Asset Manager

While many economists were once again forecasting a recession and plenty of so-called market experts were calling an end to the rally, equity markets are celebrating summer with new record highs. I’m curious to see how they’ll explain their latest miss.

The second quarter of 2025 provided ample opportunity for tactical trades, as markets whipsawed in every direction. Inflation fears broke out following Liberation-Day tariff announcements from the US, which led to a rapid spike in bond spreads. Spreads then normalized as a 90-day suspension on tariffs kicked in. Even so, global high-yield bond yields stood at 6.9 percent at the end of June, well above the 6.4 percent average over the past five years.

It was June 2008 when I flew to New York to meet Paul Volcker for the first time. That trip is memorable for two reasons: first and foremost, of course, for the opportunity to sit down and talk with Volcker. But also because that week, EUR/USD reached its all-time high, just shy of 1.60.

The ECB may be standing still in terms of monetary policy but the ground beneath is shifting. The strong euro complicates the picture.

With just one week to go until the U.S. deadline of August 1, European policymakers are finalising retaliation measures that could place transatlantic relations under severe strain.

Private banks race for growth as ‘hunters’ return to favour. Who wins the client, and who keeps them loyal?

This week’s overview of people transfers and appointments includes updates from Apex, EY, DWS Group, Aberdeen, Coutts, GAM and HSBC.

Vietnamese finance minister Nguyen Van Thang met with representatives from FTSE Russell last week to discuss the potential reclassification of Vietnam’s capital market. This marks an important moment in Vietnam’s journey from frontier market to emerging market status in 2025—a long-awaited upgrade that has been on the table since 2018.

First-half numbers posted last week by Partners Group, followed by a sober warning from Morningstar on Monday, suggest that momentum in semi-liquid evergreens may stall if returns continue to disappoint.

Investors still too often view emerging market debt (EMD) as a simple choice between hard and local currency. That’s a missed opportunity, says Cathy Hepworth, who established PGIM Fixed Income’s EMD team 30 years ago. According to her, the true strength of the asset class lies in its diversity.