IFSWF Santiago Principles

Which asset classes are set to win or lose in a higher interest rate and high inflationary environment?

26 April, 2022, 08:00 to 09:15

MS Teams Meeting
United Kingdom

With inflation across several regions at its highest level in decades, and with interest rates rising, sovereign investors are faced with a materially different and challenging market environment. The prospects for major asset classes could significantly change, as can the behaviour and relationships between them.

In this roundtable discussion, Hish Ravindra and Tom Farrell, Partners at LCP, a leading investment consultancy, will address the following issues.

  • To understand what the future may look like, we analyse the major asset classes, both retrospectively, and on a forward-looking basis.
  • From this, we analyse which asset classes may be set to benefit, and those which may be set to suffer from this challenging economic environment.
  • We will pose some fundamental questions such as “can US government bonds still be considered a safe haven asset?”

LCP's research challenges conventional wisdom and will provide thought-provoking analysis to investors. They will illustrate our research with practical actions based on the firm's experience with sovereign and institutional clients. This perspective enables sovereign investors to shape their own asset allocation decisions, ensure they are well-positioned to capture opportunities and mitigate upcoming risks.

This session will be held on Tuesday 26 April 2022 at 08:00 BST View in my time zone

To attend, please contact Victoria Barbary vb@ifswf.org

About LCP

LCP is a market-leading and award-winning consultancy providing global institutions with investment advice as well as working in other sectors including pensions, insurance, energy, health and business analytics. Our firm advises and assists government institutions (including UK government departments), multinational corporate institutions, regulatory institutions, sovereign wealth funds, central banks, endowments and pension funds.  Established over 70 years ago in the UK and with over 850 employees, LCP is one of the largest independent consulting firms in the world.

LCP’s investment specialists provide bespoke advice focused on our clients’ individual needs. Our proprietary innovative technology has been adopted and adapted by institutions to deliver real-time insight and control. These intuitive analytical tools are specifically designed to enhance clarity and enable decision-making in a timely and concise process.  To emphasise our independence, LCP has no affiliation or association with any asset manager or investment bank, nor are we incentivised to promote investment products. This ensures our advice is always unbiased and free from conflict.


Hish Ravindra, Partner, LCP

Hish is a Partner in LCP’s Investment department and leads LCP’s institutional advisory work which includes providing advice and ongoing support to sovereign wealth funds, central banks and pension funds. He works with his institutional clients and other stakeholders in a collaborative manner to help them find ways to achieve their objectives while managing risk. Hish is a senior member of LCP’s Investment Strategy group which is responsible for developing LCP’s approach to setting our clients’ investment strategy and asset allocations. He also works closely with LCP’s in-house technology team to develop customised reporting and risk monitoring tools that are used by our clients to enhance their decision-making. He is a senior researcher on the fixed income research team. Hish was responsible for LCP’s work in helping clients construct high-quality fixed income portfolios for clients with a focus on liquidity, stability and income.

Hish joined LCP having graduated from the London School of Economics with a degree in actuarial science. Hish is a qualified CFA charter-holder.

Tom Farrell, Partner, LCP

Tom is a Partner in LCP’s investment department and has responsibility for providing tailored advice to a wide range of clients on their investment needs. His clients include sovereign institutions and institutional investors such as pension schemes.  The areas LCP provide advice on include setting investment strategy, asset-liability modelling, responsible investment, fund selection and implementation. Tom also chairs LCP’s Assumptions Setting Committee which underlies all of the modelling that LCP carry out for clients. This gives him a holistic perspective on asset classes and enables him to analyse the intricacies driving their future returns. Tom is a great believer in challenging conventional thinking and backing up advice with evidence and analysis. 

Tom joined LCP in 2012 and has also obtained the Chartered Financial Analyst (CFA) qualification.

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