CFA UK Conference discusses impact of QE

The annual CFA UK conference, which took place on 12 June in London, addressed how to deliver value in the current low interest climate.

The one-day event was opened by Richard Dunbar, chairman of CFA UK. Avinash Persaud, chairman of Intelligence Capital argued that the impact of quantitative easing (QE) has so far been ineffective. “The effectiveness of quantitative easing is conditional on confidence and investment demand. We don’t have these conditions” he said.

Jonathan Tepper, chief editor at Variant Perception and author of ‘Code Red’ highlighted that negative real rates coincide historically with negative real return for stocks and bonds, he therefore predicted poor returns over the coming years.

According to an indicative poll in the audience, the majority of participants expected Federal Reserve balance sheets to remain unchanged or similar over the next five years. Delegates also identified emerging market equities as the most promising asset class, alternatives ranged second in preference and developed market equities third.

Other key speakers at the event included Michala Marcussen, MD and head Global Economics at Société Générale, Stephanie Flanders, chief market strategist Europe at JP Morgan AM, Philip Middleton, head of speciality finance research at the Bank of America Merrill Lynch, Helena Morrissey, CEO at Newton Investment Management and Stuart Fiertz, president at Cheyne Capital Management.

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