With Brexit Uncertainty and Sluggish Growth, Where Are European Investors Seeking Value?

Goldman Sachs Exchanges

Goldman Sachs

Business

4.4 • 1K Ratings

🗓️ 18 March 2019

⏱️ 20 minutes

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Summary

From our office in London, this episode is all about Europe's investing environment, including how investors are preparing for possible Brexit scenarios, drivers of the region's economic slowdown and where clients are finding alpha. "The number one issue that clients in Europe are facing is how do we get returns," says Andrew Wilson, CEO of Goldman Sachs Asset Management for Europe, the Middle East and Africa, who explains how both macro and political uncertainties are weighing on investors' minds. This podcast was recorded on March 5, 2019. The views and opinions expressed herein should not be construed as an offer to buy or sell any securities and such views and opinions may differ from those of Goldman Sachs Global Investment Research or other departments or divisions of Goldman Sachs and its affiliates. This information may not be current and Goldman Sachs has no obligation to provide any updates or changes. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by any Goldman Sachs entity. The portfolio risk management process includes an effort to monitor and manage risk but does not imply low risk. Copyright 2019 Goldman Sachs & Co. LLC. All rights reserved.

Transcript

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0:00.0	This is exchanges of Goldman Sachs, where we discuss developments currently shaping markets, industries
0:13.5	and the global economy. I'm Jake Stewart, Global Head of Corporate Communications here at the
0:17.1	firm. Today we're at the London Office of Goldman Sachs talking about Europe's investing
0:21.6	environment from how investors are preparing for possible Brexit scenarios,
0:25.9	to drivers of the economic slowdown in Europe,
0:28.1	to how monetary policy is expected to respond and much, much more.
0:31.4	Our guest today is Andrew Wilson, CEO of Goldman Sachs
0:34.3	Asset Management for Europe, the Middle East and Africa, and co-head of the global
0:38.5	fixed income and liquidity solutions business. Andrew, welcome to the
0:42.0	program. Thank you very much.
0:43.4	When we think about the investing environment in Europe,
0:46.1	there's a lot of uncertainty, political uncertainty,
0:47.9	economic uncertainty.
0:49.2	But what's the top question you're getting from clients today?
0:52.0	The number one issue that clients in
0:53.6	Europe are facing is how do we get returns? So just remember European Central
0:59.0	Bank still has rates is negative if you look across things like the German
1:02.3	government bond curve two-year bonds are negative. is negative 50
1:05.0	50 basis points or thereabouts.
1:07.2	So most clients are saying, how do we generate positive returns?
1:10.1	And I know it sounds like not a very ambitious task,
1:12.2	but they've really lived now with a long
	...

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