Private Wealth Management Summit Spring 2019

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  • Why Wealth Managers Must Reconsider their Asset Allocation Strategy


    Michael PeQueen, a speaker at the marcus evans Private Wealth Management Summit Fall 2013, on how a stronger US dollar should impact asset allocation decisions.

    Interview with: Michael PeQueen, CFA, CFP, Managing Director and Partner, HighTower Advisors


    Private wealth managers must take a deep look into their asset allocation strategy, recommends Michael PeQueen, CFA, CFP, Managing Director and Partner, HighTower Advisors. “We are at a turning point with regard to the strength of the dollar, so asset allocation decisions that were appropriate two years ago may not be suitable for the next five to seven years,” he adds.

    PeQueen is a speaker at the marcus evans Private Wealth Management Summit Fall 2013, taking place in Las Vegas, Nevada, December 8-10.

    What is your economic outlook for 2014 and beyond?

    We expect moderate growth in 2014, led by the US, where fundamentals are stronger. The nascent European recovery is encouraging, but the US will be the center of most positive developments. China’s actual growth rate is also a primary focus of our portfolio management team, and we are uncertain to what degree the Chinese authorities will support GDP growth.

    There is a good chance that the US equity market will grind higher, largely due to multiple expansion. Currently, we are focused on the technology and healthcare sectors. While the US GDP growth rate is below trend, it will surpass that of most other developed economies. It is our belief that we are entering a period of US market outperformance relative to global markets and, as a result, are overweight large-capitalization US equities.

    How will a strong US dollar impact your asset allocation strategy?

    We believe the dollar is at the beginning of a multi-year move up and that is at the root of why we believe North America, and US equities in particular, make a great deal of sense. We expect significant flows into this market in the next few years. Dollar moves are typically multi-year events, so we are focusing on the companies that largely deal with North American customers and therefore unlikely to suffer from large currency translation losses when they have to report their earnings.

    For decades now, private wealth managers have been hearing that they must be more geographically diversified and move more assets outside of the US. Now, for the first time, we are seeing a very different scenario where returns over the next five to ten years may come from overweighting US equities.

    What implications does this have for family offices?

    This means that family offices have to take a long, hard look at their strategic asset allocation, which had been migrating more and more towards international and alternative assets, and consider increasing US exposure.

    The single most important decision that any steward of wealth can make with regard to the composition of the portfolio is the asset allocation formula, but many wealth managers may not have focused on this to the extent required. This is the right time to reconsider asset allocation, as what worked a few years ago will not necessarily work for the next several years.

    Any final words of advice?

    The roles of private wealth manager and family office director are evolving and must include a renewed focus on global economics. If they are not fully aware of trends in currencies and trade, then they are not fully capable of making the optimal strategic decisions for the portfolio.

    Contact: Sarin Kouyoumdjian-Gurunlian, Press Manager, marcus evans, Summits Division

    Tel: + 357 22 849 313

    About the Private Wealth Management Summit Fall 2013

    This unique forum will take place at the Red Rock Casino, Resort & Spa, Las Vegas, Nevada, December 8-10, 2013. Offering much more than any conference, exhibition or trade show, this exclusive meeting will bring together esteemed industry thought leaders and solution providers to a highly focused and interactive networking event. The Summit includes presentations on the global market outlook for 2014, the key trends shaping the industry, fresh approaches to portfolio construction and formulating winning asset allocation strategies.

    For more information please send an email to or visit the event website

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    Please note that the Summit is a closed business event and the number of participants strictly limited.

    About marcus evans Summits

    marcus evans Summits are high level business forums for the world’s leading decision-makers to meet, learn and discuss strategies and solutions. Held at exclusive locations around the world, these events provide attendees with a unique opportunity to individually tailor their schedules of keynote presentations, case studies, roundtables and one-on-one business meetings. For more information, please visit 

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