Turning away from traditional approaches
Multi-asset strategies play a central role in maintaining purchasing power and real wealth creation today because, with investments such as savings books or government bonds, only one thing is certain in a low interest rate environment: the loss of purchasing power. Multi-asset strategies use different asset classes, regions and segments depending on the investor’s risk appetite and return expectations. They consider the interaction of these assets and benefit from their different behaviours. Compared to strategies invested in only one asset class, they achieve a higher diversification effect and significantly reduce the fluctuations of the portfolio.
But multi-asset strategies also have to react to the changes in market behaviour in recent years. The low interest rate environment, the liquidity glut from centralbanks, the increasing importance of systematic investment strategies, the strong growth of passive investments, new and more complex products, the changed correlation properties of investments, and the desire of investors to take sustainability aspects into account require a departure from traditional approaches, such as a strong benchmark orientation or pro-cyclical behaviour. Added to this are the increasing flood and speed of information.
Berenberg has fundamentally renewed its multi-asset investment philosophy in recent years and now offers modern, promising multi-asset approaches with itsmulti-asset funds and asset management strategies that explicitly take into account the changed market environment; they go far beyond the traditional approaches of a mix solely of bonds and equities or a static mix of the two. The success of our strategies, especially in the challenging last few years, has proved us right: multiasset approaches must permanently react to the challenges of the market to achieve added value for investors.
We rightfully receive many questions from our clients and interested parties about our investment philosophy, our approaches and our way of working.
Autoren
Oliver Brunner
Oliver Brunner has been with Berenberg since 2007 and heads the Multi Asset Income & ESG Portfolio Management division. In addition, the graduate industrial engineer manages strategies and funds for foundations. He has many years of experience and particular expertise in managing large special mandates and special funds for foundations, ecclesiastical and public institutions, as well as private clients with specific requirements. He completed his studies at the Karlsruhe Institute of Technology (formerly the Technical University of Karlsruhe) in the late 1990s and obtained the Certified International Investment Analyst (CIIA) qualification alongside his professional career in 2006. Prior to joining Berenberg, he worked from 2000 to 2007 as a portfolio manager and equity analyst at Baden-Württembergische Bank AG in Stuttgart.
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.
Suitable investment solutions
Multi Asset
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