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D.J. on the CMBS market

Daniel J. Lucey Jr., CFA, Senior Managing Director, Senior Portfolio Manager at SLC Management, discusses pressure in the commercial mortgage back securities market, how it's changed since 2008, and pockets of opportunity for investors to consider.

Beth Brown on workplace burnout

Beth Brown, Health & Well-Being Program Manager at ComPsych, discusses the signs of workplace burnout and small steps that companies and employees can take to combat it.

Chris Wright on the future of private credit

Chris Wright, Managing Director at Crescent Capital, discusses navigating a challenging interest rate environment, working with management teams, and how changes in the banking sector have impacted the private credit market.

Jim Blakemore on real estate debt

Jim Blakemore, Managing Partner and the Global Head of Debt at BentallGreenOak, discusses the real estate debt market in the current environment, including deal volumes, pockets of value, and exciting opportunities for investors.

Doug on the debt ceiling

Doug Clark, Managing Director, Portfolio Manager, Insurance, SLC Management, discusses the debt ceiling and how political posturing could impact markets.

Rich and Peter on growing stress in the banking sector

Rich Familetti, CIO of Total Return Fixed Income and Peter Cramer, Senior Managing Director of Insurance Asset Management at SLC Fixed Income, discuss the recent collapse of Silicon Valley Bank and how current issues in the banking sector are impacting their approach to client portfolios.

Steve on the Canadian P&C insurance market

Steve Guignard, Senior Director of Client Solutions, discusses how P&C insurers in Canada are dealing with regulatory changes, market volatility, and new investment opportunities.

Cristina Medina on Invest in Girls

In honor of International Women's Day, Steve sat down with Cristina Medina, Program Manager and head of Western Region & Program Expansion at Invest in Girls, to discuss the nonprofit's mission, impact, and plans for the future.

Ben Greene on education, allyship, and the trans experience

Ben Greene, International Public Speaker and LGBTQ Inclusion Consultant, discusses his work as a trans activist, educator and resource for various organizations as they work to build acceptance and allyship within their communities. For more information, go to

Cliff Corso on opportunity in the high net worth market

Cliff Corso, President and Chief Investment Officer at Advisors Asset Management, discusses the growth opportunity for alternatives in the high-net-worth and wider retail market, and celebrates the recently completed acquisition of AAM to join SLC Management.

Rich & John on investing in multi-asset credit strategies

Rich Familetti, CIO of Total Return Fixed Income at SLC Management, and John Fekete, Head of Capital Markets at Crescent Capital, discuss the potential benefits of investing in multi-asset credit strategies in the current market environment.

Anna on the Net Zero Asset Managers initiative

Anna Murray, Managing Director, Global Head of ESG at SLC Management, discusses SLC Fixed Income’s commitment to Net Zero Asset Managers initiative and how we’ll work together with our clients on their decarbonization goals.

Annette on long duration fixed income

Annette Serrao, Managing Director, Fixed Income Portfolio Manager at SLC Management, discusses her teams approach to investing in long duration assets on behalf of clients.

Wayne Hosang on leveraged loan markets

Wayne Hosang, Managing Director and Portfolio Manager at Crescent Capital Group LP, discusses leveraged loan markets, including how floating rate debt is holding up in the current market environment as well as investor considerations when allocating to leveraged loans or debt within CLOs.

Shamika and Desmond on the Sun Life Black Excellence Alliance

Shamika Hoyt, Director, Client Management in Health and Risk Solutions and Desmond Glynn, Contracts and Specialty Operations Senior Specialist at Sun Life, discuss their involvement in the Black Excellence Alliance and how the group is positively impacting both their colleagues and communities.

Olesya on trends in ESG integration

Olesya Zhovtanetska, Senior Director, Public Fixed Income, Credit Research and ESG in Bonds & Treasury at SLC Management, discusses ESG integration in the fixed income space as well as her professional and personal connection to Ukraine.

James Lizotte on structured credit

James Lizotte, Director, Structured Credit Analyst at SLC Management, discusses how Covid impacted the CMBS and ABS markets in the U.S., and where investors might find pockets of opportunity.

Abbe Borok on real estate debt

Abbe Borok, Managing Director and Head of U.S. Debt at BentallGreenOak, discusses opportunities in the real estate debt market and the various benefits for investors.

Brian Linde on oil markets

Brian Linde, Managing Director, Portfolio Manager, Insurance at SLC Management, discusses complexity in global oil markets and the potential knock on effects in the U.S.

Chhad Aul on tactical asset allocation

Chhad Aul, CIO and Head of Multi-Asset Solutions, SLGI Asset Management, discusses his teams approach to asset allocation amid spikes in inflation, rising rates and geopolitical crisis.

Brett Pacific on defensive risk premia

Brett Pacific, Senior Managing Director, Head of Derivative & Quantitative Strategies at SLC Management, discusses how inflation and the current high risk environment can affect managing portfolio risk at the macro level.

John Bowman on direct lending

John Bowman, Managing Director and Co-Head of Crescent Direct Lending, discusses the why the direct lending market is becoming an increasingly popular asset class for institutions investors.

Brent Simmons on pension buyouts

Brent Simmons, Head of Defined Benefit Solutions at Sun Life, discusses pension buyouts and why they can be an attractive option for plan sponsors.

Jason Breaux on business development companies

Jason Breaux, Chief Executive Officer of Crescent Capital BDC and managing director of private credit at Crescent Capital, discusses business development companies and their ability to provide income replacement in investor portfolios.

Nitin Chhabra on insurance client considerations and trends

Nitin Chhabra, Managing Director, Head of Insurance Client Relationships & Solutions at SLC Management, discusses how persistent low yields, inflation and regulatory constraints can shift an insurance company’s approach to portfolio allocation.

Tom Murphy on client concerns

Tom Murphy, Senior Managing Director, Head of Institutional Business at SLC Management, discusses what he’s hearing from clients as we enter 2022.

Chris Adair on intermediate private credit

Chris Adair, Senior Managing Director, Head of Strategic Partnerships at SLC Management, discusses why intermediate private credit can be a compelling opportunity for investors.

Amy DeAngelo on the future of work

Amy DeAngelo, Senior Managing Director and Head of Human Resources at SLC Management, discusses returning to the office, the future of work, and the importance of supporting employee mental health.

Linda Kong Ting on public credit

Linda Kong Ting, Director, Fixed Income Credit Analyst at SLC Management, discusses trends in issuance in the investment grade public market and the shift towards longer tenors.

D.J. Lucey on securitized credit markets

D.J. Lucey, Managing Director, Senior Portfolio Manager, Fixed Income at SLC Management, discusses the securitized sector and the impact the 2008 global financial crisis had on preparing securitized credit markets to weather the COVID-19 storm.

Liz Thorne on private credit ESG investing

Liz Thorne, Managing Director, Private Fixed Income at SLC Management, discusses investing sustainably in the investment grade private credit market, including how to evaluate opportunities where public information is limited.

Stéphane Kofman on infrastructure

Stéphane Kofman, Director of Infrastructure at InfraRed Capital Partners, discusses infrastructure as a growth stimulus and the importance of public capital.

Christine Vanden Beukel on direct lending

Christine Vanden Beukel, Managing Director of Crescent Credit Europe LLP and Head of European Credit Markets, ESG Strategy and Policy Development at Crescent Capital, discusses direct lending markets in the UK and Europe.

Rahim Ladha on philanthropy

Rahim Ladha, Global Head of Communications and Philanthropy at BentallGreenOak, discusses “BGO Inspire,” a new multifaceted philanthropy program that’s focused on empowering employees to make a positive difference in their communities.

James Slotnick on the shifting infrastructure package

James Slotnick, Head of Government Relations at Sun Life, follows up on the state of the traditional and “human” infrastructure packages in the U.S., including the hurdles they face in Congress and the likelihood of both reaching President Biden’s desk.

Beth Lee and Laura Cronin on InvestHer

Beth Lee, Senior Director, Derivatives & Quantitative Strategy and Laura Cronin, Managing Director, Public Fixed Income, Credit Research, discuss InvestHer, a program they started to help advance women's professional development at SLC Management and the asset industry at large.

Dec Mullarkey on the central bank

Dec Mullarkey, Managing Director, Investment Strategy and Asset Allocation at SLC Management, discusses the Fed’s balance sheet expansion and its impact on the market.

Andy Kleeman on private placements

Andy Kleeman, Senior Managing Director, Head of Corporate Private Placements at SLC Management, discusses investing in the private placement markets.

Lauren Chesney on workforce diversity

Lauren Chesney, Managing Director, HR Business Partner, Diversity, Equity & Inclusion at SLC Management, discusses improving workplace diversity in the asset management industry.

Randy Brown on ESG investing

Randy Brown, Chief Investment Officer at Sun Life and Head of Insurance Asset Management at SLC Management, discusses how he’s approaching sustainable investing while also balancing the various goals of the portfolio.

Randall Malcolm on interest rates

Randall Malcolm, Senior Managing Director and Public Fixed Income Portfolio Manager at SLC Management, discusses interest rate anomalies, yield curve expectations and credit spreads in the Canadian and U.S. fixed income markets.

Tim Boomer on pension funding

Tim Boomer, Senior Managing Director and Head of Client Solutions at SLC Management, discusses how the pandemic affected pension funding levels, shifts in portfolio allocations, and the role of fixed income investments moving forward.

Daniel Sausmikat on renewable energy

Daniel Sausmikat, Co-Head of infrastructure investment across the Americas at InfraRed Capital Partners, discusses the new construction of renewable energy infrastructure, trends in battery technology and challenges of building and developing these projects.

Anna Murray on ESG

Anna Murray, Global Head of ESG for SLC Management, discusses ESG best practices in commercial real estate and the broader sustainability opportunities and outlook for investment managers.

Mark Attanasio on Major League Baseball

Mark Attanasio, co-founder of Crescent Capital Group and owner of the Milwaukee Brewers, talks about what it’s like owning a major league baseball team during a pandemic.

Dean Connor on leadership

Dean Connor, Chief Executive Officer at Sun Life, reflects on his experience as CEO and the next chapter after retirement.

Kim Frazier on CLOs

Kim Frazier, Managing Director and Portfolio Manager at Crescent Capital, discusses CLOs, LIBOR and bank loan market valuations.

James Slotnick on the infrastructure package

James Slotnick, Head of Government Relations at Sun Life, discusses uncertainty around the U.S. infrastructure package, including the likelihood that it will pass this summer and how it might be financed.

John Vincent on Public Private Partnerships

John Vincent, Senior Managing Director and Head of Project Finance at SLC Management, discusses public private partnerships and how they might fit in to the Biden administration’s infrastructure plan.

Dec Mullarkey on the U.S. debt level

Dec Mullarkey, Managing Director, Investment Strategy and Asset Allocation at SLC Management, discusses current debt levels in the U.S. and what it might mean for markets.

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The BMA’s upcoming regulatory review

The rapid expansion of Bermuda’s life reinsurance sector could result in regulatory changes that will impact everything from the management of assets and liabilities to investment allocations for insurers, say Barton R. Holl and Angel Zhu of SLC Management.

Understanding the balancing act in retooling your Taft-Hartley plan

Pensions and Investments recently published a commentary from Tim Boomer, Senior Managing Director, Head of Client Solutions at SLC Management, on how the Special Financial Assistance Program of the American Rescue Plan Act could benefit underfunded multiemployer Taft-Hartley.

Crescent experts Q&A: How innovation will drive private debt forward

Our affiliate Crescent Capital Group’s John Fekete and Chris Wright recently sat down with Private Debt Investor to discuss the evolution of private debt and the future of credit.


Q1 2023: Crescent Capital Group market commentary

In the first quarter of 2023, all fixed income markets rallied retracing some of the losses sustained in 2022 despite the late quarter market disruptions caused by the failures of two US regional banks, SVB and Signature Bank and the takeover of Credit Suisse by UBS.

Q1 2023: Investment Grade Private Credit update

Issuance for 2023 started off on a strong footing with robust volumes in Q1, which was down somewhat from 2022 but stronger than 2021 for the comparable time periods. Financial issuance for Q1 2023 was down significantly year over year, but was partially offset by strong robust volumes from industrial, utility and transportation. With continuing uncertainty around the market – from inflation, interest rates and turmoil in the banking sector – investment grade private credit (IG private credit) is exhibiting the risk/return characteristics investors might be looking for.

Fireside chat: Seize new opportunities in bonds and structured credit

The current economic climate is creating valuable new opportunities in bonds and structured credit for institutional investors. To enhance return potential while decreasing risk, consider these insights from leaders at SLC Management.

ESG investing for insurance portfolios

Successfully integrating ESG factors throughout a portfolio is even more critical as insurers and investors seek to sustainably achieve their risk-adjusted return and income objectives in today’s persistent low-rate environment.

Crescent Capital Group Market Commentary Q4 2022

In the final quarter of 2022, all fixed income markets rallied retracing some of the losses sustained during the year, though most of them still finished the year in the red.

Multi-Asset Credit Strategy: January 2023 Update

Treasury and credit markets returned 3% in January, according to the Bloomberg US Aggregate Index, following outsized negative returns for fixed income in 2022. Investors feel optimistic about fixed income performance as inflation cools and central banks get closer to a pause in their tightening activities.

2023 Insurance Outlook: A window of opportunity in fixed income?

Taking advantage of yield opportunities while they last: our 2023 insurance outlook

Q4 2022: Investment Grade Private Credit update

Issuance in Q4 was an improvement from the previous quarter, but lagged year on year. In total, 2022 is expected to be either the second or third largest issuance year on record, albeit behind a record-setting 2021. The issuance pipeline in 2023 could be more uncertain due to rising rates and recession concerns, although volumes could be aided by postponed deals from 2022 transpiring in the new year. Amid increased interest in private credit, we offer insights into the specialized operational nature of these investments. 

2023 Global Investment Outlook

We are pleased to present SLC Management’s investment outlook for 2023. This report reflects the diverse viewpoints of our investment teams and solutions providers, with analyses of public and private fixed income, real estate, infrastructure, insurance asset management and retirement plans.

2023 Mid-year Global Investment Outlook

Welcome to SLC Management’s investment outlook for mid-year 2023. In this report, our investment teams and solutions providers share their insights, analyses and perspectives on public and private fixed income, real estate, infrastructure, insurance asset management and retirement plans.

Multi-Asset Credit Strategy: December 2022 Update

2022 marks a historically poor year for Treasury and credit markets, dominated by aggressive tightening by the U.S. Federal Reserve in efforts to moderate inflation.

Multi-Asset Credit Strategy: November 2022 Update

Treasury and credit markets continue to be highly volatile, with inflation, aggressive central bank action and recession fears dominating headlines. However, we continue to take advantage of market volatility though security selection and relative value trading.

Investing into the rate-hiking cycle

Today’s environment of rising interest rates has injected considerable uncertainty into fixed income allocations for institutional portfolios. This may lead to suboptimal portfolio positionings, such as effectively remaining on the sidelines with significant allocations to cash and/or low-yielding securities, or otherwise not investing effectively against the backdrop of rising rates.

Multi-Asset Credit Strategy: October 2022 Update

Treasury and credit markets continued to be highly volatile in October thanks to a combination of inflation, aggressive central bank actions and recession concerns. These conditions, however, meant continued opportunities for the Multi-Asset Credit strategy group.

Q3 2022 Investment Grade Private Credit Update

Issuance in Q3 was weaker amid the rise in interest rates and market volatility. However, we are also seeing interesting opportunities emerge among sound European and U.K. issuers looking outside their regional public bond markets. And as October action winds up in the world of professional sports, we are reminded of the select robust private credit opportunities in this market.

Crescent Capital Markets Q3 2022 Update

The third quarter of 2022 was a continuation of the challenges seen all year as the U.S. Fed continued to combat inflation with significant rate increases, the ongoing conflict in Ukraine and deteriorating global growth prospects.

Q2 2022: Investment grade private credit update

In Q2, while volatility was high and other markets closed, the investment grade private credit (IGPC) market continued to execute transactions in the face of a myriad of headwinds. Dissecting this year’s issuance, we are seeing some interesting trends, including a shift in terms and industry participation. 

2022 Mid-year Global Investment Outlook

We are pleased to present our first-ever mid-year investment outlook for 2022. This report includes our macroeconomic views for the rest of the year, as well as our expectations for public and private fixed income, real estate, infrastructure, insurance asset management, and retirement plan solutions.

Regulatory Update - Collateralized Loan Obligations

A key area of interest at the NAIC's Summer National meeting was the potential changes in regulatory treatment of collateralized loan obligations (CLOs) held on insurance company balance sheets. The details regarding the recommendation will not be available until later this year, but a few key themes have emerged.

Regulatory Update - Schedule D Part 1 (Bonds)

The National Association of Insurance Commissioners (NAIC) recently held its Summer National Meeting and provided updates regarding proposals related to insurance company investments.

Investing in an inflationary environment

A combination of high inflation, aggressive monetary policies and a possible recession may have left investors with questions on how to best adjust their investment strategy. SLC Management explores how different asset classes have performed in such inflationary conditions and provide insights into the current environment.

Private Credit Insights August 2022

In this extraordinary time of market transition, private credit appears uniquely positioned to remain resilient and capitalize on compelling investment opportunities and higher returns generated by volatility and dislocations in the public markets.

2022 Corporate Responsibility Summary

BentallGreenOak recently released its 2022 Corporate Responsibility Summary, which highlights the organizations’ approach to ESG, diversity, equity and inclusion, as well as philanthropy.

Exploring the LDI grey areas

In the last few years as more plans have matured and moved down their glidepaths, we have seen a surge of interest in asset classes that fall in the grey areas between the growth and hedging buckets. These asset classes can come with higher return expectations, additional diversification benefits and varying degrees of liability hedging attributes.

Worth a look at munis

As recession is front of mind for investors across the globe, we believe now is the time for bond buyers to reconsider municipals.

The Impact of Rising Rates – LDI Client Update

Rates have been driven higher as inflation and inflation fears have spooked investors. The rate rise has led to improved funded status across most corporate DB plans and our conversations with clients have been focused primarily on two things to do with their hedging portfolio: de-risk and diversify.

Don’t fear the (rates) reaper

Learn more about three rising rates considerations for fixed income investors.

The case for real estate

The search for yield and diversification has made real estate an increasingly popular alternative asset class for insurers.

Q1 2022: Investment grade private credit update

The first quarter of 2022 saw extreme volatility in public fixed income markets. However, amidst this surging volatility, private credit market issuance has remained steady due to the unique supply/demand dynamics of the market. 

2022 BentallGreenOak Perspective report

BentallGreenOak discusses the decline of the pandemic and resultant economic expansion; digitization and technological disruption;  demographics, labor, and housing affordability; and how all these forces are driving and disrupting the real estate space.

Evaluating private credit opportunities in today's market

In the midst of economic transition, investors continue to seek out private credit for its attractive risk-return profile, consistent yield premium to public fixed income markets, and low default rates. What does this period of change and volatility mean for a private credit manager? And what should investors be on the lookout for when evaluating private credit opportunities in today’s market?

Views from the CIO

Randy Brown, Chief Investment Officer at Sun Life & Head of Insurance Asset Management at SLC Management, provides his thoughts on how the Russia/Ukraine conflict is impacting our global macro views.

NAIC Redux – Ratings Scrutiny on Private Credit

Recent proposals from the Securities Valuation Office (SVO) aim to bring additional scrutiny to the ratings of private credit securities. While implementation of any new regulation is still someway off, we don’t believe the proposals will end up impacting traditional private placements. 

Q4 2021 investment grade private credit market update

Learn how the asset class performed in Q4 2021, the outlook for Q1 2022 and how issuance and new buyers were key trends in 2021, and our thoughts on the market in 2022.

Inflation: 2022’s biggest threat to insurance investment portfolios?

After spending most of 2021 wondering if inflation would be transitory or persistent, consensus thinking as we begin 2022 is that it is here to stay. With insurers likely to feel the pain on both sides of their balance sheets if inflation remains elevated, it’s no surprise that this topic is top of mind for insurance investment staff as they assess how to position their portfolios in preparation of this growing threat. 

Central Bank Digital Coins Could Disrupt Banking Systems, Raise Privacy Concerns

With the proliferation of cryptocurrencies, governments are grappling with the challenge of regulating these new currencies. And in concert, central banks are struggling with the inevitability that cash in circulation continues its decline as electronic payments surge. To maintain relevance, central banks feel pressure to offer their own digital coin.

Q3 2021: Investment grade private credit update

Learn how the asset class performed in Q3, the outlook for Q4 and the three reasons why intermediate duration private credit is an overlooked opportunity.

Multi-employer plan relief with some strings attached

The Special Financial Assistance (SFA) program aims to top-up underfunded multi-employer plans and nudge them towards a liability driven investment approach. Given the significant impact of these funds, as well as the restrictions attached, plan sponsors may want to revisit asset allocation decisions at a total plan level to ensure an efficient approach. 

Retiring Boomers Could Drive An Inflation Shift

Inflation tends to top the list of economic risks that investors obsess most about. After all, runaway inflation has devastated some economies over the centuries. Corralling inflation and keeping expectations well-anchored have been key mandates for most central banks for decades. However, inflation expectations are not uniform across age groups.

Finding a path to diversity in the asset management industry

Candy Shaw, Senior Managing Director, Deputy Chief Investment Officer at SLC Management, discusses diversity, equity and inclusion challenges in the asset management industry and what can be done to make meaningful progress.

Synthetic inflation-linked corporate bond

Institutions with inflation-linked liabilities can choose to manage that risk in a variety of ways. Assets like equities and real estate tend to implicitly offset inflation risk over time, while inflation-linked bonds can provide a more direct exposure to realized changes in the Consumer Price Index (CPI).

Q2 2021: Investment grade private credit update

Learn how the asset class performed in Q2, the outlook for Q3 and from where the yield advantage in investment grade private credit is derived.

Can The U.S. Compete For Chip Dominance?

Microchips are the workhorses of the digital economy. Though they spend most of their time hidden under the hood of devices, supply disruptions get noticed quickly. Right now, the car industry is scaling back production as it waits for chip manufacturers to restock. Production of smartphones, gaming equipment, and home appliances are also feeling the pinch as chip manufacturers struggle to meet demand.  

Synthetic equity: maintain equity exposure while freeing up portfolio cash

Synthetic equity is the replacement of a cash equity exposure (such as ETFs) with equity futures contracts. By using this strategy, an investor frees up cash that can be better used to meet strategic mandates.

Cash equitization: liquidity with flexibility

Institutional investors may carry cash in their portfolios for a variety of reasons, but often it is for liquidity. A cash equitization overlay program can provide liquidity without cash drag on a portfolio’s performance. This program replicates the macro market exposure of the policy portfolio, aiming to improve portfolio return and reduce tracking error over the long term.

Regulatory update: Proposed Real Estate Risk-Based Capital charge changes

Learn how the proposed changes to Risk-Based Capital charges are good news for life company real estate allocations.

How To Invest Like A Legend

In the league of elite investors, few can rival the late David Swensen, former head of the Yale Endowment. As Chief Investment Officer of this multi-billion dollar fund, he delivered top performance over multiple decades, and his investing style influenced an entire industry. Swensen’s innovative and rigorous approach to asset allocation and expanding its range was revered, with others rushing to replicate it. This approach became known as the “Yale Model”, and revolutionized endowment investing.

Gaining exposure to private fixed income

Investment grade private credit has been a major investment theme for U.S. insurers of all types. The asset class can offer additional yield, diversification and risk charges similar to that of a public corporate bond.

Q1 2021: Investment grade private credit update

Learn how the asset class performed in Q1, the outlook for Q2 and the three reasons why investment grade private credit can be more liquid than you might have assumed.

Are We About To Enter A Commodity Supercycle?

The most prominent commodity index, the S&P GSCI, is up over 86% since last March. While most markets have roared back since the depths of the COVID-19 market scare, commodities have been a frontrunner in the recovery. Talk of a commodity supercycle is already heating up, but investors should be careful not to overreact to recent data. Some commodities are notorious for fleeting booms and busts and typically need fundamental shifts in demand or supply to elevate prices for an extended period.

Managing long duration credit across market cycles

As we look forward to an uncertain route out of the pandemic, we believe that long duration credit portfolios that marry strong credit research with efficient, nimble active management can help investors outperform their benchmarks across market cycles. 

Inflation Fears Will Settle, But Only If Growth Continues

If there is one fear that seems to constantly haunt investors, it is that latent inflation flares up and flattens markets. Most central banks in developed economies look to target a 2% inflation rate and have, over the last several decades, succeeded in anchoring investor expectations.

Investment grade private credit recap and outlook

Investment grade private credit continues to be seen as an attractive asset class. Year-in and year-out, throughout business cycles, and even pandemics. It can be a great diversifier in a portfolio, can demonstrate solid relative value and can benefit from covenants and structural protections.

We Are Approaching The ‘Age Of Digitization’ Super Cycle

Economic history shows a remarkable pattern of broad themes that play out over decades. Each subsequent shift to a new phase is usually accelerated by innovation or a geopolitical shock. These transitions usually have fundamental impacts on growth, inflation and asset prices.

Bitcoin Is Still Maturing As An Institutional Asset

Bitcoin emerged from the scars of the 2008 financial crisis as distrust in governments and central banks inspired the digital currency to thrive outside the establishment. Unlike traditional currencies backed by sovereign credit and taxing authority, Bitcoin has no equivalent support. This push for monetary independence found early adopters in those that wanted to transact anonymously. Then with time, it captured broader investor interest. Yesterday, Tesla announced that it has bought $1.5 billion of bitcoin, which it plans to accept as payment.

Reinvesting legacy book yield maturities in a low rate environment? Start with trading liquidity

Book yield has continued to erode for many P&C insurers. They are desperately looking for new capital efficient investment strategies to help alleviate future income concerns against the backdrop of a “lower for longer” environment.

Invest Like A University Endowment During A Crisis

Recent research based on investment performance from 1906 through to 2008 makes a compelling case that investors could learn a lot from U.S. university endowments.

Pension risk management in turbulent markets

Examining market swings before COVID-19, during the peak of market panic and today, reveals how certain portfolio allocations and different asset classes performed during this period of volatility and the implications for defined benefit plan sponsors.

The Fed’s Final Farewell To Tight Inflation Control

In the press conference following today’s FOMC meeting led by Federal Reserve Chair, Jerome Powell, the shift in policy is an admission that there was more labor market slack than models or policy makers imagined over the last several years.

Don't Underestimate The Rise In U.S. - China Tech Tensions

The U.S. and China relationship remains tense. The global devastation of Covid-19 provided a flashpoint for recriminations as countries quarrel about who should have done more. Geopolitical risks rise further as Americans go to the polls in November and China’s President, Xi Jinping, aims to sustain nationalism as the economy recovers from the pandemic.

A Biden Presidency Could Recharge The Stock Market

President Donald Trump’s chances of keeping his job were a lot higher before a global health crisis reached the U.S. With COVID-19 battering the economy, public sentiment is rapidly shifting towards Democrat and Former Vice President Joe Biden – a pragmatic moderate who now holds a double-digit lead in national polls.

Q2 2020: Investment grade private credit update

While the outlook for the pandemic remains unclear, demand has been strong as investors remain attracted to the incremental yield and structural protections offered by investment grade private credit.

Stimulus Checks Are Not Helping The U.S. Economy, Here’s What Can.

As unemployment spiked this spring, the U.S. government put its faith in the $500 billion of loans to small businesses from the Paycheck Protection Program (PPP). Yet this huge wave of stimulus did little to secure jobs, according to preliminary results from a study by economist Raj Chetty and his team at Harvard.

The Covid-19 Crisis Will Change Investing, Here’s What To Expect

As the world starts to re-open, most economists agree that a V-shaped recovery looks unlikely. There won’t be a return to “normal” for a while. However, the investment themes that will drive performance over the next decade are already emerging. Investors who are quick to adapt to the post-crisis landscape should have a market edge.

Job Numbers Show America Faces A Slow Return To Work

The global economy is entering what may be the deepest recession since the 1930’s. Today’s non-farm payroll numbers underline the scale of the financial crisis the U.S. is now facing. The 14.7% unemployment rate is undoubtedly higher as the report cuts off in mid-April while new jobless claims persist.

If COVID-19 Is Like Past Pandemics, We Could Face Decades Of Economic Fallout

The global COVID-19 pandemic is unequivocally a black swan: a rare, but devastating event. Economists often draw parallels to wars and natural disasters to model the outcomes of pandemics, but while the analogy is apt in terms of human suffering, the economic aftermaths are different.

To Avoid A Depression, Stimulus For Small Businesses Is Critical

The full effect of social distancing won’t be reflected in tomorrow’s tally of March’s U.S. non-farm payroll numbers, but it will signify the start of a historic period of unemployment. Jobless claims – which provide a real-time measurement – have already skyrocketed, and millions more could lose their jobs as COVID-19 continues to stifle activity. As reported, many of those impacted work for small businesses or are self-employed.

The Fed Can’t Resuscitate Markets Alone

Last week, the Federal Reserve System (Fed) surprised markets with an emergency 50 basis point (bps) cut. While this policy-easing will do little to stall the Coronavirus, it can support financial conditions and bolster liquidity by making it easier for consumers and small businesses to avoid a cash crunch.

Shrinking U.S. Public Market Is Boosting Corporate Profits

With another uneventful earnings season coming to a close, the long stretch of near-record corporate profit margins is making investors nervous that a correction is brewing. That anxiety seems overdone. There is mounting evidence that large U.S. companies are more resilient than ever.

The Coronavirus Threat To Supply Chains Is A Big Risk

Superbugs that resist treatment and spread rapidly like Coronavirus always catch the headlines. The market impact of most viruses tends to be intense, but it soon fades. However, this round is different, and investors could be underestimating the longer-term impact of this latest health emergency on global supply chains.

Oil Geopolitical Risk Is Declining, Despite U.S.-Iran Tensions

The recent Middle East confrontations between the U.S. and Iran has done little to permanently push up the price of oil. Oil prices spiked on the days when there were acts of aggression, but quickly retraced as the other side contained its response. Was this moderation in oil volatility the result of adept diplomacy, or is it a more structural reduction in geopolitical risk?

This New Rule To Identify Recessions Could Give Investors An Edge

With the first jobs release of 2020 being published tomorrow, investors will be paying more attention than usual. Last October, Claudia Sahm, a former Federal Reserve economist, developed a new, and remarkably simple, measure of recession risk based on the unemployment rate.