Unwrapping 2025… and 2035!

Welcome to this special end-of-year edition of Super Allocators, where we look back, ahead and in detail at what the CIOs of Europe’s biggest private banks are doing.

For a second year, we asked CIOs to sum up 2024 in just three words. ‘Elections’ ‘uncertainty’ and ‘volatility’ featured more than a couple of times. So did ‘AI’ (of course). But also, ‘resilience’ and ‘hope’. Our group of CIOs is a hard-nosed bunch, but there is optimism about the investment environment in 2025.

Another word that features heavily begins with ‘T’. We are concluding a year where billions of people went to the polls in a record-setting 12 months of elections. But none seemed more significant for all economies than the US. The Super Allocators do not underestimate the impact of the Trump administration’s policies.

This edition asks Super Allocators two big, future-looking questions: What are the most important calls investors will need to make in 2025? And, what are the megatrends that will shape investing over the next 10 years? Both sets of answers are worth studying in detail and share several connecting threads.

In the background to all of this is the steady rise of private markets. We took the opportunity to ask several private banks how they were growing client allocations in that area.

Please, unwrap the report and dive into the overflowing chocolate box of investing insights that is Super Allocators.

Happy new year.