Sophie del Campo (Natixis IM): “We Are in a Quite Sweet Phase of Exponential Growth”

  |   By  |  0 Comentarios

Photo courtesySophie del Campo, Head of Distribution for Southern Europe, Latin America, and US Offshore at Natixis IM

Natixis Investment Managers Landed in Spain 15 Years Ago. The timing could not have been more challenging, with the eurozone immersed in a severe sovereign debt crisis, but in the long run the strategy has paid off. Sophie del Campo, Head of Distribution for Southern Europe, Latin America, and US Offshore, has been part of the project from day one and describes herself as “super proud,” particularly because the office closed 2025 with record assets.

During an interview conducted at the Natixis Investment Managers Thought Leadership Summit 2026, recently held in Paris, Del Campo highlights the spectacular growth of Natixis IM in the Iberia region during this time, which she attributes “to the quality of the products we offer and the diversification they provide.” Last year, she also celebrated ten years since the opening of the first of the group’s three offices in the Americas: Mexico, Colombia (from where Peru is also covered), and Uruguay (which also supports Chile).

Today, the company maintains its strong commitment to active management and is doubling down on its multiboutique model, which Del Campo describes as “a spectacular differentiating factor,” and is fully engaged in its strategic plan for the coming years, which includes boosting its private markets business with the launch of new products soon. “We are in a quite sweet phase of exponential growth,” the expert summarizes.

What is your assessment of these 15 years?

The timing has been spectacular because it is true that when you open an office, from the moment people get to know you until you establish yourself, it takes time. And the time we needed to develop the business coincided with a somewhat more challenging market environment, but our strategy has been the same one we follow in all markets: a multi-manager, capabilities-based model, starting with a few ideas and a limited number of products. Today, we distribute in Spain products from 13 of our 16 asset managers; the three we do not distribute are purely American managers whose funds do not have a UCITS version.

Our strategy is super clear: we do not run product campaigns; we work with each client to identify what is simplest for their portfolios. This allows us to achieve diversification alongside the product offering. We think long term, about how to combine our active management with more basic strategies using high-quality, value-added products.

In addition to the product itself, we consider the service we provide alongside it to be even more important, particularly portfolio construction through our Natixis Investment Manager Solutions team and our Durable Portfolio Construction service, through which we have analyzed more than 2,000 client portfolios. This has allowed us to show clients how they could build portfolios that include competitors’ products while adding our own, helping us demonstrate to private bankers and fund-of-funds managers the value of incorporating new ideas.

How has product demand changed over these 15 years?

In recent years—and not only in Spain—we have observed strong demand for alternatives to purely passive exposure. This has allowed us to offer products from managers within our affiliated model such as DNCA or Harris Associates, which build portfolios in a very different way from passive managers.

Why do you strongly support active management?

We have always said that passive management is important, but active management is extremely important for diversification. Active management is also active risk management. And this is precisely what has driven our exponential growth in both equities and fixed income: after what happened in 2022, when there was high correlation between equities and fixed income, many clients asked us for fixed income positioning that goes beyond plain-vanilla indexed funds. We are fortunate to have an انتہائی diversified product range, solid in terms of return and risk, with products such as DNCA Alpha Bonds, a flexible fixed income strategy that provides significant diversification in portfolios.

Will you promote funds that offer access to private assets this year?

Our focus on private assets positions us as a highly relevant partner for institutions looking to begin distributing private asset products within their networks, because we have experience through our own network in France and are willing to share it with our clients. In addition, our group also provides seeding to ensure a significant asset base. We are an extremely conservative firm in this regard; we understand that this is a much more sophisticated and complex asset to sell, and that we must support our clients throughout this journey.

You are also responsible for the business in LatAm and US Offshore. How has it evolved?

We are quite proud of the development we are achieving in LatAm and Offshore. We have been the same team for ten years; we have built this together and achieved extremely interesting things in the region. For example, in Mexico we launched, together with Santander, a US equities product that is now the largest domestic fund in its category in Mexico, with more than $450 million.

What interests me about the Latin American market is that each country has a different framework in terms of regulation and product distribution. What we have done is determine, in each country, the strategy we wanted to follow, taking into account the market context to decide whether to focus on institutional clients or distribution clients. In Mexico, for example, we initially focused purely on institutional clients. But we realized, by speaking with our clients, that there was demand for higher-quality local products. That is why we decided to develop, together with Santander, a high-quality US equity product for its private banking arm, which is a very important component of private banking portfolios in Latin America.

In Colombia, our target is more evenly split among institutional clients, pension funds, private banking clients, and local asset managers. In Peru, we divide our focus between purely institutional clients and more market-oriented clients, including local institutions and family offices. In both markets, we see strong interest in diversifying with international assets.

Uruguay remains a hub for offshore private banking in Latin America, alongside the United States—Miami, Houston, etc.—and there are major private banks and key players we work with in both Uruguay and the U.S., and the results have also been very positive.

As a result, we have long been present in all major American private banks. In terms of results, I believe we are in the top two compared to other international asset managers, and in some American firms and distributors we were number one last year.

Where does Natixis IM stand now in the region?

We are currently in a very strong acceleration phase. Natixis IM is a somewhat different player in the region. Although we are a French group, we cannot be placed within the group of European asset managers due to our structure and the fact that 50% of what we manage globally is managed from the U.S. This makes us a very strong partner. As a result, we can bring U.S. expertise by offering products from U.S.-based managers such as Loomis Sayles or Harris Associates, while also providing our European expertise and products that are quite different from what our clients in the region previously had, such as the flexible fixed income fund from DNCA, where we are gaining significant market share.

For us, the Iberia–LatAm connection is just as important as the LatAm–US Offshore connection, because it allows us to achieve a strong alignment of interests with clients. We have an organization very similar to that of large Spanish banks with a presence in Latin America, which enables us to provide local support. We also work with major independent advisors.

What Does the Truce Between the U.S. and Iran Mean for the Markets?

  |   By  |  0 Comentarios

Canva

In 24 hours, markets have shifted from pricing in a potential “geopolitical black swan” to opening with broad gains—for example, in Europe, Germany’s DAX rose 5% and the UK’s FTSE 100 about 2%—and oil futures falling by approximately 14%, bringing Brent crude back below $100 per barrel (around $94). In addition, the US dollar index has dropped by around 1%, with the euro/dollar exchange rate returning above the 1.17 level for the first time since the start of the war. The reason is clear: there is a sense of relief following the announcement of a temporary ceasefire between the U.S. and Iran, as energy risk has decreased.

For markets, the key aspect of this agreement points to a “full, immediate, and secure reopening of the Strait of Hormuz,” although it remains to be seen how this will materialize. “Markets do not need absolute certainty to rebound; for markets, a ceasefire significantly reduces the risk of escalation in the short term. That reduction in tail risk is often enough to trigger a rapid repricing, even if long-term uncertainties persist,” says Ray Sharma-Ong, Deputy Global Head of Multi-Asset Custom Solutions at Aberdeen Investments.

For Matthew Ryan, Head of Market Strategy at Ebury, the word that describes markets today is relief. “Attention is now turning to the next critical negotiations between the United States and Iran. The key question will be whether these talks achieve lasting peace or whether Tuesday’s ceasefire has merely postponed the issue,” he states. In his view, market participants will not fully commit to “risk-on” trades, nor will oil futures or the dollar return to pre-war levels until a permanent agreement is reached. “As things stand, this remains only a temporary pause in the war, and despite the ceasefire, the dollar is still trading about 1% higher than before the conflict,” he notes.

Toward a Rebound

For his part, Sharma-Ong argues that today’s market moves have been seen before: “On April 9, 2025, the S&P 500 surged 9.5% in a single session after Trump announced a 90-day pause on reciprocal tariffs introduced on April 2, 2025. At that time, as in the current situation, several major uncertainties remained. However, the removal of extreme downside risk was enough to trigger a strong rebound.”

With this in mind, the Aberdeen expert ventures to say that in the following months, “markets surpassed previous highs.” “The relief rally is expected to be stronger in North Asia. Fundamentals will return to center stage, and these—not geopolitics—will lead markets if the geopolitical risk premium fades. In addition, we expect a stronger rebound in markets that were most affected by the oil crisis and the rise in risk aversion. Asian equity markets that are more dependent on oil imports, particularly Korea, Taiwan, and Japan, are likely to recover more quickly. These markets are more exposed to fluctuations in energy prices and global risk sentiment,” adds Sharma-Ong.

From an investor perspective, Michaël Nizard, Head of Multi-Asset and Overlay at Edmond de Rothschild AM, believes the key issue will be assessing macroeconomic impacts, particularly on growth, inflation, and monetary policy dynamics. “Although the risk of recession is not yet imminent, the effects will be clearly in the eurozone. Indeed, this geopolitical shock in the Middle East acts as an energy supply shock, reigniting global inflationary pressures and directly affecting growth. The rise in oil and gas prices is particularly harmful for Europe, whose industry remains dependent on these resources, increasing the risk of a loss of competitiveness,” he states.

However, Nizard considers this context different from that of 2022, when the global economy simultaneously faced a supply shock and excess demand linked to savings accumulated during the pandemic and large government fiscal stimulus: “The labor market is not under the same severe strain as in 2022. For all these reasons, we believe central banks should act cautiously and avoid overreacting to the rise in inflation in the coming months. A lower risk of monetary policy mistakes will also act as a tailwind for risk assets, both in equities and in the corporate debt market.”

The Energy Question

Another clear conclusion following the agreement is that energy markets may have passed the supply shock peak. “In line with our oil analyst’s view, energy markets have likely moved past the peak of the supply shock, as prices had already reached economically damaging levels, which typically trigger de-escalation dynamics,” highlights Christian Gattiker, Head of Research at Julius Baer.

In fact, this ceasefire comes at a time when energy markets were already showing initial signs of stabilization. “Even at the height of tensions, the scenario was never one of a total supply disruption, but rather of a partial and shifting opening. As highlighted in recent days, transport flows through the Strait of Hormuz have continued to increase, supported by Iran-protected routes and greater international involvement. Although still below pre-conflict levels, these flows—along with alternative export channels—have mitigated the supply shock and given energy supply chains room to adjust. This resilience is key,” adds Norbert Rücker, Head of Economics and Next Generation Research at Julius Baer.

According to Fidelity International, despite the drop in Brent prices on April 8, energy markets are unlikely to quickly return to pre-conflict price levels, as geopolitical premiums are likely to persist. “We assume that Brent will trade around $85 for the rest of the year following any resolution. In addition, risks to supply chains beyond energy markets imply that this shock will not disappear immediately. This impact will be felt most strongly in Asia, due to direct exposure to the Strait, followed by Europe. Despite being relatively insulated from the direct impact of this conflict, the United States will also feel the effects of the global macroeconomic shock and higher global energy prices,” they state in their latest analysis.

What Now

All this market optimism and the views of investment experts come with a warning: risk and volatility have not completely disappeared. “The ceasefire fits well within the established pattern of geopolitical crises, where an intense escalation phase creates the conditions for an eventual exit. This supports our base case of a fast and intense shock, with limited lasting damage to global energy supply. Although geopolitics in the Middle East will remain present, we expect energy markets to gradually decouple from political noise, reducing the risk of a sustained oil-driven macroeconomic shock. However, investors should be cautious in interpreting this as a definitive resolution. The conflict continues to follow a ‘reality show pattern,’ characterized by rapid escalations, tactical pauses, and renewed tensions,” warns Gattiker.

Experts clearly agree that the durability of a ceasefire and any conditional agreement that follows remains uncertain. There is also some skepticism that the United States or Israel will accept the 10-point conditions proposed by Iran, particularly as it seems unlikely that the U.S. would end its military presence in the Gulf.

“If the two-week ceasefire holds and some form of agreement is reached that allows the reopening of the Strait, the global economic impact of this conflict will be manageable. We would view this as a temporary price disruption that may not affect consumers or businesses in some economies. In that case, central banks could broadly resume the path they were on before the conflict. In fact, if commodity prices normalize quickly, attention could shift more toward the impact on growth,” explains Michael Langham, Emerging Markets Economist at Aberdeen Investments.

Fidelity International adds one final reflection: “Our view remains that the most likely outcome is a disorderly resolution, with geopolitical risk premiums likely to persist in the days following the war. Tail risks remain elevated, with an active risk that we could find ourselves in a situation where the parties continue to have incentives to escalate again in order to de-escalate, which entails clear asymmetric risks. Although we are likely closer to the end than the beginning of this conflict, high uncertainty persists. Meanwhile, market stress remains clearly visible in some channels.”

Janus Henderson Appoints Franco Cassoni as Associate Director of US Offshore Sales

  |   By  |  0 Comentarios

Photo courtesyFranco Cassoni, Associate Director of US Offshore Sales at Janus Henderson Investors

Janus Henderson Investors Strengthens Its US Offshore Client Group Team With a New Addition. As announced by the firm, it has appointed Franco Cassoni as the new Associate Director, US Offshore Sales. Cassoni, who assumed the role on April 6, will be based in Miami and will report to Paul Brito, Executive Director of the Client Group North America Offshore. In this position, he will be responsible for strengthening Janus Henderson’s existing relationships with local and global institutions, as well as developing new partnerships in the US Offshore market.

The firm believes that Cassoni brings valuable experience to the role, as he joins from Citi, where he worked for four years in two different positions; most recently as Assistant Vice President, which allowed him to gain a deep understanding of the US Offshore market. Franco holds a degree in Business Technology, Management and Marketing from the University of Miami. In addition, he is bilingual in English and Spanish.

Following this announcement, Paul Brito, Executive Director of the Client Group North America Offshore at Janus Henderson, commented: “We are delighted to welcome Franco Cassoni to Janus Henderson. His experience in the US Offshore market and his client-focused approach make him a very valuable addition to our team. As we continue investing in the US offshore channel, his focus on developing long-term relationships will support the next phase of our growth in the region and our ability to deliver tailored solutions to investors.”

Robeco Strengthens Its Sales Team with Amr Albialy and Frank Groven

  |   By  |  0 Comentarios

Photo courtesyFrank Groven, Head of Global Financial Institutions at Robeco; and Amr Albialy, Head of Institutional Sales for EMEA and North America at Robeco

Robeco has appointed Amr Albialy as Head of Institutional Sales for EMEA and North America, and Frank Groven as Head of Global Financial Institutions, a new role within Robeco’s Wholesale division. These two senior appointments within the sales and marketing team will be effective as of April 1, 2026. Both reflect the strength of internal talent and reinforce the company’s commitment to long-term commercial growth in key global markets.

Amr Albialy has served as interim Head of Institutional Sales for EMEA and North America since September 2025. Based in Dubai, he will continue to lead the sales business in the Middle East and Central Asia. He joined Robeco in 2011 as Head of Sales for the Middle East business and later became Regional Head of Institutional Sales for the Middle East and Central Asia. Over the past 15 years, he has been instrumental in expanding Robeco’s institutional presence in the region, delivering strong commercial performance, driving growth, and building long-standing strategic partnerships with clients.

Frank Groven has been appointed Head of Global Financial Institutions. He will be responsible for leading and expanding Robeco’s commercial relationships with global financial institutions, accelerating the development of the firm’s global wholesale distribution strategy. Groven previously served as Head of Wholesale for Belgium and Luxembourg (BeLux) and has been with Robeco for more than 18 years, initially joining as a Fixed Income Client Portfolio Manager. Since 2012, he has led commercial development in the BeLux region. To ensure continuity in BeLux, Erik van de Weele, currently Sales Manager BeLux, will assume Frank Groven’s responsibilities as interim head of the region.

Ivo Frielink, Global Head of Sales and Marketing at Robeco, stated that he is pleased “to strengthen our sales team with these senior roles filled by trusted colleagues from within our own organization. Both bring extensive experience, proven commercial strength, and a strong commitment to our clients, our colleagues, and our strategy. Their appointments ensure continuity in our leadership and reinforce our ability to execute long-term commercial objectives. I look forward to working together as we continue building on Robeco’s growth ambitions.”

The Surprises After One Year of ‘Liberation Day’: Neither Stock Market Crash nor Recession

  |   By  |  0 Comentarios

Canva

Do you remember what you were doing exactly a year ago? Most likely, you were glued to your Bloomberg terminal or responding to calls and emails from your clients while the S&P 500 index plunged by as much as 18.7% from its peak in February. Yes, it has already been a year since ‘Liberation Day,’ and the image that has gone down in history is that of Donald Trump holding an enormous board listing each of the tariffs that the U.S. was going to apply to countries with which it maintained a large trade deficit—though not exclusively.

For the markets, this staging had another meaning: the return of volatility and uncertainty that continue today, now driven by geopolitics and oil. As Mauro Valle, head of fixed income at Generali AM (part of Generali Investments), points out when taking stock of this first year of a new normal in U.S. trade policy, the most relevant aspect is the changes in the market that have occurred since Liberation Day.

“President Trump’s protectionist policy had two consequences in the months following the announcement of the tariffs. The first was in the bond market, where the yield on the 10-year U.S. Treasury rose sharply. The second, which still largely persists, was a weaker dollar against currencies such as the euro. In fact, the dollar has depreciated in recent months due to other factors such as twin deficits, geopolitics, and the fragmentation of global capital flows. However, in these recent phases of acute risk aversion, it can still strengthen tactically, reflecting its liquidity function. It remains to be seen whether, after this crisis, the dollar will continue to be perceived as a safe-haven asset or not,” explains Valle.

Market Performance

The surprise has been that, despite the initial impact, the balance of the past year shows a different message: emerging markets defied expectations and led the gains in global stock markets one year after the announcement of the Liberation Day tariffs. According to data analyzed by Aberdeen Investments, which focuses on comparing percentage changes to assess how markets have performed across six major global markets between the market close on April 2, 2025, and one year later, on March 27, 2026, overall, most major indices experienced positive dynamics, with emerging markets at the forefront.

According to the asset manager, global stock markets recorded strong gains over the period, but the MSCI Emerging Markets index had the best performance, with a rise of 26%, followed by the FTSE 100, with 16%, and the FTSE World, with 14.1%. Meanwhile, the S&P 500 posted an increase of 9.6%, while the Dow Jones and the DAX recorded more modest gains of 4.4% and 3.1%, respectively.

Capital in Flight, Wealth on the Rise: The Consolidation of Latin American Ultra-Wealth Enclaves

  |   By  |  0 Comentarios

Pixabay CC0 Public Domain

Political swings recorded especially in Latin America so far this century have deepened the phenomenon of wealth migration, the outflow of capital, wealth, and individuals seeking greater stability and certainty for their fortunes, their families, and themselves.

This wealth migration, in turn, is driving a kind of “reconquest” of places and cities where wealthy migrants settle and create hubs of wealth and ultra-wealth, particularly in several of the most important cities in the United States and even in Europe.

“The phenomenon of wealth migration is not new, but it has intensified in recent years, not only in Mexico but across Latin America; with the rise of left-wing governments in the region, a certain degree of legal and financial uncertainty has emerged, intensifying the migration of wealth in search of security,” explains Juan Carlos Eguiarte, Country Manager of BAI Capital Financial in Mexico, a boutique real estate developer based in Florida, USA.

Which are these hubs of wealth and ultra-wealth driven by wealth migration? Here is a review of some of the most notable in recent years, which are not necessarily the only ones.

Key Biscayne, the “Spain of America”

Key Biscayne, a locality located southeast of Miami, Florida, is fully consolidated as one of the most exclusive and sought-after residential enclaves, home to wealthy families, celebrities, and senior executives, with a strong presence of Latin Americans and, above all, Spaniards—so much so that some affectionately call it “Key Spain.”

Real estate managers in that region know what wealthy migrants are looking for and offer it to their clients; the proposition to make them “land” there is simple: a “country club” lifestyle, maximum security, privacy, and natural beauty, all close to the vibrant urban life of Brickell and Miami Beach.

Key Biscayne, or “Key Spain,” offers luxury beachfront condominiums and private mansions, with prices reflecting high demand and limited land availability. In addition, the majority of the population in Miami-Dade County is Hispanic (69.1%), which facilitates the cultural integration of newcomers. But beyond that, the range of figures related to this hub of wealth and ultra-wealth in the United States linked to Spain and Latin America leaves no doubt about what wealth migration has generated in this location.

Key Biscayne is one of the communities with the highest concentration of foreign-born residents; the total Hispanic population represents 70.3% of inhabitants (approximately 10,400 people), and it is estimated that 58.1% of the current population was born outside the United States, according to 2025 figures from Data USA.

This region concentrates one of the highest per capita wealth densities in Florida. The median household income stands at $181,505 (more than double the U.S. national average); likewise, the average household income is $309,291 (this figure is higher due to the concentration of ultra-wealthy families).

Regarding wealth distribution, it is estimated that 48% of households in Key Biscayne have incomes above $200,000 per year, while per capita income is estimated at $106,219 (valued for 2024). All figures are from the U.S. Census Bureau, as of the end of 2025.

But the narrative of a “safe haven for capital” is supported by the fact that these groups not only live there, but also use the island to dollarize and protect their wealth. Data from the MIAMI Association of Realtors (2025–2026 reports) indicate that international buyers (led by Latin Americans) acquired 49% of all new luxury units in South Florida up to June 2025.

In addition, 68% of Latin American investors in the area pay for their properties entirely in cash, evidence of their very high liquidity and their intention to protect savings from instability in their countries of origin. And they are not there just for fashion or short stays; 91% of buyers in this region acquire properties in Miami and its islands for investment or second-home purposes.

But not only in Key Biscayne—Florida has other attractive locations for wealthy Latin Americans migrating in search of security and certainty.

Weston, Florida (“Westonzuela,” the South American hub)

Located in Broward County, near Fort Lauderdale, Weston is considered one of the cities with the highest quality of life in the United States and has become the epicenter of wealth migration for Venezuelans, Colombians, and Argentinians—essentially South America as a whole. Surprisingly, Weston is considered one of the most Hispanic cities in the country; 56.8% of its residents are Latino. The concentration of Venezuelans is so high that it is informally known as “Westonzuela” (Venezuela).

Weston attracts highly educated professionals and business owners; it is estimated that more than 53% of its residents are foreign-born, many of whom arrived with capital to invest in franchises and real estate. This small U.S. territory represents the success of the upper-middle and upper classes of South America, who seek a perfect suburban environment (A-rated schools, total security, and parks) without losing their Latin cultural connection.

Miami, a magnet for Latin American capital

Wealth migration has turned Miami into a kind of “magnet” for Latin American capital, with several additional examples. Doral is a hub where wealth migration translates directly into commercial and logistics activity, unlike Key Biscayne, which is more residential and leisure-oriented. Nearly 80% of its population is of Hispanic origin, and it has the highest concentration of Venezuelans per capita in the United States.

The flow of wealth into private banking offices in Miami (which serves Doral) grew by 10% annually from Mexico, Argentina, Chile, and Peru, seeking security amid political instability. Doral hosts more than 150 corporate headquarters and thousands of small and medium-sized enterprises founded by wealth migrants who have replicated their successful Latin American business models on U.S. soil.

It is a key logistics hub; its proximity to Miami International Airport allows Latin capital to control a large share of import/export trade with the region. Brickell (Miami) is, in turn, the financial district that has received a massive influx of “technolatinas” (startups valued in the millions) and investment bankers from the region.

Meanwhile, Coral Gables is considered the historic refuge of Central American and Spanish industrial families, characterized by Mediterranean architecture and one of the highest concentrations of consulates and multinational companies from Latin America.

One thing is clear: the wealth of Latin American and Spanish families does not arrive in the United States in a passive form (savings), but is highly active, accounting for 49% of new luxury developments in the region by mid-2025. But in the southern United States, and across the Atlantic, there are more examples of what capital can achieve when it has certainty and security.

The Woodlands (Texas), the refuge of the Mexican elite

Located north of Houston, The Woodlands has become a residential refuge and a luxury “oasis” for thousands of high-net-worth Mexican families, entrepreneurs, and politicians seeking security, certainty, and quality of life. But The Woodlands is not just a suburb; what wealthy and ultra-wealthy Latin Americans—especially Mexicans—have built here is an entire financial and security ecosystem designed for the transfer of large amounts of capital from Mexico (mainly Mexico City, Monterrey, and Puebla).

Unlike other migration waves, in this case the migration is purely wealth- and business-driven. It is estimated that more than 10,000 high- and ultra-high-net-worth Mexicans live in The Woodlands; the boom was driven by peaks of insecurity in Mexico (2006–2012 and 2018–2024), which turned The Woodlands into a “luxury extension” of neighborhoods such as San Pedro Garza García (Monterrey; the wealthiest municipality in Latin America) or Tecamachalco (Mexico City). In fact, the presence of institutions such as The John Cooper School or The Woodlands Prep is a decisive factor. For example, tuition can exceed $30,000 per year per child.

Real estate is the main vehicle for sheltering Mexican capital in Texas. Although the average price of homes ranges from $600,000 to $800,000, in areas where wealthy and ultra-wealthy Mexicans concentrate (such as Carlton Woods), mansions range from $2.5 million to as much as $15 million.

And if all the previous figures and data were not enough, one stands out as a clear indicator of the level of wealth generated in The Woodlands thanks to Latin American wealth migration: the cost of living in The Woodlands is 12% higher than the U.S. average, driven by the luxury consumption of its residents.

Salamanca District (Madrid), wealth migration that crosses oceans

Madrid, Spain, is a magnet for Americans and Latin Americans; in this city, for the past couple of years, one has heard the quip that the Salamanca district has become the “new Miami.” This is not just a perception—data supports it. The Luxury Homes 2025 report, prepared by Colliers, states that 55% of Madrid’s high-end supply is concentrated in the Salamanca district and that Madrid attracts international investors “especially from Latin America and the United States.” According to its conclusions, Madrid has climbed the rankings to become the second most attractive European city for real estate investment, surpassed only by London.

During 2024, approximately half of the homes purchased in the Community of Madrid were located in the capital, and 7% of these corresponded to foreign investors. This phenomenon has been particularly driven by buyers from Latin America and the United States, placing Madrid among the five most profitable markets for high-end residential investment. Likewise, Madrid has positioned itself as the fourth most attractive city globally for High Net Worth Individuals (HNWIs), leading the European ranking.

Specifically, the Salamanca district has been the clearest example of this trend. According to the Madrid Insight 2025/26 report, prepared by Knight Frank, the supply of newly built prime housing in its streets has fallen by nearly 20% between 2020 and 2025, helping to explain price pressure in an area where international demand is very strong.

“The Salamanca district continues to be the epicenter of the prime market, concentrating most high-price transactions. Within the district, neighborhoods such as Castellana and Recoletos stand out, with average prices currently ranging between €13,000/m² and €15,400/m². This is where the most exclusive properties are located, along with a top-tier commercial and gastronomic offering that reinforces its position as the most prestigious area of Madrid,” the report notes. For now, no increase in new prime housing developments is expected in this district due, according to Knight Frank, to local regulations and the city’s urban style.

From Its Composition to Its Performance: The Lessons of 126 Years of Stock Markets

  |   By  |  0 Comentarios

Canva

In a week of significant geopolitical turmoil and market volatility, UBS has presented its Global Investment Returns Yearbook 2026, in which it places current investment challenges and debates into a long-term perspective, following a historical analysis of markets since 1900. Taking into account the current context, the main conclusion of this year’s edition is that global markets have undergone a profound transformation.

“At the beginning of the 20th century, the global stock market showed a relatively balanced distribution; today, by contrast, the United States dominates global market capitalization, representing 62% of the total equity market value. This reflects strong long-term equity returns and sustained equity issuance, even as the United States’ share of global GDP has declined from its mid-century peak,” the report notes.

Santander Alternative Investments Hires Nicholas Stockdale as Global Head of Infrastructure Credit

  |   By  |  0 Comentarios

Photo courtesyNicholas Stockdale, Global Head of Infrastructure Credit of Santander Alternative Investments.

Santander Alternative Investments (SAI) has appointed Nicholas Stockdale as Global Head of Infrastructure Credit. Stockdale has more than 25 years of experience in infrastructure debt financing across different subsectors.

This appointment strengthens Santander Alternative Investments’ capabilities in infrastructure credit, one of the key areas within the group’s alternative investment platform. Currently, Banco Santander has more than €12 billion committed to alternative assets.

“The addition of Nicholas represents a further step in strengthening our infrastructure credit platform. His experience in structuring, investing, and raising capital across different geographies will be key to continuing to develop this strategy and to offer differentiated solutions to our clients,” explains Borja Díaz-Llanos, Chief Investment Officer at Santander Alternative Investments.

Before joining SAI, Stockdale developed his career for around a decade in senior asset management roles at Queensland Investment Corporation and Patrizia (formerly Whitehelm Capital). During this period, he led and closed multiple proprietary high-yield infrastructure debt investments across different geographies through two co-mingled debt funds and three separately managed accounts (SMAs). In addition, he was responsible for capital raising in Europe and Asia and has extensive experience in structuring debt fund platforms with one or multiple investors across different jurisdictions.

Previously, he worked for 16 years at Barclays Investment Bank, where he held various senior positions and participated in closing more than 20 infrastructure financing transactions under non-recourse or project finance structures, as well as numerous corporate transactions across the credit spectrum, including acquisition financings, bridge loans, term loans, and revolving credit facilities (RCFs). Before his time at Barclays, he spent two years in the project finance team at Edison Mission Energy, a power generation subsidiary of Edison International.

Stockdale also has experience as a board member, having served as chairman of QIC’s UK subsidiary and as a member of various fund entity boards and investment committees.

A British national, he began his professional career at PwC, where he qualified as a Chartered Accountant in 1997. He holds degrees in Chemistry and Law from the University of Exeter.

Radiography of Billionaires: 3,000 Individuals Who Accumulate $15.8 Trillion

  |   By  |  0 Comentarios

Canva

The wealth of the world’s billionaires reached an unprecedented figure in 2025: $15.8 trillion. This is highlighted in the latest report by UBS, which notes that there are now nearly 3,000 billionaires worldwide. Despite economic instability and international tensions, the value of their wealth has grown by 13% in just one year, driven mainly by strong financial markets and business innovation.

The United States has been the country that benefited the most from this growth, leading this expansion. There, billionaire wealth increased by 18%, thanks to the momentum of technology companies and the creation of new large fortunes. Asia-Pacific also experienced a positive year, while Europe grew at a more moderate pace. Overall, the global wealth map confirms that the creation of large fortunes remains highly concentrated in a few countries, as shown in the report.

Technology has once again been the main driver of growth. Fortunes linked to this sector increased by nearly 24%, driven by the rise of artificial intelligence, chips, and digital services. Companies such as Nvidia, Meta, and Oracle strengthened already established fortunes, while in China the technology sector showed signs of recovery after a period of slower momentum.

Other sectors also recorded significant gains. The industrial sector grew the fastest, with an increase of 27%, supported by the expansion of the aerospace and electric vehicle industries. Financial services grew by 17%, boosted by the stock market recovery and the rebound in digital assets, while the consumer and retail sector showed more moderate growth, affected by the slowdown in European luxury.

A notable finding of the report is the evolution of female wealth. Although women represent a minority (374 compared to 2,545 men), their average wealth grew by 8.4%, more than double that of male billionaires. Much of this female wealth is concentrated in sectors such as consumer and retail, where inheritance continues to play a decisive role, especially in Europe.

By region, in addition to the United States and China, Singapore and Germany stood out as particularly dynamic markets. Singapore increased the wealth of its billionaires by more than 66%, while Germany led growth in Western Europe. In contrast, France recorded a significant decline due to the drop in the value of large fortunes linked to the luxury sector, confirming a shift in the cycle of global wealth distribution.

Rescue Frenzy in Private Debt: The Canary in the Coal Mine or Just an Episode?

  |   By  |  0 Comentarios

CANARIO WIKIPEDIA
Wikimedia Commons

At the beginning of the last century, canaries helped miners detect toxic gases that could put them in danger. This metaphor seems especially relevant today, according to those who see a warning sign in the wave of redemptions experienced by private debt funds globally. Some see risk in this industry, one of the alternative asset classes that has generated the most interest in recent years—while others view it as a temporary episode of anxiety against the backdrop of solid market fundamentals. Time will tell which side is right, but industry professionals are watching all available signals closely.

These emerging doubts around the asset class come after years of strong growth, which have left their mark on the industry’s size. Figures from the Alternative Investment Management Association (AIMA) show that the category ended last year with global AUM of more than 2.5 trillion dollars. Moreover, according to data compiled by S&P Global Ratings, 2025 saw industry fundraising reach 224.25 billion dollars worldwide.

Against this backdrop, the year so far has brought a series of major redemption announcements from large international funds such as Blackstone, Blue Owl, BlackRock, and Apollo. Does this mean the asset class is heading into a downturn? Industry participants downplay the situation, asserting that this is not a looming financial crisis, as some more alarmist voices have suggested. That said, this does not mean they see no areas of risk, especially given the dispersion and heterogeneity of the sector.

Illiquidity: nothing new under the sun

For Blue Owl, what is happening is simply a natural phenomenon tied to one of the core characteristics of alternative investments: illiquidity.

“These vehicles are designed to balance access to long-term assets with periodic liquidity windows. This trade-off—accepting limited liquidity in exchange for higher returns—is intentional and, when properly managed, allows strategies to function exactly as designed. Limited liquidity is not a flaw of the model; it is a structural feature of it,” says Felipe Manzo, Managing Director and Head of Private Wealth for Latin America at the firm, in comments to Funds Society.

In that sense, he says they do not see a systemic problem, but rather “specific situations.”

According to Manzo, the current situation stems from a gap between market sentiment and the fundamentals of the vehicles themselves. “Private credit continues to offer an attractive premium relative to public credit markets, with solid opportunities in high-quality borrowers,” he says, adding that more disciplined strategies tend to prevail in periods of volatility. “At Blue Owl, we believe we are particularly well positioned to navigate this environment, thanks to a rigorous credit analysis process and a diversified portfolio that has demonstrated resilience and solid returns across the business, not only in credit,” he notes.

At CIO Invest, a boutique specialized in alternatives, they call for a precise diagnosis of the phenomenon. This is not an industry-wide liquidity crisis, according to the firm’s team, but rather a specific tension in certain vehicles, where market sentiment is leading investors to request redemptions above established contractual limits. “That distinction is crucial,” they stress.

The role of semi-liquid vehicles

One factor that has accelerated redemption dynamics is the creation of semi-liquid funds—alternative structures designed to offer somewhat greater liquidity. Given this feature, it is not surprising that these products are seen as the spearhead that has opened the door to alternative strategies for a more retail-oriented investor base over the years.

However, despite offering more flexibility for withdrawals than traditional alternative funds, these episodes have served as a reminder that illiquid assets remain illiquid assets.

“Semi-liquid vehicles were designed with redemption limits precisely to manage this reality, but when sentiment deteriorates, investors seek to exit in volumes that far exceed those thresholds. That works as long as inflows exceed outflows, but when sentiment reverses, the system fractures,” explain sources at CIO Invest.

As such, this appears to be a localized issue, since traditional closed-ended vehicles, pure private credit platforms, and structures such as CLOs are not currently facing this dilemma.

At Blue Owl, they also highlight the role of wealth management channels in current dynamics. “The growth of private banking and wealth management channels has significantly expanded access to private markets. At the same time, this dynamic has raised the level of demand and responsibility for managers,” says Manzo.

Short-term flows

Regardless of the long-term impact, it appears that some damage has already been done. Considering that individual investors tend to be more sensitive to so-called “headline risk” than other segments—such as institutional investors—the expectation is that redemptions currently being deferred due to withdrawal limits will continue to drive outflows in the short term.

A report from Goldman Sachs Research indicates that the trend of declining sales and rising redemptions began in the last quarter of last year, driven by the prospect of lower future returns—given lower base rates, tighter spreads, and a credit event rate that has risen slightly from previously negligible levels—as well as increased media focus.

Looking ahead, the investment bank estimates that outflows will range between 45 billion and 70 billion dollars over the next two years. Even so, the firm does not expect this to trigger a wave of asset sales across the industry.

“Considering certain levels of liquidity buffers within funds (around 19% of the industry’s NAV and about 11% of total gross fund assets), the maturity profile of loans (typically between 5 and 7 years), managers’ ability to provide liquidity, the capacity to maintain quarterly redemption limits of 5%, and the ability to use leverage, we believe the need to liquidate private loans at an industry level will be limited,” Goldman Sachs noted.

Even so, from the perspective of asset managers, this phenomenon opens up a behavioral risk that was not previously on their radar. “The real risk is not that loans will default en masse, but that sustained redemptions will force asset sales at discounts, depressing NAVs and triggering further redemptions in a vicious cycle. That is the scenario that needs to be closely monitored,” conclude sources at CIO Invest.