The 10 Key Wealth Management Trends for 2025

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To shed some light on how this evolution is taking place, Capgemini has analyzed these trends through the lens of three central themes that will define the future of the industry: “customer first” – referring to customer experience – business management – focused on process transformation – and the concept of “intelligent industry” – linked to the impact of new technologies.

According to the consultancy, these themes reflect how companies in the wealth management industry are responding to the industry’s challenges and opportunities, positioning themselves to drive a customer-centric, efficient, and innovative future for wealth management. Specifically, the 10 trends identified by Capgemini’s report are:

Trend 1. Wealth Firms Strengthen Digital Platforms to Consolidate Services and Create a Seamless Customer Experience.
The integration of services such as market information, personalized alerts for new releases, and the full range of portfolio products – all accessible through digital platforms – enhances visibility and convenience for clients, resulting in greater overall satisfaction. Thus, faster and smoother interactions, along with innovative portfolio creation options, help wealth firms retain clients and increase wallet share, driving growth and profitability.

Trend 2. Artificial Intelligence Can Enable Tailored Investment Advisory Strategies.
AI can tailor product recommendations to individual preferences to spark engagement and build customer loyalty. This technology can help optimize tax planning strategies and provide ways to amplify returns, enhancing clients’ overall financial well-being.

Trend 3. With the Rise of Young Entrepreneurs, Wealth Management Firms Shape Their Advice to Reach HNWIs of All Ages.
Wealth firms will increasingly engage with individual HNWIs. To attract these clients, they may target emerging talent, offering financial advice to young professionals navigating business with non-traditional career paths. As they progress in their careers, these individuals can become high-value clients. By understanding the unique financial needs and preferences of young entrepreneurs, wealth firms position themselves as trusted advisors and partners, driving long-term growth.

Trend 4. Wealth Firms Pursue Overseas Expansion to Broaden Services and Boost Revenue.
Large wealth management firms are focusing on new wealth hubs and international markets driven by demographic and regulatory changes. They will continue merger and acquisition activity within the wealth management sector, consolidating smaller firms and regrouping larger ones with private equity firms or merging to form major companies.

Trend 5. Wealth Firms Implement ESG Asset Transparency Metrics as Regulators Standardize Sustainability Reporting.
A consistent methodology for classifying raw data (carbon emissions, temperature rise) can simplify the measurement of sustainability performance, making it easier for investors to select suitable ESG assets and helping advisors explain how these investments are environmentally friendly. ESG metrics and standardized reporting enable financial services firms to transparently disclose their sustainability practices, combating greenwashing and fostering stakeholder trust.

Trend 6. Digital Onboarding Increases Wealth Firm Revenues Through White Labeling While Accelerating Client Acquisition and Enhancing Compliance.
Smart automation in areas such as risk profiling, document signing, and asset transfers improves efficiency in client onboarding. White-labeled digital onboarding solutions can boost revenues for wealth firms. These firms can streamline the end-to-end journey – from prospecting to account opening – by capturing data early to power personalized value propositions, fostering stronger client relationships from the start, and offering wealth firms a comprehensive view of client needs and expectations across all life stages.

Trend 7. Wealth Firms Unify Operating Models to Provide a Consistent Experience to HNWIs Across Geographies.
By streamlining operations, wealth firms can tailor services to regional trends, paving the way to bridge the gap between clients in different wealth groups and geographical areas. With a global, client-centric operating model, interactions can be simplified so clients can access the full suite of services on an international scale through a single, unified point of contact.

Trend 8. Gen AI Copilots Can Boost Relationship Managers’ Productivity.
Gen AI copilots will automate time-consuming repetitive tasks, allowing relationship managers to use the saved time for more meaningful client interactions. This enables a focus on networking, building personal relationships, and fostering deeper connections. With AI copilots handling manual processes like transcription, scanning policy documents, and even suggesting potential offers or solutions, client-advisor conversations will become more efficient.

Trend 9. Real-World Asset Tokens Powered by Robust Blockchain Networks Improve Liquidity and Access.
Tokenization speeds up liquidity for RWA owners such as real estate and facilitates fractional investment in high-value assets. Blockchain networks streamline the RWA token exchange process, enabling 24/7 trading with increased security of valuable assets and reduced transaction costs. The tokenization of RWAs will affect asset classes unevenly. Assets with large market sizes and fewer regulatory hurdles are likely to be adopted earlier. Less liquid assets or those with inefficient market processes will gain significant advantages from tokenization.

Trend 10. “Cloud-Native” Platforms Expand Workflows and Enable Cost-Effective Wealth Management Processes.
“Cloud-native” platforms are designed with modular offerings, providing flexibility for wealth firms to scale use cases in line with their API strategy. The fast development cycles of “cloud-native” platforms versus “cloud-enabled” platforms allow for quicker adaptation to evolving market conditions and client needs. As clients and markets change, “cloud-native” platforms can scale up or down to accommodate data volumes. And the pay-as-you-go nature of this platform model supports cost efficiency.

Blockchain, Regulation, and the Public Sector: Three Levers to Drive Stablecoins

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In light of this, how can new financial instruments such as stablecoins be facilitated, and how can legacy systems be modernized?

According to the latest report by Citi Institute, titled “Digital Dollars: Banks and Public Sector Drive Blockchain Adoption”, with the tailwinds of regulatory support and factors such as the growing integration of digital assets into traditional financial institutions and a favorable macroeconomic environment, demand for stablecoins is expected to increase.

In this trend, the report considers blockchain’s potential to be a key lever. “At a global level, government processes remain largely a series of discrete, isolated steps that still rely on large volumes of paper and manual labor. Blockchain offers significant potential to replace existing centralized systems with smoother operational efficiency, better data protection, and reduced fraud,” the institution notes.

However, it acknowledges that significant risks and challenges persist. These include vulnerability to potential fraud, concerns about confidentiality, and secure access to digital assets.

Trends Supporting the Growth of Stablecoins
According to the report by Citi Institute, 2025 could be for blockchain what ChatGPT was for artificial intelligence in terms of adoption in the financial and public sectors, driven by regulatory changes.

It is estimated that the total circulating supply of stablecoins could grow to $1.6 trillion and up to $3.7 trillion in an optimistic scenario by 2030. That said, the report notes that the figure could be closer to half a trillion dollars if adoption and integration challenges persist.

“We expect the supply of stablecoins to remain predominantly denominated in U.S. dollars (approximately 90%), while non-U.S. countries will promote central bank digital currencies (CBDCs) denominated in local currency,” the report states.

Regarding the regulatory framework, it points out that in the U.S., stablecoins could generate new net demand for U.S. Treasury bonds, with stablecoin issuers becoming some of the largest holders of these bonds by 2030. “Stablecoins pose some threat to traditional banking ecosystems by replacing deposits, but will likely offer banks and financial institutions opportunities for new services,” notes Citi Institute.

The Role of the Public Sector
Finally, the document notes that blockchain adoption in the public sector is also gaining ground, driven by a continued focus on transparency and accountability in public spending, as demonstrated by the DOGE (Department of Government Efficiency) initiative from the U.S. government and blockchain pilot projects from central banks and multilateral development banks.

According to the report, key uses of blockchain in the public sector include: spending tracking, subsidy distribution, public record management, humanitarian aid campaigns, asset tokenization, and digital identity. “Although initial on-chain volumes from the public sector will likely be small, and risks and challenges remain considerable, increased interest from the public sector could be a significant signal for broader blockchain adoption,” the report concludes.

What’s Happening in the Rest of the World?
In the case of the European Union, the ECB has passed the halfway mark in the preparation phase of the digital euro project, which began in November 2023. The decision to move to the next phase is scheduled for October 2025, and the final decision on its launch is subject to the adoption of a legal framework.

“The second ECB report on preparations for the digital euro, published in December 2024, highlights significant progress in key areas such as updating digital euro standards, collaboration in user-centered design, selecting potential providers for the digital euro service platform, and proactive engagement with stakeholders,” explains Milya Safiullina, analyst at Scope Ratings.

According to Safiullina, most countries exploring central bank digital currencies (CBDCs) are focused on improving payment systems, financial inclusion, and the effectiveness of monetary policy, while also addressing challenges such as privacy and regulatory frameworks. In her view, countries are making progress, but each has different priorities, ranging from financial sovereignty to reducing reliance on foreign currencies or improving payment efficiency.

“More than 130 countries are exploring the creation of CBDCs, and over 60 are in advanced stages of development, pilot testing, or launch, although only four (Bahamas, Zimbabwe, Jamaica, and Nigeria) have implemented CBDCs. The digital yuan is in an advanced pilot phase. Other major economies are actively researching or testing CBDCs, though they remain in earlier stages,” the analyst highlights.

Wealth Managers and Financial Advisors Agree: Demand for ESG Investments Is Rising

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A new global analysis by Ortec Finance shows that clients are increasingly focused on the ESG credentials of their investment portfolios. However, many wealth managers and financial advisors lack the tools and systems needed to effectively track and manage ESG and climate risks, and the industry must invest heavily to improve.

Around 90% of respondents in the study—comprising wealth managers and financial advisors whose firms collectively manage approximately £1.207 trillion—said they are seeing more clients focused on the ESG credentials of their portfolios, with 12% reporting a drastic increase.

This trend is expected to intensify, with 85% agreeing that client focus on ESG factors in their portfolios will increase over the next 24 months. Only 14% believe this focus will remain the same during that period.

93% of respondents say they are seeing more clients looking to avoid funds and stocks that invest in companies or sectors that harm the environment or contribute to climate change. About 83% report increased client attention to the climate risk potentially affecting their investment portfolios, with 38% of those observing a drastic increase.

Despite this growing focus, only 1% of respondents say they have “very effective” systems and tools to review ESG or climate risk in clients’ funds, stocks, or portfolios. An additional 71% consider their tools and systems to be “fairly effective,” while over one in four (27%) rate their ESG and climate risk review and monitoring tools as only “average.”

Overwhelmingly, more than 94% of respondents agree that the wealth and portfolio management industry must make significant investments in new technologies and systems to improve their understanding of ESG and climate risk factors across client portfolios, as well as in funds and equities more broadly.

“Wealth managers and financial advisors need to be equipped with the right tools and systems to fully analyze and understand the degree to which their clients are exposed to ESG and climate-related risks—especially as this is an area clients intend to focus on more in the coming years. Our research shows that many in the sector feel they lack the proper tools, systems, and resources, so it’s vital that organizations invest in order to empower both themselves and their clients to make the most informed investment decisions,” concludes Tessa Kuijl, Head of Global Wealth Solutions at Ortec Finance.

Santander Announces Sale of 49% of Santander Polska to Erste Group Bank and 50% of Its Asset Management Business in Poland

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Banco Santander has agreed to sell to Erste 49% of the capital of Santander Polska for approximately 6.8 billion euros and 50% of its asset management business in Poland (TFI) not controlled by Santander Polska for about 200 million euros, bringing the total amount to around 7 billion euros. The transaction is subject to customary conditions in this type of deal, including the corresponding regulatory approvals.

The transaction, entirely in cash, will be carried out at a price of 584 zlotys per share, which values the bank at 2.2 times its tangible book value per share as of the end of the first quarter of 2025, excluding the announced dividend of 46.37 zlotys per share, and at 11 times 2024 earnings. Additionally, it represents a 7.5% premium over Santander Polska’s May 2, 2025, market closing price, excluding the dividend, and a 14% premium over the volume-weighted average price of the past six months. Santander Polska shares will trade ex-dividend on May 12, 2025.

Following the transaction, Santander will hold approximately 13% of Santander Polska’s capital and intends to acquire the entirety of Santander Consumer Bank Polska before closing by purchasing the 60% currently held by Santander Polska.

The closing of these transactions, expected around the end of 2025, will generate an approximate net capital gain of 2 billion euros for Santander, representing an increase of about 100 basis points in the group’s CET1 capital ratio, equivalent to approximately 6.4 billion euros, and will place the pro forma CET1 capital ratio around 14%.

Strategic collaboration
In addition to the acquisition, Santander and Erste announce a strategic collaboration to leverage both entities’ capabilities in Corporate & Investment Banking (CIB), and to allow Erste access to Santander’s global payment platforms, in line with the group’s strategy to become the world’s best open financial services platform.

In CIB, both Santander and Erste will leverage their respective regional strengths to offer local solutions and knowledge of their respective markets to corporate and institutional clients through a referral model that will facilitate client interactions and an agile service offering. In addition, Santander will connect Erste clients with its global product platforms in the United Kingdom, Europe, and the Americas. Both entities will collaborate as preferred partners with the aim of building long-term, mutually beneficial relationships that maximize joint business opportunities.

In payments, the entities will explore opportunities for Erste, including Santander Polska after the transaction closes, which will allow it to leverage Santander’s capabilities and infrastructure in this area, including its PagoNxt payments business.

Santander’s strategy is focused on generating sustainable value for clients and shareholders, through common platforms across each of its five global businesses, enabling the best client experience at the lowest service cost and taking advantage of the group’s network and economies of scale.

Since announcing a new phase of value creation in 2023, Santander has added 15 million new clients, improved its efficiency ratio from 46.6% to 41.8%, and increased its earnings per share by 62%.

Regarding this sale, Ana Botín, Executive Chair of Banco Santander, commented: “This transaction represents a key step in our shareholder value creation strategy, based both on accelerating platform development through ONE Transformation and on increasing the group’s scale in highly connected markets. Santander is achieving very attractive multiples for its bank in Poland, and Erste is acquiring an exceptional business with a first-rate team that will continue generating value for customers, employees, and other stakeholders of Santander Polska. We will allocate the capital generated by this transaction according to our capital allocation hierarchy, which prioritizes profitable organic growth. We plan to dedicate 50% of the amount (about 3.2 billion euros) to accelerate the execution of the extraordinary share buyback programs by early 2026, possibly exceeding the announced buyback target of up to 10 billion euros, given the attractiveness of these transactions at current prices, subject to regulatory approvals. I especially thank Michał and the entire team in Poland for their outstanding contribution to the group over all these years. It has been an honor and a pleasure to work with you.”

Financial impact
Following the transaction’s closing, the group will temporarily operate with a CET1 ratio above the target range (12%-13%), with the intention of gradually returning to that range by reinvesting capital according to the guidelines set in its capital strategy, which prioritizes profitable organic growth and investment in its businesses to achieve cumulative growth in profits, profitability, book value, and shareholder remuneration.

Santander plans to distribute 50% of the capital released by this transaction through a share buyback of approximately 3.2 billion euros. This will accelerate the achievement of the up to 10 billion euros share buyback target from 2025 and 2026 results and projected excess capital. As such, the previously announced target could be exceeded, given the attractiveness of buybacks at current valuations, subject to regulatory approval.

The transaction is expected to have a positive impact on earnings per share starting in 2027/2028, thanks to the reinvestment of capital in a combination of organic growth, share buybacks, and potential complementary acquisitions that meet the group’s strategic and profitability criteria. The generated capital will allow Santander greater strategic flexibility to invest in other markets where it already operates in Europe and the Americas with the goal of accelerating growth, increasing income derived from network collaboration across its five global businesses, and maximizing benefits for clients and shareholders.

This Is the Awakening of the Asset Management Industry in Saudi Arabia

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Europe, the U.S., and Latin America are strong regions in the asset management industry, but beyond these geographies, one market stands out for its rapid growth: Saudi Arabia. It is estimated that assets under management surpassed the 1 trillion Saudi riyal threshold—approximately USD 266 billion—in 2024, driven by 20% year-over-year growth.

According to Samira Farzad, Director of Business Development at HF Quarters, the industry is undergoing a significant expansion phase, consolidating its status as the largest and most dynamic market within the Gulf Cooperation Council (GCC) region. In fact, assets under management are projected to exceed 1.3 trillion Saudi riyals (USD 350 billion) by 2026. This growth trajectory is being substantially fueled by the Kingdom’s ambitious Vision 2030 economic diversification strategy, which seeks to reduce the country’s historical dependence on oil revenues by developing non-oil sectors, along with support from the Financial Sector Development Program.

According to Farzad, while the current landscape is dominated by domestic asset managers affiliated with banks—who control a significant share of industry fund assets and revenue—the competitive environment is expanding with the entry of renowned international firms such as BlackRock and Goldman Sachs, drawn by the Saudi market’s considerable potential.

“The Public Investment Fund (PIF), the country’s sovereign wealth fund with a target of USD 2 trillion in assets by 2030, acts both as a key capital allocator within the industry and as a powerful direct investor shaping the national economy through large-scale megaprojects like NEOM,” the expert notes.

On the investment front, several key trends are actively transforming strategies. “There is a clear shift beyond traditional investments toward alternative assets such as private equity, venture capital, and private credit, which are complementing the already well-established real estate and equity portfolios. Demand for Shariah-compliant products remains a core feature of the market, influencing product development and asset selection criteria,” adds Farzad.

Another major trend is the rise of ESG considerations, which are rapidly gaining relevance, driven both by global investor preferences and national strategic priorities embodied in initiatives like the Saudi Green Initiative.

“Looking ahead, proactive regulatory reforms and market infrastructure enhancements, led by the Capital Market Authority (CMA), aim to foster a more robust, efficient, and investor-friendly environment, which will support the sector’s continued growth,” concludes the Director of Business Development at HF Quarters.

Major Asset Owners Double Down on Private Markets Amid Rising Economic and Geopolitical Risks

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Major asset owners (LAOs) remain confident that their portfolios are well-positioned to withstand a variety of shocks over the next year. However, according to the latest Large Asset Owner Barometer 2025 published by Mercer, they perceive greater vulnerability compared to the previous year regarding several key risks over the next 12 months, including geopolitical risks (35% vs. 31% in 2024), inflation (31% vs. 22%), and monetary tightening (30% vs. 23%). In fact, over a three- to five-year horizon, perceived vulnerability to most risks has shown a slight increase.

In particular, regulatory risks during this period were cited by 32% of LAOs, marking a significant rise from 20% in the previous survey. This reflects growing uncertainty among asset owners about the future direction of regulation after a year marked by major political shifts and their potential impact on portfolios.

“Equity, fixed income, and currency markets are experiencing extreme volatility due to trade tensions, but based on our data, we see that major asset owners are positioned for the long term and generally remain calm about short-term market movements. That said, in the coming year they plan to make strategic portfolio adjustments, as they did last year, to mitigate risks and seize identified opportunities,” says Eimear Walsh, European Director of Investments at Mercer.

Positioning and Asset Allocation

According to Mercer’s report, over the past year LAOs have taken various steps to protect their portfolios, including adjusting fixed income allocation duration (53%) and modifying geographic asset exposure (47%). Notably, nearly half (45%) of respondents increased their allocation to private markets, a trend expected to continue into 2025.

Looking ahead to the next 12 months, 47% expect to increase portfolio allocations to private debt/credit, while 46% plan to boost allocations to infrastructure. This trend is especially pronounced among the largest asset owners; 70% of those managing over $20 billion intend to increase private debt/credit allocations, and 63% plan to invest more in infrastructure.

“Only five percent—one in twenty—of surveyed asset owners manage their investments entirely in-house. In an increasingly complex investment environment, we see strong appetite among major asset owners to outsource investment management, with the more complex asset classes often being handled by external teams,” notes Rich Nuzum, Executive Director of Investments and Global Chief Investment Strategist at Mercer.

Optimism Toward Domestic Markets

While generally confident in their resilience, European asset owners show greater concern about risks than their U.S. counterparts: 43% of European LAOs believe their portfolios are vulnerable to geopolitical threats over the next 3–5 years, compared to 18% in the U.S.

Unlike major asset owners in the U.S. and the U.K., European asset owners appear more optimistic about investing in domestic equities. 34% of Europe-based LAOs expect to increase their allocations to European equities over the next 12 months. On average, LAOs in the U.S. and the U.K. are more likely to reduce their allocations to domestic equity markets.

There is also evidence that European LAOs, which may have previously had lower exposure to private markets than their U.S. peers, are now looking to close that gap. 48% of European LAOs allocated to private markets in the past 12 months, compared to 27% of those based in the U.S.

Focus on AI

More than two-fifths (43%) of major asset owners surveyed believe that artificial intelligence will be a highly influential factor shaping the macroeconomic environment over the next 5 to 10 years, ahead of geopolitics (34%) and energy transition/climate change (34%). Despite this view, more than two-thirds (69%) of LAOs say they have not yet implemented or started developing an AI/GenAI policy.

Another key trend is the increasing incorporation of sustainable investment objectives among asset owners, though climate transition goals are declining. Larger LAOs (with more than $20 billion in AUM) are more likely to integrate sustainability goals into their investment strategies, with 81% including such objectives in their policies, compared to 64% of smaller asset owners. Additionally, over the next 12 months, 24% plan to increase their allocation to ESG/sustainable funds, and 29% expect to increase exposure to impact strategies.

Despite this, the number of LAOs planning to set climate transition and net-zero targets is decreasing: 39% do not plan to establish net-zero emissions targets, up from 29% last year, and nearly 39% do not plan to set climate transition goals, compared to just 8% the year before.

Mercer, part of Marsh McLennan and a global leader in consulting and investment, publishes the Large Asset Owner Barometer 2025. In it, surveyed asset owners—collectively representing more than $2 trillion in assets—provide key insights into the investment decision-making of the world’s largest capital allocators.

iCapital® Acquires Citi Wealth’s Alternative Funds Platform

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iCapital and Citi have announced that the global fintech platform will acquire Citi Global Alternatives, the advisor to Citi Wealth’s global alternative investment funds platform. Through this transaction, iCapital will manage and operate the funds platform, while Citi will remain the distributor of these funds and continue to guide clients on the role of alternative investments within a diversified investment strategy.

This platform represents more than 180 alternative funds distributed worldwide. It includes investment vehicles across a diverse range of alternative investment strategies and asset classes, including private equity, growth equity, private credit, infrastructure, venture capital, real estate, and hedge funds.

“iCapital’s technology platform will streamline operations and management of Citi’s current and future alternative investment funds platform,” said Lawrence Calcano, Chairman and CEO of iCapital. “In addition, we will enhance Citi Wealth’s global sales capabilities with a dedicated alternative investments team, equipping advisors with more resources focused on pre-sale, sale, and post-sale investment activities,” he added. The team will cover all asset classes and product structures, working closely with Citi and general partners to support the growth of the alternative investments platform, the executive explained.

“Citi Wealth already has a strong working relationship with iCapital in alternative solutions, and we are pleased to expand our partnership to deliver deeper integration of iCapital’s market-leading digital capabilities to our advisors, bankers, investment counselors, and clients,” said Daniel O’Donnell, Head of Citi Wealth Alternatives and Investment Manager Solutions.

SPVs as catalysts for liquidity and global distribution

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In an increasingly dynamic environment for institutional investment, special purpose vehicles (SPVs) have become a key tool in the structuring of sophisticated investments. Their flexibility, tax efficiency, and risk mitigation capabilities make them a widely adopted solution among fund managers and private equity firms.

FlexFunds has developed a model based on the creation of SPVs, or special purpose vehicles, designed to support asset managers looking to package investment strategies in a flexible, scalable way—ready for international distribution.

SPVs are independent legal entities, created by a sponsor or parent company to isolate assets and structure investments with a specific purpose. They function as neutral vehicles that allow strategies to be implemented without affecting the balance sheet or liabilities of other group entities. To set up an SPV, the sponsor transfers the assets through a contract and trust structure, granting the SPV its own separate estate.

SPVs have a wide range of applications, including:

  • Public corporations may use SPVs for risk management purposes, such as isolating specific holdings from the parent company’s balance sheet.
  • In venture capital (VC) and private equity (PE), emerging fund managers often launch an SPV to build a track record before raising capital for a traditional fund.
  • SPVs can also act as “sidecars,” allowing investors to back companies that don’t fit the strategy or investment terms of their main fund.

In the FlexFunds model, SPVs are used to consolidate liquid or illiquid assets and convert them into listed securities that can be distributed through recognized platforms such as Euroclear. The asset manager’s track record is reflected on Bloomberg, SIX Financial, or Morningstar, increasing both visibility and liquidity for the investment strategies.

Key advantages for asset managers

  • Limited liability: Investors limit their exposure strictly to the capital they contribute.
  • Efficient risk management: Assets and liabilities are segmented, minimizing systemic risk.
  • Tax optimization: SPVs can be established in tax-efficient jurisdictions, maximizing net returns.
  • Structural flexibility: They can be designed as debt, equity, or hybrid vehicles, depending on investment objectives.

Important considerations when structuring an SPV

  • Transparency: It is essential to ensure visibility into the assets and their performance.
  • Leverage: Must be managed carefully to avoid excessive risk.
  • Operational complexity: Setting up an SPV involves administrative, legal, and regulatory costs.
  • Governance and conflicts of interest: A clear separation between sponsor and manager is critical to protect investor interests.

FlexFunds’ securitization program is based on Irish SPVs due to the structural, legal, and tax advantages this jurisdiction offers:

  • An on-shore jurisdiction that is a member of both the EU and OECD.
  • The only EU jurisdiction fully governed by common law.
  • A transparent and efficient tax regime with a broad network of double taxation treaties.
  • A special tax regime (under Section 110 of the Taxes Consolidation Act 1997) that allows an Irish SPV compliant with Section 110 to transfer income to investors in the most tax-efficient way possible.
  • Flexible listing options, including Vienna’s MTF and Euronext Dublin.
  • A highly developed infrastructure of service providers—auditors, legal advisors, corporate service providers, and other professionals—to support and manage SPVs.

While the use of SPVs is not new, FlexFunds has built a modern program designed to simplify the distribution and structuring of complex investment strategies. In a landscape where efficiency, customization, and traceability are essential, this type of structure provides asset managers with a real competitive edge.

“FlexFunds has built a series of efficient and reliable issuance platforms that offer all the benefits of SPVs established in Ireland. This model is becoming increasingly common, with 91% of Irish SPVs set up by international sponsors—70% of which are based in the United Kingdom or the United States,” notes Daragh O’Shea, Partner, Financial Services Department, Mason Hayes & Curran.

To learn more about how to establish an SPV and boost the distribution of your investment strategy, please contact with FlexFunds’ experts at contact@flexfunds.com

Goldman Sachs Asset Management Enters the European Market for Active Equity ETFs

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Goldman Sachs Asset Management launches in Europe a range of actively managed equity exchange-traded funds (ETFs). The Goldman Sachs Alpha Enhanced US Equity Active UCITS ETF (GQUS) is the first of the five funds to be launched; moreover, the ETF is listed on the London Stock Exchange and the Deutsche Börse, with other European exchanges to follow, and will offer exposure to U.S. equities. The four following funds will offer access to global, European, Japanese, and emerging markets equity.

The funds are based on the capabilities of the Quantitative Investment Strategies (QIS) team of Goldman Sachs Asset Management, which represents more than 35 years of investment experience and includes more than 80 professionals worldwide, with over $125 billion in assets under supervision as of December 31, 2024. The QIS team combines various data sources to better understand the growth prospects of companies across different sectors and geographic areas.

The launch comes after the recent entry of Goldman Sachs Asset Management into active ETFs in EMEA with several fixed income funds, expanding the product range and underscoring the firm’s commitment to offering its investment capabilities through the ETF wrapper.

Regarding these launches, Hilary Lopez, Head of Third Party Wealth Business for EMEA at Goldman Sachs Asset Management, said: “Clients are increasingly seeking top-tier active capabilities, with the control and convenience of ETFs. Following the launch of our flagship active fixed income blocks, we are leveraging our proven quantitative investment strategies to expand the range into equities. Our goal is to offer transparency and flexibility while helping investors navigate market turbulence and the changing dynamics of markets.”

For her part, Hania Schmidt, Head of Quantitative Investment Strategies in EMEA at Goldman Sachs Asset Management, commented: “Our data-driven approach is based on the experience, infrastructure, and knowledge of Goldman Sachs, in search of an informational edge to generate differentiated returns and outperform the market.”

Goldman Sachs Asset Management currently manages 55 ETF strategies globally, representing more than $38.7 billion in assets as of March 31, 2025. The TER of the Goldman Sachs Alpha Enhanced US Equity Active UCITS ETF (GQUS) is 0.20%.

Capital Dynamics Appoints Susan Giacin as Global Head of Sales

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Capital Dynamics, independent global asset manager, has announced the appointment of Susan Giacin, current Senior Managing Director and Head of Sales for the Americas, as Global Head of Sales. In addition, she will join the company’s Executive Committee, where she will contribute to the strategic direction of the firm.

According to the firm, in her new role, she will lead the firm’s global fundraising efforts and drive growth across the full range of Capital Dynamics investment strategies, including private equity and clean energy. Giacin will report to Martin Hahn, Chief Executive Officer and Chairman of the Executive Committee, and will be based in the New York office.

Giacin brings more than 25 years of experience in creating, developing, and marketing investment solutions for institutional and wealth management clients. Since joining Capital Dynamics in 2017, she has played a key role in expanding the firm’s investor base in the United States and in strengthening client relationships, and she is recognized as an industry leader in creating accessible private market investment solutions.

“This appointment recognizes Susan’s extraordinary leadership and the impact she has had on the company. Her success in the U.S. market has been a key factor in the expansion of our firm, and we are confident that in her new role, she will help further advance Capital Dynamics’ investment solutions internationally. With her deep market knowledge, client-oriented approach, and ability to collaborate with our globally integrated team, she will bring great value to our already successful international fundraising team,” highlighted Martin Hahn, Chief Executive Officer of Capital Dynamics.

For her part, Susan Giacin, now as Global Head of Sales of Capital Dynamics, stated: “I am delighted to take on this role. Capital Dynamics enjoys a great reputation for delivering innovative, high-quality solutions to investors. As we intensify our global fundraising efforts, I look forward to working with my colleagues to further strengthen our relationships with existing and new limited partners (LPs), and to support our clients’ evolving needs in this rapidly changing investment landscape.”