GAM's Active Thinking 07 March 2025

• Banks closed 2024 on a high note, delivering earnings that beat consensus estimates in Q4. Profitability remained strong over the course of the year, making it the second year of double-digit Return on Equity (RoE) post the 2008 Global Financial Crisis (GFC).
• While there are still some headwinds looking ahead, the sector’s profitability is set to remain structurally higher – and that is credit-positive.
• Other credit metrics remain rock-solid, as capital ratios are holding close to all-time highs and we have not seen any deterioration in asset quality.

Latest video - Opportunities in Private Markets:

Steven Williams, Head of UK Distribution at GAM Investments, discusses opportunities in private markets with Kevin Moss, Managing Director at Liberty Street Advisors. They cover a broad range of topics including Kevin’s career, his most and least successful investments, avoiding ‘binary’ sectors and how he and the team source deals.

For more expert insights visit our website gam.com/our-thinking.