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1、Maria Vassalou,PhD Pictet Research InstituteChris Alden,PhDLondon School of EconomicsBRICS+and contested global leadership in an era of great power competition pIctet group March 2025Implications for investment managementDivisive bilateral disputes between BRICS+members and the fearsome rhetoric of

2、nationalist politics do not mean its leaders will not find a way to cooperate to achieve their common objectives.The BRICS+countries have more than enough incentive to extend mutual cooperation in their overriding imperative to reform the existing international system,sideline the West,gain a firmer

3、 hold on international institutions and build up a strong base for strategic autonomy.This underlines the importance of understanding their motivations for forming and developing the coalition,with a view to discerning how its rise affects the investment universe.3Executive SummaryOur approach to in

4、vesting over the last three decades has relied on assumptions about three key dynamics that have underpinned the global order in the post-Cold War era:unfet-tered free trade,globalisation,and world peace being assured under the Western-led international system.These dynamics have been synonymous wit

5、h the free movement of goods,cap-ital,people and information,and the absence of systemic con-flict between rival powers.All these three premises can no longer be taken for grant-ed and are now in fact being challenged at a time of profound change in the global geopolitical and economic order.This is

6、 the context in which the BRICS+coalition has emerged.In an increasingly polarised world,BRICS+is devel-oping as a counterweight to the G7 by giving agency and in-fluence to countries in the Global South that are dissatisfied with the existing international system.Moreover,the coali-tion is gaining