As we collectively reflect on 2020, I hope you and your families have remained safe and sound despite how incredibly challenging this year has been. Looking back, we have all weathered the COVID-19 pandemic, the historic U.S. election, volatility in global markets and monetary and fiscal stimulus to rival wartime years, all within the span of less than 12 months.
Despite the challenges faced, Gluskin Sheff continues to evolve, expanding our wealth planning capabilities, deepening our integration with Onex, structuring our new strategic asset allocation discipline and broadening our product shelf. And while our firm has done an incredible job of transitioning to remote work, we look forward to a time when we can gather together with our clients again.
As the global economic recovery takes hold, we are well positioned to continue to capitalize on emerging opportunities and deliver more value.
As the U.S. Federal Reserve has repeatedly signaled throughout 2020, developed economies will likely sustain a low-rate environment for years as central banks try to coax economies back to full strength. In 2021, our view of risk in our asset allocation is tilted to cyclical markets over growth, and international over North America as we expect a global rebound. We will continue to positon our strategies in dominant, high-quality businesses with long-term capability to compound returns and drive more value for investors in 2021.
I would recommend reading our new 2021 Investment Outlook: The road to recovery, written by our Matthew Lehmann who joined us in 2020 from Credit Suisse in Zurich.
Onex has made a significant investment in their U.S. credit team designed to capitalize on the current dislocation in the market and provide returns for clients in our current low-rate environment. As part of this investment, we are excited to announce our partners at Falcon Investment Advisors, a leading U.S. private credit manager with offices in Boston and New York. Founded in 2000, Falcon has US$3.8 billion of assets under management and provides credit financing solutions to leading middle and lower-middle market companies.
Falcon complements Onex Credit with a seasoned investment team, distinct sourcing capabilities and an enviable performance track record. The combined platform merges Falcon’s specialized private credit investing with the scale, global distribution and diverse investment and origination capabilities of Onex Credit and the broader Onex franchise.
As the Onex Credit platform continues to grow, we will be offering these exciting new opportunities and innovative solutions to our Gluskin Sheff clients, growing on our already distinctive and exclusive offering.
On behalf of the entire team at Gluskin Sheff, I hope you, your families and your loved ones are able to enter this New Year with health, optimism and prosperity ahead.
President & Chief Executive Office