Christian Takushi of BCV Asset Management to speak at Zurich Forum

Christian Takushi, macroeconomist at BCV Asset Management, is to speak at InvestmentEurope’s Pension Fund Forum in Zurich on 21 November.

Takushi will discuss interest rate and currency risks, which he argues are underestimated in terms of BRIC countries versus the stronger momentum seen in other emerging markets.

This is a particular challenge to pension funds, which face uncomfortable questions as to whether they are aware of all the risks linked to emerging market investments. There has been much focus on the impact of the US Federal Reserve exiting its quantitative easing programme, but possibly less so on other risks, such as currencies, interest rates and political stability – or lack of.

However, the real challenge to BRIC markets may come from unexpected sources, such as the significant improvement in competitiveness seen from the US, where lower real wages and energy costs arguably have taken its unit labour costs to below those of Brazil. However, the emerging market bond yields of around 5%-6% have not priced in these sorts of macro risks, according to Takushi.

Takushi is a macroeconomist with over 24 years of experience in research and portfolio management. Roles have included working as an analyst in Japan Economic Research at the Zurich Cantonal Bank;  as a portfolio manager at Credit Suisse Group; as a Far East specialist developing Japan & Asia strategy at Swisscanto Asset Management; and since January 2012 at  BCV Asset Management in Geneva.

For further information on the InvestmentEurope Pension Fund Forum in Zurich click here:




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