Bitwise Asset Management and VettiFi’s annual “Benchmark Survey of Financial Advisor Attitudes Towards Crypto Assets” showcased increased interest and the adoption of cryptocurrencies among financial advisors.
The survey followed a year marked by the approval of spot Bitcoin and Ethereum ETFs. Results showed that 56% of advisors are more likely to invest in crypto in 2025 due to the 2024 U.S. elections. Crypto allocation rates reached 22%, doubling from 2023 and marking the highest rate recorded in the survey’s history.
Client interest also remained high, with 96% of advisors reporting inquiries about crypto. Among advisors already allocating to crypto, 99% plan to maintain or increase exposure in 2025. Advisors who have not yet been assigned are showing more interest, with 19% considering investments, compared to 8% last year.
“But perhaps most staggering is how much room we still have to run, with two-thirds of all financial advisors -who advise millions of Americans and manage trillions in assets – still unable to access crypto for clients,” said Matt Hougan, Bitcoin CIO.
Despite these trends, access remains a barrier, with only 35% of advisors able to buy crypto in clients’ accounts. Additionally, 71% of advisors reported clients investing independently, presenting potential opportunities for wealth management services.
Survey respondents included over 400 financial professionals, spanning RIAs, broker-dealers, and wirehouses.
“Based on the latest data, the future is very bright as advisors and investors gain more access and education about the potential benefits,” said Todd Rosenbluth, Head of Research for TMX VettaFi
Family offices in the Americas are observing growing differences in priorities and approaches between founders and the next generation, according to new research by Ocorian.
The study, conducted among family office professionals in the United States, Canada, Bermuda, and the Cayman Islands, who collectively manage around $32.8 billion in assets, found that 93% point to generational differences within their families, and 33% consider these differences to be significant.
The biggest area of difference, identified by 68% of respondents, is investment in digital assets, while 52% highlight differences in ESG and impact investing. Approximately half mention discrepancies in the approach to private markets, while asset allocation and investment strategy are controversial topics for 34%.
These differences in approaches and priorities are driving a greater focus on succession planning, with all executives surveyed stating that more work is needed in this area.
93% report that there is a natural succession of wealth and leadership in the family offices for which they work.
On the other hand, 92% highlight that ensuring proper governance to meet the needs and expectations of family members is the biggest challenge they face.
The research also revealed that 77% say their family offices have become more professional in terms of operations and structure over the past five years. The remaining 23% state that their family office was already professional.
One important area of professionalization highlighted in the study is the strengthening or introduction of a family constitution, noted by 62% of respondents. More than half (54%) indicated that increased support from external providers has helped professionalize their family offices.
Ocorian is a global provider specializing in services for high-net-worth individuals and family offices, financial institutions, asset managers, and corporations, with a dedicated team to support family offices.
The latest data on the U.S. labor market, published last Friday, marked a turning point for assessing how the year has begun. It also serves as an opportunity to adjust some of the 2025 forecasts released by international asset managers.
The main takeaway from experts is that this latest data rules out an interest rate cut in January—the Fed meeting will take place on January 28–29. Meanwhile, markets have even begun shifting expectations for new cuts to the second half of the year. “Despite strong demand, wages did not respond to the increased labor market activity, as they rose by 0.3% compared to the previous month, the same as in November, and the year-on-year measure even fell to 3.9% from 4.0%. This aligns with central bankers’ assessment that, for now, there are no additional inflationary pressures coming from labor markets, and it is unlikely they will intensify their recent hawkish tone,” explains Christian Scherrmann, Chief U.S. Economist at DWS.
“With no clear signs of weakening, we suspect that the Fed will be happy to pause its easing cycle at its upcoming January meeting, as broadly indicated in December. We remain of the view that the Fed will make only one cut this year, and while we still foresee it happening in March, we acknowledge that the Fed will be data-dependent. However, we expect the Fed to resume rate cuts in 2026 as a result of the net negative impact on growth that we believe will stem from the new administration’s unorthodox economic programs,” argues David Page, Head of Macro Research at AXA IM.
It is clear that a more aggressive Fed impacts the outlook of international asset managers, but it is not the only thing that has changed as the year has begun. According to Fidelity International, there has been a widespread improvement in earnings revisions across most regions. However, in their view, two aspects remain unchanged compared to this year: “We expect U.S. exceptionalism to continue for now, driven by upcoming tax cuts and deregulation policies, which is why we maintain our preference for U.S. equities. At the same time, we still see a high political risk. Trade war risks have increased, while the likelihood of a peace agreement between Russia and Ukraine has grown,” they state.
For Jared Franz, an economist at Capital Group, the U.S. economy is experiencing the same phenomenon depicted in the movie The Curious Case of Benjamin Button (2008). “The U.S. economy is evolving similarly. Instead of advancing through the typical four-stage economic cycle that has characterized the post-World War II era, the economy seems to be moving from the final stage of the cycle to the mid-cycle, thereby avoiding a recession. Looking ahead, I believe the United States is heading toward a multi-year period of expansion and could avoid a recession until 2028,” he says.
Historically, and according to Capital Group’s analysis of economic cycles and returns since 1973, the mid-cycle phase has provided a favorable context for U.S. equities, with an average annual return of 14%.
Implications for Investors
According to Jack Janasiewicz, Chief Strategist and Portfolio Manager at Natixis Investment Managers Solutions, his outlook for the year can be summarized as U.S. stocks rising and bonds falling in 2025. “As we enter the new year, the labor market seems to be in recovery mode, as inflation continues to decline, contributing to higher real wages. This translates into greater purchasing power for U.S. consumers. Since consumption drives most of the growth in the U.S., this is a very healthy scenario. Looking ahead to 2025, our outlook remains positive, with expectations of even slower inflation and an expanding labor market. Investment strategies are likely to favor U.S. equities with a balanced investment approach and the use of Treasury bonds to mitigate risk. We foresee that new investments in artificial intelligence will continue to drive productivity and economic growth. The stock market is expected to maintain its upward trend, while the bond market will earn its coupon,” highlights Janasiewicz.
Fixed Income: Focus on Treasuries
One of the most notable movements in these early weeks of January is that the yield on U.S. Treasuries is approaching 5%. According to Danny Zaid, manager at TwentyFour Asset Management (a Vontobel boutique), last Friday’s U.S. unemployment data provides a strong argument for the Fed to remain patient regarding the possibility of further rate cuts. “This has caused a significant increase in U.S. Treasury yields in recent weeks, as the market is lowering expectations for additional cuts. Moreover, rates have also been pushed higher due to market uncertainty about the extent of the new Trump administration’s policy implementation, particularly concerning tariffs and immigration, which could have an inflationary impact,” notes Zaid.
Analysts at Portocolom add that another notable development was that, for the first time in over a year, the 30-year bond exceeded a 5% yield. “European debt experienced virtually identical behavior, with both the Bund and the 10-year bond gaining 15 basis points, closing at 2.57% and 3.26%, respectively,” they point out.
Among the outlooks from the manager at TwentyFour AM, he considers it likely that 10-year U.S. Treasuries will reach 5%. “However, if we take a medium-term view, yield levels are likely to become attractive at these levels. But we believe that for there to be a significant rally in U.S. Treasuries, at least in the short term, we would need to see data pointing to economic weakness or further deterioration in the labor market, and currently, neither condition is present. The rate movements, while significant, are largely justified given the current economic context,” he argues.
The increase in sovereign bond yields has also been observed in the United Kingdom. Specifically, last week saw the largest rise in bond yields, with 10-year Gilts reaching an intraday high of 4.9%, a level not seen since 2008. “Although specific U.K. factors, such as the budget, contributed to the rise, most of the increase was due to the rise in U.S. Treasury yields during the same period. Both weaker growth and higher interest rates put pressure on public finances. Unlike most other major developed countries, the U.K. borrows money at a much higher interest rate than its underlying economic growth rate, worsening its debt dynamics. If current trends of rising yields and slowing growth persist, the likelihood of spending cuts or tax hikes will increase for the government to meet its new fiscal rules,” explains Peder Beck-Friis, an economist at PIMCO.
Equities
As for equities, the year began with the stock market facing a correction that, according to experts, is far from alarming and seems like a logical adjustment after a strong 2024 in terms of earnings. “This data has dispelled fears of an imminent recession but has also ruled out the possibility of rate cuts by the Federal Reserve in the short term, a factor that has pressured major indices like the S&P 500 and Nasdaq, which have fallen around 1.5%. This correction seems to reflect a normal adjustment in valuations rather than a deterioration in economic fundamentals. Credit spreads become a key indicator for interpreting this environment, as long as they remain stable, the market is simply adjusting after a period of rapid gains. Only if we see a widening of these spreads could it signal the first sign of growing concerns about economic growth,” says Javier Molina, Senior Market Analyst at eToro.
In this context, Molina acknowledges that the upcoming earnings season, starting this week, is generating high expectations. “An 8% year-over-year growth in S&P 500 earnings is anticipated, one of the highest levels since 2021. Sectors such as technology and communication services are leading the forecasts, with expected growth of 18% and 19%, respectively. In contrast, the energy sector faces a sharp contraction in earnings, reflecting the challenges of this environment,” he says.
According to the investment team at Portocolom, their assessment of the first weeks is very clear: “The first week of the year in equity markets was characterized by the opposite movement between Europe and the U.S. While U.S. indices fell 2% (the S&P 500 closed at 5,827.04 points and the Nasdaq 100 at 20,847.58 points), in Europe we saw gains exceeding 2% for the Euro Stoxx 50 and 0.60% for the Ibex 35, which ended the week at 4,977.26 and 11,720.90 points, respectively. The performance of a key benchmark, the VIX, was also noteworthy, as the volatility index rose by more than 8% during the week, adding tension to the markets, particularly in the U.S.”
For the Chief Strategist and Portfolio Manager at Natixis Investment Managers Solutions, earnings growth and multiple expansion were the biggest drivers of U.S. equity market returns during 2024. Looking ahead to 2025, Janasiewicz points out: “While some may argue that valuations are at exaggerated levels, we believe these valuations may be justified by the fact that U.S. corporate margins are at historic highs, and investors are willing to pay more for higher-quality companies with stronger margins. Moreover, risk appetite does not appear to be very high, as many investors seem content to remain in money market funds earning 5%, hesitant to jump into equities, which would push prices even higher.”
Lynne Westbrook Joins Ocorian as Fund Services Director in Dallas
Lynne Westbrook has joined Ocorian as Director of Fund Services in Dallas.
The firm’s new hire aligns with its U.S. expansion strategy following the acquisition of EdgePoint Fund Services, according to a statement accessed by Funds Society.
Westbrook will lead and manage the Fund Services business in Dallas, with responsibility for delivering operational services and maintaining local relationships with clients and intermediaries.
Prior to joining Ocorian, Westbrook served as Director of Private Markets at Aztec Group, and previously worked in the UK at JP Morgan, as well as holding roles at LoneStar and SS&C. Her more than 20 years of experience includes specialized expertise in accounting and financial reporting, working with private equity funds, supporting Limited Partners (LPs), and managing fund administration, the firm’s statement adds.
“Lynne’s experience supporting both global and U.S. managers across private asset classes will be a significant contribution as we continue expanding our presence in the U.S.,” said Yegor Lanovenko, Co-Head of Global Fund Services at Ocorian.
The cross-border real estate investment firm, White Bridge Capital, continues its expansion focused on the services requested by its clients, family offices managing UHNW wealth. As part of this strategy, the firm announced the hiring of Ford von Weise as the new Head of Aircraft Advisory and Finance.
“We are thrilled to welcome Ford von Weise as the new Head of Aircraft Advisory and Finance at White Bridge Capital!” posted one of the firm’s founding partners, Tommy Campbell Supervielle.
Von Weise will lead the Aircraft Advisory and Finance team, focusing on advising on aircraft acquisitions, conducting market analyses, and optimizing financing strategies.
The new hire brings more than 30 years of experience in the aircraft business, including leadership roles at Citi Private Bank, Merrill Lynch Capital, and GMAC Commercial Finance.
He is a commercial pilot with over 2,500 hours and an aviation expert, according to the post by the firm’s founding partner.
“Ford has a proven track record of delivering customized aviation solutions to high-net-worth clients worldwide,” he added.
In the past, ETFs were synonymous with equity tracking instruments. Ten years after WisdomTree’s launch in Europe, the adoption of this asset type (or wrapper) has opened a new frontier in investing for clients of all profiles. Over the decade since we entered the European market, the ETF landscape has radically changed in terms of available products, assets under management (AUM), and ETF users.
Many European clients who, years ago, were buying an ETF for the first time are now firm believers in this asset type. In fact, many have replaced their mutual fund holdings with ETFs due to the transparency, liquidity, and exposure they can access through this cost-effective wrapper.
ETFs have also moved past their reputation as passive vehicles. We never pigeonholed them that way because we always believed investors needed more innovative solutions than market capitalization-weighted indices. This led us to pioneer the launch of ETFs that invest in systematic strategies based on fundamentals.
Their ability to encompass all types of investment strategies is just one of the reasons why ETFs have done more to level the playing field for investors than any other innovation in asset management. One of their effects in recent years has been their adoption by retail clients, which has accelerated across the region. While there is still room to catch up with the U.S. market, this trend represents an exciting growth opportunity for ETF issuers in Europe.
And it’s not just individual investors benefiting from ETFs. Private banks, high-net-worth individuals, and financial advisory firms can also access institutional-quality products in a direct, cost-effective, transparent, and liquid manner, truly transforming their client offerings in ways previously unattainable.
ETF users today are more curious and open-minded than they were 10 years ago, when these products were mainly used for large-cap equity allocations. At that time, few believed that non-market-cap-weighted exposures could be viable investment options in an ETF. The world now understands that these products are highly efficient, which is another reason why, according to our latest survey of professional investors, nearly all of them invest in ETFs. This point is reinforced by the fact that nearly half expect to increase their allocations in the next 12 months.
The Potential of ETFs
There is no doubt that ETFs have become essential for asset allocators. While most ETF assets are invested in products tracking traditional benchmark indices, investors are increasingly seeking access to a wider range of asset classes through these strategies. More than one-third (35%) of professional investors use ETFs to access alternative asset classes, including commodities and cryptocurrencies. This marks a significant shift from earlier skepticism about the viability of non-equity exposures in an ETF.
To understand the impact of these products, one must consider the global adoption of cryptocurrency ETPs. This innovation has bridged the gap between traditional finance and this emerging asset class, as evidenced by the $20 billion that has flowed into bitcoin ETPs this year. Turning bitcoin into an exchange-traded product democratized access to the world’s largest cryptocurrency. It has succeeded because bitcoin adds something different to portfolios, and there are fewer barriers to entry—most European investors can now buy a cryptocurrency ETP.
The Next Chapter: Smart Innovation in ETFs
Innovation focuses on enhancing portfolio value, and the demand for it is undeniable. According to our survey, 98% of European professional investors are seeking greater product innovation. Additionally, 25% identify the development of innovative products as the key trend that will drive ETF growth in Europe over the next decade. This perspective strengthens our belief that ETFs are the ideal platform for delivering innovation to investors—a commitment we have honored from the outset.
The past decade has shown us that ETFs have a promising future. This will translate into greater adoption, more options for investors, and continuous innovation from issuers, who must adapt to evolving client needs. Failure to innovate can be costly. The future of ETFs is immensely promising, and I am confident that smart ETF innovation will shape a bright future for both the industry and investors.
UBS International Continues to Expand Its International Team Based in New York with the Arrival of Victoria Grace Vysotina from Morgan Stanley.
The private banker, with 28 years of experience in the U.S. industry, worked at firms such as Merrill Lynch, Credit Suisse, EIM Securities, HSBC, and Morgan Stanley, according to her BrokerCheck profile.
Specialized in risk and portfolio management, as well as alternative investments, “she brings valuable expertise to help you achieve your most important goals and aspirations for your family, career, business, and legacy,” says the statement from the Swiss bank.
Vysotina holds a Ph.D. in Mathematics from Emory University.
Snowden Lane Partners has strengthened its independence after buying back a significant portion of the stake held by its private equity partner, Estancia Capital Partners.
As a result of the transaction, the remaining shareholders, including Snowden Lane’s advisors and employees, own approximately two-thirds of the company, according to the firm’s statement accessed by Funds Society.
Snowden Lane also provided partial liquidity to vested advisor owners, who were able to monetize up to 40% of their holdings at an attractive valuation, the firm’s statement adds.
“In 2024, Snowden Lane achieved record profitability, registering 30% year-over-year revenue growth and over $80 million in total revenue. The firm added offices in Boca Raton, Golden, and Philadelphia. By the end of the year, Snowden Lane’s client assets amounted to approximately $11.7 billion,” the company’s statement details.
In addition to this transaction, Snowden Lane expanded its existing senior credit line in 2024; the firm maintains substantial cash and access to capital to continue recruiting and support potential acquisitions, the statement concludes.
UBS Wealth Management USA recently announced key changes to its organizational structure, including the transition of its field management model from two national divisions to four regions.
The new structure allows UBS field leaders to make faster decisions, better respond to client needs, and be more connected to the firm’s comprehensive offering, according to the firm’s statement.
Julie Fox has been appointed as regional director for the southeast, and the four new divisions, which will report directly to Fox, will be led by Brendan Graham, Jake Shine, Greg Achten, and Lane Strumlauf.
The four representatives will be distributed as follows:
Brendan Graham has been named market head for the Mid-Atlantic. He will be responsible for overseeing the firm’s financial advisors in Pennsylvania, southern New Jersey, Washington, D.C., and Maryland (Baltimore and Hunt Valley).
Jake Shine has been named market head for the South Atlantic. He will oversee financial advisors in Maryland (Bethesda), Virginia, North Carolina, and South Carolina.
Greg Achten has been named market head for the South. He will oversee financial advisors in Georgia, Tennessee, Arkansas, Mississippi, Alabama, and Louisiana.
Lane Strumlauf has been named market head for Florida. He will be responsible for overseeing financial advisors in Florida.
“Our wealth management business in the United States has strong momentum, and thanks to the hard work of our teams, we have a solid foundation to drive our next phase of growth,” said Fox.
The southeast region, which has experienced a significant increase in wealth in recent years, includes some of the fastest-growing wealth hubs in the country, such as Philadelphia, Washington, D.C., Charlotte, Charleston, Nashville, Miami, Palm Beach, Naples, and Tampa, among others.
The new leadership in these key markets will help advisors access important resources to better serve clients and leverage the strong global wealth management platform of UBS.
The advisors Felipe Sebes, Thiago Favery, Raphael Pinheiro, and Fernando Olea have joined EFG Capital in Miami.
The bankers, who come from XP, announced their move on LinkedIn after spending six months on garden leave. They clarified that they will focus on advising international clients, primarily families from Brazil.
“The bank stands out for its personalized and entrepreneurial approach and its focus on building lasting relationships. EFG specializes in offering customized wealth management solutions for individuals, families, and high-net-worth institutions, combining Swiss expertise with global reach. Its areas of specialization include private banking, wealth planning, investment solutions, and credit, all supported by a robust structure,” they posted on each of their LinkedIn profiles.
The advisors, each with more than a decade of experience, expressed their admiration for the international structure of the new firm and highlighted “the quality and tenure of the team.”
EFG International is a global private bank headquartered in Switzerland, with subsidiaries in more than 40 locations, including Miami, where the new team’s base will be.
