DOHA, 03 February 2009
Eric Chaney to speak at a press conference on 3rd February, 12pm, QFC
AXA Investment Managers (AXA IM) announced today that it will participate in a press conference at Qatar Financial Centre (QFC) on the outlook for the global economy in 2009 on 3rd February, at 12pm on the 17th Floor of the QFC. The conference will be addressed by Eric Chaney, Chief Economist for the AXA Group which is a global leader in financial protection and wealth management with a presence in Qatar via its wholly owned multi expert asset management subsidiary, AXA Investment Managers LLC (AXA IM).
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AXA Group Chief Economist Eric Chaney (centre) is seen here with Scott
Callander (right), director at AXA Investment Managers during the press
conference. |
With the global economy in recession since the last quarter of 2008, Eric will consider the key scenarios for economic recovery explaining why the most likely case is a ‘V’ shape recovery and what this would mean for short term asset allocation decisions and for the more long term investment themes going into 2010.
Eric will address the following key areas:
- roots of the recession including global imbalances in savings, a wave of levered securitisation and overheating of global economy
- the risk of a ‘L’ shape downturn with low interest rate fuelled inflation and high public spending dampening growth permanently
- current trends such as the collapse of commodity prices and easing of the corporate bond market that are pointing to a more favourable ‘V’ scenario
- key phases of a ‘V’ shaped recovery starting with unemployment rates of 10% in the US and EU and rising corporate bankruptcy rates
- the first signs of recovery including a weakening of the dollar and the resuming of global trade
- the implications for asset allocation with cash being king, closely followed by government and index linked bonds
- long term trends such as responsible investment practices, de-carbonization of capital intensive economies etc that will gather momentum as a result of the crisis
Eric Chaney was previously Chief Economist for Europe at Morgan Stanley from 2000 – 2008, having joined the bank in 1995. Prior to this he headed the economic forecasting unit of the French statistical office (INSEE) having been responsible for global forecasts at the French Treasury. Eric has been a member of the French Economic Council of the Nation, which advises the Minister of economics and finance and currently sits on the executive committee of the French Economic Association.
- ENDS-
Press Contacts:
Scott Callander / Manisha Patel
AXA Investment Managers
+974 496 7202 / 7201
Scott.callander@axa-im.com
Manisha.patel@axa-im.com
Sara Dennehy / Niasha Don Carolis
AXA Investment Managers
+ 44 (0) 207 003 2233 / 2231
sara.dennehy@axa-im.com
niasha.doncarolis@axa-im.com
Notes to Editors:
AXA Investment Managers
AXA Investment Managers is a multi-expert asset management company within the AXA Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with €485 billion in assets under management as of the end of December 2008. AXA IM employs more than 3,000 people around the world and operates out of 22 countries.
Visit our website www.axa-im.com
AXA IM’s long term commitment to the Gulf region was reinforced when AXA IM LLC was established in Qatar in 2006, making it the first international investment manager to establish an office in the Qatar Financial Centre. The AXA IM business model works well in this market which demands diverse and innovative manufacturing of investment solutions which in turn utilise all of AXA IM’s multi-expert platforms.
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