Category: Views

JPES Partners runs a series of Masterclass Seminars, exploring some of the major topics on the minds of sales, marketing and communications professionals at asset management firms.

Our latest Seminar was held in February 2025 and explored the addressability of the European insurance sector – including asset allocation and manager selection criteria. This has been a recurring topic of conversation during the past few years, as managers seek new distribution channels, and this event was held to answer some of the questions managers have been posing.

The seminar, which was a re-run of a sold-out event in November 2024, was delivered in partnership with research house Novantigo – strategic consultants to the investment industry. Co-founders, André Schnurrenberger and Justina Deveikyte, presented findings from their annual study into the European insurance market to a roundtable of asset management professionals.

Following the Masterclass, we have collated a report of some of the key discussion points that arose, highlighting learnings and considerations for asset managers when reflecting on their own culture. Some of the key takeaways include:

• Understanding the nuances of the insurance market is crucial for asset manager success
• The preference for asset managers with an established record in servicing insurance clients is a considerable challenge for new entrants
• Quality in reporting and client servicing is paramount for insurers
• Allocation to private markets is expected to continue for insurers, though growth likely to be gradual and incremental

To download a copy of our paper, Accessing the Insurance Sector, please complete the form below.

Perhaps the board of the company formerly known as abrdn (and formerly still, Standard Life Aberdeen, and even further back, Aberdeen AM) came to the same realisation after the infamous name change of their brand back in 2021.

The asset manager found itself the butt of many jokes with the abandonment of vowels from its more famous Aberdeen name, immortalised in a now famous headline from City AM in April last year: ABRDN: AN APOLOGY – SRY WE KP TKNG TH PSS OT OF YR MSSNG VWLS.

While humorous, there is no doubt this was a PR disaster for the great asset management behemoth and it is hardly surprising that last week the company announced a new name – aberdeen group – alongside positive news of a swing back to profitability in its annual results. Apparently this name change didn’t require a team of consultants.

In a similar vein, property magazine ‘Estates Gazette’ returned to its original moniker last month after being sold to Mark Allen Group, having traded under the ‘EG’ banner for the last 20 years.

Now all things change. Famously Jif became Cif, Marathon bars became Snickers, and Twitter became X, but with aberdeen group and the Estates Gazette, both firms chose to return to previous, more traditional, brand names.

It is no wonder that some companies jealously guard their name and brand – often millions have been spent in advertising and PR spend on protecting and promoting the image and name of the firm.

But does a name change really affect a brand’s underlying strength?

Well yes and no. The original decision to change to abrdn came at an already tumultuous time in the asset management industry back in 2021, and the environment has remained tough since, albeit the company also found itself a bit of a kicking bag.

With Estates Gazette, the decision heralds both a change, but also a return, to a familiar brand name. It is probably no coincidence that the sale of the EG to Mark Allen Group prompted a rethink of what to call the widely-read trade title.

Reaching back to historic precedence is a common practice in establishing legitimacy in times of change. Perhaps longform titles, rather than abbreviation, are now in vogue at the present time.

There is no doubting the value of having a brand that stands out from the crowd, but the drive for modern and trendy rebrands can very much be an own goal – potentially eroding the reputation of a business at times when they need it most.

Hopefully other companies can take note of the examples of aberdeen group and the Estates Gazette in recognizing the value of established brand names and as the old proverb says: ‘Don’t fix what isn’t broken’.

Too many drab facts, too many slides, and too many of the slides being over-complicated. These are just some of the mistakes that asset managers make when putting together their pitch books. The harder you make it for the audience to understand your business and your product, the more your deck is working against, not for you.

Before you even enter the room, you should take the time to know who you’re presenting to and what they need. Too often asset managers present a pitch book that is too big and not tailored for that client. This is a clear indicator that a manager is not thinking about what it is that the client needs. There might be 20 pages about the firm, much of which the client would know if they’ve done their homework, but very little about what is relevant to them.

A good pitch book should enable you to articulate your key messages and give you the opportunity to explain what truly differentiates you. And when you think about what that is, consider the words that are used. Anyone who has crossed my path will know one of my biggest bug bears is the word ‘unique’. The likelihood is that 70% of your deck isn’t differentiated; but if 30% is, focus on that.

A simple slide that reiterates those key messages about your firm is crucial, so make sure you take the time to explain what really differentiates you. Remember, if a client has three pitches in one day, they won’t recall all the detail you presented. A week later, all they will think is: “Did I enjoy that discussion; did I find it informative; and was it easy to follow.”

To be able to do that, it’s imperative that the pitch book is easy to work with. The more overly complicated it is, the more detail on slides that you have to wade through, the harder it will be to present. If there is so much on a page that it confuses the audience and is difficult to talk through, it will make your job – and crucially your clients – that much harder.

There are also some clear red flags to avoid. For me, one of the biggest alarm bells is a disingenuous use of a track record. If you include a data set that is a backtest, or is the track record for a different product, this needs to be explained transparently and upfront. Likewise, be careful with your timescales – people have wised up to managers who only select the rolling three-year periods that look best.

But remember, what you don’t want is too many drab facts. You’re trying to bring a company, a culture and a product to life. Think beyond the facts and figures. Can you have a page that shows: “this is who we are as a group of people who make up this business, this is what’s important to us and this is what it’s like to work with us.”

It can be difficult to take a red pen to a pitch book, so getting an external perspective is key; but there are a few simple points to keep in mind if you are reviewing your slides to avoid the common pitfalls.

• Know your client and tailor the deck
• Avoid too many slides
• Avoid too much detail on the slides
• State and reiterate your key messages
• And crucially, think about why the client should want to work with you

How and why did you decide to go into data and communications?

I studied economics for my master’s, so my career plan was all about diving into numbers and uncovering patterns. I quickly learned that behind every dataset, there’s a story waiting to be told. That’s what led me to communications – a space where economics, data, and media come together.

Being able to understand the true impact of communications and PR in this space is super exciting. It’s really rewarding to learn about the intricacies of asset management and transform them into narratives. In short, this blend of data-driven analysis and creative storytelling is what got me here.

Describe your working pattern over the course of an average week and how you find a work-life balance.

I’m really enjoying our hybrid setup at JPES. I’m in the office on Mondays, Tuesdays, and Thursdays. As I cycle into the office, the Monday is relatively quiet, compared to the busier Tuesday and Thursdays where the commute turns into the ‘Tour de Farringdon’. On Wednesdays and Fridays, I work from home, which gives me the quieter space I need to get into some more fiddly code.

What areas or trends interest you the most at this time?

Working with data and code, the area that has been the most important and fascinating to me is how AI is developing to become more agentic. Although it has a tech-bro connotation to it, I genuinely can see and have benefited from how these tools are reshaping the world today. Automating routines, sparking creativity, and improving efficiency at work. I even read a study recently that highlighted how younger generations are turning to AI models for therapy advice, effectively using them as digital therapists. Watching this evolve and understanding how it can be used in work is really cool!

What do you do in your spare time?

My spare time consists of staying busy and mixing things up. I’m a big fan of playing tennis and football, and I make sure to go to the gym regularly to stay active. I also like to explore new areas of London or towns outside London on the weekends which I find really refreshing. At the same time, I value time to chill, whether that’s watching the latest movie at the cinema or just cooking a nice dinner and plonking in front of the TV.

Tell us about the last book you read or the last podcast you listened to.

I recently read Entangled Life by Merlin Sheldrake, and it was definitely an eye-opener. The book opens up a hidden, almost alien world of fungi—a realm that we rarely think about but is absolutely crucial in connecting our entire ecosystem. What I loved most is how Sheldrake takes a topic that might seem niche at first and turns it into a fascinating exploration of life’s interconnectedness. It’s an awesome book challenges you to see nature in a whole new light, reminding you just how much there still is to discover.

Name one goal, professional or personal, you have set yourself for the next 12 months.

A personal goal I’ve set for myself is to get back into playing the violin and rejoining an orchestra. After working or studying, I always found that playing music is a great way to unwind while still keeping my mind active. It offers a balanced break that helps me relax without completely shutting my brain off.

The Labour government had an unenviable inheritance when it took office some six months ago – and the clear message communicated by Downing Street was that tough decisions had to be made in order to fix the ‘broken’ public finances.

Indeed, the Prime Minister said in a speech on 27th August that “we would be judged by our actions, not by our words.” Unfortunately words and action cannot be so neatly separated.

The use of language and communication are both pertinent weapons in the arsenal of any government in shaping market confidence in its proposed policies. And if the lessons of more recent years can be spelt out in bold – governments and markets need to work in cohesion, otherwise it can lead to disastrous consequences!

We have seen since the start of the year that the cost of public borrowing has increased at an alarming rate. The reaction to the Autumn Budget on future borrowing expectations has driven 10-year gilt yields beyond where they were even in the darkest days of 2008. Indeed, the 30-year gilt yield hit 5.4% last week, surpassing the previous high point of 1998 when Gordon Brown was Chancellor.

But this is not the only reason for increasing costs to government borrowing. Growth in the UK economy has flatlined, with some commentators firmly blaming the language of the Treasury (and the Chancellor of the Exchequer Rachel Reeves) in dampening economic vitality; alongside some policy decisions that have had the opposite effect for the desired government target of growth. Namely a tax on employers’ NI contribution, making it more expensive to hire and expand business and inflationary pressures around public sector pay disputes and the hike in minimum wage.

Indeed, the trailing of potential policy decisions over the summer months hindered economic optimism (something that traditionally follows with a change of government) with a constant reminding of a ‘black hole’ in the public finances, the ‘necessity’ to raise taxes, and the general doom and gloom which came out of the treasury for months before the actual budget at the end of October.

This negativity directly overshadowed some of the more positive policy proposals such as reforms to the planning system or increasing foreign infrastructure investment into the UK – showing just how important it is to have a joint-up communication strategy from across the government.

Looking at the headlines in the middle of January nearly three months after the budget, we consistently see a constant barrage of companies warning about cuts in hiring, slashing investment, or collapse in business confidence: the list goes on.

While a government has to make hard decisions, and the Prime Minister has been very clear on embracing unpopularity in order to make tough decisions; all governments need to communicate a positive plan for the future. Without one, the private sector will look to batten down the hatches and work isolation, rather than with the government.

The saying goes that words are cheap, as action requires far more effort; however, what we have seen over the past six months is that an ineffective communications strategy can indeed be costly.

How and why did you decide to go into communications?

My interest in communications and the media probably goes all the way back to when I was at school and uni. One of the areas I spent a lot of time studying was political history and it always struck me how different groups utilised various forms of communication to get their messages out and influence their audiences. Throw in a strong interest in literature and writing and it feels pretty inevitable that I ended up working in communications.

My route into financial services was a little less obvious. I originally worked in advertising and consumer PR but struggled to engage with those areas intellectually. Eventually I moved teams in the PR agency I was working at, and immediately knew that it was a much better fit. I believe very strongly that you are only going to be successful and effective in your job if you have a genuine interest in and enthusiasm for the underlying subject matter. I think I’ve benefitted from that and it’s a big reason why I’ve focused on a particular area – investment – over the course of my career.

Describe your working pattern of the course of an average week and how you find a work-life balance.

I don’t think there is such a thing as an average week in communications. Yes, admittedly there are some tasks that you have to do with regularity, but the nature of the work and differing needs of the companies I engage with means that my week is pretty varied. Alongside working with clients on day-to-day communications, I also lead our Consultancy business and that brings with it some very wide-ranging projects. Over the course of a day I could go from speaking to a journalist, to advising a fund manager on how to present their investment strategy, to interviewing an investor for a client perception audit, to working with a CEO on their company’s corporate messaging.

In that sense, I think one thing that has benefitted those working in communications generally is that there has definitely been a blurring of the lines across different disciplines. I actually dislike the term ‘PR’ because it really is only one facet of what communications professionals do. Today, you need to be as comfortable talking about marketing, social media, messaging, sales and business development strategy as you do about different media outlets or journalist interests.

The work-life balance is an interesting question. The introduction of hybrid working has definitely had an impact, mostly I think for the better and people are much more conscious about the importance of having a good balance in order to be professionally and personally successful. That said, I much prefer coming into the office – it helps me to focus whilst drawing a clearer dividing line between ‘work’ and ‘home’. I’m quite a big advocate for office working as I believe it offers a means to engage, learn and come up with new ideas, and foster a strong culture within a team that benefits everyone.

What areas or trends interest you the most at this time?

One topic I find really interesting and am seeing more from a work perspective is how companies navigate the different agendas and priorities across the various markets they are working in. The last decade has seen a huge shift to the right of the political spectrum, with individual markets increasingly been driven by domestic agendas. A ‘one size fits all’ approach to business development has never worked and successful companies will tailor their offerings to meet the needs of specific stakeholders. This said, there are some substantial cross-border issues being impacted by today’s political agenda. For companies with international ambitions, striking the right balance between appealing to specific regional audiences and being consistent in how they address topics of global importance – such as climate change – will be a real challenge.

What do you do in your spare time?

Sport is a big part of life outside of work, whether playing or (increasingly!) watching. I’ve been very lucky to meet a lot of my friends through sports over the years so weekends in particular are frequently about catching up with them around that. I’m also a big music fan and try to  attend gigs as often as possible with a few already lined up for next year.

Tell us about the last book you read or the last podcast you listened to?

I’m sure this will horrify my colleagues but I’m not actually a big follower of podcasts! Simply out of personal preference I always prefer to read, be it to get news or simply as a means of relaxing. I’ve no idea why but I just find I pay more attention! I’m a big fan of crime books and have been working my way through the Michael Connelly series (the author behind The Lincoln Lawyer) but actually at the moment I am re-reading my favourite book which is To Kill A Mockingbird. It’s a stunning piece of literature that I first read at school and I still go back to it every couple of years.

Name one goal, professional or personal, you have set yourself for the next 12 months

Definitely to travel more next year. I used to a lot prior to COVID but got a bit lax immediately following lockdown and only properly got back to it in the last year. I’m really interested in seeing different countries and learning about their cultures, so that has to be top of the list.

JPES’ annual asset owner research, published in December, sounds a note of caution over an investment management industry trend that has been gathering pace and looks set to affect the wider investment sector, including asset owners themselves, in light of the latest government intervention.

Consolidation, forced on the investment industry by increased costs related to regulation at one end and squeezed margins as clients seek better value for money at the other, is regarded as either negative or very negative by almost 80% of respondents, asset owners across DB and DC pensions schemes as well as insurers, charities, wealth managers and platforms.

And yet a similar fate is likely to beset these asset owners as the government moves forward with plans to consolidate the pensions industry, with further detail to be announced in the Pensions Schemes Bill next year.

Furthermore, consolidation is already rife in the wealth management space with over twenty mergers and acquisitions announced in the first five months of 2024 according to WealthBriefing, while research by Investec Wealth & Investment reports an increasing trend of deals is expected in the IFA and wealth management sectors over the next five years.

A core part of asset owners’ concern over potential consolidation is what this means for underlying clients and whether it will be beneficial. A recent article in the FT on the consolidation in private credit specifically asserts that consolidation in this case implies a top of the market moment and potentially reduces choice for investors as managers move to offer either low-cost ETFs or private credit exposure, leaving traditional fixed income mutual funds on the shelf.

And yet for investment managers, the pressures of increasing regulation and compliance, including ESG reporting and the growing importance of technology and investment in AI means the cost of not scaling up and delivering in these areas for clients could be punishing.

At the same time, pressure remains on investment managers to ensure they differentiate themselves and their products, particularly if the number of clients is reduced by consolidation as well.

As identified in our research, this trend creates potential advantages for boutique managers, able to demonstrate the benefits of a specialist focus and independent structure. These organisations need powerful propositions if they are to outgun the larger competition and will need to be able to withstand the wider pressures outlined above forcing their competitors into partnerships.

As such, we have defined culture as a key component of asset owners’ decision-making when selecting investment managers, and it is here, in particular, where boutiques may have the edge. Our research tells us that this is an area where investment managers of all sizes need to do better to convey their distinct offerings and culture.

It seems the combined pressures and resulting costs facing the investment industry will likely result in further consolidation and compromise choice as investment managers chase a smaller pool of clients and bifurcate between low-cost products and more specialist assets. As this happens it becomes increasingly important for managers to effectively communicate their strategies with their clients.

Looking forward, it is tempting to ask where this wave of consolidation will end. And yet, there have been plenty of noises coming from the EU and the UK in recent months about a shift in focus, from over-regulation to growth, particularly now in the face of increasing pressures from the US with a Trump administration. This could mean the number of asset managers and wealth managers continues to dwindle, or might it actually signal a more benign environment will follow to foster new entrants.

How and why did you decide to go into communications?

Last summer, I was very lucky to land an opportunity with the Taylor Bennett Foundation where I joined a training programme aimed to provide young people of Black, Asian, and Minority Ethnic backgrounds the chance to learn about a career in communications and public relations. I didn’t have much experience in the industry before, but with a personal and professional enjoyment of news media and a desire to learn, I made my may through the eight weeks and met so many interesting people from various backgrounds across the technology, charity, and financial services sectors.

With this first insight into the industry, I was intrigued by how the media can be utilised as a tool to convey information, to tell a story, to sway the conversation, and mould a reputation. I was especially keen to work closer to the financial services sector itself alongside the media industry.

Describe your working pattern of the course of an average week and how you find a work-life balance.

My commute into the city is just slightly over an hour door to door and when the weather allows for it, I wake up just a little earlier to catch a quieter train on my way in. Journeying into the office gives me plenty of time to get ready for the day and read a book or listen in to the daily news briefing or politics weekly podcasts from the FT or The Guardian.

I prefer coming into the office during the busier mid-week days, when its lively and noisy. I feel that I can work a lot more efficiently in a busier office environment because it’s so easy to ask for help or even request a quick look over; there’s more of a possibility to work collaboratively.

What areas or trends interest you the most at this time?

At the moment, I’m interested in learning more about sovereign wealth funds. There was a lot of discussion when the National Wealth Fund was launched after the summer election in the UK on whether it is a SWF or not. This made me wonder whether the UK could open a SWF in future and challenged what my understanding of what it would look like for a non-major commodity exporting economy.

More recently, I’ve been considering the correlation between economies with SWFs and the quality of the public goods available in those countries. Naturally, with excess capital and the wealth from greater returns, it comes down to the politics of the government on whether to then remove the burden of a tax, essentially removing a fundamental element of the social contract, and operate a largely free market economy, or to maintain fiscal policy and offer greater funding to public services. Perhaps the answer is that there is no correlation and that political and cultural elements play a stronger role than economics alone. I’m curious to dive deeper in this topic.

What do you do in your spare time?

I enjoy reading literary fiction, magical realism, historical fiction, history, politics, and memoirs. In recent years, I’ve specifically sought out writings by female authors, and most recently I’ve loved reading works by Anais Nin and Arundhati Roy.

I also enjoy going to the theatres and watching plays, its become somewhat of a tradition for an old friend and I to catch up over dinner, followed by Les Mis or The Book of Mormon once every other month.

In my downtime, I find cooking and baking very therapeutic. I’ve been steadily building a cookbook of my own to keep my family recipes intact, and it’s brought a new appreciation for the skill. I like to take things slow when I cook and savour the fragrances when I bake.

Tell us about the last book you read or the last podcast you listened to?

Jazz is the first Toni Morrison book I’ve read. It’s actually the second book of a series and comes after Beloved, but I read the first page of the book and I bought it. Morrison’s writing is immediately captivating and, even though I wasn’t clued into the story, the novel begins with a scorned woman bringing a knife to the funeral of her husband’s young mistress and running home to free her birds and still made for an incredible standalone book.

Set in the early 20th century in ‘the City,’ most likely Harlem although never explicitly confirmed, Morrison weaves a story about recently urbanised African American community, at the heart of which lies Violet, a deeply complex woman who finds her mind unravelling as she grapples with her husband’s actions, as well as her own.

Name one goal, professional or personal, you have set yourself for the next 12 months

I’ve been learning to swim on and off for a couple of years now and I’ve still never made it to the deep end without a life jacket. I’m not looking forward to taking the plunge and learning how to swim further out, but I am really looking forward to finally swimming out into the ocean once I do.

Discussion of space investments has been booming as of late, partially due to Donald Trump’s recent victory in the US presidential election and his subsequent appointment of Elon Musk as head of his new Department of Government Efficiency. Between Trump’s founding of the US Space Force in December 2019, and Musk’s role as the founder of privately held space tech firm Space X, the new administration is expected to have a significant impact on space exploration and investment.

According to 2023 research from PwC, venture capital is the leading investment type in space at 66%, with private equity at 8%, corporations at 11%, and 15% percent falling into an ‘other’ bucket.

A May 2024 CFA Institute article predicts that “space will touch everything” to do with the asset management industry. But considering the outsized representation of VC, private equity, and corporations in space investment, what could fixed income investment in outer space look like?

Scott Atkins, Global Co-Head of Restructuring at law firm Norton Rose Fulbright, writes that “outer space activities . . . are very often pursued by start-up firms which require new finance to operate. Likewise, space activities conducted by existing commercial entities require equity and debt finance to fund new activities.” Thus, for corporate credit investors there is clear scope to get involved in financing development in space, both through existing tech or aerospace companies, or newer, dedicated space ventures.

However, Atkins cautions that frameworks for dealing with securities and insolvency in outer space are still immature. Whilst the Space Protocol of the Cape Town Convention on International Interests in Mobile Equipment, first proposed in 2012, would provide a useful starting point for ensuring the rights of creditors in outer space, the protocol has not been ratified by any country. This makes investing in fixed income in space a practically difficult matter.

For sovereign debt investors, the outlook is even murkier. Investing in Martian or lunar sovereign debt would entail systems of extraplanetary governance, which have not yet been developed. In the meantime, however, it is feasible that we could see opportunities emerge in the supranational debt market.

S&P Dow Jones Indexes define supranational bonds as “those issued by entities formed by two or more central governments to promote economic development for the member countries.” Although currently improbable that the nations most active in outer space—the US, China, and Russia—would team up in such a manner due to ongoing geopolitical tensions, it is conceivable that an “International Space Development Bank” could be formed and subsequently become accessible to investors.

Adam Janikowski, who holds a PhD in Economics and Space Resources, suggests “an International Space Development Bank that would be structured, owned, and governed in a manner similar to analogous terrestrial multilateral development banks, but with a focused mandate to fund space- and space resource-related development projects.” Thus, through the issuance of supranational debt, investment into the proposed ISDB could function in a largely similar manner to existing Earth-based multilateral development banks, such as the European Bank for Reconstruction and Development.

The UK specifically is a thriving destination for private investment in space (second only to the US), yet law firm Foot Anstey notes that many UK start-ups have faced difficulties in securing investment.

If the potential innovation and economic benefits are to be realised, the investment case for these businesses needs to be effectively communicated to investors. Perhaps then we will see fixed income investors pioneering new ways of financing business in outer space.

The seminar took place only a few hours after Donald Trump was declared victorious in the US election. Accordingly, the news informed a substantial amount of the discussion and also a thought-provoking keynote from Janan Ganesh of The Financial Times

The event also presented the latest findings of our annual Asset Management research report which canvasses the the views of leading decision-makers across the industry including pension schemes, charities, investment consultants, fiduciary managers, wealth managers, and wholesale platforms who together oversee more than £2trn of assets.

The findings and much more were discussed by a panel chaired by Julian Samways and comprising Paul Berriman, Global Head, Towers Watson Investment Management; Angela Docherty, Consultant and Advisory Board Member, JPES Partners; Jane Sydenham, Investment Director, Rathbones; Peter Wallach, Director of Pensions, Merseyside Pension Fund.

If you like to find out more about the latest JPES Asset Management Report, please contact Matt Rogers

At first glance, it seems Chancellor Rachel Reeves’ latest missive to create a series of UK pension megafunds, announced in her Mansion House speech last night – but, as is now usual, well trailed in the press the day before – has been better received than her Budget.

She has promised more detail will be provided in the Pensions Schemes Bill next year but the overriding aim is to force greater consolidation of the UK’s fragmented pension industry. This includes the near £400-bn Local Government Pension Scheme (LGPS) and the UK’s highly fragmented landscape of DC pension schemes – there are nearly 27,000 in the UK.

There had been rumours that Reeves would mandate the LGPS to consolidate into one super fund; but she has chosen instead to encourage them to accelerate the journey they are already on by consolidating the underlying local authority pension schemes (there are 86 in total) in each of the eight LGPS. Doing so will, she told the FT, create eight pools that would each have around £50bn in assets by 2030.

In addition, the massively fragmented DC landscape is in her eye too. DC schemes have already been undergoing a rapid period of consolidation with the number of schemes falling by an average of 11% per year. Reeves is hoping to speed this up and create a series of DC multiemployer master trusts which will each manage between £25bn – £50bn by 2030.

Her key message is that consolidating the UK pension industry will free up £80bn of investment, thereby enabling these larger pension schemes to be able to invest in major infrastructure projects – hopefully in the UK – like their Canadian and Australian counterparts.

So far, the reception from the pension industry has been broadly positive – possibly accompanied by a sigh of relief that she has chosen not to go down the route of mandating them to invest a specific proportion of their assets in UK assets, as some had feared.

In advance of the Mansion House speech, UK pension funds raised concerns that being forced to buy British assets to increase domestic investment could see them acting against their fiduciary duty. Their overriding goal is to invest in assets to ensure payouts to end-pensioners, which might not always involve (UK) infrastructure opportunities. Further, reducing to eight pools doesn’t mitigate potential liquidity issues.

Other countries have opted not to mandate schemes to invest domestically but rather encouraged them to do so through incentives such as tax breaks. However, there remains the thorny issue of whether there are sufficient infrastructure opportunities in the UK for the pensions industry to even invest in.

The creation of these mega pension funds will certainly give them the scale to invest in major infrastructure projects in the UK; but it will also give them the scale to invest anywhere in the world.

Once the consolidation is in train, key will be how the Government progresses with its plans to speed up planning permission for infrastructure projects – if that doesn’t work in tandem, these mega pension funds may be looking elsewhere to make their capital work for them.

For specialist private assets providers – specifically those with expertise in UK infrastructure – it is a positive result. For others, a shrinking pool of assets has become even smaller, adding further impetus to refine sales, marketing and communications programmes to access assets in other channels if these businesses are to grow.

Image by Lauren Hurley

How and why did you decide to go into communications?

Like many comms professionals I started out in journalism, working for several financial newswires in London, so I was always contacted by lots of PRs when companies released their financial results or corporate updates. When I moved to South Africa in 2007, I had the opportunity to do some freelance PR alongside my editorial day-job, which was my first real exposure to how it all really worked.

Most financial journalism roles were in Johannesburg though and I was living in Cape Town, so not long after I joined a small, four-person financial services agency called Epic Communications, which had been founded a few months earlier. Two years later, I ended up moving to Johannesburg after all to open the office there and within five years we had 50 staff running some of the biggest names in the country – the financial regulator, industry bodies, banks, insurers and asset managers.

What I enjoyed most about journalism was the access to leaders in their field and having the opportunity to speak to them – which is something that communications also allows; except that you can see behind the curtain a bit more.

Describe your working pattern over the course of an average week and how you find a work-life balance.

While there’s a rhythm to life in communications, anyone who works within it also knows that there is no average week. Some may be full of meetings with clients and launching campaigns, during others you’re attending or hosting events – and in between you’re writing content, developing strategies, and coming up with new ideas.

I would say most people have found a better work-life balance post the pandemic, as everyone around the world was essentially in the same position for several years, which was a leveller and helped people realise the value of balance. I remember a CEO telling me it also made him realise not only the importance of striking that balance for himself, but also the importance of setting that example to his own staff.

What areas or trends interest you the most at this time?

I always find the changing nature of politics and political parties interesting. Politics has felt quite visceral over the last 10 years – with little room for reasoned debate. Polarising events like Brexit and the impact of social media has obviously played a significant part in this but I think (or I like to hope) that we’re entering a more balanced era now.

From an industry perspective, we’re in the midst of the asset management industry’s first real recession in 15 years which is having some profound impacts – our own clients are adapting to the needs of new investor audiences, identifying new asset classes whether organically or through acquisition, as well as new vehicles to deliver them. It’s all change … but perhaps it always is.

What do you do in your spare time?

In this career, reading is a key part of the role; but I do also enjoy reading the news for my own interest. Having studied English Literature at university though, I still enjoy unwinding with a book – but something completely different to the day job. I also enjoy writing when I make the time… and probably have 30 first chapters under my belt. The hard part is writing the second!

Tell us about the last book you read or the last podcast you listened to.

This is probably the hardest question for me to answer. I was in a book shop earlier today and saw several others I could include here, but I’ll limit it to one. It isn’t the most recent, but the story remains with me, which for me is always the sign of a good book. ‘Homegoing’ by Yaa Gyazi, which was recommended by my sister and is a phenomenal tale that follows how two strands of a family (one that remains in Africa and one that is enslaved to the US) evolve over generations, with everything that those experiences would entail.

Name one goal, professional or personal, you have set yourself for the next 12 months.

From a personal perspective, I would like to get back to doing some art in my spare time. I initially planned to do an Art degree at university, after completing my Foundation course, but ended up switching to English. As with most things in life, the more time and effort you put in the better the outcome, so I need to dedicate more time to experimenting rather than expecting to produce a masterpiece on the first attempt.

In July, shortly after the UK general election, the boss of Zoopla, Charlie Bryant, declared that being a private landlord in Britain made little financial sense with tax rises, red tape, and sustained mortgage costs all contributing to many looking to exit the sector.

Bryant is not wrong, and further clouds have gathered on the horizon since then with hikes in capital gains tax being mooted for the upcoming budget; a move which would further impair a profitable exit route from the rental sector.

The market is already reacting. Recent data indicates that more than a third of the residential property currently for sale in London was previously rental accommodation. Indicating that many buy-to-let owners are giving up the ghost of being a private landlord.

There may be a silver-lining for the commercial property sector. Soundings from specialist commercial property auction house, Acuitus, report that an influx of new ex-buy-to-let investors are entering the commercial space, being attracted by generous yields and the prospect of a sustained bounce back in values.

Still, there is the question of who will replace the loss of private landlords, especially if the supply of available rental properties becomes further constrained.

The solution might be near at hand – namely from the institutional market.

Earlier this year, the global head of real assets at Legal & General Bill Hughes called for a radical overhaul of the UK rental sector, putting the case forward that too many buy-to-let landlords provided substandard homes for renters and should be replaced by large institutions.

Hughes’ criticisms are not far from the mark. The dysfunctional nature of the private rental sector is regularly in the news as illustrated by the recent allegations against Labour MP, Jas Athwal, (the largest HMO landlord sitting in the House of Commons) that many of his rental properties were well below acceptable standards.

Only last week, we saw news from the institutional market of increasingly large amounts of capital pouring into the build-to-rent BTR sector with the pension fund Nest, which has assets worth £43bn, announcing its intention to invest up to £1bn in BTR properties alongside L&G and PGGM.

Such a commitment is a signal that the institutional market is serious about the longevity of the BTR product, with some £4.5bn was invested into the market last year, the second-highest level on record.

What has yet to be seen is how exactly institutional providers will provide affordable assets across increasingly diverse demographics, especially those on lower incomes. So, while a solution may be coming down the tracks, there are still many questions about how exactly it will be better than the old system.

As Taylor Swift’s record breaking Eras Tour kicked off in the UK in June, investment banking analysts at TD Securities flagged that the musical phenomenon could be blamed for keeping interest rates higher-for-longer.

The singer-songwriter’s tour will have spanned the globe and lasted 21 months by the time it finishes its 149th show in Canada this December.

Following the cancellation of an album tour in 2020 and the subsequent release of four brand new albums, and the re-recording of four existing albums, Taylor Swift upped the ante and decided that she would create a concert experience representing all 10 of her studio albums.

The result has been remarkable. It is estimated that there have been 4.35 million tickets sold worldwide, making Taylor Swift a billionaire. The tour itself grossed more than $1 billion during its first eight months, and is estimated to have given a £1 billion boost to the UK economy alone.

The scale of the tour’s economic impact has led to the coining of the term Swiftonomics. While concerts have been known to boost local revenues, who could have anticipated how much influence the Eras Tour would have on the local economies in cities where she performed.

Hotels and restaurants were inundated with national and international visitors, as many opted to get whichever tickets they could get their hands on, including in other continents. Travelodge reported as early as August 2023 that all rooms in Edinburgh, Cardiff, and Liverpool were sold out for the Tour dates, with revenue up at 21% per available room.

Coinciding with a high period of inflation, the Swiftonomics phenomenon was accused of contributing to its stickiness. Swiftflation has been used to describe the inflated prices in the tour’s host cities. When tour dates have fallen on key inflation data days, this has skewed the information. In turn, this affects the Bank of England’s decision of whether to cut interest rates, or not.

Earlier this month, while Swift was on the continental Europe leg of her tour, the Bank of England decided to cut rates for the first time since 2020, as some economists think that the UK is on track to shaking inflation off.

However, as Taylor Swift returned to perform in London over the weekend, data last week showed inflation creeping back up. Maybe the T.D. Securities analysts were right about the influence the Eras Tour has on holding rates? We’ll find out in the coming months what impact the second leg of the UK tour will have on the UK’s Swiftlation rate.

How and why did you decide to go into communications?

I really enjoy engaging with people and find language very interesting. My fascination with understanding how people think and convey their thoughts led me to study the philosophy in my undergraduate degree, including the philosophy of language. This helped me appreciate the nuances of communication more – and the ways it shapes our interactions and society. Pursuing a career in communications allows me to bring together an enjoyment of human interaction with hearing diverse perspectives.

Describe your working pattern of the course of an average week and how you find a work-life balance.

I find that it’s good to start the week at the office, so I tend to be part of the group that comes into the office on Mondays. It is also great to have the flexibility of the option to work from home as it gives me the chance to visit my family more.

Thanks to the central location, working from the office gives great opportunities to socialise with friends in different areas of London after work.  It’s always fun to visit client offices, too!

What areas or trends interest you the most at this time?

I studied politics at university and this record-breaking election year has been a fascinating backdrop for the asset management industry. The range of impacts which various elections can have for managers has been great to learn about. It shows just how entwined everything is!

Elections in emerging markets have been particularly interesting this year, with their changes to policy direction, market volatility, and investor sentiment offering both challenges and opportunities for our clients.

What do you do in your spare time?

I like being quite active so I cycle to work and try to fit a few runs in each week, weather permitting. I am also part of a mixed netball team. The winter season is thankfully played indoors, but now in the summer season, we get to play outdoors in a park which is a great way to spend warm evenings.

I’m also a member of Côr Llundain, a Welsh choir based in London. We’ve had a very fun year. In March, we celebrated St David’s Day at the Guildhall and had the opportunity to sing the national anthems at the Wales vs. France Six Nations game in Cardiff. We went international and won a competition in the Pan Celtic Festival in Carlow, Ireland in April. The summer has been great as we have just recorded a song with the Royal Philharmonic Orchestra and competed in the Welsh National Eisteddfod last week.

Tell us about the last book you read or the last podcast you listened to.

I recently finished “Phantom” by Jo Nesbo. Phantom is the ninth in the series following Harry Hole, a detective in the Oslo police force, as he races to solve a murder tied to a family member during a drugs-induced crisis in the city. While it is a little gruesome, I enjoy reading mysteries and crime books because I like the page turning impact. Reading the series has been a long-term project and I’m now nearing the end of the series. Despite the somewhat morbid depiction in the books, I would love to visit Oslo!

Name one goal, professional or personal, you have set yourself for the next 12 months.

My personal goal for the next year is to start running more long distances. It is something that I have done and enjoyed in the past. Summer weekends are a great opportunity to run to a new area of London – and catch the train back.

Stanton is a full-service communications agency with a presence in New York, California and Toronto. Over the past two decades, Stanton has worked with a wide variety of firms in financial services, including private equity, private credit and asset management, helping clients raise their profiles, build their reputations, and grow their businesses.

JPES and Stanton recently hosted a successful joint event, Building Global Financial Brands in a Volatile Media Environment, at The Lambs Club in New York City, providing insights and advice on the nuances between profile raising in the US and international markets.

Earlier this month, Stanton also announced it had been ranked as a Top 10 PR firm for financial services in the US by O’Dwyer’s Public Relations News for the fourth consecutive year.

The news follows the appointment by JPES in 2022 of Niels Andersen, who joined as a senior US consultant to expand the firm’s overseas business development and strategy team, having held a variety of senior roles in the investment industry over the last 30 years.

Commenting on the news, Miles Donohoe, Managing Director of JPES Partners, said: “Since we were established 15 years ago, JPES Partners has implemented global communications strategies for its clients across five continents. As the needs of our clients continue to evolve, this new partnership enables us to offer truly end-to-end international support to our clients seeking to strategically raise their profile in North America”.

Charlyn Lusk, Managing Director at Stanton, added: “We are strong believers that independent firms are best positioned to serve clients and, in an era of corporate consolidation, partnerships like this between independent leaders deliver outsize value to clients. Our shared financial services domain expertise, content focus and vision of client service will ensure a seamless experience for JPES’ global clients”.

Last year I wrote a short piece on the news that City AM, the free business-focused newspaper in London, had reached the decision to discontinue its Friday print edition owing to a dwindling audience.

It is impressive then that since the news last January, City AM is going from strength-to-strength, with a new owner pouring money into the worthwhile ‘freesheet’ and attracting a pool of talented journalists who are publishing some rather punchy stuff (I direct you to a headline from earlier this year).

Unfortunately this turn around in fortunes has not been the inflection point that the free newspaper media of London have been looking for, with news last week that the London Evening Standard is closing its daily newspaper production in preference for a new weekly publication.

Now one can expect certain commentators to declare this to be another casualty of the WFH phenomenon, though it does feel that this jack-of-all-trades excuse is beginning to run a little thin.

What is more likely is that the continued rise of online media has put real pressure on physical newspaper readership. The Standard reported an average distribution per issue of 274,538 in April this year. A decade ago it was more than three times that at 897,610.

Why is this the case? Well, you only need to look about on commuter trains and buses and notice how passengers are more interested in podcasts, television shows, or even online newspapers than traditional print copy – utilising ever expanding Wi-Fi and internet connectivity across the capital, including 25% of the tube network!

Whilst a reduction in newspapers cluttering up luggage racks and draped over vacant seats might be celebrated in some quarters, dwindling audiences in any format means less revenue and therefore a smaller editorial team. That’s not a good outcome for anyone.

Now it is obvious that the quoted losses of £84.5m are not sustainable for any media outlet, and the publication’s chair, Paul Kanareck, commented that it his intention “to reshape the business, return to profitability and secure the long-term future of the number one news brand in London.”

Many other city-based/regional newspapers have been through similar processes over the last decade, but this will be a crumb of comfort for the many journalists at the Standard now facing a consultation period.

Thankfully there is a recent example of such a turnaround in fortunes within the City of London – but it requires money, commitment from the top, and a platform that facilitates, and benefits from, the more modern way of digesting the news.

The saga of Wirecard, the now infamous German payment processing company that collapsed four years ago, continues to plumb new depths with reports in the Financial Times that its fugitive former COO Jan Marsalek may have used the company as a shadow financial network to facilitate a vast Russian operation to spy on European citizens.

The downfall of Wirecard initially centred on allegations of widespread accounting irregularities, with the first concern flagged as far back as 2008. Much has been written since about how the company’s poor corporate culture allowed ethical and compliance failures to remain unchecked for years.

While Wirecard is an extreme example of the impact that a toxic corporate culture can have on an organisation, it also illustrates how it can be symptomatic of far more serious underlying issues, and why it is such a red flag for major stakeholders.

In some ways, corporate culture is an intangible asset that is hard to define and even harder to measure; yet in the asset management industry it has become a key factor in how asset owners select the asset managers they choose to invest with. Indeed, in some respects it appears to play a bigger role than even investment performance.

Our latest 2024 JPES Partners Asset Owner Study found that 97% of asset owners (across pension schemes, charities, insurers, wealth managers and platforms) believe demonstrating a positive corporate culture is a key part of their selection criteria of asset managers. Yet, the same study showed that 84% of the asset owners surveyed felt that managers fell short in this regard.

Understanding and defining a corporate culture is inherently subjective as it can be perceived differently by individuals in an organisation. It’s for this reason that any attempt to define it must be an inclusive process in itself. It must start from the top and have the buy-in at a C-suite level; but it can’t just be defined by leadership – it needs to involve and include the views of the wider organisation.

The Thinking Ahead Institute has produced much content in recent years on how asset managers, and indeed asset owners themselves, can start to analyse and measure their own culture,  looking at factors such as openness, clarity and consistency by leaders of organisations. Factors it seems that were missing at Wirecard.

A positive corporate culture instils confidence in investors that their interests are aligned with those of the asset manager. Indeed, it implies that the organisation may also have more effective risk management procedures and robust governance.

JPES Partners is hosting a seminar later this month and will be publishing a report on how asset managers can better understand and define their own corporate culture, what this means for consultant and client relations teams and how they can more effectively demonstrate this to external audiences.

How and why did you decide to go into communications?

After spending a year teaching English as a foreign language in France and having studied languages and business at university, I quickly realised that I wanted to pursue a career in communications. I believed it was a perfect way to build on my interest in the power of words in bridging cultural gaps and facilitating understanding across different perspectives. As a result, when I came back to London, I was drawn to a career in financial communications! It felt like an immediate great fit for me, especially as I love how working in communications gives me the opportunity to work across diverse projects, leverage my language skills, and explore my curiosity for what’s happening in the world.

Describe your working pattern over the course of an average week and how you find a work-life balance.

I enjoy the flexibility in choosing some of the days I am in the office, and as a result am often part of the small but devoted group that comes into the office on Mondays. I feel that by doing this, I’m able to properly mark the start of my working week and also enjoy the other benefits to coming in on a Monday – total control of the office speaker, quieter journeys in, and less queueing at the food stalls on Leather Lane! I also enjoy coming together with the whole team in the office on our set days, and tend to head out after work to explore all that Clerkenwell and Farringdon have to offer. It’s proven to be a really helpful way for me to strike a great work-life balance.

What areas or trends interest you the most at this time?

One area that currently intrigues me, and that I’d like to learn more about, is healthcare investment. It’s a sector that we were all naturally exposed to through the Covid pandemic, and it has been fascinating to witness how it has changed since. I find it especially interesting for its huge growth potential due to the ongoing advancements in technology, demographic shifts, and the increasing focus on healthcare accessibility and innovation. It’s also quite amusing to see market leaders naturally reflecting what’s going on around us – I’m looking at the Hollywood Ozempic epidemic on that one!

What do you do in your spare time?

I love film and I go to the cinema mostly every week. One of my favourite cinemas, the ICA, also has a fantastic bookshop, engaging art exhibitions, thought-provoking discussions and Q&A sessions, and an excellent bar and gig space. I really enjoy the fact that an outing can take on many different forms, so I’ll often be found there! On top of that, I have been stepping outside of my comfort zone recently and am excited about some concerts and festivals I have lined up for the rest of this year, both in the UK and abroad. Also, I enjoy watching football and tennis and have plans to take to the pitches and courts myself this year…

Tell us about the last book you read or the last podcast you listened to.

The last book I read was “Simple Passion”, an introspective novella by celebrated French writer Annie Ernaux, and hopefully my first of many of hers. It’s set in Paris, as is most of Ernaux’s work, and did an excellent job of evoking obsession and a sense of longing through its sharp, stark style and short diary-style entries. As for podcasts, I haven’t been listening to many of late as I have been much preferring audiobooks. Most recently, “I Who Have Never Known Men” by Jacqueline Harpman really captured my attention as it offered a thought-provoking narrative of a terrifying not-so-distant dystopian future that had me absolutely hooked. I completely understand people who say they “can’t get into” audiobooks –I think a large part of it is picking a book with a great narrator.

Name one goal, professional or personal, you have set yourself for the next 12 months.

A personal goal I have set myself for the next 12 months is to sketch more. I have always been interested in drawing, having set myself up with all the kit years ago, but only this year have I put pen to page, and I’ve really enjoyed my time with it. I’d like to make more of an effort to carry my sketchpad around with me and take inspiration from the everyday things – better than writing in a journal, I find it’s a great way to capture exactly how I’m feeling at a moment in time.

On 1 January 2024, BRICS (Brazil, Russia, India, China, and South Africa) expanded to include Saudi Arabia, Iran, the UAE, Egypt, and Ethiopia. A sixth new member, Argentina, chose to withdraw at the last minute.

One assumes the acronym won’t be changing to reflect the new members, as BRICSUISEE certainly doesn’t sound as catchy. But was BRICS ever a useful term for a disparate group of countries, whose only real bond is being arguably the largest emerging economy in their respective geographies?

The original aim of the bloc was to promote the economic interests of the five founding nations. In reality, however, internal conflicts have hindered BRICS’ impact, such as the ongoing border dispute between India and China. A further point of contention between member countries is their varying closeness with the West. Brazil and India nurture these relationships, in stark contrast to the other BRICS members. In fact, Argentina cited its desire to strengthen international ties as a reason against joining BRICS.

From an economic perspective, BRICS appears to have achieved relatively little. Nevertheless, 23 countries formally applied to join. Saudi Arabia and UAE bring both geographical diversity and wealth to the bloc, while South Africa’s appetite for increasing African representation is whetted thanks to Ethiopia and Egypt’s membership.

For what self-identifies as a primarily economic bloc, it seems that the selection criteria were somewhat more focused on China’s international relations. The expansion has been described by international commentators as a diplomatic victory for the country, and indeed, all incoming BRICS members have signed up to China’s Belt and Road Initiative reinforcing China’s connection to the five new entrants.

Despite some Western concerns about the BRICS expansion, there have been few alarm bells. This could be attributed to BRICS’ short list of achievements so far or to the fact many of its decisions are politically steered. The latter may be a detriment in the eyes of the West when it comes to selecting new members, but it is a positive when considering BRICS’ own internal tensions.

These very reasons are why the usability of the term BRICS has been restricted. With its expansion, the acronym will now represent less than half of the constituent members. The key challenge is whether the bloc is able to maintain a sense of unity in the face of this expanding membership and a likely increase in diverging views.

Indeed, many investment funds that were launched as BRICS-focused have since closed or been merged into broader Emerging Markets portfolios, a trend that whilst taking place prior to Russia’s invasion of Ukraine was certainly also consolidated by it.

So is BRICS still, or was it ever, a useful term when talking about emerging or developing economies?

Language is a constantly evolving medium and as ‘archaic’ terms like third world gave way to developing or emerging economies, so too do more modern acronyms fall out of favour. Unless the expanded BRICS bloc is able to deliver coherent policy decisions across its member base, it may well have run its course. For those commenting on emerging markets, it may be advisable to minimise the use of the term BRICS until they have a better indication of what this new iteration actually represents.

In his latest blog for CAIA Association, a global professional body for investment management, Niels shares valuable insights for asset managers facing the challenges of a competitive market. He emphasises the need for innovation in fundraising strategies, leveraging technology and data analytics. He also highlights the importance of updating marketing techniques to effectively attract new commitments and improve inflows.

You can read the full article here on CAIA’s website.

Miles Donohoe, Managing Director

Trust by Hernan Diaz

Diaz won the 2023 Pulitzer Prize for fiction for Trust, among other accolades. It’s set in and around the early 20th century in the build up to, and consequence of, the Wall Street crash of 1929 and subsequent Great Depression. It’s character rather than event-led but the structure is very clever, and quite unique, with four sections all telling different parts of a story. I can’t say anymore as it would ruin the surprise – but well worth reading!

Duncan Lamb, Director, Head of Property

Jeeves and the Yule-tide Spirit by P.G. Wodehouse

An unexpected invite throws the Christmas plans of Bertie Wooster and his long- suffering valet, Jeeves, into disarray. Rather than the Winter sun of Monte Carlo, Jeeves and Wooster find themselves spending Christmas at Skeldings Hall, much to the disappointment of Jeeves, home of Lady Wickham, and her daughter Bobbie, the object of Bertie’s desire. Also in attendance is Sir Roderick Glossop, father of Bertie’s former fiancé, Honoria, and Tuppy Glossop, he who tricked Bertie into falling into the swimming pool at the Drones Club.

Priti Dey, Client Director

Christmas Pudding by Nancy Mitford

I am currently reading Christmas Pudding by Nancy Mitford to get myself in the Christmas spirit. It was a classic published in 1932, and the person at the bookstore described it as ‘like Bridgeton on Netflix’ but Christmas. It is a humorous and satirical work that explores several characters’ lives and romantic entanglements during the Christmas season.

Charlotte Walsh, Director

Lessons in Chemistry by Bonnie Garmus

“Lessons in Chemistry” by Bonnie Garmus, which describes the life of a woman in 1950s/60s America, her career as a chemist which takes an unexpected turn as a TV chef as she finds herself as a single mother. It charts her struggles against sexism in the workplace, maintaining a career whilst also looking after her daughter and being a forward-looking role model for her, as well as how she deals with the loss of her partner.

Toby Bromige, Client Manager

Men at Arms by Terry Pratchett

A fantastic and very amusing book which is part of the wider Discworld series. No author, with perhaps the exception of Wodehouse, has the ability to observe the petty grievances and grumbles of life and make you laugh about it.

Noor Fatima, Client Assistant

The Master and Margarita by Mikhail Bulgakov

From the devil and his entourage wreaking havoc in the Soviet capital, to the mysterious ailments haunting Pontius Pilate in Roman Jerusalem, this novel brings the supernatural of biblical sorts alive in the form of twisted tricksters haunting the people of Moscow and, amidst the chaos, meddling in an unfinished love story. It is a fun, politically daring, strange, historical, fast-paced, fantastical read to end the year on.

Maisy Saville, Data & Insights Analyst

American Dirt by Jeanine Cummings

American Dirt is a heartwarming declaration to the unbreakable bonds of family. This gripping novel follows a bookseller and her young son as they embark on a dangerous journey from Mexico to the US, to escape cartel violence. This deeply moving tale combines heart-pounding suspense with a profound exploration of human resilience and hope, and is one that you won’t be able to put down.

Lodovico Sanseverino, Associate Director

Kennedy 35 by Charles Cumming

I will be reading Kennedy 35, the third instalment of Charles Cumming’s Box 88 series. I really like reading old-fashioned spy novels à la John le Carré, where sleuthing was being done by agents on the field, rather than the Big Brother-ish drones and other eyes in the skies alike. Cumming’s Box 88 series is particularly enjoyable because, whilst set in our days and age, the adventures of the protagonist, Lachlan Kite, are based on the consequences of the covert activities he carried out in his youth amid real events that shaped the world’s history. In this way, the author is able to deliver two stories in one book with a distinguishing narrative non-fiction feel, which is another favourite genre of mine.

Elen Iorwerth, Client Executive

Expectation by Anna Hope

Based in Haggerston, Expectation follows a trio of women as they navigate their expectations – of themselves and each other. The book jumps between the characters’ mid-twenties and mid-thirties, following their friendships, relationships, careers, and family lives. Although the three of them are flatmates at an early stage, it’s an emotional story of their lives growing apart and back together again.

Sarah Toubman, Client Manager

The Ballad of Songbirds & Snakes by Suzanne Collins

I recently enjoyed reading The Ballad of Songbirds & Snakes by Suzanne Collins ahead of going to watch the film. The Hunger Games was one of my favourite series growing up, so it was a fun nostalgia trip!

Zana Kurshumlija, Client Executive

The Palace of Dreams by Ismail Kadare

This month, I have been leaning into the winter chill with Ismail Kadare’s ‘The Palace of Dreams,’ a captivating novel that plunges you into a mysterious world of a bureaucratic dream-collecting institution. Set during the 19th century against the snowy landscapes of an unnamed Ottoman city, the books themes of isolation, introspection and political allegory make it a perfect choice to end the year on and offers an engaging and thought-provoking escape into a realm where dreams hold extraordinary power.

Julian shares key insights from JPES Partners’ 2024 Asset Owner research, offering an insight into asset owner priorities and allocation strategies. This invaluable information provides a roadmap for industry professionals looking to stay ahead of the curve in an ever-evolving market landscape.

Drawing on over three decades of experience in asset management, he shares insights into creating messaging that enhances marketing materials and positions firms as thought leaders in the investment sector.

Listen to the full podcast on YouTube; Spotify; Apple Podcasts

For JPES, this time of year also follows the publication of our asset owner research, where we survey asset owners, responsible for £2 trillion of assets under management across the investment spectrum including DB and DC pension schemes, wealth managers, fund platforms, investment consultants, fiduciary managers and insurers, about their asset allocation priorities for the year ahead.

As we review some of our key findings, and what they might mean for our clients, we can see where our research dovetails with current headlines. For example, as 70% of respondents tell us they are rethinking their investment strategies, particularly in relation to risk, we read a growing number of articles about the increasing influence of geopolitical risk, the effect it is having on corporates as they hire diplomats to advise them about ensuing crises, and how investors are asking for EM ex China funds and looking to other countries to reduce their exposure to this particular risk.

Similarly, our respondents told us that ESG is less top of mind than it was a year ago and reading the FT’s asset management annual round up, its second theme of the year is, “The ESG backlash.” Although this headline pertains more to the US than the UK and Europe, it was just a month ago that the same paper reported that UK investors were pulling money out of responsible investment funds, “at a record rate.” It is fair to say that as market conditions have become more challenging, it is an area of investment now under increasing scrutiny and regulation to ensure it can deliver for investors.

A year ago our research told us that demand for private markets was increasing. Today, with exit options for private equity more challenging, we see this area of the market has become more nuanced, as investors consider private credit and infrastructure. It remains an interesting time for the private / public markets in the UK and in Europe. In the UK, particularly as we head towards a General Election, the success of the UK economy, which has traditionally been tied to the success of the City, may become a key part of the campaign trail. So far questions remain over the efficacy of the Mansion House reforms, both for pensions and for UK companies. A recent Financial News headline reads, “A dam has to burst…” as bankers hope for a 2024 recovery. We have to hope that indeed the flow of capital returns to the UK.

Finally 2023 has seen Bonds return to favour with both institutional and retail investors as interest rates moved higher, although the jury remains out on for how long and whether inflation has been tamed or not. Our research shows asset owners plan to allocate particularly to Investment Grade and High Yield Bonds over the next 12 months, a sign that whilst the asset class is back, investors still need to be discerning as uncertainty looks set to remain.

For further information on the JPES Asset Owner research, “Navigating a new investment landscape: Asset owner priorities in 2024,” please contact our Head of Investment, Matt Rogers – matt.rogers@jpespartners.com