The asset management industry has experienced a volatile start to the year, marked by heightened geopolitical tensions, the threat and implementation of new tariffs, and growing market instability. Managers are facing significant challenges as they work to shield their investments from these and other potential impacts. How consequential are these issues and what strategies are being implemented to adapt portfolios in response to this volatility? Is the risk of a recession growing, and how are investors bracing for a potential downturn? Where is the next frontier for growth and opportunity?