#2. Jonas Thulin – Erik Penser Bank

Jonas Thulin, Head of Asset Management, Erik Penser Bank

In this episode I had the opportunity to talk to Jonas Thulin, the head of asset management at Erik Penser Bank. Jonas is an economist by training and joined Penser in 2017. His previous roles include head of asset allocation and head of strategy and research at Nordea. Prior to Nordea, Jonas worked in London and New York as senior FX/FI strategist for Credit Agricole.

At Erik Penser Bank, Jonas is responsible for the management of the bank’s discretionary mandates which consists of a number of tailor made portfolios. He also runs a couple of funds that are based on the same allocation strategies as within the tailored mandates.

Jonas likes to put numbers behind everything that his team sets out to do in terms of strategies and allocations. This has resulted in a portfolio that to a large extent is optimized on cost efficiency and passive exposures such as ETF:s. He currently does not exclude active managed funds, but claims the reason is that he has not found funds that measure up against the passive products so far.

There is so much happening right now in the asset management arena so we constantly challenge how to build the most efficient portfolio. We all grew up with the 60/40 approach of stocks versus bonds but right now, given the latest mathematical advances, we can really challenge that foundation.

Jonas says he runs a very active mandate where the bank’s so-called house view is challenged more or less every day. Being an economist, there is obviously macroeconomic factors supporting his views in the longer term, but his team takes on more opportunistic shorter-term positions quite frequently, which has greatly supported the strong relative performance shown since Jonas took charge at Penser.

Unlike many of his industry peers, Jonas is very vocal about his market view, which currently suggest that there is more room to run for equities, despite the long bull run that has been driving prices higher for the last ten years.

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