Banks’ collapse sparks new active-passive debate
The asset managers presenting to the 2023 Investment Forum event in Cape Town and Johannesburg, early-March 2023, had to make some quick ‘tweaks’ to their presentations as news of the SVB Bank and Signature Bank failures in the US brought back memories of the 2008-9 Global Financial Crisis (GFC). One of the presenters who was anxiously checking market data as he stepped up to the Investment Forum stage was Duncan Artus, Chief Investment Officer at Allan Gray, who set out to answer whether investors rather than central banks needed to ‘pivot’ in response to high inflation and rising interest rates.