Considerations for Global Asset Allocation Strategy

As a portfolio manager, you are tasked with developing an asset allocation strategy for a global investment portfolio. Your client holds a significant amount of wealth primarily in North American equities but is seeking to diversify into global markets. Discuss the considerations you would take into account in formulating this asset allocation strategy with an emphasis on global integration. Include potential benefits and risks associated with this approach and how you would assess the appropriateness of various asset classes in different regions.