Over the course of the decade or so that preceded the onset of the credit crisis in 2007, Newton Capital Management, a London-based BNY Mellon Asset Management investment boutique, had grown increasingly concerned about the overindebtedness of the Western consumer and financial system. With an investment approach that centers on global themes, such concerns were first expressed in Newton’s debt & credit theme about five years ago.

The popping of the credit bubble validated those concerns, and the firm has now shifted to considering the implications in the aftermath of the credit crisis. This paper introduces Newton’s new all change theme, which explores the implications of the very significant deleveraging now underway, and how the repercussions will affect the financial services industry, including asset management.

For more information or a hard copy please contact, please contact David Zigas at 617 248-6202.

The preceding information is based upon the analysis of historical performance of various asset classes and assumptions with respect to future economic conditions. Past performance is not an indication of future results. This information is not intended to provide specific advice, recommendations or projected returns of any particular BNY Mellon Asset Management product.