Insights Now Insights for the future of investing
Dec 18, 2025
Andrea Lisher, Head of Americas Client at J.P. Morgan Asset Management, shares her insights into the evolving investment landscape. She discusses the resurgence of fixed income and the strategic shift towards international equities for better portfolio diversification. Lisher emphasizes the democratization of alternatives and the critical role of active ETFs in modern investing. With technology paving the way for personalized investment solutions, she highlights that while AI enhances advisor capabilities, it cannot replace the essential human connection in finance.
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Fixed Income's Comeback And Rebalancing
- Fixed income regained prominence in 2025 as clients moved out of cash into short-duration and core strategies.
- U.S. large-cap remains dominant but flows into international large-cap show portfolios are starting to rebalance.
Private Alternatives Becoming Mainstream
- Private alternatives are moving from institutional-only to more accessible wrappers for wealth clients.
- A plausible long-term shift could see a 60-40 evolve toward a 50-30 with alternatives filling a meaningful slot.
Vet Democratized Private Products Carefully
- Do scrutinize democratized private products because they differ materially from institutional offerings.
- Prioritize manager selection and understand liquidity trade-offs before allocating to alternatives.