inPerspective

Welcome to the first edition of our new quarterly institutional update, inPerspective. We hope, via the publication of this update, to provide over time an insight into how we invest and, in particular, as to how we use a distinctive, thematic approach to achieve perspective and fulfil our clients' objectives. In each edition of the newsletter we will explore a topical, investment-related issue and we will explain one of our investment strategies. In addition, we will provide regular information in each update about our investment team.

The third quarter was highly volatile in asset markets as the crisis in global credit markets turned rapidly into a crisis of solvency affecting some of the largest financial institutions in the world. In this first issue, we explain how our themes have influenced our recent approach to investment in the banking sector and we set out why we remain cautious about the outlook for banks. In particular, we describe how one of our latest themes, all change, formalises our conviction that the crisis in credit and financial markets will bring about significant changes in a banking context.