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The golden age of active bond management - In the Spotlight, by Philippe Uzan

Market analysis - 5/4/2018

The last 20 years have seen serious upheavals in Europe’s financial markets and portfolio construction.

The single market still has progress to make as far as goods and services are concerned, but the single currency has significantly broadened the research universe for European investors both in equity and fixed income. Since 2000, it has helped euro-denominated debt attain critical mass and stimulated growth in the corporate bond market.

The 2008 financial crisis reinforced moves towards banking disintermediation, underpinning growth and diversification across all European bond segments. Europe has, in fact, become almost as deep and varied a market as US dollar-denominated debt where very large active mutual funds have been around for some time.

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