William Robins

A little scoop. Schroders has informed clients it will be adding a 'Sustainable Focus' label to a £1bn fund. After much hand-wringing from asset managers, more are announcing these labels. The message to fund distribution is these labels will matter and if you don't get one for your fund it may well lose out. #distribution #assetmanagement #citywireselector #ESG #FCA #sustainableinvesting https://lnkd.in/eMHdpueW

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This week, Morningstar published its in-depth annual review of the UK Managed Portfolios landscape. This showed that there has been a steep decline in the number of UK managed portfolios labelled as active, as providers grapple with cost pressures. Read more in Ignites Europe. http://spr.ly/6044WSdiM #activefunds #passivefunds #ManagedPortfolios

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More top investors are backing pay rises for Britain's chief execs. Rathbones Asset Management's David Coombs told Financial News he voted to hike Smith & Nephew CEO Deepak Nath's pay to $11.8m. “Smith & Nephew lost their CEO because they couldn’t pay him alongside the US equivalent. If you’re going to compete in a global market you have got to be able to attract talent,” Coombs said. Meanwhile, LINDSELL TRAIN LIMITED backed a £13m pay deal for LSEG (London Stock Exchange Group) boss David Schwimmer. Nick Train told FN: “Even in the UK, where there is arguably a more mature corporate sector, you still want businesses to be run with an entrepreneurial mindset. We want hungry, ambitious entrepreneurs to be running the companies we invest in.” #execpay #remuneration #UKequities #assetmanagement https://lnkd.in/e2v6sTZV

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A new study by Deutsche's Roel Oomen and Imperial's Johannes Muhle-Karbe finds a longer the FX fixing window likely results in less market impact from dealer hedging, and more price predictability during the fixing period. However the paper cautions that it's difficult to measure how dealer hedging would adapt to a longer window, and how that could change benchmark prices feeding into the fixing calculation. The longer window could also lead to higher dealer charges for fixing orders given the increased period of risk. https://lnkd.in/ee9CWRdi

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The #2020s have started with some huge shocks to the global #economy - from a global #pandemic and #lockdown to the largest land #war in Europe since WW2. Long term #investors will naturally be wondering what comes next - and what will have changed once the dust settles? 

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Changing interest rates differentials over the last couple of years have fuelled new interest in FX net investment hedging from corporates, say dealers. With US, UK and EU rates higher it's created more positive carry hedges and reduced costs on negative carry pairs. Corporates have also looked at options-based strategies to limit negative carry, and tweaks to cross-currency swaps to reduce liquidity risks and XVA costs.

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There are more than 60 LP organisations on this list. This suggests that over the course of this year and next a lot of GPs are going to be asked questions about nature. If you have Japanese LPs among your investor base, then it is even more likely. Have a look on New Private Markets (register for a trial or subscribe). https://lnkd.in/enwgGxiT

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Afternoon, my latest blog on Labour spending and the possible impact on rates and gilts.

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This week, Morningstar published its in-depth annual review of the UK Managed Portfolios landscape. This showed that there has been a steep decline in the number of UK managed portfolios labelled as active, as providers grapple with cost pressures. Read more in Ignites Europe. https://lnkd.in/e9VW_Pn8 #activefunds #passivefunds #ManagedPortfolios

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📢 Schroders’ latest multi-asset investment views for September 2024 are out. The Multi-Asset Team continues to maintain a positive outlook on #equities, driven by robust underlying fundamentals. Read more: https://okt.to/xpePQy #MultiAsset #Equities #MarketViews

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Europe’s high grade corporate bond market has largely forgotten last week’s sharp market volatility, as expectations are high that new issue concessions will remain low once volume picks up. But a handful of deals some had expected to come this week have not materialised.

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Please join chief strategist Luca Paolini, Arun Sai, senior multi asset strategist and me on Wednesday 12 June at 10:00 BST/11:00 CEST/17:00 HKT to hear our predictions on asset class returns over the next 5 years, the significant risks and the opportunities on the horizon. Not sure you can make it? Register and we will send you the replay soon after. https://lnkd.in/eWwDEAwN #secularoutlook #multiasset #investmentoutlook

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Great to speak with Nick Del Deo about the outlook for tower and data centre stocks in the US. We speak about the impact of rate cuts, slowing 5G rollouts and the implication on towercos and how protected data centre stocks are from a souring on AI Read all here!

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My latest for @assetallocator_ is a look at the extent to which wealth managers exposure to high yield bonds is changing with changes to market views around interest rates....https://lnkd.in/e-2u8kZH

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*********** READING WITH IMPACT ************ After nearly 16 years with Orbis I'm lucky enough to be taking a bit of an extended break this summer to regroup and recharge ahead of getting stuck into some of the exciting opportunities ahead. I want to use some of this time to review some of the most impactful material I've come across AND to seek out the best of what others have found impactful. By impactful I mean books/articles/essays that have meaningfully changed the way you think/act/behave. Lots of content is interesting, or provides a different perspective, but, in my experience, it's rare to find those gems which REALLY shift your lens, the mental models you use, or how you show up for family, friends and colleagues. I've included some of my all-time top hits below, and would like to tap into the enormous wisdom of my LinkedIn network to source other ideas. Please add your unique suggestions in the comments below. As an incentive, I'll compile the final list and circulate it to everyone who gets involved. Thanks - I'm excited for the journey this could take me on. Superforecasting - Tetlock The Upside of Stress - McGonigal Bounce - Syed Mindset - Dweck The Creative Act - Rubin Clear Thinking - Parish (summarises a lot of the best of others' work)

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Implementation issues and possible changes to CGT see more investors looking for alternative strategies https://lnkd.in/eprQqbPe #MPS #ModelPortfolioServices #fundoffunds #portfoliomanagement #CGT

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Charles Paikert has these blunt comments about the recent unhappy experience by Goldman Sachs in the #RIA space. He points to the central argument - size of AuM - and finds it wanting. This is definitely a commentary where we would be interested in feedback, particularly from those who want to disagree. Jamie McLaughlin David DeVoe ECHELON Partners Chip Roame Stephen Harris Philip Harris Andrew Deane Rachel Fokes Theodora Viney Joseph Reilly #strategy #wealthmanagement #mergers https://lnkd.in/eu3iddV9

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