Ron O'Hanley, CEO of State Street, discusses the evolution of supply chains after the pandemic, saying that globalisation was taken to extremes, to the detriment of flexibility. He now sees a move towards more resilient supply chains, with diversification of sources and a return of some operations to countries of origin.

He expresses concern about the valuations of companies boosted by artificial intelligence. O'Hanley warns against irrational exuberance similar to that of the dot-com bubble, while recognising the long-term potential of AI to transform many sectors.

O'Hanley stresses the growing importance of the retail investor and the need for State Street to continue to develop products tailored to this segment, including the introduction of ETFs. He calls for a democratisation of investment in private assets, particularly for retirement, where he sees a major opportunity for investors to benefit from illiquidity premiums.

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