Speaking at a panel on multi-asset investing at this year's Square Mile Conference, he said that a 'higher for longer' interest rates regime was "a good thing" and argued that "we should not fear high inflation but accept inflation is back".
Jane said that slightly higher inflation "oils the wheels" of the economy and deals with fiscal deficits, "smoothing the way through going forward".
Although admitting higher inflation will cause higher volatility, he argued it will also create a "higher nominal return environment" with better bond yields.
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Paul Flood, head of mixed asset investment at Newton Investment Management, disagreed with Jane, stating that inflation was a "scourge" as it created "huge uncertainty" as well as the risk of a hard landing if it fails to get close to target.
Over the long term, Flood said that the end of globalisation was going to propel inflation upward, especially while companies were trying to bring manufacturing "back to the West", which will lead to products, services and labour to cost more.
Looking ahead, he said the current environment provided "huge opportunities" for multi-asset active managers to reallocate between cycles, as there were more opportunities for flexibility as well.
But Keith Balmer, director and portfolio manager within Columbia Threadneedle Investments' multi-asset team, noted this flexibility should not focus on a single style of investing.
Despite the passive industry bringing down all their costs and leading to investors getting more returns, Balmer argued for a "blend" of different styles to "get a better portfolio".
On the issue of portfolio construction, Flood and Jane took opposing sides on the 60/40 debate.
Flood argued the traditional 60/40 portfolio had ended a decade ago, "when the US Treasury yield bottomed out at 1.5%", but it was now facing a "rebirth" as bonds will offer much better opportunities in terms of diversification in the near future.
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Jane argued the opposite, saying the 60/40 model performed well while there was a negative correlation between equities and bonds, whereas the current environment is "much more normal" with bonds and equities positively correlated.
He also said that with the current rate of inflation, which the Bank of England has said is set to remain high for at least until 2025, risk was on the downside at the long end of the bond market.
In this backdrop, multi-asset managers should focus on value stocks over growth, he noted, adding that managing a multi-asset fund with the idea that there was going to be a bear market "is wrong".