Lazard

The scrutiny applied to internal managers rarely matches that applied to external managers, writes Rob Prugue. But underperformance is still underperformance, and if something goes wrong the member wears the risk.

Wildly anomalous times are giving rise to a new inflationary paradigm, and Lazard’s Ron Temple has climate change, mitigation risk, and equity duration on his mind.

There is a US$550 billion ($764 billion) market that is rarely considered by Australian investors. Convertible bonds (CBs) are barely used locally, while in the US and Europe these are a key component of a growing company’s capital and pension fund portfolios. To appreciate this market, we must consider why CBs make sense for an…