L2 Capital

In today's episode, Marcelo López spoke with Vimal Gor, head of Fixed Income and Defensive Strategies at Pendal Group, an independent Australian asset manager with about US$100 billion in AUM, half of which is managed in Australia and the other half in England through the subsidiary JO Hambro Capital Management. Pendal is a listed company under the ticker PDL, in Australia. Vimal and his team are responsible for managing US$20 billion, allocated across different asset classes. Vimal Gor talks about a very important and unique subject, which he named “illusion of liquidity”. He started by explaining what he means by this and then describes the pockets of illiquidity in different markets. Vimal used a recent example to illustrate his point. He then explains this illiquidity issue considering the environment of strong monetary stimuli initiated during the 2007-2008 economic crisis. Gor gives his insights into the flattening of the US yield curve, with an explanation of the dynamics that are responsible for its m