Investment Officer Global

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.

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.”

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.

A targeted educational intervention can break the free dividends fallacy among retail investors. The result: a lasting behavioral change that reveals how fragile—yet how malleable—the demand for dividends truly is.

Despite tough times for private markets in recent years, family offices are seeing increased interest in private equity and venture capital, especially among the younger generation.

EFAMA’s Tanguy van de Werve says securitisation can help reconnect investors with the real economy, if Brussels can manage to deliver clarity, proportionate rules, and trust.

Two major European cross-border asset management relationships are losing momentum, with Italian financial groups reassessing their reliance on French partners.

It was fall break in October, which meant plenty of travelers crossed the Atlantic to visit New York. One of the perks: shopping in the Big Apple had become much cheaper than at the start of the year.