News archivos - Funds Society

Financial Organizations Using Generative AI Operate With 45% Lower Costs

Digital world-class financial organizations operate with 45% lower costs as a percentage of revenue, deliver executive insights 74% faster, and generate forecasts 57% more efficiently, according to the Digital World Class® Finance 2025 research conducted by generative AI consulting firm The Hackett Group.

“As disruption accelerates, Gen AI offers financial leaders a once-in-a-generation opportunity to reinvent work and generate breakthrough business value,” said Martijn Geerling, Managing Director and Global Practice Leader at The Hackett Group. “Digital world-class financial organizations are already leading the way,” he added.

The Hackett Group defines digital world-class financial organizations as those that achieve top-quartile performance in both business value and operational excellence. These companies spend less time collecting data and more time generating analysis and insights, using Gen AI and data analytics to support faster, smarter business decisions.

The 2025 research is based on global benchmarks and highlights five key performance areas where these organizations outperform their peers:

Business Effectiveness

68% more time devoted to forward-looking analysis and strategic insights.
54% more likely to align business planning with the annual budget.
48% fewer days in accounts receivable and 83% fewer average delinquency days.

Digital Enablement

Twice as likely to allow cost center managers to input budgets online and generate ad hoc reports themselves.
Nearly 100% provide online access to customer accounts (six times more than their peers).
Suppliers use self-service portals seven times more often.

Customer and Stakeholder Experience

42% more stakeholders view finance as a valuable partner.
25% more likely to generate electronic invoicing, with 48% fewer errors, allowing nearly 100% of receivables to be collected on time.

Operational Efficiency

Closing cycles are 35%–57% shorter than those of their peers.
57% less spending on planning and forecasting, with greater investment in business analytics.
Up to 42% fewer full-time employees needed in key finance functions.

Process Automation

56% more likely to automate order-to-cash processes, including invoicing and payment application.
Approximately 80% of accounts payable workflows are fully automated.
Nearly 99% of journal entries are automated (versus 85% among peers).

The Finance Operating Model for the Gen AI Era

To achieve digital world-class performance, a redesigned finance operating model is required. The Hackett Group proposes six levers to build a Gen AI-enabled finance function:

Service Design: Redesign core processes for autonomous workflows and customer-centric experiences.
Technology: Streamline legacy systems, adopt cloud tools, and apply Gen AI to accelerate reporting, forecasting, and analytics.
Human Capital: Train teams to collaborate with AI, foster a culture of innovation, and build leadership and business partnership skills.
Analytics and Information Management: Drive enterprise-wide data governance and ensure the financial data foundation is AI-ready.
Service Partnership: Outsource transactional tasks and focus internal talent on strategic impact; collaborate with ethical AI partners.
Organization and Governance: Flatten hierarchies, establish AI centers of excellence, and adopt cross-functional, end-to-end service models.

“Digital world-class financial organizations are becoming trusted strategic partners by using Gen AI to automate routine work and elevate analysis,” said Vince Griffin, Practice Leader for Executive Finance Advisory at The Hackett Group. “They are transforming planning, forecasting, and decision-making to drive measurable business impact,” he concluded.

Juan Alcaraz Steps Down as CEO of Allfunds and Will Be Replaced by Annabel Spring

| For Amaya Uriarte | 0 Comentarios

llfunds, together with its Group CEO and founder, Juan Alcaraz, has announced that he will be leaving the company to pursue new challenges. The company highlights that, after a distinguished career at Allfunds, during which he successfully led the firm’s growth and expansion, Juan Alcaraz will take on an advisory role over the next twelve months to ensure a smooth leadership transition.

Juan Alcaraz founded Allfunds 25 years ago and has served as CEO with distinction, guiding its development into a leading global platform for wealth management businesses and their end clients. Today, Allfunds has over €1.5 trillion in assets under administration, serving 940 distributors in 66 countries. “As CEO and founder, Juan Alcaraz was a pioneer in the development of open fund architecture in Europe over three decades and built Allfunds from the spark of an idea and a small business unit within Banco Santander into a global leader in WealthTech,” the company emphasizes. In its official statement, the entire Board wishes to thank Juan Alcaraz for his significant contribution to Allfunds and extends best wishes for his future endeavors.

“Juan Alcaraz has led Allfunds with great dedication since its inception, navigating key milestones such as the IPO in 2021, and has worked tirelessly in service of the business, our clients, and shareholders. We are grateful for his exceptional leadership and entrepreneurial spirit over the years and wish him much success in his upcoming projects,” stated David Bennett, Chairman of Allfunds.

Regarding his departure, Juan Alcaraz, founder of Allfunds, said: “It has been a tremendous privilege to be part of Allfunds’ growth and to have witnessed both the business and its people thrive over more than two decades. I have agreed with the Board that this is the right time for the company to begin a transition to new leadership. It has been an honor to work with everyone at Allfunds, especially the members of the Executive Committee and the Board. I leave the company in very capable hands, well-positioned for the future and with strong business momentum heading into 2025 and beyond.”

Annabel Spring, New CEO

Following Alcaraz’s departure, the company’s Board is overseeing the succession planning and has appointed Annabel Spring as the new CEO of Allfunds, who will assume the CEO role in June.

According to the firm, Annabel Spring brings extensive experience to Allfunds after a distinguished career in wealth management and banking spanning 30 years and four continents. She joins Allfunds after six years at HSBC, where she most recently served as CEO of Global Private Banking and Wealth Management. Prior to that, she spent nearly a decade at the Commonwealth Bank of Australia, where she held the role of Group Executive for Wealth Management. Annabel began her career at Morgan Stanley, initially in investment banking before moving to Corporate Strategy, where she was Global Head of Group Strategy and Execution.

According to the announcement, under her leadership, Allfunds will continue to drive innovation and foster strong relationships with clients and asset managers, leveraging its robust business model to achieve sustainable long-term growth.

“The Board is pleased to welcome Annabel Spring as our new CEO. Her extensive experience leading global wealth management businesses, deep knowledge of international banking, and focus on people, technology, and client experience make her the ideal leader for the next stage of Allfunds’ growth. Annabel’s strong relationships with the global client base and a wide range of asset managers, built over many years, will support Allfunds’ future growth strategy,” added Bennett.

For her part, Annabel Spring, new CEO of Allfunds, stated: “Allfunds is a global leader in its field, with a strong reputation in the wealth management and banking community. The trends supporting the continued growth of global wealth are solid, and I believe Allfunds is very well positioned to seize this great opportunity. I am excited to join Allfunds and to work alongside the Board, the Allfunds teams, and our global partners to continue innovating, growing, and delivering value for our clients and shareholders.”

UBS International Adds Adelino Dias as Financial Advisor in New York

| For Amaya Uriarte | 0 Comentarios

UBS International has added Adelino Dias as a Financial Advisor in New York, according to a LinkedIn post by Michael Sarlanis, Managing Director and Market Executive of UBS New York International.

“I’m pleased to announce that Adelino Dias has joined UBS International in the New York International market,” wrote Sarlanis, sharing a brief message from the bank welcoming Dias and highlighting his background serving high-net-worth and ultra-high-net-worth clients, primarily in Brazil.

Fabian Ochsner, Market Director for New York International, Wealth Management Americas at UBS International, echoed the announcement on his own LinkedIn profile. After welcoming Dias, he said: “We are thrilled to have you on board and look forward to a successful future together.”

Before joining UBS International, Adelino Dias served as Director for seven years at Citi Private Bank, following an 11-year tenure at J.P. Morgan, where he held the role of Executive Director of Private Wealth Management. Prior to that, he spent eight years at Citi, where he was VP Wealth Manager.

A Brazilian national, Dias holds a Bachelor’s degree in Business Administration from Fundação Getulio Vargas and an MBA in Finance from UNC Kenan-Flagler Business School, among other academic credentials.

BBVA Expands in the United States and Creates a Tax Credit Monetization Unit

| For Amaya Uriarte | 0 Comentarios

BBVA Corporate & Investment Banking (CIB) continues its strategic expansion in the United States and has appointed Jorge Colmenares as Managing Director of Tax Credit Monetization, based in New York. This addition to the Spanish bank reinforces BBVA’s commitment to delivering innovative financing solutions and strengthens its growing presence in the U.S. renewable energy sector.

Through this new unit, BBVA will offer specialized capital-raising and structured financing solutions tied to energy tax credits—an increasingly relevant asset class amid the evolving regulatory and investment landscape in the U.S., the bank said in a statement.

Jorge Colmenares has over 25 years of experience in project finance, renewable energy, and tax credit advisory. He joins from Citibank, where he led the clean energy financing division. Previously, he held a senior position at GE Capital and also advised on a wide range of renewable energy transactions in the United States.

In his new role at BBVA, Colmenares will lead the origination and structuring of tax equity transactions and other related financings, under the leadership of Philip Schubert, Head of Investment Banking & Finance for BBVA in the United States.

“We are pleased to welcome Jorge at a pivotal moment in our growth in the U.S.,” said Philip Schubert. “His extensive experience in tax credit monetization and deep knowledge of the renewable energy market will be essential in strengthening our strategic relationships with institutional and corporate clients, providing tailored solutions that support their investment goals,” he added.

The hiring of Colmenares aligns with BBVA’s global strategy to establish specialized teams in key global markets and to enhance its capabilities in project finance, securitized products, and balance sheet solutions.

Michael Horowitz Will Be the New Inspector General of the Fed

| For Amaya Uriarte | 0 Comentarios

The Federal Reserve announced that Michael Horowitz will serve as Inspector General starting June 30, 2025. He will succeed Mark Bialek, who retired in April after nearly 14 years in the position.

Horowitz has more than 35 years of experience in law, public administration, and investigations. Most recently, he served as Inspector General of the Department of Justice, a role he had held since April 2012. He also chaired a committee of 21 federal inspectors general to oversee $5 trillion in pandemic relief spending, has chaired the Council of the Inspectors General on Integrity and Efficiency, and has been a member of the United States Sentencing Commission.

Earlier in his career, he was an Assistant U.S. Attorney in the Southern District of New York, where he ultimately led the office’s public corruption unit. He holds a Juris Doctor from Harvard Law School and a Bachelor of Arts from Brandeis University.

The Office of the Inspector General was established by Congress as an independent oversight authority for the Fed’s Board of Governors and the CFPB, and operates under the Inspector General Act of 1978.

Cristián Ruiz Joins AMM Capital as Managing Partner

| For Amaya Uriarte | 0 Comentarios

Taking another step in a career that has already spanned more than two decades in wealth management—including just over two years at Itaú—private banker Cristián Ruiz has moved to a new company. He has joined AMM Capital, a Chile-based wealth management boutique, which recruited him for the role of Managing Director.

Ruiz announced the move on his LinkedIn professional network, expressing gratitude to the professionals who have accompanied him. “I’m grateful for the trust placed in me to take on this new challenge, which represents a valuable opportunity to continue developing in the financial world and to contribute my experience in a dynamic and demanding environment,” he stated in his post.

When consulted by Funds Society, the private banker explained that he will report directly to AMM’s CEO, Francisca Tampier, and that his main responsibilities will involve designing and developing investment strategies for high-net-worth clients in Chile and abroad.

For Ruiz, this move is another step in his journey through the investment world—a passion he has held since adolescence—and wealth management. “After growing professionally in banks, I made the decision to join a great multi-family office to have more freedom and be able to offer clients investment solutions with an open architecture,” the executive commented.

According to his professional profile, he worked at Itaú Chile from March 2023 to May of this year, serving as leader of Itaú Advisors. In that role, he headed the investment banking team for high-net-worth clients at the firm. The bulk of his career, however, was at Banco de Chile, where he spent 19 and a half years and reached the position of Wealth Management Manager at Banchile Inversiones.

AMM Capital is a financial advisory and private investment fund management company focused on clients with over $2 billion in investable liquid assets. In addition to the Chilean market, it also has a presence in Argentina, Panama, and the United States.

Sebastián Da Silva Joins Global Work Management Group

| For Amaya Uriarte | 0 Comentarios

Sebastián Da Silva has joined the team at Global Work Management Group (GWMG) as Introductor Director. His mission will be to strengthen client asset holdings in Latin America and Europe, the firm announced in a statement.

With a distinguished academic background, Da Silva holds a degree in Business Administration from Universidad Nueva Esparta in Caracas, Venezuela, where he graduated with Cum Laude honors. He also earned recognition as a Business Administration graduate from the University of Madeira (UMA) in Funchal, Portugal. He continued his education with a Master’s in Finance from Universidad José María Vargas (UJMV) in Caracas, also graduating with Cum Laude honors, and holds a Master’s in Corporate Finance from the Instituto Superior de Contabilidade e Administração do Porto (ISCAP), Portugal.

Over the course of his 27-year professional career, Da Silva has built a solid track record in international financial markets. He began as Junior Representative for Venezuela at Banif – Banco Internacional do Funchal S.A., a role he held for seven years. He later served as Senior Wealth Manager at Citibank Capital Markets for five years. Seeking diversification in investment portfolio management, he joined VectorGlobal WMG as Senior Financial Advisor, a position he held for 15 years until November 2024.

GWMG is a firm that combines wealth management with a diversified range of alternative businesses. Its comprehensive approach includes portfolio management, brokerage of wealth, investment, and life insurance, a foundation dedicated to Financial Education, and it will soon launch an institute for market education. The firm also offers clients a network for managing physical assets, including real estate, for truly strategic and personalized wealth management.

Evelin Frangié, Managing Director of GWMG, and Sebastián Da Silva, Introductor Director at GWMG.

GWMG: Global Work Management Group is a wealth management services firm that, in partnership with Pro Capital, manages investment portfolios. One of its main custodians is Pershing LLC, a subsidiary of Bank of New York Mellon.

Pro Capital is a privately held Broker Dealer based in Uruguay with an international focus and reach. It is rated AA+ Uy by Fitch Ratings and has a track record of nearly two decades.

Pro Capital maintains strategic alliances with Pershing LLC (a BNY subsidiary), Morgan Stanley, SAFRA New York, and SAFRA Geneva, providing access infrastructure to the markets under the best conditions with strong, recognized firms—further strengthening both Da Silva’s position and that of GWMG – Global Work Management Group.

“I focus on capital preservation across generations, managing our clients’ wealth with due diligence and strategic vision. We always prioritize their interests and benefits, implementing strategies designed to minimize the inherent risks of market volatility. We aim not only to protect their wealth but also to drive it forward sustainably, managing long-term growth in alignment with their profile, needs, and financial objectives. In doing so, we strengthen lasting relationships and seek to ensure our clients’ legacy transcends generations,” stated Sebastián Da Silva Correia.

The SEC Will Advocate for Greater Retail Investor Access to Private Markets and Digital Assets

| For Amaya Uriarte | 0 Comentarios

The asset management industry is undergoing an era of innovation, with new products and emerging trends appearing in the investment universe. In this new scenario, the SEC will promote greater retail access to private markets, as these, together with tokenization, will expand the menu of investment options available to investors, according to Hester Peirce, Commissioner of the U.S. Securities and Exchange Commission, in the speech she delivered to attendees at the Third Annual Conference on Emerging Trends in Asset Management.

Peirce referred to the importance of portfolio diversification, noting that retail investors need access to a broad range of investment opportunities. “The breadth of the public markets, where most retail investors invest,” she stated, “has been affected by the decline in the number of listed companies, the delay in companies going public, and the dominance of several large companies in market indexes.”

“The Commission should work on reforming public company regulation to help reverse this trend. But some asset classes are not suitable for public markets. Therefore, retail investors and the professionals who advise them also seek additional diversification in private markets,” she added.

The Commissioner then stated that the Commission’s rules and regulations, along with staff positions, have contributed to excluding retail investors from private markets. “We should consider amending the definition of ‘accredited investor’ in the Commission’s rules so that more people are eligible to invest in these markets.”

In August 2020, the Commission slightly expanded the existing income and net worth categories for individuals, a change that the Commission itself acknowledged was marginal, Peirce recalled. “I would like to see more significant expansions, just like many retail investors who resent being excluded from an ever-growing segment of the market,” she admitted.

The official advocated for the elimination of the initial $25,000 limit that exists for closed-end funds that invest 15% or more of their assets in private funds, and the restriction on sales to accredited investors. “Neither the law nor the Commission’s rules require such limitations. Eliminating them would allow greater retail access to private investments through a closed-end fund vehicle with the benefit of professional management,” she asserted, also stating that SEC staff should ensure that funds make appropriate disclosures on conflicts of interest, illiquidity, and fees for exchange-listed closed-end funds. “We should also work with fund sponsors interested in experimenting with interval funds,” she announced.

Digital Investments
According to the official, the staff of Trading and Markets is working diligently on many applications to list a variety of digital asset ETPs. “A standardized approach to these ETPs could ease the burden for both the industry and SEC staff, and greater guidance could open the door to a broader range of options and diversification for investors,” she noted.

The Commission should also address—she asserted—whether registered investment companies can have exposure to cryptoassets through investments that are not traded on regulated exchanges in the U.S. and through the tokenization of securities issued by such companies.

When speaking about the “proliferation” of investment products, she referred to the growth and variety of exchange-traded funds (ETFs). On this topic, she pointed out that the breadth of offerings meets diverse investor needs and often does so very cost-effectively. However, she objected that some of these products “are complex and not suitable for all portfolios. Some are designed to be held only for a day. They are tools for managing risk and volatility, boosting returns, and limiting losses. If misused, they can have the opposite effect.”

Peirce concluded her speech by saying that she “would like the Commission to consider whether overly conservative regulatory limits on fund marketing are unintentionally inhibiting educational efforts by fund sponsors toward financial professionals and investors.”

BlackRock Launches an ETF Focused on European Defense Sector Companies

| For Amaya Uriarte | 0 Comentarios

According to the asset manager, the fund is designed to provide targeted exposure to European defense sector companies, selected based on their revenue levels at a time when European nations are increasing public spending to strengthen their defense capabilities. The firm notes that as Europe advances in reconfiguring its security architecture and enhancing resilience, investors are increasingly interested in aligning their portfolios with national strategic priorities and the opportunities offered by the defense sector.

Research from SIPRI indicates that NATO, excluding the United States, increased its spending by $68 billion, or 19%, between 2022 and 2023. It is also highlighted that all NATO members increased their military spending in 2024. The European Commission has called for an increase in “made in Europe” defense spending to ensure long-term security and generate economic benefits for countries in the region. The proposals include boosting European budgets to create €650 billion in fiscal space over four years. In this context, on May 19, 2025, the United Kingdom and the European Union signed a Security and Defense Agreement. A BlackRock study of EMEA-based portfolios reveals that only 2% have an explicit allocation to the defense sector, with such exposure representing, on average, less than 1.6% of the total portfolio.

Regarding this ETF, Jane Sloan, Head of Global Product Solutions for EMEA at BlackRock, stated: “In recent months, our European clients have consistently expressed interest in gaining exposure to the European defense sector. Many European countries are prepared to increase spending, strengthen cooperation, and prioritize European companies. BlackRock offers investors targeted exposure to the European defense sector while also channeling capital into Europe to support local industry and the strategic goals of the region’s countries. This new launch provides clients with a set of tools to precisely express their views and access the long-term structural drivers of the defense sector.”

Axel Lomholt, CEO of STOXX, added: “At STOXX, we are committed to developing index solutions that respond to Europe’s evolving strategic priorities. Our new STOXX Europe Targeted Defence Index reflects this mission by offering a transparent, rules-based approach to selecting companies that contribute to Europe’s defense and security. The index provides an accurate representation of the industry by incorporating high-quality revenue data from military equipment into the selection and weighting of companies active in the defense industry. This reflects the unique synergies of ISS STOXX, where data, expert insight, and index innovation are combined to meet the market’s changing needs.”

The STOXX Europe Targeted Defence Index is based on the STOXX Europe All Country All Cap Index and selects its components (price-weighted) according to revenue levels derived from military equipment, using ISS research data. This revenue-based selection ensures that the index maintains a strong focus and concentration on companies generating a high percentage of their revenue from the defense sector.

DFEU has a total expense ratio (TER) of 35 basis points and is classified as Article 6 under the SFDR. It is listed on Euronext Amsterdam and Xetra.

Blackstone Launches a Multi-Asset Private Credit Fund

| For Amaya Uriarte | 0 Comentarios

Blackstone has announced the launch of the Blackstone Private Multi-Asset Credit and Income Fund (BMACX), the firm’s first private interval fund focused on multi-asset credit. According to the company, it is available through advisors and aims to provide access to strategies within Blackstone’s credit platform, which manages $465 billion. The fund offers ticker-based execution with daily subscriptions, quarterly liquidity, and low investment minimums, with capital deployed immediately.

“We believe BMACX can serve as a foundational component in portfolio construction to capitalize on expanding credit markets. It offers individuals full access to Blackstone’s credit platform in what we consider an investor-friendly structure,” said Heather von Zuben, Chief Executive Officer of BMACX.

Dan Oneglia, Chief Investment Officer of BMACX, added:
“Our goal will be to deliver diversified, high-quality income with lower volatility than traditional fixed income products by investing in a broad range of attractive credit assets. We believe this multi-strategy approach positions investors to capitalize on compelling relative value, particularly in dynamic market environments.”

BMACX will invest in a diverse range of credit assets, including private corporate credit, asset-backed and real estate credit, structured credit, and liquid credit, aiming to provide attractive and stable income through monthly distributions while managing risk. BMACX builds on Blackstone’s leadership in delivering private credit solutions to individual investors, with dedicated vehicles focused on direct lending available since 2018.