Our briefing for Thursday, February 3, 2022:

• Figures presented by the American Centers for Disease Control (CDC) on Wednesday suggest that vaccinated people are 14 times less likely to die from Covid-19 than non-vaccinated people. The U.S. population has reached a 64 per cent vaccination rate yet only 42 per cent of eligible people in the country have received their third dose. According to CDC director Dr. Rochelle Walensky, who presented the numbers based on 25 jurisdictions across the U.S., says that boosted Americans are 97 per cent less like to die from the virus. The data suggests that out of 100,000 people, 9.7 unvaccinated people were killed from Covid-19, compared to 0.7 of those fully vaccinated and 0.1 of the boosted. Dr. Anthony Fauci, Chief Medical Advisor to the President said of the study that “the data are really stunningly obvious why a booster is really very important.’’ The two spoke at a brief press conference on Wednesday and were able to confirm that the Omicron wave was slowly subsiding, with new cases nationwide down 36 per cent, bringing the new daily case average to 446,000 compared to the previous week.
  
  
• The Canadian province of Ontario is set to begin a partial reopening next Monday after lockdown restriction were imposed late last year. Ontario’s top doctor, Dr. Kieran Moore is expected to give a news conference on Thursday that will detail the province’s plan despite analysis from modelling software that shows cases will rise if restrictions are eased. Due to limited PCR testing, pandemic advisers are not sure by how much the cases will increase but have said it will depend on how many people have already been infected without knowing. Restaurants, gyms, and theaters will reopen with half capacity and proof of vaccination requirements to enter. Social gatherings are limited to a maximum of 10 people in an indoor setting and several types of elective surgeries, that were paused to reduce strain on the health care system, are allowed to resume. On February 21, indoor gatherings will be increased to 25 people and 100 people outdoor.
  
  
• The United Kingdom has approved the protein based Novavax vaccine for use in people over age 18 to combat what officials are calling the next phase of the pandemic. In a U.S. trial conducted last year, Novavax was found to be 90 per cent effective against a variety of variants, including Delta, and experts are suggesting that it may also be effective against the Omicron variant. Unlike previous vaccines, the Novavax shot is not based off genetic material and instead uses protein solutions to combat infection. The UK Vaccine Taskforce placed an order for 60 million doses in 2020 and says that the new jab could be used as a booster by next winter after the company has tweaked its properties to become effective against the Omicron variant. Professor Paul Heath, of St George's, University of London, who led a clinical trial of the vaccine, said “anecdotally we believe there are people out there who have been waiting for a vaccine which has been developed with a more traditional platform.” Heath continued that due to the less experimental nature of the Novavax shot, people may be more likely to receive it. "I suspect those who have not been vaccinated yet may now be more inclined to be - and that's what we need," he said.
  
  
• Dr. Hans Kluge, director of the World Health Organization (WHO) said in a press conference on Thursday that Europe is entering a “plausible endgame” to the pandemic. As the number of new cases has begun to plateau across Europe, Kluge said that there is a “singular opportunity” for countries to regain control over transmission of the virus. The increased number of vaccinations, the virus’ tendency to spread less in warmer weather, and the decreased severity of the Omicron variant are three important factors that will give European nations a chance at controlling the virus once and for all. “This period of higher protection should be seen as a cease-fire that could bring us enduring peace,” Kluge said. As winter ends in Europe, and more protections against the virus become available, Kluge believes that there is a “much higher level of population defense against any resurgence in transmission.” He continued that if a new variant was to emerge, that nations will be able to keep it in check provided that immunization and boosting efforts remain in place.
  
  
• On Thursday, South Korea started to enforce a new Covid-19 testing strategy that will be more focused on rapid testing after a record-breaking number of new cases were reported following the Chinese New Year celebrations. The Korea Disease Control and Prevention Agency recorded 22,907 new cases on Thursday after reporting just over 20,000 the day before. The numbers have increased fivefold since January when the Omicron variant officially became the dominant strain in the country. Citizens lined up across several city blocks as rapid tests were distributed by health care workers, who then approved further testing for anyone that tested positive. The new strategy will see PCR tests be made available only for those at high-risk of infection, such as the elderly and health professionals. Until Thursday, most tests in the country were administered at hospitals and as cases rise, the process which involves several rounds of professionals, was becoming too costly. The government is now increasing the availability of at-home tests and decreasing the isolation period required after testing positive, citing disruptions to workplaces and essential services if large numbers of people are quarantined.

Investors Are Turning to Active Managers — Even if ‘They Can’t Predict the Future’

Brief: Amid inflation worries and market volatility, a growing number of institutional investors are beginning to hand over the portfolio reins to active managers. The trend can be seen in the findings of a November CoreData Research survey of 378 global institutional investors. When institutional investors were asked what they considered to be the most important elements of portfolio construction in the current economic environment, 31 percent pointed to the need to hire skilled active managers. Thirty-seven percent of institutional investor respondents identified the importance of diversifying into uncorrelated assets. Institutional investors indicated that they believe inflation will pose the biggest risk to their investment portfolios in the coming year.

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Hit by the ‘Great Resignation,’Marketing and Distribution Jobs Are Plentiful in Alternatives. But Competition Is Still Fierce.

Brief: Last year’s tight labor markets are given marketing and distribution professionals in alternative investments a lot more job mobility and the opportunity to earn a higher paycheck. According to Sasha Jensen, founder of eponymous executive search firm Jensen Partners, compensation skyrocketed for these professionals, including those in junior roles. This comes alongside more movement generally in the industry. With increasing competition among alternative investment managers for investors’ capital, firms are in search of the right employees to raise funds. What’s more, long-established and new alternatives firms have started launching new products and strategies — meaning there are more jobs for the taking. “The Great Resignation in our universe just meant multiples of new hiring,” Jensen said. But it’s not as though companies are struggling to find top talent.  

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