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If central banks do not cut rates, their authority could start to be undermined because they have raised expectations about lower rates to the point where it would be awkward to backtrack. This may provide an incentive to cut rates—good news for markets in the short term, but not necessarily in the long term.There is also a non-optimal solution in that central bank action is partly being used to counter the effects of an esclation in the trade dispute. This situation has a direct bearing on the six investment themes for 2019 and the macroeconomic forecasts for 2020.

Demographic shifts are poised to bring about significant changes in the philanthropic market, and this evolution is being accelerated by the emergence of newer, more dynamic models for giving as Generation X and millennials take over the charitable giving from their parents and grandparents. With a new generation of philanthropists seeing themselves as social investors, non-profits must also redefine their philanthropic mission and strategies toward a “for-purpose” path.

The Fine Art insurance market is beginning to harden. Personal insurance companies are offering less coverage in catastrophic areas and Lloyd is closing some of their business units, including some who write insurance for Fine Art.

Anticipating cash flows in and out of an investment program is a vital consideration in portfolio construction for high-net-worth individuals and their families.

When developing capital market assumptions, most forecasters start with assumptions around two of the most fundamental economic variables: growth and inflation. Research indicates that demographics influence both growth and inflation for a given region. The supporting data behind the phenomenon and other initial baseline assumptions outlines our capital market return forecasts for approximately 50 asset classes around the world for the next 10 years and are intended to guide investors in developing their long-term strategic asset allocations.

When a company is acquired, the buyer takes on new risks and exposure. In today’s M&A marketplace, EBITDA multiples are at peak levels. With valuations so high, it’s more important than ever to manage risks—known and unknown—that could affect ultimate returns. With that in mind, there are three key risk management questions you should ask your broker before acquiring a company.

All the major asset classes have delivered solid returns so far this year, even in the face of intensifying geopolitical tensions and slowing global growth. Looking at the second half of the year, expect the global growth slowdown to persist, with some geographic divergence. A backdrop of lower rates, moderate inflation, and fiscal and monetary policy actions should help extend the long expansion. However, the trade disputes present the biggest risk and could weaken the outlook.

If you are a global family and are considering an investment in the United States, you may have questions about the U.S. tax rules. Through a series of 10 key questions, answers are provided to help the non-U.S. individual investor better understand the U.S. tax system. Other takeaways, including reporting obligations and privacy concerns, may help mitigate the unintended application of U.S. tax.

Millions of new jobs have been created since 2010, with unemployment close to its lowest level since the late 60s. Though the U.S. has experienced one of the longest economic expansions ever, wage growth has been modest. Technological innovation and the impact of the Great Recession has altered labor market dynamics.

For most goals driven wealth management clients, meeting annual lifestyle needs is the top priority. This core lifestyle goal is funded by a dynamic asset allocation of risk-control assets within the Portfolio Reserve and risk assets, designed to protect annual lifestyle spending during times of market distress. This paper discusses its design, benefits, and the decision on when to activate it.