The market structure has changed significantly since the global financial crisis. Most recently, the share of pro-cyclical investment strategies has increased markedly thanks to the enormous growth of index funds and the advance of systematic strategies (e.g. Robo Advisor). However, with socalled target date funds, which invest anti-cyclically and follow a life cycle model, a counterweight is increasingly emerging – with three noticeable impacts on markets.

Ulrich Urbahn
Ulrich Urbahn has been working for Berenberg since October 2017 and is responsible for quantitative analyses and the devel-opment of strategic and tactical allocation ideas, and is involved in capital market communications. He is a member of the Asset Allocation Committee and portfolio manager of the Berenberg Variato. After graduating in economics and mathematics from the University of Heidelberg, he worked for more than 10 years at Commerzbank, among others, as a senior cross asset strate-gist. Mr Urbahn is a CFA charterholder and was part of the three best multi-asset research teams worldwide in the renowned Extel survey for many years.