CIO Profiles
James Marlay

Vimal Gor, Head of Bond, Income and Defensive Strategies at Pendal Group, says there’s just one fundamental driver of all asset prices. That driver is liquidity and Gor says that the current investment backdrop makes him feel the most bearish he's been in 2 years. “It’s quite clear that when... Show More

Vimal Gor

This time last year, at Livewire Live we flagged a likely resurgence of volatility and highlighted some of the factors that we believed would drive this. In this exclusive report for Livewire, I review the thesis and explain why we expect much more extreme reactions going forward. Show More

Vimal Gor

The world can’t handle higher interest rates. Volatility is back and will continue to rise. If you’re an investor overextended in the risk curve, this will be problematic. As a result of quantitative easing, central banks have driven asset prices to record highs, while yields to record lows. Show More

Vimal Gor

There are two attitudes you can take to the February 2018 “flash crash”. The first, and overwhelmingly the most popular, is that this was a technically driven correction in the markets, exacerbated by carry monkeys such as the short-VIX crowd, and that the pause since then has provided a refresh... Show More

Vimal Gor

Tax reform legislation finally seems to be moving along in the US. While the equity markets cheer, the consequences for junk-rated issuers can be very unpleasant. As much as 4/5 of the high yield issuers could be worse off as a result of the proposed changes, which may in turn... Show More

Vimal Gor

We have been living in a low-vol world for a while now, driven by a massive alphabet soup of central bank liquidity, which have been delivered globally. If it’s not the Fed engaging in QE’s 1, 2 and 3, it’s the ECB’s PSPP and CSPP bid, BoJ’s QE and yield... Show More

Vimal Gor

Just as the markets had convinced themselves they were in for an uneventful carryharvesting summer, something started to change at the end of the month, with central bank communication seemingly dominating economic data with respect to their impact on market moves. Whilst the theme of disinflation continued to play out... Show More

Vimal Gor

Perhaps to say that there is complacency in the market is too broad a generalisation, it just seems like there are just so many contradictions out there currently. Equities and fixed income markets are saying very different things; while the S+P 500 and VIX are very sanguine, US bonds are... Show More

Vimal Gor

The reason that China will always find itself in a position where its hand is forced on rates is because they continue to try and manage the currency and avoid significant depreciation while having a leaky capital account, which still enables individuals and corporates to get their money out of... Show More

Vimal Gor

The first month of the year should help set the tone for the remainder of 2017. One of the most important takeaways from recent market activity has been the shift in the perceived importance of event risk. The voice of central bankers has seemingly witnessed a decibel level drop as... Show More

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