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The annual Investing Fixed Income, Europe 2022 report follows the Institutional Fixed Income Summit | Europe 2021 and explores external market pressures, industry evolution, and the impact of monetary policy, from the perspective of institutional asset owners.

Asset owners have been faced with an increasingly complex investment landscape to navigate and having to respond to fast paced market shocks and recovery during 2020 has initiated a re-examination of whether traditional allocation rules are still viable in the current climate. The relationship between fiscal and monetary policy has become increasingly intertwined, provoking thought leaders to question whether Central Banks will remain independent, as well as the trajectory of quantitative easing and inflation.

This report will explore macro issues related in inflation and interest rates, strategic asset allocation, responsible investing and the evolution of the regulatory environment.

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SECTION 1

INFLATION AND INTEREST RATES

1.1 EXPERT DEBATE: The outlook for inflation

Moderator: Arun Kelshiker, Advisory Board member, Cambridge Sustainable Investment Partners (CSIP)

Panellists:

  • Julian Jessop, Independent Economist (Former Chief Economist, Institute of Economic Affairs)
  • Gilles Moëc, Chief Economist, AXA Group

1.2 PANEL DEBATE: Navigating low and potentially negative yield investment landscape – What can Europe and the UK learn from Japan?

Moderator: Sara Benwell, Editor, Insurance-Investor.com

Panellists:

  • Corrado Macchiarelli, Manager for Global Macroeconomics Research, National Institute of Economic and Social Research
  • Matti Leppala, Chief Executive Officer, Pensions Europe
  • Rupert Stow, Chief Investment Officer, Utmost Worldwide
  • Alasdair Gill, Partner - Head of Investment, Scotland, XPS Group

1.3 WHITEPAPER: Secured Credit: 2022 – year of the ‘carry’?

Colin Fleury, Head of Secured Credit, Janus Henderson

SECTION 2

STRATEGIC ASSET ALLOCATION

2.1 WHITEPAPER: What are the advantages of active credit allocation in portfolios now that government bonds no longer serve their traditional purpose?

Pictet Asset Management

SECTION 3

RESPONSIBLE INVESTING

3.1 WHITEPAPER: Leaps and bounds: the surge in sustainable bonds

Cara Milton-Edwards, Fixed Income Product Strategist, iShares EMEA

3.2 WHITEPAPER: Why responsible investment matters to non-ESG investors

Alex Edmans, Professor of Finance, London Business School

3.3 WHITEPAPER:

Kipp Cummins, Head of EMEA Fixed Income, Dimensional

3.4 EXPERT DEBATE: Gender and Governance: Addressing the Judicial Review of the decision to replace RPI with CPIH and the Gender Insurance Gap

Moderator: Sara Benwell, Editor, Insurance-Investor.com

Panellists:

  • Dr Matthew Connell, Policy and Public Affairs Director, Chartered Insurance Institute
  • Daniela Silcock, Head of Policy Research, Pensions Policy Institute

SECTION 4

REGULATORY EVOLUTION

4.1 WHITEPAPER: The changing regulatory landscape and key findings from the TCFD pilot project

David Carlin, TCFD Programme Lead, United Nations

Arun Kelshiker

Advisory Board member, Cambridge Sustainable Investment Partners (CSIP)

Julian Jessop

Independent Economist (Former Chief Economist, Institute of Economic Affairs)

Gilles Moëc

Chief Economist, AXA Group

Corrado Macchiarelli

Manager for Global Macroeconomics Research, National Institute of Economic and Social Research

Matti Leppala

Chief Executive Officer, Pensions Europe

Rupert Stow

Chief Investment Officer, Utmost Worldwide

Alasdair Gill

Partner - Head of Investment, Scotland, XPS Group

Colin Fleury

Head of Secured Credit, Janus Henderson

Cara Milton-Edwards

Fixed Income Product Strategist, iShares EMEA

Alex Edmans

Professor of Finance, London Business School

Kipp Cummins

Head of EMEA Fixed Income, Dimensional

Dr Matthew Connell

Policy and Public Affairs Director, Chartered Insurance Institute

Daniela Silcock

Head of Policy Research, Pensions Policy Institute

David Carlin

TCFD Programme Lead, United Nations

Pictet Asset Management is an independent asset manager offering investment services around the world. Our people are located in 17 offices across the world, close to the markets in which we invest and the clients we serve. We have had an office in London since 1980. This is an investment centre with nearly 300 employees where we have an institutional team looking after our UK clients.

Our key investment capabilities include: Multi Asset, Emerging Markets Debt, Global Fixed Income including Absolute Return Fixed Income, Global Thematic Equities and Alternative Investments. We manage £184 billion in assets as at the end of December 2020.

We are part of the Pictet Group, founded in Geneva in 1805.

Dimensional is a leading global investment firm that has been translating academic research into practical investment solutions since 1981. Guided by a strong belief in markets, we help investors pursue higher expected returns through a systematic investment process that integrates research insights with advanced portfolio design, management, and trading, while balancing tradeoffs that can impact returns. Dimensional is headquartered in Austin, Texas, and has offices across North America, Europe, and Asia Pacific. As of December 31, 2020, Dimensional manages US$601 billion for investors worldwide.


iShares unlocks opportunity across markets to meet the evolving needs of investors. With more than twenty years of experience, a global line up of 900+ exchange traded funds (ETFs) and $2.32 trillion in assets under management as of September 30, 2020, iShares continues to drive progress for the financial industry. iShares funds are powered by the expert portfolio and risk management of BlackRock, trusted to manage more money than any other investment firm.1

1Based on $7.81 trillion in AUM as of 9/30/20