Fund managers and pension funds should not be duped by their good fortune of the last two decades and should be looking to alter their investment strategies radically, according to a leading investor.
| Alan Brown | ||||||
Alan Brown, group chief investment officer at State Street Global Advisors says that while things have not been so rosy by comparison over the last two years, this should be seen not as a blip but as a sign of things to come and the investment world should react accordingly.
"Anglo Saxon pension plans have generally had a terrific run for the last 20 years or so, at least until the last two years," says Brown. "But there is a danger that our industry may make the mistake of regarding the last two years as being the exception. Even worse, the longer-run record may seduce us into an unwarranted complacency that we have the right model.