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Central Scenario and Asset Allocation: Four Views to Warm Up the Engines

As 2026 approaches, international asset managers and investment firms are outlining the main factors they believe will shape the year ahead and their preferred asset allocation strategies. Although each has a distinct perspective, they agree that as 2026 unfolds, uncertainty stemming from changes in central bank policy, geopolitical tensions, and structural shifts will define the macroeconomic landscape.

Alexandra Wilson-Elizondo, Co-Chief Investment Officer of Multi-Asset Solutions at Goldman Sachs Asset Management, says these forces are creating opportunities across public and private markets—from disruptions to secular growth themes and alternative sources of return. “We believe investors need a truly diversified, multi-asset approach that combines active cross-asset positioning, granular security selection, disciplined risk management, and explicit tail-risk hedging, in order to protect capital while also opening new avenues for growth,” she states.

Mark Haefele, Chief Investment Officer at UBS Global Wealth Management, frames the question for 2026 as whether the powerful forces of AI, fiscal stimulus, and monetary policy easing can push global markets beyond the gravitational pull of debt, demographics, and deglobalization toward a new growth era. “Navigating these structural changes requires investors to adapt their strategies, focusing on sectors and themes where capital is flowing and transformation is underway,” Haefele notes.

So, what is the central scenario for these and other global asset managers in the coming year? And, more importantly, what asset allocation do they see as best suited to navigate that scenario? Let’s look at each one:

Robeco: A Return to 2017

Robeco foresees a cyclical, global, and synchronized rebound that would mirror the conditions of 2017, driven by the convergence of several factors: easing trade tensions, a recovery in the manufacturing cycle, and the delayed effects of monetary easing.

A key theme for the year will be central banks, which will have to navigate a “maze” as they seek balance between political pressures and an overheated economy. “Despite persistent uncertainty, the global economy is ready to play in unison—even if just a short piece,” they comment.

In Robeco’s base case, U.S. real GDP is expected to grow by 2.1% in 2026, supported by AI-driven productivity gains and fiscal stimulus from the One Big Beautiful Bill Act. However, they note that the U.S. economy remains divided: high-income consumption will remain strong, while lower-income households will feel pressure from rising tariffs and slowing job growth.

Europe’s growth engine is said to be “revving up,” with Germany showing accelerating activity thanks to fiscal stimulus. “The eurozone is expected to grow by 1.6%, supported by fiscal expansion and pent-up consumer demand. China, while still battling deflationary pressures, may see a domestic recovery in the second half of 2026 as real estate deleveraging ends,” they add.

Robeco sees continued upside for equities, especially in interest-rate-sensitive sectors and markets outside the U.S. While U.S. valuations remain high, earnings—particularly in tech—will be key. “Eurozone equities look attractive based on valuation and macro factors, and emerging markets could benefit from a weaker dollar and improved trade flows,” they state. In fixed income, Robeco favors shorter durations due to expectations of higher long-term yields.

On sustainability, Rachel Whittaker, Head of Sustainable Alpha Research at Robeco, adds: “Sustainable investing isn’t disappearing—it’s realigning. As the tempo changes, we’re holding the note in our clients’ interest while adapting to new realities. Staying focused on our long-term investment convictions reinforces the relevance and resilience of sustainable investing, as it’s grounded in science and enduring principles—not trends.”

JSS SAM: A Global Resilience Scenario

For Claudio Wewel, currency strategist at J. Safra Sarasin Sustainable AM, the keyword for 2026 is resilience. “The U.S. economy continues to show resilience, with AI investment increasingly contributing to GDP growth. Purchasing managers’ indices reflect solid activity in both manufacturing and services. Consumer confidence remains stable and largely unchanged since September. However, there are growing signs that the economy’s overall state has become more fragile,” Wewel argues.

In the eurozone, he expects improvement over time. “We are more optimistic for next year, when fiscal spending in Germany is expected to positively impact growth. So far, businesses haven’t expanded production capacity in anticipation of higher demand. Investment spending and industrial orders remain low,” he adds.

Market developments led portfolios to show slight equity overweights during the month, a position they’ve modestly increased in selected areas. “We’ve considered macroeconomic improvement, looser monetary policy, and imminent fiscal stimulus. In response to falling interest rates, we’ve reduced fixed income allocations,” Wewel explains.

They remain regionally neutral in equities and maintain a largely balanced stance across investment-grade bonds, high yield, and emerging markets. “We’re holding our gold position, though we’ve taken advantage of the sharp price increase to realize part of the accumulated gains,” he concludes.

GSAM: Public and Private Markets

Goldman Sachs Asset Management believes that AI will continue to fuel investor optimism, though it recommends a diversified multi-asset strategy based on active management and granular security selection to navigate a complex year geopolitically, monetarily, commercially, and fiscally.

In their report “Seeking Catalysts Amid Complexity,” they foresee increased dispersion in equity markets, with a favorable trend toward global equity diversification and a mix of fundamental and quantitative strategies. In fixed income, they focus on duration diversification and strategic curve positioning to navigate mixed macro signals. “Income opportunities may arise from securitized credit, high yield, and emerging markets,” they note.

In private markets, they expect 2026 to be a more constructive environment for new deals and exits, possibly leading to greater dispersion in private equity manager returns. “Private credit continues to outperform public markets, with historically lower default rates than syndicated loans. Rigorous risk assessment is essential, and opportunities are emerging in infrastructure driven by AI and the energy transition,” they assert.

UBS GWM: Will the Law of Gravity Break?

In its Year Ahead 2026 report, the UBS Global Wealth Management CIO notes that while political headlines will remain in the spotlight, history shows their impact on financial markets is often short-lived. Still, they identify several risks that could weigh on markets in the year ahead, including: disappointment in AI progress or adoption, a resurgence or persistence of inflation, a deeper phase of strategic rivalry between the U.S. and China, and renewed concerns over sovereign or private debt.

Barring these risks, UBS GWM sees AI-driven innovation as a key market driver in 2025, with the information technology sector now accounting for 28% of the MSCI AC World Index. “Strong capital expenditure trends and accelerating adoption are likely to drive further growth for AI-linked equities,” they point out.

They expect the economic backdrop in 2026 to broadly support equities, with growth accelerating in the second half of the year. Specific forecasts include: 1.7% growth in the U.S., supported by looser financial conditions and accommodative fiscal policy; 1.1% GDP growth in the eurozone; and approximately 5% growth in the Asia-Pacific (APAC) region.

With these dynamics in mind, UBS GWM recommends increasing equity exposure and exploring opportunities in China. “Favorable economic conditions should support global equities, expected to rise around 15% by the end of 2026. Strong U.S. growth and supportive fiscal and monetary policy benefit tech, utilities, healthcare, and banking, with gains likely in the U.S., China, Japan, and Europe. China’s tech sector stands out globally, supported by strong liquidity, retail flows, and expected 37% earnings growth in 2026. Broader exposure to Asia, particularly India and Singapore, could offer additional diversification benefits, as could emerging markets,” the firm states.

Their second asset allocation focus is commodities. “Supply constraints, rising demand, geopolitical risks, and long-term trends such as the global energy transition should support commodities. Within this asset class, we see particular opportunities in copper, aluminum, and agricultural commodities, while gold serves as a valuable diversifier,” they argue.

Do Nvidia’s Results Silence the AI Debate?

| By Amaya Uriarte | 0 Comentarios

Amid the emerging debate over whether an AI bubble is forming—or already exists—what do the results of the tech giant mean?

According to Richard Clode, portfolio manager of the Global Technology Leaders team at Janus Henderson, Nvidia exceeded expectations, reaccelerating growth and having already presented at its recent GTC Washington event a roadmap to reach over $300 billion in data center sales next year. He stated that this week’s agreements with HUMAIN Saudi Arabia and Anthropic contributed to that figure.

In fact, after the presentation, Nvidia’s shares surged sharply after market close, following the chipmaker’s release of a strong revenue forecast for the current quarter, reinforcing investor confidence in the growth of artificial intelligence (AI).

“The buyers’ forecasts remain well ahead of the formal consensus of the sellers, so the overnight upgrades are more of a catch-up. Still, the shares are trading at a valuation far from exaggerated, which remains a key response to recent concerns about the AI bubble and comparisons with the year 2000,” comments Clode.

Dispelling Fears

According to experts at Banca March, recent fears surrounding investment in artificial intelligence are easing after another quarter in which expectations were not only met but exceeded. “The fervor continues in a changing environment. For now, the more skeptical voices are quieting—at least until the next earnings report in February,” note the Banca March experts in their analysis.

At UBS Global Wealth Management, they believe that the continuation of investments in AI, the strong financial health of major tech firms, and the growing evidence of AI monetization reinforce their conviction that the global equity rally still has room to run in the coming months.

“Without taking positions on individual companies, we believe that having sufficient exposure to AI-related stocks is key to building and preserving long-term wealth. Investors should ensure they are present across the entire AI value chain, including the intelligence and application layers, as well as the enabling layer,” states Mark Haefele, CIO at UBS GWM.

The Concerns

However, other recent concerns have included Michael Burry’s short thesis on hyperscalers exaggerating their earnings through the underestimation of depreciation, circular financing, and recent deals with competitors’ clients. In this regard, Charlotte Daughtrey, Director of Equities Investments at Federated Hermes Limited, points out that this is more of a reality check amid the AI boom. “The market has been under pressure this week due to a drop in investor sentiment amid growing doubts about the sustainability of the AI boom. However, Nvidia’s excellent earnings provided a bright spot, reinforcing strong demand for AI infrastructure,” she explains.

Meanwhile, Patrick Artus, Senior Economic Advisor at Ostrum AM, an affiliate of Natixis IM, highlights three areas of concern in his latest analysis regarding this boom: the weight of the sectors that will be heavily affected by AI, with estimates varying widely; whether AI will complement or replace employment, which will determine macroeconomic productivity gains or losses; and who will benefit from the profits generated by AI, depending on whether the AI producer market is competitive or oligopolistic.

According to Artus, the most favorable outcomes for the economy would occur if AI impacts many sectors, complements employment, and AI users capture the majority of the gains.

Mexico, a Regional Giant Facing Persistent Low Growth

| By Amaya Uriarte | 0 Comentarios

Mexico main supplier US — Pixabay CC0 Public Domain

Mexico’s economy, the second largest in Latin America, has solidified its relevance over the past two decades through the trade agreement linking it to two global giants: the United States, the world’s largest power, and Canada, one of the seven largest economies. But it faces a longstanding issue it has been unable to resolve for decades: low growth.

So far this century, Mexico’s average GDP stands at 1.73%, a completely insufficient rate for an economy that should be growing at least between 5% and 7% annually to generate enough jobs to reduce the backlog accumulated over decades, as well as to meet the demand for employment from new generations.

Meanwhile, Mexico is also consolidating its position in financial markets. In recent years, a spectacular rise in its stock market and an unusually strong currency are clear indicators. The Mexican financial market is perhaps the most benefited in recent years amid fears driven by geopolitical realignments and the United States’ new trade policy.

However, the news and expectations from analysts who follow the Mexican economy closely are not optimistic. All signs point to Mexico being trapped in the so-called “growth trap,” a condition not unique to the country but persistent in the region’s second-largest economy.

Factors Preventing Economic Takeoff

The October survey of private-sector analysts in Mexico shows that specialists project GDP growth at the end of 2025 to be 0.50%, unchanged from the previous month’s survey.

This halts a four-month streak of upward revisions, during which growth expectations rose from 0.18% to 0.50%. Despite this, the 0.50% forecast remains below the 1.00% projected in the January survey. Meanwhile, the 2026 growth expectation was adjusted upward from 1.35% to 1.40%.

According to the percentage of responses from specialists, the six main factors hindering Mexico’s economic growth are:

a. Governance (41%)

Governance remains the top factor obstructing Mexico’s economic growth. Within this category, public security issues are seen as the main risk, accounting for 17% of responses, and have been identified as the leading governance-related concern since November 2024. Other cited issues include lack of rule of law (9%), domestic political uncertainty (6%), corruption (6%), and impunity (3%).

b. External Conditions (28%)

Within external conditions, the top risk identified is trade policy, with 17% of responses. This ties it with public insecurity as the leading overall risk to Mexico’s economic growth among the 32 factors analyzed. This concern stems largely from uncertainty over the protectionist trade policies of Donald Trump in the United States. Other concerns within this category include international political instability (4%) and weakness in external markets and the global economy (2%).

c. Domestic Economic Conditions (22%)

Key factors include a weak domestic market and uncertainty over the internal economic situation (7%), lack of structural reform in Mexico (6%), and overall market weakness (6%).

d. Public Finances (6%)

This factor dropped from 8% to 6%. However, in the past two months, it has remained above the year-to-date average of 3.7%. This is attributed to the presentation of the 2026 Economic Package, which has raised concerns among private-sector specialists. The Ministry of Finance projects a 4.1% deficit for 2026 and growth in the range of 1.8% to 2.8%, which is seen as optimistic.

e. Monetary Policy (2%)

Factors include current monetary policy (1%) and high domestic financing costs (1%), both of which are viewed as obstacles to growth, according to the survey.

f. Inflation (2%)

This factor rose by one percentage point compared to the September survey. Rising labor costs were the only inflation-related element perceived by specialists as a barrier to growth.

Thus, the major challenge facing the region’s second-largest economy is clear: it must boost growth decisively and escape the “growth trap,” which experts warn could cause Mexico to relive crises it was presumed to have overcome.

However, the path forward will not be easy. Political transition, regional shifts, and the aggressive trade policies of Mexico’s main partner, the United States, do not suggest a smooth road ahead for an issue that can no longer be postponed. Mexico must grow at a faster pace—urgently—and there is no clear indication of how that will happen in the near term.

Companies Slow Down Diversity Reporting on Their Boards

| By Amaya Uriarte | 0 Comentarios

Transparency around directors’ race and ethnicity has plummeted in the latest U.S. reporting season. According to a report by The Conference Board, the proportion of companies disclosing this information fell by 40% in the Russell 3000 and 32% in the S&P 500 between 2024 and 2025. The main cause is the court ruling that struck down Nasdaq’s diversity disclosure rule, along with a broader retreat from DEI policies amid legal and political pressures.

On gender, although overall female representation remains at record highs, momentum is slowing: the appointment of women directors declined from 42% to 33% in the Russell 3000 and from 43% to 36% in the S&P 500 since 2022.

The report also shows a shift in age structure. The presence of directors aged 66 to 70 is increasing in both indexes, indicating that companies are prioritizing continuity and experience in a volatile environment. At the same time, mandatory retirement policies are losing ground.

In terms of expertise, boards are strengthening technology and risk-related profiles: experience in technology, cybersecurity, and human capital has seen double-digit growth since 2021, while traditional areas like strategy and law have slightly declined.

Turnover is also cooling. In the Russell 3000, the proportion of new directors dropped from 13.3% to 8.6% between 2022 and 2025, and the S&P 500 shows a stable trend, with minimal variation. Nevertheless, overboarding policies continue to expand, reaching 85% in the S&P 500.

The study was conducted in collaboration with ESGAUGE, Russell Reynolds Associates, KPMG, and the Center for Corporate Governance at the University of Delaware.

Lucas Azevedo Joins the Snowden Lane Team in Coral Gables

| By Amaya Uriarte | 0 Comentarios

Snowden Lane Partners announced that Lucas Azevedo has joined the Gherardi Group as a Financial Advisor and Vice President. Based in the Coral Gables office, Azevedo will work closely with Senior Partner & Managing Director Christian Gherardi to provide the team’s clients with customized financial planning, retirement, and estate planning solutions, the independent wealth advisory firm reported.

“Lucas has a unique ability to combine his technical investment expertise with client-focused execution, and we are thrilled to welcome him to the team,” said Gherardi.

According to a Managing Director at Snowden Lane, the new addition has “a strong track record of working with ultra-high-net-worth clients, delivering specialized solutions that address complex considerations in international markets.”

Prior to joining Snowden Lane, Azevedo served as Associate Director and Private Banker at BTG Pactual, where he managed over $250 million in client assets.

An expert in serving ultra-high-net-worth families in Brazil and Latin America, Azevedo has built a 13-year career that includes additional experience at Crédit Agricole Private Banking and Citi Private Bank. He specializes in multi-asset portfolios and international asset structuring, and is fluent in Portuguese, English, and Spanish, according to a statement from the firm.

Since its founding in 2011, Snowden Lane has built a national brand, attracting talent from Morgan Stanley, Merrill Lynch, UBS, JP Morgan, Raymond James, Wells Fargo, and Fieldpoint Private, among others. The firm employs more than 150 professionals, including over 80 financial advisors, across 15 offices nationwide.

New Regulatory Pressure Redefines AML/KYC Compliance

| By Amaya Uriarte | 0 Comentarios

A new study by CSC reveals that 87% of limited partners (LPs) have rejected or reconsidered capital commitments due to compliance concerns, making AML/KYC processes a decisive investment filter.

In parallel, 63% of general partners (GPs) report having lost investors or reinvestments because of documentation issues, process failures, or onboarding delays.

The survey—conducted among 200 GPs and 200 LPs across North America, Europe, the United Kingdom, and Asia-Pacific—shows that LPs are raising the bar even before regulations require it. 88% prefer managers with formal AML/KYC programs, and 97% believe compliance will be a central element of due diligence within the next three years.

Inconsistencies across jurisdictions, lack of independent oversight, and manual processes remain the greatest operational risks. As a result, GPs are accelerating the adoption of outsourced solutions: 91% already outsource part or all of the process, and most report cost savings of 10% to 30%. Additionally, 59% plan to increase technology investment over the next year.

“AML has gone from an administrative task to a key driver of fundraising success,” said Chalene Francis, Executive Director of Fund Services in North America.

With global regulatory changes underway and only 47% of managers feeling prepared, the urgency to standardize and modernize AML/KYC processes is only expected to grow.

United Kingdom Faces Largest Wealth Exodus in a Decade

| By Amaya Uriarte | 0 Comentarios

Throughout 2025, 142,000 millionaires will change countries. This figure represents the largest global movement of high-net-worth individuals recorded in recent history. According to the Henley Private Wealth Migration Report 2025, the United Kingdom tops the list of countries with the highest net loss of millionaires, with a projected 16,500 departures—far surpassing China, which, for the first time in ten years, falls to second place with 7,800.

This phenomenon, which reflects a profound shift in global elite mobility trends, is driven by tax changes, perceptions of political stability, and new investment opportunities in other destinations. “2025 marks a turning point. For the first time in a decade, a European country leads the millionaire exodus. This is not just about taxes, but about a deeper perception that opportunities, freedom, and stability lie elsewhere in the world,” says Dr. Juerg Steffen, CEO of Henley & Partners.

Key Trends

In addition to the United Kingdom, France, Spain, and Germany will also experience net losses of high-net-worth individuals in 2025, with projected outflows of 800, 500, and 400 millionaires, respectively. Other countries such as Ireland, Norway, and Sweden are beginning to show similar signs. By contrast, Switzerland is solidifying its position as one of the main wealth havens in Europe, with a net inflow of 3,000 millionaires, while Italy, Portugal, and Greece are set to experience record arrivals—driven by favorable tax regimes, high quality of life, and active investment migration programs. Meanwhile, Monaco, with more than 200 new millionaires, continues to attract the ultra-wealthy, particularly from the UK, Africa, and the Middle East.

On the global stage, the United Arab Emirates once again ranks as the most popular destination, with an estimated net inflow of 9,800 millionaires. It is followed by the United States (+7,500) and Saudi Arabia (+2,400), the latter on the rise thanks to the arrival of international investors and the return of nationals.

In Asia, Thailand is beginning to challenge Singapore’s dominance, with Bangkok emerging as a new regional financial hub. Hong Kong and Japan are also showing rebounds, while Taiwan and South Korea are facing significant outflows due to geopolitical tensions and economic factors.

In the Americas, flows to Costa Rica, Panama, and the Cayman Islands stand out, while Brazil leads the wealth exodus in Latin America with a net outflow of 1,200 millionaires, followed by Colombia (–150). The U.S., Portugal, and Costa Rica are among the top destinations for wealthy Latin Americans.

The British Case: From Wealth Magnet to “WEXIT”

Since the Brexit referendum in 2016, the United Kingdom has shifted from being a destination for millionaires to a net exporter of wealth. The projected outflow of 16,500 millionaires in 2025 is largely attributed to tax reforms introduced in the October 2024 budget, which significantly increased taxes on capital gains and inheritances and altered tax benefits for non-domiciled residents.

This mass departure has been dubbed “WEXIT” (wealth exit) and is prompting many affluent individuals to relocate to more favorable jurisdictions such as Dubai, Monaco, Malta, Switzerland, Italy, Greece, and Portugal.

“The UK has been the only country among the world’s top 10 economies to record a decline in millionaires since 2014, with a 9% drop, compared to an average growth of 40% across the rest of the group,” explains Prof. Trevor Williams, former chief economist at Lloyds Bank.

The Future of Wealth: Asia at the Center of the Board

Despite the challenges, Asia remains the world’s economic engine. While China and India continue to show net outflows, they are also showing signs of stabilization, driven by their tech and entertainment sectors. At the same time, Singapore and Japan are solidifying their roles as new wealth hubs, while South Korea and Taiwan illustrate how geopolitical tensions can influence the residency decisions of the ultra-wealthy.

“The wealth landscape in Asia is a mix of ambition and caution. Asia will remain at the heart of global wealth trends in 2025,” concludes Dr. Parag Khanna, author and founder of AlphaGeo.

The National Association of AFAPs of Uruguay Plans to Invest in Foreign Mutual Funds

| By Amaya Uriarte | 0 Comentarios

The National Association of AFAPs (ANAFAP), which brings together Uruguay’s three private pension fund administrators, is proposing an update to current regulations to enable investment in “foreign mutual funds and exchange-traded funds listed on stock exchanges of recognized international prestige, with prior authorization from the regulator,” according to a statement.

The proposal is part of a technical document containing a series of recommendations aimed at improving the functioning and sustainability of Uruguay’s pension system, within the framework of the ongoing Social Dialogue on pension reform in the country.

Broader Global Diversification

ANAFAP also proposes increasing the permitted investment limits in foreign mutual funds for both the Growth and Accumulation subfunds, as well as for the overall Pension Savings Fund, in order to achieve broader global diversification.

The association believes that incorporating “40% global equities into the current AFAP portfolios could raise the average benefit from the savings pillar by around 21%, with much of the risk associated with the new investments mitigated by the effects of diversification.”

The document highlights that this initiative would not entail a reduction in investment in local projects.

Promoting Voluntary Savings

In its proposal, ANAFAP also aims to promote voluntary savings and notes that there are opportunities to do so more effectively—for example, by automatically depositing VAT refunds from electronic payments into a pension savings account, unless the worker opts out.

The document notes that such mechanisms, inspired by behavioral economics, have been shown to significantly increase retirement savings in other countries. It also suggests allowing greater liquidity for voluntary savings in exceptional circumstances, such as purchasing a home or covering medical expenses, which could encourage participation without compromising the retirement purpose.

Improved Access to Pension Information

The Uruguayan pension fund association also stresses the need to improve access to pension information in order to provide more comprehensive advice to workers. The Association recalled that advising is one of the core functions of the AFAPs, but with the enactment of Law No. 20,130, these entities were prevented from accessing relevant system information, limiting their ability to properly guide members on their estimated future retirement benefits. The document notes that this situation does not align with best practices or international pension recommendations.

Reviewing Decumulation Stage Options

Finally, ANAFAP proposes reviewing the available options during the decumulation stage, that is, when savings are converted into retirement income. Currently, the prevailing mechanism is the life annuity, but there are other models used in different countries that could complement or improve the current system. These include retirement mutual funds, temporary annuities, or combinations that allow greater flexibility and more efficient use of accumulated capital.

The National Association of AFAPs of Uruguay (ANAFAP) is the trade association that brings together the private Pension Savings Fund Administrators: Integración AFAP, AFAP Sura, and AFAP Itaú. This does not include the country’s largest fund, República AFAP, which is publicly owned. According to 2024 data, the four pension funds manage 22.103 billion US dollars.

Amundi and ICG Announce a Long-Term Strategic and Shareholding Alliance

| By Amaya Uriarte | 0 Comentarios

Amundi and ICG, Private Markets Asset Managers in Europe, Establish a Long-Term Strategic Alliance in Distribution, Product Development, and Shareholding

Specifically, Amundi will acquire a 9.9% economic stake in ICG, becoming a strategic shareholder without diluting existing ICG shareholders, thereby strengthening the long-term alliance.

A 10-Year Exclusive Distribution Agreement

Under the terms of the agreement, Amundi will be the exclusive global distributor in the wealth channel for ICG’s evergreen and other specific products for the next ten years. In turn, ICG will be the exclusive provider of these products for Amundi’s distribution business. Both firms have also committed to jointly developing new products specifically designed for and suited to wealth investors.

According to Amundi, “this partnership creates new and exciting opportunities for both parties.” It allows Amundi to benefit from ICG’s investment expertise and track record to accelerate its distribution of private assets, one of the most dynamic areas in asset management. Meanwhile, ICG will benefit from Amundi’s international distribution capabilities in the wealth channel and its structuring expertise in designing investment solutions for wealth clients—a high-growth segment in private markets.

Key Statements

“This alliance with ICG, a recognized and diversified leader in private markets, represents an outstanding opportunity to offer our retail clients and the entities and clients of the Crédit Agricole group access to high-performing strategies with a proven track record, traditionally reserved for institutional investors. This is fully aligned with Amundi’s strategic plan, which aims to reinforce our leadership by expanding our offering in promising segments supported by long-term trends. Such is the case with the private assets market, whose opening to wealth investors responds to their growing need for diversification and long-term retirement savings accumulation. This partnership opens up highly promising new opportunities for both parties and is expected to be a driver of profitable and sustainable growth for the benefit of all stakeholders,” said Valérie Baudson, CEO of Amundi.

Benoît Durteste, CEO and CIO of ICG, added: “Our long-term strategic partnership with Amundi marks a significant step forward in developing ICG’s strategy to access the wealth management channel in a way that is clearly complementary to and additive to our strong existing institutional offering. Combining ICG’s investment expertise and entrepreneurial mindset with Amundi’s structuring capabilities and broad distribution network creates a differentiated partnership with substantial potential and significantly accelerates our ability to access and shape evolving wealth management channels for private markets. At the heart of this relationship is a shared philosophy: that investment performance remains central to our long-term success. We are proud of our reputation for unwavering focus on delivering superior investment performance, and we are excited to work with Amundi to develop more products and strategies tailored to the important and growing wealth management market for private investments.”

First Steps

The firms explain that Amundi and ICG will initially focus on developing, during the first half of 2026, two perpetual European funds: a secondary private equity fund and a private debt fund. Both parties have also committed to developing a broader range of investment strategies and products suited for wealth investors. “This partnership will also allow Amundi to offer Crédit Agricole Assurances opportunities to diversify and expand its allocation to private assets, particularly in private debt,” they add.

The collaboration is expected to deliver significant value to stakeholders of both firms and reinforce their strategic positions and long-term ambitions in private markets.

Amundi’s Equity Investment in ICG

The firms note that Amundi’s equity investment in ICG underlines the strategic and long-term nature of the partnership, as Amundi intends to acquire an economic stake of up to 9.9% that will not dilute the holdings of existing ICG shareholders. Amundi will appoint a non-executive director to ICG’s board, allowing it to actively participate in the group’s strategic decisions. Within Amundi, the investment will be fully accounted for using the equity method.

Two Players With Complementary Expertise

Currently, ICG manages nearly $125 billion (€108 billion) in assets on behalf of primarily institutional clients across various strategies in structured capital, private equity secondaries, private debt, credit, and real assets. Meanwhile, Amundi manages €70 billion in private market assets, primarily built around real estate and multi-management activities, strengthened in 2024 by the acquisition of Alpha Associates.

The companies highlight that the partnership between ICG and Amundi will allow more than 200 million retail investors served through Amundi’s global distribution network to access a range of diversified, high-performing private market strategies from ICG through products specifically aimed at wealth management and retirement planning. “Amundi has recognized expertise in structuring investment vehicles suited for this clientele (including evergreen funds, closed-end funds, blended strategies, and ELTIFs). It serves a network of over 600 distributors, including retail banks, private banks, asset managers, insurers, and digital platforms, as well as the regional banks Crédit Agricole, LCL, and Indosuez Wealth Management,” they state.

Six Reasons Why Securitization Could Be the New “Gold Mine” for Asset Managers

| By Romina López | 0 Comentarios

In an environment of rising prices for precious metals, many asset managers are seeking more efficient mechanisms to channel, finance, and distribute exposure to this segment. As of the end of October 2025, gold and silver posted double-digit gains, fueled by growing economic uncertainty in the United States and rising expectations of a short-term rate cut by the Federal Reserve. According to TradingEconomics data, gold has surpassed the US$4,100 per-ounce threshold, while silver stands at US$51—levels not seen in more than a decade.

At the same time, ETFs backed by physical gold have recorded unprecedented demand. According to the World Gold Council, in October 2025 alone these products attracted US$8.2 billion in net inflows, marking five consecutive months of positive flows. This scenario reinforces the market’s interest in instruments that offer diversified, liquid, and regulated exposure to the metals’ bullish cycle.

Source: World Gold Council. Gold ETF Flows: October 2025

Investment advisors view gold ETFs as a hedge against a wide range of risks, such as the depreciation of the US dollar, rising public debt, persistent inflation, geopolitical tensions, and more recently, concerns regarding the Federal Reserve’s independence.

Meanwhile, precious metals futures remain intrinsically volatile instruments: they expire periodically, require margin, and must be continuously rolled over. For asset managers, trading these contracts directly can be complex and costly, especially when integrating them into broader portfolios or distributing exposure among different types of investors.

In this context, asset securitization emerges as a strategic alternative for managers holding positions in precious metals futures. Through a Special Purpose Vehicle (SPV), the economic flows generated by a derivatives portfolio can be transformed into structured financial instruments—such as notes or tranches (senior, mezzanine, and equity)—simplifying exposure and expanding distribution possibilities.

Strategic advantages for the asset manager

Operational simplification:

Securitization allows managers to offer exposure to precious metals without requiring each investor to open futures accounts or manage margin and rollovers. The SPV handles the day-to-day operations internally, while the portfolio is presented clearly and in a regulated manner through daily NAV and defined collateral rules.

Broader distribution base during price rallies:

In bullish periods like the current one, many institutional clients cannot—or do not wish to—trade derivatives directly. Securitization converts the strategy into an accessible, standardized product (with an ISIN), facilitating distribution through brokers, private banks, platforms, and secondary markets, and enabling its inclusion in portfolios that require securities rather than derivatives.

Risk segmentation and credit isolation:

The futures portfolio is housed within the SPV, ring-fenced from other manager assets. This protects client exposure from manager balance-sheet risks and ensures clear collateral rules, fiduciary oversight, and auditing. Managers can therefore offer a robust, transparent, and predictable solution instead of a complex, operational futures portfolio.

Flexibility for thematic or structured products:

The structure allows the creation of notes with controlled leverage, coupons, metal combinations, or multi-asset strategies. This makes it possible to launch products without creating a new fund, capturing specific demand during price rallies.

Speed of implementation:

Unlike ETFs or funds, securitization vehicles allow swift action to capture flows during periods of high demand. For managers, this means being able to offer immediate exposure to metals while market interest is at its peak.

Lower minimums and democratization:

Trading futures directly requires significant capital and complex operational management. A securitized note can reduce minimum investment tickets, enabling a manager to distribute the strategy among various segments of professional and institutional clients.

Comparison: Direct futures vs. securitized note

Securitizing precious metals futures offers managers a way to monetize, redistribute, and scale their commodities exposure at a time of strong demand—optimizing capital, diversifying funding sources, and attracting new investors without giving up participation in markets with solid fundamentals.

In a cycle in which gold and silver are solidifying their role as safe-haven and yield-generating assets, securitization stands out as an advanced management tool that combines financial innovation, operational efficiency, and strategic vision—exactly what distinguishes the modern asset manager.

At FlexFunds, we designed an asset securitization program through Irish Special Purpose Vehicles (SPVs), supported by top-tier service providers such as BNY, Interactive Brokers, Morningstar, and Bloomberg, enabling efficient distribution of investment strategies across multiple international private banking platforms.

If you would like to learn more, please feel free to contact one of our experts at info@flexfunds.com