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Spring 2010

As 2010 moves to its mid-year point, the global economy shows modest signs of improvement as global markets strengthened during the first quarter. The economic climate and increased regulation will continue to present our clients with opportunities as well as challenges. As always, J.P. Morgan stands strong with the vision, strength and commitment to assist our clients in their daily business. In this issue, we include a breadth of articles for your interest.

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	Hot Commodities Over the past several years, both retail and institutional investors have become increasingly interested in establishing and building allocations to commodities within their portfolios.
	Reducing Transition Risk with Hedging Hedging may be used to reduce market risk under certain circumstances. We review the suitability of a specific hedging strategy, and the product alternatives and implications.
	The Future of the Pan-European Operating Model In order to benefit from the potentially significant cost savings delivered by the UCITS IV directive, investment management companies must implement a truly pan-European mutual funds operating model.
	Back to the Future Risk budgeting is once again back in style as investors reassess portfolio risk following the credit crisis.
	Rise of the Independents The rise of the independent trustee across Europe is a challenging concept given the relationship between sponsors and their pension boards.
	Access Critical Information Easily, in One Secure Place Using J.P. Morgan ACCESS^SM to get the most out of your cash and investments.
	Global Transaction Banks Rely on SWIFT Automation One of the most significant changes at SWIFT has been its success in getting local market infrastructures to move from their proprietary networks to its standards and reliability capabilities.
	Gain Efficiency by Using an Agent In challenging market conditions, institutions are seeking to maximize the use of their assets, mitigate operational and counterparty risk, and increase their ability to fully capitalize on a truly global trading day.
	Global Regulation In the wake of the financial crisis, Europe’s regulators are placing more stringent demands on the investment industry.
	The Future State of Liquidity Management The UK liquidity management landscape for international broker dealers is changing, with new pressures emerging that may affect how all market intermediaries think about both firm liquidity and client segregated free credit balances.
	Answering the Call for Property Asset Transparency Today’s real estate investments are increasingly spread across geographies with more complex capital structures.

Thought Magazine

Spring 2010