December-January 2014

Fiona RintoulHaving once worked for a research firm, I know how easy it is, faced with a deadline and dizzy with caffeine, to look at some pretty meaningless numbers and come up with a finding.

Europe...the crisis-hit countries of the developed world will see some economic growth. But political risk and unemployment will continue to frustrate the recovery. George Mitton examines what strategists in the funds world expect for the coming year.

S PierriFront office outsourcing and a growth in third-party clients are some of the landmarks of Pioneer Investments’ unfolding five-year growth plan. Nick Fitzpatrick talks to Sandro Pierri, chief executive of the Unicredit-owned asset manager.

P DuvalPascal Duval, Russell Investment’s Emea chief executive, is ringing the changes for performance fees, he tells Nick Fitzpatrick. The head of the multi-manager says fees are flawed, but good managers will understand.

ChocolateEuropean corporates are issuing more high yield bonds than ever before, but fund managers are becoming increasingly concerned about credit quality. Stefanie Eschenbacher reports.

Off-roadThe prospect of rising interest rates or yields is the biggest challenge to bond funds right now. A rising rate environment may benefit the absolute return sector, but also test it, writes Nick Fitzpatrick.

liquidationEvent-driven Ucits hedge fund strategies have emerged as a favourite over the past year as investors warm to illiquid strategies. Stefanie Eschenbacher looks at developments in the alternative Ucits sector.

Wall streetThe investment advice industry in the US is growing. It has, so far, avoided a regulatory probe into fees. But the lack of clarity surrounding fees – which sparked a review in the UK – is significant, finds Nick Fitzpatrick.

LakeAn outcrop of socially responsible investment, natural capital accounting requires a new language to value the things in nature that make life worth living, finds Fiona Rintoul.

A ArbuthnottInvestors seeking high alpha should look to concentrated strategies, according to Andrew Arbuthnott, head of large cap European equity at Pioneer Investments and lead manager of Pioneer Funds – Top European Players.

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