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Luxembourg Consolidates Its Position as Santander AM’s Gateway to Latin American Clients and International Distribution

Photo courtesyAmaya Martínez Lacabe, Country Head of Santander Asset Management Luxembourg.

The importance of Luxembourg to Santander Asset Management is clear. “It is a key jurisdiction for our clients in Latin America and a strategic hub for the international distribution of investment solutions. The combination of this platform with our recent launches aimed at institutional and private banking clients reinforces the role of Santander Asset Management Luxembourg (SAM Lux) as a key element of our international strategy,” explains Amaya Martínez Lacabe, Country Head of Santander Asset Management Luxembourg.

This statement comes as the firm has just announced a new milestone in its international business, surpassing 15 billion euros in assets under management on its Luxembourg platform for the first time. This achievement consolidates the growth of its European distribution hub and strengthens its position as the Spanish asset manager with the largest volume of assets managed in Luxembourg.

Regarding the firm’s plans following this milestone, the asset manager emphasizes that its focus remains on strengthening its value proposition for clients and expanding its international distribution capabilities. “The results validate this strategy, which has allowed us to double our assets under management over the last two years,” Martínez Lacabe notes.

According to her, the platform has become a key component of the firm’s international strategy, enabling the distribution of funds across multiple markets through a diversified range of UCITS vehicles covering money market, fixed-income, and multi-asset strategies.

She also points out that growth in recent months has been driven, among other factors, by increased demand for liquidity and cash management solutions from institutional, corporate, and private banking clients, in an environment where cash optimization has once again become a priority within investment portfolios. Regarding this “increase in demand,” the asset manager acknowledges that Europe remains the primary growth engine.

“This milestone reflects the strength of our international platform in Luxembourg and our ability to provide solutions tailored to clients’ needs across different markets. Our Luxembourg platform continues to be a cornerstone for the global distribution of investment solutions and product development within Santander Asset Management,” adds the head of Santander Asset Management Luxembourg.

A Diversified Offering for International Clients

The firm stresses that the growth of its Luxembourg platform is supported by a product range designed to meet different investment needs and risk profiles.

Among the strategies experiencing the strongest growth is Santander Money Market, a money market fund focused on liquidity management and capital preservation, which has reached 4.6 billion euros in assets. So far this year, the vehicle has attracted 1.6 billion euros in net inflows, reflecting investors’ interest in this type of solution in the current market environment.

The offering also includes specialized strategies for institutional investors. Among them is the Financial Credit Fund, a vehicle designed for qualified investors that provides exposure to the market for contingent convertible bonds (CoCos), a segment that continues to attract interest due to its return potential within the financial fixed-income universe.

With this new asset milestone, Santander AM reinforces the strategic role of Luxembourg as a central hub for its international operations and strengthens the platform’s ability to support growing global demand for investment solutions.

Jorge Martínez Alemán (Andersen): “We Have Gone from a Latin American Investor Who Only Looked to Miami to One Now Focused on Spain”

| By Marta Rodriguez | 0 Comentarios

Photo courtesyJorge Martínez Alemán, Counsel at Andersen.

Andersen Iberia recently launched operations in Miami through the creation of the Miami Hub, a strategic center from which the firm coordinates tax and wealth advisory services for high-net-worth families with interests in Latin America, the United States, Spain, and Europe. Leading this initiative is Jorge Martínez Alemán, Counsel at Andersen, specializing in family tax and wealth advisory, international taxation, real estate advisory in Spain, and advisory services for Latin American HNW families with economic interests in Spain.

In his view, the evolution of the profile of high-net-worth Latin American families makes it essential to have an advisor who is present and connected to the three key pillars around which their wealth is structured: Latin America, Miami, and Spain, their primary destination in Europe. “Families should have a U.S. advisor to advise them and manage their structures in the United States, while at the same time having an advisor in Spain to support their investments there and provide tax advice from a global perspective, working alongside their international advisors. This allows for much more efficient financial and tax planning,” he emphasizes. We spoke with him about the priorities of these investors and how they have evolved.

From your experience, how do these three jurisdictions interact in the current structuring of family offices, and how do they complement rather than compete with one another?

Traditionally, these investors focused on Miami because of its security, political and economic stability, and as a way to diversify their holdings. However, beginning in 2014, in response to the political situation in Venezuela, many families, primarily Venezuelan, began investing in Spain, particularly in Madrid. This flow of Venezuelan investment, concentrated mainly in real estate, was followed by Mexican and Colombian investors, and later by investors from the rest of Latin America. It can be said that a shift has taken place, and we have gone from a Latin American investor who only looked to Miami to one now focused on Spain as well.

What explains that connection with Spain?

On the one hand, there is a cultural and linguistic connection, but also an emotional one, because many Latin American clients have roots in Spain. The choice of Madrid, in most cases, is driven by the fact that they feel comfortable with the lifestyle, the language, the security, and the investment opportunities. Interestingly, many of these families also have children or relatives studying in the capital. These ties mean that Madrid’s importance as an investment destination for Latin American wealth goes beyond opportunism. One piece of evidence supporting this trend is that investment flows into Spanish real estate—particularly in Madrid—have not slowed despite rising property prices. This is a reality that we are also seeing in Miami.

Do you think that if the political situation improves in the home countries of these high-net-worth Latin American families, they could divest from Spain?

In cases such as Venezuela, which we follow closely, I believe that a normalization of the political situation would lead part of the human capital to return. However, another part would not, because they have already established roots in Spain or Miami. They also place significant value on the social benefits, quality of life, and investor security offered by these countries. I think an improvement in the political situation would be reflected more in a better capital outflow environment; the flow toward other jurisdictions would no longer be as extreme as it has been, for example, in Mexico and Colombia over the past decade. At Andersen, we have observed many families structuring their businesses and family wealth through Spain because of the country’s low political risk. My experience tells me that politics is a factor that pushes wealth either out of or into a country, but I would not directly link it to the investment appetite for Spain, especially for real estate. It may initially have been driven by political considerations, but today that investment appetite no longer depends on them; it has become a trend in both investing and lifestyle.

Beyond real estate, what other investment vehicles are these investors demanding?

We have a very clear top three: real estate investments, the creation of ETVE structures (Foreign Securities Holding Entities), and the Special Expatriate Tax Regime (Beckham Law). As we mentioned, interest in real estate goes beyond the investment opportunity and includes a cultural and family attachment component that also explains its strong demand. The ETVE regime is particularly attractive because it allows them to structure the family or business group through a holding company in Spain. This structure enables them to achieve significant tax efficiency—for example, when distributing dividends—and also to protect themselves from political risk by locating assets in jurisdictions with strong investor protections. In other words, it addresses two of their priorities: tax efficiency and legal protection of their investments. The third option is the so-called Beckham Law, Spain’s special tax regime for expatriates, which allows foreign workers, executives, digital nomads, and entrepreneurs to be taxed as non-residents under highly favorable conditions.

How do you manage the balance between investment opportunity and tax efficiency?

What we try to do, depending on each client’s specific circumstances and investment preferences, is advise them so that their investment is as tax-efficient as possible. Returning to the real estate example, depending on how a property purchased in Spain will be used, we may recommend setting up a structure or purchasing it directly as an individual. Ultimately, the investments are the ones the client wants to make; our role is to help them execute those investments in the most tax-efficient manner possible.

What happens when a client wants to use jurisdictions that may be considered controversial?

In these cases, the important thing is to analyze each situation individually, considering the purpose of the structure, the investor’s profile, and the legal and tax implications across all jurisdictions involved. Our job is to ensure that any proposed arrangement is structured in accordance with applicable regulations, following principles of transparency and sound wealth planning. In many cases, these decisions respond to legitimate objectives related to asset protection and the organization of international investments.

What other jurisdictions compete with Miami and Madrid?

The United States—specifically Miami and the state of Florida in general—has always been the most important destination, but I believe Spain is taking away some of that leadership. That does not mean Miami will cease to be relevant. Traditionally, Latin American investors have held their financial and real estate assets, as well as their investment portfolios, in Miami or the United States more broadly. That said, other jurisdictions have gained prominence, such as the Dominican Republic, where we are seeing strong interest in real estate investment. Within Latin America and the United States, there is now significant anticipation about what will happen in Venezuela. Many funds are being assembled to invest in energy and oil, and there is also considerable interest in the country’s real estate market. If the political situation in Venezuela normalizes, we could see substantial capital flows directed toward the country by funds interested in the Venezuelan market. Finally, I would highlight Dubai, which has lost some momentum due to the geopolitical environment and, more recently, the war involving Iran.

Taking everything we have discussed into account, how are the younger generations of these families changing wealth management?

Yes, we are noticing it more clearly every day. It is evident in their preference for artificial intelligence, both as an investment theme and as a tool for managing wealth and interacting with service providers. For example, we are seeing real estate transactions conducted using cryptocurrencies and the use of fully digital applications to manage wealth and access financial services. However, when it comes to the fundamentals, the structures and jurisdictions they use, as well as the importance they place on taxation, there have been no major changes. What has changed is where the younger generations live. It has become normal for them to reside in the United States or Spain, rather than in the country where the family business is based. As a result, family structures are becoming more complex, creating a need for more global and specialized tax advisory services.

Despite Concerns, Evergreen Funds Continue to Gain Traction

| By Marta Rodriguez | 0 Comentarios

The growing adoption of semi-liquid strategies has transformed the alternative investments landscape in recent years, opening the door for high-net-worth clients and wealth management channels to access portfolios and returns that were once reserved for large institutional investors. And although developments in large private credit funds have raised questions about liquidity and the ability to meet sustained redemption requests, the industry still sees demand remaining strong.

“Some media outlets have warned that recent redemptions in certain evergreen private credit funds could trigger a cascading effect. However, net flows into U.S. evergreen strategies have in fact remained healthy,” specialist asset manager Neuberger Berman noted in a recent report.

According to the firm, investor interest has remained resilient. Through the end of last year, the private equity evergreen fund industry recorded 60 consecutive months of positive flows, from 2021 through 2025. A similar trend occurred in private credit vehicles, although that streak ended in December last year when net flows turned negative.

This demand has fueled significant growth in the semi-liquid segment. For example, evergreen fund launches reached their highest level in a decade last year, with 123 new vehicles introduced, according to data from private markets specialist Preqin.

In addition, assets in evergreen funds reached 530 billion dollars by the end of 2025, an increase of more than 100 billion dollars compared with 2024. The most popular structures were BDCs (Business Development Companies), while alternative credit strategies accounted for the largest share of activity.

Given that alternative credit was also the segment at the center of liquidity concerns, it naturally became the focus of market attention. “The final quarter of 2025 and the opening months of 2026 have seen a wave of headlines surrounding actual and potential redemptions in several credit funds, including some managed by the industry’s most prominent firms,” Morningstar noted in a recent analysis.

The Liquidity Question

Rather than extinguishing interest in the evergreen format, however, Morningstar argues that these episodes “ultimately reflect a structural reality of which investors are becoming increasingly aware.”

Specifically, “outside of interval funds, the liquidity terms of semi-liquid structures remain at the discretion of fund boards and allow redemption restrictions during periods of market stress, and managers will exercise that ability when they believe it is in the best interest of the fund.”

The bottom line, according to the financial services firm, is that liquidity is not guaranteed, and it is the responsibility of asset managers to protect investors from destabilizing events. That said, liquidity management has become a reputational risk that investment firms must carefully consider.

In this regard, Morningstar data show that semi-liquid private equity funds hold, on average, 15% of their portfolios in liquid assets, while private credit funds hold roughly half that amount.

This is where managers face a delicate balancing act. “If they hold too little cash or too few easily marketable assets, they may struggle to consistently meet oversubscribed redemption requests. Holding too many liquid assets, however, can weigh on returns,” the firm warned.

Market Sentiment

Although liquidity concerns are centered on the intersection between wealth management channels and alternative investment structures, demand remains strong.

According to a survey of global private banks conducted by Hamilton Lane at the end of last year, 86% of clients plan to increase their allocation to alternative investments this year.

The experience of alternative investment platform CAIS supports that trend. Based on nine advisor-focused events held this year, the firm says it has observed a structural shift.

“As the alternatives landscape has expanded and implementation has become more accessible, the conversation around portfolio construction has evolved,” the company noted.

Advisors now have access to a broad range of strategies across private equity, private credit, real assets, and structured investments, moving beyond the traditional practice of grouping everything under a single “alternatives” umbrella.

Looking ahead, the expectation is that wealth management channels will continue gaining ground within the alternative investment ecosystem. Estimates from consulting firm PwC suggest that total investable global wealth could reach 481 trillion dollars by 2030, with two-thirds of that amount linked to the mass affluent and high-net-worth individual (HNWI) segments. According to PwC, these pools of capital are expected to grow at compound annual growth rates of 5.7% and 6.5%, respectively.

Geopolitics or Monetary Policy: Which Matters More for the Evolution of Gold Prices?

| By Marta Rodriguez | 0 Comentarios

During the first six months of the year, gold’s performance has been remarkable, delivering a year-to-date return of 5%. After decisively breaking through previous psychological barriers, gold reached an all-time high on January 29, 2026, touching $5,595.42 per ounce. In the months that followed, the market began to stabilize and gradually correct as central banks maintained—or even increased—interest rates to contain inflation.

“The precious metal became, to some extent, a victim of its own success: significant profit-taking emerged, particularly in U.S. ETFs, while some central banks—such as Turkey’s—had to draw on their reserves to support their currencies,” acknowledges Diego Franzin, Portfolio Manager of Strategies at Plenisfer Investments (part of Generali Investments). However, he notes that the asset is still widely perceived as the “ultimate solution” for diversifying and protecting portfolios against market risks.

Price Dynamics

In Franzin’s view, gold price dynamics remain closely linked to developments in the Middle East and the trajectory of black gold.

“Any stabilization of the geopolitical landscape could ease the economic pressure stemming from energy costs and moderate expectations of further rate hikes, a scenario that would likely reduce gold’s short-term appeal, given that it does not generate income. Beyond short-term volatility, we believe gold will continue to play a structural role in portfolios thanks to its function as a store of value and a tool for financial independence in an increasingly complex geopolitical environment,” he argues.

However, Charlotte Peuron, Precious Metals Portfolio Manager at Crédit Mutuel Asset Management, believes that gold prices are influenced more by monetary policy than by geopolitical risks.

“Currently, gold prices are being driven more by changes in real interest rates and monetary policy than by geopolitical risks. The oil supply crisis, together with its potential economic and inflationary consequences, has effectively eliminated expectations of further rate cuts by the Federal Reserve, which is also weighing on precious metals prices. Given the current situation, this volatility is likely to persist until these uncertainties are resolved,” she says.

This view is also shared by UBS Global Wealth Management. Its experts note that while gold has historically benefited from safe-haven demand during periods of heightened geopolitical tension, this time the precious metal has come under pressure due to concerns that elevated energy prices could prompt a more restrictive monetary policy stance from the Fed and other central banks, thereby increasing the opportunity cost of holding gold.

Nevertheless, they acknowledge that although headwinds for gold have intensified recently, the metal could regain momentum as concerns about future Fed rate hikes begin to fade.

“We remain positive on the outlook for gold and continue to view the precious metal as a source of diversification within portfolios. While short-term performance may remain sensitive to headlines related to the United States and Iran, energy prices, U.S. bond yields, and the dollar, the medium-term bullish thesis continues to be supported by central bank demand, reserve diversification, elevated global debt levels, and the prospect of a more accommodative Fed later this year,” says Mark Haefele, Chief Investment Officer at UBS Global Wealth Management.

Gold in Portfolios

Both experts agree that gold is becoming increasingly entrenched in investor portfolios.

“If inflation becomes entrenched, gold is likely to regain its role as a safe-haven asset following the new cycle of rate hikes. Conversely, if the conflict with Iran ends quickly without triggering a surge in inflation, the Federal Reserve could seek to stimulate the economy by resuming its rate-cutting cycle. Both scenarios are favorable for gold. Finally, currency weakness driven by fiscal deficits and rising public debt has supported gold prices in recent years. In the current environment, some governments may expand deficits even further, which would likely be positive for gold,” adds the Crédit Mutuel AM specialist.

Meanwhile, UBP notes that investor activity in gold and the broader precious metals complex has stalled since the end of February.

“IMM futures data remain virtually unchanged, indicating that institutional investor interest in gold has leveled off. Open interest has also remained flat. ETFs experienced significant outflows in March—the largest monthly decline since 2021—and since then, inflows have slowed to a trickle. Retail interest in gold has also declined substantially overall,” the firm states in its latest report.

For the experts at UBP, the data and overall market sentiment point to a substantial decline in short-term appetite for long positions in gold. “However, the longer-term outlook for gold remains constructive, suggesting that the recent weakness is best viewed as a pause within gold’s broader upward trend,” they note.

Global Economic Outlook Wavers Between Geopolitical Headwinds and the Momentum of AI

| By Marta Rodriguez | 0 Comentarios

Global economic prospects have deteriorated sharply in recent weeks, according to the latest edition of the World Economic Forum’s Chief Economists’ Outlook. Nearly nine out of ten chief economists surveyed expect global growth to weaken over the next 12 months, reversing the cautious optimism seen at the beginning of the year, as conflict in the Middle East and the closure of the Strait of Hormuz fuel fears of a major global economic shock.

Chief economists now view the current duration of the Strait of Hormuz closure as significantly more disruptive than last year’s tariff-related turbulence. If the closure extends into the second half of the year, they believe its impact could approach the severity of the COVID-19 crisis, triggering knock-on effects across global supply chains as well as energy and food costs. An overwhelming 94% of respondents expect global inflation to rise over the coming year.

“Just a few months ago, the community of chief economists was cautiously optimistic. The conflict in the Middle East has changed that, and the economic scars from the situation so far are already expected to persist in the months ahead,” said Saadia Zahidi, Managing Director of the World Economic Forum. “The longer the disruption lasts, the greater the long-term cost for those least able to afford it.”

An Uneven Regional Outlook

The consequences are expected to be particularly severe in the Middle East and North Africa region. After being viewed only a few months ago as one of the world’s most dynamic economic regions, 88% of surveyed chief economists now expect weak or very weak growth there, representing the largest regional downgrade in the study.

Elsewhere, the outlook is mixed. Inflation expectations have risen sharply in Sub-Saharan Africa, which now records the highest levels among all regions, while Europe faces increasing stagflation risks amid weak growth and rising inflationary pressures. In contrast, India and the United States are showing greater resilience, supported by domestic demand and investment.

Low Recession Risk, but High Volatility

Despite the significant deterioration, the survey does not point to a major recession. Most chief economists do not expect a recession over the next 12 months, although neither do they foresee a clear improvement in economic resilience in the near term.

Developments will depend largely on the duration of the disruption: a short-lived shock could allow for recovery, whereas a prolonged closure would intensify pressure on the global economy.

Financial markets are also expected to face increased stress. A total of 79% of respondents anticipate greater volatility in private debt markets over the next year amid signs of strain in private credit. Meanwhile, 74% expect higher volatility in government bond markets and 68% foresee increased volatility in equity markets.

Optimism on AI, but More Measured

Artificial intelligence continues to act as a positive force for the global economy, with 92% of chief economists expecting greater AI adoption over the next year.

However, optimism regarding the speed of productivity gains from AI adoption has become more restrained. Significant productivity improvements are now expected to take longer to materialize across almost all sectors compared with forecasts made in January 2026.

Only the information technology and education sectors maintain stable expectations, while the largest delays in productivity gains are expected in engineering, construction, utilities, healthcare, and care services.

The Market Is Anticipating an Overly Benign Scenario

| By Marta Rodriguez | 0 Comentarios

Markets had chosen to ignore the latest U.S. military strikes against Iran, anchored to the narrative of an imminent agreement that would reopen the Strait of Hormuz. Brent crude fell from $104 per barrel on Friday to $93.7 per barrel, while equity markets consolidated gains, with the S&P 500 reaching a new high during Tuesday’s session.

The problem is that market optimism far exceeds the available evidence. A preliminary agreement—featuring a 60-day ceasefire, the lifting of the naval blockade, and the start of nuclear negotiations—faces difficult obstacles, including frozen Iranian assets, Israel’s position, demands regarding the nuclear program, and the fragility of any lasting regional peace framework.

The agreement reported by Axios on Thursday, which would extend the truce for an additional 60 days, would require Iran to remove mines from the Strait in order to restore normal maritime traffic. However, the probability that such an arrangement will lead to lasting peace is not particularly high. In our view, the market is pricing in an excessively benign scenario relative to the actual balance of risks.

The S&P 500 responded to the Axios report with a modest gain of 0.58%, while the Bloomberg Global Equity Index rose 0.41%. Since the ceasefire announcement at the end of February, global equities have gained 7%, led by cyclical stocks and technology. Is it possible that the market has already priced in the good news?

This assessment has also been shared by prominent European Central Bank officials, including Philip Lane, Olli Rehn, and Luis de Guindos.

The Cumulative Cost of Three Months of Closure

We have now spent nearly three months with the Strait of Hormuz effectively closed, and the cumulative impact on the global economy is becoming increasingly difficult to ignore. Crude oil remains above $90 per barrel, while gasoline prices in the United States are approaching the record highs seen after the 2022 invasion of Ukraine.

The impact, however, extends well beyond the energy sector. It affects fertilizers, petrochemicals, sulfur, and helium, disrupting supply chains whose consequences are only beginning to appear in macroeconomic data.

U.S. GDP, released on Thursday and weighed down by net exports, is growing at an annualized rate below the economy’s long-term potential (1.6% versus 1.8%) and below consensus expectations (2%). Consumer spending is also beginning to show signs of strain, as household income lags expenditure (personal income was flat compared with March, while nominal spending rose 0.05%). The gap is being financed through savings, which at 2.6% are starting to run thin.

Possible Scenarios and Positioning

The situation is extremely difficult to manage. If the memorandum referenced by Axios does not materialize, another two or three months of closure would exhaust available reserves, force refinery cutbacks, and ultimately lead to demand destruction and a global recession. The political incentive to resolve the situation is clear: with the midterm elections on the horizon, the Trump administration cannot afford to let energy prices continue to erode consumer confidence, which, according to the latest University of Michigan survey, is at historic lows. In light of recent developments, the possibility of an “escalate to de-escalate” strategy cannot be ruled out—briefly resuming attacks in order to force Tehran back to the negotiating table. If that tactic were to succeed and the Strait of Hormuz were reopened, the decline in oil prices could be just as dramatic as the previous surge.

Our six- and twelve-month outlook is that both oil prices and bond yields will be lower than current levels. The key positioning question lies in the path we will have to travel to get there.

The Federal Reserve at a Historic Crossroads

These uncertainties do not affect only investors. The inflationary environment has created one of the most challenging monetary policy situations in years for central banks, and particularly for the Federal Reserve.

Core inflation has rebounded sharply: the Final Demand Producer Price Index, excluding food and energy, currently stands at 5.25%. At the same time, the yield on the two-year Treasury note has risen above the federal funds rate, a signal that has historically preceded interest-rate increases over the past thirty years.

The Taylor Rule also suggests room for a 25-basis-point rate hike in December, a move to which the market currently assigns a 72% probability.

The Federal Reserve finds itself at a crossroads. If it raises interest rates, it will put pressure on equity valuations and weigh on economic growth. If it refrains from doing so, the bond market could conclude—as it did in 2022–2023—that the central bank has fallen behind the curve. In either scenario, equities would likely react negatively.

That said, there are important nuances. Core inflation excluding housing has remained close to the Fed’s 2% target for nearly three years. The recent increase in the housing component reflects a statistical effect linked to the government shutdown the previous year and should reverse in the coming months.

At the same time, unemployment continues to rise across most G10 economies, reducing the risk of a wage-price spiral.

And although household spending-intention surveys indicate caution in response to persistently higher fuel prices, tax refunds associated with the OBBA plan have so far offset that effect, according to estimates from Brown University.

According to the Tax Foundation, as of April 3, 2026, the cumulative value of refunds issued by the IRS totaled 241.7 billion dollars, 30.7 billion more than during the same period in 2025. The agency processed 69.8 million tax returns, compared with 67.7 million the previous year, and nearly 70% of filed returns resulted in refunds.

Taken together, these refunds amount to approximately 1.7% of U.S. GDP, compared with an estimated negative impact of 0.7% from higher fuel prices.

Cross-Border Investment Funds Reach 8.5 Trillion Euros While

| By Marta Rodriguez | 0 Comentarios

The 2026 edition of the ALFI-Broadridge study on cross-border fund distribution provides a comprehensive analysis of the latest trends shaping the international distribution of UCITS and other cross-border fund vehicles.

The study concludes that cross-border assets increased to 8.5 trillion euros in 2025, with a record 16% now coming from outside Europe. Luxembourg continues to lead the global cross-border fund landscape, representing 42% of worldwide cross-border assets under management. The report highlights how the industry is becoming increasingly global, concentrated, and competitive, driven by scale, the growth of ETFs, and evolving investor preferences.

After Europe, the Asia-Pacific (APAC) region continues to be the fastest growing, with Hong Kong, Singapore, and Taiwan driving demand for cross-border products. Meanwhile, markets in the Middle East, Africa, and Latin America are showing growing adoption of UCITS structures, reflecting sustained confidence in European regulatory standards and investor protection frameworks.

The report also points to a clear shift in investor behavior. Although exposure to North American equities remains significant, investment flows are increasingly favoring broader diversification, including European and emerging market equities. At the same time, new themes linked to geopolitical resilience, security, and defense are gaining traction, particularly through ETFs. Product innovation also continues to accelerate, with new fund launches closely aligned with evolving investor demand.

Britta Borneff, Chief Marketing Officer at ALFI, stated: “Cross-border distribution is entering a new phase of maturity and internationalization. Luxembourg continues to play a central role, supported by its strong regulatory framework, deep international expertise, and robust distribution infrastructure. As investor demand evolves and markets become more complex, the ability to deliver trust, innovation, and operational efficiency at scale will become increasingly important.”

Nigel Birch added: “The cross-border industry continues to demonstrate its resilience and global relevance. Investor demand is broadening geographically and becoming more selective, while scale and passive investing continue to redefine the competitive landscape. In this environment, high-quality market intelligence is essential to understand where flows are heading and which long-term trends are emerging.”

ALFI and Broadridge will present the study’s conclusions during a webinar on May 28, 2026, at 10:00 CET.

BBVA AM Takes Another Step Forward in Asset Tokenization Alongside Hamilton Lane, Allfunds Blockchain, and Apex Group

| By Marta Rodriguez | 0 Comentarios

Hamilton Lane, a private markets investment firm, has announced the launch of a new tokenized share class providing access to the Hamilton Lane Global Private Assets Fund (GPA), developed in collaboration with Allfunds Blockchain, the digital innovation division of Allfunds, and Apex Group. BBVA Asset Management has committed to participate as the first investor and initial exclusive distributor for institutional portfolios of this new tokenized share class.

According to the firms, the launch marks a significant milestone in the evolution of private markets accessibility, leveraging blockchain-based distribution models to deliver a more efficient, transparent, and flexible investment experience. The tokenized share class will be available through the Allfunds platform and supported by Allfunds Blockchain as the technology provider and Apex Group as transfer agent, enabling end-to-end digital subscription, administration, and servicing.

In addition, as part of the agreement, BBVA Asset Management will benefit from a three-month exclusive distribution period, reinforcing the asset manager’s commitment to innovation and its active role in exploring new digital distribution models for private market assets in Europe.

A New Milestone

With this launch, Hamilton Lane expands its track record of broadening institutional access to private markets through technological innovation and continues to play a pioneering global role in the tokenization and digitalization of private market products.

Hamilton Lane GPA is an evergreen fund designed to provide investors with diversified exposure to private markets through a single investment commitment.

“As part of our ongoing effort to expand access to private markets through technology, the launch of this tokenized share class brings the diversification benefits of private markets to investors in a more cost-effective, better, and faster way. Working with established partners such as Allfunds Blockchain and Apex Group has enabled us to deliver an efficient and scalable solution, and we are pleased to welcome BBVA as the first investor in this initiative,” said Victor Jung, Head of Digital Assets at Hamilton Lane.

For Ruben Nieto, Managing Director at Allfunds Blockchain, the project demonstrates how blockchain can deliver real and tangible efficiency improvements to the fund industry. “Our collaboration with Hamilton Lane and Apex Group enables a new digital operating model that simplifies distribution, enhances transparency, and ultimately benefits both managers and investors. We are proud to help bring this market milestone to life,” he said.

BBVA Asset Management emphasized its commitment to driving innovation in financial services: “This initiative reflects our conviction in the potential of tokenization to enable more efficient access to sophisticated investment opportunities. We are pleased to participate as the first investor and distributor of this new tokenized share class and to continue exploring digital solutions that can enhance the client investment experience.”

Finally, Peter Hughes, Founder and CEO of Apex Group, stated: “Tokenization is transforming the way investors access private markets. At Apex Group, we are building the digital infrastructure that enables this shift at scale. Working with leading partners such as Hamilton Lane and Allfunds is helping us deliver a more efficient and transparent model for investor access.”

Global Dividends Increased 8.2% to Reach 419 Billion Dollars

| By Marta Rodriguez | 0 Comentarios

Photo courtesyAlexandra Haggard, Head of Asset Class Services for Europe and Asia-Pacific at Capital Group

Global dividends started 2026 on a strong note, rising 8.2% to a record 419 billion U.S. dollars in the first quarter, driven by foreign exchange movements and significant one-off special dividends, according to the latest Dividend Watch report, part of the Capital Group Global Equity Study¹. The first-quarter underlying growth rate was 5.2% year over year, a more representative measure of dividend momentum that was also reflected in the average growth of dividends per share.

A shift in the commodities cycle made mining companies the main driver of first-quarter growth, following years of cuts caused by weak profitability. The sector accounted for one-fifth of the global increase during the quarter, with gold mining standing out in particular. The broader financial sector (+16.2%), semiconductors (+10.2%), software (+9.5%), and machinery (+8.9%) also recorded strong underlying growth.

The three sectors that paid the largest dividends during the first quarter—pharmaceuticals, banking, and energy—posted slower distribution growth than the broader market. Energy sector dividends rose only 3.1%, reflecting pressure on earnings prior to the oil crisis, as well as the impact of share buybacks, while banking sector distributions were held back by cuts in China, Brazil, and Sweden in particular. Pharmaceutical sector dividends increased 4.3% on an underlying basis; no company in Capital Group’s index² reduced its dividend, but some of the largest payers recorded only modest increases.

Regional Trends

Among the major regions, the fastest growth was recorded in Australia, India, the United States, and Canada, while the United Kingdom, Europe, and China lagged behind. Generally, in Japan, most of Asia and Europe, as well as in some emerging markets, dividend distributions are relatively limited during the first quarter, meaning local growth rates are less representative of what may be expected for the full year.

The Spanish dividend market started 2026 strongly, posting underlying growth of 13.7%, above the global average, during a seasonally quiet first quarter. Total dividend distributions reached 4.7 billion dollars (4.1 billion euros). The overall growth figure of 50.5% was driven by foreign exchange effects and supported by the addition of an Ibex 35 company to the index.

For the remainder of 2026, Capital Group has maintained its dividend forecast unchanged at 2.20 trillion U.S. dollars, representing year-over-year growth of 5.1%. However, the contribution from special dividends and foreign exchange movements remains greater than previously anticipated, implying underlying growth of 4.7%, slightly below the headline figure.

Alexandra Haggard, Head of Asset Class Services for Europe and Asia-Pacific at Capital Group, said: “What these trends highlight is that active managers with strong research capabilities are increasingly well positioned to identify companies with both the ability and commitment to pay and grow dividends over time. Over the last decade, global dividends have more than doubled, driven by rising corporate earnings and a growing culture of dividend payments across markets.

The start of 2026 has been encouraging, even amid heightened geopolitical uncertainty and ongoing cost and energy pressures. While these challenges increase costs for some companies, dividend-paying businesses can help provide stability to portfolios when markets become more volatile. In this environment, deep research and stock-selection capabilities are critical, and active managers are well positioned to identify those companies best placed to sustain and grow dividends over the long term.”

Christophe Girondel (Nordea AM): “As Mark Carney Said, If You Don’t Have a Seat at the Table, You’re on the Menu”

| By Marta Rodriguez | 0 Comentarios

In the view of Christophe Girondel, Global Head of Institutional and Wholesale Distribution at Nordea AM, the asset management business is moving faster than it may appear at first glance. “I like to recall Mark Carney’s famous quote at the World Economic Forum, where he said, ‘If you don’t have a seat at the table, you’re on the menu.’ So what we want is to have a seat at the table; that is our primary objective, and to achieve it we are developing our range of solutions,” he says.

We spoke with Girondel during his visit to Nordea AM’s Madrid office about how to maintain that “seat at the table” and how the fund distribution business has evolved in its two key markets—Europe and Latin America.

How do you see the relationship between asset managers and institutional distributors? What has changed over the course of your career, and what is the priority today?

Twenty years ago, your clients, distributors or intermediaries, were looking for the best possible product and were interested in finding the latest innovation. The question was: what is the next product that is going to work? The industry was searching for innovation; now we are in a phase of consolidation.

Distributors and intermediaries have become much more efficient players. They now build their own strategies, model portfolios, and discretionary portfolios, so their central question is how to construct their own portfolios. Another important factor is that many have realized that having the best product is not as important because products move in cycles. The priority is having a strong partner to work with—one that will still be there over the next ten years, regardless of market cycles, while providing solid services.

How does AI fit into this part of the business?

Artificial intelligence can essentially help analyze clients, identify trends, and manage information, but I do not believe it will ever connect with clients in the same way people do.

What matters to clients is having someone alongside them from the beginning of their analysis process on how to build portfolios, and in my opinion, that requires a very close relationship.

The firm operates in both Europe and Latin America. What are the differences between these two businesses and their distribution models?

They are very different. In Spain and the broader Iberian region, for example, everything is more structured around large institutions, whereas Latin America has a much larger presence of what we would call independent financial advisors and wealth managers.

Banks certainly play a role there, but it is less dominant than in Europe. As a result, the business model is somewhat different. In Latin America, you want to stay close to advisors and wealth managers spread across the region, and naturally also in Miami. There are a few key platforms where you want to be present, but then you also need to reach individual advisors and wealth managers directly.

In Europe, banks are at the center of the system, so product distribution happens through large banking institutions. In Latin America and Miami, distribution is driven by advisors and partnerships with local distributors.

In terms of products, what differences do you see between these regions when it comes to promoting one strategy versus another?

The product we are currently focusing on is our quantitative BetaPlus solution. The reason is simple: it works everywhere.

Markets have become highly concentrated, so clients do not want to take on excessive risk, which is why we are witnessing a resurgence of quantitative strategies. Honestly, four years ago nobody was interested in them, even though it is a product we have always offered and where we manage around 80 billion. Now, quantitative strategies have become a focus for everyone.

Speaking of differences, in Europe we do see greater interest in fixed-income strategies because clients do not want to take on too much risk. We are trying to help clients understand that they need uncorrelated strategies, including within fixed income.

From a thematic perspective, we are also seeing strong interest in a strategy focused on Europe’s empowerment, where we already have 900 million euros invested. The strategy invests in companies that benefit from energy resilience and, naturally, includes exposure to defense.

Another theme we see beginning to revive is climate-related investing. The reason is that for a long time climate was viewed as a way to improve quality of life; now it is increasingly seen as an element of independence.

These strategies tend to be more diversified and long term. Do you think the long-term investing narrative has lost ground amid the ETF boom?

I think it has.

The industry has reached a level of maturity where investors distinguish between holding an investment and trading it. Investors can certainly look every day at how their defense ETF is performing, for example. But if you want to invest with a longer-term horizon, it is preferable to be in more diversified products.

In that context, active management also makes more sense relative to passive management. Active management ultimately means being invested in a strategy like our Europe empowerment strategy and saying, “Now is the time to be more exposed to this theme rather than another.”

Let’s talk about alternatives and private markets. How do you see them entering client portfolios? Is this just a trend or something structural?

At Nordea AM, we have built solutions that allow clients to gain exposure to private markets.

I think this is a very complex area because there is a risk that investors do not fully understand the illiquidity of these assets. It is true that redemption windows can be created, but investors must understand that these are illiquid assets.

This is particularly important for retail investors. For institutional investors, the shift has been much smaller because they were already invested in this asset class.

For both groups, one of the lessons I have learned throughout my career is that you cannot fake an asset’s liquidity; investors need to understand that it is illiquid. In this respect, I am pleased to see that many intermediaries and wealth managers are very aware of this and are doing a good job.

For this asset class, it is important that investors do not have a negative experience, so the best advice is to take the time to understand it thoroughly before investing.

Do you think private assets should represent a specific allocation within portfolios?

I do not know what the ideal percentage is.

When valuations were very low, private assets were highly attractive because they could generate very strong returns. When valuations are higher, it becomes more difficult.

I believe their role within portfolios is maturing, and investors are becoming increasingly selective.

Considering the trends and reflections we have discussed, what are Nordea AM’s objectives in this environment?

First, I would say that we are operating in an extremely competitive industry, so the focus must remain on our objective: staying close to our clients and growing our business alongside them.

This is important because I believe we are moving toward a future where clients will work with fewer asset managers. Our objective is to ensure that we have a “seat” with them.

I like to remember Mark Carney’s comment at the World Economic Forum: “If you don’t have a seat at the table, you’re on the menu.”

So what we want is a seat at the table—that is our main objective. To achieve it, we are continuing to develop our range of investment solutions, including those related to artificial intelligence and absolute return strategies.