Brad Bugg: We believe so. We see markets as becoming increasingly expensive and there's lots of risks out there. What will be the risk that breaks the camel's back in terms of disrupting markets from their strong returns over the last couple of years, we are not exactly sure. And to try and guard against that, we think investors are best to take a multi-asset approach by taking a diversified approach to both equities, bonds, alternatives and cash and blending those assets in such a way where their portfolio is protected against a number of different risks.

As I mentioned, we see most markets as pretty expensive at the current time. But we still do see some asset classes, regions and sectors that are still attractive and are going to offer investors some good returns over the next couple of years.

Probably the first of those is emerging markets. We think emerging markets offer investors better fundamentals and less stretched valuations. So, on that basis, they are going to offer a much better reward for risk. Japan is another part of the world that we like. We really like sort of the corporate governance change which is going on there, and that should lead to higher returns for investors. And I think sort of in the more defensive space, we see sort of the rising bond yields that are coming out of Australia and with the cash rate likely to stay on hold here for quite some time, Australian bonds could offer some value to investors in that time as well.

There's a number of ways investors can sort of access these multi-asset or diversified offerings. First of all, probably for investors with lower amounts to invest is through a managed fund. They can easily do that by sort of just filling out a prospectus and then investing money that way.

And for those investors who have higher balances to invest, maybe they can explore sort of a managed account structure which gives them the direct ownership of the underlying securities, greater transparency. And we think that's a very interesting way for investors to explore getting access to a diversified portfolio.

We think sort of taking a combined approach is the best way to go about it. The reason for that is that we believe that there's certain asset classes which lean themselves towards a passive approach, whilst there's other asset classes which lean themselves towards a more active approach.

In terms of passive exposure, we believe getting exposure to Australian bonds through a benchmark-type exposure is probably the best way to do that. We think that sort of over the last 5 to 10 years active managers have done a poor job of delivering active returns after fees. While in terms of the equity space, we think that being able to exploit sort of benchmark weights, whether that would be by sector or country exposure, managers who have that insight can deliver strong active return. So, that's a space which we consider good for active exposure.