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 is a CFA charterholder and, for many years, was part of one of the world’s top three multi-asset research teams in the renowned Extel survey. After earning degrees in economics and mathematics from Heidelberg University, he spent more than ten years at Commerzbank, where he worked, among other roles, as a Senior Cross-Asset Strategist. He has been with Berenberg since October 2017 and heads the Multi Asset Strategy & Research as well as the Portfolio Management Alternatives departments. In addition, he is a voting member of the Investment Committee and is responsible for capital markets communication.
