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.
Global assets in actively managed ETFs reached $1.48 trillion by June, representing a growth of 26.7% during the first six months of the year, according to the latest data published by ETFGI. This figure was driven by inflows that also broke new records: $46.77 billion in June alone, which raised the cumulative net inflows for the year to a record $267.02 billion, according to the report.
Subscriptions to actively managed ETFs are gaining increasing relevance relative to overall inflows in the total ETF market. According to figures published by ETFGI, investment flows into exchange-traded funds totaled $897.65 billion in the first half of the year, $167.29 billion more than in the same period last year, a 22.9% increase. Of the investment inflows into ETFs from January to June, a total of $267.02 billion corresponded to actively managed ETFs, an amount $112.98 billion higher than in the first half of 2024, or in other words, 73% higher.
Therefore, inflows to actively managed ETFs this year already represent 29.7% of total ETF subscriptions, compared to 21% during the same period last year. At the end of 2024, this percentage stood at 19.9%. The positive market performance also lifted the assets of actively managed ETFs worldwide.
Regarding the industry composition, by the end of June, there were 3,805 actively managed ETFs listed globally, managed by 573 providers and traded on 42 stock exchanges across 33 countries.
Flow Dynamics Analyzing June’s flows, it stands out that actively managed equity ETFs, listed worldwide, recorded net inflows of $24.65 billion, bringing the total accumulated for the year to $148.98 billion, surpassing the $89.35 billion registered in the same period of 2024.
For actively managed fixed income ETFs, net inflows of $20.51 billion were reported in June, reaching accumulated inflows in 2025 of $102.6 billion, “well above the $54.49 billion recorded up to June 2024,” explain ETFGI. They indicate that the substantial inflows can be attributed to the 20 actively managed ETFs with the highest net flows, which together captured $19.7 billion during June.
Two recently launched JPMorgan ETFs, the JPMorgan Mortgage-Backed Securities ETF (JMTG US) and the JPMorgan Active High Yield ETF, led the inflow rankings. The former recorded $5.78 billion in inflows.
Strong investment inflows are notable in collateralized debt ETFs, such as the Janus Henderson CLO AAA ETF, which registered subscriptions of $876 million last month. It is the largest CLO ETF in the world, with over $21 billion in assets under management. This year, it has already received flows close to $5.2 billion.
Interest in dividend ETFs is also remarkable, such as the Capital Group Dividend Value ETF, which received investment inflows of $835.9 million in June alone, raising its subscriptions this year to $4.524 billion.
Driven by increased mergers and acquisitions (M&A) activity, the ecosystem of Registered Investment Advisor (RIA) firms has matured, developing new strategies, products, and therefore, growth opportunities. This dynamic, according to research firm Cerulli Associates, has caught the attention of major private equity firms, heightening their interest in taking part in the boom of this business.
The report, titled “The Cerulli Edge—The Americas Asset and Wealth Management Edition,” highlighted that there are over 18,000 RIAs focused on retail investors, boosting the potential for growth and scalability. According to a press release, new players are entering the market, including some of the largest private equity investors. The goal: to gain access to these increasingly important distribution channels.
Five years ago, Cerulli noted, private equity’s involvement with the RIA channel was limited to top-tier firms. However, as more opportunities have emerged in the market, more investors are seeking to deploy capital to help RIAs grow. As a result, competition has intensified for the fastest-growing advisory firms, creating bidding wars and larger-scale deals.
Moreover, despite higher interest rates and the 2022 market downturn, sector valuations have remained high.
Activity isn’t heating up solely in the large-firm segment, the report adds. While mega-deals still represent significant and growing opportunities for private equity in the RIA space, investors continue to be “very active” in segments with lower AUM, targeting firms with $2 billion to $3 billion in assets.
Given the size of the market, Cerulli emphasized that the trend still has room to grow.
Support and Competition
Given the rising interest in the sector, Cerulli stresses that private equity investors must add meaningful value to help their portfolio RIAs grow quickly.
“Core interest in RIAs remains strong, with stable revenues supported by tight-knit investor relationships, a high-growth area in wealth management, and a market composed predominantly of smaller, fragmented players,” said Stephen Caruso, Associate Director at Cerulli, in the press release.
“To better realize that growth potential, however, investors need to be prepared to support the RIAs in their portfolios, which may include backing future M&A transactions, guiding the executive team through periods of change, or developing the brand as a buyer,” he added.
Due to the attractiveness of the RIA space, Cerulli notes that private equity firms now face increasing competition from minority investors and private credit providers.
Retail investors, in particular, are seasoned industry participants with longer investment horizons. “Minority investors tend to have a more patient approach, allowing RIAs to grow without the pressure to scale quickly for an exit,” Caruso explained.
Additionally, the private credit industry has also entered the scene, offering valuable support to growth-oriented firms. “Private credit is becoming increasingly attractive to RIA channels as a non-dilutive form of capital. As firms weigh the cost of capital, those wanting to maintain control now have another option, with more providers entering the market,” the executive said.
Enterprise browser company Island has added J.P. Morgan Private Capital Growth Equity Partners as a strategic investor in its Series E funding round, which was led by Coatue Management and values the company at nearly $5 billion.
“Their [J.P. Morgan Growth Equity Partners’] support highlights how the Enterprise Browser solves organizations’ most complex, large-scale challenges in banking and beyond,” said Island CEO and Co-founder Mike Fey.
The funding will support the Island’s continued product development, with a focus on expanding security, governance and user experience features tailored to enterprise IT and security teams. The company’s browser is used by over 450 enterprise clients, including six out of the ten largest U.S. banks.
Island’s technology embeds security and compliance features directly into the browser, allowing organizations to control data access and monitor user activity without additional tools. The company has seen adoption across financial services, healthcare, government and other regulated sectors.
J.P. Morgan Growth Equity Partners, part of J.P. Morgan Asset Management, focuses on growth-stage investments in software, AI, cybersecurity and fintech.
“Cybersecurity is a top strategic priority for the world’s largest enterprises,” said Paris Heymann, Co-Managing Partner of J.P. Morgan Growth Equity Partners. “We’re thrilled to support a pioneering company like Island in this space.”
Global asset services provider Ocorian has appointed Deborah Buscema as Commercial Director for its U.S. funds business, further strengthening its North American sector. Based in New York, Buscema will report to Markus Jolic, Head of Sales Excellence and support the firm’s commercial growth across key markets.
“The commitment to expansion and customer service excellence at Ocorian makes it an exciting time to be joining the company and I look forward to working with existing and new clients,” said Buscema.
The announcement comes shortly after Ocorian signed an agreement, pending regulatory approval, to acquire the Fund Solutions division of Element 78 Partners LLC, a Chicago-based professional services provider. The acquisition is expected to enhance Ocorian’s fund servicing capabilities and client reach in the U.S.
Buscema brings over two decades of experience in senior business development roles. She most recently worked at Cority Software Inc. and previously held leadership positions at Apex Group and BNP Paribas, serving investment managers across the U.S., Canada, and Latin America.
“Deborah’s extensive experience and deep expertise will be a significant asset to our funds business, supporting Ocorian’s continued growth in this strategically important area,” added Jolic.
