2025 will be a year of profound changes for the global investment and geopolitical landscape as the world adapts to a changing world order under Trump 2.0.
The new administration is expected to pursue a pro-growth agenda focused on boosting the domestic economy and US equities. However, it could heighten inflation risks through steep tariffs, fresh tax cuts, and reduced regulation, potentially hindering the Fed’s ability to ease monetary policy in 2025. Stricter trade policies could also pose challenges for trade-dependent countries and the global economy at large.
Meanwhile, the shift to a low carbon economy continues to drive investments across industries, benefiting those facilitating the global energy transition. As the global population ages at an unprecedented rate, it will have profound implications for capital allocation, reshaping consumption trends as investors focus on sectors and services that cater to this demographic shift.
Against this backdrop, investors are likely to be pondering: “What will drive the world in 2025”? As we move toward a future increasingly shaped by Artificial Intelligence, how can we harness this wave of innovation to reap the benefits of AI adoption? What will investing look like in this new era?
Managing Director, KKR Global Institute – New York
Vance Serchuk (New York) joined KKR in 2013 and is the Executive Director of the KKR Global Institute, responsible for geopolitical analysis, and a member of the KKR Industrials industry team, focused on defense, aerospace, and industrial technology.
Mr. Serchuk has been involved in KKR's investments in Hensoldt AG, United Group (SBB/Telemach) and Novaria Group, where he serves on the Board of Directors. He is a member of the Advisory Board to Söderberg & Partners, the Swedish asset and wealth management firm.
Prior to joining KKR, Mr. Serchuk served as the senior national security advisor to Senator Joseph Lieberman (I-Connecticut) and a professional staff member on the Senate Homeland Security and Governmental Affairs Committee. In this capacity, Mr. Serchuk worked on a range of international security issues, including Iran and Russia sanctions legislation, Indo-Pacific strategy, and the war on terror.
A former monthly columnist for the Washington Post, Mr. Serchuk's writings have also appeared in the Wall Street Journal, New York Times, Foreign Affairs, The Atlantic, and Politico.
Mr. Serchuk is a summa cum laude graduate of Princeton University, holds a JD from Yale Law School, and was a Fulbright scholar in the Russian Federation. A native of New York State, Mr. Serchuk is an adjunct senior fellow at the Center for a New American Security in Washington, DC.
He is a trustee of the American University of Iraq Suleimani in Iraqi Kurdistan and serves on the board of the Afghan Future Fund and the Orianne Society. He is a lieutenant commander in the U.S. Navy Reserve.
Vice President of Alibaba Cloud Intelligence International, Marketing and Strategic Development
Elaine Wu is Vice President of Alibaba Cloud Intelligence International, Marketing and Strategic Development.
Elaine leads a team with passion to drive cloud for innovation, powered by AI. She endeavors to evangelise Alibaba Cloud’s values and unwavering commitment to empowering customers as they navigate their digital
transformation journeys through marketing roadmaps.
Before her current role, Elaine served in several leadership roles with Alibaba Group, including Director, Marketing & Sponsorship Management, CMO Office, Alibaba Group and Head of Alibaba Collaboration of University and Technology Ethics for Southeast Asia.
Elaine led a strong and outstanding branding presence for Alibaba Cloud as Worldwide Cloud Service Partner in the Olympic Games of Tokyo 2020, Beijing 2022, and Paris 2024. Her branding initiatives contributed to Alibaba Cloud being recognised by Forbes China as one of the "Top 30 Go-International Brands."
Asia Chair, Milken Institute; Advisor Senior Director, Temasek, Singapore’s Non-Resident Ambassador to Timor Leste
Mr. Hu held various senior management roles with and is currently Advisory Senior Director to Temasek, a Singapore headquartered global investment firm. He is Chairman Constellar Holding Ltd, a Temasek owned exhibitions company that manages The Singapore EXPO. He is Chairman Mandai Nature, a non-profit foundation dedicated to protecting biodiversity and wildlife conservation in Southeast Asia.
Prior to Temasek, Robin was CEO of Hong Kong listed English language Daily South China Morning Post Group where he led the group’s transformation into a digital centric media platform that led to its subsequent divestiture. Robin serves on the board of MediaCorp, Singapore’s national broadcaster.
Beginning 2023, Mr. Hu was made Singapore’s Non-Resident Ambassador to Timor Leste ahead of it impending ascension to full ASEAN membership. At around the same time, he assumed the role of Asia Chairman to American think tank Milken Institute.
Mr. Hu has worked and lived in multiple cities in Asia, including Singapore, Taipei, Beijing, Shanghai, Suzhou, and Hong Kong, spanning multiple industries such as IT, Internet, media, finance and government. He is a keen follower of current affairs, international policy, and geopolitics. He is a member of the international advisory council of London based think tank Official Monetary and Financial Institutions Forum (OMFIF).
Chief Executive Officer, Bank of Singapore
Jason Moo was appointed Chief Executive Officer of Bank of Singapore in March 2023. He joined Bank of Singapore from Julius Baer, where he was Head Private Banking Southeast Asia and Branch Manager Singapore.
Prior to joining Julius Baer in 2020, Jason worked at Goldman Sachs for more than two decades and has held several senior roles, including CEO of Goldman Sachs Singapore and Head of Southeast Asia and Australia for Private Wealth Management (PWM).
Before relocating back to Singapore, he was based in Hong Kong as Head of Market Solutions Group and Head of Alternative Capital Markets Asia Pacific.
Prior to that, he worked in the Equities Merchandising Group in New York. He joined Goldman Sachs as a financial analyst in PWM in Singapore upon graduation.
Jason earned a BA in Economics and East Asia Studies, with a focus on Japan, from Brown University, USA.
He serves on the Board of Governors of Raffles Institution.
Chief Economist, Bank of Singapore
Mansoor is a macroeconomist and financial market strategist with two decades experience covering institutional investors around the world. Mansoor speaks to policymakers and central bankers and maintains links with think-tanks in Washington and Beijing. He appears on CNBC and Bloomberg Television, his work features in The Economist and he has written for the Financial Times.
Mansoor was most recently at the Royal Bank of Scotland’s investment arm, NatWest Markets, where he was the Asia region’s Macro Strategist and previously the bank’s Global Head of FX Strategy.
Prior to joining RBS, Mansoor spent 17 years at UBS in London, Zurich and Singapore where he was also Global Head of FX Strategy from 2002 to 2014.
Mansoor holds a Bachelor’s and a Master’s degree in Economics from the London School of Economics.
He was tutored by Professor Charles Goodhart, a former Chief Adviser at the Bank of England.
Global Chief Investment Officer, Bank of Singapore
Jean Chia is Bank of Singapore’s Global CIO, responsible for the house view across Macroeconomics, Investment Strategy, FX, Equity & Fixed Income Research, as well as Discretionary Portfolio Management (DPM), Advisory Portfolio Management (APM) and Funds Selection teams at Bank of Singapore. Jean is a member of Bank of Singapore’s Global Management Committee and chairs the Bank’s Sustainable Investment Governance Committee. She also chairs the board of directors for BOS International Fund, Luxembourg and the OCBC Wealth Panel. Jean has over 20 years of experience in Private Banking and Asset Management. She was previously Head, Equities Advisory & Sales, responsible for the equities and derivatives business at Bank of Singapore, and Head of Client Advisory Services for Equities, Investment Products & Services at UBS Wealth Management, Singapore. Prior to UBS, she was Vice President, Head of Grassroots Research at Allianz Dresdner Asset Management (now known as Allianz Global Investors). Jean graduated with an MA in Philosophy, Politics and Economics from University of Oxford, UK. She is currently on the Development Advisory Board of St Hilda’s College, University of Oxford. Jean holds a Sustainable Finance certification from Cambridge Institute of Sustainable Leadership (CISL). She is a Financial Women’s Association of Singapore (FWA) Female Champion and an Institute of Banking and Finance (IBF) Fellow for Private Banking and Wealth Management.
Chief Investment Strategist, Bank of Singapore
Eli is Managing Director, Chief Investment Strategist at Bank of Singapore and plays a leading role in developing strategic and tactical portfolio asset allocation and thematic strategies across global asset classes and alternative investments for the overall banking group and portfolio management teams. He is a central member of Bank of Singapore’s Investment Committee, which determines the bank’s overall investment direction, and is an internal member of the BOS-CIO Global Advisory Council.
He was previously Head of Investment Strategy, during which he and his team spearheaded the transformation of the group’s investment allocations to alternative investments and oversaw the optimization of target allocations for the group’s medium- and long-term portfolio strategies. Before that, he was the Head of Equities Research and advanced the development of the group’s global equity coverage platform across US, Europe and Asia and investment processes in equity alpha generation.
Prior to joining Bank of Singapore and the OCBC Group, he was an investment analyst in the fixed income department at the Wellington Management Company in Boston. He began his career as an associate in Charles River Associates, a consulting firm in Boston specializing in arbitration in the financial sector. Eli also sits on the Wealth Panel of OCBC Group and serves as a member of the Investment Committee for The Salvation Army Singapore. Eli graduated from Harvard University with a master’s degree in Statistics.
Investment Strategist, Bank of Singapore
Joseph is an Investment Strategist within the highly regarded Chief Investment Office in Bank
of Singapore.
Joseph provides thought leadership on a host of cross-asset investment topics, with a particular emphasis on global equities.
Throughout his time in the bank, Joseph has been known for his timely calls and deep insights and has been frequently interviewed and quoted by various media outlets.
Joseph also covers the Global Technology sector for the bank, and has experience navigating a range of topical issues pertaining to the internet, cloud, and the impact of geopolitics on technology.
In his earlier career, Joseph has also spent time on the sell-side in the area of real estate within Singapore and China.
Joseph graduated with a BSc in Economics from the London School of Economics and holds a MSc in Management from the London Business School. Joseph is also a CFA® charterholder.
Chief Portfolio Strategist, Bank of Singapore
Dr Owi S. Ruivivar, is a seasoned investment manager with over 30 years of experience in economics, investment strategy and portfolio management. She is the Chief Portfolio Strategist at Bank of Singapore and is a member of the bank’s investment committee that decides on the strategic and tactical asset allocation calls for clients.
Dr Ruivivar joins from Singapore’s GIC where she spearheaded investment-oriented thematic research at the Economics and Investment Strategy department. She also led the Future Markets investing team, which oversaw multi-asset investments across private and public markets in frontier Emerging Markets countries. During her tenure, Dr Ruivivar launched the GIC Research Network, which built cross-departmental research communities to leverage insights across the company and scale ideas for the total portfolio’s benefit.
Prior to GIC, Dr Ruivivar spent 17 years (2002 – 2019) with Goldman Sachs Asset Management (GSAM) where she was a founding portfolio manager of its Lipper-awarded Emerging Market debt franchise, responsible for over USD 60 billion in assets. She relocated from New York to Singapore in 2010, to establish and oversee GSAM’s Asia fixed income business.
Previously, Dr Ruivivar held roles at BNP Paribas and the International Monetary Fund. Dr Ruivivar graduated with a B.A. in Economics (magna cum laude, Phi Beta Kappa) from Harvard University and a Ph.D. in Economics from the Massachusetts Institute of Technology (MIT). In recognition of her academic achievements, she has been awarded various scholarships and fellowships, including the National Science Foundation Graduate Fellowship, the MIT Graduate Fellowship, the John Harvard Scholarship, the Harvard College Scholarship and the Agassiz Scholarship.
Dr Ruivivar is fluent in English and French and proficient in Filipino.