Asset Servicing

Trump’s second term promises lower taxes, market-friendly policies, and bold trade moves, but risks with Russia, China, and inflation could shape global markets profoundly, write Han Dieperink in his latest column.

Yes, they’re back again. With rising interest rates firmly on investors’ minds worldwide, the doom-mongers are crawling out from under their rocks to once again predict the bursting of the ‘extremely expensive’ tech bubble. But I have my doubts.

With a loss of approximately 1 percent in euros during the fourth quarter, emerging markets ended 2024 on a slightly negative note. Although the year delivered a return of 14 percent, the emerging markets index lagged behind the global index, which achieved a return of 25 percent.

The “outrageous” prediction by Saxo Bank of a major climate disaster impacting the insurance industry in 2025 became a reality last week. The effects of California’s wildfires are being felt within the insurance sector. However, the predicted crisis has not materialised, as investors remain confident in the industry’s resilience.

After a decade in the shadows, global macro hedge funds are reclaiming the spotlight. As market volatility resurges, professional money managers are eyeing global macro as a cornerstone of their hedge fund strategies.

This week’s overview of transfers and appointments in and around Luxembourg includes updates from Goldman Sachs, Waystone, UBP, BLI.

The underperformance of European equities compared to U.S. equities reached unprecedented levels in 2024. This divergence has widened the valuation gap between the United States and Europe. While the relative scarcity of tech companies listed in Europe is often cited as a reason, other explanations also account for this undervaluation.

Blackrock’s withdrawal from the Net Zero Asset Managers (NZAM) initiative has sparked debate, but institutional investors remain largely unaffected.

Scarce assets such as gold and bitcoin were among the best-performing investment categories of the past year. Yet, they received barely any attention in the endless series of (dull) outlooks from major investment banks and asset managers. Fortunately, there are always exceptions that prove the rule.

The investment year 2024 has proven to be a successful one for investors in global equities. The Morningstar Global TME Index closed the year with an impressive gain of 25 percent.