Raoul Pal Says AI Agents Could Disrupt the Entire Asset Management Model

Raoul Pal said AI agents could disrupt the entire asset management model, pointing to tokenization and autonomous agents as forces that could change how firms allocate capital and earn fees.
- Large asset managers could shift from human-run investment pods toward individuals and AI agents generating return streams
- Tokenization could reduce the need for the massive infrastructure inside traditional asset management firms
- The biggest impact may be on fees, with Pal expecting costs to collapse across hedge funds, pension plans and other investment structures