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PIMCO adds managing director to work with RIAs on alts
Print
Brett Condron has joined Pacific Investment Management Co. as a managing director in the firm s U.S. global wealth management group, confirmed spokeswoman Agnes Crane in an email.
The position is new.
Mr. Condron will focus on growth initiatives including working to bring alternative investments to registered investment advisers and their clients. He will report to
Gregory Hall, managing director and head of U.S. global wealth management.
Mr. Condron was a senior managing director at Blackstone Group and global head of individual investor solutions for the firm s alternative asset management division. His responsibilities will be assumed by the team, a Blackstone spokeswoman confirmed.
Over and over again, Federal Reserve officials have advised that any pickup in inflation this year was bound to be transitory. Traders in financial markets, however, aren’t so sure. Investors have become fixated on widespread signs of price pressures as commodities like copper and lumber surge to records, and the bond market’s expectation for inflation over the next decade climbs to an eight-year high. The focus is triggering swings in the stock market, sending the Cboe Volatility Index to the highest since March on Tuesday. The most-recent round of U.S. corporate earnings calls showed the word inflation was back in vogue, with its usage rising 800% from a year ago, according to Bank of America Corp. Even last week’s payrolls report, which showed the U.S. added only about a quarter of the jobs economists expected in April, is being viewed as a sign that companies will have to boost wages to entice more unemployed workers into the labor force.
Allianz assets up as PIMCO and AGI record net inflows
Bloomberg
Total assets under management at Allianz Group grew 1.8% in the first quarter of the year to €2.43 trillion ($2.85 trillion), driven by net inflows and positive foreign exchange impacts.
Assets increased 14.1% from €2.13 trillion as of March 31, 2020.
The insurance group said in an update Wednesday that third-party assets under management grew 3.7% in the quarter to €1.78 trillion. Total net inflows were €37.8 billion in the quarter, compared with €28 billion in net inflows in the fourth quarter of 2020 and €46.4 billion in net outflows in the first quarter of 2020.
Total market and dividend impacts detracted €20.7 billion in the quarter, vs. a negative impact of €107.6 billion in the first quarter of 2020. Fourth quarter figures were not available.
New York: Investors are about to get a snapshot of any price pressures building across the developing world the fallout of the unprecedented stimulus that’s been unleashed to revive the global economy.
Heavyweights including Brazil, China and India will report inflation data this week against a backdrop of quickening growth that’s being fueled by months of easy money and fiscal largess.
Citigroup Inc’s inflation-surprise index for emerging markets spiked last month to its highest since 2008, a sign that investors may be underestimating the scale of the resurgence.
Long the scourge of debt holders and a threat to currency stability, accelerating inflation has already forced policy makers in Brazil and Russia to raise borrowing costs. The Czech central bank last week signaled it could follow suit in mid-year, while Turkey’s monetary authority has pledged to keep rates elevated until there is a significant slowdown in price gains.