and Nottingham and graduated head of her class with a diploma degree in Economics. Moreover, she holds a bachelor’s degree in Philosophy & Economics.

Andreas Utermann

Andreas Utermann

CEO

Andreas Utermann is Chief Executive Officer (CEO) of Allianz Global Investors. He is Chair of the firm’s Global Executive Committee.

Andreas has been with the firm and a member of its Global Executive Committee since 2002, initially serving as Global CIO Equities and becoming Global CIO and co-Head in 2012. In March 2016 Andreas became CEO of Allianz Global Investors. In 2016, he was appointed non-Executive Director of Tokio Marine Rogge Asset Management Limited.

Prior to joining AllianzGI, Andreas spent twelve years working at Merrill Lynch Investment Managers (formerly Mercury Asset Management), where he became Global Head and CIO Equities as well as Member of various Boards. Before this, he worked for several years at Deutsche Bank AG.

Andreas is Chairman of the Forum of European Asset Managers (FEAM) and a member of the Board of ICMA. He sits on the European Institute’s Advisory Board and the Advisory Council of the UK’s Investment Association. Previously, Andreas was a board member of the CFA Society of the UK from 2011 to 2017.

Andreas supports a number of charitable causes and is a Trustee of the Utermann Charitable Trust, which has a focus on addressing environmental concerns as well as furthering education.

Andreas holds a BSc in Economics from the London School of Economics and an MA in Economics from Katholieke Universiteit Leuven.

The key to infrastructure equity is hands-on, active management

by Armin Sandhoevel | 06/11/2018
The key to infrastructure equity is hands-on active management

Summary

As more energy-infrastructure projects seek financing, institutional investors are playing an increasingly significant role not only as lenders, but as energy suppliers. Partnering with the right active manager – one who has expertise in managing infrastructure projects – is critical to pursuing attractive returns and managing risk.

Key takeaways

  • New global political agreements mean more infrastructure projects are coming online, and institutional investors are increasingly supplying capital in place of governments and banks
  • In the energy infrastructure space, privately negotiated electricity consumption agreements are on the rise, forcing investors to learn how to act as energy suppliers
  • Partnering with the right active manager – one who has the infrastructure expertise to manage the project itself – is critical to pursuing attractive returns and managing risk