Asset Manager

EFAMA’s Tanguy van de Werve says securitisation can help reconnect investors with the real economy, if Brussels can manage to deliver clarity, proportionate rules, and trust.

Two major European cross-border asset management relationships are losing momentum, with Italian financial groups reassessing their reliance on French partners.

Private markets no longer run in straight lines. Intermediaries are merging, data is flowing, and Luxembourg may quietly become the nerve center of the new system.

It was fall break in October, which meant plenty of travelers crossed the Atlantic to visit New York. One of the perks: shopping in the Big Apple had become much cheaper than at the start of the year.

It took a little longer than expected, but the delayed US inflation figure for October came in just slightly below expectations. That means that, by the time this column is published, the Federal Reserve will have cut interest rates by another quarter point, and—unless something strange happens—another quarter point cut will follow in December.

Claude Marx, head of Luxembourg’s financial regulator CSSF, has sent a stark warning to the financial sector: Europe’s banks and asset managers are already falling behind in the race to adopt artificial intelligence. “We are facing an economic revolution and we should embrace it,” he said.

Artificial intelligence has become the dividing line between progress and obsolescence in Luxembourg’s financial industry.

Allocation managers overweighing eurozone stocks have done well so far this year while currency management and off-benchmark exposures like gold have also moved the needle for some. After withdrawals over the previous two calendar years, allocation funds in Europe saw modest inflows over the first three quarters of 2025.

The bulk of US economic growth this year can be attributed to data centers. But what will all that infrastructure be worth once chips arrive that are a hundred times more energy-efficient than today’s models?

Two weeks ago, we wrote that gold was poised to skyrocket. Last week, it took its biggest hit in a decade. Markets have a way of humbling both investors and journalists, and few assets do it as reliably as the yellow metal.