The chief executive of a large European asset manager received an unusual if chunky task from his board recently: how to de-Americanify the company.
The request is nothing if not a sign of the times as US President Donald Trump’s aggressive tariffs unsettle markets and businesses alike. However, this arrived weeks before the so-called “liberation day”. Trump’s belligerence towards Greenland and Ukraine had already caused many European companies to question links and ties that have bound them to the US for decades.
The asset manager will look at everything from custody banks to cloud service providers. The goal is not to decouple from the US, but to look at what kind of potential risks it has and how best to mitigate them.