Average Wealth per Adult Will Continue to Grow Over the Next Five Years, with the United States as the main driver of this expansion, followed by the China region, Latin America, and Oceania, according to the UBS Global Wealth Report 2025. Europe and Southeast Asia are expected to experience solid but more moderate growth, while the Middle East and Africa will remain stable or see slight increases.
According to the latest report from the institution, total personal wealth is expected to show particularly dynamic behavior, with annual growth close to 5% in North America and approximately half that pace in the Middle East and Africa. The momentum will come mainly from rising asset prices and value creation associated with technological innovation in a context of structural transformation.
In this scenario, it is estimated that by 2029 there will be more than five million new millionaires worldwide. This trend will be reflected in the majority of the 56 markets analyzed, with no distinction between developed or emerging economies, large or small, dynamic or stagnant.
One of the Most Striking Findings of the Study Is That the Evolution of Wealth Does Not Always Move in Parallel With Economic Growth. At Times, It Far Outpaces It; at Others, It Lags Behind. Even Within Regions Showing Strong Macroeconomic Performance, There Can Be Areas Where Wealth Accumulation Is Weak or Stagnant.
Added to this is the fact that asset prices do not necessarily follow the same trajectory as GDP, and that the private sector—where individual wealth is concentrated—does not move at the same pace as the public sector, which is particularly relevant in economies where the latter holds considerable weight.
Another Key Factor Going Forward Will Be the Individual Mobility of Wealth, Driven by Intergenerational Transfers. In This Regard, the Size of the Population or Economy Is Not the Only Thing That Matters: Some Smaller Countries Could Surpass Much Larger Nations in Transfer Volume, Even When Demographic Projections Would Suggest Otherwise.
UBS Concludes That, While These Scenarios Are Subject to Multiple Factors and Could Evolve in Various Ways, the Initial Signs of Growth Already Observed Provide a Solid Foundation for Reflecting on the Path That Global Wealth Will Take in the Coming Years.
“Latin America enters 2026 navigating a complex mix of political recalibration that could shape investor confidence across the region.” That is the assessment from a team of professionals in the Research division at J.P. Morgan, who in a recent report outlined the shifting political landscape in the region and the challenges faced by its leading economies.
According to the U.S. investment bank, Latin America’s electoral cycles are redefining political priorities amid limited fiscal space in most countries. “While markets are selectively rewarding governments that demonstrate predictability and structural reform, the region’s institutional stress points continue to frame macroeconomic outlooks,” the report states.
Three of the region’s main economies—Peru, Colombia, and Brazil—will hold presidential and legislative elections next year, placing politics at the center of investors’ attention.
Peru to Elect a New President
Two of the main Andean economies and the regional heavyweight will head to the polls next year. First up is Peru, which will hold elections in April, after seeing yet another president exit office this year: Dina Boluarte, whose controversial term began with the impeachment of her predecessor, Pedro Castillo, in 2022.
In this regard, J.P. Morgan notes that the end of the year has been defined by “the same contradiction that has marked Peruvian politics for most of the past decade: macroeconomic stability and institutional fragility.” The bank emphasized that Boluarte’s departure has had little impact on economic activity, with growth holding near 3%, inflation anchored at relatively low levels, and credibility maintained on the monetary front.
However, the report highlights a deterioration in the fiscal outlook. “A series of spending-focused initiatives in Congress threaten to widen the deficit to 5% of GDP,” the firm noted, adding that rather than an immediate crisis, the greater risk lies in a gradual erosion of the risk premium. “Investors still view Peru as a reliable macro story, but one increasingly vulnerable to government drift,” the report said, stressing that the challenge for the coming year is to restore fiscal discipline.
Colombia’s Fiscal Debate
In Colombia, where the first round of elections is scheduled for May 2026, J.P. Morgan pointed out that the country is heading into the vote with a pro-cyclical fiscal policy, rising debt levels, and growing inflation expectations. This combination, the firm warned, “leaves the country more sensitive to global financial volatility than in previous cycles.”
With public debt surpassing 60% of GDP and continued fiscal pressures, the political debate has become a contrast between fiscal consolidation plans and expanding social spending. In this context, the concern is not immediate instability, but rather the potential for a “gradual fiscal slippage in an election year.”
“Investors are looking for policy continuity signals from the leading candidates,” added J.P. Morgan.
Brazil Focuses on Security
Looking ahead to Brazil’s general elections in October 2026, the political dynamics shifted after a violent police operation in Rio de Janeiro at the end of October this year, during a period of heightened tension for President Luiz Inácio Lula da Silva. “Recent polls show that President Lula’s approval ratings have partially reversed the gains achieved between the second and third quarters, while support for potential center-right candidates has increased,” the firm noted in its report.
Public security and crime remain central to the national debate, the report said, with many considering it one of the country’s most pressing issues. However, the report also emphasized that it is still uncertain whether this focus on security will dominate campaign agendas or influence the election outcome.
Even so, as the October election approaches, J.P. Morgan expects the topic to retain its prominence in public discourse. It will likely, the firm noted, overshadow discussions of other structural challenges in the Brazilian economy—such as the lack of progress on supply-side reforms that could boost productivity and would require coordinated action across different branches of government.
Karta is a new credit card designed for high-net-worth individuals living a global lifestyle. It is a U.S.-issued card that offers 24/7 concierge assistance at the tap of a WhatsApp message, capable of handling everything from exclusive reservations to complex arrangements anywhere in the world.
This fintech operates under a partnership model with banks through BIN sponsorship schemes and holds Visa and Mastercard licenses, ensuring global acceptance and full regulatory compliance.
“Our credit lines are tailored to the client’s actual wealth and capacity, offering significantly higher limits than those available in local markets,” explains Freddy Juez. “While other solutions in the region offer debit, Karta is real credit issued in the U.S. It also allows for financing large purchases, accessing exclusive benefits, and maintaining a global experience with universal acceptance. Compared to Amex IDC, Karta offers lower costs, better acceptance in Europe, and a more flexible payment structure. And all this, without the need for an SSN or complex paperwork.”
Karta sets credit limits based on the assets managed by its U.S. financial institution; clients must maintain a minimum balance of $50,000. The available credit line can reach up to $200,000.
A Global Need in a De-Globalizing World
Theoretically, we are entering an era of de-globalization. But everyday life tells a different story: “In many Latin American countries where local currencies are not very strong, people continue to look for ways to save and invest in the largest and most stable market in the world: the United States. That’s why, despite the de-globalization context, we see a clear trend: demand for credit products and financial access in the U.S. is not only holding steady—it’s growing,” says the brand’s founder and CEO.
Karta’s Differentiation
The world of credit cards is broad and complex. Understanding what each provider offers and comparing options with real data can be a full-time job.
According to an article in The Wall Street Journal, JPMorgan Chase raised the annual fee for its Sapphire Reserve card from $550 to $795, and American Express increased the annual fee for its Platinum card from $695 to $895.
Karta’s revenue model is based on three pillars: interchange fees (generated from daily card usage), interest (applicable when the client chooses to finance part of their balance), and annual fees (the card’s yearly membership fee is around $300).
When it comes to setting itself apart from the competition, Karta does not rely solely on access to U.S. credit: “What’s most relevant about Karta is its WhatsApp concierge service. Everything happens in one channel: the client receives notifications, personalized assistance, and can manage any need—from blocking the card to booking hotels, restaurants, or flights—simply by sending a message or voice note,” explains Freddy Juez.
Karta’s mission is to make life easier for its users, offering an experience where technology and human attention blend seamlessly. For example, a client can book a flight directly via WhatsApp and, if something happens—a cancellation, delay, or change—the Karta team handles it instantly.
“In addition, when booking flights or hotels through our portal, prices are as competitive as on platforms like Expedia or Booking, but with the major difference that Karta offers human support when things don’t go as planned. That’s the kind of value usually provided by premium travel agencies, but now, with Karta, it’s integrated directly into your credit card. With a single message, you get the best of both worlds,” says the expert.
“It’s built to evolve with the client, eventually offering a broader range of financial and lifestyle products that support every aspect of their global life,” he adds.
Security and Evolution
Karta states that its solution is built on the highest financial standards. All transactions are protected with advanced tokenization, biometric authentication, and real-time monitoring. Additionally, every transaction generates an automatic WhatsApp notification, where users can access instant card-blocking options or smart financing with a high-value expense management tool.
What technological developments is this young fintech closely watching? “Blockchain, digital identity, and payment systems based on stablecoins are the innovations that excite us the most. Tokenization eliminates risks, digital identity simplifies compliance, and stablecoins allow for frictionless cross-currency operations. Together, they represent the future of international banking,” says Freddy Juez without hesitation.
Karta’s Most Notable Feature: WhatsApp Concierge Service
Everything happens in a single channel: the client receives notifications and personalized assistance.
A Fintech Built on Technology and Banking Partnerships
“Karta has gone through very distinct growth stages,” explains its founder.
The company’s first major milestone was the launch of a closed user group—an initial phase focused on validating the full experience: from card issuance to WhatsApp-based service. This phase helped fine-tune the interaction between technology, service, and real customer behavior, reinforcing the promise of a premium, frictionless experience.
The second key moment was the creation of intelligent assistants. Each client is supported by a multi-agent operation that learns from their behavior over time. Thanks to its proprietary large language model (LLM), Karta’s AI agents can anticipate needs and provide truly personalized service. This is essential for travel card-type products, where spending patterns are intermittent—a client may be inactive for months and then make large transactions within hours. At Karta, the assistant already understands those behaviors, ensuring continuity and preventing any unnecessary interruptions or blocks.
“Lastly, a milestone that confirms our execution capacity has been the rapid expansion of banking partnerships. Today, we have more than 25 partner banks—a remarkable achievement in such a short time, reflecting institutional trust and the quality of the product we’re building,” asserts Freddy Juez.
As a company, Karta has no ceiling—its business is designed for anyone with assets in the United States, regardless of where they live. The firm’s current focus is Latin America and Europe, where it holds the majority of its client base.
“Blockchain, digital identity, and stablecoin-based payment systems are the innovations that excite us the most. Together, they represent the future of international banking.”
New York Life has appointed Joao Magallanes Canals as Wealth Management Executive for its Boston Atlantic General Office, with the goal of strengthening its value proposition in wealth management for high-net-worth clients in the United States. Joao Magallanes, an economist with a degree from Universidad del Pacífico (Lima, Peru) and a Level II candidate in the CFA Program, brings nearly a decade of experience in wealth management and capital markets.
“Joao’s appointment enhances our ability to serve families and entrepreneurs with sophisticated wealth management and planning needs. His analytical rigor, market knowledge, and client-centric approach align perfectly with New York Life’s culture,” stated representatives from the Boston Atlantic General Office.
For his part, Joao Magallanes Canals noted: “I am excited to contribute my experience in portfolio structuring across multiple banking institutions, in tailored investment solutions, and in intergenerational planning to help our clients preserve, grow, and transfer their wealth with discipline and purpose.”
Extensive Experience
He began his career in the Market Risk division at Banco de Crédito del Perú (BCP), later joining the Fixed Income and FX Desk at Credicorp Capital Bolsa. He subsequently moved to BCP’s Private Banking division and was later promoted within Credicorp Capital from Senior Analyst to Investment Advisor. Both BCP and Credicorp Capital are part of Credicorp Ltd., the leading financial holding company in Peru. After consolidating his experience within the group, he joined SURA Investments, part of the Colombian conglomerate Grupo SURA, where he served as a Private Banker, advising high-net-worth clients on global investment strategies.
Throughout his career, Joao, who is trilingual (Spanish, English, and Portuguese), has advised HNW/UHNW and institutional investors in portfolio structuring, asset allocation, and bespoke solutions (both discretionary and non-discretionary), in addition to providing independent private advisory services to large estates. His recognitions include the ALMA Award and the Best Investment Advisor – Corporate Clients award at Credicorp Capital.
“The Composite Risk Premium in the U.S.—Equities, Sovereign Debt, and Credit—is the Lowest Since 2000 and Points to Below-Average Returns in the Coming Years. Moreover, We Expect Mid-Cap Domestic Companies and Value-Oriented Stocks in Europe to Outperform the MSCI World Index, Along With Certain Growth Companies in the U.S. and, Above All, Emerging Markets,” Says Luca Paolini, Chief Strategist at Pictet AM.
In Paolini’s view, over the medium term, there are additional arguments in favor of emerging markets beyond benefiting from their secular growth and attractive valuations. “They Should Benefit From a Weaker Dollar, a Trend Toward Lower Real Interest Rates, and Higher Commodity Prices. Uncertainty About Global Trade Agreements Encourages Greater Investment and Flows Between These Economies,” he adds.
Furthermore, as is the case in other regions, the chief strategist believes that many emerging market companies are well positioned to take advantage of the expansion of artificial intelligence. “Emerging Asia Is at the Forefront of the Technological Revolution With a Growing Group of Companies Playing an Indispensable Role in the Global AI Supply Chain (Such as Advanced Semiconductor Manufacturers) and Others That May Challenge U.S. Leaders Due to Scalability and Monetization (Such as China’s Hyperscalers). India Relies Less on Foreign Investment Flows, Which Should Lead to Lower Volatility, as Its Domestic Investors Hold 18.5% of the Equity Market—the Highest Figure in Over Two Decades,” comments Paolini.
Tariffs and Supply Chains
According to Martin Schulz, Director of the International Equity Group at Federated Hermes, we are witnessing regional spheres of influence strengthen as geopolitical relations evolve, which encourages investors to pay closer attention to opportunities in emerging markets.
“Instead of Globalization, We Are Now Seeing Regionalization and Groupings Around Centers of Power, Alliances, Monetary Blocs, and Shared Interests. Global Trade Will Continue, but Likely on a Smaller Scale. However, Not Everything Is Changing. We Are Not Facing a Repeat of the Cold War, Where Trade Flows Across the Iron Curtain Were Virtually Nonexistent. For Now, China and the United States Have Put Their Rivalry on Hold: China Needs to Address a Weak Economy Mired in Deflation, and the Trump Administration Needs to Focus on Domestic Politics. I Don’t See Apple or Tesla Leaving China. Supply Chains Are Becoming More Local Than Before. We’re Also Seeing Chinese Companies Produce for the Local Market in Europe and Potentially Even in the United States,” says Schulz, explaining their view of the global landscape.
He also notes that in 2026, numerous elections will be held around the world, especially in South America. According to his analysis, this may alter expectations and increase short-term uncertainty but could lead to greater long-term stability. “In China, the Trade War With the United States Has Been Resolved for Now, Giving the Country the Opportunity to Focus on Economic Stimulus While Implementing Its Next Five-Year Plan. As Manufacturing Continues to Move Out of China Due to Costs and Trade Restrictions, This Should Benefit Many Other Asian Economies. Finally, We Believe That the Global Monetary Easing Cycle Will Support Emerging Markets Overall,” he argues.
A New Frontier for Real Yields
This macro context is complemented by a key data point: after more than a decade of underperformance compared to developed markets, emerging markets recorded some of the best performances globally in 2025, with gains exceeding 30%. In fact, equity indexes doubled the return of the S&P 500, and fixed income—both in local currencies and in U.S. dollars (USD)—also generated significant returns. For Mauro Ratto, Co-Founder and CIO at Plenisfer Investments (Part of Generali Investments), this is the strongest argument in favor of including emerging assets in portfolios.
“In Many Ways, This Was Atypical Behavior: While a Weak Dollar Typically Favors Emerging Markets—Given Their High Proportion of Dollar-Denominated Debt—New U.S. Tariffs Should Have Been an Obstacle. However, These Economies Showed a Surprising Degree of Adaptability in an Unfavorable Global Environment Marked by Widespread Geopolitical Tensions and a Weak Global Economic Cycle,” acknowledges Ratto.
According to the expert, emerging markets remain a highly diverse and heterogeneous universe, but most countries share a common trait: the pursuit, over several years, of fiscal and monetary orthodoxy. “While the West Grapples With Record Levels of Public Debt and Growing Deficits, Many Emerging Countries Today Exhibit Strong Budget Discipline, Monetary Policies That Have Remained Restrictive, and Contained Inflation,” he highlights.
For the asset manager, emerging markets not only represent a potential source of return but also an opportunity for diversification and protection in the event of a correction in developed markets, which today face a significant concentration risk in the U.S. technology sector. “This Risk Also Exists Within Emerging Market Indexes—Where the Top Six Companies Belong to the Technology Sector and Account for More Than a Quarter of the Index—but Diversification Remains Substantial: Investors Gain Exposure Both to Chinese Companies Competing Directly With Major U.S. Tech Firms and to Companies Operating in Key Nodes of the AI Value Chain, Such as Chip Manufacturers or Producers of Critical Components Like High-Bandwidth Memory. Furthermore, the Opportunity Set Extends Well Beyond This Theme—Especially in India, ASEAN, and Selectively in Latin America,” concludes Ratto.
After a 2025 marked by tensions between Fed Chair Jerome Powell and U.S. President Donald Trump, it was inevitable to raise the question of whether the Fed has lost its independence. In the opinion of our readers and social media followers (53%), the U.S. monetary institution is still following its own guidance. Additionally, it is noteworthy that 20% believe Trump is influencing the FOMC, and 13% do not believe that central banks are independent at all.
The Debate Over the Fed’s Independence Will Remain Alive
The debate over the independence of the Fed will remain ongoing, as it extends beyond the figure of Jerome Powell himself, whose term as Chair ends in May 2026. According to Felipe Mendoza, CEO of IMB Capital Quants, the discussion around his succession is intensifying. “Donald Trump will interview Christopher Waller for the position, while Kevin Warsh’s odds have risen to 41%, compared to the 90% that Kevin Hassett had at the beginning of December. Trump has stated that the next Fed Chair should consult him on interest rates and that he wants to see them at 1% or lower within a year. Jamie Dimon, CEO of JPMorgan, has said that Warsh would make a great Fed Chair. In this context, White House advisor Kevin Hassett argued that economic data points to inflation heading toward the 2% target and that, although Trump has strong views, the Fed must maintain its independence.”
Additionally, according to Álvaro Peró, Head of Fixed Income Investments at Capital Group, the debate surrounding the Fed is a clear example of a broader trend experienced in 2025. “Significant shifts have occurred in the macroeconomic and geopolitical landscape. Principles that have underpinned the global economy for decades—such as free trade, globalization, and central bank independence—are being called into question,” Peró explains.
The Risks of Losing Independence
According to experts at Vontobel, compromising the Fed’s independence entails significant risks. “When a central bank’s credibility weakens, markets stop interpreting its policies through the lens of economic data and begin to view them from a political perspective. This shift first becomes apparent in expectations. Survey-based measures may appear stable for some time, as both households and professional analysts tend to adjust their views gradually. However, market prices react more quickly. Investors incorporate an inflation risk premium into their base outlook, which is why implied inflation rates often exceed survey-based expectations once credibility is in doubt,” they explain.
In their view, uncertainty around the central bank’s reaction function raises the term premium on longer-dated maturities. “Long-term rates begin to reflect additional compensation for potential policy errors and inflation volatility, rather than just the expected path of short-term interest rates. If fiscal objectives—such as the desire to keep financing costs low relative to nominal growth—begin to influence monetary policy, decisions may tilt toward financial expediency. While this may ease short-term funding pressures for the public sector, it functions as an inflationary tax on savers and raises the required returns on private assets,” they add.
As history shows, financial conditions tend to follow a predictable sequence. That is, the yield curve steepens as the short end responds to a more accommodative monetary stance, while the long end shows resistance. Credit spreads settle at higher levels as lenders price in increased uncertainty. “The dollar tends to strengthen during periods of stress when liquidity tightens in a crisis, but it then weakens if real yields are suppressed and the policy framework appears less sound,” the asset manager’s experts conclude.
In presenting their outlooks for 2026, all international asset managers have devoted significant attention to artificial intelligence, both as an investment opportunity and as a key driver of economies and global growth.
“AI is a long-term wave, not just a theme. A technological wave—AI is the fourth wave after mainframes, personal computers connected to the Internet, and the mobile cloud—is defined by the fact that it affects all aspects of the economy. It requires investment across every layer of the tech stack, from silicon—semiconductors—to platforms, devices, and models, and every company becomes, in some way, a user of AI. These waves take several years to evolve, and in the case of AI, the pace of capacity development is constrained by deglobalization, permitting, energy availability, construction limitations, and availability within the computing supply chain,” emphasize Alison Porter, Graeme Clark, and Richard Clode, portfolio managers at Janus Henderson.
According to Janus Henderson portfolio managers, there is a circular problem, as the limiting factor for demand in computing power has been the available capacity to train and develop new models. “As we move from generative AI to agentic AI, more reasoning and memory capacity is needed to provide greater context. This requires significantly more computing power to increase token generation (units of data processed by AI models). We are seeing areas such as physical AI rapidly developing, with the expansion of autonomous driving and robotics testing worldwide. In short, looking ahead to 2026 and 2027, we believe demand for computing power will continue to outpace supply,” they argue.
Are We in an AI Bubble?
In contrast to this highly positive scenario, investors remain attentive to the ongoing debate over whether we are currently in an AI bubble. According to Karen Watkin, multi-asset portfolio manager at AllianceBernstein, the defining feature of this bull market is its narrow leadership. “AI-driven technology companies have delivered extraordinary gains, creating a K-shaped market: a few large winners while many are left behind. This concentration drives index returns but introduces fragility. The U.S. economy is asymmetrically exposed: wealthier households hold most of the equity and sustain consumption, so an AI correction could impact spending and potentially lead the economy into a recession,” she explains.
Watkin believes that, for now, fundamentals offer some reassurance: earnings growth—not just multiple expansion—has driven returns. According to her analysis, hyperscaler capex—though extraordinarily high—is largely funded by strong cash flows rather than debt, but signs of increasing leverage and debt issuance are being monitored. “We also observe more structural risks: circular funding patterns, such as repeated cross-investments and successive corporate transactions, which can introduce fragility. And while adoption trends are promising, imbalances between supply and demand, energy bottlenecks, and the risk of obsolescence could challenge the AI-driven economy,” she states.
The AllianceBernstein expert adds that elevated valuations do not guarantee poor short-term returns, but they do increase the risk of declines: “We believe that narrow leadership warrants greater diversification; asset classes such as low volatility equities can offer defensive exposure and attractive valuations, with a potential tailwind if yields fall.”
What Are the Implications of a Correction?
Until now, investment in artificial intelligence has been primarily financed through corporate cash flows and venture capital. However, as hyperscalers seek to sustain exponential growth in model size, data center construction, and chip supply, debt financing has begun to gain prominence once again.
With major U.S. equity indices becoming increasingly concentrated in AI leaders, in the view of the experts at Quality Growth (a Vontobel boutique), a significant correction could ripple through the economy not via layoffs or failed AI projects, but through the negative wealth effect caused by falling asset prices.
“This dynamic would be similar to what followed the dot-com bubble in 2000, when the decline in equity value disproportionately affected higher-income households and, consequently, overall consumer spending,” they explain.
In their view, a second transmission channel has already taken shape: capital expenditure in AI as a main driver of U.S. GDP. “By the end of 2025, technology-related capital expenditure (capex) is estimated to account for more than half of the quarterly growth in gross domestic product (GDP). This implies that the same force that has driven markets upward could become a drag if investment expectations are adjusted. In this way, AI has become both a tailwind and a potential vulnerability for the macroeconomic outlook in 2026,” conclude the team at Quality Growth.
Last Major Corporate Deal in the Asset Management Industry Before the End of 2025 Janus Henderson Group plc, Trian Fund Management, L.P. and its affiliated funds (Trian), and General Catalyst Group Management, LLC and its affiliated funds (General Catalyst) have announced that they have entered into a definitive agreement under which Janus Henderson will be acquired by Trian and General Catalyst in an all-cash transaction, with an equity valuation of approximately $7.4 billion. The investor group includes, among others, the strategic investors Qatar Investment Authority and Sun Hung Kai & Co. Limited.
Under the terms of the agreement, shareholders who do not already own or control shares through Trian will receive $49.00 per share in cash, representing an 18% premium over Janus Henderson’s unaffected closing share price on October 24, 2025, the last trading day before the initial proposal from Trian and General Catalyst was made public.
The Key Players
The asset manager recalls that Trian, an investment firm with extensive experience in investing and operating within the asset management sector, currently owns 20.6% of Janus Henderson’s outstanding shares and has been a shareholder since 2020, with board representation since 2022. For its part, General Catalyst is a global investment and transformation firm focused on applying artificial intelligence to enhance business operations. They note that this will be one of several transactions that Trian and General Catalyst teams have undertaken jointly.
Additionally, they clarify that, as a private company, Janus Henderson would continue to be led by the current management team, with Ali Dibadj as CEO, and would maintain its main presence in both London (England) and Denver (Colorado).
According to Janus Henderson, shortly after receiving the proposal from Trian and General Catalyst, the company’s Board of Directors formed a Special Committee, comprised of independent directors not affiliated with Trian or General Catalyst.
“The transaction was unanimously approved and recommended by the Special Committee after evaluating the deal with Trian and General Catalyst and completing a thorough review process. At the Special Committee’s recommendation, the Board subsequently approved the transaction by unanimous vote,” they stated.
Main Reactions
Following this announcement, John Cassaday, Chairman of the Board and Chair of the Special Committee, stated: “After a careful review of the proposed transaction and its alternatives, we have determined that this deal is in the best interest of Janus Henderson, its shareholders, clients, employees, and other stakeholders, and offers attractive certainty and cash value to our public shareholders, with a significant premium over the unaffected share price.”
Meanwhile, Ali Dibadj, CEO of Janus Henderson, said: “We are pleased with Trian and General Catalyst’s interest in partnering with us, which is a strong endorsement of our long-term strategy. Throughout our 91-year history, Janus Henderson has been both a public and private company at various times, and has never lost focus on investing—together with our clients and employees—in a more promising future. Through this partnership with Trian and General Catalyst, we are confident that we will continue investing in our product offering, client services, technology, and talent to accelerate our growth and deliver differentiated insights, disciplined investment strategies, and top-tier service to our clients. This transaction is a testament to Janus Henderson’s employees worldwide, who have executed our strategy of protecting and growing our core business, amplifying our strengths, and diversifying where it makes sense, always putting our clients first.”
Nelson Peltz, CEO and Founding Partner of Trian, added: “Our team at Trian has successfully invested in and driven growth at many iconic public and private companies over the years. As a significant shareholder of Janus Henderson and with board representation since 2022, we are proud of the company’s performance in recent years, led by Ali and his outstanding team. We see a growing opportunity to accelerate investment in people, technology, and clients. The partnership with General Catalyst enables us to bring to Janus Henderson our shared entrepreneurial spirit and complementary strengths in operational excellence and technological transformation. We look forward to working closely with Ali and the JHG team, as well as with Hemant and the General Catalyst team, to build a best-in-class business.”
From General Catalyst, its CEO Hemant Taneja added: “We see a tremendous opportunity to partner with Janus Henderson’s management team to enhance the Company’s operations and customer value proposition through the use of AI, in order to drive growth and transform the business. We are also excited to partner with Trian, with whom we share a long-term vision for success in creating additional value for Janus Henderson, a top-tier organization.”
Finally, Mohammed Saif Al-Sowaidi, CEO of QIA, stated: “QIA is pleased to be part of this agreement to take Janus Henderson private. As a long-term financial investor, we look forward to working with our partners at Trian and General Catalyst to support Janus Henderson in the next phase of its impressive growth story.”
Transaction Details
They explained that the transaction is expected to be completed by mid-2026 and is subject to customary closing conditions, including obtaining the relevant regulatory approvals, client consents, and approval from Janus Henderson shareholders.
The transaction will be financed in part through investment vehicles managed by Trian and General Catalyst, backed by funding commitments from global investors, including Qatar Investment Authority and Sun Hung Kai & Co. Limited, as well as MassMutual and others, along with the retention of Janus Henderson shares currently held by Trian and related parties.
The Exchange-Traded Fund (ETF) Industry in the United States Closed November With a New All-Time High in Assets Under Management, driven by strong capital inflows from both institutional and retail investors, according to ETFGI’s November 2025 report.
According to data from the independent research and consulting firm specializing in global ETF market trends, total assets in the U.S. reached $13.22 trillion at the end of November, surpassing the previous record of $13.08 trillion set at the end of October this year.
Growth Dynamics and Capital Flows
The expansion observed in 2025 has been significant. Since the end of 2024, when total assets stood at $10.35 trillion, the year-over-year growth exceeds 27.8%, reflecting continued investor confidence in this type of instrument.
In November alone, the U.S. ETF market attracted $143.72 billion in net inflows, bringing year-to-date net flows to $1.28 trillion—the highest level recorded in recent history for this segment.
This pattern of positive flows marks 43 consecutive months of net capital inflows, a key indicator of sustained investor appetite for these investment vehicles.
Market Composition and Key Trends
The ETFGI report also highlights the current structure of the U.S. ETF market. A total of 4,773 products are listed across three main exchanges, offered by 449 different providers, reflecting a broad and competitive ecosystem.
Within this universe, the three largest ETF managers—iShares, Vanguard, and State Street SPDR—account for more than 72% of total assets, with iShares leading at approximately 29.7%, followed by Vanguard at 28.8%, and State Street at 13.7%.
By category, equity ETFs and actively managed products continued to attract capital during November, with notable inflows into funds linked to broad market indexes as well as more specialized strategies.
The sustained growth in assets and net flows points to a market that continues to mature and diversify, even amid global financial volatility and shifting macroeconomic conditions. This momentum reaffirms the role of ETFs as a central vehicle for asset allocation—for institutional investors, wealth managers, and individual accounts alike.
As the Year-End Approaches, U.S. Investors Have the Opportunity to Align Their Financial Goals With Their Philanthropic Values. By incorporating charitable donations into their financial plans, they can support causes they care about while also accessing significant tax benefits, notes a report from Vanguard.
Charitable donations can take various forms, from cash gifts to in-kind contributions. In-kind donations refer to non-monetary assets given directly to a charitable organization, such as real estate, artwork, and most commonly, securities.
Donating Appreciated Assets
One of the most effective ways for investors is to donate appreciated publicly traded securities. This involves transferring ownership of stocks, bonds, or mutual funds that are listed on an exchange and have increased in value since their acquisition to a charitable organization. This approach offers many advantages, including:
Greater Tax Efficiency. Donors can deduct the fair market value of their securities on the date of the donation, which may be significantly higher than the original purchase price.
Avoiding Capital Gains Tax. By donating the securities directly to the charitable organization, instead of selling them and then making a cash donation with the proceeds, donors avoid paying capital gains tax on the appreciation.
Larger Donation Amount. Often, donors can make a larger donation using this method than they could by donating cash.
Donating Appreciated Securities: A Simple Process
Investors whose portfolios have overweight positions in certain securities might consider donating them in kind as part of a periodic rebalancing.
Donating appreciated securities is a straightforward process. Investors can work with their financial advisor or directly with the charitable organization to initiate the transfer. It is important to confirm that the charity is equipped to accept securities and that the donated assets are not subject to restrictions or holding periods.
For the donor to deduct the donation from federal income tax, the charity must be a qualified organization under the Internal Revenue Code (IRS). Investors can use the IRS online tool, Tax Exempt Organization Search, to verify the organization’s status.
“When it comes to charitable giving, the benefits of donating appreciated securities are clear,” says Garrett Harbron, Director of Advised Wealth Management Strategies at Vanguard and one of the authors of the research report Fundamentals of Charitable Giving: How to Get the Most Out of Your Donations.
“Donors not only receive a tax deduction for the fair market value of the securities, but they also avoid capital gains tax on the appreciation. This benefits both the donor and the charity,” he adds.
Donating appreciated securities is a strategic way for investors to support their philanthropic causes while also reducing their tax burden. By transferring ownership of these assets directly to a qualified charitable organization, donors can maximize the value of their gift and avoid capital gains taxes.
“Now is a good time for investors to review their charitable giving strategies and see if donating appreciated securities makes sense for them,” says Harbron. “For many investors, it can be a tax-smart way to make a meaningful impact,” the expert concludes.
