Investment Officer Luxembourg

Passive investing does not exist. It is a comforting fairy tale we tell ourselves, while we all press the same buttons en masse.

A new year, a new round. Every year at the beginning of January, I once again look with amazement and confusion at the equity market outlooks from the major financial institutions. And especially at the projected returns, which are invariably clustered right around the long-term average. Because one thing you can be almost certain of is that those projections will not materialize.

U.S. large-cap stocks are extending their rally into the new year, but a growing number of asset managers are entering 2026 with a more cautious view on expensive artificial intelligence bets. Many start to see better opportunities in value stocks.

While the average fund in the Global Large-Cap Blend Equity Morningstar category eked out a 5.8 percent gain in 2025, it was hardly an easy year for investors. Tariff turmoil, geopolitical tensions, and demanding valuations weighed on sentiment.

European asset managers are increasingly looking at semi-transparent ETFs to reduce the risk of intellectual property leakage. However, the relatively new vehicle has yet to generate unanimous enthusiasm.

After studying politics, Jean-Paul Daragjati set his sights on finance through a hands-on master’s in wealth management at the University of Luxembourg. Now a private banker at Edmond de Rothschild, he says the secret to success is to never stop learning.

This week’s international overview of appointments and transfers in the industry.

With the start of a new year, the professionals making the wheels of Luxembourg’s funds sector spin may be considering changing jobs. Recruitment experts share their perspectives on the state of the industry and the trends shaping it.