Asset Owner

This weeks people moves update from Investment Officer.

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.

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.

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.

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.

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.

Local currency government bonds in Latin America and South Africa had a strong year in 2025, while major Asian countries lagged the broader market.

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.

The latest appointments and people transfers in Luxembourg and elsewhere’s in Europe’s investment industry.

Luxembourg is increasingly becoming an operational necessity rather than a strategic option. From independent wealth structuring firms such as Norman K to larger private banking groups including Rothschild Martin Maurel, institutions are reinforcing their presence in the grand duchy to serve an increasingly international client base amid growing cross-border complexity and regulatory pressure.