Having broadened and deepened its fixed income capabilities significantly over many years, AllianzGI is now taking the natural next step in the evolution of its fixed income offering by bringing its capabilities into an integrated, global structure.
Karl Happe is Chief Investment Officer (CIO) Insurance Related Strategies with Allianz Global Investors, which he joined in 2013. He leads a team that manages equity and fixed-income portfolios for insurers. Karl was previously the head of the global fixed-income strategy team, responsible for managing global fixed-income portfolios for Allianz. Before joining Allianz in 2004, he worked at McKinsey & Co. in Munich; at BankBoston as the head of non-USD fixed income derivatives trading; and at Morgan Stanley in private equity and fixed income derivatives structuring and trading in New York, Frankfurt and London. Karl has a B.S.E in civil engineering and operations research, summa cum laude, from Princeton University and studied at the University of Stuttgart on a Fulbright scholarship. He also has an M.B.A. with distinction from INSEAD.
The coronavirus crisis gives policymakers a unique chance to reprioritise their economies, focusing on areas that didn’t get enough attention when economic momentum was strong. Climate change is a good example, and there are compelling reasons to begin implementing an EU-wide carbon-pricing system now.
Changes to the nature of workforces in the developed world have seen the proportion of Gross Domestic Product (GDP) accounted for by wages fall for several decades, boosting investment returns. However, these trends could be set to reverse, with negative consequences for investors in the years to come.
There is no easy solution to the problem of rising economic inequality, but we may be able to address it with a more enlightened tax system – one that maintains incentives for work and investment while improving economic efficiency.