Chris Wagstaff

Articles from Chris Wagstaff

  • PUTTING TREND GROWTH BACK ON AN EVEN KEEL

    In early October the IMF cut its forecast for global growth in 2012 from 3.9% to 3.6%.  This was then followed by the OECD slashing its 2013 growth forecast from 2.2% to 1.4% at the end of November for those 34 wealthy countries that comprise its membership.  Nothing remarkable in that you might say.  However, perhaps more remarkable was the IMF’s paring of forecast growth for 2012 in the UK from an expansion of 0.2% to a contraction of 0.4%.  Even more remarkable still was the IMF’s sharply revised estimate of the UK’s sustainable growth rate from 2. ... ..read more
  • WHERE EXACTLY IS GROWTH GOING TO COME FROM?

    Against the backdrop of UK fiscal policy being in lock down mode, monetary policy arguably not being particularly effective in stimulating growth and with consumer and business confidence and spending still in the doldrums, where exactly is growth going to come from? After all, the Bank of England expects zero growth for 2012 and - with the economy having lost around 15% of potential output over the past 4 years and having contracted more than it did during the entire 1930s - believes we are only midway through pulling ourselves from the mire. The principal factor holding back the ... ..read more
  • LET'S SCRAP GROUPTHINK AND ENCOURAGE PRE-MORTEMS

    Moving to the next level of investment governance, version 3.0, is a move from doing things right to doing the right things, to thinking the right way. With ever greater complexity surrounding investment decision making, investment committees need to adopt an advanced level of governance to secure their scheme’s long-term financial health. Thinking the right way is not only instrumental to quality decision making but highly dependent on the size and composition of the scheme’s investment committee. The problem is most investment committees reflect the worst of both worlds: t ... ..read more
  • IS DOUBLE DIP INEVITABLE?

    No sooner had we started to accept that a double dip recession was perhaps inevitable, with the recently estimated 0.2 per cent contraction of the UK economy in 4Q11, along comes a raft of upbeat forward looking manufacturing and service sector survey data, not only for the UK but also for the world’s other leading economies, notably positive Chinese manufacturing survey data.  Indeed, when combined with the remarkably robust US employment figures - which saw 243,000 new jobs created in January sending the US unemployment rate to a 3 year low of 8.3 per cent – the emergin ... ..read more
  • MOVING TO INVESTMENT GOVERNANCE 2.0

    No one ever said trusteeship was easy.  In fact, with simplicity in many aspects of trusteeship and investment having given way to increased complexity, the need to continually improve upon the amount of time, skill, expertise and organisational effectiveness applied to running a scheme and in determining and monitoring its strategy is paramount.  In other words, scheme governance can never stand still. Investment governance 1.0  Scheme governance simply means doing things right to ensure that a scheme is well run.  At one level, it’s about the trustee boar ... ..read more
  • RISKS DB SCHEME TRUSTEES SHOULD IDENTIFY AND MANAGE

    Risk is one word but not one number    Risk can be variously defined but essentially risk means more things can happen than will happen.  Perhaps an unusual place to start is with Donald Rumsfeld’s infamous quote: “There are known, knowns.  These are the things that we know.  There are the known unknowns.  That is to say, there are things that we know we don’t know.  But there are also unknown unknowns.  These are the things we don’t know we don’t know.”  Although ridiculed at the time, Rumsfeld quite corre ... ..read more

Chris has over 25 years experience in the finance and investment industry – training, presenting, lecturing and writing on many aspects of economics, investment, pensions and asset management.

In addition to his role as Client Director, Executive Education at the Cass Business School, Chris is also a Visiting Fellow of the UK top-5 ranked business school, teaching on the Cass MSc programmes and researching pension issues for the Cass Pensions Institute. Chris is a Member Nominated Trustee Director of the DB and DC sections of the Aviva Staff Pension Scheme and a member of its Investment Committee as well being an Independent Trustee Director of the Merchant Navy Ratings Pension Scheme and Chair of its Investment Committee.

Chris was voted Most Influential Trustee at the mallowstreet Awards 2012 and was highly commended as Trustee of the Year at the Engaged Investor Trustee Awards.  He is also the co-author of The Trustee Guide to Investment.

Chris has an economics degree from Cardiff University and is a graduate of the London Business School Investment Management Evening Programme. He also holds the Chartered Institute for Securities and Investment Diploma, CII Personal Finance Society Diploma and the UK SIP Investment Management Certificate.

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