Deutsche Börse Group and Allfunds Group have signed a binding agreement for the recommended acquisition of Allfunds, valued at €5.3 billion, according to a statement published by both companies. “The transaction, subject to obtaining the necessary approvals, is backed by a strong industrial logic and has the potential to create short-term value for all stakeholders of both companies,” the statement said.
“It represents an opportunity to create a top-tier global leader in fund services, combining Allfunds’ strength in distribution with Deutsche Börse Group’s custody and settlement capabilities. Allfunds and Deutsche Börse Group are highly complementary businesses in terms of geographic presence, product portfolios, and partner and client base,” it added.
Under the terms of the deal, Allfunds shareholders will receive €8.80 per share, made up of €6.00 in cash, €2.60 in Deutsche Börse Group shares, and a cash dividend of up to €0.20 per share for the 2025 financial year.
The offer represents a 32.5% premium over the closing share price on November 26, 2025, and a 40.5% premium over the volume-weighted average price for the three-month period ending on that same date.
Allfunds’ Board of Directors unanimously supports the transaction and intends to recommend that shareholders vote in favor of it. The acquisition is expected to close in the first half of 2027.
“In its 25-year history, Allfunds has democratized access to investment funds globally, profoundly transforming the wealth management industry. Today, we are a leading distribution and intermediation platform connecting distributors and asset managers across 66 countries. Our ability to innovate—from alternative funds to blockchain—combined with deep technical expertise and exceptional client service, has made Allfunds what it is today,” said Annabel Spring, CEO of Allfunds.
For his part, Stephan Leithner, CEO of DBAG, stated: “We are pleased to announce the acquisition of Allfunds, which comes with the unanimous recommendation of its board and the support of its two largest shareholders. We believe that combining the technical expertise and entrepreneurial drive of Allfunds Group with Deutsche Börse Group’s capabilities in Clearstream Fund Services will create a market-leading company that better meets client needs and supports the continued development of the fund industry in Europe and worldwide. This acquisition represents the next step in Deutsche Börse Group’s development as a European leader in providing critical infrastructure for financial markets.”
The joint statement from the two firms offers some insight into how the operations will be integrated: “The integration of DBAG and Allfunds will focus on consolidating the strengths of each business, including distribution and custody solutions, unifying both companies’ offerings to deliver streamlined and efficient services to clients. DBAG’s initial in-depth review of Allfunds has identified priority areas for integration, subject to appropriate consultation and planning, with the aim of eliminating duplication and fostering greater collaboration across the combined group. In assessing systems and operational setups, DBAG aims to retain the most effective solutions from both organizations.”
DBAG is a German public limited company (Aktiengesellschaft) incorporated under German law and is the parent company of the DBAG Group. It is one of the world’s largest providers of infrastructure for the trading of financial instruments. The DBAG Group offers clients a wide range of products and services covering the entire value chain of financial market transactions: from ESG business, indices, and software solutions, to post-trade services, transaction clearing and settlement, securities custody, liquidity and collateral management services, and market data provision.
With over 16,000 employees, the DBAG Group is headquartered in the Frankfurt/Rhein-Main financial center and maintains a strong global presence in locations such as Luxembourg, Prague, Cork, London, Copenhagen, New York, Chicago, Hong Kong, Singapore, Beijing, Tokyo, and Sydney.
Allfunds is a global trading and distribution platform in the wealth management sector. It has a long track record of growth, with net assets reaching a record high of €1.7 trillion as of September 30, 2025.
Allfunds connects more than 1,400 fund partners and over 900 distributors across 66 countries. The company operates 17 offices in major financial centers across four continents, including Bogotá, Dubai, Hong Kong, London, Luxembourg, Madrid, Miami, Milan, Paris, Santiago, São Paulo, Shanghai, Singapore, Stockholm, Valencia, Warsaw, and Zurich.
With over 1,000 employees, Allfunds is a public limited company incorporated under the laws of England and Wales.
After a year dominated by geopolitical headlines and economic uncertainty, and marked by U.S. tariffs, asset managers are looking ahead to 2026 with cautious optimism. Overall, investment firms suggest that the U.S. economy will remain solid while Europe’s outlook improves, supported by market-friendly monetary policies from major central banks. Together, these factors should create an environment rich in opportunities, but one that also calls for a stronger emphasis on diversification.
When assessing the economic outlook, Anthony Willis, Senior Economist at Columbia Threadneedle Investments, expects solid growth in 2026. “We anticipate a rebound in activity in some European economies, with Germany particularly well-positioned thanks to the stimulus measures announced. China is expected to maintain its growth target at around 5%, while U.S. expansion should be broadly in line with this year. The UK’s growth prospects remain modest and not significantly different from those in 2025, although there is some scope for a slight deterioration,” Willis notes.
A Question of Resilience
“The global economy is undergoing a transition, not a slowdown. Global growth will moderate in 2026 but remain resilient as long as the economic cycle continues, driven by innovation and supportive economic policies. The technology wave is reshaping a multipolar world in which geopolitical and inflation risks have become more structural. These factors add to concerns stemming from fiscal vulnerabilities and valuation excesses, but AI-driven capital investment, shifts in industrial policy, and monetary easing should support activity and extend the cycle,” Amundi states.
Christian Schulz, Chief Economist at Allianz Gl, points out that “the global economy enters 2026 still constrained by the aftermath of trade wars,” with growth expected to ease only slightly to around 2.7%. The investment cycle driven by artificial intelligence, combined with proactive economic policies, will act as a stabilizing force. According to Schulz, “inflation in the United States will rise back above 3%, while pressures in Europe and Asia will be more contained, opening the door to interest rate cuts.”
He adds that 2026 will test institutional resilience, policy flexibility, and the ability to adapt to a more fragmented world. “Investors will need to pay attention to technological advances that will broaden investment opportunities beyond the U.S. technology sector and parts of Asia. Combined with more flexible monetary and fiscal policies, these factors should support global resilience despite challenges to pillars such as central bank independence and free trade,” he concludes.
“Although current market prices reflect a Goldilocks scenario, growth with contained inflation, we believe this is the least likely outcome for 2026. That said, markets may remain anchored to this optimistic assumption until labor market data show clear signs of stabilization. Ultimately, the combination of negative real rates globally, looser credit conditions, and a shift toward more expansionary monetary policies in an environment of still-persistent inflation suggests that inflationary growth is the most likely scenario for 2026. Overall, 2026 should offer investors significant opportunities, provided they are prepared to adapt to a wide range of outcomes, from limited recession risk to episodes of stagflation,” argue John Butler and Eoin O’Callaghan, macro strategists at Wellington Management.
Diversification in the Face of Challenges
Although geopolitical risks remain elevated, Schulz highlights that “attempts at de-escalation in the Middle East represent a positive development.” The United States and China will continue to lead the AI revolution, with spillover effects accelerating in other regions. Valuations in technology and certain less-regulated financial activities warrant caution, but “lower interest rates and moderate private-sector leverage reduce the risk of systemic instability.”
For DWS, the outlook for 2026 appears attractive, although the margin for error remains narrow. “Political headlines and geopolitical risks could trigger heightened volatility at any time. For this reason, a broadly diversified investment strategy, across both regions and asset classes, can help investors seize opportunities while remaining prepared for potential setbacks,” the firm adds.
This view on the importance of diversification is also shared by Amundi, which believes that long-term structural changes will continue to clash with short-term dynamics, keeping risk levels elevated while also reshaping opportunities as governments and companies seek to preserve trade and investment flows. “Our stance for 2026 is moderately constructive on risk assets, with greater diversification at all levels and a range of strategic hedges, such as alternative assets, gold, and selected currencies,” the firm concludes.
Photo courtesyPraveen Jagwani, Global Head and CEO of UTI International.
While the U.S. has gained weight in global indices, now accounting for nearly 70% of the MSCI World Index, the downside is that other major economies have become underrepresented. India is a clear example: while the country contributes about 3.5% of global GDP (in nominal terms), it represents only around 1.9% of the MSCI All Country World Index (ACWI). “That gap highlights how global portfolios still do not reflect India’s economic weight and potential,” says Praveen Jagwani, Global Head and CEO of UTI International. Jagwani recently traveled to Spain with Altment Capital Partners to provide an update on the firm’s flagship fund, the UTI India Dynamic Equity Fund.
Although the expert acknowledges that India has begun to attract more attention in recent years, he insists that investments in its market remain inconsistent — “often driven by short-term sentiment rather than long-term conviction.” However, Jagwani argues, “history supports the case for patience: over the past 25 years, Indian equities have generated approximately 1,750% returns in U.S. dollars, compared to roughly 640% for U.S. equities during the same period.” He also highlights India’s low correlation with global equities and its solid growth fundamentals, suggesting that “a 10–15% allocation to India within a global or emerging markets equity portfolio is likely to provide significant diversification and enhance long-term returns.”
The Indian stock market has been one of the few able to consistently close positive over the past decade. Do you expect 2025 to be another positive year? What are your forecasts for 2026?
In India, earnings growth is the main driver of market returns. Whenever earnings growth slows, markets also tend to pause. Over the past five quarters, earnings momentum has moderated due to a combination of global uncertainties: trade frictions related to tariff policies, tight liquidity, cautious monetary conditions, and a temporary slowdown in government capital expenditure ahead of elections.
That said, conditions are now turning favorable. Liquidity has improved, monetary policy has eased, the monsoon season was good, and recent reforms — such as the rationalization of the GST rate and cuts in personal income tax — are beginning to show early signs of a demand recovery. 2025 started on a weak note, but the market seems to be catching up as it prices in these positives.
Markets, with their tendency to look ahead, often move before the data reflects it. We’re already seeing early signs that momentum is returning. While 2025 may end modestly positive, we expect 2026 to be a much stronger year for Indian equities as earnings growth regains traction.
How does this market strength affect valuations?
At around 21 times forward P/E, Indian equities are not cheap, particularly in mid- and small-cap segments. Large-cap companies appear relatively better valued.
Historically, Indian markets have rarely appeared cheap when judged purely by price-to-earnings multiples relative to global peers. A more meaningful way to assess valuations is through growth-adjusted multiples — that is, price relative to earnings growth. On this basis, India does not appear overvalued. If earnings growth accelerates as expected, the market’s valuation premium will look more justified. And as always, markets tend to anticipate this inflection long before it appears in the numbers.
What structural trends are supporting the strong performance of Indian equities?
India’s growth is deeply structural. Almost 60% of GDP comes from domestic consumption, with a per capita income of only about USD 2,800. With one of the world’s youngest populations and a large working-age base projected to remain favorable until at least 2050, India’s demographic and consumption story still has a long runway.
Political stability has also helped sustain reforms. Regardless of which party is in power, there has been a consistent focus on economic growth and infrastructure development. This continuity of intent — rare among large economies — has fostered investor confidence.
At the macroeconomic level, India has become more resilient: foreign exchange reserves are near record highs, the fiscal deficit is trending lower, and monetary policy remains disciplined. Domestic investors have also become a powerful stabilizing force. In previous years, foreign outflows strongly impacted markets; now, strong domestic inflows more than offset them.
The percentage of the Indian market held by domestic investors remains low — around 6% of household financial assets, compared to over 40% in the U.S. — implying significant room for participation to increase. Few large economies can offer this combination of scale, stability, and untapped growth potential.
Critics say Indian ETFs remain expensive compared to other parts of the world. Is this market a good “hunting ground” for active managers? Do you expect it to remain that way in the near future?
Absolutely. India remains fertile ground for active managers. The diversity, complexity, and dynamism of Indian companies create broad scope for fundamental analysis to add value. Unlike more efficient developed markets, India continues to be a stock picker’s market: more than half of listed companies have little or no analyst coverage, and even among major names, earnings forecasts vary widely. This information gap allows skilled managers to uncover mispriced opportunities, particularly among mid- and small-cap firms.
For example, several high-quality Indian companies have traded at seemingly “expensive” valuations — often above 40–50x earnings — for over a decade, yet have continued to deliver superior shareholder returns because their growth has consistently compounded. Recognizing and holding such businesses through cycles requires conviction and an understanding of long-term fundamentals — something only active managers can truly do.
Moreover, most passive products focus on large-cap indices, leaving much of the market underrepresented. As India’s economy evolves, sectoral shifts, policy changes, and market breadth will continue to create performance dispersion — an environment where active skill, not just index exposure, drives returns.
Can you explain your analytical process in detail?
Our investment process is entirely bottom-up — every idea starts with the company, not the market. We are fortunate to have one of the largest equity research teams in India, which allows us to cover all sectors comprehensively and stay close to the companies we invest in.
We use a proprietary framework called ScoreAlpha, which helps us evaluate companies on two key pillars: consistency of operating cash flow and return on capital employed. It’s our way of quantifying quality and identifying long-term wealth creators early.
But numbers tell only part of the story. A large part of our conviction comes from direct company engagement — ongoing dialogue with management, suppliers, distributors, and customers. These interactions add context and color to the data, helping us understand not just what a company does, but how it does it.
Thus, our process combines rigorous financial analysis with on-the-ground insights — blending data and dialogue to build a deep, differentiated understanding of every business we invest in.
As a result of this process, how is your portfolio currently positioned? Where are your strongest convictions?
Our current portfolio reflects the themes we believe define India’s long-term growth story. We are heavily overweight in consumption, which remains the most powerful and reliable engine of India’s economy. The expanding middle class is not only growing in size but also in aspirations, spending more on discretionary categories like personal care, packaged foods, travel, and lifestyle products.
There is also a cultural rhythm to Indian consumption that is often overlooked — from festive and wedding-season spending to social celebrations — these recurring cycles sustain demand across sectors and income groups. Our goal is to capture this evolution through companies capable of consistently compounding earnings across categories and price points.
Beyond consumption, we hold high-conviction positions in healthcare and information technology, both of which have long structural runways. Healthcare is benefiting from rising penetration, greater awareness, and increased affordability, while India’s IT sector remains a global leader in digital transformation and enterprise tech services.
In essence, our portfolio is anchored in the twin engines of India’s aspiration and innovation: consumption that reflects rising living standards, and sectors like healthcare and IT that showcase India’s global competitiveness.
Are Indian equities well protected from the new trends of deglobalization, geopolitical risks, and the U.S. tariff policy shift?
To some extent, no market can remain completely insulated in today’s interconnected world. However, India has demonstrated remarkable resilience and a degree of decoupling from global equity trends in recent years. The correlation between Indian and U.S. equities has steadily declined to around 0.25–0.30, one of the lowest among major emerging markets.
This resilience largely stems from India’s domestically oriented economy. Exports — including goods and services — account for about 22% of GDP, compared to over 35% in China and 45% in South Korea. In contrast, private consumption accounts for nearly 60% of India’s GDP, making domestic demand the dominant growth driver. That’s why even when global trade slows, India’s corporate earnings and market performance tend to remain comparatively stable.
That said, global developments still influence sentiment. Events like new tariff policies, geopolitical tensions, or changes in U.S. monetary policy can trigger temporary phases of risk aversion, affecting foreign investor flows. But structurally, India remains better insulated than most emerging markets, supported by strong domestic demand, diversified trade relationships, a growing manufacturing base, and rising self-sufficiency in key sectors like electronics, energy, and defense.
What risks could affect your asset class?
Currently, U.S. tariff policy is the biggest overhang, especially given the potential ripple effects on export-linked sectors like IT and specialized manufacturing. However, recent discussions suggest that effective tariffs may be set around 15–16%, below the initially proposed 50%, a level that would still keep India competitive relative to other emerging economies.
Beyond trade-related uncertainty, the key risks are mostly domestic:
Earnings disappointments if the consumption recovery stalls or government capital expenditure slows,
Persistent inflation delaying monetary easing,
Liquidity withdrawal or sustained cash outflows, and
Sharp corrections in mid- and small-cap stocks after the recent rally.
These are short-term considerations, but the long-term structural case for India remains intact.
Photo courtesySteve Preskenis, Chief Executive Officer of Bolton Global Capital
Bolton Global Capital celebrates its 40th anniversary, maintaining a unique business profile like no other: conservative yet creative, fiercely independent, and highly adaptable. Year after year, the business continues to grow and seems to have no ceiling. In 2025, Bolton experienced an earthquake that, true to form, passed quietly under the seismograph: the leadership change from the long-time Ray Grenier to a man of the house: Steve Preskenis.
The brand-new CEO of Bolton Global Capital gave his first interview to Funds Society. The firm’s central message is continuity, but anyone familiar with the business world knows that leadership changes are never innocent: a CEO’s job influences everything that happens in an organization from day one.
Steve Preskenis, a graduate of Fairfield University and Suffolk University Law School, has the soul of a mechanic, constantly adjusting a highly efficient machine that must be infallible.
“We are constantly working to improve our efficiency, develop and implement the latest technologies, and strengthen our cyber defenses. What remains the same is our premium level of service, low costs and high payout structure, and the certainty and stability that comes with being a private company,” he explains.
Bolton has generated 18% year-over-year growth over the last decade; revenues grew by 24% in 2024, and the plan is to continue on that path while maintaining the company’s core, which is its independence. The new CEO emphatically reaffirms the model: “Bolton has no plans, need, or desire to go public or merge with another firm. We are in the increasingly unique and strong position of being one of the few major, truly independent firms. Bolton is 100% privately held, with no outside or private equity involvement in the business, and we have no debt. This allows us to exclusively serve our advisors and their clients and maintain our superior service and compensation model without increasing costs. Additionally, our strong balance sheet empowers us to fully fund our continued growth.
Preskenis repeatedly alludes to one of the key signs of the model’s strength: almost nonexistent staff or advisor turnover.
“We have enjoyed remarkable longevity with our advisor partners and our incredible home office staff. Advisor and staff turnover is virtually nonexistent, and commitment, trust, and competence are built over time. If you’ve been with the Bolton family for less than five years, you’re relatively new, and we’re immensely proud of the enduring culture that has been so satisfying and engaging to so many for so long.”
Part of this longevity is the collaboration with BNY Pershing, which has now spanned more than twenty years.
THE WORLD ACCORDING TO BOLTON AND HIS NEW CEO
Bolton Global Capital remains rock solid, but the world is in chaos, and the United States is experiencing unprecedented changes to its economic model and its integration into the world. In 2025, no one can really believe they’re covered. In this context, Steve Preskenis offers an assessment of the macroeconomy from his experience as an entrepreneur.
“Trade and tariff uncertainty is dissipating as more deals are being finalized, and the interest rate cuts expected on the horizon should help sustain, and even boost, growth for the remainder of the year. Much will depend on future inflation readings, but these appear to be moderating,” he notes.
For Bolton’s CEO, “The tariff hurdles predicted by many have not materialized, and the trade wars appear to be resolved by the end of the year. The passage of President Donald Trump’s economic bill guarantees fiscal certainty, and if inflation remains under control, rate cuts should follow. The unemployment rate in the United States has been rising slightly and is worth monitoring. At Bolton, business activity has been brisk, and we see few indicators of a slowdown on the horizon.”
In these months of the Trump administration, many ideas and potential reforms have been heard. Not only have the rules of global trade been modified, but the independence of the Federal Reserve and, consequently, the monetary balance of the world’s most important financial economy is also being questioned. Amid this storm, is a tax on custodial international transactions in the United States possible?
“I don’t think it’s likely that any new tax obligations will be expanded or created under the current administration. The United States remains the most attractive financial market in the world. The US capital market stands out for its efficiency, reliability, governance, and cost. Applying a transaction tax to assets in US custody would diminish the overall attractiveness of the market, and I don’t foresee that happening anytime soon,” says Preskenis.
Bolton is a global firm, manages portfolios in 45 currencies, and has access to 60 international markets. This offers a very interesting overview of the financial world: How will the dollar perform in the coming months? Which currencies are currently booming?
Preskenis acknowledges that “it has been a difficult year for the dollar due to uncertainty in interest rate policy, rising deficits, and trade tensions. Incredibly, the Russian ruble is the best-performing currency in 2025, and the pound sterling reached its highest levels in several years during the first months of 2025, although this could be primarily attributed to the weakening dollar.”
So, if the dollar weakens, it impacts the entire portfolio structure. When it comes to investment assets, the Bolton CEO demonstrates what a concrete vision they have for protecting their partners and clients.
PRESKENIS, A CEO WHO LIVES OUTSIDE OF FASHIONS
With $18 billion under management, Bolton Global Capital is a key client for major global firms of mutual funds, ETFs, alternative assets, and other investment products. The firm has an open architecture and offers a wide range of assets with the aim of meeting all the expectations of financial advisors.
But when it comes down to it, it’s interesting to know how Steve Preskenis manages his own assets. And in this sense, we are dealing with a responsible business leader who is not afraid, yet is cautious to avoid fads. “I currently have three main investments. They’re named Julia, Ava, and Luke—my trio of college kids! But yes, my investment strategy largely reflects Bolton’s beliefs: quality and liquidity. These are the principles Ray (Grenier) has emphasized since I joined the firm over 18 years ago. Our consistent success is due to working with the highest-quality advisors, serving the highest-quality clients, and using the highest-quality products to achieve them. “I come from a risk management background and am conservative by nature. Overall, my portfolio is not particularly aggressive. I’m primarily an investor in major indices, with a slight investment in fixed income, cash instruments, real estate, and, of course, international exposure.”
Alternative assets are gaining increasing market share, both in the United States and around the world. Bolton hasn’t been immune to this trend, but it has put its own stamp on it: “Bolton has long avoided illiquid investments, and while we offer alternative investment options, we limit these to the semi-liquid variety and to clients best suited for this type of investment.
“We are fully aware that our financial advisors are the best asset collectors and managers in the industry. Frankly, we should stay out of the way when they’re doing their job. But we work in a very complex industry with many rules and regulations, and many processes that need to happen behind the scenes for them to be successful. That’s where we come in. In private investments, our job is to ensure our partners have access to the best in all the different asset categories. We partner with iCapital; this gives us access to top-tier investment due diligence, training and education modules, and an efficient platform for underwriting and management.”
Ultimately, both Preskenis and Bolton have similar temperaments: lifelong conservatives, but not “neoconservatives” fascinated by cryptoassets and innovation. When asked to name a particular asset or product that has caught his attention recently, Preskenis offered,
“You might be surprised that I don’t mention cryptocurrencies, alternative assets (particularly private credit), AI-based energy sources, or the like. But I feel that, in reality, the more things change, the more they seem to stay the same. I’ll always remember my grandmother telling me during my youth that, in times of uncertainty, buy gold. And when uncertainty is greatest, buy more gold! Nana Murphy lived through the Great Depression, and her only financial education was a long, loving life, but she was right then, and she’d be right today”
“It’s boring old gold that’s returned over 1,000% since 2000 and over 27% this year alone. By comparison, the S&P 500 has returned around 550% since 2000. I had read that gold was up 27% this year, and when I looked back at its performance since 2000, it caught my attention. I guess the lesson is to always listen to your grandma, and not be afraid of being boring”, says Preskenis.
Maridea Wealth Management has acquired Colorado-based advisory firm Hoot Wealth in a move that unites Hoot’s entrepreneurial leadership and investment expertise with Maridea’s expanding national infrastructure and long-term capital resources.
As part of the transaction, Hoot founders Nick Crow and Bryan Hinmon, industry veterans known for launching and scaling Motley Fool Wealth Management from inception to more than $2.3 billion in assets, will join Maridea’s executive leadership team. They reunite with former Motley Fool colleague Sean Sun, now President of Maridea, and Tom Jacob, a former Motley Fool portfolio manager currently serving on Maridea’s investment team.
Crow and Hinmon established Hoot with a focus on fiduciary advice, rigorous investment research, and delivering thoughtful, client-centered portfolios.
“What excites me most is building a firm where clients are central to thoughtful planning, serious investing, and an experience that feels personal, approachable and even a little fun,” said Crow.
Hoot team members Michael Padilla and Jared Chase will also join Maridea. The acquisition strengthens Maridea’s presence in the mountain states and aligns with its strategy to integrate top industry talent under a modern, unified wealth management platform.
“M&A is only as good as the people behind it,” said Mier Wang, Founder and CEO of Maridea.
Bybit has released the Bybit Rising Fund, a groundbreaking CSR initiative aimed at transforming crypto education across 15+ countries on four continents. From Bolivia and South Africa to the Nordic capitals, this fund focuses on sustainable, education-first partnerships that create lasting community impact.
Debuting as part of Bybit’s World Series of Trading (WSOT) 2025 under the theme “Rewrite & Reshape”, the Rising Fund dedicates part of the prize pool to local educational programs that make blockchain accessible to students, developers and researchers. For the first time, WSOT decentralizes control of these funds, empowering regional teams from Latin America, Southeast Asia, MENA and Europe to co-create scholarships, bootcamps and hackathons tailored to their communities’ needs.
The Rising Funds breaks down barriers with beginner-friendly courses, scholarships for underserved groups and collaborative hackathons fostering innovation.
“Through strategic partnership, Bybit creates lasting value, positioning crypto as a force for real-world utility and social mobility,” said Ben Zhou, co-founder and CEO at Bybit.
Interested participants can find full details on the WSOT 2025 official page. Here
First Trust Advisors L.P. has launched the First Trust RBA Deglobalization ETF, designed to track U.S. companies expected to benefit from the global shift toward local production and reduced reliance on international supply chains. The fund seeks results corresponding to the RBA U.S. Deglobalization Index before fees and expenses.
Deglobalization, marked by declining international trade, investment and dependence on global supply chains, is reshaping the markets.
“DGLO targets companies poised to benefit from this shift, many of which are overlooked by ETFs tracking broad market indices,” said Ryan Issakainen, CFA, Senior Vice President and ETF Strategist at First Trust.
The RBA U.S. Deglobalization Index focuses on U.S.-based companies in sectors such as industrial, energy, materials, aerospace and defense, transportation and cybersecurity, which the index provider believes are positioned to benefit from increased globalization and geopolitical tensions. Companies included must meet specific criteria, including a high percentage of U.S., derived revenue, a positive 23-month forward earnings estimate, a Net Debt-to-EBITDA ratio lower than the sub-industry average and in some cases, exposure to the aerospace and defense sector.
“Investors now have the opportunity to invest in a major structural shift in the economy via a broad range of companies that could benefit from deglobalization,” said Richard Berstein, CEO, CIO at Richard Bernstein Advisors.
Zohran Mamdani’s victory in the New York mayoral primary could trigger an influx of new capital into Miami, as high-net-worth individuals may migrate south to Florida, sources connected to the real estate sector told Funds Society. They added that “there is a silent competition” between New York millionaires and Latin American entrepreneurs for the same apartments in Brickell, Edgewater, Coral Gables, and other high-profile areas.
Miami’s real estate sector is closely watching how this political shift, combined with New York’s tax climate, could benefit the Florida city, while Latin American investors continue to remain active by purchasing premium properties as a way to safeguard their wealth against instability in their home countries.
“Mamdani’s victory has set off alarm bells among many high-net-worth buyers, especially in New York,” said Peggy Olin, luxury real estate expert and CEO of OneWorld Properties, a firm specializing in international real estate.
“We are seeing it firsthand,” she added. “There is a new sense of urgency. For them, Miami stands out as a clear alternative, not only because of its lifestyle or climate, but also due to its more predictable fiscal and regulatory environment. In times of political uncertainty, Miami is not just attractive; it makes sense.”
From the website representing investors in the buying, selling, renting, and management of properties, Miami Riches, its CEO Carlos Rojas, agreed with this assessment: following New York’s election results, “many may see Miami as a more attractive and stable alternative for living or investing.”
“When political discourses change, especially on sensitive issues like taxes or wealth redistribution, those who have worked hard to build wealth, entrepreneurs, businesspeople, and families, pay attention. It’s not about fear; it’s about strategy. Many were already considering Florida, but this political moment is accelerating that conversation.Now they are ready to act,” Olin added.
Florida has no state income tax. “The new mayor’s intention to raise taxes on those earning over one million dollars annually could be another factor motivating” the change of residence, noted the CEO of Miami Riches.
That said, the migration of New Yorkers to Miami is not new. A report published by the Citizens Budget Commission, an independent fiscal organization, showed that in the five years prior to 2022, approximately 30,000 New Yorkers moved to Miami-Dade and Palm Beach counties, representing a loss of $9.2 billion in revenue for New York.
Miami: a mature market with “cash” purchases
“For more than five years, major entrepreneurs have already been seeing areas like Brickell and Downtown as the Manhattan of the South,” described Carlos Mayz, associate realtor at Keller Williams. “Entrepreneurs like Ken Griffin, from Citadel, are moving their main operations to Miami, thereby increasing the current and future demand for housing options and bringing a high standard of living to those who already reside in the city,” he explained.
For the CEO of OneWorld Properties, “the Miami market is in a very strong phase. What may seem like a boom from the outside is actually the result of years of evolution. We continue to see high demand, both from Latin American and U.S. buyers, especially from New York, California, and Chicago. The interesting thing is that everyone is looking for the same: location, quality, lifestyle, and privacy.”
According to Carlos Rojas, the market has the capacity to absorb “both new residents and investors from New York, which could help stabilize prices in South Florida.”
Mayz also spoke about the rising cost of living and rent prices in recent years. “However,” he noted, “the city is also experiencing a boom in new construction, which is expected to meet the demand of new residents. This is where, without a doubt, the luxury market has seen significant growth, and it is what has kept prices in Florida, and specifically in Miami, stable, even more so in the luxury segment.”
According to an analysis by The Wall Street Journal, since February 2025, the number of homes sold for $10 million or more has increased considerably in major U.S. markets, with Palm Beach and Miami-Dade leading the way. Sales in that price range in Palm Beach, Florida, grew by 50% compared to the same period the previous year, while in Miami-Dade County, the increase was 48.5% year over year.
On the other hand, for 16 consecutive years, Florida has been the number-one state for foreign investments, representing 23% of such real estate investments in the U.S. in 2024, ahead of Texas (13%) and California (11%). Likewise, in 2024, New Yorkers accounted for 24% of real estate purchases in Miami from other states, surpassing California (13%) and New Jersey (10%).
Sources consulted by Funds Society reported that in recent months they have observed quick sales, “many in cash”, and, in some cases, above the listing price. “These buyers are not speculating; they are betting on Miami as their next home and life hub,” Olin summarized.
The impact of high interest rates, which is so important for the real estate sector, is limited in the high-end market, which prioritizes location, legal security, and long-term prospects.
The alternative investments platform iCapital announced the appointment of Sonali Basak as Chief Investment Strategist. In her new position, the former chief Wall Street correspondent for Bloomberg TV will lead and articulate iCapital’s investment outlook, develop data-driven content, and support client decision-making, working closely with them on strategy implementation, the company stated.
“We are very excited to welcome Sonali to iCapital,” said Lawrence Calcano, the firm’s Chairman and CEO. “She is an exceptional thought leader who brings the curiosity of a journalist, the insight of a strategist, and the instinct of a communicator, all of which will help us deepen our dialogue with clients and partners across the industry,” he added.
Basak will be based in New York. According to a post on her personal X profile, she will begin the new role on September 2.
As public and private markets continue to converge and advisors adapt to meet the growing demands of investors, Sonali will play a key role in shaping iCapital’s market outlook and driving meaningful impact across the ecosystem. She is the ideal person to lead this important work and represent iCapital’s voice in the global investment conversation, the executive also said.
“The wealth management industry is undergoing a significant transformation, and individual investors should have greater access to the same opportunities in private markets that have driven institutional returns for decades,” Basak said. “I am thrilled to bring my experience to engage daily with financial advisors, investors, and asset managers. My role will be to provide practical, data-driven insights to iCapital’s clients and partners across public and private markets,” she added.
Sonali Basak most recently served as Global Finance Correspondent and Lead Anchor at Bloomberg Television, where she covered the financial institutions that shape markets worldwide, including global banks, asset managers, private equity giants, and hedge funds.
She hosted Open Interest, Bloomberg TV’s flagship morning program focused on senior executive insights, and anchored Bloomberg Invest, the firm’s most important annual financial conference. Her newsletter, Wall Street, By Basak, is widely recognized for its sharp insider analysis on market trends, Wall Street firms, and shifts in the financial industry.
Known for securing rare interviews with top Wall Street CEOs and breaking news on market-moving deals, Basak has earned a reputation as one of the most trusted and incisive voices in financial journalism over the past decade, iCapital noted in its statement.
The new hire holds a bachelor’s degree from Bucknell University, a master’s in journalism from Northwestern University’s Medill School, and an MBA in Quantitative and Corporate Finance from New York University’s Stern School of Business.
Photo courtesyPablo Méndez, Chief Investment Strategist at LarrainVial
FlexFunds and Funds Society, through their Key Trends Watch initiative, share the perspective of Pablo Méndez, Chief Investment Strategist at LarrainVial, one of the leading financial advisory firms in Latin America. With a 90-year track record, the firm operates in Chile, Colombia, Peru, Panama, Mexico, Bolivia, and the United States, and holds key partnerships with investment managers in Europe.
Pablo Méndez has been part of this financial institution for over a decade. Today, he leads the Investment Strategy team and stands as a key figure in the evolution of high-level wealth advisory. A business engineer from Universidad Diego Portales with a master’s degree in Global Finance from NYU, Méndez represents a new generation of leaders in wealth management: one that combines strong academic background, strategic vision, and a deep commitment to personalized service.
Designing strategic solutions
The LarrainVial Strategy team develops both liquid and alternative investment solutions for high-net-worth clients. “Our model is similar to the Portfolio Solutions model in the U.S.: the banker manages the client relationship, but we design and coordinate the investment strategy,” he explains. In a context where financial margins are tightening and services are becoming more standardized, Méndez highlights that “the real differentiator remains the service.” Despite technological advances, he insists that “people are looking for a face, a relationship, and professional support. Technology doesn’t replace that.”
Fixed income and alternatives: Current portfolio pillars
Asked about current portfolio composition, Méndez identifies two key pillars: “In the liquid space, fixed income has regained prominence, with higher rates offering an attractive risk-return profile. In alternatives, we’ve developed programs aimed at generating decorrelation (hedge funds), stable cash flow (credit alternatives), and capital appreciation (private equity).”
Today, 28% of LarrainVial’s wealth management assets are allocated to alternative investments. Still, Méndez acknowledges an excessive concentration in local private debt and real estate, and sees expanding exposure to global and diversified assets as a major challenge.
When asked about the biggest obstacle to capital raising or client acquisition, he notes the industry is reaching maturity: “There’s no longer a large mass of underserved clients—what’s left are specific segments that are more sophisticated and demanding. Also, services tend to become standardized, which makes it even harder to stand out.”
Another relevant challenge is scaling the service without losing personalization: “It’s almost a paradox because scaling usually implies some standardization, and that can go against the individualized experience clients value. Striking that balance is a top priority.”
What do clients prioritize when investing today?
Institutional reputation and experience come first. Then, depending on their profile, clients value either technical expertise or the ability to translate that knowledge into an accessible language. In both cases, service quality is key.
For Méndez, personalization is more important than the product itself: “Closeness, real understanding of the client, and delivering tailor-made solutions are the elements that create a sustainable competitive advantage.”
The advisor as strategist: Skills that will make the difference
In his view, the financial advisor of the future won’t just be a technical analyst, but a strategic interpreter able to turn data into decisions aligned with the client’s real goals.
“The industry is moving toward a new talent configuration. On one hand, we need profiles with technical mastery—data science, automation, software management—especially in operational areas. But what will make the difference is the ability to abstract,” he says. “The key is to be able to step out of the party and look at it from above: see the big picture, understand the environment, and make informed decisions.”
This approach translates into deeply personalized wealth advice: “Before discussing markets or products, we need to understand what that person or institution wants to achieve. From that objective, we build a portfolio that aligns with their actual needs and constraints,” Méndez explains.
Although there are standardized solutions by profile—whether including alternatives or not, in local currency or dollars, conservative or aggressive—the real value lies in adaptation: “Advising a foundation with high real estate exposure in Latin America is not the same as working with a globally focused family office. Our job is to design strategies that consider that starting point and evolve over time.”
Technology: Embracing efficiency without losing human focus
On the impact of technology in the industry, Méndez is clear: “Artificial intelligence plays a fundamental role in processes and back office, but its usefulness in investment decision-making is limited by the efficiency of financial markets.”
He also points out a transformation in team structures: “The pyramid is being inverted. We used to have many data processing profiles; now we need more people who can think abstractly and make strategic decisions.”
According to Méndez, one of the clearest trends set to transform portfolio management in the next 5 to 10 years is the growing importance of alternative investments. These assets will continue to grow, as long as they remain well-aligned with clients’ goals. There is increasing demand for solutions that offer real diversification, decorrelation, and long-term investment horizons.
“On the other hand, we’ll see a significant evolution in how financial institutions integrate technology. Automation and artificial intelligence are freeing up resources previously tied to operational tasks, allowing that human capital to be redirected toward higher value-added areas like client service and strategic decision-making.”
In asset management, this doesn’t mean replacing the advisor—it means redefining teams. The human role remains central, especially in wealth advisory, but the required profiles are changing: more analytical capacity, strategic thinking, and tech-savvy professionals. It’s a reconfiguration process that is already underway.
What sets LarrainVial apart from its competitors?
“Being a non-bank firm gives us the freedom to innovate,” Méndez notes. “We can pursue internal ventures, create independent solutions, and report directly to senior management. Our only mandate is to generate returns and value for the client.”
This approach has already earned recognition. In December 2024, The Banker and PWM awarded LarrainVial as Best Private Bank in Chile, and its Strategy team as Best Chief Investment Office in Latin America.
Interview conducted by Emilio Veiga Gil, Executive Vice President of FlexFunds, in the context of the Key Trends Watch by FlexFunds and Funds Society.
