Investment Officer Netherlands

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.

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.

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

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?

The problem with private credit is not that it might blow up the financial system. It’s that it might just not be a very good investment.

During the third quarter of 2025, investors who assumed moderate credit and duration risk were rewarded, as the European Central Bank kept interest rates unchanged at its July and September meetings, while the U.S. Federal Reserve cut rates once in September.