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Emerging Market Viewpoints – November 2019

28 November 2019

Latest Emerging Market Viewpoints
From the North of South Capital team

For the last few years, the world has been bracing itself for the IPO of what would surely become the largest listed corporation in the world. This was not going to be a high-growth technology stock and it wasn’t based in any of the world’s largest economies such as the US or China. It would be a distinctly old fashioned resource company, in the business of extracting oil.  

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G10 Macro Rates Market Analysis – Weekly Review – 25th Nov 2019

26 November 2019

With the Pacific G10 Macro Rates Team

Global Macro Overview
A very quiet week in the rates markets, with 10y US Treasuries stuck in a 15bps range. Trade related headlines continued to drive the markets. As uncertainty increased about a Phase 1 deal in 2019, the S&P 500 sold-off after reaching new highs and bonds rallied. Economic data was broadly in line with consensus across the globe and hence didn’t affect financial markets that much. 

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Pacific Asset Management hires UK head to lead Wholesale Distribution

25 November 2019

Pacific Asset Management hires UK head to lead Wholesale Distribution for its range of Single Manager Products
Read the full press release below

Pacific Asset Management (PAM) has appointed Nicholas Lemis as Head of UK Wholesale Distribution to further strengthen its distribution capabilities as firm AUM tops $1.3 billion in under three years.  

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Latest 2019 Multi-Asset Master Class

20 November 2019

Matthew Lamb, CEO of Pacific Asset Management and Will Bartleet, CIO and Lead Portfolio Manager of the Pacific Multi-Asset Solutions discuss current markets including the high levels of uncertainty and the continued turbulence around politics. 

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G10 Macro Rates Market Analysis – Weekly Review – 18th Nov 2019

18 November 2019

With the Pacific G10 Macro Rates Team

Global Macro Overview
CPI: Most countries released their inflation data last week. It was untroubling for central banks, apart from European inflation which is low, but as expected. 

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G10 Macro Rates Market Analysis – Weekly Review – 11th Nov 2019

11 November 2019

With the Pacific G10 Macro Rates Team

Global Macro Overview
Trade Wars and stabilising data continued to drive financial markets last week. As both sides of the trade dispute started sending positive signals towards the end of the week, financial markets embraced risk-on environment – equities rallied to new highs and 10y US Treasuries sold off close to 15bps. 

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G10 Macro Rates Monthly View – Normality returns, or has it?

07 November 2019

G10 Macro Rates Monthly View
With Shayne Dunlap, Co-Portfolio Manager

Normality returns, or has it?
October brought a welcome period of “normal” markets. Improved sentiment on the two big pressing issues, Brexit and US China trade talks, allowed some upward movement in curves and yields from their stretched lows. This created a more balanced environment where buyers and sellers appeared in more equal measure and market volatility reduced.  

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Multi-Asset – CIO Monthly View – October 2019

05 November 2019

CIO Monthly View with Will Bartleet, CIO and multi-asset portfolio manager at Pacific Asset Management

Brexit negotiations dominated the returns for Sterling investors in October as the Pound bounced on the hopes of a deal between the UK and Europe. In a month of high drama in UK politics, Parliament voted through Prime Minister Johnson’s deal but voted down the government’s attempt to push through the deal before 31st October. Whilst the end game remains highly uncertain, the reduced likelihood of a no deal Brexit led to a rally in Sterling against all major currencies.  

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G10 Macro Rates Market Analysis – Weekly Review – 4th Nov 2019

04 November 2019

With the Pacific G10 Macro Rates Team

Global Macro Overview
A very busy macro week with elections in Argentina and one region in Germany. There were central bank meetings in USA, Canada and Japan, whilst data was released for PMIs, jobs, inflation and GDP.

In general the story of weak manufacturing has been borne out, with economies dominated by trade or manufacturing seeing weaker or contractionary PMIs (Taiwan, South Korea, Japan, Sweden) and those that are more insulated from these economic forces in expansionary territory (Norway, Netherlands, Canada, USA). With China appearing on both sides, depending on which PMI you chose to look at and the USA’s ISM showing a similar split in subcomponents – does this indicate a turning point in the global economy? 

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