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While investors can approach 2021 with optimism that an effective Covid-19 vaccine will be available, the path of the economic recovery remains unclear. A broader toolkit of investments is needed – not just the regions, sectors and strategies that have recently done well.
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Franck Dixmier is Global Head of Fixed Income and a member of the Investment Executive Committee at Allianz Global Investors.
Since 2012, Franck has been CIO Fixed Income Europe, and in 2015 also became Global Head of Fixed Income, overseeing all fixed income investments across the firm.
From 2012, up to the merger of the French subsidiary into Allianz Global Investors Europe GmbH in 2014, Franck was also Chief Executive Officer of Allianz Global Investors France.
Prior to this, between 2008 and 2012 Franck was CIO of Allianz Global Investors in France.
Franck joined Allianz Group in 1995 as Fixed Income Portfolio Manager. In 1998, he became Head of Fixed Income for AGF Asset Management (now Allianz Global Investors’ Paris Branch). His role included responsibility for the AGF insurance portfolios.
Franck graduated with a Master’s degree in Economics and Finance from the Paris Dauphine University (Master’s degree - DEA conjoncture économique et prospective).
A deep understanding of local markets and global trends, combined with confident execution, drives our pursuit of consistent and superior investment returns.
While domestic growth appears robust, international risks are rising – including worsening US-China trade tensions and the growing risk of a hard Brexit. As such, we think the Fed won’t take any chances and expect the central bank to announce a 25bp rate cut at its next meeting.
In recent months, the ECB made it clear that it will use all necessary measures to preserve growth and increase inflation in the euro zone. Since then, the political and macroeconomic environment has deteriorated, so we expect the ECB to announce new monetary-stimulus measures at its next meeting.
In the face of slowing global economic growth, continued trade tensions and the prospect of a “hard Brexit”, the FOMC seems set to announce a reduction in interest rates at its next meeting. We expect a 50-basis-point cut that will start a new rate-cut cycle, and we think the markets should react favourably.