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Opinion
Mohamed A. El-Erian

Ukraine War Hastens Investor Migration to Private Markets

Russia’s invasion has amplified six significant evolutions in finance and the global economy.

Russia’s invasion of Ukraine is accelerating investors’ shift away from public markets.

Russia’s invasion of Ukraine is accelerating investors’ shift away from public markets.

Photographer: Spencer Platt/Getty Images 

Much of the commentary about the Ukraine war’s implications for the investment-management industry has tended to be both immediate and narrow, particularly in discussions about the spillovers for different segments. By zooming out, however, some longer-term ramifications become more apparent for both public and private markets.

The war is amplifying and accelerating six important secular evolutions that were already taking place well before the first Russian troops invaded Ukraine. Indeed, on the eve of the invasion: