1、 Getty ImagesGlobal Asset Management Practice The Great Reset:North American asset management in 2022October 2022Global Asset Management Practice The Great Reset:North American asset management in 2022October 2022ContentsIntroduction In the beginning,a position of(apparent)strength 5A turning of the

2、 tide in 2022 11 Industry trends:Change,but much stays the same 14123Where do we go from here?19 Managing uncertainty with an“all-weather”agenda 22 45Global markets hit an inflection point in 2022.A decade of relative calm following the global financial crisisincluding two years of supernormal retur

3、ns after the initial shock of the pandemicgave way to a new reality of supply-side disruptions,geopolitical tensions,and surging inflationary pressures.These factors have triggered a fundamental reset of macroeconomic policy and a fading away of the familiar backdrop of rapidly globalizing trade and

4、 capital flows,lower-for-longer interest rates,expanding central-bank balance sheets,and accommodative fiscal policy(Exhibit 1).As the persistentand,some would argue,secularnature of these shifts became apparent,asset owners and asset managers alike have recalibrated their assumptions about pricing

5、risk across the investable universe.The reset button has been hit for nearly every major asset class.Equities retreated from their historical highs in late 2021,with the S&P 500 declining by 20.6 percent over the first six months of 2022,its worst performance since 1970.Fixed income,once a reliable

6、ballast against market downturns,suffered a 10 percent decline in the same period in the face of inflationary pressuresIntroductionExhibit 1 There was a major reset of macroeconomic conditions in 2022.There was a major reset of macroeconomic conditions in 2022.Real GDP growth,Quarterly%change from p