How does a global asset manager adapt its strategy to the rapid evolution of private markets?

Micaela Forelli – “The evolution of private markets is reshaping the industry and for us it reinforces a strategy already well underway. We see this shift as structural and we are positioning M&G to be one of the go‑to managers in Europe and Asia, with private markets central to that ambition.

We are strengthening our origination and investment capabilities as demand grows across private credit, infrastructure, real estate and impact‑led strategies. Recent acquisitions deepen what we can offer and help us scale where investors are allocating more capital.

Technology and data are also becoming more important. We use analytics and digital tools – including AI where it improves productivity and client outcomes, to enhance how we assess and manage assets, improving efficiency and risk management.

And we remain focused on solutions. Clients want outcomes such as income, inflation protection and diversification. Our ability to combine public and private markets, supported by our active and selective approach allows us to build portfolios that are more resilient across cycles.

Has diversification into alternatives become essential for institutional investors?

“For many institutional investors, diversification into private and alternative markets is no longer optional but an essential means to help meet long‑term liabilities and build more resilient portfolios.

At the same time, investors are becoming more sophisticated in how they manage liquidity across liquid and illiquid assets. This makes alternatives a strategic component of allocation decisions rather than a tactical add‑on.

For us, this reinforces the importance of an active and selective approach, supported by strong research and by the continued expansion of our private markets capabilities. It allows us to help clients access a broader set of opportunities and align their capital with long‑term sustainable growth.

What role does Luxembourg play in your European strategy?

“Luxembourg is a cornerstone of our European strategy. It is the home of our international distribution hub and a platform that allows us to scale efficiently across the Continent and beyond.

It also plays an important role in our global expansion. Luxembourg fund structures – for both UCITS and AIFs – are well recognised in Asia Pacific, Latin America and US offshore markets, which gives us access to distributors and clients we could not reach as easily from other jurisdictions.

As one of the leading centres for cross‑border fund distribution Luxembourg offers something quite distinctive: a robust regulatory framework and the flexibility required to expand access and enable innovation.”