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We continue to favor high income strategies in an environment where traditional bond yields are extremely low and dividend payouts are generally stingy. U.S. equity markets are fairly valued. Internationally, emerging market equities and debt have been strong performers in 2012 and have further long-term upside. We remain on the sidelines in Europe.

Whether a family office wants a global custodian to be the sole asset servicer or the gatekeeper of data from aggregators and brokers, the role of a global custodian goes far beyond safekeeping. This paper makes the case for global custodians, pointing out their strengths in risk management, operational efficiency, accuracy and access to data, and technology.

Although another round of quantitative easing now looks less imminent given the recent economic strength, investors still expect Federal Reserve Chairman Ben Bernanke to come to their rescue with QE3 should economic growth falter. However, the flexibility for QE3 becomes more limited if crude oil and gasoline prices continue to escalate into the summer.

Analysis shows alternative strategies and funds are far from equal in the diversification benefits they provide. Investors who want to use alternatives to reduce portfolio risk are wise to explore the performance characteristics of individual funds as well as consider how they are likely to perform under varying conditions.

International developed equities, mostly European, are trading below their 75th percentile and have occasionally flirted with their 90th percentile level in the past year. Such discounts can lead to relatively strong future returns but can require a good amount of patience.

Generation Investment Management argues that there is no trade-off, philosophically or empirically, between profit maximization and fostering environmental sustainability; however, a number of structural impediments exist to mainstreaming 'Sustainable Capitalism.'

We do not dispute the consensus view that growth may remain sluggish in the United States in the near term. However, that does not imply that equities and credit investments are dead money. Equity investors have often prospered during blasé periods of economic growth.

The authors examine the current banking environment and opine on pricing and other trends that should lead to an unprecedented level of bank transactions during the next several years. They discuss the factors that should create the need and opportunity as well as present the challenges that have slowed substantial consolidation activity.

hat a difference a new year makes. Fueled by massive liquidity injection from the European Central Bank (ECB) and expectations of additional easing from central banks around the globe, stocks raced out of the starting gate and left bearish sentiment in the dust.

Emerging market stocks have historically provided differentiated performance compared to other important asset classes. Along with providing the impetus for growth in a long-term portfolio, including emerging market stocks as part of an asset mix may help improve the risk-reward ratio of a portfolio because of its inherent diversification benefits.