Meet our Chief Economist
Market research studies are still worthwhile. With a bit of patience, they can offer you the best return: your clients’ trust
Interview with Àlex Fusté
1. What are Andbank’s market analyses and forecasts based on?
They are based on market research studies, because the studies are independent and this gives you freedom - the freedom of not being obliged to change the composition of portfolios just because someone has changed their tack. We’re not claiming to achieve certainty. Certainty does not exist in economics, but not getting to the very bottom of things is the same as admitting you don’t want to get there. Something which, in my view, is unacceptable. But beware – when you think you’ve seen the evidence is when you run the greatest risk, as Napoleon Bonaparte once said, “Only fools believe they have achieved wisdom. Wise men, however, are still searching for it”. This is why we always raise a critical voice about our own position while at the same time encouraging constant discussion with the people who have opposing positions.
2. Apart from the bank’s overall macroeconomic view, do you conduct regular studies for the organization’s different jurisdictions?
No. That would be the same as admitting that certain information is only relevant to a particular jurisdiction, and there could be nothing further from the truth. I’ve always maintained that there is nothing more ridiculous than tackling the problems inherent to a region from a local viewpoint.
We draw up regular studies that might address global self-adjusting mechanisms (due to the lack of payment resources) or the fiscal policy of Peru. This doesn’t mean that the two studies have an immutable approach or result in independent conclusions. Absolutely not; it’s entirely possible that the conclusions of the former might determine those of the latter, even though it might be difficult to associate the two subjects.
Our studies might have a more general or a more specific approach, but our aim is to reveal the influences that come into play and how they determine our global vision. These studies are not restricted to specific jurisdictions but are explained to all our decision-making centres. Our intention is not to encourage regionalist viewpoints.
3. Which aspects of the global economy are of most concern to Private Banking clients?
The aspects that private banking clients are most concerned about relate to major assets such as the dollar, the stock market, the local fixed income market… in short, assets in which the client is most greatly exposed. It’s worth remembering, however, that the sphere of action in financial markets is much bigger than the one the client actually sees. This is a time in which the degree of globalization has reached the highest point in history. It is our obligation to guide our clients towards new investment environments. In short, towards new assets. Admittedly, on the one hand this gives rise to more aspects that clients need to be concerned about, but on the other it offers them more facilities to achieve the returns they are seeking.