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Berenberg names new managing partners

David Mortlock (45) and Christian Kühn (52) have been appointed 39th and 40th managing partners in the 430 years history of the bank. Mortlock is the first non-German to become a managing partner of Berenberg since its founding in 1590 and will also take a 5% stake in the bank.

 

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Berenberg and Moonfare launch private equity platform for private customers

Hamburg/Berlin. 430-year-old private bank Berenberg and digital private assets investment platform Moonfare, founded in 2016, start a partnership to provide Berenberg customers with digital access to top-tier private equity funds.

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Refinitiv Lipper Fund Awards: “Berenberg-1590-Aktien Mittelstand” best German second-tier equity fund

Hamburg/Frankfurt. Fund rating agency Refinitiv Lipper has named the “Beren-berg-1590-Aktien Mittelstand” fund managed by Andreas Strobl the best fund in Europe in the category “Equity German Small & Mid Cap” in recognition of its outstanding performance over three years.

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GlobalCapital ECM Awards: Berenberg best bank for Small Cap ECM once again

Hamburg. Privately owned bank Berenberg has won an award as the “Best Bank for Small Cap Equity Capital Markets” (ECM) for the third consecutive time. GlobalCapital, the specialist magazine belonging to the Euromoney Group, awarded the distinction as part of its Annual Equity Capital Markets Awards, which recognises outstanding achievements in the EMEA region. Berenberg was additionally named among the top three ECM banks in the GSA region.

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Berenberg grows net profit for the year by 160%

Hamburg. Berenberg closed the year 2019 with net profit for the year from operations of €60.5 million (previous year: €23.3 million). Germany’s oldest privately owned bank has thus surpassed the previous year’s earnings by 160%.

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No suspicion: Investigations against Hendrik Riehmer dropped

Hamburg. The investigations initiated in March 2019 against Hendrik Riehmer, Managing Partner of Berenberg, were discontinued in accordance with Section 170 (2) of the German Code of Criminal Procedure on the grounds that the accusations were completely unfounded, as announced by the Hamburg public prosecutor's office on 11.02.2020. Riehmer had been wrongly suspected of having passed on insider information.

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“The Asset Manager Elite” – Berenberg takes first place for the eleventh time

Hamburg/Munich. For the eleventh time in a row, the Berenberg private bank has been named “Best Asset Manager” in the German-speaking countries in the Handelsblatt Asset Manager Elite report. The highest rating, “summa cum laude,” went to Germany’s oldest private bank for the 16th time.

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Berenberg wins overlay mandate for EUR 1.6 billion

Hamburg. Berenberg’s currency overlay team will actively manage the currency risks of the private markets portfolio of one of Germany’s biggest pension funds. This mandate with a volume of EUR 1.6 billion underscores Berenberg’s expertise in currency overlay management. In this segment, Germany’s oldest privately owned bank manages a total of EUR 7.6 billion and is one of the world’s biggest providers of active currency overlay management.

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MARKETS | Monitor: Macro hedge funds remain cautiously positioned

Risk assets have recovered significantly over the last few weeks. This was mainly due to the cautious positioning and pessimistic sentiment of investors. Bad news such as the weakness of the yuan and low order intake worldwide in the manufacturing sector were largely ignored by the market. However, good news such as robust US economic data and an announced trade meeting between China and the US in October were rewarded with strong price increases. Central bank decisions in the next two weeks will be decisive for the future direction of the capital markets. The market expects (strong) easing…

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Scope grants AA+ rating to Berenberg’s European equity fund management

Hamburg. Rating agency Scope has awarded Berenberg’s equity fund management an AA+ rating. This is the second-highest rating that Scope can give. The rating score is 3.57, just short of the 3.60 figure needed to obtain the highest rating (AAA). The rating thus attests to the excellent quality and competency of Germany’s oldest private bank in the management of discretionary equity strategies with a focus on Europe.

 

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MARKETS| Monitor: Market expects low-interest environment to persist for years to come

Over the past two weeks, stocks have tended volatile sideways to slightly weaker. While the economic data in aggregate remained sobering and the trade conflict escalated further, the already pessimistic positioning of many investors as well as the prospect of further easing measures by the central banks supported markets. We believe that downside risks predominate in the short term. After all, the likelihood of a hard break has risen recently. Moreover, there are still no signs of a recovery in the global economy. In Germany, there is even the threat of a technical recession, including…

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MARKETS | Monitor: Attractiveness of gold rises with increasingly negative yielding debt

The disappointing communication of the US Federal Reserve from a market perspective, the intensification of the trade conflict between China and the USA and moderate economic data have led to a strong setback in equities. Asian emerging markets were hit particularly hard. Oil also fell sharply, while gold performed very well and 10-year Bund yields fell to a new record low. The equity markets recovered somewhat from the lows, partly because the powerful share buyback programs which US companies resumed after the Q2 reporting season. We continue to expect a volatile sideways movement in the…

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MARKETS | Monitor: Equity markets decoupled from the economy?

The S&P 500 and NASDAQ indices both reached new all-time highs last week. European indices have also recently risen. The Q2 reporting season in the US is better than expected, thanks in part to significant profit reductions in advance and central banks fostering hopes for an economic recovery through a loose monetary policy. The central banks of South Africa, Russia, India, Chile and Turkey have already begun to cut interest rates. Growth stocks and cyclical companies in particular have benefited from this recently. Emerging market currencies and bonds are also likely to benefit. However,…

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Berenberg Gary Player Invitational: $125,000 for disadvantaged children

We are delighted to have raised more than $125,000 during the 2019 Berenberg Gary Player Invitational to support underprivileged children and communities. Grand Slam Champion Gary Player and other most recognized names in golf teamed up near London with representatives of the business world at Wentworth Club on Monday, July 22, 2019, to play for a common cause: Golf and Giving. Once again, Berenberg was title sponsor of this fantastic Pro-Am competition, now for the eighth time running.

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MARKETS | Monitor: US equities at new highs thanks to central banks

The consensus expects US earnings to rise by around 2% in 2019, but the S&P 500 has already climbed to an all-time high with more than 20% performance this year. This means that 90% of the increase is driven by an expansion of the P/E ratio. The shares are therefore much more expensive than at the end of last year. One reason for this is that the exaggerated fears of recession in Q4 2018 have been priced out. However, the markets are already pricing in a recovery of the economy in the second half of this year. Meanwhile, economic data continues to disappoint worldwide and, this year in…

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MARKETS | Monitor: Central bank policy increases investors' investment crisis

Corporate profit warnings and poor economic data were outweighed by the ECB's and the Fed's prospect of further easing monetary policy. Equities and bonds gained significantly in June and Bund yields reached an all-time low last week. Bonds with a global volume of around 13 trillion US dollars now bear negative interest rates, which is roughly equivalent to China's GDP! Investors are therefore increasingly forced to take risks in order to achieve any sort of positive return. This speaks in favour of rising share prices in the long term. However as a result, valuations of equities have also…

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Horizon Q3 2019 | The Berenberg Capital Market Outlook

LATER RECOVERY

Heightened political uncertainty is weighing on sentiment and growth: a sustained economic recovery will be delayed at the very least.

LACK OF CATALYSTS

Equity markets have already priced in a stabilisation of growth and bond markets have already priced in several interest rate cuts by the Fed.

SUMMER WEAKNESS

Without a breakthrough in the trade dispute, anything more than a volatile sideways movement for equities over the summer seems improbable.

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MARKETS| Monitor: Market prices already three Fed rate cuts in the next 12 months

Stock markets recovered somewhat from their May losses in June. This was due in particular to the US Federal Reserve, which can now envisage interest rate cuts. Historically, the start of the interest rate cut cycle tended to be positive for equities. However, moderate investor positioning and cautious investor sentiment also helped. Meanwhile, the risks have also risen sharply recently. The probability of a hard Brexit has increased. The trade conflict continues to escalate, while economic data is now also disappointing in the US. And with the oil tanker attack, tensions between the US and…

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MARKETS | FOCUS: Real estate stocks – beneficiaries of the low-interest environment

Thanks to the low interest rate environment and the associated real estate boom, real estate stocks have developed splendidly over the past few years. This year, too, they have made significant gains. In addition to the general development of the stock market and the real estate market in particular, interest rates in particular are a key performance driver for real estate stocks – in many ways. For example, the relative attractiveness of stable rental income suffers when interest rates rise, especially with rising real interest rates. A sustained rise in interest rates due to inflation will…

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MARKETS | Monitor: Only a slow recovery of the Chinese economy is likely

The trade conflict between the USA and China intensified recently, contrary to market expectations. A short-term agreement is not in sight. In addition, Brexit concerns about Theresa May's potential successors have increased significantly, weighing on the British pound in particular. Risk assets have continued to decline, while US government bonds proved to be a safe haven. With the continuing uncertainty, the economic recovery is likely to be delayed further, as the recently disappointing Ifo index also suggests. In particular, Asian emerging market equities are suffering from the change in…

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Berenberg has the best team and the best fund manager for German equities

Hamburg. Fund rating agency Citywire has selected Berenberg’s Asset Management as the best address for German equities for the second time in a row. Furthermore, Henning Gebhardt, Head of Wealth and Asset Management and fund manager for Berenberg Aktien-Strategie Deutschland, won the distinction of best fund manager for German equities. In addition to the fund performance, factors such as the experience of the individual managers and of the team as a whole were taken into consideration.

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European Progress Monitor: ready for a new shock?

Once a year Berenberg analyses the fundamental health of all 28 EU member states. All in all, the results are somewhat encouraging.

 

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MARKETS | Monitor: Last week, the DAX endured its third largest setback YTD

Two weeks ago, with investors increasingly complacent, we argued that equity markets needed positive stimulus from economic data, a trade deal between China and the US and/or a Brexit clarification. Otherwise, investors would have to be prepared for setbacks. Unfortunately, these impulses have not only failed to materialise, but the trade conflict between the USA and China has even intensified. Should these impulses come in the near future, the stock markets should recover again and not immediately transition to the summer weakness that we expect later. After all, we have already seen two…

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MARKETS | Monitor: Economic data in China surprised positively. What is next?

The S&P 500 with a new all-time high, the VIX Index below 13 and the DAX with a YTD performance of almost 17% is good news for investors. The danger of increasing complacency rises. Although this is not yet pronounced, a number of indicators are showing initial warning signals. Market participants are increasingly relying on riskier positions (e.g. short positions in the VIX), even European equity ETFs have recently recorded net inflows and alternative risk measures such as the put call ratio for the Euro Stoxx 50 reflect less demand for hedging instruments. Moreover, Chinese equities fell…

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