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Bloomberg Markets Magazine

Bloomberg Markets Magazine February/March 2017

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in this issue

2 min

John Morton (“10 Things You Should Know About MiFID II,” page 34) is a London-based market specialist covering financial regulation. Morton has worked at five storied investment banks whose names have ended up on the scrapheap of M&A history. At Bloomberg, he’s been assigned to Her Majesty’s Treasury twice in recent years to help with MiFID II and other policy dossiers. “Fingers crossed that Europe continues with Lord Jonathan Hill’s stance of assessing the combined effect of recent regulation before embarking upon a fresh round,” says Morton, who’s helped develop {MIFI }. Based in Tokyo, Tom Redmond writes on financial markets and the investors who operate in them. His article “The World According to a Free-Range Short Seller With Nothing to Lose” (page 88) profiles Marc Cohodes, who’s returned to investing…

2 min

Gene Tannuzzo SENIOR PORTFOLIO MANAGER, COLUMBIA THREADNEEDLE INVESTMENTS “Trump may have some interesting policy proposals, but he’s not the Wizard of Oz.”“It’s really here : We’re starting to see inflation. We have a very tight labor market, and you have the potential for expansionary fiscal policy, which could cause inflation to accelerate and rates to really sell off.” Mike Swell CO-HEAD OF GLOBAL PORTFOLIO MANAGEMENT, GOLDMAN SACHS ASSET MANAGEMENT“The trade we added immediately after the election was the inflation trade, overweighting TIPS. We think we could see year-over-year inflation in the 2.5 percent range —or even slightly north of that—in the first half of this year.” Colleen Ambrose FIXED-INCOME CLIENT PORTFOLIO MANAGER, AMERICAN CENTURY INVESTMENTS“Everybody’s very negative on Europe, expecting a Brexit II—and it’s not going to happen. Europe looks…

7 min
brexit gives portugal a boost

BACK IN 2012, Jaime Jorge did something few of his Portuguese compatriots ever did: He turned down a job at Google in London. Jorge, then a 24-year-old software developer, chose to start his own enterprise instead. Five years later, Codacy, the company he co-founded with Joao Caxaria, uses algorithms to automatically correct mistakes in software code for scores of businesses worldwide, including PayPal and Adobe. They’ve never looked back. “Instead of working 18 hours a day for someone else, we did this cool project for ourselves,” Jorge says at a cafe in Baixa, Lisbon’s historic district. “We had an alternative.” That’s something new in a small nation long beset with a stagnant economy and a stressed banking industry. For years, Portugal’s best and brightest bolted for plum jobs at global consulting firms…

1 min
the real project runway

MORE AIRPLANES take off and land on the 11,178-foot stretch of tarmac at Gatwick than on any other single-runway airport in the world. At peak times, the London airport handles as many as 55 arrivals and departures an hour. That was the goal of “Drive for 55”— an effort by Gatwick’s owner, private equity firm Global Infrastructure Partners, to maximize the airport’s productivity and profitability. Acquired in 2009, the U.K. airport is part of a portfolio that also includes pipelines and ports around the world. (GIP’s 2011 fund ranks in the top quartile of all private equity funds, with an internal rate of return of 24.2 percent; its latest is the largest infrastructure fund ever, at $15.8 billion.) Turn to page 80 for more on the firm, or go to…

6 min
an accountant’s $2 trillion adventure

WALK DOWN A SIDE ALLEY in Munich, beneath apartments with net curtains in the windows, past figures of female superheroes on a cafe storefront, and you come to the unprepossessing headquarters of a $2 trillion asset manager. On the fifth floor, an elegantly dressed woman leans forward to field questions. She’s focused. In her hands is a coffee mug emblazoned with the word “integrity” in six languages. Meet Jackie Hunt, one of the most important women in global finance. The 48-year-old South African runs Allianz’s asset management and U.S. life insurance divisions. In July, Hunt took over responsibility for Pacific Investment Management Co., home of what was once the world’s largest bond fund, and Allianz Global Investors. On her watch, Pimco reported its first net inflows since 2013, ending a painful…

3 min
10 things you should know about mifid ii

MIFID II is coming. The European Union’s attempt at creating a single rulebook covering financial-market activities and services is slated to take effect on Jan. 3, 2018, so you’ve got less than a year to prepare. The legislation replaces the decade-old Markets in Financial Instruments Directive, or MiFID. The new version combines the execution element of the Group of 20 Trading Obligation (the commitment by G-20 leaders to move derivatives trading onto electronic platforms) with greatly strengthened requirements for market probity and investor protection. What do you need to know? Here’s a quick primer—and you can learn more at {MIFI }. 1. There are no boundaries, at least for securities. If a financial instrument is transacted on an EU trading venue, then its trading within the EU is governed by MiFID II—even…