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The Engines Behind the 15.3 Trillion Dollars of AUM Reached by BlackRock

“Market fundamentals are strong and well-supported, with higher margins and earnings momentum catalyzed by new technology. The scale and depth of our client relationships globally have never been greater. Clients are turning to BlackRock for insights and opportunities,” with these words, Larry Fink, Chairman and CEO of the firm, contextualized the firm’s second quarter results.

Results that have exceeded expectations and translated into a rise in its shares at the start of the trading session. Specifically, the manager reached 15.3 trillion dollars in assets under management (AUM) after registering 868 billion dollars of net inflows during the last twelve months, reflecting organic growth in base fees of 10%. “Flows in the first six months of 2026 more than doubled year-over-year, bringing assets under management (AUM) to a record 15.3 trillion dollars,” Fink recognizes.

During the first half of the year, the firm registered record net inflows of 321 billion dollars, including 192 billion dollars in the second quarter, broadly based across the platform and driven by ETFs, private markets, active fixed income, and systematic equity strategies.

The most striking data point is that it registered a 31% increase in revenue compared to the previous year, “reflecting the positive impact of markets, organic growth in base fees, fees related to the HPS transaction, higher performance fees, and higher technology services and subscription revenue,” as they explain.

The Engines of BlackRock

As Fink pointed out, the firm has simultaneously become “a leading public markets manager, a scaled private markets platform, and a global technology company.” And he defends that the quality and breadth of their platform differentiates them with clients more than ever. “It is enabling us to capture a larger share of their portfolios and drive durable earnings for our shareholders. In the second quarter, clients entrusted us with 192 billion dollars in net capital inflows, generating organic base fee growth of 8%, well ahead of our target,” he recognizes.

Additionally, iShares surpassed 6 trillion dollars in AUM, approximately doubling its size in three years. However, the data point that Fink highlights is that demand is building across its active management franchise with 53 billion dollars of net inflows, “where systematic strategies drove net inflows in equity and a record 7 billion in liquid alternatives.”

The third key point driving the manager is the technology segment. In fact, revenue from technology services and subscriptions increased by 67 million dollars compared to the second quarter of 2025 and 36 million compared to the first quarter of 2026, reflecting sustained demand for Aladdin and multi-product solutions. The annual contract value (ACV) of technology services and subscriptions increased by 15% compared to the second quarter of 2025. “This increase reflects the continued adoption of Aladdin as transparency, data, and analytics become increasingly critical for our clients and the industry,” notes Fink.

Financial Reflection

These engines have a clear reflection in the manager’s financial results, and its adjusted operating margin for the second quarter was 45.9%, the highest in nearly five years. Quarterly operating income grew approximately 40% year-over-year, and their conviction in BlackRock’s future growth led them to increase their planned level of share repurchases for 2026 to 2 billion dollars.

“Helping more people benefit from the long-term growth of the capital markets is at the core of our strategy and our largest source of opportunity. It is how we deliver higher and more durable organic growth. We see it in our results this quarter: 8% organic base fee growth, an adjusted operating margin near 46%, double-digit earnings per share growth, and increased return of capital. The more we help our clients participate in the markets, the more our own growth solidifies: higher organic growth, higher earnings growth, and more value for our shareholders. Our momentum is accelerating, and I have never been more optimistic about the growth ahead,” concludes Fink on his assessment of these latest quarterly results.

State Street Accelerates Its Growth: Record Revenues and All-Time Highs in AUM and Custody

| By Amaya Uriarte | 0 Comentarios

State Street Corporation, one of the world’s largest custodians and institutional asset managers, presented a solid second quarter of 2026, driven by growth in fees linked to the investment business, higher service revenues, and a favorable environment for financial markets. The highlight of the report from this global investment giant is the fact that the results not only exceeded market expectations but also marked new all-time highs in both revenues and assets under custody and administration (AUC/A), as well as assets under management (AUM).

According to the figures, the institution reported total revenues of 4.000 billion dollars, which represented a 17% increase compared to the same period of 2025, while earnings per share (EPS) reached 3.65 dollars, compared to 2.17 dollars a year earlier. Net income also showed significant expansion, favored by double-digit growth in practically all business lines.

One of the most relevant indicators for the wealth and asset management industry was the growth of managed assets. At the close of June, assets under custody and/or administration (AUC/A) rose to a record 57.9 trillion dollars, which represents an annual increase of approximately 15%, driven by the appreciation of financial markets and new institutional mandates.

In parallel, assets under management (AUM) grew to 6.3 trillion dollars, also an all-time high for the institution and nearly 17% above the level observed a year earlier, consolidating State Street as one of the main institutional managers in the world.

Additionally, the report notes that operating performance was primarily supported by an increase in fee revenue. Fee revenues recorded one of the most important advances of the quarter, favored by factors such as: higher average assets managed; an increase in custody service revenues; growth in fund administration; higher investment management revenues and greater activity from institutional clients. In contrast, net interest income once again showed more moderate evolution, reflecting an interest rate environment that is beginning to stabilize, meaning growth came primarily from the services business, considered the strategic core of State Street.

Another highlight was profitability

State Street details in its report that the return on tangible common equity (ROTCE) continued to strengthen, while the return on equity (ROE) was situated around 16.7%, reflecting greater operating efficiency and a better utilization of revenue growth. Likewise, the company reported its tenth consecutive quarter of positive operating leverage, meaning that revenues grew at a faster pace than expenses. During the quarter, State Street also maintained an important capital return policy for its shareholders.

The institution returned approximately 631 million dollars through dividends and share repurchases, maintaining a solid regulatory capital position and sufficient financial flexibility to continue investing in technology, automation, and artificial intelligence applied to institutional financial services.

In the conference call with investors, management highlighted that the growth reflects both the recovery of market activity and the capacity to attract new institutional clients and expand its service offering. The firm also raised its outlook for the remainder of 2026, supported by the dynamism observed during the first half of the year and sustained demand for administration, custody, and investment management solutions.

State Street’s results confirm a trend that has also been observed among other large asset managers during this reporting season: the growth of managed wealth continues to be the main engine of the business, while the increase in fees derived from higher assets under management and custody continues to compensate for the structural pressure on investment product prices.

The World Cup Ends, but the Business Is Just Beginning

| By Amaya Uriarte | 0 Comentarios

This Sunday, the 2026 World Cup final will be played between the national teams of Spain and Argentina; on the sporting side, it will be the closing of an event that will go down in history as the first to be carried out with 48 participating teams, but in terms of business, it will be the start of a cycle that will reach its climax in 2030.

For FIFA, the World Cup is not solely a one-month tournament, but the main asset that sustains its business model. According to its budget for the 2023-2026 cycle, the organization projected revenues close to 11 billion dollars, driven mainly by the expansion of the tournament to 48 teams and a greater number of matches, which increased commercialization opportunities.

The majority of those resources come from television rights (4.264 billion dollars), ticketing and hospitality (3.097 billion), commercial rights and sponsorship (2.693 billion), and commercial licenses. These figures represent the largest budget in the history of the organization.

The previous figures confirm a trend that sports investors have been observing for several years: football has ceased to be solely an entertainment product to consolidate itself as a global platform for value generation, and an extraordinary business that encompasses various facets, including large investment funds.

A business that transcends the 90 minutes

Unlike other sporting events, the World Cup concentrates in a few weeks a value chain that involves media companies, airlines, hospitality, technology, mass consumption, banking, telecommunications, logistics, and e-commerce, to mention some of the most visible ones.

For FIFA, each edition of the tournament is the main revenue detonator of the four-year cycle. In its financial report, the organization points out that the sale of audiovisual rights continues to be its main source of resources, followed by commercial agreements with global and regional sponsors, as well as the sale of tickets and hospitality packages.

The expansion of the World Cup also increased commercial inventory. More matches mean more advertising spaces, more corporate hospitality, more content for television and digital platforms, and greater exposure for sponsor brands.

The financial “champions”

Although media attention usually focuses on the champion team, in reality the great economic beneficiaries are actors whose profitability does not depend on the sporting outcome.

In the first place, without any doubt, is FIFA, which capitalizes on practically all business lines of the tournament: audiovisual rights, marketing, licenses, hospitality, and ticket sales.

In the second place appear the sponsor companies. Global brands such as Adidas, Coca-Cola, Visa, Hyundai-Kia, Aramco, Lenovo, and Qatar Airways use the World Cup as a platform to strengthen their positioning, increase sales, and accelerate marketing campaigns in practically all markets where they operate.

The sponsor portfolio has also expanded with new regional and sector agreements, reflecting the growing commercial value of the tournament.

Media groups constitute another of the big winners. In the United States, for example, the growth of audiences during the World Cup has significantly raised the expected value of future broadcast contracts.

Analysts estimate that the next audiovisual rights could reach between 1.500 and 2.000 billion dollars for that market, driven by the interest of platforms such as Netflix, YouTube, and Disney.

Even apparently minor elements of the sporting spectacle generate new revenue sources. During this World Cup, the official hydration breaks opened additional inventory for television advertising, allowing broadcasters to commercialize premium spaces whose joint value exceeded 250 million dollars in the United States, something not negligible at all for their coffers.

The economic legacy transcends

One of the most common mistakes consists of measuring the financial success of World Cups solely by tourism spending during the tournament. The reality is that many of the investments begin to generate returns once the competition is concluded.

Host cities strengthen their international positioning; airport, hotel, and transport operators take advantage of the greater visibility; sports brands continue to monetize the sale of jerseys and official merchandise; while digital platforms maintain audiences built during several weeks of competition.

However, the economic impact should not be overestimated either. A recent analysis by Reuters points out that, although FIFA will be the main financial beneficiary of the tournament, host cities register more moderate benefits due to high operational and security costs, as well as the tourism substitution effect in some mature destinations.

That experience reinforces the importance of evaluating large sporting events under long-term profitability criteria and not solely by the flow of visitors during the weeks of competition.

The next World Cup has already begun

The most relevant conclusion for companies and investors is that the World Cup functions as a permanent business cycle. The reality is different; once the final is concluded, the negotiation of new sponsorship contracts, the renewal of audiovisual rights, the planning of commercial campaigns, the development of digital platforms, the incorporation of new technologies, and the preparation of infrastructure for the next event begin immediately.

In other words, while fans celebrate the world champion, the sports industry is already working on the next business opportunity. That is perhaps the greatest financial lesson left by the tournament: the trophy is delivered only once, but the income flows derived from the World Cup continue to be generated for years.

For FIFA, global brands, media companies, and a good part of the international sports economy, the final whistle never represents the closing of the business; it simply marks the start of the next growth cycle.

The Gap Between Aspirations and Investment Decisions: Where It Is Born and How to Overcome It

| By Amaya Uriarte | 0 Comentarios

Investors are clear about what they want, but their decisions are not always aligned. For Fidelity International, this disconnect—which they call “the gap between aspirations and actions”—is a persistent feature of investor behavior.

According to its global survey “Be Invested 2026,” which polled 13,000 investors across 13 markets worldwide, many investors may not be taking the necessary steps to achieve their long-term financial goals.

In the view of Samantha Ricciardi, Head of Europe, Middle East, and Africa (EMEA) at Fidelity, and Damien Mooney, Head of Asia-Pacific ex-Japan, this reality manifests in several ways:

“Investors aspire to achieve high long-term returns, yet they keep a considerable percentage of their wealth in cash. They are aware of the importance of staying invested, but they continue to react to short-term market movements. Although they express confidence in their decisions, they do not always feel fully prepared to put them into practice. Even with more tools, more information, and greater access than ever, it is not always easy to stay on course toward long-term goals.”

The Root of the Gap

Both leaders warn that the implications of this gap are very real. Over time, small deviations can compound and lead to substantially different outcomes, especially concerning long-term milestones like retirement.

The Cash Drag: Globally, investors aspire to an average annual return of 7.9% over the long term, yet cash represents an average of 22% of their investment portfolios.
The Cost of Inaction: According to Fidelity’s analysis, moving out of excess cash can generate a considerable performance improvement of up to 3 annualized percentage points over a 10-year horizon.
Behavioral Hurdles: When volatility hits the markets, many investors pause or exit entirely rather than staying invested. Additionally, complexity remains a major barrier, leaving investors feeling overwhelmed and searching for clearer, trustworthy guidance.

How to Close the Gap

For the asset manager, the encouraging news is that significant progress can be made through small, deliberate adjustments:

Reduce Excess Liquidity: Moving idle cash into diversified, long-term market assets is the most direct way to capture missed returns.
Mitigate Home Bias: Avoiding over-concentration in one’s domestic market broadens the opportunity set, raises return potential, lowers overall portfolio volatility, and protects against localized capital losses.
Leverage Professional Advice: The survey reveals that investors who work with a financial advisor show greater confidence in reaching their long-term goals and are more comfortable taking calculated risks.

Ultimately, turning long-term aspirations into disciplined investing behavior relies on harmonizing costs, incentives, and portfolio construction to ensure that risk-taking is fully aligned with the investor’s ultimate objectives.

Which Assets to Favor in a World of Persistent Inflation?: The View of M&G

| By Amaya Uriarte | 0 Comentarios

Photo courtesyFrom left to right: Andrew Chorlton, CIO of Fixed Income at M&G Investments; Fabiana Fedeli, CIO of Equities, Multi-Asset, and Sustainability; and Emmanuel Deblanc, CIO of Private Markets.

The market has entered a new phase of the cycle in which inflation will continue to shape monetary policies and the behavior of risk assets, while forcing many of the traditional rules of investing to be put under review. This is the main conclusion reached by the CIOs of Fixed Income, Equities, Multi-Asset and ESG, and Private Markets of M&G Investments, during a panel titled CIOs Investment Perspectives: Navigating the Aftershock- is inflation Back? recently organized by the firm for international journalists at its London headquarters.

Although risk assets have continued to show strength and fixed income has resisted better than in previous episodes of inflationary stress, M&G’s CIOs argued that investors must adapt to an environment characterized by higher interest rates for longer, structural changes in the economy, and new sources of risk stemming from geopolitics, public debt, and artificial intelligence. In this context, Gautam Samarth, multi-asset fund manager and panel moderator, highlighted that sharp dispersion within equities has heavily influenced investor results, while underlining the main change of the year as the sharp reset of interest rate expectations, following a period in which markets went from anticipating cuts to assuming that central banks will maintain a much more restrictive stance.

M&G’s Vision on Fixed Income

For Andrew Chorlton, CIO of Fixed Income, persistent inflation remains the dominant factor in understanding market behavior. He recalled that, five years after the end of the pandemic and following the impact of the invasion of Ukraine, “developed economies have still not managed to fully control inflationary pressures.” In his view, markets have made the same mistake for four consecutive years by taking the Federal Reserve’s interest rate expectations as a proxy for the rest of the world, and being disappointed each and every time due to starting the years with overly optimistic forecasts.

The Fixed Income CIO draws two readings from this behavior. On one hand, the idea that “investors want rates to be lower because that is supportive and good for everything, without recognizing that we are still in the middle of a battle against inflation.” On the other, that after the experience of 2022, controlling inflation has become “very personal” for central bankers, in the sense that they are not willing to “make the same mistake twice.” Chorlton pointed to Kevin Warsh, the new Chairman of the Fed, as an example; before taking office, Warsh maintained a stance more inclined toward lowering interest rates, but has now realized that “it is his reputation on the line,” adopting “a clear focus on fighting inflation.”

In any case, Chorlton believes that the performance of fixed income has been reasonably solid. Compared to the sharp adjustment experienced in 2022, an exercise that was practically flat in an environment marked by volatility, geopolitical tensions, and inflation “cannot be described as a bad result,” he stated. Furthermore, he argued that the government bond market currently offers a much more attractive starting point thanks to the existence of positive real yields.

His view is more cautious regarding corporate credit. In his opinion, spreads price in an excessively benign scenario, based solely on the continuity of the current context and low default levels. In contrast, the rates market already incorporates a large portion of known risks—inflation, fiscal policy, or political uncertainty—which is why he believes the risk-reward relationship is currently more favorable in sovereign bonds than in credit.

New Rules for Investing in Equities

For her part, Fabiana Fedeli, CIO of Equities, Multi-Asset, and Sustainability, argued that many of the traditional rules used for decades to analyze the stock market have stopped working. In her view, investors remain too constrained by the classic distinction between long and short-duration assets, when the market currently pays much closer attention to business fundamentals and major structural trends like artificial intelligence.

Fedeli recalled that just two years ago, there was a broad consensus that a higher-for-longer rate scenario should especially hurt tech companies, given they are long-duration businesses. However, the exact opposite happened. “The rule-of-thumb rules we all learned said that should not have happened, because high rates should have caused a bloodbath in long-duration tech, and that didn’t happen; in fact, it has continued not to happen,” she noted.

Fedeli believes the rise of artificial intelligence has profoundly changed the way the market values companies, and she believes the impact of higher financing costs will still take time to transfer to the companies leading this technological revolution. While she acknowledges that a time will come when the high investments required to develop AI will force many companies to turn to debt markets more intensively, she believes that point has not yet arrived.

However, she does identify macroeconomic risks that, in her view, the stock market still undervalues. Among them, she highlights the possibility that energy prices remain elevated for longer as a result of investment needs in energy security, infrastructure reconstruction, and inventory rebuilding. This scenario could end up weakening aggregate demand and affecting corporate earnings in certain sectors, though not uniformly. Therefore, she stressed the importance of maintaining long-term investment horizons and avoiding hasty decisions driven by concerns that may take years to materialize.

Inflation Protection: Key for Private Markets

The analysis by Emmanuel Deblanc, CIO of Private Markets, focused on the structural changes transforming investors’ perception of risk. In his view, the conversation around inflation has evolved significantly and now incorporates factors that until recently were barely taken into account, such as geopolitics, the sustainability of public finances, or potential regulatory and tax changes resulting from the growing debt of sovereign states.

Even so, Deblanc believes that “the value of having strategies and assets that provide protection against inflation has probably been undervalued and continues to be undervalued.” In his opinion, investors tend to associate these instruments solely with high-inflation scenarios, whereas they can also play a relevant role if, after an inflationary period, the economy enters a phase of disinflation or even deflation. What is truly important, he argues, is having assets capable of preserving purchasing power in highly changeable macroeconomic environments.

Another major debate raised by Deblanc revolves around the very concept of a risk-free asset. The executive questioned whether US government debt can continue to be considered the indisputable benchmark for global investors, especially in a context of high fiscal deficits and a sustained increase in public debt in economies like the United States or France. As he explained, inflation constitutes a way to erode the value of a currency without needing to incur a formal default, which forces a rethink of whether sovereign debt remains the appropriate benchmark for pricing the risk of all other assets.

Furthermore, he warned that governments’ tax collection capacity will increasingly become a determining factor in assessing investment risk. Rising tax and regulatory pressure could particularly affect regulated sectors, such as water or electricity, while differences between jurisdictions will tend to widen as some countries face greater difficulties handling the deterioration of their public accounts. In this new context, he concluded, understanding the risks associated with inflation, regulation, and fiscal sustainability will be just as important as analyzing traditional asset valuations.

Bitcoin Matures: Lower Liquid Supply and Growing Institutional Dominance Redefine Its Cycle

| By Amaya Uriarte | 0 Comentarios

Bitcoin has come a long way from the famous purchase of two pizzas for 10,000 BTC made by Laszlo Hanyecz in May 2010 to its current consolidation as a global asset. According to the latest Binance Research report, which analyzes its evolution over its 16-year history from a functional, behavioral, and structural perspective, the cryptocurrency is increasingly integrated into institutional portfolios.

The report highlights a structural contraction of the liquid supply. The proportion of Bitcoin held by long-term holders has risen from around 30% in 2013 to approximately 60% today, recording the largest increases during market bear periods, which points to a dynamic of accumulation rather than capitulation. In addition, nearly 25% of the Bitcoin supply has remained inactive for more than five years, suggesting that the volume actually available for trading is materially lower than what the circulating supply reflects.

Institutional participation has become one of the defining features of the current cycle. Institutional entities currently own around 3.88 million BTC, equivalent to 18.5% of Bitcoin’s fixed supply of 21 million, while public companies and ETFs each account for close to 6% of the total. Excluding positions linked to DeFi and other protocols, the estimated institutional holding stands at around 3.5 million BTC, equivalent to about 1 in every 6 BTC. This marks the first cycle in which the marginal buyer is increasingly institutional rather than retail. Furthermore, nearly half of corporate Bitcoin accumulation has occurred over the last 12 months.

Meanwhile, spot Bitcoin ETFs in the US already accumulate close to 1.62 million BTC, a figure higher than the remaining Bitcoin left to be mined, highlighting the growing weight of flows into ETFs, the adoption of Bitcoin as a corporate treasury asset, and the behavior of long-term holders compared to mining issuance.

Likewise, volatility trends reflect greater market maturity. The 90-day realized volatility dropped to approximately 29% by the end of 2025, its lowest level in nearly a decade, while the average volatility of the cycle has moderated to around 48%, compared to 74% and 76% recorded in the two previous cycles. Bitcoin’s market capitalization has also increased to represent approximately 5% of the total market capitalization of gold, compared to virtually zero levels in 2010, with particularly significant advances following the launch of spot Bitcoin ETFs in the US in January 2024.

The report also notes that emerging markets are driving the next phase of Bitcoin adoption. The APAC region recorded 31% year-on-year growth in the number of Binance users, followed by Latin America at 29%, and MENA at 26%. Collectively, the share of Binance users in emerging markets holding BTC reached 58% in 2026, a 29% year-on-year growth, well above the 18% growth observed in developed markets. Bitcoin’s sustained profitability against major emerging market currencies over the past 13 years has favored greater adoption in these regions.

According to Javier García de la Torre, Director of Binance for Spain and Portugal, “Bitcoin is entering a new stage of maturity, marked by a lower liquid supply, growing institutional participation, and an increasingly relevant role as a reserve asset. What a few years ago was perceived as an experimental asset is today consolidating as a strategic diversification tool for companies and institutional investors.”

Vanguard Names Rachel Baxter Head of Investment Management for Europe

| By Amaya Uriarte | 0 Comentarios

Vanguard has announced the appointment of Rachel Baxter as Head of Investment Management for Europe. According to Vanguard, in this role, Rachel will oversee the investment management of the European business, encompassing portfolio management, investment analysis, capital markets, and trading, as well as leading the European fixed income indexing team. Vanguard’s investment management team in Europe is responsible for overseeing approximately $615 billion in assets domiciled in the UK and Europe.

Based in London, Rachel succeeds Geoff Parish, who is returning to the United States as global head of fixed income indexing. Rachel brings extensive experience in portfolio management, having previously held the position of co-head of the US fixed income indexing team, where she assumed senior leadership responsibilities over a broad, multidisciplinary portfolio overseeing more than $1.4 trillion in assets under management across mutual funds, ETFs, and funds of funds.

Prior to that, she was a portfolio manager on Vanguard’s global fixed income indexing team and has held roles in areas such as global fixed income investment strategy, portfolio construction, and European credit analysis. Jon Cleborne, Head of Vanguard Europe, commented: “Vanguard has developed a significant international investment offering, in which Europe and the UK play an increasingly relevant role within our global portfolio management, trading, and analysis capabilities. We see significant opportunities ahead and will continue to invest in the products, expertise, and infrastructure necessary to support strong, sustainable, long-term outcomes for our clients.”

“Rachel is exceptionally well-positioned to lead the next stage of our development in Europe. She brings a rare combination of investment experience, leadership capability, and a deep understanding of our clients’ needs,” Cleborne concluded.

Sovereign Wealth Funds Surpass 15 Trillion Dollars in Assets

| By Amaya Uriarte | 0 Comentarios

Sovereign wealth funds continue to consolidate their prominence in private markets. According to the Sovereign Wealth Funds Report 2026, prepared by the Center for the Governance of Change at IE University in collaboration with ICEX-Invest in Spain, these vehicles now manage 15.1 trillion dollars in assets globally, compared to 13.2 trillion recorded in the previous edition, representing a 14% increase.

The report, which analyzes the activity of these investors between July 2024 and December 2025, identifies a universe of 109 sovereign wealth funds, five more than in the previous edition. The growth reflects both portfolio revaluation and the creation of new vehicles, particularly in Asia, Europe, and the Middle East.

Beyond asset growth, the study reflects a shift in how these actors invest. During the analyzed period, they participated in 391 direct investment transactions, 17% fewer than in the preceding report. However, the aggregate volume rose to 404 billion dollars, a 91% increase, demonstrating a clear commitment to larger and more transformative operations. “The report shows more concentrated capital: fewer transactions, more impact. Sovereign funds lead most transactions valued at over 1 billion dollars, proving execution capacity,” noted Javier Capapé, editor of the report and director of Sovereign Wealth Research at IE University, during the presentation held at the ICEX headquarters in Madrid.

According to Capapé, the creation of twelve new funds confirms that these vehicles have become a tool for governments to face a more fragmented and less efficient global economy, reinforcing the resilience and strategic autonomy of their countries. The expert also highlighted that investments linked to artificial intelligence now represent one out of every three dollars of the total value of transactions in which sovereign funds participated during the analyzed period.

The CEO of ICEX, Elisa Carbonell, stressed during the presentation that sovereign wealth funds have consolidated themselves as “one of the great actors in international investment” and constitute a source of strategic capital for business growth. In her view, the report provides a better understanding of their investment strategies and facilitates the identification of capital raising opportunities, while confirming the growing interest of these investors in Spain.

Fewer Transactions, but Larger in Scale

The shift in strategy is also reflected in the main transactions closed during the study period. Notable among them are the support from Saudi Arabia’s Public Investment Fund (PIF) for the acquisition of Electronic Arts, valued at 55 billion dollars; the financing of Anthropic, led by QIA (Qatar) and GIC (Singapore), totaling 13 billion dollars; the reorganization of TikTok in the United States with the backing of the Emirati tech fund MGX, supported by Mubadala; and several investments in European energy infrastructure driven by funds from Norwary and Singapore.

The report concludes that sovereign wealth funds have moved from playing a secondary role in private markets to becoming the primary drivers behind many large international operations.

Private Markets Consolidate Sovereign Funds as Reference Investors

The study confirms that these vehicles act increasingly as strategic partners in global private markets. In more than half of transactions exceeding 1 billion dollars, they participate as lead investors, replacing the role they traditionally played as minority co-investors.

Another trend identified by the report is the growing commitment to artificial intelligence and technologies linked to digitalization. Gulf and Singaporean funds are leading this transformation, shifting their portfolios from traditional assets toward companies related to AI, data centers, digital networks, and energy infrastructure.

However, the report also shows that these investors’ ability to anticipate emerging tech companies remains limited. Just 3% of their investments go to companies before they reach unicorn status, reflecting that their function continues to be primarily to back and scale companies that have already proven their viability.

Asia and the Middle East Concentrate Nearly 80% of Global Sovereign Capital

The report highlights once again the high geographical concentration of this type of vehicle. Asia-Pacific and the Middle East pool approximately 79% of sovereign assets under management worldwide, while Europe accounts for 16% of the total. the Americas concentrate around 2% and Africa maintains a share below 1%.

Among the most active funds by number of transactions are Singapore’s Temasek and GIC, alongside Abu Dhabi’s Mubadala. If measured by the economic volume invested, the leadership belongs to GIC, followed by Saudi Arabia’s PIF and Qatar’s QIA. The report also highlights the emergence of new actors, including MGX, Abu Dhabi’s new technology fund, which has driven some of the largest international investments in artificial intelligence.

Europe Bets on Sovereign Funds with a Strategic Focus

The report dedicates a specific chapter to the role of Europe within the sovereign wealth fund ecosystem, where it identifies a clearly differentiated model compared to other regions. With the exception of Norway’s Government Pension Fund Global (GPFG)—which reached 2.1 trillion dollars in March 2026, a figure higher than Spain’s GDP—nearly 80% of European sovereign funds fit the strategic investment funds model; that is, vehicles designed to boost strategic sectors, mobilize private investment, and foster economic development.

Unlike many funds in the Middle East or Asia, the funding sources for these European vehicles do not come from commodity revenues, but rather from fiscal surpluses, stakes in state-owned enterprises, or resources from European Union programs.

In this regard, the study highlights the role played by the Next Generation EU program, whose transfers have served as seed capital for the creation of new sovereign funds in various European countries. The report also analyzes the differences between national models. While economies like France, Spain, or Italy manage multiple public investment structures with distinct functions, Ireland has chosen a unified model centered around the National Treasury Management Agency.

According to the authors of the study, the impact of Next Generation EU is already “solid and measurable.” As an example, they cite the FOCO fund, managed by Cofides, and the recently announced España Crece, which represent a new financing model based on transforming European recovery transfers into sovereign capital. In their view, this mechanism could favor a second wave of European sovereign fund creation between 2026 and 2030.

The Sovereign Wealth Fund Universe Continues to Grow

The Sovereign Wealth Funds Report 2026 expands its coverage this year to 109 sovereign wealth funds, which collectively managed 15.1 trillion dollars in April 2026, up from 104 vehicles and 13.2 trillion recorded in the previous edition. The aggregate increase, close to two trillion dollars, is due to two main factors. On one hand, approximately half of the growth comes from the organic performance of large financial portfolio funds. Norway’s Government Pension Fund Global increased its wealth by 18% to 2.1 trillion dollars; China Investment Corporation (CIC) also grew by 18% to 1.57 trillion; Abu Dhabi’s ADIA advanced 20% to 1.19 trillion; while Kuwait’s sovereign fund increased by 23% to 232 billion dollars. The other half of the growth is explained by the incorporation of new vehicles and methodological adjustments made in the study.

Funds created since 2024 contribute about 350 billion additional dollars to global assets. Notable among them are Danantara from Indonesia; MGX in Abu Dhabi, with an estimated initial wealth of 50 billion dollars; the National Wealth Fund (NWF) of the United Kingdom, with 37 billion; and the new Irish funds FIF and ICNF, which jointly add about 19 billion dollars. Additionally, the report incorporates methodological changes such as expanding the perimeter of the Turkey Wealth Fund (TWF), whose wealth goes from 26.6 billion dollars to 44.7 billion due to modified classification criteria.

New Funds and Greater Geographical Concentration

The study confirms that the geographical distribution of sovereign capital remains highly concentrated. Asia-Pacific and the Middle East bundle approximately 79% of the assets managed by the world’s sovereign wealth funds. Europe represents 16% of the total—although the Norwegian fund alone accounts for 85% of European sovereign assets—while the Americas barely reach 2% and Africa remains below 1%.

The authors also identify several countries preparing to launch new sovereign wealth funds. Portugal approved plans to create its national vehicle in June 2026. Similar initiatives are also advancing in Saint Kitts and Nevis, Kenya, and Canada, where the Canada Strong Fund was approved in April 2026. In contrast, the report notes that the executive order signed in the United States in February 2025 to promote a federal sovereign wealth fund seems to have lost momentum and, for the moment, has not recorded significant progress.

Spain Consolidates Its Appeal for Sovereign Capital

As in previous editions, the report includes a specific chapter dedicated to Spain, noting the growing interest of international sovereign funds in the domestic market. Between July 2024 and December 2025, 18 direct operations were recorded for a combined amount of 6.7 billion euros, equivalent to 7.6 billion dollars. Of these transactions, twelve were carried out by international sovereign wealth funds and six by Spanish vehicles, reflecting both the capacity of the Spanish market to attract long-term institutional capital and the consolidation of domestic public co-investment instruments.

For the second consecutive year, Spain ranks sixth worldwide by economic volume of transactions involving sovereign funds and stands as the second-highest country in the European Union, trailing only Germany. Investments were concentrated in sectors considered strategic for the Spanish economy, such as renewable energy, digital infrastructure, higher education, student housing, technology, and industry.

Among the main operations are investments by Mubadala and Masdar in renewable energy and education; GIC’s bet on infrastructure and student housing; the activity of the Temasek-Keppel ecosystem in data centers; and the first investments made by FOCO in Spanish companies and platforms.

The report also highlights the growing weight of Norway as an investor in Spain. At the close of 2025, the Government Pension Fund Global held positions exceeding 24 billion euros in sovereign and corporate debt, listed equities, and private market assets, particularly infrastructure linked to renewable energy. With this, the study concludes that Spain continues to consolidate itself as one of the main European destinations for international sovereign capital, while developing its own public investment architecture aimed at mobilizing private capital and strengthening strategic sectors.

ARK Invest Europe Expands Its Alliance with Capital Strategies Partners

| By Amaya Uriarte | 0 Comentarios

ARK Invest Europe has expanded the scope of its distribution agreement with Capital Strategies Partners to incorporate Italy, France, Belgium, Andorra, Monaco, and the Swiss canton of Ticino. Until now, the firm was responsible for the distribution of the manager’s products in Spain, Portugal, and several Latin American markets, such as Chile, Colombia, Peru, and Brazil.

With this expansion, ARK Invest seeks to strengthen its presence in Europe and respond to the growing investor interest in strategies focused on disruptive innovation, relying on a partner with local knowledge of each market.

The extension of the agreement also coincides with the recent expansion of the registration of ARK’s actively managed UCITS ETFs in France and Portugal, as well as the launch of the ARK Private Innovation ELTIF, registered for commercialization in 17 European countries, including Spain, Italy, France, Germany, Belgium, Portugal, Sweden, and the Netherlands.

A Range Focused on Technological Innovation and Private Markets

ARK Invest’s European offering currently consists of four actively managed UCITS ETFs:

ARK Innovation UCITS ETF (ARKK): The firm’s flagship fund with over 11.2 billion dollars in assets globally.
ARK Artificial Intelligence & Robotics UCITS ETF (ARKI): Designed specifically for the European market.
ARK Genomic Revolution UCITS ETF (ARKG)
ARK Space & Defence Innovation UCITS ETF (ARKX)

Added to this offering is the ARK Private Innovation ELTIF, a fund that provides access to innovative private companies before their potential IPO and invests in the five major innovation platforms identified by the manager: artificial intelligence, robotics, multi-omic technologies, blockchain, and energy storage.

All ETFs are actively managed, hold an Article 8 classification under the European SFDR regulation, and carry a management fee (OCF) of 0.75%. In addition, the firm plans to expand the European registration of several funds from the RIZE by ARK Invest range, specialized in sustainable and impact thematic investing, before the end of the year.

Expansion Part of ARK’s Growth Strategy in Europe

The expansion of the agreement is part of ARK Invest Europe’s international growth strategy, which began with the launch of its UCITS ETFs in 2024 and has surpassed 1 billion dollars in assets under management in Europe this year. Globally, the firm manages nearly 30 billion dollars, of which around 1.2 billion corresponds to the European business and some 2.5 billion to private market strategies.

Stuart Forbes, Director of ARK Invest Europe and Global Head of Distribution, notes that the broader collaboration will provide European clients with greater access to both listed strategies and private market investments. “This expansion allows us to directly serve a much larger number of clients, with local on-the-ground support and access to our research and forward-looking products,” he states.

For his part, Daniel Rubio, founder and CEO of Capital Strategies Partners, highlights that ARK’s active and research-driven investment philosophy is being well received by investors. In his view, the expansion of the agreement will bring a differentiated offering of UCITS ETFs and the ARK Private Innovation ELTIF closer to clients in these new markets, reinforcing both entities’ commitment to distributing innovative, high-quality strategies.

Yves Bonzon (CIO of Julius Baer): “Semiconductors or No Semiconductors? That Was the Question”

| By Amaya Uriarte | 0 Comentarios

The first half of 2026 has left a clear conclusion for global investors: artificial intelligence has continued to set the pulse of the markets, but with an important nuance. According to the weekly analysis by Yves Bonzon, Chief Investment Officer (CIO) of Julius Baer, during these six months, the key to beating the market was being positioned in the right segment of the tech universe. “In short, the first half of 2026 was clear: either you held semiconductor stocks—but not just any stock—or you didn’t,” Bonzon summarizes in his latest CIO Weekly.

The firm explains that the stock market rally has not been led by the traditional US megacap tech giants, but rather by companies more specialized in DRAM memories and NAND chips linked to the development of artificial intelligence infrastructure. In fact, the SOX semiconductor sector index has skyrocketed by nearly 100% in just three months, consolidating itself as the main engine of global stock markets.

However, one of the surprises of the year has been that, despite the increased cost of capital for major US cloud computing companies—one of Julius Baer’s central investment theses for this year—the US market has not suffered a significant correction. According to Bonzon, leadership has broadened, and gains “no longer depend solely on the Magnificent Seven, but on a wider universe of companies benefiting directly or indirectly from the AI investment cycle.”

In this context, the financial institution believes that a structural change has occurred in the markets, forcing a rethink of portfolio construction. “We have entered an industrial cycle in which a larger number of smaller players benefit from structural trends such as artificial intelligence, electrification, or strategic autonomy,” Bonzon points out. For this reason, Julius Baer considers that diversification is once again becoming an essential source of return generation, in addition to being a classic risk control tool.

Another element that has marked the first half of the year has been the unexpected strength of the US dollar. Contrary to the bearish market consensus, Julius Baer never abandoned its positive outlook on the US currency against the rest of the G7 nations. As Bonzon explains, the geopolitical conflict between the United States and Iran, renewed investor enthusiasm around AI, and Kevin Warsh taking the helm of the Federal Reserve have reinforced the appeal of the dollar and US fixed income.

This view has also led the institution to reduce its exposure to gold during the second quarter. After starting the year with strong gains, the precious metal corrected sharply and has accumulated drops of 7% so far this year, after registering declines of over 10% in June alone.

Looking ahead to the second half of 2026, Julius Baer maintains a cautious approach. Although it recognizes that artificial intelligence will continue to be the main market catalyst, it warns of the growing risk of over-concentration in specific technology segments. Bonzon stresses that “markets are increasingly dependent on a small number of very powerful narratives, while the outcomes remain highly uncertain.”

Consequently, the entity recommends avoiding extreme positions and paying closer attention to sectors that have been less explored recently, such as defensive consumer goods or healthcare, whose relative valuations have become more attractive after several quarters of being eclipsed by the tech boom. “This is not a time for extreme stances, but for humility and the discipline of diversification,” the Julius Baer CIO concludes.