Asset Manager

ING wants to double its activities in private banking, wealth management, and investments by offering these services globally. In recent months, the bank introduced private banking in Poland.

Germany should move its trillions of euros in savings out of banks and put them to work for its Mittelstand through private markets. That was the message from Philipp Hildebrand, vice chairman of Blackrock’s Global Executive Committee, on Thursday during the presentation of a report on the European private markets sector.

Now that Trump has been taking things a bit easier over the past few weeks, stock valuations have become the topic dominating the markets. Market commentators are tripping over each other to declare how wildly overvalued the big tech names supposedly are. It’s a lot of parroting, really, while the actual numbers tell a more nuanced story.

The US high yield bond market returned 7.4 percent for 2025 through October (per Morningstar’s US High Yield Bond Total Return USD Index), outpacing the leveraged loans market’s 4.9 percent return (Morningstar LSTA US Leverages Loans Total returns USD Index). This year’s underperformance stands out, due to several high-profile blowups such as Tricolor and First Brands.

Across Europe, asset managers are learning that selling Eltif funds to retail and wholesale investors is far harder than early optimism suggested.

Family offices are increasing their exposure to illiquid investments, even though they often lack the expertise to properly assess private market opportunities.

Almost half of European fund investors’ costs go to distribution, according to a new report by the European Securities and Markets Authority (ESMA).

Earlier this month, Meta announced that it would finance the construction of a new data center through debt issued via an SPV, while Oracle is setting up two debt facilities for two data centers. Investors do not see this move toward more “exotic financing” as a sign of weakness. “In a sense, we’re now seeing big tech applying the same financial discipline that has traditionally been associated with infrastructure and utility companies.”

Indosuez Wealth Management is addressing changing demographics in wealth by developing more sustainable offerings and management solutions based on exchange-traded funds (ETFs), all while ensuring that they gain and maintain the trust of younger clients.

This week’s overview of people moves in the investment industry includes new leadership appointments at the Luxembourg Stock Exchange, BNP Paribas Cardif, and APG.