What’s shaping the investment landscape in 2025?

From macro-economic uncertainties to geopolitical tensions, the factors impacting the investment landscape are legion. What is top of mind for asset & wealth management leaders? We catch up with Anja Hochberg, Head of Multi-Asset Solutions at Zurcher Kantonalbank, to explore the key pain points and interest areas.

What’s the biggest investment challenge that you face in 2025?

There are quite few starting with economic and geopolitical uncertainty which could translate into higher inflation and less interest rate cuts. In addition, we expect less market concentration but in general more moderate returns. This certainly requires more portfolio granularity and most likely a higher share of alternative investments. From a more regional (Swiss) point of view, there is the substantial risk of sliding back into negative interest rate territory. In addition, looming risks risk like a government debt crisis, geopolitical risk continue to loom.

What are the biggest changes you foresee happening to your allocation over the next six months – in which asset classes will you be increasing or decreasing?

While we never pre-commit, we look forward to increase our current neutral equity quota and would also be prepared to take more risk on the bond side.

Where are the biggest opportunities you see emerging?

We continue to like alternatives, especially private markets and gold. On the bond side, we like convertibles, corporate hybrids and emerging markets,

Which emerging markets stand out to you the most? How about China – too big a risk or a great opportunity?

China could be one of the biggest surprises in 2025 but still needs to be closely monitored.

What are you most excited to discuss and learn about at IMpower FundForum this year?

There is a long list of interesting topics:

• Geopolitics
• Future of sustainability
• Impact of AI
• Government debt
• Zero interest rates
• FX volatility
• Private markets
• New distribution channels

Join Anja Hochberg and 1,500+ of the most senior leaders in asset & wealth management at IMpower FundForum >>