Key takeaways from our Global Family Office Forum 2025 | Barclays Private Bank

2025-10-25 11:35:18 · Barclays

Please note: Barclays does not endorse any of the individuals or companies referenced. The insights shared below do not constitute advice. 

We were delighted to welcome more than 130 clients to our second annual Global Family Office Forum at the beautiful and historic Old War Office in London. Here we offer a brief overview of the event and some the key takeaways.

In collaboration with Barclays Investment Bank, our aim was to offer thought-provoking insights and ideas to help family offices navigate this fast-evolving landscape and achieve long-term investment success. The event brought together industry experts and colleagues from across Barclays, to share their diverse perspectives on where the investment opportunities (and risks) lie and how they’re approaching them.

Sasha Wiggins, CEO, Barclays Private Bank and Wealth Management opened the forum with an engaging conversation with Dawn Fitzpatrick, CEO and CIO of Soros Fund Management covering her latest investment thinking, secular global macro themes, and some practical examples from her experience at Soros. The audience then heard from Christian Keller, Head of Economic Research, Barclays and Julien Lafargue, our Chief Market Strategist on the outlook for the global economy and the prospects for inflation, interest rates and growth.

In our first panel session, Makram Fares, Head of Equities EMEA, Barclays, was joined by Stephanie Butcher, Co-Head of Investments, Invesco and Fawaz Chaudhry, Partner and Head of Equities, Fulcrum Asset Management to discuss how they are invested in today’s market.

The focus then turned to the risks and opportunities of investing in private infrastructure, through a discussion with Mathias Burghardt, Executive Vice President of the Ardian Group, Thomas Woldbye, CEO of Heathrow Airport and Shenal Kakad, our Head of Private Markets.

The event concluded with a fascinating keynote from Kevin McCarthy, 55th Speaker of the US House of Representatives. In conversation with Andrew McDougall, Head of Geopolitical Risk at Barclays, Mr McCarthy shared his fascinating insights into US politics, the US economy, geopolitics and the future transformative power of artificial intelligence.

Key takeaways:

“Let volatility be your friend when you have conviction” was the advice from Dawn Fitzpatrick, as she stressed the importance of having a clear investment view and how capitalising on your competitive advantages during periods of high volatility was crucial. When investors act with conviction, volatility can present unique opportunities to achieve long-term success, rather than being a risk to avoid. This approach encourages embracing market fluctuations as a chance to strengthen positions aligned with your core beliefs.

The global economy is experiencing a period of steady but slowing growth, driven by trade tariffs, high interest rates, and policy uncertainty. While inflation is expected to moderate in the medium term, it remains a concern. Downside risks persist, including trade protectionism, slower growth in major economies, and ongoing global conflicts. A bifurcation in regional performance has seen the US thriving while Europe faces deep structural challenges. Meanwhile, high public debt levels and rising interest rates limit fiscal manoeuvrability for governments to respond to future shocks. As central bank policies diverge and policy uncertainty persists, financial markets face the prospect for further volatility. Given the prevailing backdrop, diversification across geographies and assets remains key.

The flight to alternative assets, such as cryptocurrencies and gold, reflects investor concerns over unsustainable government spending patterns and global fiscal uncertainty. As traditional markets face heightened volatility, investors increasingly seek refuge in assets, such as gold, which are perceived as stores of value. Meanwhile, crypto is becoming increasingly mainstream as the regulation evolves. This trend highlights how uncertainty and nervousness are driving investor demand for alternatives which can provide a hedge against global systemic risks.

While artificial intelligence (AI) has dominated market returns this year, should investors be fearful that the bubble may burst? The discussion around AI highlights how concerns over job losses have shifted to a recognition that AI is transforming roles by removing menial tasks and creating more interesting opportunities. The future of AI will be transformative but there will undoubtedly be winners and losers along the way.

Infrastructure is evolving rapidly to meet the demands of the digital age. While demand for infrastructure investment is growing rapidly, there is currently a $15trn funding gap on the $94trn global infrastructure investment required by 2040 according to the G20 Global Infrastructure Hub. As institutional money leaves a shortfall, there is an opportunity for private investors able to accept the risk to gain exposure to an asset class that can offer diversification benefits, relatively stable returns and inflation protection over the long term.

Is US exceptionalism coming to an end? While the US economy has shown signs of slowing – most notably through a softer labour market – growth and consumer spending remain resilient compared to other major economies. While US exceptionalism may be entering a more balanced phase, the dollar’s status as the global reserve currency is unlikely to be challenged in the medium term. Much will depend on how inflation, Federal Reserve policy, and global growth trends evolve in the months ahead.

These highlights offer a brief overview of the key themes discussed. Our thanks again to all those who contributed and attended this insightful and energising event.

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Key takeaways from our Global Family Office Forum 2025 | Barclays Private Bank

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Key takeaways:

“Let volatility be your friend when you have conviction” was the advice from Dawn Fitzpatrick, as she stressed the importance of having a clear investment view and how capitalising on your competitive advantages during periods of high volatility was crucial. When investors act with conviction, volatility can present unique opportunities to achieve long-term success, rather than being a risk to avoid. This approach encourages embracing market fluctuations as a chance to strengthen positions aligned with your core beliefs.

The global economy is experiencing a period of steady but slowing growth, driven by trade tariffs, high interest rates, and policy uncertainty. While inflation is expected to moderate in the medium term, it remains a concern. Downside risks persist, including trade protectionism, slower growth in major economies, and ongoing global conflicts. A bifurcation in regional performance has seen the US thriving while Europe faces deep structural challenges. Meanwhile, high public debt levels and rising interest rates limit fiscal manoeuvrability for governments to respond to future shocks. As central bank policies diverge and policy uncertainty persists, financial markets face the prospect for further volatility. Given the prevailing backdrop, diversification across geographies and assets remains key.

The flight to alternative assets, such as cryptocurrencies and gold, reflects investor concerns over unsustainable government spending patterns and global fiscal uncertainty. As traditional markets face heightened volatility, investors increasingly seek refuge in assets, such as gold, which are perceived as stores of value. Meanwhile, crypto is becoming increasingly mainstream as the regulation evolves. This trend highlights how uncertainty and nervousness are driving investor demand for alternatives which can provide a hedge against global systemic risks.

While artificial intelligence (AI) has dominated market returns this year, should investors be fearful that the bubble may burst? The discussion around AI highlights how concerns over job losses have shifted to a recognition that AI is transforming roles by removing menial tasks and creating more interesting opportunities. The future of AI will be transformative but there will undoubtedly be winners and losers along the way.

Infrastructure is evolving rapidly to meet the demands of the digital age. While demand for infrastructure investment is growing rapidly, there is currently a $15trn funding gap on the $94trn global infrastructure investment required by 2040 according to the G20 Global Infrastructure Hub. As institutional money leaves a shortfall, there is an opportunity for private investors able to accept the risk to gain exposure to an asset class that can offer diversification benefits, relatively stable returns and inflation protection over the long term.

Is US exceptionalism coming to an end? While the US economy has shown signs of slowing – most notably through a softer labour market – growth and consumer spending remain resilient compared to other major economies. While US exceptionalism may be entering a more balanced phase, the dollar’s status as the global reserve currency is unlikely to be challenged in the medium term. Much will depend on how inflation, Federal Reserve policy, and global growth trends evolve in the months ahead.

These highlights offer a brief overview of the key themes discussed. Our thanks again to all those who contributed and attended this insightful and energising event.