Returns will be significantly lower

Frankfurt It is one of the largest investors on the international capital markets: the US fund company Pimco, which belongs to Allianz. The bond house manages more than two trillion dollars in assets. When your investment experts speak up, that matters. And Andrew Balls, who heads the global fixed-income securities business at Pimco, has bad news: Investors, Balls explains in an interview with Handelsblatt, have to be prepared for greater fluctuations in the markets, coupled with lower returns across all asset classes.

“Compared to the past ten years, returns are likely to be significantly lower in almost all asset classes over the next five years,” he says. The risks would increase noticeably. Balls explains: “The time in which the central banks could significantly limit exchange rate fluctuations is over.”