Despite the market rebound in 2023, the asset and wealth managementindustries are still facing a long-term shift in the macroeconomicenvironment. For nearly 15 years since the Global FinancialCrisis, a period of low, stable inflation and strong markets, buoyed bysupportive monetary and fiscal policies, reigned over most of thedeveloped world. This goldilocks period was disrupted in 2022, whencentral banks aggressively raised interest rates to tame inflation,leading to a simultaneous pullback in equity and fixed income markets.The continued shift toward protectionism, nationalism, andmultipolarity has further exacerbated these macroeconomic challenges,ushering in a world order characterized by more restrictivecentral banks, less fiscal flexibility, and greater geopolitical instability that will likely take a toll on global growth and wealth creation.