“Organizations That Manage to Integrate AI With Purpose and Values Will Be the Ones to Lead This New Cycle Sustainably”

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Integrating AI with purpose and values for sustainable leadership
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The Integration of Artificial Intelligence Is a Reality Across Many Industries—Including Finance. Its use opens the door to streamlining numerous processes, but it also brings challenges, as Elena Alfaro, Head of Global AI Adoption at BBVA, explains in this interview. Among them: “managing the balance between the speed of innovation and the need to comply with a very strict regulatory environment,” or “managing perception: explaining that AI is not here to replace, but to enhance.” This also explains why, during implementation, they sometimes encounter uncertainty or caution, although Alfaro believes that “when people understand AI’s potential and see how it improves their work, they become its strongest advocates.”

The expert, who will take part in the Funds Society Leaders Summit to be held in Madrid next September 10, explains in this interview how BBVA understands AI (“as a lever for transformation to redesign how we work: it’s not just about doing the same things faster, but about changing the way we think, create, and collaborate”) and how they are implementing it in a cross-functional way: “Generative AI is just as useful for someone who needs to draft a complex note as it is for someone analyzing credit risk, helping prepare proposals for private banking clients, or generating investment ideas,” she notes.

But always with the principles of sustainability and ethics front and center: “AI cannot advance disconnected from the bank’s strategic commitments, and one of the most important is sustainability; furthermore, we work with an ethical approach from the design stage: we are concerned with how decisions are made, what data is used, how we ensure fairness, and how we explain the results to our clients,” she explains. Indeed, in the face of increasing automation, Alfaro defends the human role: “Our focus is on preparing people to coexist with AI and make the most of that collaboration.” In her view, “organizations that manage to integrate AI with purpose and values will be the ones to lead this new cycle sustainably.”

Don’t miss the full interview below.

AI adoption seems to be a must for organizations and institutions across many sectors. Why is it essential in the financial sector, and specifically at BBVA? How can AI—and generative AI in particular—help improve processes?

In the financial sector, the ability to anticipate, process large volumes of data and information, and personalize services is fundamental. AI, and particularly generative AI, allows us to transform complex and repetitive tasks into faster, more efficient, and more creative processes. At BBVA, we are using it as a lever for transformation to redesign how we work. It’s not just about doing the same things faster, but about changing the way we think, create, and collaborate. Generative AI helps our teams make better decisions, generate valuable content, automate processes and document generation, prepare meetings, and much more. We’ve seen how it can improve work quality, increase productivity, and free up time for higher-impact tasks. And through it all, we never lose sight of the fact that the heart of this change isn’t the technology—it’s the people.

Which areas of the bank have you prioritized for implementation? Is it equally useful for analyzing clients for credit approval, for example, or for helping manage investment portfolios (asset management), or to better connect with private banking clients?

From the outset, we committed to a cross-functional approach. This means that AI isn’t limited to technical or analytical areas—it’s reaching nearly all teams: from Talent and Finance to Commercial Banking, Asset Management, or Risk. We jointly prioritized areas where we saw the greatest opportunity for impact and scalability, always with a logic of supporting each area, listening to their needs and real use cases. In this sense, generative AI is just as useful for someone who needs to draft a complex note as for someone analyzing credit risk, helping prepare proposals for private banking clients, or generating investment ideas. Its ability to adapt to different contexts gives it enormous potential across all lines of business.

Particularly in asset management and private banking/advisory… how can AI help improve both process efficiency (portfolio management, risk reduction, systematic management, etc.) and client experience?

In these areas, AI can make a difference in two key fronts: operational efficiency and service personalization. On the one hand, it allows us to automate tasks such as drafting market reports, portfolio analysis, updating client content, or preparing meetings—freeing up time and reducing errors. On the other hand, it allows us to tailor the message and product to the client’s specific profile, which improves the experience and strengthens the trust relationship.

A concrete example: some teams are already using generative assistants to synthesize complex technical documentation and transform it into understandable, personalized communication for each client. This combination of speed, clarity, and relevance provides very powerful differential value in a field as competitive as wealth management.

Is your AI strategy aligned with the bank’s global objectives—for example, in terms of sustainability? And along these lines: do you advocate for ethical AI use, and what does that mean in your case (eliminating bias, transparency, etc.)?

AI cannot advance disconnected from the bank’s strategic commitments, and one of the most important is sustainability. We are already applying AI models to analyze our own carbon footprint and that of our clients, support sustainable investment decisions, or improve the energy efficiency of our operations.

But we also work with an ethical-by-design approach: we are concerned with how decisions are made, what data is used, how we ensure fairness, and how we explain the results to our clients. This translates into governance frameworks that ensure auditability, bias elimination, and transparency—of course aligned with regulation but aiming to go beyond it. It’s not just about regulatory compliance: client trust in intelligent systems is key to making this technology sustainable in the long term.

What have been the main challenges in implementing AI in an organization as regulated as a bank? And in this sense, what risks do you see in its deployment (staff reduction, operational risks…)?

One of the biggest challenges is managing the balance between the speed of innovation and the need to comply with a very strict regulatory environment. Unlike other industries, in banking everything must be perfectly controlled and documented, which complicates the rollout of new tools unless there’s a clear governance strategy. Another major challenge has been managing perception: explaining that AI is not here to replace, but to enhance. Of course, there are associated risks, such as misuse of models, technological dependency, or potential impacts on certain roles. That’s why we focus on responsible adoption, accompanied by training, controls, and a transformation of roles that ensures human talent remains the main driver.

Are you developing AI tools internally or with external providers? Are there risks in the latter? How do you ensure the quality and governance of the data feeding your models, and data security and protection?

We are adopting a hybrid model. On the one hand, we collaborate with technology leaders such as OpenAI or Google to offer our employees the best tools available on the market. On the other hand, we develop specialized internal assistants tailored to our needs, under a very demanding security and privacy framework.

The key is governance: we have a centralized model that sets standards for quality, data use, security, and version control. This allows us to scale confidently and with traceability, without jeopardizing the bank’s standards. We also work closely with areas such as Non-Financial Risks, Legal, and Cybersecurity to ensure every new development aligns with our values and current regulations.

Is there any resistance—internal or external—to AI implementation in organizations, and specifically in yours?

Rather than explicit resistance, what we’ve encountered is uncertainty or caution, especially in the early stages. That’s natural—we’re talking about a very new technology that changes the way we work and may raise concerns about its medium-term impact. That’s why, from the start, we committed to a clear communication strategy, continuous training, and close support. We’ve created internal communities, trained thousands of employees, and built spaces for experimentation. What we’ve seen is that, when people understand the potential of AI and see how it improves their work, they become its strongest advocates. The key is building trust, listening closely, and showing that the change is not imposed, but co-created.

What AI trends will have the most impact on banks in the coming years? And what do you think the human role will be in this revolution—how will AI and human talent coexist?

We see a clear evolution toward increasingly autonomous agents that will be able to carry out tasks proactively, connecting data, tools, and decisions in a single flow. This will radically change operational models. It will also be key to integrate AI with internal data to deliver truly intelligent, personalized, and contextual solutions. But in the face of increasing automation, the human role will be more important than ever: supervising, giving meaning, contextualizing, providing empathy. Rather than replace, AI forces a redefinition of the skills required. Professionals who know how to collaborate with these tools will have a very high differential value. Our focus is on preparing people to coexist with AI and make the most of that collaboration.

To conclude, and as a final reflection, we’d like your broad vision on the opportunities and risks of AI—its implementation across society and industries, and the challenges it may present.

AI is probably the most transformational technology of the coming decades. It can help democratize knowledge, improve global productivity, accelerate scientific innovation, and personalize essential services like health and education… But it also carries significant risks: poor implementation could increase inequality, generate technological dependency, eliminate jobs without alternatives, or reinforce invisible biases. That’s why it’s essential to move forward with ambition—but also with humility. It’s not just about innovating faster, but about innovating better. Regulation, ethics, inclusion, and transparency must be at the center. Organizations that manage to integrate AI with purpose and values will be the ones to lead this new cycle sustainably.

Trump and Powell: A Relationship Full of Noise and Little Substance, For Now

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The political tension from Donald Trump, President of the U.S., toward Jerome Powell, head of the U.S. Federal Reserve (Fed), regained prominence after Treasury Secretary Scott Bessent avoided confirming whether Powell will be removed. According to experts, this is a new chapter in a story we’ve been hearing for just over a month. Just last week, these same rumors disrupted the markets.

“Despite the tense backdrop with the Fed, Bessent avoided giving opinions on the possible dismissal of Chairman Jerome Powell, whose term ends next May, hinting that the final decision lies solely with President Trump. However, recent reports from The Wall Street Journal stated that Bessent had privately warned Trump about the negative impact on markets if Powell were removed—something the president emphatically denied through his official account on X, insisting that ‘no one explains anything to him’ and taking personal credit for the market’s record highs,” says Felipe Mendoza, financial markets analyst at ATFX LATAM.

In this context of pressure on the Fed, financial markets tend to react initially to headlines by taking refuge in defensive assets such as U.S. Treasury bonds and gold, while the U.S. dollar weakened and stocks experienced brief volatility before stabilizing following Trump’s clarification. According to UBS, prediction markets assigned a probability of approximately 21% that Powell will not continue in his position in 2025. Furthermore, the dollar has recently reached its lowest level in three years, weakened by headlines about a potential early leadership change at the Fed.

“While we continue to consider the probability of a change in Fed leadership to be low, recent events have drawn increased attention from policymakers and investors. Although the situation remains speculative, global investors should take into account the possible implications of a challenge to the Fed’s independence, the legal considerations for removing its chair, and the political implications for monetary policy,” UBS states in its report.

The Consequences
According to the document, a move to dismiss the Fed chair could raise doubts about the long-term credibility of U.S. monetary policy and about the Fed’s independence, which has historically been considered a fundamental pillar of the financial system. “This comes at a time when there are already concerns about the U.S.’s fiscal sustainability, inflation, and the dollar as a store of value. Such an event could lead investors to demand higher risk premiums on U.S. public debt, especially if it generates greater uncertainty about inflation or interest rate policy. Aggressive rate cuts under political pressure might not translate into lower yields across the curve, as investors could begin to anticipate greater inflationary risks. These developments could also negatively affect the U.S. dollar’s role as a global reserve currency,” warns UBS.

In the opinion of Deborah Cunningham, Chief Investment Officer for Global Liquidity at Federated Hermes, one of the many costs of President Trump’s attacks on Fed Chair Powell is presenting monetary policy as black or white, with no middle ground. “It might have seemed that way decades ago. Before Chair Bernanke opened it up to the public, the Federal Reserve was a black box. It communicated mainly through Federal Open Market Committee (FOMC) statements and daily market operations, rather than through speeches, press conferences, and congressional testimony. But monetary policy is as gray as anything in economics, involving both opinion and data,” she explains.

In her view, Trump’s tirades also drain healthy debate about the central bank. “Had he not issued a rant after the FOMC held rates steady last month, the main story could have been a growing unease among officials. It actually should be. No participant dissented from the decision, but the June Statement of Economic Projections (SEP) changed subtly compared to March’s, suggesting a possible split. While the median federal funds rate remained at 3.9%—implying two quarter-point cuts this year—seven voters indicated zero cuts, compared to four in March,” Cunningham adds.

Their Different Points of View
According to the Market Flash from Edmond de Rothschild AM, beyond the pretext of poor management of the bank’s renewal plans, the episode illustrated two radically opposing views on U.S. inflation and growth. “On the ‘rear-view mirror’ side, we find Donald Trump and the candidates to succeed Jerome Powell as Fed Chair. With inflation trending toward 2%, they advocate for urgent rate cuts to halt the economic slowdown and deteriorating labor market. The ‘windshield’ side, which includes Adriana Kugler, a Powell supporter and member of the Fed’s Board of Governors, encourages the bank to keep rates where they are, as tariffs should push inflation above 3% by the end of 2025,” they explain in their report.

The financial institution is anchored in a “wait-and-see” stance pending the impact of the new trade policy of the Trump Administration. According to Edmond de Rothschild AM experts, the Fed had expected the trade war to have only a fleeting effect on inflation, but Donald Trump’s recent announcements—delaying the 200% tariffs on pharmaceuticals until 2026—could prolong the impact and cause a de-anchoring of long-term inflation expectations.

“The data seem to suggest that Jerome Powell’s side is right: weekly jobless claims, excluding seasonal effects, indicate that the economy is at a cyclical high, yet showing resilience. Consumer spending remains strong: retail sales have rebounded sharply after a disappointing start to the year. The latest CPI reading revealed a significant increase in goods inflation, particularly in areas sensitive to tariffs like electronics, although overall inflation still appears to be under control thanks to shelter trends. Donald Trump expected that the tariff hikes would be absorbed by exporters to the U.S., but the fact that import prices have only fallen slightly suggests that U.S. businesses are bearing most of the increases,” they note.

SMBC hires Nick Stevenson

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The Sumitomo Mitsui Banking Corporation (SMBC) Americas Division has appointed Nick Stevenson as Group Head of Technology, Media, and Telecommunications (TMT) Corporate and Investment Banking (CIB). 

Based in New York, Stevenson will focus on expanding SMBC’s TMT business and will lead a team of bankers serving clients across the sector. He will report to CIB Co-Heads Stephanie Bowker and Yoshiyuki Natsuyama.

The appointment aligns with SMBC’s broader strategy to grow and diversify its corporate and investment banking platform in the Americas.

Stevenson brings more than 30 years of CIB experience, including 24 years at RBC Capital Markets, where he most recently served as Global Head of Media, Communications, and Entertainment Investment Banking. He also held senior roles at Bank of America and Citi earlier in his career.

“Nick’s industry relationships and deep knowledge of the TMT sector will continue to enhance our client franchise,” said Richard Eisenberg, Co-Head of Coverage and Capital Markets, SMBC Americas Division. 

T. Rowe Price and SurgoCap Partners Lead iCapital’s Capital Raise

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iCapital’s latest capital raise brought in two new investors, joining follow-on investments from familiar faces to the fintech, helping the raise surpass $820 million. The round was led by T. Rowe Price and hedge fund SurgoCap Partners.

According to a press release, the round also included additional participation from State Street and increased commitments from three of the company’s long-standing backers: Temasek, UBS, and BNY. Altogether, this raised the company’s valuation to over $7.5 billion.

The capital will be used, according to the statement, to accelerate iCapital’s global acquisition strategy, geographic expansion, and technological innovation.

“The resources from this capital raise will be strategically deployed to accelerate our acquisition efforts, with a focus on enhancing our technology platform and expanding our data capabilities,” said Michael Kushner, Chief Financial Officer of the fintech, in the press release.

This marks a continued path of consolidation for iCapital, which was founded in 2013. In total, the company noted it has invested over $700 million into its platform and completed 23 strategic acquisitions, including recent purchases of Mirador, AltExchange, and Parallel Markets.

Currently, iCapital has $945 billion in assets under service globally on its platform. This includes $257 billion in alternative assets, $203 billion in structured investments and pending annuities, and $485 billion in client assets.

Moreover, the fintech emphasized that the last 12 months have seen a surge in global activity on its platform, with the number of funds rising to 2,100 and the number of financial professionals using the platform increasing to 114,000.

“This capital raise reflects our investors’ enthusiasm for the opportunity we have to transform the investment experience,” said Lawrence Calcano, Chairman and CEO of iCapital.

The capital round included Goldman Sachs as financial advisor and placement agent, while legal counsel was provided by Ropes & Gray.

6 Advantages of ETPs that Make them Key Allies Amid Uncertainty

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The global economy is undergoing a structural transformation, driven by geopolitical tensions, shifts in trade policy, and the resurgence of tariffs as a strategic tool. This environment – marked by growing uncertainty and volatility – is also generating new opportunities for asset managers, who must adapt quickly to evolving market dynamics, according to FlexFunds.

Volatility is no longer an outlier; it’s become a defining feature of today’s investment landscape. In this context, agility and operational efficiency are key competitive advantages. For asset managers, managing risk is no longer just about responding to uncertainty – it’s about designing adaptive strategies that keep portfolios aligned with investment objectives.

Among the most valuable tools in this environment are exchange-traded products (ETPs), a category that includes exchange-traded funds (ETFs) and exchange-traded notes (ETNs). Since their debut in 1993, ETPs have evolved into versatile, efficient, and adaptive vehicles—suitable for both passive and active strategies.

Why have ETPs become essential for asset managers?

While the terms ETF and ETP are often used interchangeably, it’s worth clarifying: all ETFs are ETPs, but not all ETPs are ETFs. This article uses “ETP” as a broad term to refer to exchange-traded products that track the performance of an index, asset, or strategy.

ETPs are financial engineering products designed to repackage specific asset classes – such as stocks, bonds, commodities, or real estate. When structured around a large basket of stocks, bonds, or specific commodities, they are typically considered ETFs.

When the “basket” is smaller and includes special features like leverage or short exposure, they fall under the broader ETP category.

Strategic advantages of ETPs for asset managers

  1. Operational simplicity and efficient execution

ETPs trade like stocks, meaning they can be bought and sold throughout regular market hours, allowing for intraday transactions and high liquidity. In periods of sudden market volatility, this flexibility enables portfolio managers to respond to market movements in real time – something traditional funds typically cannot offer.

Additionally, ETPs have operating costs that are, on average, less than half the cost of most other investment vehicles. This helps optimize assets under management (AUM) and supports more sustainable margins.

  1. Agile rebalancing, access to alternatives, and diversification

In volatile markets, the ability to rebalance quickly is a competitive edge. However, according to a report by State Street Global Advisors Group Research Center, only 29% of investors regularly rebalance their portfolios – highlighting an opportunity for proactive managers.

ETPs make it easier to execute targeted hedging strategies, such as gaining exposure to Treasuries or gold – assets that have gained importance recently. As of March 2025, AUM in gold ETFs exceeded $345 billion, reflecting strong demand for inflation protection and geopolitical risk hedging.

Beyond traditional assets, ETPs are expanding access to alternative investments. According to State Street Global Advisors’ report “ETFs in Focus: Risk Management Attitudes & Behaviors”, advisors generally view ETFs favorably as vehicles for alternative exposure.

 

This allows asset managers to build more robust portfolios without resorting to illiquid or overly complex structures.

  1. Transparency for investors

Transparency is a hallmark of ETPs. Holdings are typically disclosed daily, and operations are integrated into widely used platforms for institutional investors and financial advisors, streamlining onboarding and reducing operational friction.

According to a State Street report, 62% of investors believe ETPs offer an efficient, cost-effective, and accessible way to invest in alternatives such as real assets, private markets, or active strategies. This makes ETPs a compelling alternative to more traditional or less liquid structures.

  1. Resilience and sustained growth

Since 2008, ETPs have achieved a compound annual growth rate (CAGR) of 20.1%, reaching $13.8 trillion in AUM by the end of 2024. In the first two months of 2025 alone, global ETF inflows surpassed $293 billion. This signals strong and growing adoption by institutional and professional investors seeking fast, diversified solutions.

Today, there’s an ETF for nearly everything – from traditional asset classes to cutting-edge themes like artificial intelligence and future security. Asset managers continue to turn to ETFs for their transparency, liquidity, and efficiency across core market segments – but they’re also increasingly seeking specialized solutions tailored to achieving specific outcomes for each investor.

Ultimately, ETPs do more than complement asset managers’ strategies – they enhance them. They enable managers to deliver solutions aligned with client goals, risk tolerance, and the operational efficiency today’s markets demand.

FlexFunds specializes in the design and launch of efficient, flexible investment vehicles (ETPs), tailored to each client’s unique needs. Our solutions are designed for asset managers looking to scale their strategies in international capital markets and broaden their investor base.

For more information, feel free to contact our specialists at info@flexfunds.com.

U.S.: Small and Micro 401(k) Plans Could Grow by 40% by 2029

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The small and micro 401(k) plan segments are poised for rapid expansion in the coming years, driven by SECURE 2.0 incentives and the implementation of state mandates aimed at increasing the number of individuals covered by some form of retirement savings vehicle.

More than one million 401(k) plans are expected by the end of the decade, representing a 36% increase over the next five years, according to the latest edition of Cerulli Edge—U.S. Retirement Edition, a report by international consulting firm Cerulli.

The number of 401(k) plans has grown significantly in recent years. According to Cerulli, approximately 150,000 new 401(k) plans were added between 2018 and 2023, with nearly two-thirds of them launched in 2021 and 2023. Much of this growth is driven by employers initiating new plans. By 2029, the firm estimates that 92% of all 401(k) plans will fall into the micro-plan segment—an increase of nearly 40% compared to 2022.

Recordkeepers looking to capitalize on this growth in micro plans will need to adapt to the challenges of targeting small businesses and align with the needs of plan sponsors in this segment, the report warns.

“Micro-plan sponsors are more cost-sensitive than large employers and place greater importance on brand recognition. Retirement income options and financial wellness offerings are lower priorities when selecting a recordkeeper,” noted Chris Bailey, Director of Retirement at Cerulli.

Digital recordkeepers have also established a competitive position in the small and micro plan markets. These providers bring a tech-driven mindset to the retirement market, offering newer and more efficient administration platforms.

Their competitive positioning aligns with the top priorities of plan sponsors in this segment: cost, ease of implementation, and simplified administration. This alternative operating model—coupled with a clear understanding of their target market’s needs—has positioned them to challenge incumbents and startups alike in the micro-plan space.

Wealth advisors are also expected to play a more prominent role in the micro market, as their home offices increasingly encourage them to pursue retirement plans as a means of growing their wealth management practices.

Some recordkeepers with a long-term commitment to this segment already have the capabilities needed to harness growth generated by wealth advisors.

“Recordkeepers who want to attract these advisors and succeed in the micro-plan market should, if they haven’t already, invest in resources that lower barriers for wealth advisors,” Bailey stated.

“Given the sheer number of wealth advisors, firms will need to develop scalable sales and administrative solutions designed to support advisors with limited retirement plan experience,” he added.

Looking ahead, the distribution and competitive dynamics of the micro market are expected to shift significantly over the next five to ten years.

“Recordkeepers that want to compete in the micro market should consider investing in small business databases to identify, prioritize, and target employers that don’t yet have a retirement plan—if they aren’t already doing so,” said Bailey.

Cerulli’s expert concluded, “These data resources can also power prospecting tools for advisors: investing in support for wealth advisors seeking to enter the defined contribution space will help position the recordkeeper as the advisor’s ‘preferred choice’ for micro plans.”

M&A in North America: JP Morgan and Houlihan Lokey Lead as Financial Advisors in 2025

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JP Morgan and Houlihan Lokey were the leading financial advisors in mergers and acquisitions (M&A) transactions in North America during the first half (H1) of 2025, in terms of value and volume respectively, according to the latest financial advisor league table published by consulting and data analytics firm GlobalData.

An analysis of GlobalData’s transaction database revealed that JP Morgan ranked first in terms of deal value, advising on transactions totaling $209.4 billion. Meanwhile, Houlihan Lokey led in terms of volume, advising on a total of 93 deals.

Aurojyoti Bose, Lead Analyst at GlobalData, commented, “JP Morgan and Houlihan Lokey had already been the top advisors in terms of value and volume in H1 2024, and they successfully retained their respective leadership positions in H1 2025. Houlihan Lokey came very close to reaching triple digits in deal volume during this semester.”

“JP Morgan, for its part, was the only advisor to surpass $200 billion in total transaction value during the period analyzed. It advised on 40 deals valued at over $1 billion, including six mega deals valued at more than $10 billion,” Bose added.

Ranking by Number of Deals:

  • 2nd Place: JP Morgan – 74 transactions

  • 3rd Place: Goldman Sachs – 68 transactions

  • 4th Place: Jefferies – 49 transactions

  • 5th Place: Piper Sandler – 49 transactions

Ranking by Deal Value:

  • 2nd Place: Goldman Sachs – $189.3 billion

  • 3rd Place: Morgan Stanley – $156.3 billion

  • 4th Place: Citi – $153.7 billion

  • 5th Place: Evercore – $128.4 billion

Kirkland & Ellis Leads as Legal Advisor in M&A

On the legal side, Kirkland & Ellis was the leading legal advisor for M&A transactions in North America during the same period, both in terms of deal value and volume, according to the same source. The firm advised on 197 deals with a total value of $161.7 billion.

Bose noted that the firm “was far ahead of its competitors in terms of the number of deals. Despite registering a year-over-year decline in the total value of advised deals, it still outperformed its peers in value due to its involvement in several large-scale transactions.” During H1 2025, the firm advised on 30 deals worth over $1 billion, including five mega deals valued at over $10 billion.

Lucinda (Cindy) Marrs Appointed Senior Advisor at Stonepeak

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Bringing over 30 years of experience in wealth management and leadership, Stonepeak has appointed Lucinda (Cindy) Marrs as a Senior Advisor. Marrs will support the continued growth of Stonepeak+, the firm’s dedicated wealth solutions platform. 

“We see a massive opportunity to bring private infrastructure – an asset class defined by its resilience and backed by meaningful global megatrends – to the wealth channel,” said Luke Taylor, Co-President of Stonepeak. 

Marrs joins the firm after a career at Wellington Management, a $1.3 trillion asset manager. At Wellington, she served as Partner and Global Head of Wealth Management and was one of eight members on the firm’s executive committee. 

Throughout her tenure, Marrs led key initiatives across regions, helping to launch the firm’s London office, managing its U.S. sub-advisory business, and building its Global Wealth Management division. 

“The importance of private infrastructure investment is becoming increasingly apparent, given the tremendous amount of capital needed to sustain and improve the essential services that underpin our daily lives,” said Cindy Marrs. 

One Rock Capital Closes Record $3.97 Billion Across Two New Funds

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One Rock Capital Partners has closed $3.97 billion in capital commitments across two new funds, its flagship Fund IV and the newly launched Emerald Fund, marking the largest raise in the firm’s history. The total surpasses its previous fund, which closed at $2.01 billion in 2021, and brings One Rock’s asset under management to more than $10 billion. 

The Emerald Fund marks One Rock’s first vehicle focused on the lower middle market, while Fund IV continues the firm’s established strategy of pursuing complex buyouts across North America and Europe. One Rock specializes in four key sectors: chemicals, food and beverage manufacturing and distribution, specialty manufacturing and business and environmental services. 

Founded in 2010 by Tony W. Lee and R. Scott Spielvogel, One Rock has completed 67 investments to date, including platform and add-on acquisitions. The firm attributes its success to a value-oriented and operationally focused approach that identifies opportunities often hidden. 

“In a period of significant global uncertainty, we believe our track record of creating value by investing in complex situations in the industrial sectors of the economy continues to resonate within the institution investor community,” said R. Scott Spielvogel. 

Santiago Mata, New Director of Business Development for Latam and US Offshore at Jupiter AM

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A change of location and position for Santiago Mata, who until now served as Sales Manager Latin America & US Offshore at Jupiter AM. As confirmed by Funds Society, Mata has taken on a new role as Director of Business Development for Latam and US Offshore. He will be based in Jupiter AM’s offices in Madrid (Spain) and will continue to report to William López, Head of the asset manager for Europe and LATAM.

According to the firm, “Sales Manager Santiago Mata has relocated to Madrid, from where he will continue serving the Latin American and US Offshore regions. This proximity will provide added value and better service for clients operating on both sides of the Atlantic.” They also emphasize that “Latin America and the US Offshore region are fundamental to Jupiter’s international growth strategy. Our team structure continues to evolve under the leadership of William Lopez, Director of Europe and Latin America, with the goal of delivering the best service to our clients in the region and providing them timely and efficient access to Jupiter’s high-conviction active investment strategies.”

Mata joined the firm in November 2023 as part of the team led by William López, Head of Jupiter AM for Europe and LATAM, and works alongside Andrea Gerardi covering the Latam & US Offshore region. Mata previously spent three years at DAVINCI Trusted Partner, where he held the roles of Sales Director and Sales Manager. Prior to that, he served as Sales Manager at Jupiter AM for Aiva, as well as Asset Management Specialist.

In Madrid, Jupiter AM’s Iberia team is based, led by Francisco Amorim, Head of Business Development for Iberia since fall 2024. The team is composed of Susana García, Sales Director, and Adela Cervera, Business Development Manager. “The Jupiter team in the Iberian region works very closely with William to drive business growth in this market, aiming to optimize sales capacity and foster commercial momentum,” the firm explains.