Why independence matters in asset management: Maxime Carmignac on consolidation, open architecture and culture
The development that some large banks in Europe are closing their doors to open architecture and internalising asset management is good for their margins in the short term but could create a long-term problem. That is what UK CEO Maxime Carmignac of Carmignac said. “Asset management is a different profession, with a different culture and dynamics. We are already seeing that this is starting to work against some banks.”
The limits of Trump
Donald Trump likes to present himself as a leader guided by instinct and personal conviction. International treaties, diplomatic traditions, and established norms are, in his view, merely suggestions that he can ignore at will. This attitude lies at the heart of his political identity: America first, and whatever Trump believes is good for America is what will happen.
AI accelerates markets, not volatility
As a growing part of the financial community questions whether artificial intelligence has created a bubble, Fabiana Fedeli takes a different view. The CIO for Equities, Multi-Asset and Sustainability at M&G Investments argues that AI is not the source of a fundamental market imbalance, but rather acts as an accelerator of price adjustments in an environment that has become extremely fast-moving.
Silver breaks with tradition as structural shortages take hold
The silver price appears to be breaking with its traditional pattern. Where the metal has historically followed gold with a delay, silver is now moving more independently and at a faster pace. According to market participants, the recent rally is less a reaction to geopolitical tensions than the result of structural changes in the balance between supply and demand.
The expectations paradox
When everyone expects the same thing, it is time to think differently. A good example comes from Value Line, a company that makes stock market forecasts. They predict higher returns when valuations are low. Individual investors do exactly the opposite.
Chart of the week: you wouldn’t expect it, would you
An insignificant Danish pension fund dumps all its US Treasuries. Financial media eagerly jump on this headline, because that is not something most investors would just expect. About the underlying structural cause, which has little to do with a president gone off the rails, you hear a lot less.
Morningstar: NinetyOne vs Morgan Stanley in global emerging markets bonds
Local currency government bonds in Latin America and South Africa had a strong year in 2025, while major Asian countries lagged the broader market.
Trump forces Europe into strategic rethink
Donald Trump’s return to the Davos stage on Wednesday has sharpened investor focus on Europe’s exposure to a world in which geopolitics is once again shaping trade, security and capital allocation. “Everything has changed,” said Sabrina Khanniche, senior economist at Pictet.
To European investors ‘sell America’ is noise
Talk of the need to lower exposure to U.S. assets grew louder this week, but asset managers in Europe are not abandoning the country. Recent market moves, they argue, do not justify a strategic shift away from the U.S., with equities rebounding toward record highs after signs of progress on Greenland at talks in Davos.
Transfers: Oddo BHF, CSSF, Ogier, Partners, Apollo, FundSight
The latest appointments and people transfers in Luxembourg and elsewhere’s in Europe’s investment industry.