Dear private wealth community,

On 12 November, fund manager Alasdair Ross will present his Enhanced Money Market strategy, the Threadneedle (Lux) Global Investment Grade Credit Opportunities Fund, in a webinar. The Absolute Return Fund seeks positive returns above money market levels by investing in Columbia Threadneedle's best investment ideas in the global investment grade universe and combining them with long / short credit default swaps. The strategy follows our proven approach to credit portfolio management.

Registration: https://www.anmelden.org/globaligopps_nov2019/

We are looking forward to meeting you online!
Best regards,

Moritz Eckes
-Editor-

Dear Readers,

we have read a lot about the topic "Italy" in the last days.

Lucas Daalder, Robeco's chief investment strategist, wrote a very good summary.

Of particular interest is his analysis of the distribution of Italy's public debt. Contrary to what is often said, Italy is obviously not primarily indebted to its own countrymen. Major creditors are foreigners (35 per cent) and central banks (just under 20 per cent)

This underlines Italy's potential for blackmail in the negotiations with the other euro countries. Political stock markets may have short legs. In the long term, the path to a transfer union, which is also discussed in the current issue of private wealth (see Lerbacher Runde, page 57ff.), is a danger that should not be underestimated.