Jupiter Asset Management has announced the appointment of William López as the new Head of Europe and Latin America. Until now, López served as Head of Latin America, Iberia, France, and US Offshore. With this internal promotion, he expands his responsibilities in response to a broader review of the firm’s approach in the EMEA region.
According to the firm, US Offshore will remain under his responsibilities. The appointment is intended to further advance the firm in some of its key international markets, as well as to strengthen its focus on managing cross-border key accounts, working closely with the existing sales teams in each market.
One such team is the Iberia team, led by Francisco Amorim, Head of Business Development for Iberia at Jupiter Asset Management since fall 2024. The team also includes Susana García, Sales Director, and Adela Cervera, Business Development Manager. “Jupiter’s team in the Iberian region works very closely with William to drive business growth in this market, aiming to optimize sales capabilities and foster commercial momentum,” the firm explained.
Q2 Holdings, Inc. has announced the launch of Direct ERP, a system designed to close the longstanding gap between banking systems and enterprise resource planning platforms.
It allows banks and credit unions to incorporate core treasury functions directly into commercial clients’ ERP environments, thus streamlining workflows, enhancing visibility and reducing operational friction.
With Direct ERP, businesses can manage payments, access account data, and handle approvals directly within familiar platforms like NetSuite, Workday, Sage Intact, Microsoft Dynamics Business Central, QuickBooks, and Xero.
By integrating banking into these systems, the solution streamlines reconciliation, improves cash flow visibility, reduces manual work, and lowers risk, making it easier for finance teams to stay efficient under pressure.
“Direct ERP enables banking operations within the ERP software experience, automating critical payment and reporting workflows, allowing banks and credit unions to compete for even the largest corporate customers,” said Adam Blue, Q2 Chief Technology Officer.
The platform is powered by partners such as Koxa and Ninth Wave, facilitating connectivity across leading ERP systems.
Manual processes and disconnected systems have long plagued treasury operations, often resulting in delayed, poor user experience and increased overhead. According to Datos insights, 91% of mid-size and large North American businesses consider ERP-based banking capabilities essential, yet most financial institutions are still playing catch-up.
Institutions like Synovus are already leveraging Direct ERP to elevate their treasury services.
“This new solution enhances our integration technology capabilities and transforms how we support them more efficiently,” said Katherine Weislogel, head of treasury and payment solutions at Synovus.
With Direct ERP, Q2 is equipping financial institutions with the tools to stay competitive, meet rising client expectations and modernize how they support commercial banking in today’s rapidly evolving market.
A new study reveals significant disparities in how student loan debt affects financial well-being, retirement preparedness and career decisions of public compared to private sector employees.
Based on a survey of over 2,000 workers, MissionSquare Research Institute found a need for more employer-driven support programs across sectors.
According to the report, titled How Employer-Provided Resources Can Elevate the Impact of Student Debt Across Sectors, 43% of public sector employees currently carry student loan debt, compared to 36% of private sector employees.
Yet despite this higher burden, public sector employees often benefit from more support options, such as the Federal Public Service Loan Forgiveness program, a benefit many say they have not been informed about.
While loan balances hurt both groups financially, private sector workers are more likely to experience lingering financial strain even after their loans are paid off, a phenomenon the study labels the “debt-overhang” effect. It includes delayed retirement contributions, reduced investments and postponed major purchases.
“Our study shows that employer-provided resources and policy improvements can help to address these long-term financial impacts of student loans, helping employees build a secure financial future,” said Dr.Zhikun Liu, vice president and head of the Institute for MissionSqaure.
The report found that 48% of all respondents said their employer did not provide any debt management resources, including 49% of private sector and 42% of public sector workers. Moreover, less than 29% of public employees were informed by their employer about PSLF.
Despite public sector workers having greater access to forgiveness programs, the study emphasizes a lack of communication and employer agreement.
“To help improve financial outcomes for all workers, employers and policymakers need to not only offer these resources, but ensure they guide their workforce in understanding them as well,” added Liu.
The study asks private and public sector employers to expand services to financial literacy programs, personalized counseling and debt management tools. For public institutions, improved communication around PSLF eligibility and application guidance is key. However, for private employers, introducing basic student debt support could alleviate long-term financial stress among their workforce.
As student debt continues to shape long-term financial trajectories, the report presents a strong case for workplace-led solutions to help mitigate its impact across the American workforce.
On May 19, 2025, Coinbase will officially be added to the S&P 500, becoming the first major crypto platform to join the world’s most iconic stock index. For experts in the crypto space, this milestone marks an unprecedented level of institutional validation for the digital asset sector.
“This is not a symbolic gesture but a structural confirmation: Coinbase has met the rigorous standards for stability, liquidity, and profitability required by the index committee, which only admits well-established companies from the U.S. corporate elite,” says Dovile Silenskyte, Director of Digital Assets Research at WisdomTree.
Coinbase’s inclusion coincides with a moment of strong momentum in the market: Bitcoin has surpassed $100,000, and altcoins such as Solana, Ether, and XRP are seeing significant capital inflows. “This reinforces renewed investor interest in the crypto ecosystem, and inclusion in the S&P 500 means Coinbase will begin channeling passive flows from the trillions of dollars tracking this index,” adds Silenskyte.
In the first week of May, Bitcoin surged past $100,000 and is now very close to its all-time high of $110,400. “Altcoins also rallied, in some cases even outperforming Bitcoin. Ethereum, for example, gained 28% against Bitcoin last week, driven both by the trade agreement and the successful rollout of the long-awaited ‘Pectra’ upgrade on the Ethereum mainnet. On the more speculative end of the market, memecoins posted even steeper gains, in some cases up to 125%,” notes Simon Peters, analyst at eToro.
However, experts remain cautious, and the current rally in crypto assets comes with nuances. For example, Manuel Villegas, Next Generation Research Analyst at Julius Baer, points out that Ethereum is not to silver what Bitcoin is to gold. “Their fundamental drivers are very different. In the short term, volatile —and noisy— macroeconomic conditions may obscure these distinctions, causing Ethereum to behave like a high-beta version of Bitcoin, but in the long run, each token’s fundamentals will prevail. Flows into Ethereum ETFs have been minimal —at best—. At the same time, we clearly see institutional interest in collateral management and stablecoins, where significant activity may concentrate on Ethereum. Meanwhile, its supply remains inflationary, as network activity is still limited,” Villegas notes.
The Coinbase Case
Focusing on Coinbase, it’s worth highlighting that the company, which survived the bear market and regulatory pressure of 2022–2023, successfully transformed itself: it cut costs, diversified revenues into areas like staking, custody, and blockchain infrastructure, and posted GAAP profits in 2024, which cemented its eligibility.
“This inclusion accelerates the institutionalization of the crypto world and removes barriers for traditional investors, who now see Coinbase as a legitimate gateway to the sector. It also sends a clear signal to traditional financial firms: Wall Street is no longer watching from afar—it is participating, allocating capital, and gaining exposure —even passively— to crypto. What was once marginal is now an integral part of the global financial architecture. Crypto assets are no longer knocking on the system’s door — they’ve been handed the keys,” concludes Silenskyte.
Bull Market
Current market conditions are dominated by macroeconomic and geopolitical factors, suggesting that volatility driven by external events will remain present. As for this asset class, crypto regulation in the U.S. and the UK is expected to remain one of the most relevant drivers throughout the rest of the year, with stablecoins being the key issue in the U.S. and spot ETFs the top priority in the UK.
According to Julius Baer, the crypto market’s rally reflects an improvement in risk sentiment, driven by the easing of trade tensions between the U.S. and China. Silenskyte explains that Bitcoin’s price increase is fundamentally based on its scarcity, with institutional demand outpacing supply. Meanwhile, due to differing fundamentals, Ethereum is likely to continue diverging from Bitcoin in the long term, despite currently being influenced by similar macroeconomic trends. “Regulatory developments in the U.S. and the UK will be key factors shaping the market going forward. Investors should act with caution, as macro-driven volatility will remain,” she notes.
In their view, sentiment in the crypto market appears to have shifted significantly, in line with improved sentiment across financial markets following signs of easing U.S.–China trade tensions. “That said, both Bitcoin and Ethereum have also rallied due to multiple acquisitions happening in the background, among which Coinbase’s $2.9 billion acquisition of the non-listed options trading platform Deribit marked a turning point in the pause in crypto sector M&A activity,” concludes the Julius Baer analyst.
The growth of assets managed by the investment fund industry in Mexico continues to show double-digit annual rates. According to figures from the Mexican Association of Brokerage Institutions (AMIB), as of the end of April, this indicator posted a year-over-year increase of 24.3%. This marks the fourth double-digit increase so far this year, as detailed in a statement.
Measured on a monthly basis, the assets of Mexican investment funds grew by 1.64%, reaching 4.6 trillion pesos (228.35 billion dollars). Of that total, 3.2 trillion pesos (156.85 billion dollars) are invested in debt instruments, while 1.4 trillion pesos (75.5 billion dollars) are allocated to equities.
Undoubtedly, in the Mexican investment fund market, fixed income investment still holds overwhelming dominance and preference among the investing public, representing more than twice the amount invested in equities. However, this is also seen as an opportunity for market growth, the statement emphasized.
The number of investment funds operating in Mexico has remained relatively stable: during April, fund managers reported 634 investment funds, just two fewer than in March.
While fixed income dominates in terms of assets under management (AUMs), there is a greater number of equity vehicles. Out of the total, 380 funds are dedicated to equities, while 254 strategies are invested in debt instruments.
The number of total clients continues to grow month over month. During the referenced period, the assets managed by the industry came from 12.4 million total clients, representing an increase of 301,758 clients compared to January. This reflects a 2.48% growth over the last three months.
Analysts have noted that the market’s growth remains solid, though there are also signs of caution given the current context of the Mexican economy. In that regard, their expectations for the remainder of the first half of the year remain similar to those at the start of the year, while waiting to shape the outlook for the second half.
Insigneo announced the addition of Jorge Oliveira to its network of financial advisors as Senior Vice President.
With a career spanning more than two decades in the field of wealth management, Oliveira has provided advice to individuals, families, and corporate leaders in the planning and preservation of complex wealth. His expertise in investment strategies, risk mitigation, and long-term estate planning has been key in guiding clients to make decisions aligned with their financial goals, the firm stated in a release.
“With 20 years of experience as a financial advisor, I’m excited to join Insigneo and leverage its platform to continue prioritizing my clients’ success,” said Oliveira.
Before joining the firm specialized in wealth management, he held key positions at leading institutions such as Oppenheimer, Morgan Stanley, Wells Fargo, Smith Barney, and Merrill Lynch, where he built strong expertise in designing sophisticated financial plans, tax strategies, and multigenerational investment structures for high-net-worth clients. He holds a degree in Accounting from St. John’s University in New York and a certification in financial planning from NYU – School of Continuing and Professional Studies, according to his LinkedIn profile.
“We are thrilled to welcome Jorge Oliveira to Insigneo,” said Alfredo Maldonado, Market Head for New York and the Northeastern United States. “His deep industry knowledge and commitment to excellence in client service make him an ideal addition to our team,” he added.
Oliveira’s integration into Insigneo’s network represents another step in the firm’s growth strategy, as it continues to add talent and experience to further enhance the quality of its wealth management services.
Markets appear to have breathed a sigh of relief following the truce agreement between Washington and Beijing, which includes a reduction in tariffs on Chinese exports to the U.S. from 145% to 30% for a period of 90 days. “The news that China and the U.S. have rolled back policies that, in practice, amounted to a trade blockade between the two countries has been warmly welcomed by the markets. Investors are hopeful that this three-month window will be used to negotiate a lasting agreement that, while unlikely to remove all tensions stemming from strategic competition, at least provides a more predictable environment for companies,” says Sean Shepley, Senior Economist at Allianz Global Investors.
According to experts, markets gained ground, led by cyclical sectors. “In the U.S., inflation stability offered slight relief, though the rise in durable goods prices was not fully offset by the slowdown in service inflation. In Europe, cyclical sectors such as automotive rebounded, though sector rotation began to show signs of fatigue by the end of the period, with defensive sectors making a comeback. Investors are now waiting for a new catalyst, as the good news appears to be already priced in,” summarizes Edmond de Rothschild AM.
According to the firm’s analysis, U.S. economic data for April have yet to reflect the impact of the increased tariffs, either in prices or consumer spending. “The Consumer Price Index (CPI) for the month stood at 2.3%, so the anticipated acceleration has not yet materialized, not even in goods. Services continued to ease. Meanwhile, falling oil prices helped slow energy and food inflation. The Producer Price Index (PPI) showed imported goods prices rising slightly from 2.3% in March to 2.5%,” they note.
With PMI releases still pending this week, analysts at Banca March believe market attention in the U.S. will focus on negotiations over the tax reform promoted by President Trump. “According to House Speaker Mike Johnson, the proposal could go to a vote next Monday. The new law gains relevance after Moody’s downgraded the U.S. credit rating. Market attention will also be on Treasury auctions, particularly a $16 billion 20-year bond issue scheduled for Wednesday,” they explain.
The Truce Between Washington and Beijing
In the view of Paolo Zanghieri, Senior Economist at Generali AM (part of Generali Investments), the unexpected and swift agreement to temporarily de-escalate trade tensions between China and the U.S. shows there is a sort of “Trump option,” even if the exercise price is higher than expected. “Following the truce, we have revised our growth forecasts for the U.S. and the eurozone to 1.6% (from 1%) and 1% (from 0.9%), respectively, and reduced our forecast for Fed rate cuts from three to two by year-end. In terms of asset allocation, we have strengthened our preference for investment grade bonds while maintaining a slight overweight in equities. The peak of uncertainty has passed, and trade protectionists no longer seem to hold the upper hand in the U.S. administration—but caution is still warranted,” explains Zanghieri.
He first points out that the truce with China is temporary, with the suspension of punitive tariffs set to expire on July 8, though he expects it to be extended until the U.S. reaches agreements with key trading partners. “This extension, while welcome, would not fully resolve the uncertainty that continues to hinder corporate capex planning,” he adds.
Second, he notes that the universal 10% tariff and the 25% tariffs on steel, aluminum, automobiles, and auto parts remain in effect, with few exemptions, which will impact both growth and inflation. “U.S. trade authorities are still assessing potential security threats from imports of semiconductors, pharmaceuticals, critical minerals, and commercial aircraft, among others, which could trigger new sector-specific tariffs,” he explains.
Lastly, Zanghieri highlights that the only near-finalized deal—with the UK—has very limited scope and includes provisions aimed at excluding China from British supply chains in strategic sectors. “Beijing would strongly oppose this becoming a standard feature of all trade agreements,” he concludes.
Navigating the 90-Day Pause
In the view of Andrew Lake, Chief Investment Officer and Head of Fixed Income at Mirabaud Asset Management, the rhetoric may sound familiar, but this latest chapter in the tariff saga comes with a notable shift: “The real negotiations are not between the United States and its trading partners, but between the White House and the U.S. bond markets.”
According to Lake’s analysis, a subtle yet significant change has emerged in recent weeks: Trump appears far less reactive to stock market volatility than during his first term, when he often measured his success by the performance of the S&P 500. “This time, the key indicator is U.S. funding costs. He wants lower Treasury yields, lower interest rates, and a weaker dollar. When Treasury yields started to break down in April, the tone changed. Now it is the bond market—not equities—that seems to be driving policy adjustments,” they explain. In Lake’s view, with most of the 90-day pause still ahead, markets remain optimistically positioned, buoyed by news of deals with the UK and China.
For Lake, the real question is whether financial markets, encouraged by optimism over tariffs, can look past current data and focus instead on the potentially better economic expectations now being priced in for the second half of the year.
“Clearly, we are in a worse position than at the start of the year, with 10% now seemingly the minimum tariff rate, but that is still much better than the situation just a few weeks ago. Doubts remain, but if this is now the ‘new normal,’ then we would expect agreements with other major trading partners to follow in the coming months. As we return to a ‘wait-and-see’ mode, our positioning remains cautious. Markets are rising on narrative, not fundamentals, and we have been reducing risk during these rallies. We prefer rotating into high-quality credit, where spreads have widened to levels we consider ‘recessionary.’ We are building exposure gradually at attractive entry points,” he concludes.
International asset managers face the challenge of standing firm in their convictions (and in long-term views) while offering solutions amid market uncertainty. Meanwhile, financial advisors are more attentive than ever to what the experts have to say, and in this regard, the exchange was especially intense during the XI Investment Summit hosted by Funds Society in Palm Beach.
Understanding the Present and Continuing to Invest in Equities
Jupiter AM and Zara Azad, Investment Director from the Systematic Equities team, presented two of their strategies: the Jupiter Merian Global Equity Absolute Return (GEAR) and the Jupiter Merian World Equity Fund.
The firm raised one of the current dilemmas: How can one invest in equities under today’s uncertain market conditions in the U.S.?
Jupiter’s automated model scans around 7,000 stocks, searching for opportunities outside the benchmark and relying on strong diversification. Managers apply various investment styles but do so within a systematic framework. These strategies are rebalanced daily.
While Jupiter leans on market history, Zara Azad explained that their goal isn’t to predict the future but to capture the present—taking into account factors such as market sentiment. With the help of a graph, attendees observed how this sentiment has grown in importance over time. For example, in December 2024, fundamentals were dominant in the analysis model; today, sentiment weighs more heavily.
What investors in Palm Beach wanted to know: Azad faced a barrage of questions during her presentation. Clearly, financial advisors are closely monitoring what’s happening in their equity portfolios. Jupiter’s funds have long been staples in many diversified portfolios, but this time, advisors wanted to “look under the hood” and re-evaluate them in light of recent events.
The AAA CLO – A New Beast in Portfolios
Janus Henderson began its presentation with the basics: defining the CLO, a financial instrument unfamiliar to many in the room.
Roberto Langstroth, fixed income investment specialist at the firm, was prepared to go into detail on the underlying corporate loans, explaining that they are currently a more profitable option than cash. He also noted that AAA-rated CLO tranches have never defaulted and show very low correlation with risky assets such as equities.
U.S. CLOs make up a mature, $1 trillion market, and the USD AAA CLO UCITS ETF aims to offer diversified and liquid exposure, in addition to an extra layer of active risk management.
What advisors said in Palm Beach: Interest in CLOs was obvious and tangible. Several advisors requested specific fund data after asking many questions. Since 2008, derivatives have been a sensitive topic for investors, but CLOs make sense in today’s environment. They fall under fixed income and, most importantly, offer a coupon: “you can see the accumulation,” as one attendee put it. What’s the drawback compared to cash? In the event of a major catastrophe, they may be shaky for a few days.
25 Years of Vanguard’s Advisor’s Alpha
Vanguard has spent years researching investor portfolios and believes that financial advisory must evolve around several key aspects of the client relationship: planning, behavior, and tax efficiency. To do this optimally, the firm believes that asset allocation and investment policy should be managed by specialized services.
Colleen Jaconetti, Senior Manager at Vanguard’s Investment Advisory Research Center, defended the firm’s Advisor’s Alpha approach, which has now reached its 25th anniversary.
Jaconetti believes advisory practices have shifted toward more transparent, positive-sum activities. This has led to substantial improvements in clients’ investment outcomes while expanding the addressable market for advisory services. The widespread adoption of this model has led to a stronger focus on asset allocation, fund selection, financial planning, wealth management, and behavioral coaching, all of which translate into better results.
What financial advisors said: Vanguard’s thesis isn’t new to professionals in Miami, many of whom have long delegated portfolio construction to specialist teams. Others have always operated this way, believing that building an investment policy isn’t “rocket science” and prefer to alternate between passive and active management depending on their market outlook.
Capturing and Exploiting Market Dislocations
The XI Investment Summit in Palm Beach saw the debut of PineBridge’s new fund: the Global Focus Equity Fund, a fundamentally driven equity strategy that identifies valuation mispricing in high-quality companies.
Kenneth Ruskin, Director of Research and Head of Sustainable Investing for Global Equities at PineBridge, explained that the fund focuses on studying companies and their life cycles, aiming to capture market dislocations. Market inefficiency, he noted, arises because the market is too focused on short-term results instead of deeper issues like governance or financial strength.
The strategy is designed to remain neutral to market style rotations and to build a concentrated, high-conviction portfolio of 30 to 50 stocks.
What financial advisors noted: The boldness of the fund’s investment policy caught attention. Active management is very much alive in this strategy, which forges its own path by seeking out market mistakes. The Global Focus Equity Fund is relatively new, but it’s a strong contender among global equity funds.
The Exemption for Dual-Class Share Products Is a Major Development and Will Drive the Industry in the Right Direction to Offer More Tax-Efficient and Lower-Cost Exposures, but It Will Not Happen Overnight, According to a New Study by International Consultancy Cerulli, in Collaboration With Nicsa
Interest in share class conversions comes at a time when ETFs are experiencing unprecedented growth, while mutual funds have seen consistent outflows.
Specifically, U.S. ETFs reached a record $10 trillion in assets in 2024, although active ETFs remained a small portion (around $900 billion by year-end). The dual-class share product is a way in which asset managers hope their active exposures will attract inflows through the ETF structure.
Asset managers view the dual-class share exemption as an opportunity to launch ETF products that carry the performance track record of the mutual fund while simultaneously offering greater tax efficiency.
“For asset managers, the dual-class share option offers the best of both worlds, as it allows the investor or their advisor to use their preferred structure and benefit from the associated advantages (for example, the greater tax efficiency of an ETF in a taxable account, or the certainty of the net asset value (NAV) of a mutual fund),” said Chris Swansey, associate director at Cerulli, the Boston-based consultancy.
When dual-class share products enter the market, a gradual rollout is likely, as wealth managers work through the business and operational complexities involved in offering these products.
Among the specific challenges cited in the Cerulli and Nicsa study are considerations related to Reg BI, operational challenges linked to the redemption mechanism for converting mutual fund assets into ETFs, and business economics, particularly the loss of 12b-1 fees and sub-transfer agency fees.
“One of the main issues will be the exchange mechanism. Solving infrastructure gaps will be costly, resource-intensive, and full of unknowns,” commented Swansey. “Although a wide variety of asset managers have applied to launch dual-class share products, we expect short-term use to be limited to firms that are testing the waters or have a business with lower risk of disrupting intermediary relationships,” he added.
In the long term, dual-class share products will lead the industry to offer active exposures that are tax-efficient and lower-cost within the client’s preferred structure. However, in the short and medium term, the asset and wealth management sectors will have to face operational and compliance challenges.
“Although it is not yet complete, the rollout of dual-class share products already has interesting implications for the industry,” said Jim Fitzpatrick, president and CEO of Nicsa.
“Asset managers need to be selective about which products to offer as ETFs in the form of a share class, taking into account what intermediaries and advisors want. We look forward to working with asset and wealth managers to identify solutions for the future,” he concluded.
The First Months of 2025 Have Been Highly Volatile and Turbulent for Global Markets; However, in Mexico There Are Signs That Suggest a Divergence From the Global Trend
According to figures and analysis by Franklin Templeton, an overview of the main investment vehicles in Mexico reflects the current performance of the local market: for example, Cetes have already accumulated a nominal return of 4% so far this year; Mexican Bonds and Udibonos, in turn, are experiencing the best start to the year in a long time; while Mexican Fibras and stocks, which were severely punished in 2024, now hold the second and third places in performance within local markets.
Additionally, considering that the dollar has depreciated by around 6% as of the end of April, the appeal of Mexican stocks for foreign investors has increased.
The peso has remained relatively stable despite external pressures, particularly those related to the trade policy of its powerful neighbor, the United States—a nation that is also its main trading partner, yet this has not prevented the imposition of tariffs.
This outlook of attractive returns in the Mexican market is present even despite the recession expectations for the country’s economy and the evident slowdown that is already being observed.
One key factor has been the control of inflation in Mexico, which has sent signals of relative stability for the country’s economy. The control of inflation has especially benefited debt instruments.
Franklin Templeton notes in its analysis that in this context, investments in conservative assets such as bonds can remain a smart investment decision for those who prioritize consistent, low-risk returns aligned with the investment horizon required by each manager.
Some other factors, such as the large fiscal deficit reported by the country last year—around 5.9% of GDP, the highest in more than three decades—apparently show signs of being under control and in the process of consolidation, that is, reduction, and have not affected investor sentiment; on the contrary.
Even the economic slowdown process, already noted above, is a factor that for now concerns investors little, considering that there are geopolitically much weightier factors that lead investors to view Mexico as an attractive and, above all, low-risk investment option compared to others.
