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Active is the most important word in our vocabulary. It doesn’t just describe how we manage your money at Allianz Global Investors. It defines our entire approach as a business, from the enthusiasm and entrepreneurial spirit of our employees, to our self-critical assessment of performance. Active is how we create and share value with clients.
Stefan Hofrichter is Head of Global Economics & Strategy at Allianz Global Investors. His research covers global economics as well as global and European asset allocation. Stefan joined the firm in 1996 as an equity portfolio manager and assumed his current role as an economist and strategist in 1998. Between 2004 and 2010, he also had responsibility for various retail and institutional mandates, including global and European traditional balanced funds, global multi-asset absolute return and multi-manager alpha-porting funds. Stefan became a member of the firm’s Global Policy Council in 2004. Stefan holds a degree in Economics from the University of Konstanz (1995) and in Business Administration from the University of Applied Sciences of the Deutsche Bundesbank, Hachenburg (1991). Stefan became a CFA Charterholder in 2000.
As the coronavirus crisis continues, we are seeing signals that this bear market has likely not reached its bottom. While investors should be cautious, they should also actively look for evidence that typically signals a rebound.
The global economy will eventually face another downturn, which raises critical questions. With rates so low, what tools do central banks have left to spark a turnaround? What other monetary, fiscal or structural changes could head off problems? And what might happen if we don’t change our policy approach?