Wealth Managers

Edinburgh-based asset manager Abrdn on Wednesday said it plans to slash 500 jobs this year, or about 10% of its workforce, in a push to bring down costs and restore profitability as the industry continues to be plagued by a growing uptake of low-cost competitors and a broad switch among clients to passive investment strategies.

The global wealth gap has alarmingly widened since 2020, with the top five richest men globally having more than doubled their fortunes. In stark contrast, nearly five billion people worldwide experienced a decline in their financial wellbeing, a study by anti-poverty group Oxfam revealed on Monday.

Released to coincide with the World Economic Forum Annual Meeting in Davos, the report painted a grim picture of economic disparity.

The report also said that the world could see its first trillionaire within the next decade. 

Roderick van Zuylen is prepared for the challenge. On the 1st of January, the ex-Van Lanschot Kempen portfolio manager inaugurated his own investment fund in the US: Night Watch Investment Management. “I desired a name that alluded to my Dutch heritage, yet Dike Capital and Tulip Invest were disregarded for obvious reasons.”

While many asset managers continue to explore private investments amidst growing market uncertainties, Optimix Asset Management has consistently avoided them. “Investors don’t need private markets,”  said Jelte de Boer, managing director of Amsterdam-based Optimix, a Dutch subsidiary of Swedish bank Handelsbanken.

The European Commission has cleared the acquisition of Belgium’s largest private bank Degroof Petercam by CA Indosuez, a subsidiary of the Paris-based Crédit Agricole group.

The Commission said on Monday that it concluded that the proposed concentration does not raise competition concerns given the limited market positions of the companies involved.

Luxembourg-headquartered asset manager Candriam on Wednesday announced the launch of a new alternative investments platform as a response to growing demand for diverse alternative investment solutions in today’s market environment.

German investors have been internationalising their property portfolios for years. At the same time, foreign investors are increasingly drawn to the German real estate market. Though the momentum has fluctuated, the overall trend persists. As one of the leading fund domiciles in the world, Luxembourg has firmly established itself as a key player in this internationalisation.

Whisky asset manager Scotch Whisky Investments until recently focused mainly on private investors. That market continues as usual, but bringing in former ABN Amro director Eran Habets as CEO means more focus on selling to independent asset managers and family offices. And abroad, first and foremost Belgium.

With the official launch of Eltifs 2.0 in early 2024, the private semi-liquid private funds market is undergoing a revival, both in terms of products and assets under management.

Global wealth linked to art and collectibles is projected to grow by nearly a third to 2.861 billion dollars by 2026 from the level of 2.174 billion in 2022, according to the Deloitte Luxembourg Art & Finance Report 2023.