Can the EU Inflate Its Debts Away? 

 

 

10/15/2011 

Fiscal fitness is the path to a debt-free Europe and many of its economies need to hunker down and go on a diet—which Germany excelled at after the fall of the Berlin Wall.

 



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Andreas Utermann
Global Chief Investment Officer
RCM

Andreas Utermann joined RCM in October 2002 as global CIO and is a board member of Allianz Global Investors AG. As Global CIO of RCM, he is co-chair of the RCM Executive Committee and chairs the firm’s Global Policy Council. Prior to joining, Andreas worked for 12 years at Merrill Lynch Investment Managers (formerly Mercury Asset Management), where he was the global head and CIO, Equities. Before joining MLIM, Andreas worked for two years at Deutsche Bank AG. He holds a BSc in Economics from the London School of Economics and an M.A. in Economics from Katholieke Universiteit Leuven. Andreas is an associate of the Institute of Investment Management and Research and is fluent in English, German, French and Dutch.

Neil Dwane
CIO Europe
RCM

Neil is chief investment officer of RCM Europe, based in Frankfurt and London, and is responsible for all equity portfolio management, research and trading activities. Neil is a member of the RCM Global Executive Committee, which has overall responsibility for the RCM business, and is chairperson of the European Equity Management Group, which consists of its most senior investment professionals. Neil joined RCM in 2001 as head of UK Management from JP Morgan Investment Management where he had been a UK and European specialist portfolio manager since 1996. He began his investment career in 1988 with Kleinwort Benson Investment Management as an analyst, and later worked as a fund manager before moving to Fleming Investment Management in 1992. Neil holds a B.A. in Classics from Durham University and is a member of the Institute of Chartered Accountants.

Scott Migliori
CIO U.S.
RCM

Scott is the CIO of the firm’s U.S. Large Cap Select Growth and Focused Growth strategies. In 2010, Scott was promoted to CIO of RCM San Francisco as part of a long-term succession plan, and continues to actively drive the investment process for the Large Cap Select Growth and Focused Growth products. Prior to joining RCM, he was with Provident Investment Counsel, Inc. where he co-managed over $2 billion in large-cap growth portfolios and had also served as a portfolio manager and analyst on mid- and small-cap growth funds. Prior to his investment career, Scott served as a business litigation attorney. He received his BS in Accounting from the University of Southern California, his JD from the Balt Hall School of Law at the University of California, Berkeley, and his M.B.A. from the Anderson School at the University of California, Los Angeles. Scott is a CFA charterholder.

Raymond Chan
CIO Asia Pacific
RCM

Raymond is responsible for all investment professionals in Asia ex-Japan, reporting to the global CIO in London, and is the chairman of the Hong Kong Balanced Investment Committee. Raymond has overall responsibility for the investment process and performance and is a full member of the Global Equity Team. He has over 18 years of portfolio management experience in the region and is the lead manager for RCM’s Core Regional (Asia Pacific ex-Japan equity) and Korean equity products. Prior to joining the group, Raymond was an associate director with Barclays Global Investors in Hong Kong and head of their Greater China team, where he specialized in Hong Kong, China and Taiwan stock markets and managed single-country and regional portfolios. He is a CFA charterholder and holds an M.A. in Finance and Investment from the University of Exeter and a B.A. (Hons) in Economics from the University of Durham, UK.

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Past performance is no guarantee of future results. The material contains the current opinions of the author, which are subject to change without notice. Statements concerning financial market trends are based on current market conditions, which will fluctuate. References to specific securities and issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Forecasts and estimates have certain inherent limitations, and are not intended to be relied upon as advice or interpreted as a recommendation. RCM is an affiliate of Allianz Global Investors Distributors LLC.

A Word About Risk: Equity portfolios are subject to the basic stock market risk that a particular security or securities in general, may decrease in value. Bond prices will normally decline as interest rates rise. The impact may be greater with longer-duration bonds. Investing in non-U.S. securities may entail risk as a result of foreign economic and political developments; this risk may be enhanced when investing in emerging markets. There is no guarantee that dividend-paying stocks will continue to pay dividends. Concentrating assets in the technology sector, which tends to be more volatile than the overall stock market, may add additional risk compared to a diversified portfolio.

Gross Domestic Product (GDP) is the value of all final goods and services produced in a specific country. It is the broadest measure of economic activity and the principal indicator of economic performance.

Allianz Global Investors Distributors LLC, 1633 Broadway, New York, NY 10019-7585, www.allianzinvestors.com, 1-800-926-4456.

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