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Corporate Moves

TD’s Epoch Investment Partners Names New COO

Phillipp Hensler will replace co-founder Timothy Taussig, who retires at the end of the year.

By Chris Butera

Philipp Hensler



Philipp Hensler is Epoch Investment Partners’ new president and chief operating officer, CIO has learned.

Hensler, 53, replaces Timothy Taussig, who is also a co-founder of the $44.2 billion business, which is the investment arm of TD Bank. Taussig will retire at the end of the year.

Hensler comes from Vontobel Asset Management, where he was president and chief executive officer for four and a half years. Before Vontobel, he was the head of distribution for Oppenheimer Funds. He also spent a decade at Deutsche Asset Management/DWS, where he was CEO of its New York-based distribution arm.

William Priest, Epoch’s co-founder, CEO, and co-CIO, expressed his optimism about the incoming executive. He anticipated working with Hensler to “lead Epoch together in the next phase of our evolution.”

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Hensler told CIO that he would be asking questions and talking to the staff “to get the culture right” before making any changes.

“I’m still the new kid on the block,” he said. “I’m not going to be arrogant and tell everyone on my first day that I know best.” 

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Home > News > Market Moves > Welcome to August: History Says It’s the Worst Month for the Market
Market Moves

Welcome to August: History Says It’s the Worst Month for the Market

Upsetting events have a way of showing up this month and hurting stocks, LPL’s Detrick warns.

By Larry Light

T.S. Eliot, a onetime financier, was wrong. For stocks, August is the cruelest month, with September coming in second-worst.

“Maybe it’s the back-to-school blues, but since 1980, there is no month with a worse average return” than August, said Ryan Detrick, LPL Research’s senior market strategist. “The calendar is something we should not ignore.” (For the record, Eliot, the great poet, worked for nine years handling foreign transactions for Lloyd’s bank in London.)

In New York on Wednesday, the market hardly seemed headed for a wasteland. Stocks closed mixed, with the S&P 500 and the Dow Jones Industrial Average down slightly amid news of possibly higher US tariffs on Chinese goods. The tech-heavy Nasdaq Composite, though, advanced 0.46% after Apple disclosed strong third-quarter earnings that took it closer to being the first $1 trillion company.

All well and good, but Detrick pointed out that August has a penchant for producing big events that cause trouble for the stock market. This month in 1990, he recounted, Iraq invaded Kuwait. Stocks tanked. The Asian financial crisis hit in August 1997. Stocks tanked again. And the next year featured the demise of Long-Term Capital Management. Stocks and … well, you know.

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Then, August 2010 was vexed by worries over the global economy. And 12 months later, there was the US debt downgrade. Detrick wound up with 2015’s woes over “China currency issues and a 1,000 Dow drop.”

Nonetheless, Detrick said he still expects stock market gains of 10%-plus for 2018. “Thanks to the benefits of fiscal policy and strong corporate profits,” he explained, “suitable investors may consider using any potential late summer weakness as an opportunity to add to risk.”

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