Global Macro Impact on Trading Desks: Session Recap: Key Takeaways from Amrita Tiwari, Eden Simmer, Miles Sampson, Nick Daniel at Equities Leaders Summit 2026

2026, Equity Leaders Summit. Panel: Around the World in 30 Minutes – Dissecting the Impact of the Global Macro Environment on Your Trading Desk to Equip You for Success

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): Good welcome. How are you? Excellent. Look, we are kicking off here. We need lots of energy to get started. Good morning. How are you? Hi. Hi. Hi. How are you? Hi there. Hi. Please do take a seat. Your first challenge if you can succeed is sit in the order of the photos. We'll see Anyway, morning everybody.

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): We have literally 30 minutes on the clock, so I'm going to, rattle through. First of all, some introductions. This will be in the order. I have them here. But everybody can see them. But we have sort of Eden SIMer, who's the head of Global Equity trading at pimco. Next to her on the screen is Amrita Ari, who is the investment and analytics New York Life Investment Management.

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): Then Miles Sampson, who is VP head of Asset Allocation Research at Franklin Templeton Investments Solutions. And last but no liens, lease Nick Daniel, head of trading at Redwood. Morning, everybody.

• Amrita Tiwari, Investment Analytics, New York Life Investment Management: Morning.

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): Very good. Now this is really, we're thinking we usually start panels like this going along the line of thinking, actually, so what's changed since last year?

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): But actually we were on the prep call and Eden, you came up with a great idea was to kinda shake it up a little bit. And one thing that particularly came out was when we look at. Where we are today and how we manage our desks today. And while we're bracing for a huge shift that feels like it's just over, over the over the horizon, you brought up a concept around bimodal thought.

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): So Eden, I'm gonna start with you if you would and talk to us about what you are thinking about right now as you look ahead.

• Eden Simmer, Executive VP - Head of Global Equity Trading, PIMCO: Yeah. And first I wanna just thank everybody for being here at AM and to the first panel. It's a lot more people than I expected. So one, one thing real quick is I always have to say the disclaimer of my remarks are my own opinion and not, representative pimco or the firm's, outlook.

• Eden Simmer, Executive VP - Head of Global Equity Trading, PIMCO: So that being said, back to the call that we were talking about before it's when we were discussing like what's happened up to this year, which has been an incredible. You know what I mean? You're, I think of till in advance, but I just, it's so much coming up ahead of us that if you're sitting in the seat in terms of, looking after a global desk or a global team or even just looking at the landscape, I think what we're always thinking is we have a current infrastructure and system of which we have to operate.

• Eden Simmer, Executive VP - Head of Global Equity Trading, PIMCO: But then we also see on the cycl cyclical and secular horizon that such great changes coming. And so when I say about bimodal, it's okay, so here's what we're doing day to day in terms of the micro structure, market structure. What is that? We have to think about the fiduciary responsibilities that we owe our clients.

• Eden Simmer, Executive VP - Head of Global Equity Trading, PIMCO: But then in the future it's how do we take these workflows, whether they be, regionally or, digital assets versus, traditional assets. How do we converge all these workflows in the future, in the next, one to three years? And two kind of bimodal thoughts, really are, current, what do we currently sustain.

• Eden Simmer, Executive VP - Head of Global Equity Trading, PIMCO: But then we also, while we're doing that, I'm sure anyone in the, in similar seats is also thinking about what is going it's gonna look like in a year or so.

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): Yeah.

• Eden Simmer, Executive VP - Head of Global Equity Trading, PIMCO: What is not even just the systems in the technology within itself and which is I think is a really exciting thing too. I'm here at this conference just to learn.

• Eden Simmer, Executive VP - Head of Global Equity Trading, PIMCO: More than I am to, to speak. I'd love to, I'm, I can't wait to hear everybody's thoughts on the panels, the new technology that's available, but it's really something where, regulation and microstructure drove technology and I think you, you definitely come to a paradigm shift where technology is absolutely gonna be driving market structure and the way we do things going forward.

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): And I just wanna pick up on a kind of remark you made there about the changing dynamics of retail, because this usually comes up. After we talk about institutional, but I'm getting a very strong sense even immediately that retail has got a sort of a more commanding position that it's necessarily been cr been given credit for in the past and Mars.

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): As you think about the retail dynamics and also the digital, we talked about tokenization, for example. There's a session on that tomorrow is how are you looking at asset allocation today and tomorrow?

• Miles Sampson, VP/Head of Asset Allocation Research, Franklin Templeton Investment Solutions: There's two things that come to my mind when I think about retail and the prevalence that, the growing presence of retail first is that thematics, when we think of for when we do tactical asset allocation, momentum is a big part of how we find signals.

• Miles Sampson, VP/Head of Asset Allocation Research, Franklin Templeton Investment Solutions: And there's no, in our opinion, there's no cohort more susceptible to momentum. Then the retail cohort. So for us, we think about where does that come to play? We think about thematics. So that's always been a part of our strategy, but more so than ever, we're trying to identify new themes. And if we just think about this last year, even the last few months, things like the debasement of the dollar defense stocks, banks, right?

• Miles Sampson, VP/Head of Asset Allocation Research, Franklin Templeton Investment Solutions: These are thematic plays that have done incredibly well. So that's an area of focus for us. The other thing we debate, right? Like right now when we think of our tactical asset allocation. There's momentum is positive, whether it's macro, whether it's corporate fundamentals. The one thing we're thinking about is everybody is exuberant.

• Miles Sampson, VP/Head of Asset Allocation Research, Franklin Templeton Investment Solutions: That's another way we're trying to measure the retail cohort is, how do you measure that exuberance? It's different than it used to be. It used to be just looking at surveys. Now you have to scrape the, Reddit and the web for using language processing. You're maybe looking at, short term op option expires, which I think are pretty popular for the retail cloud.

• Miles Sampson, VP/Head of Asset Allocation Research, Franklin Templeton Investment Solutions: But that's what we're trying to focus on now because as a tactical alligator, yeah, everything looks great right now, but we're worried that this exuberance is a little too high, and that's one of the ways we try to measure it.

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): So are we hitting an exuberance bubble coming down the track at Subway?

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): It's a really interesting sort of point of view because we often talked about, regional emerging markets sectors, but actually we, there's a slightly different dynamic at play and also where you are getting that data from. Nick let's come to you. I know you're the Brit on the panel, but I don't want you to do be the voice of Europe, but I'm going to ask you to be the voice of Europe.

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): Okay. So I only to bring in an element of, US versus European contrast if you like. The US TA tasking sort of moves first on trends like 20. Five, trading, et cetera, et cetera, driven by Europe driven by retail. We see these dynamics come together in the former remarks.

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): What do you see how do you see Europe keeping pace? Or is it,

• Nick Daniel, Head of Trading, Redwheel: yeah I think crypto's let several cats outta the bag and they're not going back in. And what are those at cost. Transparency tokenization 24, 24 4 or 24 7 in the with regard to crypto Europe is only just catching up to the US from the perspective of t plus one settlement.

• Nick Daniel, Head of Trading, Redwheel: We're only just getting a consolidated bid offer such with this year. So we it feels like we've managed to catch up and then the US has gone. That's fantastic guys. By the way, tokenization and 24 or 23 5. And we've gone because it's so far removed from where we are now.

• Nick Daniel, Head of Trading, Redwheel: And look, we said this is being driven by the retail in the us The participation of retail in Europe just isn't anywhere as large.

• Nick Daniel, Head of Trading, Redwheel: So if I think about who moves next, I actually don't think Europe will be the ones that follow the us. I think it's probably, if we look to probably the em, they're the ones where the retail participation is 30 plus percent in.

• Nick Daniel, Head of Trading, Redwheel: India, China, Hong Kong. So I see those guys as potentially moving next in, in terms of keeping pace. And then they've obviously moved to T zero and t plus one already, so we can see that they're more nimble. And that's akin to the way that we are seeing some of these leapfrog moves across the globe.

• Nick Daniel, Head of Trading, Redwheel: So if we think about some of the people in the em. They may never have been to a bricks and mortar bank. Their first experience of a bank is dig a digital bank on their phone. I think there's a lot of different dynamics at play. I think that from the perspective of Europe, certainly I think we're gonna be a little bit more cautious about our approach to, to, to catching up with digitization and tokenization.

• Nick Daniel, Head of Trading, Redwheel: But there are other reaches of the world that it will impact. And I think that's gonna have an impact on the trading desk, because we're all trading those markets, so we're just gonna need to be more aware of the market structure in the different places that we're trading.

• Nick Daniel, Head of Trading, Redwheel: There was obviously the big move that, that we're all pushed to do more with less. And everyone's become a multi-asset trader or a map. Now are they gonna become mamos? Are they gonna become multi-asset, multi-region traders? Because if the US guys trading. On his shift and there's something going on in China or India and they're 23.5 then that US trade is gonna need to be able to trade India and know how to trade.

• Nick Daniel, Head of Trading, Redwheel: China, for example.

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): Yeah. And it, and thank you for your kind of thoughts about those dynamics, but also the kind of the realities of how that comes back to individuals in the room as they begin to think about their role, their future, but also the analytics of the data that comes to mind.

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): Actually

• Eden Simmer, Executive VP - Head of Global Equity Trading, PIMCO: really quick too, I think you brought up a really interesting point when we were talking about a bimodal world that we're talking about. Just within our asset classes, you're going to see like diverging workflows that are likely going to run PA parallel for some time until they get fleshed out.

• Eden Simmer, Executive VP - Head of Global Equity Trading, PIMCO: It's not gonna be a situation where. Digitalization of assets such as happens at a snap, it's going to, be probably some kind of long runway of take up, until you get a situation. For example, you have, a generation that, that only use checks and then likely our children will never use a check, right?

• Eden Simmer, Executive VP - Head of Global Equity Trading, PIMCO: I'm not gonna say it's going to take that long but in that bimodal world, but what Nick brought up was a really interesting point because you're also going to have this bimodal, bimodal global situation. You have, Europe that's heavily fragmented in terms of politics, in terms of being able to coordinate regulation.

• Eden Simmer, Executive VP - Head of Global Equity Trading, PIMCO: And then you have the US and likely emerging markets, which I thought was a really interesting point. That's going to probably have some kind of flywheel effect and just take off at some point. And so then when you're a multi-asset, multi-region desk, you have to not only think about how to.

• Eden Simmer, Executive VP - Head of Global Equity Trading, PIMCO: Create and construct these workflows and converge these workflows across, two disparate, lanes, but now you have to think about, two different disparate parts of the world that you're having to construct these for. And I didn't mean to interrupt, but I thought that's really at all a really good point that you

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): And your remarks about there will be leapfrog moments.

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): There will be the, when you think about those commanding strategists that people will take on to go, actually, we're not gonna follow. Pattern we are going to actually leapfrog and explore. But then the next question that comes to mind, and I have to come to you on this, which is how on earth do you model given all these dynamics that at play today and all these dynamics that are that, that are at play tomorrow?

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): Love to hear your thoughts on that and data.

• Amrita Tiwari, Investment Analytics, New York Life Investment Management: Oh very nice to be here and then, yeah. Thank you for throwing that really hard question. I

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): was gonna say, and you've got about a minute. Yeah.

• Amrita Tiwari, Investment Analytics, New York Life Investment Management: I wouldn't give you an answer that will, change any of our lives, but one thing is that, there's a.

• Amrita Tiwari, Investment Analytics, New York Life Investment Management: Thought process that, oh, the, does the traditional risk model even works? So personally I think that, I don't think the existing risk models are, is relevant. Maybe they're incomplete in the sense that, when most of these traditional risk models are probably based on stable correlations or like really long history.

• Amrita Tiwari, Investment Analytics, New York Life Investment Management: But when, things like sentiment and behavior are driving the liquidity. Supply and demand and market price, not just reasonably, but globally these traditional models, it will struggle, right? So what I'm trying to say is that we can't just throw it out, but maybe, introduce a concept called layering where we are basically, combining the existing models with things like, resume awareness or liquidity, stress or scenario based analysis.

• Amrita Tiwari, Investment Analytics, New York Life Investment Management: Those things are like the add on and, thanks to ai, I wouldn't say things are easier, but it's definitely much more faster given the. Advancement we have made in, in the tech space.

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): Yeah. And as we begin to see the kind of the layering that you described, it'll be really fascinating and I'm sure there'll be lots of discussion about this as we go through the conference of kind of what does that look like?

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): How does that come to bear? And also what should we be layering today and also tomorrow? Mars, I'd love to come back to you, but I don't want to then I think well, but there are human beings in the mix. There's a reason why many people've weathered the storm to be here, because actually we do think about.

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): People, we think about talent and we think about, skills as well. But also the other topic that's come up about doing more with less. Yeah. So Miles, when you think about your research team or you think about your organization, how is that changing? What are you thinking about?

• Miles Sampson, VP/Head of Asset Allocation Research, Franklin Templeton Investment Solutions: So one of the things we will research and look at is something called the Beige Book.

• Miles Sampson, VP/Head of Asset Allocation Research, Franklin Templeton Investment Solutions: It's a big report about the economy. And when we read through that, one of the takeaways on AI is that it's a really cool technology, but most businesses are not able to really use it efficiently it's just totally 180 from my experience and my team's experience, I'd say sadly, that means my team is gone from 10 people to five people.

• Miles Sampson, VP/Head of Asset Allocation Research, Franklin Templeton Investment Solutions: We're still doing as much, if not more. And I'd say a big part of that is the use of ai. So from our perspective, it's incredibly powerful. It's been a total game changer. Everything from. Hey, if you don't have to be a data scientist, you can. You can this, it's a really thing, a vibe code. I don't even like saying that out loud.

• Miles Sampson, VP/Head of Asset Allocation Research, Franklin Templeton Investment Solutions: But you can do that. My whole team has done that. Even something as simple as, Hey, we get 40,000 emails almost a month on cell side research. How do you absorb all that? The perfect tool, AI helps you do that. So we've really, from our seat, seen it be a total game changer. Unfortunately, that means my team has gone from about half the size.

• Miles Sampson, VP/Head of Asset Allocation Research, Franklin Templeton Investment Solutions: That might be an asset management margin story too, but, we'd say we're doing more with less is the big takeaway. And we, and I think we're just at the beginning of it.

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): Iris, let's come back to that because then, as you said, do we need to be data scientists?

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): When we think about our graduate intakes and our sort of early talent, but also does quant knowledge matter then?

• Amrita Tiwari, Investment Analytics, New York Life Investment Management: I would say core knowledge definitely matters, but I would say, it shows up differently in the sense that again, no offense to any computer science majors, but do we really need to, have folks in the team who are like deep coders, although that is an asset, but now we have access to tools like Copilot and Chat, GPT, which can do a lot of work, that you really need, you would have needed an expert back in the day. So I wouldn't say it's quant versus non quant. It's more even, you need to have the foundational knowledge because one of the buzzword is AI hallucination, and that's very real.

• Amrita Tiwari, Investment Analytics, New York Life Investment Management: So you know, if you get an output and you just blindly say, oh, because AI tools generated it, it should be correct. And, you can be fooled very easily. So again, like I said, it's not quant versus non quant, but more you need to have the foundational skills, but then you know, you should also be.

• Amrita Tiwari, Investment Analytics, New York Life Investment Management: Knowledgeable enough to know how to use the AI tools you have at hand.

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): And of course the governance comes into play as well. And Nick, when you are thinking about your team bearing in mind the dynamics we've talked about in terms of, multi-asset, multi-region, and also the use of AI and then the changing type of talent coming in.

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): And I wonder why this might appeal to as a question to all the audience, which is how do you keep your senior team. Motivated when the type of talent coming in is challenging them to lead on something that they also don't necessarily understand because it's so new.

• Nick Daniel, Head of Trading, Redwheel: Yeah. First point of order this, I probably need to tell my daughter who's in second year of computer science degree that she's wasting their time.

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): Sorry, I didn't catch that. Say it again.

• Nick Daniel, Head of Trading, Redwheel: Sorry. My daughter's in the second year of a computer science degree, so after i's last comment, I might ask her to see if she could change the third year course. But, yeah so se senior teams do have that kind of challenge where they're seeing the more tech savvy youngsters coming through.

• Nick Daniel, Head of Trading, Redwheel: But that, that, that's not to say that we don't, have a place and have a real value that they're bringing, which is those relationships though, that understanding of market and market structure. So what I tend to try and lean on is flexibility within the team and the and learning new markets.

• Nick Daniel, Head of Trading, Redwheel: So as we're gonna move to this, potentially longer trading day in, in several countries is to make sure that the team is comfortable operating in, in different spheres. So whether that means that for a couple of months, a year, someone else does the US shift or sits and sits with the Asian trader for.

• Nick Daniel, Head of Trading, Redwheel: Maybe from AM to, to AM to really understand and get comfortable with the micro structure and own the nuances in each of those in each of those markets. And so that fosters, so what you can do there is foster that team ethic and team value. And then also it's about the bit that we haven't talked about with this extended hours trading is the impact on the actual fund managers and the portfolio analysts is.

• Nick Daniel, Head of Trading, Redwheel: Are they now gonna need to be up 24 hours or have 24 hour coverage every day? In order to make trading decisions. So if a piece of global macro news comes out that affects your gold stocks or your oil stocks, is someone gonna make a call at funny hours? And then so it's one thing, us being able to trade at those times but it's another thing that's the actual order coming through Will, will actually be coming through.

• Nick Daniel, Head of Trading, Redwheel: And from that perspective, it's about education and educating the fund manager and what we can and can't do for them. We are at pains at Redwood to tell every new manager that comes on that they can trade the US before two 30. It's not, that's not the cutoff point at which trading starts.

• Nick Daniel, Head of Trading, Redwheel: If you see a mispriced asset, you can definitely take advantage of that pre-market. Some of the best capital preservation I've ever seen has been in the pre and post market. Yeah. Trading.

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): Yeah. And so as I listen to your remarks there, I'm thinking there's a structural change to the way in which we cover the international markets all the time.

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): Let's put it that way. But also there is the role of the human in the mix. So as you say, getting that call at three o'clock in the morning going what's what's, I'll take on it. And Ethan, I'd love to get your thoughts on this about, because we can get carried away with the technology.

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): As you said, there are obviously the hallucinations, we need to be very aware of it, but it feels that there is more than that. There is more than just the governance of the AI insights that are being surfaced. There's also something about the fundamental value of the human in the mix. What are your thoughts on that?

• Eden Simmer, Executive VP - Head of Global Equity Trading, PIMCO: Yeah I think you're absolutely correct. And another great point this Pamela is making is that AI is threatening if we only think about roles in which they are right now. But what it's really, coming to bear is that, you're, we're being more creative or be able to reach across different roles.

• Eden Simmer, Executive VP - Head of Global Equity Trading, PIMCO: What are, what is the role of a trader or portfolio manager and analyst? What is that gonna look like in one to three years? And I think people are thinking okay, there's gonna, it's, we're going to reduce headcount. We're going to, again, you made the point, do more with less and you're completely right.

• Eden Simmer, Executive VP - Head of Global Equity Trading, PIMCO: But at the same time, I think people are going to find themselves in different roles that haven't even been imagined yet, or span across. A number of different functions. It's the same with, the disintermediation of the financial markets that we're seeding the role the role of custodians.

• Eden Simmer, Executive VP - Head of Global Equity Trading, PIMCO: Role of exchanges, the role of, you know what I mean? Regulators, the role of, institutional retail. It's all. Converging together. And we don't know at the end of the day, in terms of the market structure and AI and dig, all the big changes that are coming, what's going to shake, in the long run.

• Eden Simmer, Executive VP - Head of Global Equity Trading, PIMCO: Okay. Now back to your question, which is, the role of the human, it is incredibly important.

• Eden Simmer, Executive VP - Head of Global Equity Trading, PIMCO: Because, I'm a huge believer in process and the reason why most of us are sitting in this room is because. We had to go through the process, the learning process of all the different, being able to go through the 10 Qs and the 10 Ks and know what to look for.

• Eden Simmer, Executive VP - Head of Global Equity Trading, PIMCO: You're gonna get to a point where AI is essentially going to take away the first, second, third year investment banking analysts and just give you the intrinsic value of the stock price. But at the same time, like not knowing what inputs need to be shifted to get those different, ways, those are the failures that need to happen for you to make that memory in your episodic hippocampus.

• Eden Simmer, Executive VP - Head of Global Equity Trading, PIMCO: That really leads to your gut instinct. And again, it's, I think the role of a human becomes incredibly more important because you get to a situation like you have recently with. The rise of retail over the past decade, which has led to, increased fragility of the markets, larger volatility events.

• Eden Simmer, Executive VP - Head of Global Equity Trading, PIMCO: That's why thematic and narrative trading has become, so prevalent is because you have these huge Sigma events, not only on a yearly basis, but on a weekly basis.

• Eden Simmer, Executive VP - Head of Global Equity Trading, PIMCO: And so that's what you're really after is capturing those events which, which, again, AI can do.

• Eden Simmer, Executive VP - Head of Global Equity Trading, PIMCO: But in the situation where you have these large volatility events, what's the first thing you do is you shut the machine off. You shut the machine off, you go to the, you go to the human because it's a situation where it's always gonna be the case where humans are going to drive future strategy. And AI works based on historical ai.

• Eden Simmer, Executive VP - Head of Global Equity Trading, PIMCO: Predictive analytics works based on historical data, but who can predict, I guess what Trump's gonna do next, you know what I'm saying? Or who can predict the next geopolitical event and how that's gonna factor and trickle through all of the capital markets and trading regimes.

• Eden Simmer, Executive VP - Head of Global Equity Trading, PIMCO: And so that's always something where I think that, again, the things that AI can't do of like intuition of, eq, social connection, all of those things are still gonna be incredibly important to not just our industry, but across industries.

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): And I'd love to open that up.

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): We've got sort of few minutes to explore that a little bit further in terms of I guess there are two directions of travel. One of them is. The wisdom of what history has told us that gets us in the right shape for what we cannot anticipate. And then I guess the other piece is also thinking about the, how the industry interconnects around the value of the data and the learning journey.

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): I throw those two out. I'd love to get a bit more kind of freeform response to that.

• Miles Sampson, VP/Head of Asset Allocation Research, Franklin Templeton Investment Solutions: I definitely have a, for us in our asset allocation process, there's really two main levers. One is a systematic, quantitative lever. The other would be a fundamental discretionary lever. And Eden, I couldn't agree more that we try really hard at this systematic and quant side, and that usually is our starting point.

• Miles Sampson, VP/Head of Asset Allocation Research, Franklin Templeton Investment Solutions: But it, it's hard to capture these unique things, whether that's Trump and tariffs or Fed independence. And so we find the fundamental research is an important compliment, but ultimately, when you put all these things together, we do have a discretionary approach. And Eden, I think that really builds to your point of there's some wisdom in the discretion, right?

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): And

• Miles Sampson, VP/Head of Asset Allocation Research, Franklin Templeton Investment Solutions: we're not giving the discretion to the first year analyst. That's usually the 20, 20 plus year. PM who's been in the seat for a while because putting it all together, this is a hard industry, at least from an asset allocation perspective. And totally agree. Yeah. That's gonna be something AI is gonna have a hard time replacing.

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): Yeah. And when we think about the the dynamics, what you were saying, multi-asset, multi-region. Is therefore how we skill up the teams when we're doing more with less, fewer humans to, to bring that wisdom, to tackle the insight that is also happening on a global scale.

• Nick Daniel, Head of Trading, Redwheel: Yeah. So from my perspective, I think Eden's point on process is really important.

• Nick Daniel, Head of Trading, Redwheel: So just to almost make a regime of understanding how to deal with different scenarios. Whether it's an explosion in volatility, whether it's an inlisted stock where you, if you've got access to both markets or a market maker that's that, a broker that's got access to both markets to get you those best prices.

• Nick Daniel, Head of Trading, Redwheel: It is really. Equipping the team with the right tools, the right algo stack for pre and post market trading. Is it giving them the tools? And this is where a lot of the time as the head trader you're often not the trader because you're going out and finding what these tools are and making and getting them into a digestible bullets that the team can understand and take on in, in quick time and understand the best way.

• Nick Daniel, Head of Trading, Redwheel: To deal with any scenario. And that could be around sensitivities as well. Just understand the way that your portfolio is positioned, what it's sensitive to. And if one of those sensitivities starts moving, how quickly do you flag that to the fund managers?

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): Wonderful. And Richard, did you have any thoughts of we move into the final moments of the panel?

• Amrita Tiwari, Investment Analytics, New York Life Investment Management: Totally agree with all the panelists saying that. Like concerns around, oh, AI is going to take our job, I feel we just use our common sense okay, what can we use ai tools to make our life easier. Do we really, even brought up earlier that Oh, the first year, second year IB analyst.

• Amrita Tiwari, Investment Analytics, New York Life Investment Management: Yeah, sure. But that's more simplifying their lives. We know what analyst hours looks like. We have heard horror stories.

• Amrita Tiwari, Investment Analytics, New York Life Investment Management: But yeah, it all comes down to how we are. Sensibly using the AI tools to make our life easier. Not necessarily fear that's going to take our job, but, make ourselves more equipped with tools that will, make us smarter and work more efficiently.

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): Let's pick up on that and just look ahead. So let's call the next three years because who, as you said, who knows what the next three years is gonna bring in many ways, the dynamics at play. So my question to each of you, and you've probably got about, 30 to 40 seconds each to answer, is so regardless of technology and regardless of region.

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): What is the one skill or attribute that your desk needs to survive in the next three years? Let's let's start with you, Nick.

• Nick Daniel, Head of Trading, Redwheel: Okay. I wasn't prepped for this one. So I would say just off the fly there I'd say interoperability and just flexibility. Just be being able to adapt to a different market, different way of trading be wedded to nothing and open to everything.

• Nick Daniel, Head of Trading, Redwheel: Right. • Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): I'm missing your thoughts.

• Amrita Tiwari, Investment Analytics, New York Life Investment Management: You stole my word, but let me see if I can find a synonym. I think that, like I think success, being advanced. Being the most efficient training desk is important, but I think it's important to also be adaptable. Is that, does that make sense?

• Amrita Tiwari, Investment Analytics, New York Life Investment Management: So flexible, adaptable. Yeah. I think that will, be more meaningful in the long run.

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): Yeah. And what's really interesting is when we start thinking about the, that's the psychology of the growth mindset rather than this is the data and the analytics and my skills. My technical skills, exactly as you were saying before.

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): Yeah. Eden, my, I'd love to get your thoughts. One skill attribute a desk needs to survive the next three years.

• Miles Sampson, VP/Head of Asset Allocation Research, Franklin Templeton Investment Solutions: Yeah. So for me it's an asset allocation team. Two things. We have an awesome job. It's motivation. People that also find that to be an amazing job. They're excited.

• Miles Sampson, VP/Head of Asset Allocation Research, Franklin Templeton Investment Solutions: Part of our job is telling other smart people that they're wrong.

• Miles Sampson, VP/Head of Asset Allocation Research, Franklin Templeton Investment Solutions: And so that is to what Ian said, it's about communication. It's about emotional intelligence. And that has gone, that. As important of a skill as any math or computer science.

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): And I laugh, but actually there, there is because we've now got the data and the analytics because we're more mindful of bias because we're more mindful of the potential out there as well.

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): Actually, it is, it's a makes of a really fascinating discussion to be able to step into that conversation is a massive tool. Eden your final thoughts in terms of yes. The one scholar attribute.

• Eden Simmer, Executive VP - Head of Global Equity Trading, PIMCO: I think the, the one I, what I have to say going forward is, and I don't think this is just for financing or anything is learner versus nowhere.

• Eden Simmer, Executive VP - Head of Global Equity Trading, PIMCO: I think in our industry we are heavily relied upon to be knowers, to be experts. In the field. But as we come along to a world that we don't know what it's going to look like in the next one to three years, and have to rely on, our expertise to essentially just really be open to learning.

• Eden Simmer, Executive VP - Head of Global Equity Trading, PIMCO: Yeah. And again, adaptability or whatnot. Why I'm excited about it is that, it moves us from the transactional, like fundamental building blocks up, the value chain. In terms of like more and more strategic roles, we're gonna have smaller teams, but we're gonna be doing more interesting work.

• Eden Simmer, Executive VP - Head of Global Equity Trading, PIMCO: And in any cases too, there's going to be jobs created that we don't even know yet.

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): Yeah.

• Eden Simmer, Executive VP - Head of Global Equity Trading, PIMCO: And so that's why I think it's exciting and especially if you really value learning over knowing, I think, I think it's, there's so many possibilities.

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): So I wanna think there's been really fascinating with the conversations because we started with the premise of, when looking at global macro environments and the dynamics of change, many of them are unpredictable.

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): We then explored how. The structure of the desk and being able to take a different view. You talked about kind of multi-asset, multi region, then we brought it right the way back to actually the structure of the desk and doing more with less and the role of technology, the data and the analytics.

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): But somehow those skills shifts. Along the way, but then so much of what we've come back to is literally the human in the mix and how leaders are motivating, motivated, how the talent is changing, how the industry is coming together, but also ever curious and ever open to learning as we anticipate the, this really fascinating time in which we exist.

• Julia Streets MBE, Founder & CEO, Streets Consulting (moderator): I hope you've enjoyed the conversation as much as I have. Please join me and thank you the panel. Thank you everybody very much, everybody.