Markets are currently marked by uncertainty. What’s your advice to investors?

Don’t let headlines dictate your strategy—stay invested and stay active. That’s especially important during volatile periods. 

Why is that?

Anyone who pulled out the day before so-called «Liberation Day» and ignored the news cycle would be surprised today: What was the fuss about? Since then, the S&P 500 has climbed by roughly six percent.

So it was much ado about nothing?

Not exactly—but the outcome wasn’t unexpected. We’ve long said that volatility would increase and risk levels would rise. That makes it all the more crucial to focus on long-term goals. Investors need clarity about what they want to achieve with their portfolios—and that’s where we come in. Emotional reactions are the worst advisor in times like these. 

«A great deal is shifting in Europe right now—and much of it for the better. »

How do you help clients maintain their focus?

We’ve built the Market Insights Program—a comprehensive information platform tailored to investors. A dedicated team of experts continuously analyzes key topics and provides guidance, particularly in turbulent market environments.

Are you seeing new opportunities in Europe? 

Absolutely. A great deal is shifting in Europe right now—and much of it for the better. Germany, in particular, is in the spotlight. There’s a growing awareness of Europe’s strengths relative to the U.S. and Asia. The EU has a population of 450 million people and an enormous savings pool—over €2 trillion of which is sitting in cash. That represents significant untapped potential. 

How important is the success of the new German government?

Expectations are high, and so are the challenges. But there’s a broad consensus among leading European nations that the current situation also presents a unique opportunity—to bring economic growth back to the center of policymaking. That’s encouraging. 

What will it take for Europe to get back on a growth trajectory?

Streamlining processes and accelerating technological innovation are key. The capital is there—we manage $3.7 trillion in assets globally, one of the largest pools of actively managed capital in the world. We deploy that firepower in our clients’ best interest. We see Europe as a stable investment location with world-class infrastructure—exactly what our clients are looking for. 

Let’s talk about private markets. What role do they play for you?

We manage around $500 billion in private markets globally—and we’ve been active in the space for over 60 years. We know the business. We currently see highly attractive conditions in Europe. In March, we launched a European Long-Term Investment Fund (ELTIF)—the first in a series of vehicles aimed at giving private investors easier access to private markets. 

Why now?

It’s a good time to broaden portfolios—to reduce dependency on public equities and bonds. Private markets provide diversification and a degree of protection against inflation. And we believe inflation risks haven’t been fully resolved yet.

«Switzerland is clearly a priority market for us.»

Will inflation reaccelerate in the U.S. first?

(laughs) If only I knew… The fact is: uncertainty remains high, and so does volatility. Reliable forecasting is difficult, but the risks are real.

How is your business in Switzerland performing? 

Exceptionally well. We serve institutional investors, asset managers, and private clients across multiple platforms. Switzerland is a highly developed market with strong companies and a deep-rooted savings culture—it’s clearly a priority market for us.

Where do you see the greatest opportunities? 

Institutional asset management, without question. Switzerland has made significant progress in this space—but the full potential hasn’t yet been realized.

J.P. Morgan Asset Management is seen as an attractive employer. How do you attract and retain talent?

It’s a combination of diversity, career development, and leadership. We’re known for our diverse teams and strong commitment to talent development. I’ve been with the firm since 1995—because I’ve continuously been offered new opportunities and responsibilities. That sets us apart. 

Is it harder to find the right people today?

We know exactly what we’re looking for—and typically find the right candidates. Our hiring process might take longer than others, but that’s intentional. We want to make sure the talent fits.

How do you maintain a local footprint in Switzerland?

We have major offices in Zurich and Geneva. That local presence is invaluable—it allows us to understand client needs on the ground and respond accordingly.

Patrick Thomson is Chief Executive Officer EMEA & Head of EMEA Client at J. P. Morgan Asset Management.