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The Presidential Carousel of Peru

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No Peruvian president has completed a full term since 2016. The last to do so was Ollanta Humala, who was later sentenced to 15 years in prison for aggravated money laundering. What followed was a decade marked by seven failed presidencies, characterized by ineffective leadership, corruption, bribery, impeachments, resignations, and an attempted coup.

A Total of 34 Presidential Candidates

That same instability now dominates the electoral landscape. Peru’s upcoming general elections, scheduled for April 12, 2026, feature a record number of presidential candidates, with 34 officially registered, up from 18 in the 2021 elections.

The candidates span the entire political spectrum, from the far left, left, center, right, and far right, including populists and traditionalists, as well as establishment figures and high-profile outsiders such as a comedian and a former footballer who also served as a mayor.

On the left, candidates include figures linked to Perú Libre and Marxist platforms. Vladimir Cerrón remains a prominent far-left figure, though his legal troubles limit his candidacy, while Ronald Atencio is emerging as a notable alternative.

Centrist candidates range from moderate reformers to established political figures. Mario Vizcarra, brother of former president Martín Vizcarra, positions himself as a moderate reformist. Figures like Yonhy Lescano and César Acuña also hold centrist positions, as does former mayor and ex-footballer George Forsyth.

On the right, the field is broad but lacks a dominant candidate. Rafael López Aliaga, a conservative former mayor of Lima, has gained significant support through his tough stance on crime and pro-business rhetoric. Keiko Fujimori, widely known from her three previous presidential bids, remains a key figure but remains polarizing, which limits her ceiling of voter support. Other right-wing figures include journalist and television host Philip Butters, as well as security-focused conservative candidates such as Roberto Chiabra, alongside media personalities like Carlos Álvarez, who present themselves as outsiders.

However, all candidates face an electorate marked by unusually high levels of indecision. Multiple polls show a significant share of undecided voters. Surveys conducted in late 2025 and early 2026 also reveal a wide dispersion of voting intentions. Rafael López Aliaga and Vizcarra have led several polls with moderate single-digit support, while Fujimori’s standing remains below her past electoral performances.

Security Over Corruption

Although corruption remains endemic, as seen in the convictions of former officials and ongoing accusations across administrations, it no longer dominates public discourse to the same extent as economic and security concerns.

Analysts observe a shift in priorities toward public order and safety, especially in urban and peri-urban areas where crime rates have risen, including violence linked to illegal mining and gang activities. In some regions, clashes between criminals have sparked community unrest and highlighted weaknesses in law enforcement.

External influences on the election are expected to be moderate compared to other regional contests. Left-leaning governments in the hemisphere show limited direct intervention, while parties aligned with pro-market platforms may receive attention or tacit engagement from the United States and international stakeholders, mainly around investment and security cooperation.

A New Senate

To address Peru’s political fragmentation and strengthen checks and balances, a major proposal for institutional change involves transitioning from the country’s former unicameral legislature to a bicameral system that would introduce a Senate alongside the current Chamber of Deputies.

The new Senate would be made up of 60 members, half elected from territorial constituencies and the other half at the national level, requiring candidates to have appeal both locally and nationally. While the Senate would not initiate legislation, it would hold decisive power in passing laws and in resolving impeachment proceedings referred by the lower house. This bicameral structure also aims to balance power currently concentrated in executive offices and ministries.

Proponents argue the reform could curb political fragmentation by raising entry barriers through electoral thresholds and balanced regional representation, thus reducing the proliferation of micro-parties. By requiring broader national support and reinforcing legislative oversight, the bicameral system is presented as a safeguard against weak coalition governments and informal clientelist networks. However, critics warn that introducing a second chamber could lead to deadlock between the two houses, especially if political alignment diverges.

Macroeconomic Resilience Amid Structural Fragilities

Peru’s economic outlook presents a mixed picture. On one hand, it continues to be hindered by long-standing structural weaknesses that successive governments have struggled to address. Chief among these is informality. Approximately 70% of employment remains outside the formal economy, severely limiting tax collection, curbing productivity gains, and leaving large segments of the population without access to pensions, health insurance, or unemployment protection. This informal structure also undermines the effectiveness of public policy, complicating the implementation and sustainability of fiscal and social reforms.

The pension system reflects these distortions. Coverage remains fragmented between public and private plans, and contributions are low due to widespread informal employment. Repeated withdrawals from private pension funds in recent years have further eroded long-term savings, reducing the system’s ability to provide adequate retirement income and weakening domestic capital markets. Although reform proposals surface periodically, political instability has repeatedly stalled meaningful implementation, leaving most structural vulnerabilities intact.

Despite ongoing internal constraints and political fragility, Peru’s economic performance has been relatively strong. Despite frequent leadership changes, the country has maintained macroeconomic discipline for nearly two decades. Fiscal policy has remained conservative, and institutional continuity at the central bank has shielded monetary policy from short-term political pressure.

Peru’s public debt stands at about 32% of GDP, well below the levels seen in major OECD economies. By comparison, U.S. debt exceeds 120% of GDP, while Germany, often viewed as a model of fiscal discipline, stands above 60%. After widening during the pandemic and peaking above 3.5% of GDP in 2024, Peru’s fiscal deficit has narrowed and is expected to approach official targets in 2025 and 2026, adjusting faster than in many advanced economies where high deficits have become entrenched.

Inflation management is another area where Peru stands out. Price pressures have largely remained within the central bank’s target range, thanks to credible monetary policy and a stable monetary framework. This contrasts with prolonged inflation episodes recently seen in the U.S. and parts of Europe, where central banks were forced to adopt aggressive tightening cycles with uneven growth outcomes.

Growth prospects, while modest, are also relatively stable. GDP is expected to grow between 3% and 3.5%, driven by mining investment, infrastructure projects, and steady export demand. This pace outstrips projected growth in Germany and is comparable, or slightly stronger, than medium-term forecasts for the U.S., despite Peru’s significantly higher political uncertainty. High commodity prices and a strong mining investment pipeline continue to anchor external growth, while private investment remains sensitive to electoral outcomes.

As Peru approaches the 2026 elections with a record number of presidential candidates and a fragmented party system, the picture reflects deep institutional fatigue and a growing recognition that the status quo is untenable. Political volatility has eroded governance and public trust, driving voter concerns around security, stability, and accountability. The proposal to reintroduce a Senate offers a potential path toward gradual correction, by raising the standard of representation, reducing fragmentation, and strengthening legislative oversight. Persistent challenges such as informality and pension system shortcomings remain unresolved, but the country’s ability to preserve macroeconomic stability despite repeated political crises suggests a stronger foundation than the political cycle alone might indicate.

Alpha Won’t Save You Anymore: Why Many Asset Managers Are Going to Become Irrelevant

| By Romina López | 0 Comentarios

The debate is no longer whether securitization is a valid tool, but which asset managers are prepared to use it in a world that has changed its rules. The current environment, marked by structurally higher interest rates, persistent geopolitical tensions, and a much more demanding investor, is penalizing asset managers who continue trying to scale strategies with outdated structures.

Today, the biggest mistake an asset manager can make isn’t being wrong about an investment thesis but insisting on formats that no longer match the market’s reality. The message from the latest Morningstar 2026 Global Outlook is clear: uncertainty is not a one-time event; it’s the new starting point.

In this context, generating a good investment idea is not enough. If that strategy cannot be distributed efficiently, provide liquidity, meet institutional standards, and adapt to various regulatory frameworks, it simply becomes uncompetitive. This is where securitization stops being a technical solution and becomes a strategic advantage.

For asset managers, securitizing means separating alpha from operational friction. It allows converting both liquid and illiquid strategies into listed, tradable, and transparent vehicles. In an environment of recurring volatility, access to intraday liquidity and secondary markets is no longer a “value-added”: it’s a basic requirement.

The reality is uncomfortable for many traditional managers. Institutional investors and private banks are no longer willing to take on illiquid structures, manual processes, or vehicles that are difficult to explain to regulators. They seek products with ISINs, clear valuations, broker access, and a robust governance framework. Securitization precisely meets this demand.

Morningstar also warns that many supposedly “diversified” portfolios are actually exposed to the same risks: extreme concentration, demanding valuations, and liquidity dependent on sentiment. Meanwhile, private assets continue to grow, but their access is still limited by operational friction, high costs, and opaque structures. As the report points out, the problem is not the asset: it’s the format.

This is where securitization stops being a technical tool and becomes a strategic decision. Transforming liquid or alternative assets into listed, liquid vehicles with institutional standards allows asset managers to meet three key demands of today’s market: flexibility, risk control, and global access.

According to The Business Research Company, the global market for asset-backed securities surpassed USD 2.4 trillion in 2024 and is projected to continue growing at an annual rate of 6% in the coming years. Beyond the size, this data reflects a structural shift in institutional capital toward securitized instruments in response to the need for more stable income, real diversification, and more efficient structures in an interest rate volatility environment.

This growth is not a search for yield, but a shift in priorities. For many asset managers, securitized strategies provide access to cash flows tied to the real economy, with less reliance on individual issuers and a better ability to manage duration, credit risk, and liquidity compared to traditional fixed-income alternatives. In this regard, Janus Henderson has pointed out that securitized assets are gaining weight in institutional portfolios for their ability to offer recurring income and greater resilience in scenarios of high-interest rate volatility, relying on diversified portfolios of thousands of underlying assets.

Ignoring this reality comes at a cost. Investors, increasingly informed and sensitive to liquidity and governance, are no longer willing to accept difficult-to-explain structures. They seek products with clear valuations, secondary market trading, and robust regulatory frameworks.

In this scenario, FlexFunds positions itself as a strategic partner for asset managers who want to stay relevant. Its model allows asset managers to repackage assets into listed vehicles (ETPs), ready for global distribution, without the manager needing to become a legal, operational, or regulatory expert. The focus returns to where it should be: portfolio management.

This approach is complemented by integration with solutions like Leverage Shares, a leader in leveraged ETPs in Europe, and Themes ETFs, a specialist in thematic ETFs in the United States, reflecting where the market is heading: liquid, listed vehicles designed to capture opportunities in an agile manner.

The conclusion is clear. From 2026 onward, the question won’t be who has the best investment idea, but who structured it to survive in an environment where uncertainty is no longer the exception, but the norm. Securitization is not a trend: it’s the new standard, and asset managers who don’t integrate it into their business model won’t be defending their identity: they’ll be giving up their future.

If you want to explore how to scale investment strategies in today’s environment, contact the FlexFunds expert team at info@flexfunds.com and discover how to repackage multiple asset classes into listed, liquid, and globally distributable vehicles.

Capital Group Expands Into Latin America Under the Leadership of Patricia Hidalgo

| By Marta Rodriguez | 0 Comentarios

Capital Group has appointed Patricia Hidalgo as Managing Director and Head of Latin America to lead its distribution efforts in the region. Based in the firm’s New York office, Hidalgo will report to Mario Gonzalez, Head of the Client Group for Spain, US Offshore, and Latin America.

According to the company, in this role, Hidalgo will help drive the firm’s strategy to expand and deepen relationships with institutional investors and distributors across the region, including pension fund managers in Mexico, Chile, and Colombia, as well as central banks and sovereign wealth funds.

With extensive experience in the region, Hidalgo joins Capital Group from J.P. Morgan Asset Management, where she spent over a decade in various roles, most recently as Head of Alternatives for Latin America. Prior to that, she worked at CitiBanamex in Mexico. A native of Spain, Patricia has lived and worked in Madrid, London, Hong Kong, Mexico City, and New York, bringing a truly global perspective to her new role.

Following the announcement, Mario Gonzalez, Head of the Client Group for Spain, US Offshore, and Latin America at Capital Group, stated: “We are pleased to welcome Patricia to Capital Group. Her deep knowledge of the Latin American market and proven ability to build lasting client relationships will be key as we expand in this high-growth region. This appointment reinforces our commitment to working closely with clients and delivering time-tested, long-term investment strategies and solutions tailored to their needs across Latin America.”

For her part, Patricia Hidalgo, Managing Director for Latin America at Capital Group, commented: “I am delighted to join Capital Group and lead our growth in Latin America. The region offers tremendous opportunities to build lasting partnerships, and I look forward to working with the team to bring Capital Group’s world-class investment expertise and long-term solutions to clients across Latin America.”

365 Days of Resilience, AI, Debt, and New Geopolitics: What Now?

| By Marta Rodriguez | 0 Comentarios

Photo courtesyDonald Trump, President of the United States, speaks to the media before boarding Marine One on Friday, January 9, 2026.

It has been 365 days since Donald Trump was sworn in as President of the United States, and aside from the cold, little about that January 20, 2025, resembles today. One year ago, international asset managers saw his term as a clear opportunity for U.S. equities, driven by his campaign promises, and expected reduced uncertainty, since “Trump’s character and style were already known.” However, the past twelve months have brought surprises and, above all, significant changes in geopolitics and trade policy.

While global economic prospects have modestly improved, uncertainty remains. Experts highlight that as of January 20, 2026, the focus lies on asset valuations, rising debt, geoeconomic realignment, and the rapid deployment of artificial intelligence, all of which are creating both opportunities and risks. In fact, according to the latest edition of the Chief Economists’ Outlook from the World Economic Forum, while 53% of chief economists expect global economic conditions to weaken over the next year, this marks a notable improvement from the 72% who held that view in September 2025.

“This survey of chief economists reveals three defining trends for 2026: the sharp rise in AI investment and its implications for the global economy; debt levels approaching critical thresholds amid unprecedented changes in fiscal and monetary policies; and shifts in trade alignment. Governments and businesses will need to navigate short-term uncertainty with agility, while continuing to build resilience and invest in long-term growth fundamentals,” says Saadia Zahidi, Managing Director at the World Economic Forum.

AI and Other Asset Valuations

Following a year of exceptional performance, the debate over whether we are in an AI bubble has taken center stage among asset managers. According to MFS IM, the question is misguided: focusing on whether AI euphoria is excessive distracts from the broader and more critical issue of misallocated capital and the physical limits that constrain growth.

Indeed, equity gains concentrated around AI have split chief economists’ opinions. While 52% expect U.S. AI-linked stocks to decline over the next year, 40% foresee further gains. Should valuations drop sharply, 74% believe the effects would ripple through the global economy. The outlook for cryptocurrencies is even gloomier: 62% anticipate further declines following recent market turbulence, and 54% believe gold has already peaked after its recent rallies.

Regarding AI’s potential returns, expectations vary widely by region and sector. Roughly four out of five chief economists expect productivity gains within two years in the United States and China. The IT sector is projected to adopt AI the fastest, with nearly three-quarters anticipating imminent productivity improvements. Financial services, supply chains, healthcare, engineering, and retail follow as “fast-adoption sectors,” with expected gains within one to two years. By company size, firms with 1,000 or more employees are expected to benefit first: 77% of economists foresee significant productivity gains for these companies within two years.

The employment outlook related to AI is also expected to evolve. Two-thirds anticipate moderate job losses over the next two years, though long-term views diverge significantly: 57% expect a net job loss in ten years, while 32% foresee net gains as new occupations emerge.

Debt and Tough Decisions

Rising debt and public deficits mark another contrast with last year. Managing these elevated levels has become a central challenge for economic policymakers, especially amid growing spending pressures. Global debt levels have hit historic highs, with debt-to-GDP ratios exceeding 100% in many major economies. In the United States, the deficit remains unusually high for a period of full employment. Higher debt servicing costs are putting upward pressure on long-term bond yields, while political instability in countries such as France, the United Kingdom, and Japan is adding to the uncertainty, notes Paul Diggle, chief economist at Aberdeen Investments.

An overwhelming majority of chief economists (97%) expect defense spending to increase in advanced economies, and 74% expect the same in emerging markets. Spending on digital and energy infrastructure is also expected to rise. In most other sectors, spending is projected to remain stable, though a majority of economists foresee declines in environmental protection spending in both advanced (59%) and emerging (61%) economies.

Opinions are split on the likelihood of sovereign debt crises in advanced economies, while nearly half (47%) see them as likely in emerging markets over the next year. A strong majority expect governments to rely on higher inflation to ease the debt burden—67% in advanced economies and 61% in emerging ones.

Tax increases are also considered likely: 62% expect them in advanced economies, and 53% in emerging markets. Over the next five years, 53% of economists expect emerging markets to resort to debt restructuring or default as a management strategy, compared to only 6% in advanced economies.

A Consequence of the New Geopolitics

Announcements from the Trump administration on trade and geopolitical matters have reshaped the global landscape, if not dismantled the traditional international framework altogether. As a result, global trade and investment are adjusting to a new competitive reality.

According to chief economists’ forecasts, tariffs on imports between the United States and China are expected to remain generally stable, though competition may intensify in other areas. Notably, 91% expect U.S. restrictions on technology exports to China to remain or increase; 84% anticipate the same for China’s restrictions on critical minerals.

In this new context, 94% expect an increase in bilateral trade agreements, and 69% foresee a rise in regional trade deals. “Eighty-nine percent expect Chinese exports to non-U.S. markets to continue growing, while economists are divided on the future volume of global trade. Meanwhile, nearly half expect international investment flows to keep rising, and 57% anticipate an increase in foreign direct investment (FDI) into the United States, compared to just 9% who expect greater inflows into China,” the report notes.

Beyond China, attention is now turning to Greenland. “By making the imposition of new tariffs conditional on Europe’s acceptance of his plan to acquire Greenland, Donald Trump is taking another step in using trade as a tool of geopolitical pressure. Beyond the theatrics of the statement lies a doctrine now widely accepted: alliances are no longer stable frameworks, but renegotiable power relationships. This political strategy comes with a potentially significant economic cost, between 0.2% and 0.5% in growth depending on the severity of the tariff threat,” says Michaël Nizard, Head of Multi-Assets & Overlay at Edmond de Rothschild AM.

Wealnest Is Born, the Platform That Revolutionizes the Management of “Wealth Well-Being”

| By Marta Rodriguez | 0 Comentarios

Photo courtesyEduardo Ferrín and Miguel Ángel Fernández, Founders of Wealnest

The Wealnest Wealth Well-Being Platform, designed to help users organize, visualize, and manage all their assets in a simple and intuitive way, is now active. This pioneering initiative has been developed technologically by a Spanish team with an international vision, and it relies on specialized partners for functions such as valuation, security, and open banking.

The project is led by Eduardo Ferrín and Miguel Ángel Fernández, two executives with extensive experience in management, strategy, and technological development. It is aimed at individuals with medium to high net worth who currently manage their wealth manually or in a fragmented way. It is also designed for professionals, entrepreneurs, families, or emerging family offices seeking uncomplicated control over their assets.

With over 250 subscribers from 15 different countries, who have registered assets worth more than €300 million, Wealnest is redefining what it means to manage wealth in order to live with peace of mind. The project is currently undergoing rapid international expansion across Europe—Germany, France, and the United Kingdom—and the Americas—the United States, Mexico, Colombia, Argentina, Chile, and Peru—through a network of partners. It aspires to become the global reference marketplace for managing wealth well-being.

The concept of “wealth well-being” is at the core of Wealnest’s offering. It goes beyond simply having a solid financial situation; it’s about living with clarity, balance, and oversight over everything a person has built. The goal is to achieve the peace of mind that comes from knowing that both liquidity and owned assets are under control, without losing sight of the future, by planning for both retirement and legacy with foresight.

Miguel Ángel Fernández emphasizes that “currently, around 15% of global wealth is trapped in assets that don’t outpace inflation, so understanding and managing your wealth with the right tools can improve that return. True wealth management shouldn’t be exclusive to the ultra-wealthy, everyone should be able to understand, control, and manage their assets using the best tools available to them.”

Eduardo Ferrín, in turn, states that “the wealth management sector is undergoing a revolution, with €450 billion in annual inheritance transfers from baby boomers to younger generations, and Wealnest meets a need the market currently does not fulfill. Our system goes beyond simply optimizing financial positions. It offers the peace of mind that your wealth is working for you in the right way and adapted to current market conditions.”

Wealnest leverages the capabilities of artificial intelligence to democratize tools that until now have only been available to large fortunes. Through a subscription model, it offers various services based on the selected tier. Even in its free version, limited to three assets, it provides real-time property valuations in major European markets and the United States. The premium version includes additional tools such as succession and retirement planning.

The platform goes beyond showing a snapshot of your wealth: it helps you understand its real value, make your assets more profitable, and plan your future with intelligence and peace of mind, in a way that is simple, intuitive, and accessible, regardless of the size of your portfolio. It combines three key differentiators: ease of use and an onboarding process designed for any user, not just financial experts; affordable pricing, well below that of other professional platforms offering similar services; and smart AI-powered assistance to improve decision-making and optimize wealth management.

FII PRIORITY Miami Returns for Its Fourth Edition to Redefine Global Capital Flows

| By Marta Rodriguez | 0 Comentarios

The FII Institute has announced the return of the FII PRIORITY Miami Summit, which will be held from March 25 to 27, 2026. The event will bring together global leaders to address a central question: how should capital move, adapt, and lead in an increasingly fragmented world.

Under the theme “Capital in Motion,” the 2026 summit will gather policymakers, investors, innovators, and decision-makers to explore how capital, technology, and policies can drive sustainable and inclusive growth, with the Americas at the heart of global transformation.

In its fourth edition, the gathering reaffirms Miami’s strategic role as a bridge between North and South America and as a gateway to international markets. Following the recent success of the FII PRIORITY Asia Summit in Tokyo, Miami will offer a cross-sectional perspective on investment flows, economic resilience, and opportunity generation.

“Miami is not just a place, it is a symbol. At a time when capital is being reassigned, revalued, and reinvented, FII PRIORITY Miami will go beyond dialogue to generate action, shaping impactful partnerships, strategies, and decisions,” stated Richard Attias, Chairman of the Executive Committee and Acting CEO of the FII Institute.

Highlights of the summit’s key content include:

High-level dialogues with global leaders, policymakers, investors, and CEOs on capital deployment, emerging technologies, and growth focused on the Americas.
Strategic closed-door roundtables aimed at influencing investment priorities and delivering concrete outcomes.
Thought leadership and exclusive analysis, co-created with global partners and presented during the event.

The 2026 edition will also mark the beginning of a key year for the institute, leading up to the tenth edition of the Future Investment Initiative (FII 10) in Riyadh at the end of October, consolidating the FII Institute as the global platform where investment, innovation, and policy converge to define the future.

Registration is now open for FII Institute members, partners, media, and invited delegates. For more information and to register, visit the FII PRIORITY Miami 2026 page. More details about the program and speakers will be announced soon.

BBVA Partners with Altérra on a New Climate Fund and Advances Its Strategy in the Middle East

| By Marta Rodriguez | 0 Comentarios

bbva partners with alterra on a new climate fund and advance — Photo courtesyStanding: Carlos Torres Vila, Chairman of BBVA, and H.E. Dr. Sultan Al Jaber, Chairman of Altérra. Seated: Javier Rodríguez Soler, Global Head of Sustainability and CIB at BBVA, and H.E. Majid Al Suwaidi, CEO of Altérra (JPG)

BBVA and Altérra, one of the world’s largest private investment vehicles in climate finance, have announced a partnership through which BBVA commits to invest $250 million as a strategic investor in a climate co-investment vehicle that Altérra plans to launch, subject to the necessary regulatory approvals. This alliance reflects BBVA’s recognition of, and interest in, Altérra’s distinctive strategy and capabilities, and supports the bank’s ambition to advance its sustainable finance strategy and growing interest in the Middle East.

Once launched and approved, the fund will be domiciled in the ADGM² and will consolidate Altérra Acceleration³’s existing co-investments into a dedicated structure managed by Altérra, marking a decisive step in its transition to the next phase of growth.

The fund, called Altérra Opportunity, will pursue a globally diversified investment strategy in climate-aligned infrastructure through private equity and private credit. The strategy reflects an investment approach focused on delivering superior risk-adjusted returns and positive climate impact across both developed and emerging markets. The fund will target climate-related investments ranging from energy transition and industrial decarbonization to climate technology and sustainable lifestyles. Its geographic scope will include North America, Latin America, and Europe, in addition to high-growth markets.

H.E. Dr. Sultan Al Jaber, Chairman of Altérra, and Carlos Torres Vila, Chairman of BBVA, announced the strategic alliance during Abu Dhabi Sustainability Week, which concludes today, January 15, in the capital of the United Arab Emirates.

“This fund marks a new chapter for Altérra as we move into our next phase of growth and deepen our ability to mobilize and deploy global capital into high-impact investments. Our alliance with BBVA represents a major step forward in strengthening global collaboration on clean energy, sustainable infrastructure, and technology investments, enabling us to continue supporting high-quality opportunities and delivering long-term value,” said Al Jaber.

“This alliance is fully aligned with BBVA’s strategy of making sustainability a key driver of differentiated global growth and of expanding our presence in fast-growing climate finance hubs like Abu Dhabi. We see Altérra as a long-term partner in mobilizing large-scale capital, and this alliance reflects our confidence in their track record and climate-focused strategy,” added Torres Vila.

BBVA has maintained a longstanding presence in Abu Dhabi through its representative office, established in 2013, demonstrating the bank’s interest in the Middle East as a strategic region for its corporate and investment banking activities. The region’s growing role in global markets and its economic transformation make it a key area for BBVA, which aims to support institutional and corporate clients with an international footprint. This interest has advanced significantly with the recent initial approval granted by the ADGM Financial Services Regulatory Authority to open a new BBVA branch in Abu Dhabi. This will allow the bank to expand its wholesale banking offering in the region and enhance its service to local corporate and institutional clients, while connecting them to BBVA’s global network.

By becoming a strategic investor in Altérra’s new climate fund, BBVA strengthens its relationship with one of the Middle East’s most influential investors, supporting the bank’s strategy to expand its presence and visibility in the region and fulfill its sustainability goals. In addition to this $250 million (€213 million) investment in Altérra, the bank has already invested approximately €300 million in climate funds focused on decarbonization, as part of its broader global climate strategy.

BBVA has set a target to mobilize €700 billion in sustainable business between 2025 and 2029, after having reached its previous goal of €300 billion one year ahead of schedule.

Janus Henderson Investors Following the Acquisition by Trian and General Catalyst: The Firm’s Plans for 2026

| By Marta Rodriguez | 0 Comentarios

janus henderson investors following the acquisition of trian — Canva

The news broke in the final week of 2025 and sent shockwaves through the industry: Trian Fund Management and General Catalyst announced the acquisition of Janus Henderson for $7.4 billion. At the time, company spokespeople issued a message of reassurance that, from Spain, the firm’s Head of Sales for Iberia, Martina Álvarez, fully endorsed: “The acquisition by Trian and Catalyst puts us in a very privileged position for the strategy we were already implementing,” she stated during a recent press breakfast held in Madrid.

Both Trian and Catalyst bring “a strong focus on growth,” which in the expert’s words translates into “high demands,” but also a commitment to continue investing in “the business, in clients, and in employees.”

Álvarez took the opportunity to reiterate that the vision Janus Henderson has been developing in recent years, and which remains fully in force, is to “invest in a better future together,” structured around three pillars: protect and grow, product innovation, and diversification.

A strategy based on three pillars.

On the first pillar, the Head of Sales referred to the company’s ambitious growth targets focused exclusively on its asset management business, and added: “We have the right to be ambitious: the firm already manages nearly $500 billion in assets globally and close to $5 billion in Spain.” The areas where they are targeting the most growth, the expert explained, include thematic investing (with the Global Life Sciences and Global Technology Leaders strategies as flagships), small caps, European and U.S. equities, and absolute return.

In terms of product innovation, Álvarez specifically highlighted the company’s strong commitment to active ETFs, a segment where it is already a leader in the U.S. and one it has been rapidly expanding in Europe since last year. The firm has already registered 8 active ETFs in the region, collectively managing $1 billion in assets.

A standout among them is the firm’s active ETF focused on AAA-rated CLOs (JAAA), which has ranked among the top 5 fastest-growing active ETFs in Europe. Remarkably, it is the only one among the five that has been on the market for less than a year, during which it has attracted $350 million in inflows. Álvarez described this active ETF push as a way to “broaden our strengths,” while noting it is “where we see the greatest demand from our clients.”

Finally, under the diversification pillar, the Sales Head spoke specifically about “diversifying where clients give us the right to do so.” The firm has been highly active in corporate transactions; Álvarez noted that more than 70 potential deals were evaluated last year alone, though only two acquisitions materialized: one of a private debt specialist in Chicago, and another in the Middle East. The expert added that the asset manager is preparing to register its private debt strategies in Luxembourg soon.

Secondly, the firm has also been active in signing strategic agreements with insurance companies, an area where Álvarez anticipates “strong growth in the U.S. and Europe.”

Thirdly, the firm is focused on developing and launching products specifically designed for distribution through private banks, such as the recently launched Janus Henderson Global IG CLO Active Core UCITS, a fund managed by John Kerschner, the firm’s Global Head of Securitized Products. This product offers exposure to U.S. and European CLOs with investment-grade ratings, focusing particularly on BBB-rated securities to enhance income potential. Martina Álvarez emphasized this shift toward the wealth channel as a sign of Janus Henderson’s growth and evolution: “Ten years ago, it would have been unthinkable for a private bank to choose us as a partner.”

The expert added that the firm expects to further innovate in products “if we receive requests from private banks and it makes sense for us.” Along these lines, she also highlighted Janus Henderson’s long-running training initiatives; for example, she mentioned the firm has signed an agreement to train 350 private bankers in CLOs by 2026.

“We want to understand our clients much better, and that leads us to greater personalization,” the expert concluded.

Lastly, looking ahead to 2026 and anticipating a macroeconomic scenario of persistent inflation, the Head of Sales explained that the asset manager is recommending clients definitively exit cash products and rotate toward investment solutions that provide a higher level of income. She specifically mentioned the Multisector Income strategy, as well as the firm’s short-term fixed income offering with a global approach.

If the Historical Trend Continues, the Dollar Could Decline By 8% in 2026

| By Marta Rodriguez | 0 Comentarios

History suggests major dollar sell-offs tend to occur in consecutive years. This is the conclusion reached by Bank of America after analyzing the behavior of the U.S. dollar since the 1980s. Looking ahead to this year, the institution argues that the closest historical analogues point to an additional 8% decline in the Dollar Index (DXY Index) in 2026.

“2018 was the exception, but it coincided with Fed rate hikes, the trade war, and weak European growth. For now, the dollar remains in broad downward trends against G10 currencies. The fact that global equities are outperforming U.S. equities at the start of 2026 warrants attention,” they argue.

Reference to 1995

Focusing on the dollar’s decline in 2025, the institution explains that in the main historical analogues with the highest correlation to last year’s dollar movements, the dollar’s weakness continued the following year in four out of five cases. “The average of the five best analogues would imply an additional -8% drop in the dollar in 2026. Among these analogues, 1995 may be the most relevant for 2026, as it also featured a soft landing of the U.S. economy driven by technology and Fed rate cuts in the second half of the year. The dollar weakened by -4.2% in 1995, close to our forecast that the DXY index will fall toward the 95 level in 2026,” the report notes.

They also highlight that 2018 was an unusual year in which the dollar reversed its 2017 losses and rose by 4.7% due to Fed rate hikes, headlines surrounding the U.S., China trade war, and a weak eurozone economy. According to their analysis, despite a moderate rebound toward the end of 2025, the dollar remains in broad downward trends against G10 currencies. “Global equity markets also began 2026 outperforming the U.S. This factor deserves attention, as equity flows and hedging could become a clearly bearish trigger for the dollar in 2026,” they add.

Years “Similar” to 2025

The dollar fell by 9.4% in 2025 against G10 currencies, according to the DXY index, making it the second-largest annual dollar decline in the past two decades. In identifying the historical years most closely correlated with the dollar’s performance in 2025 and drawing possible implications for 2026, the institution highlights 2005, 1995, and 1975.

Since 1975, the five closest historical analogues have shown an average correlation of 81% with the dollar’s performance in 2025, the report states.

In those five years, the dollar weakened by an average of 10.5%, with most of the decline concentrated in the first half of the year, similar to what occurred in 2025. And in all five historical analogues, the dollar continued to fall the following year, with the sole exception of 2018. On average, the dollar recorded a further 8.3% drop in the subsequent year.

The report also argues that 1995 may be the most relevant analogue for 2026 among the DXY’s imperfect historical comparisons. According to the bank’s analysis, tech-driven growth helped the U.S. economy achieve a soft landing instead of a recession. Additionally, the Fed began cutting rates in the second half of 1995, even though inflation was closer to 3% than 2%.

In light of these findings, the conclusion is that large dollar sell-offs rarely happen in isolation: “This bearish quantitative outcome supports our base case for currencies in 2026, where we expect further dollar weakness due to interest rate convergence between the U.S. and the rest of the world post-Powell, stimulus in the eurozone and China, and increased currency hedging on dollar-denominated assets.”

Outlook for 2026

Looking ahead, Bank of America expects the U.S. economy to struggle after a temporary setback in Q4 2025 caused by the government shutdown, and sees the Fed continuing to cut rates after midyear. Under this scenario, the 1995 analogue alone would imply a further 4.2% decline in the dollar, closely in line with the bank’s forecast for the DXY to fall toward the 95 level in 2026.

Another key observation is that divergence in equity markets could prolong the dollar’s downward trend in 2026. “Although U.S. stock markets reached new all-time highs at the start of 2026, their performance has lagged most global equity markets. With global central bank easing cycles nearing their end, the FX regime is gradually shifting from being almost entirely rate-driven, as it was between 2022 and 2024, to being more influenced by equities. The relative performance of equity markets across countries should be watched closely, as continued divergence like we’ve seen so far in 2026 could become a major bearish driver for the dollar,” the Bank of America report concludes.

Infrastructure Funds Hit Historic Record: $1.35 Trillion

| By Marta Rodriguez | 0 Comentarios

A new analysis by Ocorian, specialists in asset services for private markets and corporate and fiduciary administration, reveals that assets in infrastructure funds have reached a record high of $1.35 billion. Their value has more than doubled since 2020, when it stood at $652 billion, and has grown 10% since December 2024, according to the latest Global Asset Monitor from Ocorian.

The firm projects a further 70% increase by 2030, which would bring total assets in global infrastructure funds to $2.3 trillion.

The analysis shows that nearly half (47%) of the underlying assets in infrastructure funds are located in North America, while two-fifths are in Europe. Europe is nearing North America in terms of fund domicile, and Asia-based funds represent about one-sixth of the total.

“Infrastructure investment AUM has grown 10% this year, reaching $1.35 trillion. AI infrastructure, the energy transition, and decarbonization are key drivers of this growth, showing that investors are committing long-term capital to critical sectors and assets that support real economic resilience and sustained returns,” says Yegor Lanovenko, Global Co-Head of Fund Services at Ocorian.

“At Ocorian, we support alternative asset managers in navigating operational and regulatory complexity across the entire investment lifecycle, especially where operational scale makes a difference and investor needs and profiles are rapidly evolving across asset classes,” Lanovenko concludes.