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Daniel McNicholas, Director, Merrill LynchDan McNicholas is a Director at Merrill Lynch in Hong Kong and is Head of Financing Sales for Global Markets Financing & Futures in the Pacific Rim. Dan manages the sales, consulting and capital introductions activities associated with prime brokerage, equity swaps, securities lending and futures. He joined Merrill Lynch in May of 2008 after spending the previous 5 years at Lehman Brothers in a similar role. Dan started his career selling and executing total return swaps with Deutsche Bank in New York. Dan earned a Bachelor of Science in Accounting from the University of Notre Dame and a Masters in Finance and International Business from New York University’s Stern School of Business.
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The scale of superannuation funds and their allocation to growth assets – particularly US equities – illustrates a systemic risk that could arise if the US market were to decline significantly. The Fiduciary Investors Symposium heard that the probability of zero or lower real returns for a decade or more isn’t trivial, and that a decline, if it comes, is less likely to be a short, sharp shock than a slow grind downwards.






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