News & insights.

Photography by Ludovic Minet, Four Seasons Hotel, Megève
Market flash: Increasingly intense negotiations

Market insights

Market flash: Increasingly intense negotiations

28/03/2025

•    Discussions between the U.S. and Russia on implementing the partial ceasefire in the Black Sea are hindered by Moscow's demand for lifted sanctions, maintaining inflation uncertainty related to grain exports.
•    The U.S. plans to impose new tariffs of 25% on countries acquiring Venezuelan oil and auto imports, coinciding with a stricter immigration policy that may impact supply chains and economic growth.
•    In Europe, positive effects from Germany’s stimulus plan are reflected in a slight rise in the IFO business climate index, although mixed manufacturing PMIs indicate ongoing sectoral challenges alongside disappointing services indices.

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Artificial intelligence: Craze meets reality

Thematic and product insights

Artificial intelligence: Craze meets reality

27/03/2025

For almost three years now, AI has single-handedly dominated financial news headlines, generating a flurry of content and analysis. But never has it been so difficult to make a pragmatic assessment of its potential and its advancement.
The confusion today stems from three factors: first, technology is developing at a startling rate. I still remember, back in 2019, reading Architects of Intelligence: The truth about AI from the people building it, a collection of 23 lengthy interviews with the most eminent AI specialists at the time. The recent breakthroughs have undeniably taken the world by surprise - including executives at Meta and Microsoft, and even Elon Musk.

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Mar-a-Lago under watch

Market insights

Mar-a-Lago under watch

26/03/2025

Investors were caught wrong-footed as they headed into 2025: they were expecting corporate tax cuts and deregulation; instead, they are facing a new trade war. Raised tariffs were understood to be bargaining tools to secure concessions, not a priority goal. 

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Market flash: Europe stays ahead of the USA

Market insights

Market flash: Europe stays ahead of the USA

21/03/2025

•    In the United States, the Senate, with some Democrat support, managed to avoid a “shutdown” and prolong the budget until September, but some Trump administration decisions are fuelling worries.
•    Germany's spending plan is revitalizing the German and European economies, driving up European stock market indices.
•    The week was also marked by several central bank meetings.

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2024 Annual results

2024 Annual results

19/03/2025

Edmond de Rothschild: assets under management reach an all-time high of CHF 184 billion.

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Market flash: Trade war escalation weighs on markets

Market insights

Market flash: Trade war escalation weighs on markets

14/03/2025

•    Volatility surged this week, resulting in a further decline in US equities. 
•    Eurozone equity markets retreated on the back of uncertainties linked to negotiations in Germany on tax reform and the easing of the debt brake.
•    Long-term European yields continued to climb amid expectations of larger budget deficits, whereas US yields remained stable.

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After the rebound in 2024, what does the future hold for subordinated financial debt in 2025?

Market insights

After the rebound in 2024, what does the future hold for subordinated financial debt in 2025?

13/03/2025

Following the sharp rate hikes of 2022 and 2023, which boosted profitability for banks and insurers but also caused strong liquidity pressures – that led to the spectacular collapse of Credit Suisse - 2024 was a pivotal year for the subordinated financial debt market.
Stronger balance sheets and the prospect of lower interest rates have since rekindled investor interest for these bond instruments. In today’s calmer environment, positive inflows have gradually wiped the losses recorded in earlier years, paving the way for a dynamic 2025.

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Letter from the CIO AM : When politics spill over into markets and the economy

Market insights

Letter from the CIO AM : When politics spill over into markets and the economy

11/03/2025

The first weeks of Donald Trump’s mandate are unfolding at a staggering pace and in chaotic fashion, leaving observers increasingly stunned. And yet, events are proceeding as planned according to his programme. Donald Trump is doing what he said he would.

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Market flash: A paradigm shift

Market insights

Market flash: A paradigm shift

07/03/2025

•    Germany launches a historic investment program to boost defense and infrastructure spending.
•    D. Trump's erratic behavior, especially concerning tariffs, has created uncertainty that weighs on American morale and has led to a decline in stock markets across the Atlantic.
•    China has unveiled its economic roadmap for 2025, maintaining a growth target of 5%, which sends a message of confidence from the authorities.

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And Europe woke up

Market insights

And Europe woke up

07/03/2025

There are decades when nothing happens, and there are weeks when decades happen. This is how one might sum up the general impression after the events of the past week, so profoundly have they upset geopolitical, economic and financial balances. The scene of tensions between V. Zelenskyy and D. Trump on Friday February 28 symbolized the break-up of the Atlantic alliance and the end of the peace dividend on which Western economies and financial markets have prospered in recent decades, leading Germany to overturn its entire fiscal and constitutional framework in order to gain the means to acquire strategic independence from the United States.

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Hybrid corporate bonds: An under-exploited yield lever

Market insights

Hybrid corporate bonds: An under-exploited yield lever

06/03/2025

Edmond de Rothschild Asset Management was one of the pioneering asset managers in the hybrid corporate debt segment, at a time when few active management solutions existed in this segment.
Today, three years after the launch of EdR SICAV Corporate Hybrid Bonds, the fund has established itself as an essential solution for investors seeking yield and bond diversification.

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Market flash: Is European exceptionalism a possibility?

Market insights

Market flash: Is European exceptionalism a possibility?

28/02/2025

•    Wall Street is down close to 4% due to mounting trade uncertainties and waning optimism over the AI theme.
•    D. Trump is fuelling uncertainty and volatility on the markets with his contradictory statements on tariffs, maintaining the March 4 date for the application of tariffs on Canada and Mexico, while increasing those on China by 10%.
•    The geopolitical context is prompting European countries to increase their defense budgets, which could lead to an easing of European fiscal constraints.

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Welcome to Edmond de Rothschild Asset Management

Welcome to Edmond de Rothschild Asset Management

Welcome to Edmond de Rothschild Asset Management

Welcome to Edmond de Rothschild Asset Management

Welcome to Edmond de Rothschild Asset Management

Welcome to Edmond de Rothschild Asset Management

Welcome to Edmond de Rothschild Asset Management

Welcome to Edmond de Rothschild Asset Management

Welcome to Edmond de Rothschild Asset Management

Welcome to Edmond de Rothschild Asset Management

Welcome to Edmond de Rothschild Asset Management

Welcome to Edmond de Rothschild Asset Management

Your Profile
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Access to the Website
This section of the website is reserved exclusively for professional investors as defined by Directive 2014/65/EU, known as the "MiFID Directive", acting on their own behalf and/or on behalf of third parties in a discretionary manner or having the ability to invest a minimum regulatory amount in accordance with the regulations applicable in their country of marketing, and is not intended for non-professional investors. If you are a non-professional investor, we invite you to leave this section of the website.
The content of this website has no contractual value and is designed exclusively for informational purposes.
This website is not intended for individuals in jurisdictions where the publication or access to this website is prohibited due to their nationality or place of residence. Persons affected by these prohibitions must not access this website. Persons accessing the website acknowledge that they are solely responsible for complying with the laws and regulations applicable in their country of residence and/or nationality. In case of doubt, they should seek advice from their tax advisor, lawyer, and/or independent financial advisor.

Absence of advice or offer
The information on this website should not be considered as an offer or solicitation to engage in a transaction in a jurisdiction where such offer or solicitation would be illegal or where the person making such an offer or solicitation is not authorized to act. The information on this website is provided for informational purposes only and does not constitute active marketing, a personal recommendation, or investment advice. This information is not exhaustive, may change over time, and can be updated by the Edmond de Rothschild Group without notice and at any time.
This website is not intended for citizens or residents of the United States of America or for "U.S. Persons" as defined by Regulation S of the U.S. Securities Act of 1933. No investment product presented here is authorized for sale under the U.S. Securities Act of 1933 or any other applicable regulations in the United States. Therefore, no investment product may be offered or sold directly or indirectly to U.S. residents, U.S. citizens, or "U.S. Persons".
The regulations in each country regarding the marketing of a financial instrument vary depending on the country and your status (especially whether you are a professional client or equivalent). If you have any doubts about the marketing capability of this investment fund, we invite you to contact your usual advisor. No investment fund may be offered to a person if the law of their country of origin or any other country relevant to them or the product prohibits it. The content of the website has not been reviewed or approved by a regulator of any jurisdiction.
You are solely responsible for choosing your country of nationality or residence and selecting the website for your country. You declare that this choice complies with all applicable laws and regulations of your country of nationality or residence; otherwise, this choice is made under your sole responsibility.

Regulatory Information
The approved prospectuses and key information documents (KID) from the relevant country's regulator for the presented investment funds are freely available on the website. Other regulatory documents are available from the product’s management company. Any subscription to an investment fund or product should only be made after reviewing the relevant regulatory documents.
Edmond de Rothschild Asset Management (France) may receive commission rebates from entities of the Edmond de Rothschild Group in its capacity as the global distributor of investment funds. These rebates compensate Edmond de Rothschild Asset Management (France) for selecting and distributing the funds and represent part of the commissions stipulated in the fund’s prospectus (up to 50% of these commissions).

Absence of insurance or guarantee
All data and documents have been obtained from sources deemed reliable. However, the accuracy of this data and documents is not guaranteed. The data, comments, and analyses provided on this website reflect the opinion of the Edmond de Rothschild Group and its affiliated entities on markets, their developments, their regulation, and their taxation. This opinion is based on their expertise, economic analyses, and the information available to them at present. These data, comments, and analyses are subject to change without notice. The information provided on this website does not constitute any commitment or guarantee from the Edmond de Rothschild Group and its affiliated entities.

Risk Information
"Any investment carries specific risks. Potential investors should first consult their provider or advisor to form their own opinion on the risks inherent to each investment independently of the Edmond de Rothschild Group and its affiliated entities, in order to determine whether this investment is suitable for their financial and personal situation. Before making any investment decision, investors must review the relevant contractual documents, particularly the investment policies and risk factors. They must ensure they fully understand the risks associated with the investment and should also consider their own investment objectives and risk tolerance.
Risk of capital loss: There is a risk that investors may not recover the full amount invested.

Investment performance information
Past performance and volatility are not indicative of future performance and volatility and are not constant over time and may be independently affected by exchange rate fluctuations.
The indicated performances do not take into account costs and fees incurred during the issuance and redemption of shares but include ongoing fees, brokerage fees, and any performance fees charged. They also do not take into account any taxes imposed by the investor's country of residence.
The reference to a ranking or an award does not imply future rankings or awards for the financial instruments or the manager. If the figures expressed on this site are in a currency different from the country in which the investor resides, the gains received by the client may be increased or reduced depending on currency exchange fluctuations.

Legal Notices/Roles and Responsibilities
Edmond de Rothschild Asset Management (France) is a public limited company with an executive board and supervisory board, with a share capital of €11,033,769, headquartered at 47 rue du Faubourg Saint-Honoré, 75008 Paris, France. The company is registered with the Paris Trade and Companies Register under number 332 652 536 as a portfolio management company authorized by the Autorité des Marchés Financiers under number GP-04000015. Telephone: +33 1 40 17 25 25.
The publication director is Mr. Christophe Caspar, in his capacity as Head of the Group's Asset Management. The editor responsible for the Asset Management section of this website is Mr. Bruno Major, Marketing Director.
The website is hosted by Umbraco Cloud via Microsoft Azure, with the data center located in the Netherlands.
"Edmond de Rothschild Asset Management" or "EdRAM" is the trade name of the asset management entities (including subsidiaries and affiliated entities) of the Edmond de Rothschild Group. This name also refers to the Asset Management division of the Edmond de Rothschild Group.

Personal Data Protection and Cookies
Consult the personal data protection charter.
Consult the cookie policy.

The personal data collected from the website will be subject to automated processing by Edmond de Rothschild Asset Management (France), the data controller, whose contact details are Client Service - 47 rue du Faubourg Saint-Honoré, 75008 Paris, "clientservice-am-fr@edr.com". The contact details of its Data Protection Officer are as follows: DPO Edmond de Rothschild (France), 47 rue du Faubourg Saint-Honoré, 75008 Paris, "DPO@edr.com".
This processing is intended to adapt the website content according to local business rules and to compile anonymized statistics. The personal data collected in the context of this processing is mandatory as it allows access to the website and content tailored to the profile of the visitors. For more information on how your data is processed, please refer to our Personal Data Protection Charter and Cookie Policy.

Applicable Law
The use of this website and these terms are governed by French law. Any dispute related to the application of these terms and the use of the website falls under the jurisdiction of the French courts.

Hyperlinks
It is prohibited to create hyperlinks pointing to this website without the knowledge of the Edmond de Rothschild Group.
Before setting up such links, you must request permission from the Edmond de Rothschild Group. Your request should be addressed to the Marketing Department, 47 rue du Faubourg Saint-Honoré, 75401 Paris, Cedex 08, France, or via the following email address: info@edram.fr.

Copyright
Edmond de Rothschild Group. Any total or partial reproduction of the content of these pages is prohibited, subject to the restrictions outlined below. The pages of the website may be downloaded to disk or printed for your personal use, provided this notice is copied on each copy, no modifications are made to these pages, and no part of these pages is used in another work or publication in any format. It is also prohibited to distribute or copy any part of these pages for commercial purposes.

Technical Warning
The user of the website acknowledges that they possess the necessary skills and means to access and use this website. In this regard, the user acknowledges that they have verified that the IT configuration used is free of viruses and is in proper working condition. Furthermore, before using the website, the user acknowledges ensuring that the browser used allows secure access to the website. The website is accessible 24 hours a day, 7 days a week, except in cases of force majeure, technical and/or IT difficulties, telecommunications difficulties, and/or maintenance. The website owner disclaims any liability for technical defects that may be detected while using the website. The website owner takes all possible measures, within the scope of a general obligation of means, to provide users with a secure website.
By clicking the button below "I accept," you acknowledge having read and understood this page, agree to comply with its content, and confirm that you are accessing this website in accordance with the laws and regulations of the jurisdiction or country in which you reside.

Important Information

Access to the Website
This section of the website is intended for non-professional investors, as opposed to professional investors as defined by Directive 2014/65/EU, known as the "MiFID Directive."
The content of this website has no contractual value and is designed exclusively for informational purposes.
This website is not intended for individuals in jurisdictions where the publication of or access to the website is prohibited due to their nationality or place of residence. Individuals affected by such prohibitions must not access this website. Individuals accessing the website acknowledge that they are solely responsible for complying with the laws and regulations applicable in their country of residence and/or nationality. In case of doubt, they should seek advice from their tax advisor, lawyer, and/or independent financial advisor.

Absence of Advice or Offer
The information on this website should not be considered as an offer or solicitation to engage in a transaction in a jurisdiction where such an offer or solicitation would be illegal or where the person making such an offer or solicitation is not authorized to act. The information on this website is provided solely for informational purposes and does not constitute active advertising/marketing, a personal recommendation, or investment advice. This information is not exhaustive, may change over time, and may be updated by the Edmond de Rothschild Group without notice and at any time.
This website is not intended for citizens or residents of the United States of America or for "U.S. Persons" as defined by Regulation S of the U.S. Securities Act of 1933. No investment product presented here is authorized for sale under the U.S. Securities Act of 1933 or any other regulations applicable in the United States. Therefore, no investment product may be offered or sold directly or indirectly in the United States of America to U.S. residents, U.S. citizens, or "U.S. Persons."
Regulations in each country regarding the marketing of a financial instrument vary depending on the country and your status (particularly as a non-professional client or equivalent). If you have any doubts about the marketing capability of this investment fund, we invite you to contact your usual advisor. No investment fund may be offered to a person if the law of their country of origin or any other relevant country prohibits it. The content of the website has not been reviewed or approved by any regulator of any jurisdiction.
You are solely responsible for selecting your country of nationality or residence and choosing the website for your country. You declare that this choice complies with all laws and regulations applicable to your country of nationality or residence; otherwise, this choice is made under your sole responsibility.

Regulatory Information
The prospectuses and KIDs (key information documents) approved and/or referenced by the regulator of the relevant country for the presented investment funds are freely accessible on the website. Other regulatory documents are available from the product’s management company. Any subscription to an investment fund or product should be made only after reviewing the relevant regulatory documents.
Edmond de Rothschild Asset Management (France) may receive commission rebates from entities of the Edmond de Rothschild Group in its capacity as the global distributor of investment funds. These rebates compensate Edmond de Rothschild Asset Management (France) for selecting and distributing the funds and represent part of the commissions specified in the fund’s prospectus (up to 50% of these commissions).

Absence of Insurance or Guarantee
All data and documents have been obtained from sources deemed reliable. However, the accuracy of this data and documents is not guaranteed. The data, comments, and analyses provided on this website reflect the opinion of the Edmond de Rothschild Group and its affiliated entities on markets, their development, regulation, and taxation. This opinion is based on their expertise, economic analyses, and the information available to them as of today. These data, comments, and analyses are subject to change without notice. The information provided on this website does not constitute any commitment or guarantee from the Edmond de Rothschild Group and its affiliated entities.

Risk Information
"All investments involve specific risks. Any potential investor should first consult their provider or advisor to form their own opinion on the risks inherent in each investment independently of the Edmond de Rothschild Group and its affiliated entities in order to determine whether this investment is suitable for their financial and personal situation. Before making any investment decision, investors must review the relevant contractual documents, particularly the investment policies and risk factors. They must ensure that they fully understand the risks associated with the investment and also consider their own investment objectives and level of risk tolerance.
Risk of capital loss: There is a risk that investors may not recover the full amount invested.

Investment Performance Information
Past performance and volatility do not predict future performance and volatility, and they are not constant over time and may be independently affected by exchange rate fluctuations.
The indicated performances do not account for costs and fees incurred during the issuance and redemption of shares but include ongoing fees, brokerage fees, and any performance fees charged. They also do not account for taxes imposed by the investor's country of residence.

The reference to a ranking or award does not imply future rankings or awards for the financial instruments or the manager. If the figures expressed on this website are in a currency different from the investor's country of residence, the gains received by the client may increase or decrease depending on currency exchange rate fluctuations.

Legal Notices/Roles and Responsibilities
Edmond de Rothschild Asset Management (France) is a public limited company with an executive board and supervisory board, with a share capital of €11,033,769, headquartered at 47 rue du Faubourg Saint-Honoré, 75008 Paris, France. The company is registered with the Paris Trade and Companies Register under number 332 652 536 as a portfolio management company authorized by the Autorité des Marchés Financiers under number GP-04000015. Telephone: +33 1 40 17 25 25.
The publication director is Mr. Christophe Caspar, in his capacity as Head of the Group's Asset Management. The editor responsible for the Asset Management section of this website is Mr. Bruno Major, Marketing Director.
The website is hosted by Umbraco Cloud via Microsoft Azure, with the data center located in the Netherlands.
"Edmond de Rothschild Asset Management" or "EdRAM" is the trade name for the asset management entities (including subsidiaries and affiliated entities) of the Edmond de Rothschild Group. This name also refers to the Asset Management division of the Edmond de Rothschild Group.

Personal Data Protection and Cookies
Consult the personal data protection charter.
Consult the cookie policy.

The personal data collected from the website will be subject to automated processing by Edmond de Rothschild Asset Management (France), the data controller, whose contact details are Client Service - 47 rue du Faubourg Saint-Honoré, 75008 Paris, "clientservice-am-fr@edr.com." The contact details of the Data Protection Officer are: DPO Edmond de Rothschild (France), 47 rue du Faubourg Saint-Honoré, 75008 Paris, "DPO@edr.com."
This processing is intended to adapt the website content according to local business rules and to compile anonymized statistics. The personal data collected in this context is mandatory as it allows access to the website and content tailored to the profile of visitors. For more information on the processing of your data, please refer to our Personal Data Protection Charter and Cookie Policy.

Applicable Law
The use of this website and these terms are governed by French law. Any dispute related to the application of these terms and the use of the website falls under the jurisdiction of the French courts.

Hyperlinks
It is prohibited to create hyperlinks pointing to this website without the knowledge of the Edmond de Rothschild Group.
Before setting up such links, you must request permission from the Edmond de Rothschild Group. Your request should be addressed to the Marketing Department, 47 rue du Faubourg Saint-Honoré, 75401 Paris, Cedex 08, France, or via the following email address: info@edram.fr.

Copyright
Edmond de Rothschild Group. Any total or partial reproduction of the content of these pages is prohibited, subject to the restrictions outlined below. The pages of the website may be downloaded to disk or printed for personal use, provided that this notice is copied on each copy, no modifications are made to these pages, and no part of these pages is used in another work or publication in any format. It is also prohibited to distribute or copy any part of these pages for commercial purposes.

Technical Warning
The user of the website acknowledges that they have the necessary skills and means to access and use this website. In this regard, the user acknowledges having verified that the IT configuration used is free of viruses and is in proper working condition. Furthermore, before using the website, the user acknowledges ensuring that the browser used allows secure access to the website. The website is accessible 24 hours a day, 7 days a week, except in cases of force majeure, technical and/or IT difficulties, telecommunications difficulties, and/or maintenance. The website owner disclaims any liability for technical defects that may be detected while using the website. The website owner takes all possible measures, within the scope of a general obligation of means, to provide users with a secure website.
By clicking the button below "I accept," you acknowledge that you have read and understood this page, agree to comply with its content, and confirm that you are accessing this website in accordance with the laws and regulations of the jurisdiction or country in which you reside.

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