Ep 31 - Goldman Sachs Asset Management and PivotalPath on the positive hedge fund outlook in 2025

In a special episode recorded at the start of 2025, AFI founder and podcast host Will Wainewright is joined by Richard Quigley and Jon Caplis, industry leaders from Goldman Sachs Asset Management and PivotalPath, to review hedge fund performance and look ahead to key trends in asset allocation, launches and other key areas which will shape 2025. See show notes and bios below.

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Release date: 23 January 2025 (recorded on 15 January 2025)

2:43 - RQ's positive longer-term view on hedge fund performance.

5:08 - JC's overview of hedge fund performance in 2024.

9:47 - JC on strong "high-quality" launch environment.

12:41 - RQ says GSAM continues to be very active in launch market, "exciting" outlook particularly in last year or two.

16:40 - RQ on renaissance in managed account use.

18:07 - RQ on multi-manager dominance and its implications.

20:32 - JC on multi-PMs' huge influence now, impact on so many industry trends.

23:38 - RQ on asset allocation trends, sentiment

26:10 - More value now attached to liquidity, says JC.

27:14 - RQ warnings on capacity, complexity and fees.

29:00 - JC on importance of accurate benchmarking.

33:35 - RQ agrees, points out the difference between returns is alpha, an incredibly important dimension.

34:42 - Customisation trend makes it even more crucial to get benchmarking right, says JC.

35:43 - 2025 key trends. RQ says higher flows.

37:48 - JC sees consolidation ahead in 2025.

BIOs:

Richard Quigley is global head leading the hedge fund client business at Goldman Sachs Asset Management, responsible for all business dimensions of its $27bn hedge fund strategies platform. He is also co-chair of the Portfolio Construction Investment Committee and lead portfolio manager for its largest strategic partnerships.

Jon Caplis is founder and CEO at PivotalPath, responsible for strategy and overseeing all aspects of the firm’s operations. PivotalPath is a leading hedge fund research firm, which provides institutional investors with over $400bn in combined hedge fund investments with valuable insights and necessary tools for informed investment decisions.

*Not investment advice. Past performance is no guarantee of future returns*

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