Latest News
ESG factors may enhance investment performance
1 August 2011 - New research from RCM reveals the impact of ESG criteria on portfolio performance
New research from RCM reveals that investors’ portfolios are not negatively impacted by the introduction of environmental, social and governance (ESG) criteria into the stock selection process, and demonstrate a probability of outperformance over the longer term....
The EU saves Greece again
22 July 2011 - Neil Dwane, CIO Europe at RCM comments
“There is no doubt that the EU outperformed expectations and as news leaked into the markets yesterday investors, banks and politicians globally issued a collective sigh of relief. So where are we now?...
IEA’s oil stockpile release has had the opposite effect on oil market
20 July 2011 - Christopher Wheaton explains that the IEA’s release of its emergency oil stockpiles has pushed oil prices up, not down
“What happens if the last line of defence turns out not to work? That’s the question the International Energy Agency (IEA) must be asking themselves right now, because the surprise release of oil stockpiles by the IEA has had the opposite effect on oil markets to that intended...
The stress-less Stress Tests
20 July 2011 - Stress tests failed to address EU sovereign default
“Version two of the EU stress tests has just been completed and the results can be summarised as ‘nothing to see here, folks, move along, move along...’
RCM comments on the Budget
23 March 2011 - Challenges facing the UK consumer are greater now than in 2008 when the economy was gripped by recession and oil prices touched $146 a barrel
“Unlike his counterpart in Saudi Arabia last week, George Osborne had limited room for manoeuvre in today’s Budget. Whilst King Abdullah has announced a £65 billion spending package in recent weeks (£2,500 per capita), Mr Osborne’s commitment to eliminating the structural deficit over the life of this parliament constrained him to some minor concessions...
Inflation – on the up but not enough to threaten risk assets
28 February 2011 - Andreas Utermann, Global CIO at RCM, provides his latest outlook
“As we had anticipated the pendulum has swung away from the debt deflationists to the inflation ‘camp’ with capital markets now expecting a continued gradual tightening of monetary conditions in emerging market economies, and the expectation of tightening sometime in 2011 in the US, the Euro Zone and Japan...
It is the price of oil that will have a real impact, states RCM
24 February 2011 - Neil Dwane, chief investment officer Europe at RCM comments on the impact of civil unrest in the Middle East and North Africa on equity markets
“Despite the initial market wobble after the fall of Mubarak, equity markets have rallied, and the oil price has continued to rise. After 2008 we know that oil rising above $100 a barrel acts as a natural brake on the global economy, and this would have a particular impact on Asian economies as they are not as efficient users of energy....
RCM to launch global emerging markets multi-asset fund
7 February 2011 - RCM today announced the intention to launch a fund that offers investors a multi-asset approach to investing in global emerging markets.
The fund will offer access to high growth markets and will therefore invest in a broad range of asset classes in particular Global Emerging Markets equities, Global Emerging Markets bonds and commodities. RCM’s analysis has shown that including global emerging market bonds and commodities in an active asset allocation approach...
RCM announces new ‘quality’ ratings
17 January 2011 - RCM today announced its new ‘quality’ ratings.
"Quality ratings, first introduced in late 2009, give Portfolio Managers a more qualitative perspective on companies’ long term prospects and encompass the following dimensions..."
RCM appoints portfolio manager to Global Emerging Markets team
17 January 2011 - today announces the appointment of Andres Allende as a portfolio manager in the Global Emerging Markets team.
Andres will be responsible for providing research and idea generation for companies in Global Emerging Markets, with a particular specialism in Asian countries. Andres will be based in London and will report to Dilek Capanoglu, CIO Global Emerging Markets...
EMU is not perfect, but better than any of the alternatives, says RCM
14 January 2011 - Andreas Utermann, Global CIO at RCM, adds his voice to why the European Monetary Union (EMU) must not be allowed to fail
"Reading the market commentary produced since the start of the European Sovereign Debt crisis in early 2010, it would be reasonable to expect that the demise of the EMU was a foregone conclusion..."
The global outlook for 2011 from RCM
8 December – As the year draws to a close, investment professionals from across the globe at RCM provide insight into the key issues for investors to consider in the year ahead.
"The Euro will show bouts of weakness against most major currencies, but is underpinned by a strong political desire for it to work and by Germany's economic strength. However, the cost of this support will be two-fold..."
RCM looks ahead to another exciting year for capital markets in 2011
30 November 2010 – Andreas Utermann, Global CIO of RCM, looks ahead to another exciting year for capital markets in 2011
"As we head into 2011, I will focus on the themes likely to shape the direction of capital markets and provide a brief outlook for each major asset class. In doing so, I shall highlight our predictions from last year and contrast this with how actual events played out..."
RCM extends local authority commitment with London Borough of Wandsworth mandate
16 November 2010 – RCM extends local authority commitment with London Borough of Wandsworth mandate.
Expanding its portfolio of local authority clients, RCM has been awarded a Global Equity High Alpha mandate valued at £100 million by the London Borough of Wandsworth...
RCM wins three mandates for new diversified growth strategy
8 November 2010 – RCM wins three mandates for new diversified growth strategy.
RCM has been awarded three diversified growth mandates by the Leeds Co-operative Society Limited Employees’ Pension Fund, the Yorkshire Co-operatives Limited Employees’ Superannuation Fund and the United Norwest Co-operatives Employees’ Pension Fund, pension funds that are part of the Co-operative Group...
Risk assets continue to be favoured, despite clouds on the horizon
3 November 2010 – Andreas Utermann, Global CIO of RCM, gives his latest global outlook.
“Positive growth surprises over the summer period in most countries, better than expected earnings, and signs that the Federal Reserve will engage in aggressive forms of quantitative easing, have led to a rally in risk assets which we believe will continue despite some clouds on the horizon...
RCM comments on EU proposals to legislate on the transparency of corporate ESG information
2 November 2010 – Bozena Jankowska, Global Head of Sustainability Research at RCM, comments on the European Commission’s proposals to legislate on the transparency of corporate social, environmental and human rights information.
“We welcome any efforts to improve the transparency of information provided by businesses on environmental, social and governance (ESG) matters and will watch with interest to see how the European Commission’s proposals progress...
RCM comments on the UK spending review
20 October 2010 – Jeremy Thomas, Chief Investment Officer, UK Equities, RCM, comments on the UK Spending Review.
“The Public Spending Review brings to an end the initial phase of the Coalition Government’s attempts to bring under control the UK’s fiscal deficit...
RCM expands Global Emerging Markets team
31 Aug 2010 – RCM has appointed Carlos de Leon as an analyst and portfolio manager in their Global Emerging Markets team.
As part of the team, Carlos will particularly focus on providing research and ideas relating to Latin American companies. He will be based in London, reporting to Michael Konstantinov, CIO of Global Emerging Markets, RCM...
European & United States bank stress tests fundamentally different, says RCM
6 Aug 2010 – Neil Dwane, Chief Investment Officer Europe at RCM reflects on the outlook for the banking sector in Europe now that the dust has settled after the European stress tests and with the loosening of Basel III regulations
“The US and European bank stress tests were fundamentally different in character. The US stress tests were less of a test and more of a forced recapitalisation of the banking industry, which led to a 35% rally in banking stocks in the US. However, once this was carried out in America, Europe had to carry out the tests in order to reassure the markets...
No reason to anticipate a double-dip recession in the US, says RCM
2 Aug 2010 - Stefan Hofrichter, Chief Economist at RCM, outlines the evidence against a double-dip recession in the US at this juncture:
“The OECD leading indicators clearly indicate a slowing of the recovery, but in our view they do not signify a looming recession. For most developed countries, their signal is consistent with below trend growth - a scenario that RCM has been expecting...
Rising asset correlations demands more dynamic solutions, says RCM
26 Jul 2010 – With asset class correlations back at the elevated levels of late 2008, David Hollis of RCM comments on the challenges facing investors:
“At the moment there is considerable uncertainty amongst investors with the realisation that fundamental global economic imbalances remain unresolved, that the fiscal boost gifted to the equity markets is winding down, and that the path to a more normal economic growth trajectory may be a volatile one. This has led to a reversion in asset class correlations to the elevated levels of late 2008...
The Chinese renminbi is set to appreciate substantially in the coming decade
22 July 2010 - Stefan Hofrichter, Chief Economist at RCM, comments on the substantial appreciation of the Chinese renminbi
“The US is repeatedly demanding an appreciation of the Chinese renminbi (RMB). While it is difficult to anticipate the timing of a nominal appreciation of the Chinese currency, as this is actually a decision to be taken by Chinese policy makers, we have a strong view that the RMB will appreciate substantially in real terms over the coming decade...
RCM comments on latest global macro economic outlook
15 July 2010 - Andreas Utermann, Global CIO of RCM, comments on the latest global macro economic outlook.
“At present the market fears a double dip recession and the associated risk of deflation. We continue to believe that the second half of 2010 will be quite difficult in terms of macroeconomic news...
EU bail out has bought time, but great uncertainty remains
12 May 2010 - Stefan Hofrichter, Chief Economist at RCM, comments on the EU bail-out package.
"The EU bail-out package is likely to soothe markets, as the immediate risk of a Government bond default and, consequently, of eventual write-offs on banks’ holdings of EMU Government bonds has been reduced substantially by the size and design of the measures taken. Most importantly, the package buys time...
RCM sees flexible exchange rates as key instrument for eliminating global imbalances
5 May 2010 - Andreas Utermann, Global Chief Investment Officer at RCM, on why the economic scales need more weight on the Asian currency side.
"In Europe we assumed for too long that the Greek rescue package put together by the EU and the IMF would only be a theoretical notion...
RCM voices concerns over increased regulation - but points to the positives of a hung parliament
29 Apr 2010 - Andreas Utermann, Global Chief Investment Officer at RCM, presents his outlook on regulation, prospects for the UK under a hung parliament, and current valuations of emerging markets.
“Regulators across the world, but especially in the US, are picking up the pace of reform. In particular they are proposing regulatory and capital restrictions to be imposed on the financial sector, which could potentially be a major issue for financial stocks...
Who will be the winners and losers from Obama’s US healthcare reform legislation?
23 Mar 2010 - Speaking from San Francisco, Michael Dauchot of RCM, looks at the likely winners and losers.
"FDR tried it in 1935. The Clinton administration attempted it again in 1993 and failed in a spectacular fashion. Now another highly popular Democratic leader, President Obama, has made healthcare reform the centrepiece of his presidency and with the invocation of some arcane US legislative manoeuvring, a degree of reform seems inevitable...
Greek tragedy will pave the way for ‘managed austerity’
22 Mar 2010 - Neil Dwane, Chief Investment Officer Europe at RCM, provides insight into recent events and the implications for markets.
“As markets look ahead to closure around the Greek episode, we will be left with the ongoing spectre of sovereign risk, which looks more likely to rise than disappear in the coming years...
Concerns over inflation, bubbles and budget deficits set the tone for 2010
02 Feb 2010 – Andreas Utermann, Global Chief Investment Officer at RCM, a company of Allianz Global Investors, presents an outlook for inflation, interest rates and equities.
The major themes for 2010 will be ongoing debates over inflation, budget deficits, bubbles, interest rates and the continued rise of emerging markets.
China’s economic growth engine is in a period of transition
27 Jan 2010 – Christina Chung, Senior Portfolio Manager at RCM, a company of Allianz Global Investors, gives her outlook on the future of China’s economic development.
- Exports will return to positive growth following the sharp contraction in exports over 2009
- Private consumption has huge growth potential during 2010
RCM to launch ‘second generation’ diversified growth fund
25 Jan 2010 – RCM, a company of Allianz Global Investors, today announces that, pending investor approval, it plans to launch a dynamic, diversified growth fund during Q1 of this year. The fund will aim to offer investors equity-like returns with a lower level of volatility, positive real returns over a market cycle, and importantly, genuine downside protection in times of market stress.
- Developed in response to client demand for equity-like returns with lower risk
- Aims to offer unconstrained asset allocation across a broad range of asset classes
- Sophisticated total return risk management provides genuine downside protection
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