State Street Investment Management has been selected by the United States Department of the Treasury to participate in a new national savings and investment initiative aimed at minors in the United States. The asset manager announced that its State Street SPDR Portfolio S&P 500 ETF (SPYM) will be the exclusive default investment vehicle within the program known as Trump Accounts, a new scheme designed to foster long-term investment from an early age.
The program, driven by the U.S. government under the Working Families Tax Cut Act legislation, will officially begin this July 4, 2026, coinciding with the celebration of the 250th anniversary of the country’s Declaration of Independence. According to the firm, the selected ETF tracks the S&P 500 index and offers diversified exposure to the leading publicly traded companies in the United States. Furthermore, State Street highlights that it is currently the lowest-cost S&P 500 ETF on the market, making it an especially suitable tool for a long-term investment strategy geared toward small savers.
The so-called Trump Accounts will allow minors under the age of 18 to access tax-advantaged investment accounts with low-cost indexed exposure to the U.S. economy. Under the program, children born between January 1, 2025, and December 31, 2028, will be eligible to receive a single, initial 1,000 dollar contribution funded by the U.S. Treasury, provided an authorized adult activates the account during federal tax filing.
Additionally, any U.S. minor will be able to receive supplementary contributions of up to 5,000 dollars annually, which will be automatically invested in the SPYM ETF as the default option.
Yie-Hsin Hung, CEO of State Street Investment Management, noted: “We are delighted that SPYM has been selected as the default fund for this important savings and investment program. These accounts are designed to make investing simple, accessible, and sustainable over time, allowing families to start early and stay invested for the long term.”
For her part, Anna Paglia, the firm’s Global Head of Business, recalled that the company has spent more than forty years developing solutions aimed at expanding investor access to financial markets through efficient and scalable vehicles.
Furthermore, State Street announced that it will be one of the first American companies to match the Treasury’s contribution for the children of eligible employees, thereby expanding the program’s reach and reinforcing its commitment to financial education and long-term investing.
After months of internal work, BBVA Private Banking has announced the launch of an independent multi-family office service for fortunes between 30 and 300 million euros. The initiative is led by César Solera, Head of BBVA Multi-Family Office in Spain. Aiming to become a benchmark in wealth management, the service—which is already operational and will be presented to its private banking clients—takes the form of an independent company with a value proposition backed by three pillars: an experienced team, company independence and autonomy, and technology.
The service, which was presented and launched in Spain, has a global and international scope, meaning it will be implemented in other geographies where the bank operates. Regarding the pace at which this service will be rolled out to other countries, Fernando Ruiz, Head of BBVA Private Banking, explained that “it will depend on the needs of high-net-worth clients in other markets, as well as the characteristics of this ultra-high-net-worth profile, whose requirements vary by country.”
At an operational level, they noted that the service starts with a team of 10 senior professionals, each with more than 20 years of experience. This team will grow based on client needs, operating from offices located in Madrid’s prime area, outside the orbit of standard BBVA offices.
According to Solera and Ruiz, the target audience is not its current Private Banking or Wealth Management clients—”to whom this service will also be offered”—but rather those high-net-worth individuals and business families seeking a comprehensive management proposal that operates across multiple entities, with a special focus on governance.
“These services do not compete with each other; they complement one another. It adds a layer of service and advice. We are launching this service because we believe there is sufficient demand in Spain from these high-net-worth individuals or family businesses. The service is designed to address all needs, including the growing demand from Latin American wealth profiles,” both executives commented.
Open Architecture and Independence
The multi-bank operations and open architecture model with which this service is born allow clients to consolidate wealth information regardless of the institutions they work with. This provides a unified and transparent view of their assets, offering a more precise reading of risks, costs, diversification, and investment opportunities.
Additionally, this unit provides clients with a multidisciplinary team possessing cross-functional capabilities. This close, personalized guidance integrates into the realities and objectives of each holder. With a focus on building long-term relationships, the company acts as an extension of the client, transforming into a strategic partner that guarantees continuity, trust, and generational alignment.
Furthermore, its commitment to independence shapes an advisory model geared toward providing order, strategic vision, and coordination, moving well beyond the simple selection of financial products. The goal is to help preserve and grow wealth over the long term, avoiding the loss of value caused by inflation, market volatility, or insufficient planning.
A Proposal Structured Around Four Ejes
BBVA backs this new service with its differential capabilities, such as its international footprint, technological leadership, and wealth management expertise. In this sense, the value proposition of the multi-family office is structured around four main axes that comprehensively address all dimensions of wealth using specialized tools and services.
The first is investment strategy, defining investment frameworks and guiding families in asset allocation across listed markets, private markets, and real assets. The second is wealth planning, which allows for the consolidation of all client assets to perform a comprehensive diagnosis and design a roadmap incorporating wealth structure, taxation, succession planning, and a long-term vision. This analysis will rely on tracking tools and scenario analysis, with particular attention to wealth protection and its evolution across generations.
It will also include defining real estate strategies, analyzing and managing property wealth, as well as accessing off-market opportunities, international investments, and alternative assets. This dimension is especially relevant for many families where non-financial assets represent a significant portion of their global structure.
The third axis is governance and legacy, supporting generational transition processes and preparing future heirs to assume their wealth responsibilities. The fourth is purpose and lifestyle, incorporating fields such as philanthropy, art collection management, and other specialized services linked to family legacy. The model is rounded out with other financial services, including debt and financing structuring, insurance and forecasting solutions, and coordinated access to internal and external specialists based on each client’s needs.
On July 4th, the United States will celebrate the 250th anniversary of its Declaration of Independence. Two and a half centuries later, the country has not only consolidated its position as the world’s largest economy, but also as the primary destination for global savings and the benchmark market for institutional investors from practically every region of the globe.
Pension funds in Latin America, European insurers, sovereign wealth funds in the Middle East, American universities, and wealth managers in Asia all share a common characteristic today: a significant portion of their portfolios depends on the performance of Wall Street, the dollar, and the U.S. Treasury bond market.
The magnitude of this financial dominance is difficult to match. The ETF industry in the United States currently manages around 15.7 trillion dollars—a historic record—while during the first five months of 2026 alone, it captured more than 837 billion dollars in new inflows.
Globally, assets under management through ETFs reached a peak of 23.08 trillion dollars at the close of May, reflecting the structural growth of indexed investing and passive management—two segments where U.S. markets continue to hold a dominant position.
“Financial integration with the United States is no longer solely a geographical or commercial decision, but a natural consequence of the depth, liquidity, and sophistication of its markets,” explains Juan Carlos Eguiarte of BAI Capital.
The relevance of the United States transcends even its borders. Decisions made by the Federal Reserve continue to determine the global cost of money, the movements of the dollar, and flows toward emerging markets, while U.S. Treasury bonds continue to function as the primary risk-free asset used to value virtually any financial asset in the world.
Not even recent concerns over the rising U.S. fiscal deficit, the growth of public debt, or geopolitical tensions have substantially altered this dynamic. Investors continue to allocate capital to U.S. equities, debt, and exchange-traded vehicles, reaffirming the central role of that market within global investment strategies.
Moreover, American influence is not limited to its stock exchanges. The dollar remains the principal currency of the international financial system and continues to serve as the ultimate safe haven during episodes of global uncertainty. According to data from the International Monetary Fund, 56.8% of global central bank foreign exchange reserves remain denominated in dollars—a proportion higher than the sum of the next most significant reserve currencies combined, led by the euro and the Japanese yen.
The American currency also maintains a dominant position in the international banking and payments system. Close to 55% of international bank loans and assets are denominated in dollars, while around 60% of cross-border deposits and liabilities use the U.S. currency as a benchmark, consolidating its role as the financial language of global trade and investment.
Added to this is the role of U.S. Treasury bonds, considered by investors and regulators as the planet’s primary risk-free asset and used as a benchmark to value everything from corporate debt to infrastructure projects and emerging markets. The Treasury market currently exceeds 30 trillion dollars and constitutes the deepest and most liquid debt market in the world.
And perhaps no institution symbolizes the global influence of the United States better than the Federal Reserve. Decisions regarding interest rates, liquidity, and monetary communication adopted by the Fed have immediate effects on financing costs, the behavior of the dollar, and capital flows toward both developed and emerging economies.
In international markets, there is even an old unwritten rule: when the Fed speaks, the world listens. Statements by its chair can move the prices of bonds, equities, commodities, and currencies across virtually every continent in a matter of minutes, or even seconds.
However, U.S. financial hegemony faces growing challenges. The dollar’s share of international reserves is currently at its lowest level in several decades, and some central banks have begun to gradually diversify into other currencies and gold. Nevertheless, so far no competitor has managed to simultaneously offer the market depth, liquidity, legal certainty, and financial infrastructure provided by the United States.
For fund managers and wealth administrators, the 250th anniversary of American independence offers a rare takeaway for a historical milestone: the main U.S. export is no longer just goods, technology, or energy, but financial confidence.
Two and a half centuries after 1776, the world continues to use the United States not only as an economic reference, but as the axis around which global portfolios are built.
Con el telón de fondo de una industria cada vez más concentrada y donde los grandes negocios reinan en el ecosistema de crédito privado, la competencia por acceder a las transacciones más atractivas se está volviendo más intensa. Ese es el diagnóstico de McKinsey & Company, según un informe reciente de la consultora.
El polvo seco (dry powder) de los fondos cerrados de crédito directo terminó la primera mitad del año pasado en alrededor de 500.000 millones de dólares, cerca de sus máximos históricos. Esto, señalaron desde la firma, “subraya la escala del capital que está compitiendo por un número finito de negocios”.
A esto se suma la presión agregada de la demanda de los canales de inversores privados, reflejada en el auge de los vehículos semilíquidos de deuda privada. “Como estos vehículos levantan capital continuamente (en vez de realizar llamados de capital a medida que los necesitan), las gestoras están bajo una gran presión para desplegarlo rápido y empezar a generar rendimientos”, explicaron.
Otro ingrediente de esta dinámica es que la competencia de los bancos y el sector de préstamos sindicados a gran escala (BSL, por su sigla en inglés) también se ha vuelto más aguda. En palabras de McKinsey, las firmas financieras tradicionales están compitiendo con más fuerza no solo como facilitadores de deuda sindicada, sino a través de principios directos.
J.P. Morgan, por ejemplo, destinó 50.000 millones de dólares de su propio balance para originar deudas al estilo del crédito privado, “con el objetivo de competir directamente con gestoras no bancarias en velocidad, certeza de ejecución y tamaño”.
Además, las nuevas emisiones de BSL siguen cerca de sus niveles récord y los flujos de refinanciamiento entre ambos mercados están alcanzando la paridad, agregaron. “Aproximadamente 37.000 millones de dólares en préstamos BSL se refinanciaron en créditos directos, mientras que 34.000 millones en préstamos directos se movilizaron en la otra dirección. Esto marca un quiebre claro con años anteriores, cuando los flujos eran mayoritariamente unidireccionales, de BSL a crédito directo”, explicaron en su informe.
Con todo, la competencia más fuerte está modificando el panorama de precios y condiciones de los negocios, manteniendo un cambio a favor de los prestatarios. La señal más clara de esto, comentaron desde McKinsey, es la compresión de los spreads, que cayeron de un máximo de 716 puntos básicos (en marzo de 2023) a los 544 puntos básicos registrados a finales de 2025.
Concentración de la industria
A la par con el fenómeno observado en mercados como el private equity, el mercado de deuda privada también está avanzando hacia una mayor concentración. Y en este contexto, la escala de las gestoras importa más que nunca.
“Incluso en un mercado de levantamiento de capital más suave, los mánagers con escala siguieron recaudando vehículos de tamaño récord, lo que subraya que el capital se está concentrando en pocas manos”.
Ares Management, por ejemplo, uno de los nombres más prominentes en el mundo de la gestión de fondos alternativos, consiguió atraer 17.100 millones de libras esterlinas (alrededor de 22.640 millones de dólares) en compromisos de LPs para su sexto fondo insignia en Europa. Esta transacción marcó el vehículo cerrado de deuda privada más grande de la historia en términos de compromisos.
“Efectivamente, el levantamiento de capital para fondos cerrados de crédito privado siguió avanzando hacia la concentración en 2025”, zanjó McKinsey en su informe.
La consultora resaltó que los mayores 25 gestores concentraban alrededor del 72% del fundraising total y que las siete plataformas de crédito privado más grandes aumentaron sus activos bajo gestión (AUM) en torno a un 20% anual de 2022 a 2025, superando el crecimiento del mercado en general.
“Lo que está claro es que la escala importa considerablemente. Permite una oferta de productos más amplia, una liquidez más oportuna y carteras de activos diversificadas más grandes”, indicaron. Estas capacidades, agregaron, son difíciles de replicar por parte de las firmas de inversión más pequeñas.
EBC Financial Group (EBC) and the University of Oxford’s Department of Economics announced the renewal of their strategic partnership for an additional three years, consolidating a collaboration aimed at expanding public access to economic knowledge and bringing academic research closer to audiences worldwide.
As part of the agreement, EBC will continue to sponsor an annual edition of the webinar series “What Economists Really Do,” an initiative by Oxford’s Department of Economics designed to bring globally relevant economic topics closer to students, researchers, alumni, and anyone interested in better understanding the challenges facing modern economies.
The renewal of this collaboration comes at a time when financial education and the understanding of economic phenomena have acquired increasing relevance for individuals, businesses, and investors. Since the beginning of the partnership, the editions sponsored by EBC have addressed topics such as tax evasion, financial literacy, and the economic impact of climate change. Each session has brought together internationally renowned specialists and academics, creating spaces for discussion on some of today’s main economic challenges.
According to figures shared by both institutions, the sessions have registered around 200 live attendees per edition, while the accumulated recordings have surpassed 3,600 views and more than 270 hours of playtime. Christopher Stiegeler, Executive Director of EBC Financial Group (Cayman) Limited, stated: “The renewal of the agreement responds to the importance of bringing reliable economic information to an increasingly broader audience.”
He also highlighted the benefits of the alliance for the University of Oxford: “In a constantly evolving global economy, access to reliable financial knowledge is more important than ever. Our collaboration with the University of Oxford’s Department of Economics reflects EBC’s commitment to education and to developing tools that help people make more informed decisions,” Christopher concluded.
In addition to this partnership, EBC has driven financial education initiatives and academic collaborations with higher education institutions in different regions of the world, including projects developed with universities in Mexico, Asia, and Latin America.
For his part, Johannes Abeler, Head of the Department of Economics at the University of Oxford, emphasized the relevance of bringing academic research closer to society: “Public outreach and education are a fundamental part of our mission. Through initiatives like What Economists Really Do, we seek to show how economics can contribute to improving public policies and to better understanding the issues shaping today’s world.” Over the next three years, both institutions will continue working to bring economic research to new audiences through educational content, specialized seminars, and outreach materials designed to facilitate the understanding of complex economic topics.
The initiative is part of EBC Financial Group’s corporate social responsibility efforts focused on lowering barriers to educational access and fostering more informed participation in topics related to economics, financial markets, and global development.
New global research from Ocorian, an international provider specialized in services for high-net-worth individuals, family offices, financial institutions, asset managers, and corporates, reveals that family offices are increasingly focusing their attention on digital assets.
The study, conducted among family members, senior family office employees, and intermediaries working for family offices with total assets under management of 68.26 billion dollars, found that this is a trend that has been growing over time. More than three-quarters (78%) state that the level or value of the digital assets they hold has increased over the last five years, with 15% noting a significant increase. Approximately one in five (18%) indicates that it has remained the same, and only 3% assert that it has decreased.
The trend toward digital assets shows no signs of losing momentum. The global study reveals that nearly all (97%) family offices believe that digital assets are here to stay, compared to just 1% who hold the opposite view.
This trend is also being supported by the professionals and third parties working for family offices. Nearly all (96%) family offices state that their intermediaries are adapting to respond to this growing interest in digital asset investment. “Investment in digital assets has grown exponentially in recent years, and our research shows there are no signs of it slowing down. In addition to the forecasts from family offices themselves indicating that this trend will continue, professionals and intermediaries are adapting and shifting to ensure they offer the most innovative and comprehensive services to support family offices in their investments in crypto-assets and other digital assets,” explains Leevyn Isabel, Commercial Director – Middle East at Ocorian.
The Mexican economy faces an increasing deterioration in its public finances, which has significantly reduced the margin to maintain its sovereign investment grade—a scenario that could translate into higher financing costs, capital outflows, and lower foreign investment in the coming years.
In its Report on the Economic Situation of Mexico for the second quarter of 2026, Banamex warned that the rising fiscal deficit, the growth of public debt, and the increasing cost of the government’s financial service have begun to trigger red flags among international rating agencies.
The warning comes after Standard & Poor’s modified the outlook on Mexican sovereign debt from stable to negative in May, while Moody’s downgraded the country’s rating from Baa2 to Baa3, just one notch above losing investment grade.
The deterioration of fiscal metrics explains much of the concern. Public Sector Borrowing Requirements closed 2025 at 4.9% of Gross Domestic Product, even above official forecasts, while net government debt reached 52.7% of GDP, its highest level in four decades.
Added to this is a sharp increase in the financial cost of borrowing. For 2026, it is estimated that interest payments on public debt will amount to 1.5 trillion pesos (around 83 billion dollars), equivalent to 4.1% of GDP—a figure that is beginning to compete directly with spending allocated to infrastructure, healthcare, or education.
Banamex points out that the government’s fiscal space has also been reduced by the need to subsidize gasoline prices to contain the impact of international oil price increases stemming from the conflict in the Middle East.
The Ministry of Finance reactivated IEPS subsidies this year, which kept the price of Magna gasoline below 24 pesos per liter, but implied an estimated fiscal cost of 15.8 billion pesos (878 million dollars) in lost tax revenue for the federal government.
The consequences of an eventual loss of investment grade could be profound for the Mexican economy. Among the main risks are forced sales of Mexican bonds by funds with mandates exclusive to investment-grade debt, a potential exclusion from global benchmark indices, pressure on the exchange rate, and an increase in financing costs for banks, corporations, and local governments.
This scenario is also unfolding at a time of lower economic momentum. Banamex estimates that Mexican GDP contracted 0.6% quarter-on-quarter during the first quarter of the year and forecasts growth of just 1.3% for the entirety of 2026, which would imply three consecutive years of expansion below the country’s historical average.
The institution considers that Mexico still possesses significant strengths, including central bank independence, a flexible exchange rate regime, and commercial integration with the United States. However, it warns that restoring investor confidence and stabilizing the trajectory of public debt have become the main short-term economic challenges.
The review of the USMCA, international geopolitical uncertainty, and a global environment of slower growth place additional pressure on an economy that, while maintaining macroeconomic stability, is beginning to show signs of fiscal vulnerability that seemed distant just a few years ago.
According to economists Marcos Buscaglia and Dante Sica, Argentina is currently experiencing one of those rare economic nexuses that occurs only once or twice a generation. As the world fragments and globalization shifts toward the control of supply chains, the country possesses exactly what this new global economy demands: food, energy, and mineral security.
However, the analysis they shared during the macroeconomic panel at the “Perspectivas 2026” event, hosted by Cohen, goes far beyond mining in San Juan or “Vaca Muerta”—the geological formation in the Argentine Patagonia that houses one of the world’s largest shale oil and shale gas reserves.
For Sica, former Minister of Production and Labor, Argentina possesses four ecosystems that the world will demand in the coming years: energy, mining, agribusiness, and technology. And it has them “with an attractive market size capacity, a supporting industrial base, and a significant human resources capacity.” The difference compared to previous cycles, he stressed, is that these sectors do not currently face a demand or price problem; their main restriction is execution capacity.
This is where the concrete opportunity for investors and advisors emerges: not in the large companies leading these ecosystems—which generally access international financing—but in the supplier rings surrounding them. “The big players take financing abroad. Then comes the second and third rings, which are the suppliers. You have to look closely there,” Sica pointed out, specifically targeting the metalworking sector and industrial services companies.
Buscaglia, an economist with an extensive background in emerging markets analysis, introduced a relevant conceptual framework: in closed economies, geographic concentration around the main capital is inevitable because it benefits producers to be near the largest consumption center. When an economy opens up and stabilizes, that logic reverses.
“If you give the country stability, openness, better infrastructure, and you lower the cost of capital, a lot of things will emerge, and many of those things will come from the interior,” he argued. He mentioned the case of Córdoba as a potential regional logistics hub—”a two-hour flight from anywhere in the country, like Atlanta in the United States”—and pointed out timber development in Corrientes and Misiones, where there is even talk of installing a cellulose plant, something unthinkable just a few years ago.
Agribusiness, he added, will also benefit for reasons that go beyond a potential reduction in export taxes: the end of the dual exchange rate, advancements in intellectual property, and expansion into new production segments set the stage for sustained growth. As a benchmark for what can happen when openness and stability are combined, he cited the case of Chilean cherries: growing from 35 million dollars exported in 2004 to over 3 billion dollars last year.
Services, Tourism, and Construction: The Urban Opportunity
Beyond the productive interior, both economists identified urban sectors with high development potential, precisely because investment had been practically paralyzed since 2011.
Buscaglia listed several: high-end hospitality—with projects like the renovation of the Plaza Hotel or the Sofitel tower in Puerto Madero—the expansion of shopping centers, and the return of international retail chains that had previously abandoned the Argentine market. “There are a lot of things that were done everywhere else that weren’t done right here in Buenos Aires,” he stated.
Sica elaborated on the role of the service sector as a major driver of future employment. “Future employment is not in industry; it is in services,” he said, pointing to the entertainment, gastronomy, and hospitality complex as one of the largest potential employers for the entire region. To that, he added construction—both infrastructure and private residential, which will stop serving as a store of value once the financial system normalizes—and healthcare services in the interior, where current infrastructure is insufficient for the demand that new investments will generate.
Perhaps the most disruptive takeaway from the panel was Sica’s warning against traditional sectoral analysis. In an economy shifting its relative prices, intersectoral income is redistributed, and within the exact same sector, companies that export, companies that import and revamp their model, and companies that close down can all coexist. “Sectors are not going to disappear; they are going to reassemble and reorganize,” he affirmed.
The example he provided was illustrative: in the home appliances sector, a company from Córdoba exports spin dryers to the United States, another manufactures a single model and completes its product line with imports from Mexico, and a third stopped assembling altogether. Three different business models within the same sector, responding to the same price signals. “Look for business units, see which supply chain they are in,” he recommended to the audience.
Crossing the Desert
Both economists acknowledged that this transformation does not come without costs. Buscaglia described the current situation as “crossing a desert”: the government is executing two massive transformations simultaneously—changing the economic matrix and driving disinflation—which creates inevitable tensions.
Infrastructure bottlenecks in Neuquén, San Juan, and Catamarca are already visible, and the capacity to provide schools, roads, hospitals, and housing at the pace demanded by approved investments is, according to Buscaglia, “in question.”
However, the underlying diagnosis remains optimistic. “If we manage to make these two turns and not die trying, what lies ahead is excellent,” Buscaglia summarized. Sica added a timeline to this outlook: the 25 billion dollars already approved under the RIGI (Incentive Regime for Large Investments, a legal framework approved in 2024 offering fiscal, customs, and exchange rate stability for 30 years to investment projects exceeding 200 million dollars in strategic sectors like energy, mining, and technology) and the 70 billion dollars currently under evaluation will materialize strongly over the next four years, with mining accelerating especially starting this year following the clarification of the regulatory framework on glaciers.
Private banking and wealth management clients are optimistic about the developments and implications of AI over the next five years, but at the same time, they are reorienting their portfolios toward more prudent positions in the face of rising geopolitical instability and global uncertainty.
This emerges from the conclusions of the study ‘Investing for Change: Client Strategies and Concerns’, which Deutsche Bank published based on data from a survey of its Private Bank clients conducted between March and May 2026, complemented by another somewhat shorter monthly survey of clients and non-clients. Respondents expect technological advancements within a context of continuous global and social turbulence. Notably, younger respondents (aged 25 to 40) are more pessimistic than older ones regarding issues related to geopolitics or social and environmental cohesion, while this trend reverses when it comes to artificial intelligence.
Specifically, AI, government debt and fiscal pressures, and policy-driven changes in trade patterns are perceived as the main drivers of change by 69.8%, 56.9%, and 50% of respondents, respectively; meanwhile, health security and pharmaceutical advancements ranked as the least influential topics. In fact, 77% are certain that AI will affect most aspects of business and investment. Furthermore, 70.2% believe that higher levels of defense spending will be necessary, and 49.9% are of the opinion that corporate governance must change radically to tackle all of these new global challenges.
Deutsche Bank Chart. Source: Deutsche Bank Client Survey Investment Portfolio Composition
Given this context, a long-term vision dominates the current objectives of investment portfolios. Specifically, 68.3% of private banking clients state that their goal is the long-term preservation of their wealth, and 65.2% point to consistent long-term returns. Only a minority of respondents (17.8%) affirm that achieving maximum returns is a current objective for their portfolio. Furthermore, only 3.3% have non-financial goals such as environmental or social impact. Caution and selective conviction also prevail in investment plans. For many investors, strategic and tactical approaches will coexist. Around 36.1% plan to review their strategic asset allocation, but 47% will adopt a more tactical approach as opportunities arise. It is also interesting to note that 29.7% will expand and seek new risk management approaches.
Only a minority plan major shifts toward specific themes or assets. For instance, only 9% foresee increasing exposure to technology and AI themes, followed by health/pharma and medicine (7.5%), energy and renewables (4.1%), and defense (3.9%). Regarding ESG matters, 15.1% plan to increase their investment, while 9.5% plan to reduce it. By country, according to Deutsche Bank’s dbInsights survey platform—which targets a broader audience in Germany, France, Italy, the United Kingdom, and the US—AI is consensus-ranked as the top investment theme, followed by renewable energy and biotechnology. In terms of risks, continental Europe is most concerned about geopolitical instability, whereas the US and the UK are more wary of government policy and regulation.
CC-BY-SA-2.0, FlickrAndrea Rossi, Chief Executive Officer of M&G plc, the parent company of M&G Investments.
M&G is experiencing one of the strongest periods in its recent history. After returning to a solid growth trajectory, the asset manager has once again posted strong net inflows while reinforcing its international expansion strategy, driven in particular by the partnership reached last year with Japanese insurer Dai-ichi Life, now one of its largest shareholders and a strategic partner for expanding its business across Asia.
Funds Society recently attended the Media Forum organized by M&G Investments at its London headquarters, where the firm’s senior executives shared their views on the evolution of the business and the key trends shaping the investment industry.
Organic Growth at Double-Digit Rates
“Growth is what defines us.” With that message, Andrea Rossi, CEO of M&G plc, summarized the firm’s roadmap, which is built around sustained growth supported by what he considers a differentiated business model.
“Our business model is our competitive advantage, and our focus is on continuing to grow,” Rossi emphasized.
Rossi explained that 2025 was an exceptional year for M&G, with €9.1 billion in net inflows, a trend that continued into 2026, with positive net inflows during the first quarter.
Today, M&G Group manages €430.5 billion in assets, of which €394.5 billion is managed by M&G Investments. While the firm remains predominantly invested in listed assets (€302 billion), it has significantly expanded its private assets business in recent years, which now totals €93 billion, according to company data.
Rossi highlighted the strong performance of M&G’s European private markets business, a market now approaching €90 trillion and growing at roughly 10% annually—a pace the firm has successfully matched. At the same time, its international business—primarily Continental Europe and Asia—is expanding at approximately 6% annually, while M&G itself is growing at double-digit rates across those regions.
The CEO stressed that organic growth remains the firm’s top priority, although he left the door open to selective acquisitions.
“We want small acquisitions that we can successfully scale within our private assets platform,” he said.
Asia: M&G’s International Growth Engine
International expansion was perhaps the most recurring theme throughout the event.
For Rossi, “international expansion is key,” with Japan occupying a central role in that strategy. Dai-ichi Life’s investment in M&G has strengthened a partnership that extends well beyond the shareholder relationship. In addition to distributing M&G’s products in Japan, the two firms also collaborate in asset management. M&G also maintains a strategic partnership with Mizuho, one of Japan’s largest banks.
Rossi explained that Japan presents an exceptional opportunity for both institutional and retail investors. An aging population, increasing life expectancy and a prolonged low-interest-rate environment have created substantial demand for long-term savings and investment solutions. Against that backdrop, M&G sees significant potential to capture part of the nearly $4 trillion currently held in Japanese bank deposits.
The partnership with Dai-ichi Life is also serving as a platform for accelerating growth across the rest of Asia.
M&G already has an institutional presence in Hong Kong, South Korea, Japan and Australia, while also distributing products in Taiwan. Today, the firm’s Asset Management division oversees approximately €17 billion in assets across Asia, a figure the company expects to grow as insurers, pension funds and sovereign wealth funds throughout the region increase their allocations.
“What has defined our growth has been a truly international effort. Once you decide to expand internationally, you need a very clear strategy and an equally strong ability to execute,” added Micaela Forelli, CEO of Europe Asset Management Operations at M&G Investments.
Forelli stressed that consistently delivering strong investment performance remains the firm’s first priority, but added that success also requires efficient operating models and effective use of available regulatory frameworks.
She highlighted the development of the UCITS industry over the past decade, describing it as one of Europe’s greatest financial exports.
“UCITS funds have become a global standard,” she said.
As an example, she noted that M&G’s Luxembourg fund structures are already distributed across 27 countries, although the potential is considerably greater, given that UCITS products are now marketed in 50 markets worldwide.
International growth opportunities, however, extend beyond geographic expansion.
Joseph Pinto, CEO of Asset Management at M&G Investments, argued that the transformation of pension systems represents one of the industry’s most significant long-term structural drivers.
Across Europe, many countries are introducing reforms to encourage defined contribution pension plans, following the path pioneered by the United Kingdom. Germany is expected to be one of the next examples.
“An increasing number of countries need to strengthen their retirement savings systems, creating a tremendous opportunity for our industry,” Pinto said.
He added that Asia offers even greater long-term potential. Unlike Europe or the United States, many Asian markets remain at a relatively early stage of development, with a growing number of individual investors beginning to seek long-term savings and investment products.
From an investment perspective, Pinto argued that Europe has once again become highly attractive for international investors.
The need to finance infrastructure, defense and new industrial capacity is creating opportunities across both public and private markets.
“We don’t aspire to be everything to everyone, but we do want to become a leading investment manager in Europe,” he said.
Private Assets, Diversification and Structural Megatrends
The third major theme of the event centered on the structural shifts reshaping institutional portfolios—changes that M&G believes strongly favor its positioning.
Rossi argued that Europe continues to attract strong interest from global investors and that, within private markets, the region is currently even more attractive than the United States.
That growing appeal is reflected in rising demand from European institutions as well as Asian and North American investors for infrastructure, private credit and European real estate.
Rossi framed this evolution within several megatrends that will drive investment demand over the coming years.
The energy transition, infrastructure development, Europe’s push for greater energy independence, rising defense spending and the investments required to deploy artificial intelligence will all require enormous amounts of capital at a time when European governments are already carrying high debt burdens.
“Governments are highly indebted, which means private markets and capital markets will need to play a greater role in financing these investments. We have the opportunity to support infrastructure that enables the energy transition, and given our expertise, this represents a tremendous growth opportunity for us,” Rossi said.
In his view, investor interest will continue to grow because Europe is undergoing a fundamental transformation in how its economy is financed.
Historically, European companies have relied much more heavily on bank lending than their U.S. counterparts. However, banks are reducing certain types of lending on their balance sheets, creating expanding opportunities for private capital.
While Rossi acknowledged that Europe remains a complex market—with different regulatory frameworks and business practices across countries—he believes that complexity is no longer the obstacle it once was. Greater political stability and increasing international interest are helping drive a rebalancing of global portfolios toward the region.
Pinto confirmed that this trend is already evident in conversations with clients.
Since last year, he said, an increasing number of investors have been modestly reducing their exposure to the United States while increasing allocations to Europe and Asia.
“This doesn’t mean abandoning the United States, which remains a priority market. It means building more balanced and diversified portfolios,” he explained.
He added that diversification is taking place not only across regions but also across asset classes, with investors gradually shifting allocations from public to private markets.
“M&G is exceptionally well positioned to support that transition,” he said, citing the firm’s combination of active management expertise, innovation capabilities and access to permanent capital through the balance sheet of Prudential, the group’s parent company.
Finally, Kathryn McLeland, Chief Financial Officer of M&G plc, explained that the firm’s growth has also been supported by significant reinvestment.
After exceeding its cost-saving targets over the past three years, the company has been able to reinvest approximately €140 million into the business, allocating more than half of that amount to its asset management division, particularly toward strengthening its private assets capabilities.
