Asset Servicing

Each week, I think about which macro figure or market theme to explore in this column. Then, out of nowhere, another article pops up about that enormous elephant in the room: our debt-fueled economic system is creaking so loudly that it can’t be ignored.

A combination of increased volatility and ongoing political and economic uncertainty is pushing financial institutions in Europe and Asia toward bonds. Asset allocators at several hundred of these firms expect to significantly increase their allocation to the asset class.

This week’s overview of people transfers and appointments includes updates from Mirabaud, Alfi, Carmignac and River Global.

The development of artificial intelligence (AI) is set to transform many industries. In addition to the software sector, heavy industry and mining may be among the biggest winners, according to experts.

Due to Donald Trump’s erratic policies, all eyes are on the United States bond market, where the bond vigilantes have run wild. But there is also unrest in the Japanese bond market—and perhaps that should worry us even more.

It’s a question that concerns every asset manager: to what extent are defense and weapons stocks compatible with the sustainable principles of ESG? A joint report by the labeling organizations Forum Ethibel (Belgium) and LuxFLAG (Luxembourg) doesn’t provide a definitive answer but does outline the many dilemmas involved.

Artificial intelligence continues to be underestimated—both in terms of its scale and the speed of its adoption. We’ve seen this story before. Each time, revolutionary technologies were massively underestimated by analysts, investors, and even the most optimistic visionaries. The same is happening now with artificial intelligence, but at a pace that puts all previous technological revolutions in the shade.

Global equity investors faced a challenging first half of the year. An optimistic start quickly gave way to turmoil as President Trump’s trade war and escalating geopolitical tensions unsettled markets.

The EU’s plan for a Savings and Investment Union risks falling flat unless it completes the banking union first, warns Amundi’s Mahmood Pradhan.

It’s done. With the deciding vote cast—no less—by Vice President J.D. Vance, the “One Big Beautiful Bill” passed in the US Senate. Yet another piece of evidence that bond investors stubbornly refuse to acknowledge: their asset class is becoming obsolete.