Client notes
Comments and short stories from committees and stewards who worked through correlation briefings with us.
Voices from recent rooms
“We finally stopped treating Asia–US equity links as a single number. The regime split they drew for 2019–2024 gave our risk committee a place to disagree productively.”
— Investment committee chair, Bangkok family office · Global Index Correlation Briefing
“The pair deep-dive on SET and regional financials took longer than we hoped to schedule, but the stress window they isolated was exactly the period our hedge had underperformed.”
— Portfolio steward, ASEAN multi-asset desk · Index Pair Deep Dive
“Their stress review of the 2022 rate shock did not flatter our prior assumptions. That honesty was useful — we revised how we write correlation caveats into the IPS appendix.”
— Risk lead, regional insurer · Cross-Market Stress Review
“Quarterly memos are short enough that the chair actually reads them. I wish the optional call slots were easier to book in March and September, but the written flag on EM–DM equity clustering saved us a long digression.”
— COO, multi-family office · Quarterly Correlation Watch
Extended note: ASEAN equity mesh before a mandate refresh
A Bangkok family office approached us ahead of rewriting the equity sleeve of their investment policy. They held overlapping exposure to SET, regional financials, and a global developed-market equity gauge, yet committee minutes still referred to “Asia correlation” as if it were one dial.
We ran a Global Index Correlation Briefing over eight indices and a ten-year window. The pack highlighted two calm-period clusters that broke during the 2020 liquidity episode and again during the 2022 rate path, plus a stubborn link between their regional financials basket and a US rate index that had not appeared in prior consultant slides.
The live session spent most of its ninety minutes on those breaks. The chair asked for one follow-up chart set — delivered within the included round — and the revised IPS language later cited the briefing by date rather than importing a generic heatmap from elsewhere.
Extended note: Stress windows for a hedge conversation
An ASEAN multi-asset desk commissioned a Cross-Market Stress Review after a rate-hedge sleeve lagged expectations. They named three windows. Our review showed their assumed equity–rate co-movement held in only one of the three; the other two were dominated by regional equity–equity clustering that the hedge was never designed to address.
They did not ask us to redesign the hedge — that sat with their licensed advisers — but the written review became the shared reference for the next risk subcommittee.