Political cohesion and stability can no longer be relied upon as politics becomes inward looking with everything from trade deals to central bank swap lines being renegotiated or cancelled altogether.
Liquidity in the financial system which has stemmed from easing monetary policy is already contracting. In a world where derivatives traverse borders, connecting financial systems like never before, a liquidity crisis presents an enormous tail risk in a leveraged world.
The era of global coordinated monetary policy since the GFC, especially with the three largest players (ECB, Fed, and BoJ), will be looked back upon with nostalgia by the current gaggle of central bankers who influence the halls of power. Policy will increasingly be driven with greater sensitivity to nationalist rather than international concerns.
If prior circumstances are not only not going to be repeated in the next decade but be profoundly different, how should asset owners invest and will active management once again be paramount?
“May you live in interesting times” - Chinese curse.
Please note attendance to this event is open to institutional investors, chairs of investment committees and specialist consultants.
The gradual exit of banks from business lending due to increased global financial regulation is driving attractive opportunities in private credit, but increased competition among non-bank lenders is causing looser covenants and higher leverage, according to Justin Ferrier, managing director, Asian private credit, at global asset manager BlackRock.
Australian power generation will continue to tilt towards renewables as more ageing coal-fired generators are taken offline and consumer and investor demand continues to grow.
Asset owners have been notoriously poor at drawing short-term investable insights from political and geopolitical events, but analysing long-term trends can be useful in helping investors prepare for future markets, experts say.
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RACV Healesville Country Club,, VIC, Australia
