The third episode of Gamma Explains is all about how to read financial markets – the places where financial assets, ranging from stocks and bonds to currencies and commodities, are traded.
Understanding what financial markets are and how they function is crucial for any type of investor and investment in order to facilitate the allocation of capital and resources. This includes knowing the key variables that need to be considered to read the markets correctly – such as interest rates, inflation and geopolitical events, among other examples.
Against this backdrop, Andrea Beltratti, Chairman of the EFG Gamma Foundation and Full Professor at Bocconi University, and Moz Afzal, Global Chief Investment Officer of EFG International, provide a definition of financial markets – outlining the differences between primary and secondary markets – and they compare market-based and intermediary-based systems. They also look at the differences between mature and emerging markets, highlighting the strengths and weaknesses of each type of market in different situations.
Andrea Beltratti
Andrea Beltratti is Full Professor in the Department of Finance at Bocconi University, Academic Director of the Executive Master in Finance – EMF at SDA Bocconi School of Management, Chairman of Revo Insurance and Chairman of the EFG Gamma Foundation.
He had been Chairman of Eurizon Capital until 2024 and of the Management Board of Intesa Sanpaolo until May 2013.
Andrea has a Ph.D. in Economics from Yale University, where he wrote a dissertation on financial market volatility under the supervision of Prof. Robert Shiller.
He has been member of the Board of Directors of EFAMA (European Fund and Asset Management Association), President of the FEDUF (Fondazione per Educazione Finanziaria), and part of Investment Committees of institutional investors.
Moz Afzal
Moz Afzal is the Group Chief Investment Officer (CIO) and a member of the Global Business Committee of EFG International since 01 February 2024.
As part of his global role, Moz Afzal oversees EFG’s Asset Management activities, and is the Chief Executive Officer (CEO) of EFG Asset Management.
Moz Afzal first joined EFG in 1994. He was appointed as Head of Investments for EFG Private Bank (UK) Ltd in March 2003 and became Chief Investment Officer of EFG International in 2010. During his tenure at EFG, Moz Afzal has held a number of roles, including managing a series of fixed income, equity and multi-asset portfolios targeted at retail, professional and institutional clients. He currently chairs EFG’s Asset Allocation Committee, as well as a number of sub-committees, including the Private Markets Sub-Committee.
Prior to joining EFG, Moz Afzal was an analyst in the Macro-economic Policy Division at HM Treasury.
Moz Afzal was born in 1968 and is a British citizen. He holds a BSc Hons Degree in Mathematics and Business from Middlesex University and an MBA from Aston University.
