Global markets are experiencing unusual times, with a landscape of uncertainty and volatility that would have seemed unthinkable a decade ago. In a minefield of inflation expectations, geopolitical conflicts, and rapid technological transformation, investors and asset managers have been adapting to choppy waters, relying on a variety of strategies. This is the context in which the Productpalooza 2026 panel took place, within the framework of the Funds Society Leaders Summit.
The event, organized jointly by Funds Society and CFA Society in Miami, featured a range of perspectives from leading international investment firms, and the focus on investment products was no exception. Moderated by Alejandro Guardiola, Investment Solutions Product Manager at Insigneo, it brought together the views of Sabadell, Banco BCI, and BTG Pactual on the different assets and vehicles that have flourished in the current environment.
Technology Reigns on All Fronts
The sector that has driven Wall Street’s rise for years was the first topic discussed. “Technology is where everything is happening right now,” in the words of Alberto Arrambide, SVP Portfolio Manager & Head of Discretionary Investments Unit at Sabadell.
First with the emergence of the internet, the software boom, and the widespread adoption of social media, and now with artificial intelligence (AI), technology companies are “what has been shaping the world since we started our careers,” the professional noted, evolving over the years and shaping the broader business environment.
And this goes beyond the names in portfolios, affecting the investment management business itself. “Technology is one of the major themes, not only as an investment, but also at the level of solutions for clients,” explains Cristina Vergara, Executive Director of Offshore Funds at BTG Pactual, with digital platforms facilitating and improving service across different client segments.
The Moment for Structured Notes
With U.S. President Donald Trump and the dynamics of AI-related stocks, Banco BCI sees investors increasingly interested in structured notes. “They have wonderful features for clients to invest in shorter-term products,” with characteristics such as guaranteed coupons and discounted put strikes on major technology stocks, explains Denise Desaulniers, SVP and Head of Investment Solutions at the firm.
“It’s not a new theme, but one that is becoming more popular,” she says, adding that “clients are enjoying selling calls and puts.” Moreover, there is now the option to invest in various ETFs with options-selling strategies within indices, further expanding the investable universe.
Considering how much equities have already grown in the recent past, this type of strategy appears particularly relevant, in her view. “It’s a great investment right now. I don’t see the market achieving another 20%+ increase this year, so you definitely want to be selling both sides of the market,” she comments.
The Appeal of Specialized ETFs
Speaking of index funds, another area identified as a useful tool in these times is specialized ETFs.
While in fixed income Vergara emphasizes that “active management has been able to generate returns above the benchmark, creating significant value,” exchange-traded funds also help refine portfolio construction.
“Specialized ETFs, in both fixed income and equities, play a major role in achieving the exposure you want in a portfolio,” says the BTG Pactual executive. With these instruments, she adds, more specific objectives can be met within the portfolio, while also enabling active management of those components.
In this regard, she highlights a preference for flexible fixed income funds.
Emerging Markets and Their Opportunities
In equities, the panel’s investment professionals emphasized the opportunities that have opened up in emerging markets.
Latin America, in particular, is seen as fertile ground in the current landscape. At Banco BCI, there is a growing inclination toward these markets within the emerging universe, due to the “short-term commodities boom.” “They are benefiting from higher oil prices, and metal prices have performed well in recent years,” notes Desaulniers, which favors the region.
She adds that they also like Asia, although rising oil prices are less favorable there. China remains the world’s second-largest economy, she emphasizes, and they also see opportunities in Taiwan, South Korea, and India.
That said, it is important to note that the emerging world has changed from the days when the entire category moved in sync with globalization trends of the past. “Emerging markets have become much more complex than before,” says Arrambide of Sabadell, with greater granularity and a wider diversity of dynamics, sectors, and companies.
The Demand for Personalization
Beyond the assets that make up portfolios, the industry is also witnessing an evolution in investment management formats. It is no longer enough to offer access to specific vehicles or assets; clients are seeking a “more holistic service,” highlighting the need for adaptability, according to Vergara.
This has translated into a shift in product offerings. “The entire industry has been moving more toward client solutions,” she explains, with an emphasis on portfolio construction and client education so they understand their investments.
In this vein, her firm has observed a shift among investors toward managed accounts, an area that has generated significant interest, as it provides “more personalized services and better advice.”
However, while personalization is important, it also presents challenges. In the case of discretionary mandates, there is the difficulty of managing customized portfolios while making decisions across a large number of accounts.
At Sabadell, they manage around 1,200 discretionary mandate accounts, so “you achieve a certain level of personalization, but you need strong control to manage those customizations,” reports Arrambide. “When we make decisions for a portfolio, we practically make them for most of them,” he adds, noting that they are working on “other tools to achieve greater granularity in personalization.”
This is possible, he explains, because there is now access to instruments such as structured products, which provide exposure to private markets, as well as tools like active ETFs and separately managed accounts (SMAs).
