Navigating Market Uncertainty with Smarter Risk Models and Data-Driven Strategy

Video

Ronald Ratcliffe, Head Strategist for Portfolio Analytics at BlackRock, discusses how higher interest rates impact liquidity and the importance of diversification across public and private markets. He highlights how AI-driven data acquisition enhances risk modeling, enabling better forecasts and preparedness. Reflecting on past events like Brexit and COVID, he emphasizes the value of historical insights and staying connected through risk community forums.

Jun 27, 2025

Ronald Ratcliffe, PhD, Managing Director, Head Strategist – Portfolio Analytics, BlackRock

Tags: Market Risk ALM, Treasury and Liquidity Risk

The views and opinions expressed in this content are those of the thought leader as an individual and are not attributed to CeFPro or any other organization

Ronald Ratcliffe emphasizes the growing need for data-driven decision-making as markets face renewed volatility and higher interest rates.

With liquidity under pressure and wider bid-ask spreads becoming a concern, firms must diversify not just across markets—public and private—but also across asset classes and investment factors. This layered diversification helps maintain balance amid policy uncertainty and shifting economic signals.

By drawing on historical stress events like Brexit, the taper tantrum, and COVID, strategists can prepare for future shocks with greater confidence.

Ronald Ratcliffe, PhD Bio

Ronald Ratcliffe, PhD, is a Managing Director in BlackRock’s Applied Portfolio Analysis practice area within the Analytics & Quantitative Solutions (AQS) group. He focuses on multi-asset portfolio risk, scenario analysis, and portfolio construction. Dr. Ratcliffe's service with BlackRock dates back to 2004, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. Prior to joining AQS, he led the Market-Driven Scenarios (MDS) initiative as Head of Cross-Platform Scenario Analysis in the Risk & Quantitative Analysis (RQA) group. Previously in RQA, he was Head of Multi-Asset Investment Risk for the Americas West region. In the Portfolio Management Group (PMG), he was a portfolio manager and developed systematic macro trading strategies. Prior to joining BGI, Dr. Ratcliffe was a senior manager at KPMG in corporate valuation and international transfer pricing. Previously, he was the chief economist for Latin America at SG Cowen Securities, a subsidiary of Societe Generale. Before that he was with Bankers Trust Company (now part of Deutsche Bank) where he carried out country risk analysis. Dr. Ratcliffe earned BA degrees in economics and in political science, with distinction and with departmental honors in economics, from Stanford University. He received a PhD in economics from the University of Pennsylvania.