This article is the first in a short series on AI and operating models in asset management. It sets the context for the current AI wave and examines its implications for the industry. The second article will address data and AI strategy, while the final article will examine implementation from the perspective of an incumbent asset manager.

On January 3, the United States conducted an operation to capture Venezuelan President Nicolás Maduro and his wife, taking both to New York to face narco-terrorism charges. The move, President Donald Trump’s most aggressive intervention in the region to date, has brought hope of regime change in Venezuela, as well as hopes of greater investment by US oil companies in the country.

AI-driven bubble fears and a liquidity scare took centre stage during the fourth quarter. Mixed sentiment triggered spikes in market volatility, yet most major equity indices closed the year at or near all-time highs. Precious metals, particularly gold and silver, delivered another standout quarter, while cryptocurrencies tumbled. We examine the drivers behind the turbulence and outline the outlook for the year ahead.