by Marina Gardiner, Research Editor, Elston Consulting
Since the “polycrises” of recent years, we are learning to live with inflation and live with volatility. Ensuring that a portfolio is sensibly allocated and diversified should help to mitigate the adverse effects of political or economic shocks. A properly diversified approach designed to fare reasonably in all market conditions is known as an ‘All-Weather’ strategy.
When the conflict in the Gulf started, and the Strait Hormuz closed to shipping, the world was staring down the barrel of the largest energy shock in history. 
Reflections on a keynote address by Sir Richard Moore, Former Chief (‘C’) of the UK Secret Intelligence Service (2020–2025) (MI6) in conversation with Emma Walden at FundsForum Monaco 2026.
The closing session of IMpower FundForum 2026 in Monaco asked how leading multi-asset CIOs manage uncertainty when politics trumps economics, and whether the traditional 60/40 portfolio still deserves its place. Four allocators took the stage: Rémi Lambert of BNP Paribas Asset Management, Piers Hillier of Jupiter Asset Management, Demir Bektic of Commerzbank Wealth and Asset Management, and Henry Cobbe, founder and head of research at Elston Consulting. Luke Hyde-Smith, Head of Multi-Asset at W1M moderated the discussion. The discussion was held under the Chatham House Rule.
At this year's FundForum in Monaco, Elston Consulting's Portfolio Strategist, Andrea Acimovic, joined panellists from TrinityBridge, Evelyn Partners and Morningstar to discuss one of the defining trends in asset management: the extraordinary growth of ETFs and the structural challenges emerging alongside it.
Elston Consulting marks a major milestone with total related assets exceeding £3bn (as of end May 2026) for the first time. This growth highlights a significant structural shift in the UK advisory market, as 71% of Elston’s £2.2bn MPS-related assets are now held with co-manufactured custom or tailored portfolios rather than standard off-the-shelf portfolios.
At the end of May 2026, there were over £3.0bn of assets invested across strategies designed by Elston Consulting, made up of £2.2bn in MPS managed by Elston Portfolio Management, and £800m in funds using Elston’s research and/or indices. 
The UK Government is continuing its push to encourage greater participation in long-term investing, with ISA reform forming part of a broader agenda that includes the Mansion House Accords and initiatives designed to improve engagement with investing like the £50m "Savvy Squirrel" advertising campaign. The stated policy objective is clear: to encourage retail investment and support better long-term returns for savers by directing more capital towards productive assets rather than cash savings.
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