Asset Manager

DWS is stepping up its ambitions in private credit, focusing on asset-based finance — lending and investment strategies secured by collateral such as real estate, infrastructure or receivables. The Frankfurt-based assetmanager is building a specialised platform to capture what it sees as the next phase of growth in Europe’s alternative investment market.

The great wealth transfer isn’t just a handover of assets. It’s a clash of priorities between generations. At HSBC Luxembourg, Emanuele Vignoli is helping families bridge that gap with a blend of technology and trust.

Growth in the sustainable bond market has stalled, but experts don’t foresee refinancing issues. The demand for green debt securities remains high.

It takes about two million euros in net assets to be considered wealthy in Luxembourg, according to new data that highlights rising perceptions of affluence in one of Europe’s richest economies.

This week’s overview of people moves in the investment industry includes new leadership appointments at ING Group, Carne Group, and Haca Partners.

Private equity has never lagged so far behind publicly listed equities in terms of returns. The asset class faces major challenges, including disappointing distributions, higher financing costs, and geopolitical uncertainty. Has private equity lost its shine, or is this just a temporary phase in a cyclical pattern?

The problem with private credit is not that it might blow up the financial system. It’s that it might just not be a very good investment.

“Climate change is not a scenario for the distant future; it’s already affecting all asset classes,” said Lisa Backes, deputy CEO of Hauck & Aufhäuser Fund Services, during the LuxFlag Sustainable Investment Week in Luxembourg. For banks, sustainability has become a strategic and regulatory issue at the core of risk management and client relations.

The title of this column is the Chinese word for “mirage” or “illusion.” Hot air, in other words. Just like the impressive Chinese growth figure that was proudly announced this week.

During the third quarter of 2025, investors who assumed moderate credit and duration risk were rewarded, as the European Central Bank kept interest rates unchanged at its July and September meetings, while the U.S. Federal Reserve cut rates once in September.