Mercer hat den neunten europäischen Asset Allocation Survey veröffentlicht. Im Einführungstext heisst es dazu: “It has been two and half years since Lehman Brothers filed for Chapter 11 bankruptcy protection and, despite a massive injection of capital from central banks, the financial crisis remains as real as ever. As we write, the weaker members of the eurozone are being picked off one-by-one as they seek to support their growing deficits. At the same time, the Middle East and North Africa are in the midst of a period of instability unseen for 40 years that is threatening oil supplies and driving energy prices towards all-time highs.
In 2010 we focused on the initial response to the financial crisis and the changes, threats and opportunities that arose in its immediate aftermath. In our 2011 survey this theme remains relevant, but we find that pension plans are already adjusting to today’s new realities – a changed world with a distinct lack of certainty. The contrast between a reduction in fiscal and private expenditure in the West and continued growth in the East leaves the global economy balancing on a knife edge. It is far from clear what the long-term outcomes in this new reality will be. but what is clear is that a broad range of possibilities exist and investors will therefore need to build portfolios that are able to withstand different potential outcomes; scenario testing will become an important tool in the design of investment strategies.”
