To say that the asset management industry is now going through a period of transition is stating the obvious; even before President Donald Trump came on board and kick-started the chaos in global markets in the past two months, the industry has been facing the collective headwinds in the new era of geopolitics that have shaped trade and investments, changing demographics, and the impact of the artificial intelligence revolution – and all these coming at a time of the energy transition.
Trump’s machination (if there is one) will continue for as long as he is in office, meaning that we will have to sit through this show for the next 1,359 days or so (at this time of writing) and the prevailing uncertainties that will certainly jangle the nerves even of those made of steel.
After the recent bout of extreme market volatility, a phase which has not been seen in decades, fund managers will no doubt be preparing for a roller-coaster ride this year. With prospects of a recession building in the US and Fed independence under threat, these are just two of the issues dominating the headlines and keeping fund managers awake at night.
In the meantime, the push back on ESG and climate change in the US has gathered momentum under Trump 2.0, and this has also spread to Europe, widely viewed as a leader in ESG regulations globally until recently.
Amid the growing backlash, fund outflows from so-called “sustainable” funds have been extended into the first quarter of this year in the US and in Europe, and net selling was recorded for the first time since 2018, with investors pulling out US$1.2 billion, according to data from Morningstar. In Europe, with defence stocks now in play and a political push to make the sector acceptable for ESG funds, it will be interesting to see how investors address this conundrum.
Against this push back in the US, asset owners in Asia, including pension funds and sovereign wealth funds, have publicly stated their long-term commitments to the United Nations’ sustainable development goals. Asia Asset Management, for its 30th Anniversary Special Edition in December 2025, will address these issues and speak to the asset owner community in Asia for their views.
In this latest edition featuring the winners of the Best of the Best Awards, we extend our heartiest congratulations to all of them for their excellent performance, dedication and perseverance.
We wish all of them continued success.
Tan Lee Hock
Founder and Publisher
Asia Asset Management
