Insights from London
Our Chief Investment Officer, Devin, recently travelled to London to conduct meetings with several of our global asset management partners. These direct engagements provided invaluable insights into current market thinking, portfolio positioning, and forward-looking strategies across a range of asset classes. The report below highlights the key takeaways from these discussions .
Insights from London
Our June 2025 London trip provided valuable insights through in-depth discussions with leading fund managers and participation in key industry conferences. This immersive experience offered unparalleled transparency into diverse investment styles and innovative strategies, highlighting how professionals are navigating today's rapidly changing global financial landscape. We gained a clearer understanding of market sentiment, emerging risks, and potential growth from a European perspective.
Macroeconomic & AI Impact
High-level sessions covered significant macroeconomic shifts like persistent inflation, evolving interest rate policies, and geopolitical complexities. A central theme was the accelerating impact of Artificial Intelligence across all investment facets, from quantitative analysis to predictive modeling and automated trading. Discussions also explored the evolving role of financial advisors, emphasizing adaptation to sophisticated, digitally-driven client expectations.
Report Structure
This comprehensive document synthesizes the week long experiences, blending overarching thematic takeaways on macroeconomic trends and AI's transformative power with granular, manager-level details and specific investment insights. The goal is to present a cohesive and actionable story that not only summarizes our findings but also significantly strengthens our perspective and strategic recommendations for our valued clients, enhancing understanding and informing decision-making in a complex investment environment.
Macro & Market Insights: A Changing Global Landscape
A significant portion of the recent industry conference sessions was profoundly devoted to dissecting the global macroeconomic outlook and the intricate structural shifts underway in the investment environment. A particular highlight, drawing considerable attention and discussion, was a compelling keynote address titled "The Changing World" delivered by Charles Gave of Gavekal. This insightful presentation, hosted at Ninety One's distinguished forum, offered a sweeping historical context for understanding the nuances of the current macro regime, connecting past patterns to present dynamics and future possibilities. The depth of analysis provided a critical framework for attendees to grasp the broader forces at play.
Structural Economic Trends
Complementing the geopolitical perspective, a Bank of America strategist presented insights on structural economic trends in a session titled "Exponential Acceleration of AI and Innovation". This discussion, while centered on technology, also highlighted profound secular shifts occurring across the global economy and resource landscape. It underscored how rapid technological advancements, particularly in artificial intelligence, are not just changing specific industries but are fundamentally reshaping underlying economic structures and challenging long-held assumptions about corporate longevity and resource availability.
Technology & AI Revolution in Investing
If macro is the grand canvas, technology 3 especially artificial intelligence 3 is the new paint transforming the picture. Throughout the trip, the pervasiveness of AI's impact was a recurring theme. In conference sessions and manager meetings alike, it became evident that AI is accelerating the pace of change across all investment styles and asset classes. The BofA session on "Exponential Innovation" provided a framework for understanding this acceleration. We learned that we are currently in the sixth major wave of innovation in modern history, driven primarily by AI. What distinguishes this wave is the exponential speed at which developments are happening, compressing the timeline of disruption.
Wealth Management in Transition: Evolving Client Expectations
Beyond macro and AI, the London conference also delved into the wealth management industry's evolution, which is highly relevant for our client-facing work. The landscape is shifting dramatically, driven by technological advancements, demographic changes, and an increasing complexity in global financial markets. Advisors are no longer just managing portfolios; they are becoming comprehensive financial navigators. A comprehensive 2025 wealth management survey was presented (covering 3,500 clients globally, including 300 in the UK), and it revealed a number of critical trends in what clients expect from their advisors and firms. This survey offers a timely snapshot of how client relationships are evolving and what firms need to prioritize to remain competitive and deliver genuine value in the years to come.
The Advisor's Evolving Role
In fact, the advisor's role is arguably more important than ever. Clients still look to their advisor for judgment, empathy, and holistic understanding 3 things a chatbot cannot provide. We saw evidence: a significant portion of clients (especially high-net-worth and older ones) want more personal interaction, not less. They want their advisor to interpret what an AI insight means for them, to incorporate emotional and family context into advice, and to provide a sense of security that a human is watching over their financial well-being. With so much information (and disinformation) swirling 3 often amplified by technology 3 the advisor's role as a trusted guide and filter is invaluable.
Conclusion
The London investment trip provided a panoramic view of a financial world in transformation. On the one hand, timeless principles 3 building trust, understanding clients, fundamental research 3 remain as critical as ever. We saw that in how candid discussions with fund managers like Ranmore and Clearance deepened our conviction in their processes, and in how advisors are doubling down on personal relationships and holistic service. On the other hand, the context around those principles is rapidly evolving. Macro power is shifting eastward, innovation cycles are speeding up, and AI is infusing itself into every corner of business and investing.
