Fulcrum

Fulcrum Asset Management is a UK-based alternative investment boutique. The firm was founded in 2004 by former Goldman Sachs executives Andrew Stevens and Gavyn Davies. Davies is chairman and still owns a sizable stake in the company, but the firm’s ownership structure evolved in late 2025 as Australia-based Fidante secured a minority stake as part of a new strategic alliance. Around 20 senior employees own the remaining shares, a result of a recent partnership expansion aimed at improving staff retention. Fulcrum is mostly active in liquid alternatives, a complex and demanding segment of asset management where competition for talent is fierce, and investor tolerance for missteps is low. The firm punches above its weight but operates on a delicate balance. Its heritage is in alternative macro, but its model evolved progressively and today ranges from long-only thematic equity to alternative and private asset solutions, combining discretionary expertise and systematic methods. The firm has sought to adapt to the industry shifts by reinventing its model more than once. Repeated reorganizations have not solved the challenge of high turnover among midrank professionals, however, and some higher-profile departures in recent years also bear watching. The firm has an innovative and research-driven investment ethos and offers some pockets of strength, though. Suhail Shaikh, the firm’s CIO and a highly regarded industry veteran, plays a pivotal role here, even if this reliance elevates key-person risk considerably. Shaikh serves as lead portfolio manager and is the chief architect of the firm’s flagship Diversified Absolute Return strategy, which accounted for about three-fourths of its USD 8.3 billion in assets under management as of November 2025. Fulcrum also built strong capabilities in econometric modeling and macroeconomic forecasting, as well as in selected alternative investing niches, such as volatility trading. The quality of Fulcrum's lineup is somewhat uneven, however. Numerous strategies have been shut down over its history, and we remain wary of it straying from its core competencies. And while it has grown its asset base and headcount in recent years, the group’s investment team of around 30 remains somewhat lean in relation to the breadth of its offerings and shops of similar sizes. Risk management practices are sound, which is key in the alternative space, but on balance, the firm exhibits a mix of strengths and weaknesses, in our view. This leads to an Average Parent Pillar rating.