美世咨询（Mercer）：2025年金融中介机构投资的首要考虑因素分析报告（英文版）（15页）.pdf

1、Top considerations for financial intermediaries 2025Top considerations for financial intermediaries 20252Executive summary In recent years,financial intermediaries have had to navigate an investment landscape transformed by the converging risks of high inflation,rising yields and market volatility.B

2、etween 2010 and 2020,inflation across the 38 OECD member countries hovered between 0%and 3%.By October 2022,aggregate inflation had surged to peak above 10.7%,1 transforming global monetary policy and the risk and market backdrop for global portfolios.Since then,the trajectories of global interest r

3、ates and inflation have dominated the market narrative,with markets gauging the likelihood of central bankers successfully navigating a soft landing for the global economy.Our annual Themes and Opportunities paper for 2025,Swing state,explores the evolving structural trends expected to shape portfol

4、ios over the next five years and beyond.The paper aims to support investors with long-term horizons,such as financial intermediaries and their clients,to evaluate strategic priorities across asset allocations.This years paper underscores the importance of adaptable approaches to balance risk and opp

5、ortunity.A focal point of the paper is rising concentration risk within global equity markets,where a narrow set of high-performing stocks dominates returns,potentially increasing vulnerability to market corrections.Paired with the complexities of a new macroeconomic regime characterized by persiste

6、nt inflationary pressures,elevated interest rates and a shifting geopolitical landscape the potential for heightened volatility has grown.Swing state explores how these dynamics may challenge traditional investment models,highlighting the need for diversified,forward-looking strategies that can resp