For more information contact: emailus@marcusevans.com An interview with Michael PeQueen, a speaker at the marcus evans Private Wealth Management Summit Fall 2013 talks about how a stronger US dollar should impact asset allocation decisions. Join the 2014 Private Wealth Management Summit along with leading regional investors in an intimate environment for a highly focused discussion on the latest investment strategies in the market. For more information contact: emailus@marcusevans.com

1. Why Wealth Managers Must Reconsider their
Asset Allocation Strategy
growth rate is below trend, it will
surpass that of most other developed
economies. It is our belief that we are
entering a period of US market
outperformance relative to global
markets and, as a result, are
overweight large-capitalization US
equities.
How will a strong US dollar impact
your asset allocation strategy?
Interview with: Michael PeQueen,
CFA, CFP, Managing Director and
Partner, HighTower Advisors
Private wealth managers must take a
deep look into their asset allocation
strategy, recommends Michael
PeQueen, CFA, CFP, Managing Director
and Partner, HighTower Advisors. “We
are at a turning point with regard to the
strength of the dollar, so asset
allocation decisions that were
appropriate two years ago may not be
suitable for the next five to seven
years,” he adds.
PeQueen is a speaker at the marcus
evans Private Wealth Management
Summit Fall 2013, taking place in Las
Vegas, Nevada, December 8-10.
What is your economic outlook for
2014 and beyond?
We expect moderate growth in 2014,
led by the US, where fundamentals are
stronger. The nascent European
recovery is encouraging, but the US will
be the center of most positive
developments. China’s actual growth
rate is also a primary focus of our
portfolio management team, and we are
uncertain to what degree the Chinese
authorities will support GDP growth.
There is a good chance that the US
equity market will grind higher, largely
due to multiple expansion. Currently,
we are focused on the technology and
healthcare sectors. While the US GDP
We believe the dollar is at the beginning
of a multi-year move up and that is at
the root of why we believe North
America, and US equities in particular,
make a great deal of sense. We expect
significant flows into this market in the
next few years. Dollar moves are
typically multi-year events, so we are
focusing on the companies that largely
deal with North American customers and
therefore unlikely to suffer from large
currency translation losses when they
have to report their earnings.
For decades now, private wealth
managers have been hearing that they
must be more geographically diversified
and move more assets outside of the
US.
Now, for the first time, we are seeing a
very different scenario where returns
over the next five to ten years may
come from overweighting US equities.
What implications does this have
for family offices?
This means that family offices have to
take a long, hard look at their strategic
asset allocation, which had been
migrating more and more towards
international and alternative assets, and
consider increasing US exposure.
The single most important decision that
any steward of wealth can make with
regard to the composition of the
portfolio is the asset allocation formula,
but many wealth managers may not
have focused on this to the extent
required. This is the right time to
reconsider asset allocation, as what
worked a few years ago will not
necessarily work for the next several
years.
Any final words of advice?
The roles of private wealth manager and
family office director are evolving and
must include a renewed focus on global
economics. If they are not fully aware of
trends in currencies and trade, then
they are not fully capable of making the
optimal strategic decisions for the
portfolio.
The dollar
is at the
beginning
of a
multi-year
move up

2. About the Private Wealth Management Summit Fall 2013
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The Summit includes presentations on the global market outlook for 2014, the key
trends shaping the industry, fresh approaches to portfolio construction and
formulating winning asset allocation strategies.
www.privatewealthsummit.com
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To view the web version of this interview, please click here: www.privatewealthsummit.com/MichaelPeQueen