At the Family Offices & Asset Management Summit, Pierre Gallice, Deputy Head of Alternative and Risk Mitigation Strategies at Ellipsis AM analyses how the structure of financial markets has changed over the past decade and what this implies for portfolio construction.
Where global assets once moved largely in parallel, dispersion now dominates. Regional dynamics differ, sector cycles no longer align, and volatility behaves in a far more fragmented way than in previous market regimes.
In this interview, he explores:
how volatility has evolved from a side effect of markets into a distinct investment dimension
why traditional diversification no longer behaves as it once did
and what building portfolio resilience truly means in a fragmented world
A thoughtful conversation on navigating uncertainty with structure rather than reaction.
