For the second year, the outlook has been split into two parts: the first looking at the likely economic conditions facing investors, and the second reviewing the sustainable investing landscape. The macro part says that the Goldilocks concept is indeed a fairy tale, with four major macro factors to contend with in the new year, led by the ‘swansong for immaculate disinflation’.

Sustainable investing also faces continued headwinds next year, though five key regulations including US and EU climate directives will boost the style in 2024, the outlook says. And in the longer term, structural trends led by client and societal demand are set to make sustainable investing simply unstoppable.