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Valentijn van Nieuwenhuijzen Benedicte Gravrand, Opalesque Geneva:
Valentijn van Nieuwenhuijzen, Head of Strategy at ING Investment Management, is responsible for formulating the firm's macroeconomic outlook and fixed income tactical asset allocation. He recently shared his mid-year asset allocation review with Sona Blessing on Opalesque Radio.
For the second half of this year, despite some concerns in Europe and some weaknesses in emerging markets, the positives in Germany, the U.S. and Japan will ensure that overall global growth will improve, he says. The signals issued by influential central bankers, especially the ECB, the Bank of England and the Federal Reserve will be watched closely.
As for the opportunities, "they are in those asset classes that are most sensitive to global growth," he explains. "We were in an environment where fixed income assets were doing well and investor asset allocation was driven by the search for yields. But now we are seeing that with the turmoil in financial markets, in emerging market debt, in the Treasury markets as a result of less QE in the U.S.; that the attention is shifting to equity and real estate assets. These stand to benefit more from the domestic demand in the developed world."
ING prefers equities and real estate to Treasuries and investment-grade credit, he notes.
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