As 2017 draws to a close, it will be remembered especially for two phenomena. Firstly, (global) political crises were seen to escalate somewhat over the course of the year. You only need to think of the verbal clashes between the US and North Korea, developments in the Middle East and tensions within the EU (i.e. Brexit negotiations). Secondly, global equity markets are constantly reaching new peaks – despite these apparently adverse circumstances. This issue of our Update magazine sheds light on the situational context from different viewpoints.
Stefan Hofrichter analyzes the increasing importance of populist parties, as reflected in the Trump phenomenon and Brexit decision, and in this year's “super election year” in Europe. In his analysis he demonstrates that the increasing income disparity is one of the main reasons for the current flocking to populist parties. The interview with Prof. Dr. Gunther Schnabl looks at the role that monetary policy has played in this context – and that it could still play – among other topics.
What should investors now do in this environment? Attendees at the AllianzGI Investment Forum in New York in September addressed this issue. Neil Dwane summarizes the main takeaways of the discussion among our investment professionals. Last but not least, Alexander Duckwitz and Teoman Kaplan examine the specific challenges for the investment strategies of insurance companies, and their relationships with asset managers.
We hope you will enjoy reading this issue, and we wish you a successful end to 2017.
Tobias C. Pross,, Head of EMEA, Allianz Global Investors