Investment Officer Global

It took a little longer than expected, but the delayed US inflation figure for October came in just slightly below expectations. That means that, by the time this column is published, the Federal Reserve will have cut interest rates by another quarter point, and—unless something strange happens—another quarter point cut will follow in December.

Claude Marx, head of Luxembourg’s financial regulator CSSF, has sent a stark warning to the financial sector: Europe’s banks and asset managers are already falling behind in the race to adopt artificial intelligence. “We are facing an economic revolution and we should embrace it,” he said.

Allocation managers overweighing eurozone stocks have done well so far this year while currency management and off-benchmark exposures like gold have also moved the needle for some. After withdrawals over the previous two calendar years, allocation funds in Europe saw modest inflows over the first three quarters of 2025.

The bulk of US economic growth this year can be attributed to data centers. But what will all that infrastructure be worth once chips arrive that are a hundred times more energy-efficient than today’s models?

Two weeks ago, we wrote that gold was poised to skyrocket. Last week, it took its biggest hit in a decade. Markets have a way of humbling both investors and journalists, and few assets do it as reliably as the yellow metal.

DWS is stepping up its ambitions in private credit, focusing on asset-based finance — lending and investment strategies secured by collateral such as real estate, infrastructure or receivables. The Frankfurt-based assetmanager is building a specialised platform to capture what it sees as the next phase of growth in Europe’s alternative investment market.

Growth in the sustainable bond market has stalled, but experts don’t foresee refinancing issues. The demand for green debt securities remains high.

This week’s overview of people moves in the investment industry includes new leadership appointments at ING Group, Carne Group, and Haca Partners.

Private equity has never lagged so far behind publicly listed equities in terms of returns. The asset class faces major challenges, including disappointing distributions, higher financing costs, and geopolitical uncertainty. Has private equity lost its shine, or is this just a temporary phase in a cyclical pattern?