XxX | Feature
Contents
Editorial
2023: THE NEW NORMAL
The past year could be aptly surmised by author John Maxwell’s quote: “Change is inevitable, growth is optional.” Inflation raced to a 40-year high, interest rates were lifted to a level not seen since before 2008’s credit crunch took hold, we have had three prime ministers, the Bank of England had to step in when the yield on 30-year gilts jumped to a two-decade high in a single day, sterling declined and although Britain did not officially fall into recession, it feels as if we have been slowly marching in that direction.
The question is, what comes next? Our cover story (page 18) looks at what pension schemes and insurers could face in 2023.
Our coverage of how institutional investors might consider preparing themselves for the year ahead includes a look at hedge funds. With such a difficult environment for the economy and the markets, are the conditions ripe for hedge funds to take centre stage? We look at the pros and cons from page 42.
ESG’s influence over institutional investment portfolios is growing stronger as the years go by and next year appears to be no exception. Our outlook coverage canvasses the opinions of asset managers to find out what trends they could be discussing with asset owners in the year ahead. Will it involve regulation, the natural world or green solutions to the energy crisis? You will have to turn to page 36 to find out. Elsewhere, China is also living through interesting times. Even before the protests against the country’s leadership erupted, there was concern at the direction of the econ- omy. It was a disappointing year for the main stock index, while restrictions slapped on property companies is another issue. Indeed, investors were worried enough to dump more than £3bn worth of Chinese debt in a single month. From page 46 find out if it is time to say goodbye to China or take advantage of investor pessimism. We also catch up with Neil Mason of the Surrey Pension Fund, who explains why being “super sexy” is not for him (pages 12-15). Finally, from page 32, we also speak to Nest’s Diandra Soobiah about all things ESG. It was a year like no other, so we wait with bated breath to find out what 2023 has to offer. From all of us at portfolio institutional, we would like to wish you a Happy New Year! Let’s hope it’s a good one.
Mark Dunne Editor
m.dunne@portfolio-institutional.co.uk
Issue 119 | December-January 2023 | portfolio institutional | 3
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