Asset Servicing

Luxembourg has taken a new step in modernizing its sovereign debt with the issuance of fully digital treasury certificates based on blockchain technology.

JP Morgan Asset Management’s actively managed U.S. equity ETF is now the largest of its kind in Europe—and the most widely held active fund in fund-of-funds portfolios. How did it get there? Not by bold bets, says portfolio manager Piera Elisa Grassi, but precisely by avoiding them.

This week’s overview of senior appointments and leadership changes includes updates from Aon France, Allianz Benelux, Mimco Capital, and SnapSwap.

A new tax regime, set to take effect in 2026, has been designed to update how carried interest is treated for managers involved in alternative investment funds and private markets. The proposed law reflects Luxembourg’s ambitions as a global private market player.

On Sunday, Brussels bowed to demands from across the Atlantic. Some call it a strategic blunder. Others say it’s a clever bluff.

European stock exchanges are edging closer to 24-hour equity trading, but cautiously and unevenly.

Treasury Secretary Bessent suggests reviewing the Fed, an idea that’s ruffling feathers in central banking’s insular, self-congratulatory world.

While many economists were once again forecasting a recession and plenty of so-called market experts were calling an end to the rally, equity markets are celebrating summer with new record highs. I’m curious to see how they’ll explain their latest miss.

The second quarter of 2025 provided ample opportunity for tactical trades, as markets whipsawed in every direction. Inflation fears broke out following Liberation-Day tariff announcements from the US, which led to a rapid spike in bond spreads. Spreads then normalized as a 90-day suspension on tariffs kicked in. Even so, global high-yield bond yields stood at 6.9 percent at the end of June, well above the 6.4 percent average over the past five years.