The discussion also reflects the long-term value of building strong professional relationships across firms and regions, and how ICMA Future Leaders helps connect emerging talent with senior industry leaders. Drawing on their own experiences, Alexander and Celia share practical insights on career progression, continuous learning, and navigating the realities of the industry, emphasising collaboration, resilience, and the role of networks in supporting sustainable career growth.

The discussion highlights Frontclear’s dual approach of combining guaranteed products with technical assistance to address key market challenges, including legal and regulatory frameworks, infrastructure gaps, and local capacity constraints. It also showcases how ICMA’s education and training programmes contribute to building market expertise, strengthening regulatory confidence, and enabling sustainable capital market development through practical, real-world collaboration.

• Outlook for 2026:  key themes 
• Geopolitics and which are the asset classes to watch this year
• Views on the new FED chair as well as FED leadership, tariffs, and shutdown risk
• Investors views on optimism in the markets and how that effects positioning

Listen now to this ICMA Podcast on exchange-traded funds (ETFs), hosted by Anita Karppi, Senior Director - Buy-side at ICMA, who was joined by Tom Stephens of Schroders Investment Management, Pravin Bagree of UBS Asset Management and Josh Gibbs of State Street Investment Management to discuss what 2026 could look like for fixed income ETFs, and why ETFs are increasingly being treated as core portfolio infrastructure rather than “access” products.

In this episode, the panel discusses:

• The outlook for fixed income ETFs in 2026: intentional duration, credit dispersion and ETFs as risk-management tools
• The active ETF “delivery mechanism” debate: product design, fees and liquidity
• Adoption trends across institutional, wholesale and retail channels, plus the role of platforms and model portfolios
• Regulatory developments, including how rules may shape eligible exposures (including alternatives)

Anita Karppi, Senior Director - Buy-side, Market Practice & Regulatory Policy, ICMA was joined this episode by industry experts, Bob Parker, former Chairman of AMIC and Senior Adviser to ICMA, and Massimiliano Castelli, PhD MSc, Managing Director and Head of Strategy & Advice at UBS Asset Management, who also serves as the Co-Chair of the AMIC Executive Committee.

This podcast was recorded on 16 December 2025, where the team discussed:

Capital Markets: Equities and precious metals surged in 2025 while fixed income and commodities lagged. What were key drivers behind these divergent performances, and how should investors interpret them going into 2026?

Economic Growth & Risks: What main forces will shape global growth in 2026, and where might the biggest risks or opportunities be?

Policy & Investor Strategy: How might investor behaviour to shift in 2026 — particularly in terms of defensive versus growth strategies?

If you have questions or topics that you would like our guests to address in future episodes, please feel free to get in contact via email: AMIC@icmagroup.org.

Learn more about AMIC

Further exploring how AI is being adopted across the bond lifecycle, where the biggest efficiency gains are emerging, and how firms should navigate the growing regulatory agenda, they also discuss the risks and limitations of AI, the importance of responsible use, and why upskilling is becoming essential across the industry.

A practical, grounded view of how AI is reshaping workflows, risk considerations and future capabilities in capital markets.

This is the first of a special series of podcasts examining some of the leading trends of the day, co-produced by Resonate Global Advisors.

Anita Karppi, Senior Director - Buy-side, Market Practice & Regulatory Policy, ICMA was joined this episode by industry experts, Bob Parker, former Chairman of AMIC and Senior Adviser to ICMA, and Massimiliano Castelli, PhD MSc, Managing Director and Head of Strategy & Advice at UBS Asset Management, who also serves as the Co-Chair of the AMIC Executive Committee.

This podcast was recorded on 24th October 2025, where the team discussed:

• IMF/WB Annual Meetings: What were the major takeaways?
• US Government Shutdown & US/China Trade Negotiations: How will these challenges impact global markets?
• Central Bank Meetings: What to expect from the Fed, ECB, BoE, and BoJ in late October and early November?
• Equity and Commodity Markets: Are we witnessing bubbles, and how can we define one?
• Investor Sentiment: After a strong 2025 performance, will investors take profits or reduce risks?
• German Government & European Financial Integration: Will we finally see progress on the Capital Markets Union?

If you have questions or topics that you would like our guests to address in future episodes, please feel free to get in contact via email: AMIC@icmagroup.org.

Learn more about AMIC: https://www.icmagroup.org/market-practice-and-regulatory-policy/asset-management/

Together, they discuss how bank cultures differ and influence gender equality, the role of male allyship in Asia, the availability of childcare and its impact on women’s career progression, and the importance of international collaboration in strengthening local IWN chapters.

From bridging the gap between technical knowledge and applied market expertise to empowering the next generation of women leaders, Katie shares practical insights and stories from across ICMA’s global community.

Tune in to hear how education can drive opportunity and why the right skills will define the future of debt capital markets.

Returning for this episode are industry experts, Bob Parker, former Chairman of AMIC and Senior Adviser to ICMA, alongside Massimiliano Castelli, PhD MSc, Managing Director and Head of Strategy & Advice at UBS Asset Management, who also serves as the Co-Chair of the AMIC Executive Committee.

In this podcast, recorded on 21st August 2025, the team discussed:

• Geopolitical and Geoeconomic issues: what do we mean by that, and what is the impact for investors?
• What are the current major geopolitical risks investors should be aware of?
• Traditional safe-haven assets: what are they, and what might investors want to consider?

If you have questions or topics that you would like our guests to address in future episodes, please feel free to get in contact via email: AMIC@icmagroup.org.

Learn more about AMIC: https://www.icmagroup.org/market-practice-and-regulatory-policy/asset-management/

• Highlights of the recently published UBS Annual Reserve Manager Survey
• New tariffs imposed by Trump and how it will evolve
• Growth and inflation
• The stability of bond market
• Equity markets showing strong recoveries

AMIC is ICMA's dedicated forum advocating the interests of buy-side members, including asset managers, institutional investors, private banks, pension funds, and insurance companies, among others.

If you have questions or topics that you would like our guests to address in future episodes, please feel free to get in contact via email: AMIC@icmagroup.org.

Speakers:

Bob Parker is former Chairman of AMIC and Senior Adviser to ICMA.

Massimiliano Castelli, PhD MSc, is Managing Director and Head of Strategy & Advice at UBS Asset Management and Co-Chair of the AMIC Executive Committee.

Learn more about the work of AMIC here: https://www.icmagroup.org/market-practice-and-regulatory-policy/asset-management/

• The continuing US/China tariff negotiations. What’s the impact on the Chinese economy?
• Given the US budget bill, what are the implications for the US budget deficit, the US credit rating and US Treasury yields?
• What are the key risks facing investors for the second half of 2025, and are they factored into markets at present?

AMIC is ICMA's dedicated forum advocating the interests of buy-side members, including asset managers, institutional investors, private banks, pension funds, and insurance companies, among others.

If you have questions or topics that you would like our guests to address in future episodes, please feel free to get in contact via email: AMIC@icmagroup.org.

Speakers:

Bob Parker is former Chairman of AMIC and Senior Adviser to ICMA.

Massimiliano Castelli, PhD MSc, is Managing Director and Head of Strategy & Advice at UBS Asset Management and Co-Chair of the AMIC Executive Committee.

Learn more about the work of AMIC here: https://www.icmagroup.org/market-practice-and-regulatory-policy/asset-management/

Returning for this episode are industry experts, Bob Parker, former Chairman of AMIC and Senior Adviser to ICMA, alongside Massimiliano Castelli, PhD MSc, Managing Director and Head of Strategy & Advice at UBS Asset Management, who also serves as the Co-Chair of the AMIC Executive Committee.

In this podcast, recorded on 7th May 2025, the team discussed:

• The evolving US tariff policy and how these policies may affect the economies of the US and its major trading partners. How might other Governments react?
• Whether the independence of the US Federal Reserve is under threat
• Implications for foreign demand for US Treasuries and whether the turmoil could persuade investors to increasingly shift allocations outside the US

If you have questions or topics that you would like our guests to address in future episodes, please feel free to get in contact via email: AMIC@icmagroup.org.

Learn more about AMIC: https://www.icmagroup.org/market-practice-and-regulatory-policy/asset-management/

Returning for this episode are industry experts, Bob Parker, former Chairman of AMIC and Senior Adviser to ICMA, alongside Massimiliano Castelli, PhD MSc, Managing Director and Head of Strategy & Advice at UBS Asset Management, who also serves as the Co-Chair of the AMIC Executive Committee.

In this podcast, recorded on 26th March 2025, the team discussed:

· Given the deep twin sell off in the US dollar and equities, is the American exceptionalism trade over?

· Following the dramatic changes to German fiscal policy announced during early March. Is this the herald of a European Renaissance?

· “What’s progress on the Capital Markets Union and the Savings and Investment Union? Is Europe finally going to deliver on financial market integration?”

If you have questions or topics that you would like our guests to address in future episodes, please feel free to get in contact via email: AMIC@icmagroup.org.

Learn more about AMIC: https://www.icmagroup.org/market-practice-and-regulatory-policy/asset-management/

Returning for this episode are industry experts, Bob Parker, former Chairman of AMIC and Senior Adviser to ICMA, alongside Massimiliano Castelli, PhD MSc, Managing Director and Head of Strategy & Advice at UBS Asset Management, who also serves as the Co-Chair of the AMIC Executive Committee.

In this podcast, recorded on 25th February 2025, the team discussed:

• Following the general election result in Germany, what is the outlook for the German economy, and what is the knock-on effect for the Eurozone and the ECB .
• Update on US economic policy under the new Trump administration. Government and Fed policy.
• What’s changed in China?
• In the near term what do you see as the major risk factors to capital markets, and what about potential market volatility.

If you have questions or topics that you would like our guests to address in future episodes, please feel free to get in contact via email: AMIC@icmagroup.org.

Learn more about AMIC: https://www.icmagroup.org/market-practice-and-regulatory-policy/asset-management/

Returning for this episode are industry experts, Bob Parker, former Chairman of AMIC and Senior Adviser to ICMA, alongside Massimiliano Castelli, PhD MSc, Managing Director and Head of Strategy & Advice at UBS Asset Management, who also serves as the Co-Chair of the AMIC Executive Committee.

In this podcast, recorded on 10th January 2025, the team discussed:

· How investors are handling the uncertainty of the policies of the incoming Trump administration. Are markets starting to discount potential policy changes?

· Can China achieve 5% growth, and can deflation be curbed?

· Expectations of Fed rate cuts. How other Central banks and notably the ECB might diverge from the Fed?

· Why bond yields have increased

· The status of budget problems in France and Spain. Will a new Government in Germany disrupt the Eurozone markets?

· Valuations in US equity markets. Is there evidence of any "bubbles" in markets?

If you have questions or topics that you would like our guests to address in future episodes, please feel free to get in contact via email: AMIC@icmagroup.org.

Learn more about AMIC: https://www.icmagroup.org/market-practice-and-regulatory-policy/asset-management/

In this podcast, Valérie Guillaumin, Director, Sustainable Finance at ICMA, talked with two committed women, from well-known organisations that have issued bonds to finance social projects, about why investing in gender equality matters.

• Natasha GARCHA, Senior Director, Innovative Finance and Gender-Lens Investing Specialist at Impact Investment Exchange (IIX)
• Heather KIPNIS, Principal Operations Officer, Gender and Economic Inclusion Group at the International Finance Corporation (IFC)

Returning for this episode are industry experts, Bob Parker, former Chairman of AMIC and Senior Adviser to ICMA, alongside Massimiliano Castelli, PhD MSc, Managing Director and Head of Strategy & Advice at UBS Asset Management, who also serves as the Co-Chair of the AMIC Executive Committee.

In this podcast, recorded on 22nd November, the team discussed the implications for geopolitics and markets following the election victory of Donal Trump’s Republican party in early November.

Domestically, how might the policies he is believed to want to pursue affect the US economy and the markets? Does his agenda of import tariffs (especially upon China) signal that inflation will persist and perhaps worsen.

And what does this mean for rates? Will long-term interest rates remain at higher levels, or can we expect them to fall once the post-election euphoria dissipates?

In equity markets we’ve heard a lot about the “Trump trade”. What is it? Is this a prelude of what we can expect in the future? Or will the current market optimism eventually fade away once announced policies are rolled out?

Outside of the US, the team also cover the upcoming election in Germany and their view on how the election might play out and the potential repercussions for economies and markets, in Germany, across the EU and beyond.

If you have questions or topics that you would like our guests to address in future episodes, please feel free to get in contact via email: AMIC@icmagroup.org.

Learn more about AMIC: https://www.icmagroup.org/market-practice-and-regulatory-policy/asset-management/

For over 10 years, the ICMA Women’s Network (IWN) has been a global platform committed to supporting women in the bond markets. From promoting gender equality to addressing key challenges like the gender pay gap and maternity barriers, the IWN is driving real change.

Our network fosters skill development, resilience, and peer support. Whether it's through workshops on unconscious bias or discussions on career growth in a tech-driven world, we’re dedicated to helping women excel.