Dynasty Financial Partners has released its first-ever Investment Banking Primer. This educational guide, aims to provide RIAs with essential knowledge about investment banking practices-critical as the RIA space sees record levels of mergers, capital raising and succession planning.
“For those RIAs seeking to sell or grow, or secure a transformative investment, there is a lack of resources offering the level of guidance and education necessary to consider that first step,” said Sam Anderson, C-head of Dynasty Investment Bank.
The move comes amid a shift in the independent RIA channel, now one of the fastest-growing segments in the wealth management industry. According to Cerulli’s 2024 Industry Report, the combined hybrid and independent RIA space has expanded at a CAGR of nearly 9% over the past 10 years. Capital investments in RIAs have surged as well, growing at a 45% CAGR in the past five years.
With 37% of financial advisors planning to exit the business in the next decade, the potential transfer of an estimated $3 trillion in assets presents both a challenge and a massive opportunity.
“In addition to an advisor shortage, there is a human capital shortage to support advisors, which is why an M&A deal is many times not just about clients, but also about the talent that comes with it to help provide further scale and support buyers,” said Harris Baltch, co-head of Dynasty Investment Bank.
Launched in 2023, Dynasty Investment Bank specializes in M&A, valuations, capital, underwriting and succession planning for both wealth and asset management firms. The team has advised on 15 transactions, including cross-border deals, recapitalizations and private capital raises.
“The strength of our balance sheet gives us tremendous flexibility in facilitating transactions for our clients and our transition and RIA service team are often great resources to help with onboarding,” said Shirl Penney, Founder and CEO of Dynasty Financial Partners.
As of today, Dynasty’s network includes 55 partner firms with over 500 advisors managing more than $105 billion in assets. Its integrated RIA platform includes transition support, capital solutions, tech infrastructure and marketing services. These offer RIAs the ability to scale without sacrificing their independence.
The global economy is undergoing a structural transformation, driven by geopolitical tensions, shifts in trade policy, and the resurgence of tariffs as a strategic tool. This environment – marked by growing uncertainty and volatility – is also generating new opportunities for asset managers, who must adapt quickly to evolving market dynamics, according to FlexFunds.
Volatility is no longer an outlier; it’s become a defining feature of today’s investment landscape. In this context, agility and operational efficiency are key competitive advantages. For asset managers, managing risk is no longer just about responding to uncertainty – it’s about designing adaptive strategies that keep portfolios aligned with investment objectives.
Among the most valuable tools in this environment are exchange-traded products (ETPs), a category that includes exchange-traded funds (ETFs) and exchange-traded notes (ETNs). Since their debut in 1993, ETPs have evolved into versatile, efficient, and adaptive vehicles—suitable for both passive and active strategies.
Why have ETPs become essential for asset managers?
While the terms ETF and ETP are often used interchangeably, it’s worth clarifying: all ETFs are ETPs, but not all ETPs are ETFs. This article uses “ETP” as a broad term to refer to exchange-traded products that track the performance of an index, asset, or strategy.
ETPs are financial engineering products designed to repackage specific asset classes – such as stocks, bonds, commodities, or real estate. When structured around a large basket of stocks, bonds, or specific commodities, they are typically considered ETFs.
When the “basket” is smaller and includes special features like leverage or short exposure, they fall under the broader ETP category.
Strategic advantages of ETPs for asset managers
Operational simplicity and efficient execution
ETPs trade like stocks, meaning they can be bought and sold throughout regular market hours, allowing for intraday transactions and high liquidity. In periods of sudden market volatility, this flexibility enables portfolio managers to respond to market movements in real time – something traditional funds typically cannot offer.
Additionally, ETPs have operating costs that are, on average, less than half the cost of most other investment vehicles. This helps optimize assets under management (AUM) and supports more sustainable margins.
Agile rebalancing, access to alternatives, and diversification
In volatile markets, the ability to rebalance quickly is a competitive edge. However, according to a report by State Street Global Advisors Group Research Center, only 29% of investors regularly rebalance their portfolios – highlighting an opportunity for proactive managers.
ETPs make it easier to execute targeted hedging strategies, such as gaining exposure to Treasuries or gold – assets that have gained importance recently. As of March 2025, AUM in gold ETFs exceeded $345 billion, reflecting strong demand for inflation protection and geopolitical risk hedging.
Beyond traditional assets, ETPs are expanding access to alternative investments. According to State Street Global Advisors’ report “ETFs in Focus: Risk Management Attitudes & Behaviors”, advisors generally view ETFs favorably as vehicles for alternative exposure.
This allows asset managers to build more robust portfolios without resorting to illiquid or overly complex structures.
Transparency for investors
Transparency is a hallmark of ETPs. Holdings are typically disclosed daily, and operations are integrated into widely used platforms for institutional investors and financial advisors, streamlining onboarding and reducing operational friction.
According to a State Street report, 62% of investors believe ETPs offer an efficient, cost-effective, and accessible way to invest in alternatives such as real assets, private markets, or active strategies. This makes ETPs a compelling alternative to more traditional or less liquid structures.
Resilience and sustained growth
Since 2008, ETPs have achieved a compound annual growth rate (CAGR) of 20.1%, reaching $13.8 trillion in AUM by the end of 2024. In the first two months of 2025 alone, global ETF inflows surpassed $293 billion. This signals strong and growing adoption by institutional and professional investors seeking fast, diversified solutions.
Today, there’s an ETF for nearly everything – from traditional asset classes to cutting-edge themes like artificial intelligence and future security. Asset managers continue to turn to ETFs for their transparency, liquidity, and efficiency across core market segments – but they’re also increasingly seeking specialized solutions tailored to achieving specific outcomes for each investor.
Ultimately, ETPs do more than complement asset managers’ strategies – they enhance them. They enable managers to deliver solutions aligned with client goals, risk tolerance, and the operational efficiency today’s markets demand.
FlexFunds specializes in the design and launch of efficient, flexible investment vehicles (ETPs), tailored to each client’s unique needs. Our solutions are designed for asset managers looking to scale their strategies in international capital markets and broaden their investor base.
For more information, feel free to contact our specialists at info@flexfunds.com.
The small and micro 401(k) plan segments are poised for rapid expansion in the coming years, driven by SECURE 2.0 incentives and the implementation of state mandates aimed at increasing the number of individuals covered by some form of retirement savings vehicle.
More than one million 401(k) plans are expected by the end of the decade, representing a 36% increase over the next five years, according to the latest edition of Cerulli Edge—U.S. Retirement Edition, a report by international consulting firm Cerulli.
The number of 401(k) plans has grown significantly in recent years. According to Cerulli, approximately 150,000 new 401(k) plans were added between 2018 and 2023, with nearly two-thirds of them launched in 2021 and 2023. Much of this growth is driven by employers initiating new plans. By 2029, the firm estimates that 92% of all 401(k) plans will fall into the micro-plan segment—an increase of nearly 40% compared to 2022.
Recordkeepers looking to capitalize on this growth in micro plans will need to adapt to the challenges of targeting small businesses and align with the needs of plan sponsors in this segment, the report warns.
“Micro-plan sponsors are more cost-sensitive than large employers and place greater importance on brand recognition. Retirement income options and financial wellness offerings are lower priorities when selecting a recordkeeper,” noted Chris Bailey, Director of Retirement at Cerulli.
Digital recordkeepers have also established a competitive position in the small and micro plan markets. These providers bring a tech-driven mindset to the retirement market, offering newer and more efficient administration platforms.
Their competitive positioning aligns with the top priorities of plan sponsors in this segment: cost, ease of implementation, and simplified administration. This alternative operating model—coupled with a clear understanding of their target market’s needs—has positioned them to challenge incumbents and startups alike in the micro-plan space.
Wealth advisors are also expected to play a more prominent role in the micro market, as their home offices increasingly encourage them to pursue retirement plans as a means of growing their wealth management practices.
Some recordkeepers with a long-term commitment to this segment already have the capabilities needed to harness growth generated by wealth advisors.
“Recordkeepers who want to attract these advisors and succeed in the micro-plan market should, if they haven’t already, invest in resources that lower barriers for wealth advisors,” Bailey stated.
“Given the sheer number of wealth advisors, firms will need to develop scalable sales and administrative solutions designed to support advisors with limited retirement plan experience,” he added.
Looking ahead, the distribution and competitive dynamics of the micro market are expected to shift significantly over the next five to ten years.
“Recordkeepers that want to compete in the micro market should consider investing in small business databases to identify, prioritize, and target employers that don’t yet have a retirement plan—if they aren’t already doing so,” said Bailey.
Cerulli’s expert concluded, “These data resources can also power prospecting tools for advisors: investing in support for wealth advisors seeking to enter the defined contribution space will help position the recordkeeper as the advisor’s ‘preferred choice’ for micro plans.”
JP Morgan and Houlihan Lokey were the leading financial advisors in mergers and acquisitions (M&A) transactions in North America during the first half (H1) of 2025, in terms of value and volume respectively, according to the latest financial advisor league table published by consulting and data analytics firm GlobalData.
An analysis of GlobalData’s transaction database revealed that JP Morgan ranked first in terms of deal value, advising on transactions totaling $209.4 billion. Meanwhile, Houlihan Lokey led in terms of volume, advising on a total of 93 deals.
Aurojyoti Bose, Lead Analyst at GlobalData, commented, “JP Morgan and Houlihan Lokey had already been the top advisors in terms of value and volume in H1 2024, and they successfully retained their respective leadership positions in H1 2025. Houlihan Lokey came very close to reaching triple digits in deal volume during this semester.”
“JP Morgan, for its part, was the only advisor to surpass $200 billion in total transaction value during the period analyzed. It advised on 40 deals valued at over $1 billion, including six mega deals valued at more than $10 billion,” Bose added.
Ranking by Number of Deals:
2nd Place: JP Morgan – 74 transactions
3rd Place: Goldman Sachs – 68 transactions
4th Place: Jefferies – 49 transactions
5th Place: Piper Sandler – 49 transactions
Ranking by Deal Value:
2nd Place: Goldman Sachs – $189.3 billion
3rd Place: Morgan Stanley – $156.3 billion
4th Place: Citi – $153.7 billion
5th Place: Evercore – $128.4 billion
Kirkland & Ellis Leads as Legal Advisor in M&A
On the legal side, Kirkland & Ellis was the leading legal advisor for M&A transactions in North America during the same period, both in terms of deal value and volume, according to the same source. The firm advised on 197 deals with a total value of $161.7 billion.
Bose noted that the firm “was far ahead of its competitors in terms of the number of deals. Despite registering a year-over-year decline in the total value of advised deals, it still outperformed its peers in value due to its involvement in several large-scale transactions.” During H1 2025, the firm advised on 30 deals worth over $1 billion, including five mega deals valued at over $10 billion.
Bringing over 30 years of experience in wealth management and leadership, Stonepeak has appointed Lucinda (Cindy) Marrs as a Senior Advisor. Marrs will support the continued growth of Stonepeak+, the firm’s dedicated wealth solutions platform.
“We see a massive opportunity to bring private infrastructure – an asset class defined by its resilience and backed by meaningful global megatrends – to the wealth channel,” said Luke Taylor, Co-President of Stonepeak.
Marrs joins the firm after a career at Wellington Management, a $1.3 trillion asset manager. At Wellington, she served as Partner and Global Head of Wealth Management and was one of eight members on the firm’s executive committee.
Throughout her tenure, Marrs led key initiatives across regions, helping to launch the firm’s London office, managing its U.S. sub-advisory business, and building its Global Wealth Management division.
“The importance of private infrastructure investment is becoming increasingly apparent, given the tremendous amount of capital needed to sustain and improve the essential services that underpin our daily lives,” said Cindy Marrs.
One Rock Capital Partners has closed $3.97 billion in capital commitments across two new funds, its flagship Fund IV and the newly launched Emerald Fund, marking the largest raise in the firm’s history. The total surpasses its previous fund, which closed at $2.01 billion in 2021, and brings One Rock’s asset under management to more than $10 billion.
The Emerald Fund marks One Rock’s first vehicle focused on the lower middle market, while Fund IV continues the firm’s established strategy of pursuing complex buyouts across North America and Europe. One Rock specializes in four key sectors: chemicals, food and beverage manufacturing and distribution, specialty manufacturing and business and environmental services.
Founded in 2010 by Tony W. Lee and R. Scott Spielvogel, One Rock has completed 67 investments to date, including platform and add-on acquisitions. The firm attributes its success to a value-oriented and operationally focused approach that identifies opportunities often hidden.
“In a period of significant global uncertainty, we believe our track record of creating value by investing in complex situations in the industrial sectors of the economy continues to resonate within the institution investor community,” said R. Scott Spielvogel.
Santander US has announced a $25 million investment aimed at supporting education, employability and entrepreneurship. This funding includes over $10 million allocated for university grants and national scholarships through its Santander Universities program.
The scholarship applications will be accessible later this year via Santander Open Academy, a global platform that offers free educational resources and professional development tools to learners worldwide.
“Continuous learning is imperative to keep up with the pace of change, and we believe that businesses must be a partner in equipping people with the educational tools and resources they need to thrive in today’s society,” said Christiana Riley, Chief Executive Officer and President of Santader US.
Santander’s latest global workforce report, Tomorrow’s Skills, surveyed 15,000 people across 15 countries and emphasized that while college graduates generally feel prepared for the workforce, many Americans express concerns about keeping pace with changing job market demands.
Nearly 80% of respondents believe lifelong learning is essential, yet cost remains the primary obstacle lifelong learning is essential, yet cost remains the primary obstacle to ongoing education. Over half of those surveyed feel companies should take responsibility for providing continuous education opportunities.
With a 28-year history of supporting education and entrepreneurship, Santander has provided access to learning and job opportunities for more than 2 million students and professionals in 2024 alone.
A change of location and position for Santiago Mata, who until now served as Sales Manager Latin America & US Offshore at Jupiter AM. As confirmed by Funds Society, Mata has taken on a new role as Director of Business Development for Latam and US Offshore. He will be based in Jupiter AM’s offices in Madrid (Spain) and will continue to report to William López, Head of the asset manager for Europe and LATAM.
According to the firm, “Sales Manager Santiago Mata has relocated to Madrid, from where he will continue serving the Latin American and US Offshore regions. This proximity will provide added value and better service for clients operating on both sides of the Atlantic.” They also emphasize that “Latin America and the US Offshore region are fundamental to Jupiter’s international growth strategy. Our team structure continues to evolve under the leadership of William Lopez, Director of Europe and Latin America, with the goal of delivering the best service to our clients in the region and providing them timely and efficient access to Jupiter’s high-conviction active investment strategies.”
Mata joined the firm in November 2023 as part of the team led by William López, Head of Jupiter AM for Europe and LATAM, and works alongside Andrea Gerardi covering the Latam & US Offshore region. Mata previously spent three years at DAVINCI Trusted Partner, where he held the roles of Sales Director and Sales Manager. Prior to that, he served as Sales Manager at Jupiter AM for Aiva, as well as Asset Management Specialist.
In Madrid, Jupiter AM’s Iberia team is based, led by Francisco Amorim, Head of Business Development for Iberia since fall 2024. The team is composed of Susana García, Sales Director, and Adela Cervera, Business Development Manager. “The Jupiter team in the Iberian region works very closely with William to drive business growth in this market, aiming to optimize sales capacity and foster commercial momentum,” the firm explains.
Aiming to strengthen its investment offering in emerging markets, LV Distribution — the subsidiary LarrainVial founded in 2023 to focus on third-party distribution and asset management in the United States — has announced a strategic alliance with global investment manager Ashmore Group.
According to a press release from the Chilean financial group, the collaboration seeks to broaden access for LV Distribution’s clients — including RIAs, family offices, and institutional investors — to emerging market investments through Ashmore’s wide range of European investment products.
Founded in 1992 and headquartered in London, the European-origin asset manager closed March of this year with $46.2 billion in AUM, distributed among mutual funds, segregated accounts, and structured products. At the time, Ashmore was a pioneer in offering direct access to emerging market assets. Since then, it has expanded into a broad spectrum of strategies, including external debt, local currency, corporate debt, blended debt, equities, and alternatives.
LarrainVial highlights that this move reinforces the range of international asset managers available through its offshore distribution platform, which has raised more than $28 billion in third-party assets over the past two decades.
In addition, LV Distribution already has a robust network of strategic partners to enhance its investment offering, including managers such as Advisory Research, Crossmark Global Investments, Poplar Forest Capital, Pacific Income Advisers, CFM, and NewVest.
“We are very pleased to partner with Ashmore, a globally recognized leader in emerging market investing. Their vast experience, strong research capabilities, and innovative approach align perfectly with our mission to offer differentiated and high-quality investment solutions to our clients,” said Edward Soltys, Director of LV Distribution, in the press release.
George Grunebaum, Global Head of Distribution at Ashmore Group, added: “We are excited to collaborate with LV Distribution as we expand our reach in the U.S. market. This partnership will allow us to bring our deep expertise in emerging markets to a broader audience, providing investors access to some of the most compelling growth opportunities globally.”
GAM Investments and Swiss Re’s insurance-linked securities investment advisor, SRILIAC (Swiss Re Insurance-Linked Investment Advisors Corporation), are now teaming up to offer investors catastrophe bond strategies.
The goal is to offer investors Swiss Re’s deep reinsurance and catastrophe bond investment expertise alongside GAM’s institutional knowledge in the space.
Catastrophe bonds, which transfer natural disaster insurance risk—such as hurricanes and earthquakes—to investors, continue to attract attention for their ability to generate fundamentally uncorrelated returns relative to traditional markets.
“This type of strategy isn’t about chasing big windfalls,” explained Dan Conklin, who leads Americas capital raising for SRILIAC, during the launch event held in Brickell. “It’s about smartly managing risk and mitigating downside. That’s how consistent returns are built over time,” he added.
Swiss Re, a pioneer in the catastrophe bond market since the 1990s and one of the world’s largest reinsurers, brings significant alignment with over USD 1 billion invested in similar strategies. GAM, which has managed catastrophe bonds with a previous partner for nearly two decades, now aims to scale up and deepen its expertise by partnering with Swiss Re’s investment acumen, underwriting capabilities and scientific risk modeling.
The alliance was formally presented during a private luncheon at The Capital Grille in Brickell, Miami, attended by financial professionals and institutional clients. Alejandro Moreno, Head of Business Development at GAM Investments, opened the event by highlighting the firm’s commitment to active and specialized strategies and the value of expanding its catastrophe bond platform with Swiss Re’s expertise.
Mariagiovanna Guatteri, CEO and Chief Investment Officer of SRILIAC shared insights drawn from over 20 years of developing Swiss Re’s catastrophe bond investment strategy, emphasizing the scientific rigor and conservative risk management that underpin the firm’s approach.
Attendees also received books on financial education meant for families, underscoring both firms’ commitment to investor learning. The event fostered open dialogue, with discussions on portfolio structure, risk assessment, and the evolving landscape of ILS investments.
Organizers such as Moreno and Conklin highlighted that catastrophe bonds can be an attractive complement to traditional fixed income and alternatives — especially for pension funds, endowments, and family offices seeking long-term risk-adjusted returns with limited correlation to equities and interest rates.
