Asset Manager

With mounting pressure on housing, cybersecurity, and talent retention in an increasingly complex banking landscape, Luxembourg’s bankers are calling for a policy reset.

European investors face steep losses as a falling dollar and surging euro squeeze returns on unhedged US assets, raising new questions about strategic currency exposure.

I remain endlessly amazed by how traditional investors continue to cling to outdated assumptions and clichés. Just last week, another firm once again refused to honor a client’s strong desire to expand their limited mix of just two asset classes. For tactical reasons, I’ll refrain from sharing the usual fallacies used to justify this.

Morningstar’s flexible allocation category includes a diverse group of funds with largely unconstrained mandates. These strategies typically have significant leeway to adjust weightings between equities and bonds and to incorporate alternative asset classes into the mix. Private markets have recently garnered more attention, and the rally in gold hasn’t gone unnoticed by investors either.

This week’s overview of people transfers and appointments in and around Luxembourg includes updates from Linklaters, M&G Investments, Triodos Investment Management, Flow Traders and Goldman Sachs Asset Management.

European fund managers pulled in 161 billion euros in the first quarter of 2025, led by Blackrock and a surge in passive strategies.

ESG hasn’t disappeared. It is simply speaking a different language.

The investment fund Belfius Wealth is dissolving its sub-fund JP Morgan AM Convictions, citing “structurally low performance” and “lack of investor interest” as key reasons. Belfius is offering affected investors the option to transfer to a Blackrock sub-fund.

The prospect of foreign investors reducing their exposure to U.S. assets due to concerns about the dominance of U.S. Treasuries as a safe haven is fueling discussions about the very concept of a safe haven. Significant shifts in correlations between various asset classes, particularly between U.S. equities and the dollar, are at the heart of this debate.

Investors are pulling out of U.S. equity ETFs en masse, while European trackers are experiencing a record inflow.