Archive

Author Archive for David Rae


CMA review: Final findings and recommendations

What are the final findings and recommendations from the CMA report?   The final report   This post was going to be a reaction to Theresa May’s meaningful vote, but it looks as though that will have to wait for a while. The Competition and Markets Authority (CMA) however, have stepped in to fill the

December 12, 2018 Categories: Fiduciary Management, Governance & Regulation

The broken consulting model and how fiduciary management can help you

Last time we looked at how the needs of pensions schemes have changed along with the investment landscape. Today we put the spotlight on the broken consulting model and how fiduciary management can help your scheme.   The broken consulting model   The investment consulting model served trustees of defined benefit pension schemes well for

Oct 11, 2018 Categories: Investment Strategy
Competition and Markets Authority

The changing landscape of fiduciary management: Spotlight on the CMA reforms

The investment environment is constantly changing, and with that so are the needs of pensions schemes. As such, the Competition and Markets Authority (CMA) recently proposed a number of reforms to the investment consultancy and fiduciary management sector. Today, we take a look at how these changes are expected to impact fiduciary management.   Change

Sep 13, 2018 Categories: Fiduciary Management
cashflow driven investing

Why is cashflow driven investing the latest craze?

In the second part of our series showcasing the best of Russell Investments’ Annual Investment Summit, David Rae dispels some myths about cashflow driven investing (CDI). He urges investors to view CDI as a risk management framework, not a product.   “The Latest Craze”   My friends are at it, they say it’s cool and

Are you where you need to be?

The last twelve months have seen equity market valuations rise and bond yields decrease against a backdrop of political surprises. There is no magic crystal ball – but as investors, we are constantly required to ask ourselves: ‘is my portfolio best positioned for the future?’.   Manage risks, not returns   It was the Dean

Nov 9, 2017 Categories: Investment Strategy, Multi-asset

Bulk Annuities – 2017 NOT the year of the buy-out?

A couple of articles on the bulk annuity market caught my eye this week and reminded me of a great blog post authored by my Seattle based colleague, Bob Collie back in October, “What about the 98% of plans NOT doing annuity buyouts?”. Wednesday’s Financial Times contained an article* predicting a big recovery in the

Jan 6, 2017 Categories: Investment, Markets

Where to now that we have a Brexit vote?

Later this morning, Jenny Watson, the Chair of the Electoral Commission, will conclude the UK referendum on EU membership by announcing the result in favour of a decision to leave the EU. This historic moment brings to an end the referendum process but simply heralds a new chapter of uncertainty for the UK and the

Jun 24, 2016 Categories: Market Updates, Markets

There are only two things people are writing blog posts about this week – Leicester City or Brexit

“I don’t like football”. There I’ve said it. (You see where this might be going). My eldest son, however, is big into his football, watching, playing, and talking about it. So my Saturday mornings are spent at the side of a football field pretending to concentrate and offer the occasional words of encouragement. Last weekend

May 6, 2016 Categories: Investment Strategy

Be cautious trusting correlations

I was discussing with colleagues recently the market’s change in near term focus from the possibility of a Grexit to the evolution of Fed monetary policy. The conversation moved to a discussion of the risks of relying on traditional diversification when we know that correlations are neither stable nor easily predictable. This reminded me of

Excitement x 3 – the election, bond sell-off, and Legoland…

After the excitement of the Election, life returns to normal for the voting public, including pension trustees. Normality for trustees should include having a clear plan for using bond market volatility as an opportunity to de-risk. One of the implications of a General Election is that thousands of public buildings across the country have to

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