Asset management involves the allocation of capital across public and private markets on behalf of institutional investors such as pensions, endowments, and sovereign wealth funds. Global assets under management exceed $140 trillion, making asset allocation and portfolio construction central to financial markets and economic outcomes. This course examines contemporary issues in asset management through two complementary lenses: (i) institutional asset owners (CIOs) and (ii) global macro hedge fund portfolio managers. The course emphasizes real-world decision-making under uncertainty, focusing on strategic asset allocation, manager selection, risk and liquidity management, and governance. Students will engage in CIO- and portfolio manager-level decision-making through investment committee simulations, portfolio construction exercises, and macro trade design. The course integrates academic research with practitioner insights, including materials from Howard Marks and Michael Cembalest, and incorporates current market conditions