2025 Outlook

The prospect of a higher-for-longer interest rate environment is a theme we’ll be watching closely. We’re seeing sustained appetite for money market and liquidity solutions as investors seek to optimize their cash positions while maintaining flexibility. The growing sophistication of the family office ecosystem in Asia is particularly notable, with more multi-generational wealth management strategies emerging, driving demand for more complex and tailored investment solutions. This trend is likely to persist and is an area we’ll be focusing on in 2025.

Private markets in Asia continue to mature and evolve, offering increasingly sophisticated opportunities across private equity and private debt, and real assets. We expect this momentum to continue, driven by several factors: the need for portfolio diversification, attractive risk-adjusted returns, and also to capture emerging trends particularly in the lower and mid-markets which drive so much economic activity globally and in Asia.

In public equities, we believe 2025 will reward selective and differentiated stock selection in Asia, particularly in China where valuations are becoming increasingly attractive.

Environmental, Social, and Governance (ESG) considerations continue to grow in importance in Asia. We’re seeing accelerated adoption of ESG integration across the region, driven by both regulatory requirements and genuine investor demand.

Looking ahead, while challenges persist – including geopolitical tensions and global economic uncertainties – we maintain a constructive view on Asia Pacific markets. The region’s fundamental growth drivers, coupled with evolving market sophistication, continue to create compelling opportunities for discerning investors.