Is the 60/40 Portfolio Still Fit for Purpose? State Street Investment Management’s CEO, Yie Hsin Hung, Discusses Flows, Valuations, EM, Private Equity Returns and Tokenisation, the Next Investment Frontier

Money Maze Podcast

Business, News, Management, Business News, Investing

4.9 • 238 Ratings

🗓️ 14 May 2026

⏱️ 39 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

We were surprised, when researching for this interview, to learn that State Street Investment Management are the fourth largest asset manager globally, with circa $6 Trillion of assets.

Size confers both opportunity and challenges, however, and in this conversation Yie-Hsin talks about the global savings gap and the evolution of Asset Management. She addresses the place of the historic 60/40 allocations in a world where bonds may not deliver, and inflation is stubborn.

She reflects on the turbulence in private markets, the emerging market debt and equity opportunities and why tokenisation is becoming an increasingly potent force.

In January 2026, State Street launched its own Digital Asset Platform, which includes wallet management, custodial, and cash capabilities to support tokenized asset development.

The Money Maze Podcast is kindly sponsored by J.P. Morgan Asset Management*, IFM Investors, World Gold Council and LSEG.

*During the episode we cite J.P. Morgan Asset Management as Europe’s leading active ETF provider by assets under management. This is sourced from J.P. Morgan Asset management and Bloomberg, data as of 30 March 2026.

‍

Transcript

Click on a timestamp to play from that location

0:00.0	What investors need is additional diversifiers, as well as liquidity buffers.
0:05.8	There's a real value to having cash in a portfolio today that is actually paying a decent amount of interest.
0:12.8	But other allocations, whether it's commodities or gold or private markets,
0:20.3	they will add to the overall portfolio. In the U.S., for example,
0:25.2	85% of all companies with more than 100 million of revenues are privately held. And we all know
0:31.4	that the regulatory environment for banks has had them really not be in a position to extend
0:37.1	credit, and that's led to the
0:38.6	growth in private credit, because in some cases you just can't get the access in the public
0:43.8	markets. You think about AI and the impact on infrastructure and data centers. That's
0:49.9	difficult to replicate, but is only available on the private markets.
0:58.3	A few weeks back, we were asked if we'd like to interview State Street Investment Management. After six years of building the Money Mace podcast, we're incredibly lucky
1:03.1	that we get approached by lots of interesting organizations. And in fact, we turned down
1:08.1	over 300 approaches last year. Since size is not a requirement to be a guest,
1:13.8	we typically do quite a lot of research ahead of a potential interview.
1:17.8	And having been in this business for over four decades,
1:20.4	my initial reaction when State Street was mentioned
1:23.0	was this was an organisation largely in the safekeeping and asset servicing business.
1:28.9	Then I went and took a closer look and I'll confess to being surprised and educated
1:33.1	to learn that in fact is the fourth largest asset manager globally, with circa $6 trillion.
1:38.9	So updated, re-educated and intrigued as size offers opportunity, but also it can be the enemy of agility.
1:46.8	We said, yes, please.
1:48.2	So it's a pleasure to welcome Yishin here, the CEO of State Street's Investment Management, into our offices.
	...

Transcript will be available on the free plan in 3 days. Upgrade to see the full transcript now.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Money Maze Podcast, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Money Maze Podcast and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.