Historic Endorsement From Trump and Bessent for Milei’s Argentina

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The government of Donald Trump continues to break the mold, carrying out unprecedented actions. The United States Secretary of the Treasury, Scott Bessent, reported this Wednesday, September 24, that he is negotiating a $20 billion swap line with the Central Bank of the Argentine Republic (BCRA). He also said that the U.S. administration is prepared to grant a “significant” stand-by loan through the Exchange Stabilization Fund and is willing to purchase Argentina’s dollar-denominated bonds, both on the primary and secondary markets. He clarified that this would be done “when conditions justify it.”

The official confirmation came one day after the meeting in New York between Donald Trump and the Argentine president, libertarian Javier Milei, in which Trump himself heaped praise on the Argentine leader. He later reiterated his stance on X, and Bessent commented on the post, adding: “We are willing to do whatever it takes to support Argentina and the Argentine people.”

Additionally, the Treasury Secretary stated that he has “contacted numerous U.S. companies that intend to make significant foreign direct investments in multiple sectors in Argentina if the election outcome is positive.” The official clarified that “immediately after the elections, we will begin working with the Argentine government on the repayment of its main debts.” He later emphasized to reporters that “the United States will not impose any new conditions or requirements” on Argentina.

At the same time, it was also announced the previous day that the World Bank and the Inter-American Development Bank (IDB) will accelerate their monetary assistance to the country, with a combined amount reaching $7.9 billion, with the goal of helping Javier Milei’s government navigate the crisis.

Key Elections

The explicit support and financial aid from the United States come two weeks after the defeat of Javier Milei’s party in the elections in the Province of Buenos Aires, which accounts for nearly 40% of the country’s electorate. No pollster came close to predicting the outcome, and the opposition had a 13-point lead over the ruling party. On Sunday, October 26, legislative elections will be held at the national level in Argentina. President Milei needs to expand his parliamentary representation in order to pass structural reforms, after having stabilized the macroeconomy and fiscal front.

The day after the defeat in Buenos Aires, Argentine assets collapsed, reviving the specter of the 2019 PASO (mandatory primary) elections, when the market plunged 50% following the large advantage the PJ had over former president Mauricio Macri.

On September 8, Argentine dollar bonds led losses among emerging markets, the Merval index dropped nearly 13%, and the Argentine peso lost 4% against the dollar. In the following days, the negative trend persisted: on Friday the 19th, the Central Bank intervened in the foreign exchange market with the largest daily dollar sale in six years ($678 million) to support the peso. Economy Minister Luis Caputo reiterated after the electoral defeat that the dollar would remain contained within the exchange rate band established on Monday, April 14, when Argentina unexpectedly lifted currency controls. Since that date, the South American country has implemented a new managed float regime, with a band ranging from 1,000 to 1,400 pesos per dollar, increasing monthly by 1%. The BCRA intervenes in the market if the bands are breached.

Much of the financial negativity stemmed from the government facing debt maturities of $12 billion in 2026, and the market closely monitoring the Central Bank’s reserves. After this week’s strong U.S. backing, optimism took hold in the market: dollar bonds rose as much as 12%, and the EMBI+ Argentina index — a benchmark for country risk prepared by JP Morgan — showed a drop of nearly 400 points, hitting an intraday low of 839 points and closing at around 900. Last Friday, this index reached a peak of 1,516 basis points, when the dollar touched the upper limit of the band, forcing the BCRA to intervene in the market.

Analysts’ Views

“The government seems to have managed to reverse a scenario where expectations had become unanchored,” said Eric Ritondale, chief economist at PUENTE, after the details of the U.S. economic support were revealed. In his view, the market’s reaction before and after the announcement indicates that the recent weeks’ volatility “was more about expectations than about fundamental elements of the economy.”

“After the elections, we expect the economic team to seek to rebuild reserves, advance a currency adjustment, and lower rates to reactivate the economy. If consolidated, that combination could lay the groundwork for a recovery,” he added.

Grupo IEB published a special report titled “Shift in Expectations”, in which it stated that “this trend change in expectations eases the exchange and monetary outlook, allowing for potential currency purchases by the Treasury, a possible rate cut via reserve requirement reductions and/or a decrease in the rate on remunerated liabilities.”

The report highlighted a central point, especially looking ahead to the upcoming elections. It is necessary that “the impact on the real economy be felt as quickly as possible. FX control and rate cuts will be a good starting point.” To curb inflation, the government implemented an unprecedented fiscal adjustment.

For its part, Delphos Investments reiterated on Wednesday its recommendation of caution to its investors until it is confirmed that the bottom for Argentine stocks has been reached. “The market reacts disproportionately to both positive and negative news, and while the weekend was dominated by favorable economic signals, the political catalysts — perhaps the most necessary — remain scarce and unpredictable.” The Research Department of Capital Markets Argentina wrote in a report that it expects high volatility in the Argentine market in the short term.

Reasons to Invest in Water Infrastructure Through ETFs

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The challenge of water and sanitation has been one of the United Nations Sustainable Development Goals since 2016. And within this niche, there are investment opportunities—also through ETFs. Water is a vital element, not only for sustaining life, but also for the development of new technologies and industries. In First Trust’s opinion, water infrastructure represents “an attractive investment opportunity,” driven by new catalysts and emerging trends such as water-intensive manufacturing, the shift to liquid cooling for AI data centers, and hydraulic fracturing in the energy sector.

The firm explains that the reindustrialization of the U.S. economy will lead to a drastic increase in water demand in the coming years, especially in sectors that are major water consumers, such as semiconductor manufacturing. As these and other projects expand, First Trust forecasts that “substantial investments” will be needed in water infrastructure.

In addition, advances in generative AI have captured global attention. To meet the growing performance demands of AI, global data center capacity is expected to grow by 52% between 2024 and 2027. In this context, keeping high-performance processors cool presents a significant challenge for traditional air-cooling systems, which has led the sector to adopt liquid cooling. Here, the firm cites JLL estimates, indicating that hybrid cooling—70% liquid and 30% air—“has become the standard thermal management strategy for new data centers.”

Hydraulic fracturing (“fracking”) also continues to be a key driver of demand for water infrastructure, according to First Trust. Fracking involves injecting high-pressure water, sand, and chemicals into underground rock formations to extract oil and gas. A single fractured well can consume between 1.5 and 16 million gallons of water.

Moreover, fracking produces “flowback water,” a toxic byproduct that requires treatment using technologies such as microfiltration and reverse osmosis. “From sourcing water to its treatment, transport, and control, fracking processes—which consume vast amounts of water—generate considerable demand for water resources,” the firm notes.

In light of these emerging trends, investing in U.S. water infrastructure becomes increasingly important. The 2025 report by the American Society of Civil Engineers (ASCE) on the state of U.S. infrastructure gave poor marks to water systems, including a low pass for drinking water, a solid pass for wastewater, and a failing grade for stormwater systems.

This reflects decades of underinvestment, as data from the Congressional Budget Office shows that spending on water infrastructure has grown only 0.3% over the past 20 years. The ASCE estimates that $1.65 trillion will be needed between 2024 and 2033 for drinking water, wastewater, and stormwater infrastructure. With only $655 billion funded, “the remaining $1 trillion funding gap is the largest of any infrastructure sector.”

Investors can benefit from these macro trends by including ETFs that focus on water-related industries in their portfolios. One such option is the First Trust Water ETF, listed on the NYSE. It tracks the ISE Clean Edge Water Index, composed of 36 stocks focused on the drinking water and wastewater sectors, including water distribution, infrastructure development, purification and filtration, as well as related services like consulting, construction, and metering.

Another option is BlackRock’s iShares Global Water UCITS ETF U.S. Dollar (Distributing), which tracks the S&P Global Water Index. This year, its valuation has increased by just over 15%, through investments in companies involved in the global water sector, across both developed and emerging markets. As a complement, Amundi offers the Amundi MSCI Water UCITS ETF Dist, which aims to replicate the performance of the MSCI ACWI IMI Water Filtered Index.

A further option is the Invesco Water Resources ETF, based on the Nasdaq OMX Global Water Index, which seeks to replicate the performance of companies listed on global exchanges that produce products designed to conserve and purify water for homes, businesses, and industries. This ETF is listed on the Nasdaq.

U.S. and European Equities: Two Titans in the Portfolio

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After ten years of U.S. equity dominance, asset managers emphasize that this year’s resurgence in European equities remains intact. In their view, the factors that make it attractive are still valid: more reasonable valuations, a favorable monetary policy from the European Central Bank (ECB), and unprecedented fiscal stimulus measures.

According to Aneeka Gupta, Director of Macroeconomic Research at WisdomTree, we’ve seen a paradoxical first half of the year. In her analysis, 2025 was the year in which U.S. stock markets underperformed their international rivals by the widest margin since 1993. “Suddenly, it became fashionable to talk about how the era of American exceptionalism was coming to an end, as uncertainty rose around Trump’s tariff policies, along with the growing fiscal deficit, a weakening U.S. dollar, and the unveiling of DeepSeek,” she notes.

As a result, Europe emerged as the region making a major comeback in 2025. “Eight of the most profitable stock markets in the world were European, thanks to lower energy costs and the loosening of fiscal rules in Germany. The U.S. had outperformed Europe over the past five years by nearly 23.5% (measured in dollars), due to stronger earnings growth,” Gupta points out.

With this context in mind, the WisdomTree expert believes that equity risk premiums now show a wide gap: “Approximately 2% in the United States, 6% in Europe, and 7% in Japan and the broader emerging markets universe. Over the next twelve months, asset allocation decisions will depend on these valuation cushions, policy divergences, and the evolution of trade alliances.”

Don’t Overlook Europe


“In our view, attractive valuations make a strong case for European equities: they are currently trading at a substantial discount compared to the U.S. market. The twelve-month forward price-to-earnings ratio of the MSCI Europe index is currently at 14.6, slightly above its average since 1980, which is 14. By contrast, in the United States, valuations are approaching historic highs, with an expected earnings ratio of 22 times. In addition, the average dividend yield in Europe is approaching 3.3%, which far exceeds the U.S. average of around 1.3%,” argues BNP Paribas AM.

Despite Europe’s greater prominence this year, Hywel Franklin, Head of European Equities at Mirabaud Asset Management, believes it remains “a forgotten opportunity” on a structural level. According to his analysis, for much of the past decade, investors have overlooked this market, distracted by the extraordinary momentum of high-growth U.S. stocks. “Today, the difference between the two is quite striking. A single large-cap U.S. company now carries more weight in global indices than the entire stock market of any individual European country. That imbalance in attention is precisely what makes Europe so interesting,” Franklin comments.

Even after its strong performance so far this year, the Mirabaud AM executive considers that valuations remain attractive, both in absolute terms and relative to the U.S., reflecting the extreme levels of skepticism that have already been priced into European equities. “And here’s the key point: in the small and mid-cap (SMID) market, one in three companies is still trading more than 60% below its historical high. That’s not a market that’s ‘gone too far’; it’s a market with enormous recovery potential,” he argues.

Not Ignoring the U.S.


That said, the S&P 500 index continues to reach new all-time highs almost daily, despite the macroeconomic slowdown. “The U.S. equity market is experiencing a strong upswing, driven primarily by its tech giants and supported by solid fundamentals, an upcoming easing cycle, and a resilient global economic outlook,” notes Yves Bonzon, CIO of Julius Baer.

In his view, the fundamentals of U.S. companies also showed a strong earnings season and, on the other hand, the AI boom is gaining momentum, with both startups and established giants making bold bets on the growth and reach of this revolutionary technology.

“In addition to earnings optimism, U.S. companies continue to be models in capital return to shareholders. Share buyback authorizations in the United States reached one trillion dollars by the end of August 2025, compared to less than 900 billion dollars at the same time last year,” Bonzon comments.

Equities: Unstoppable?


What is clear for asset managers is that equities continued to climb the “wall of worry” during what is usually a quiet summer period in the Northern Hemisphere, with most regional indices hitting all-time highs in local currencies. As explained by Mario Montagnani, Senior Investment Strategist at Vontobel, the bullish sentiment is based on a strong second-quarter earnings season, optimistic forecasts, relief from tariff uncertainty, rate cuts, anticipated leadership changes at the Fed, and expected 2026 stimulus measures that could boost earnings per share (EPS) as in 2018.

“The earnings season delivered solid surprises with minimal tariff effects, marking a turning point in momentum and suggesting that previous revisions may have been too pessimistic. Looking ahead, earnings surprises are likely to play a key role in stock performance, given high valuations,” adds Montagnani.

However, the Vontobel strategist acknowledges that inflation remains the main driver of equity market developments. “Billions in tariffs now impact the U.S. economy each month, but who really bears the cost? The pass-through to consumer prices is more nuanced than many assume. Tariffs do not automatically get passed on to consumers. Their impact depends on factors such as a company’s competitive position, demand elasticity, distribution model, time lags, and supply chain structure,” he notes.

In his view, this is evident in “the U.S. Producer Price Index (PPI28) data, where importers often absorb the initial impact through margin pressure, and the historical correlation between the PPI and the U.S. Consumer Price Index (CPI29) has been weak, suggesting that producer prices are not a reliable predictor of consumer inflation.”

Miami Tops Global Real Estate Bubble Risk Ranking

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Miami presents the highest real estate bubble risk among more than twenty major cities worldwide analyzed in the 2025 edition of the UBS Global Real Estate Bubble Index. Behind it are Tokyo and Zurich, also at high risk.

Over the past 15 years, Miami recorded the highest inflation-adjusted home price appreciation among all the cities in the study. However, the boom has cooled over the past four quarters, with a notable slowdown in home price growth, the report notes.

Over the past five years, Miami—along with Dubai—continued to decouple from fundamentals and led with an average real price growth of approximately 50%. They were followed by Tokyo and Zurich, with increases of 35% and nearly 25%, respectively.

Despite housing affordability for buyers being near historic lows, owner-occupied home prices have continued to diverge from rents. The current price-to-rent ratio has even surpassed the extremes of the 2006 housing bubble, indicating a high bubble risk, according to the UBS index.

Recently, housing inventory has recovered to levels close to those seen before the pandemic, as slightly lower mortgage rates and significant embedded equity levels have led some homeowners to put their properties up for sale.

Regulatory changes have forced many long-time owners of older condominiums to address decades of deferred maintenance, resulting in considerable costs. Along with rising insurance premiums due to increased environmental risks, this has further contributed to selling pressure, according to the report, which also points out that, historically, worsening affordability and growing gaps between prices and rents have been precursors to real estate crises.

While the Swiss bank expects price growth to turn negative in the coming quarters, a sharp correction “does not currently seem likely.” Miami’s coastal appeal and favorable tax environment continue to attract new residents from the western and northeastern United States, with property prices still well below those in New York and Los Angeles. International demand, especially from Latin America, remains strong, particularly in the luxury beachfront condominium segment, the report notes.

On average, global real estate markets continued to cool. Matthias Holzhey, Senior Real Estate Economist in the Chief Investment Office of UBS Global Wealth Management and lead author of the study, explained that “widespread exuberance has faded, as the average bubble risk in major cities has declined for the third consecutive year.”

UBS warns that the lack of housing affordability increases the risk of regulation and notes that “overall, financially accessible living space for a skilled worker is, on average, 30% smaller than in 2021.” Purchasing a 60-square-meter apartment, the report says, is beyond the budget of the average skilled worker in most global cities.

Ontier Appoints Michael Mena as Managing Partner of Its Miami Office

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Photo courtesyMichael Mena, New Managing Partner, Together with Ontier’s International Director, Javier Muñoz

The international business law firm Ontier announced the appointment of Michael O. Mena as Managing Partner of its Miami office, from where he will lead the firm’s U.S. strategy and strengthen its ability to support clients in cross-border transactions and litigation between Europe, Latin America, and the United States, according to a statement.

The appointment supports Ontier’s commitment to its Miami office, which plays a key role in the firm’s growth plan for the Americas. The firm aims to accompany clients in their expansion across one of the most relevant global business areas, marked by strong investment activity and a growing volume of international litigation, the statement added.

With a solid background as a trial lawyer, Mena brings extensive experience in handling complex commercial litigation before U.S. federal and state courts, in areas including high-impact business disputes, corporate governance issues, insurance litigation, and cases of major corporate significance.

“It is an honor to join Ontier and lead the growth of our Miami office. With Ontier’s strong presence in Europe and Latin America, we are in a privileged position to help clients manage international opportunities and disputes. Miami is a unique and dynamic market that I know well, and I am excited to build a strong team and reinforce our strategic role in the region,” said Mena.

For his part, Bernardo Gutiérrez de la Roza, CEO of Ontier, stated: “Michael embodies the entrepreneurial spirit and client focus that define Ontier. His track record in complex litigation and his leadership in the Miami community make him the ideal person to lead our U.S. office and strengthen the ties between our clients in Europe and Latin America.”

Before joining Ontier, Mena was a partner at several firms, including Akerman LLP, where his litigation work was recognized by leading international legal directories.

In addition to his professional career, Mena has a distinguished record of public and community service, having served as Vice Mayor and Commissioner of the City of Coral Gables, as well as a member of the Orange Bowl Committee, with strong ties to the business and social community of South Florida. He earned his bachelor’s degree from the University of Miami and his Juris Doctor from Columbia Law School.

Ontier has strengthened its global presence over the past year with the launch of a Middle East Desk to pursue opportunities in the region, the integration of two specialized teams in Italy in the Litigation and Corporate M&A areas led by Simone Grassi and Stefano Zappalà, and the incorporation of the firm Matthei in Chile, doubling the size of its office in that country.

Just a few weeks ago, the firm also announced the appointment of Javier Muñoz Martínez as its new International Director.

They Save More, Invest Less, and Seek Guidance on Social Media

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Women are about to inherit a considerable share of the $124 trillion that makes up the so-called “great wealth transfer.” However, according to Capital Group in its latest report, many of them show reluctance to invest their inheritance. On average, women invest 26.4% of their inheritance compared to 36.2% of men.

The report reveals that four out of ten women wish they had allocated more to investment, versus three out of ten men. In addition, women save more—14.3% compared to 11.1% for men—and also spend a larger portion of what they receive, 15.4% compared to 11.3%. Another notable finding is the difference in the type of financial advice they seek. According to the report, 27% of women look for guidance on social media or from finfluencers, double the rate of men at 15%. Likewise, 68% of women trust that artificial intelligence and other technologies will improve financial advice through greater personalization and easier access, compared to 59% of men.

“In the next two decades, $124 trillion will change hands, and women will inherit a significant share of this wealth. Now is the time for them to take control of their financial future. Our study shows that although many save more and invest less, some later regret not having invested a larger portion of their inheritance. The good news is that it’s never too late to start,” said Alexandra Haggard, Head of Asset Class Services for Europe and Asia-Pacific at Capital Group.

Other Findings

The results also show that although women will play a central role in the redistribution of global wealth, barriers still persist in their relationship with investing. For Capital Group, this scenario presents a double perspective: a challenge for the financial sector and an opportunity for more women to take an active role in managing their wealth.

In Haggard’s view, many women turn to social media and financial influencers for financial guidance, but as their financial needs grow more complex, the role of professional advice becomes more important. “As the process of the ‘great wealth transfer’ moves forward, the wealth management sector must adapt to women’s growing influence over wealth. At Capital Group, we have partnered with wealth managers to provide thought leadership in investing, events, and training to help their female clients invest with confidence and build long-term wealth,” she explained.

This research is based on a survey of 600 high-net-worth individuals in Europe, Asia-Pacific, and the United States.

De-Dollarization: Mirage or Reality?

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The word “de-dollarization” is increasingly being read and heard. In the year of turmoil for international trade brought about by Donald Trump’s tariff policy and his explicit threats to the independence of the Federal Reserve, Bank of America believes that the de-dollarization process “has been evident,” Citi says it is only a “mirage,” and Ninety One suggests we may be facing a turning point both for the U.S. currency and for international markets. The dollar has fallen nearly 9% this year.

In a note to its clients, BofA strategists highlighted the renewed weakness of the dollar, as “investors are increasingly focusing on currency hedging of U.S. dollar-denominated risk.”

According to Bank of America, “this will remain a recurring theme for some time, as we expect the U.S. dollar to depreciate further from its overvalued levels.”

The strategists also wrote that “maintaining a constructive view on U.S. equities is only compatible with adequate currency risk hedging of that exposure.”

They added that while the shift in foreign exchange reserve allocation away from the dollar has been “gradual,” the process of “de-dollarization” has been “evident.”

Just an Illusion?

Reserve managers at major central banks show a growing bias toward non-traditional currencies such as the Australian dollar, the Canadian dollar, and even the currencies of BRICS countries (Brazil, Russia, India, China, and South Africa). Although the change is gradual, BofA analysts described this process as a “fork” in reserves that could become a dominant trend in the coming years.

By contrast, Citigroup analysts used the word “mirage” to refute the view that “global investors are seeking to shed their dependence on the dollar.” The “de-dollarization” narrative, they said, is an “illusion” without support in economic data.

The team of strategists led by Osamu Takashima noted in a report to clients that U.S. balance of payments data show no signs of “mass dumping of dollar assets.”

The bank’s team added that, in the long run, there is no significant correlation between inflows into foreign securities (in size) and the performance of the dollar exchange rate. The strategists wrote: “We see de-dollarization as a narrative created to justify dollar weakening caused by position unwinding and adjustments to hedge ratios. We believe the risk of dollar depreciation should be considered separately from the issue of de-dollarization.”

A document signed by Daniel Morgan, analyst at the Investment Institute of Ninety One, suggests that the long period of leadership of U.S. stocks (and the strong dollar) could be reaching a turning point. And that the consensus that the United States will remain “the safe place” to invest is being challenged by several structural factors that could favor markets outside the U.S. in both developed and emerging countries.

The report also notes that Europe has shifted from a phase of austerity to a more expansive policy, and that many emerging markets have healthier public finances than developed countries, giving them “room to maneuver.”

Looking Toward Other Regions

The global asset manager suggests that although international investors hold large positions in U.S. assets, “there is a risk that net flows into the U.S. may decrease or reverse.” For Ninety One, the dollar is overvalued compared to its history, and U.S. equities remain expensive in global terms.

One of the firm’s conclusions is that fundamental indicators suggest a “lower allocation to U.S. equities than is implied by market-cap weighted benchmarks, as international and emerging markets offer potentially higher returns.”

“In order to navigate successfully in this next cycle, investors must look beyond the familiar to identify new growth drivers emerging across regions, sectors, and market segments. Forward-looking diversification and careful, bottom-up selection will be necessary to capture a broader set of global opportunities shaped by fundamental trends rather than index inertia,” the firm emphasized in the report.

The Supreme Court will review on November 5 the legality of the global tariffs pushed by Donald Trump, who also repeatedly criticized the Federal Reserve for not cutting rates more aggressively. This, along with expectations of new rate cuts, is fueling the search for diversification in international portfolios and accelerating the partial move away from the dollar as the main reserve currency.

Bolton Turns 40 In The Middle Of A Leadership Change, Promising Continuity And Independence

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Photo courtesySteve Preskenis, Chief Executive Officer of Bolton Global Capital

Bolton Global Capital celebrates its 40th anniversary, maintaining a unique business profile like no other: conservative yet creative, fiercely independent, and highly adaptable. Year after year, the business continues to grow and seems to have no ceiling. In 2025, Bolton experienced an earthquake that, true to form, passed quietly under the seismograph: the leadership change from the long-time Ray Grenier to a man of the house: Steve Preskenis.

The brand-new CEO of Bolton Global Capital gave his first interview to Funds Society. The firm’s central message is continuity, but anyone familiar with the business world knows that leadership changes are never innocent: a CEO’s job influences everything that happens in an organization from day one.

Steve Preskenis, a graduate of Fairfield University and Suffolk University Law School, has the soul of a mechanic, constantly adjusting a highly efficient machine that must be infallible.

“We are constantly working to improve our efficiency, develop and implement the latest technologies, and strengthen our cyber defenses. What remains the same is our premium level of service, low costs and high payout structure, and the certainty and stability that comes with being a private company,” he explains.

Bolton has generated 18% year-over-year growth over the last decade; revenues grew by 24% in 2024, and the plan is to continue on that path while maintaining the company’s core, which is its independence. The new CEO emphatically reaffirms the model: “Bolton has no plans, need, or desire to go public or merge with another firm. We are in the increasingly unique and strong position of being one of the few major, truly independent firms. Bolton is 100% privately held, with no outside or private equity involvement in the business, and we have no debt. This allows us to exclusively serve our advisors and their clients and maintain our superior service and compensation model without increasing costs.  Additionally, our strong balance sheet empowers us to fully fund our continued growth.

Preskenis repeatedly alludes to one of the key signs of the model’s strength: almost nonexistent staff or advisor turnover.

“We have enjoyed remarkable longevity with our advisor partners and our incredible home office staff. Advisor and staff turnover is virtually nonexistent, and commitment, trust, and competence are built over time. If you’ve been with the Bolton family for less than five years, you’re relatively new, and we’re immensely proud of the enduring culture that has been so satisfying and engaging to so many for so long.”

Part of this longevity is the collaboration with BNY Pershing, which has now spanned more than twenty years.

THE WORLD ACCORDING TO BOLTON AND HIS NEW CEO

Bolton Global Capital remains rock solid, but the world is in chaos, and the United States is experiencing unprecedented changes to its economic model and its integration into the world. In 2025, no one can really believe they’re covered. In this context, Steve Preskenis offers an assessment of the macroeconomy from his experience as an entrepreneur.

“Trade and tariff uncertainty is dissipating as more deals are being finalized, and the interest rate cuts expected on the horizon should help sustain, and even boost, growth for the remainder of the year. Much will depend on future inflation readings, but these appear to be moderating,” he notes.

For Bolton’s CEO, “The tariff hurdles predicted by many have not materialized, and the trade wars appear to be resolved by the end of the year. The passage of President Donald Trump’s economic bill guarantees fiscal certainty, and if inflation remains under control, rate cuts should follow. The unemployment rate in the United States has been rising slightly and is worth monitoring. At Bolton, business activity has been brisk, and we see few indicators of a slowdown on the horizon.”

In these months of the Trump administration, many ideas and potential reforms have been heard. Not only have the rules of global trade been modified, but the independence of the Federal Reserve and, consequently, the monetary balance of the world’s most important financial economy is also being questioned. Amid this storm, is a tax on custodial international transactions in the United States possible?

“I don’t think it’s likely that any new tax obligations will be expanded or created under the current administration. The United States remains the most attractive financial market in the world. The US capital market stands out for its efficiency, reliability, governance, and cost. Applying a transaction tax to assets in US custody would diminish the overall attractiveness of the market, and I don’t foresee that happening anytime soon,” says Preskenis.

Bolton is a global firm, manages portfolios in 45 currencies, and has access to 60 international markets. This offers a very interesting overview of the financial world: How will the dollar perform in the coming months? Which currencies are currently booming?

Preskenis acknowledges that “it has been a difficult year for the dollar due to uncertainty in interest rate policy, rising deficits, and trade tensions. Incredibly, the Russian ruble is the best-performing currency in 2025, and the pound sterling reached its highest levels in several years during the first months of 2025, although this could be primarily attributed to the weakening dollar.”

So, if the dollar weakens, it impacts the entire portfolio structure. When it comes to investment assets, the Bolton CEO demonstrates what a concrete vision they have for protecting their partners and clients.

PRESKENIS, A CEO WHO LIVES OUTSIDE OF FASHIONS

With $18 billion under management, Bolton Global Capital is a key client for major global firms of mutual funds, ETFs, alternative assets, and other investment products. The firm has an open architecture and offers a wide range of assets with the aim of meeting all the expectations of financial advisors.

But when it comes down to it, it’s interesting to know how Steve Preskenis manages his own assets. And in this sense, we are dealing with a responsible business leader who is not afraid, yet is cautious to avoid fads. “I currently have three main investments. They’re named Julia, Ava, and Luke—my trio of college kids! But yes, my investment strategy largely reflects Bolton’s beliefs: quality and liquidity. These are the principles Ray (Grenier) has emphasized since I joined the firm over 18 years ago. Our consistent success is due to working with the highest-quality advisors, serving the highest-quality clients, and using the highest-quality products to achieve them.  “I come from a risk management background and am conservative by nature. Overall, my portfolio is not particularly aggressive. I’m primarily an investor in major indices, with a slight investment in fixed income, cash instruments, real estate, and, of course, international exposure.”

Alternative assets are gaining increasing market share, both in the United States and around the world. Bolton hasn’t been immune to this trend, but it has put its own stamp on it: “Bolton has long avoided illiquid investments, and while we offer alternative investment options, we limit these to the semi-liquid variety and to clients best suited for this type of investment.

“We are fully aware that our financial advisors are the best asset collectors and managers in the industry. Frankly, we should stay out of the way when they’re doing their job. But we work in a very complex industry with many rules and regulations, and many processes that need to happen behind the scenes for them to be successful. That’s where we come in. In private investments, our job is to ensure our partners have access to the best in all the different asset categories. We partner with iCapital; this gives us access to top-tier investment due diligence, training and education modules, and an efficient platform for underwriting and management.”

Ultimately, both Preskenis and Bolton have similar temperaments: lifelong conservatives, but not “neoconservatives” fascinated by cryptoassets and innovation. When asked to name a particular asset or product that has caught his attention recently,  Preskenis offered, 

“You might be surprised that I don’t mention cryptocurrencies, alternative assets (particularly private credit), AI-based energy sources, or the like. But I feel that, in reality, the more things change, the more they seem to stay the same. I’ll always remember my grandmother telling me during my youth that, in times of uncertainty, buy gold. And when uncertainty is greatest, buy more gold! Nana Murphy lived through the Great Depression, and her only financial education was a long, loving life, but she was right then, and she’d be right today”

“It’s boring old gold that’s returned over 1,000% since 2000 and over 27% this year alone. By comparison, the S&P 500 has returned around 550% since 2000. I had read that gold was up 27% this year, and when I looked back at its performance since 2000, it caught my attention. I guess the lesson is to always listen to your grandma, and not be afraid of being boring”, says Preskenis.

Ali Zaidi Joins DoubleLine as Head of International Client Business

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Ali Zaidi, until now head of client business for the Middle East and North Africa at Goldman Sachs Asset Management, has joined DoubleLine Capital as head of international client business. Within his responsibilities, he will lead the firm’s international client team in business development and client service outside the United States.

According to the asset manager, his work and that of his team will be “to help clients align their return and risk management objectives with active investment strategies tailored to a world undergoing both secular and cyclical changes.” Based in DoubleLine’s Dubai office, Zaidi reports to DoubleLine president Ron Redell.

“Under the leadership of CEO Jeffrey Gundlach, and on the strength of our long-tenured investment team and our client-centered service, DoubleLine has established itself as a leading active asset manager. I am delighted to welcome Ali on board. His extensive experience will elevate our firm by bringing our asset management expertise to global clients,” said Ron Redell, president of DoubleLine.

For his part, Zaidi stated: “As an independent, employee-owned firm, DoubleLine has an alignment of interests and values that resonates with clients. I am excited to join and offer our global clients the intellectual leadership and fixed income expertise of our firm.”

Before joining DoubleLine, Zaidi worked from December 2010 until mid-September 2025 at Goldman Sachs Asset Management as managing director, head of MENA client business and new markets, Dubai. In that role, he led a team of client coverage professionals based in London, Riyadh, Dubai, Abu Dhabi, and Doha.

In previous roles, he worked in credit and structured products structuring and sales (including Sharia-compliant products); equity and equity derivatives financial control; and financial services auditing. Over the course of his career, he has been based in London, Kuala Lumpur, and Dubai.

iCapital Launches a Series of Model Portfolios for Latin American Investors

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The firm specialized in alternative assets iCapital announced the launch of its first model portfolio available to investors in Latin America. This is the iCapital International Balanced Model Portfolio, to which two additional income- and growth-based solutions will be added in the coming months.

“iCapital’s model portfolios offer an innovative solution that complements traditional asset allocation frameworks. These portfolios simplify access to alternative investments through a single digital subscription workflow. Integrated with iCapital’s multi-investment workflow tool, they enable efficient and simultaneous processing of multiple investments, supporting a holistic approach to portfolio construction,” the company announced in a statement.

The portfolio offers three models designed to achieve specific portfolio outcomes: the balanced portfolio seeks enhanced total return with reduced volatility, the income portfolio seeks stable and attractive return, and the growth portfolio focuses on long-term wealth accumulation. Advisors can also leverage Architect, iCapital’s proprietary portfolio analysis tool, to better assess the impact of adding alternatives to traditional investments.

“iCapital’s model portfolios were created to meet the growing need among financial advisors to intelligently incorporate alternative investments and align with a broader asset allocation framework,” said Kunal Shah, managing director and head of private asset research and model portfolios at iCapital.

“This launch marks a key milestone in the expansion of iCapital’s global offering, enabling wealth managers around the world to build diversified portfolios efficiently,” said Wes Sturdevant, head of international client solutions for the Americas at iCapital.

“Model-based solutions are essential for the successful adoption of private markets, and this launch brings us closer to our goal of making them more accessible,” he added.

iCapital is a fintech founded in 2013 and headquartered in New York that operates a global platform to facilitate access to alternative investments (private equity, real estate, private credit, etc.) for financial advisors, wealth managers, and high-net-worth clients, simplifying processes, compliance, due diligence, transactions, and reporting.

It manages more than $200 billion in assets on its platform. More than 104,000 financial professionals have executed transactions on its platform over the past 12 months. The firm provides access to more than 1,630 funds offered by over 600 asset managers. iCapital has offices in multiple cities worldwide, including New York, London, Zurich, Lisbon, Singapore, Hong Kong, Tokyo, and Toronto, and is expanding into Australia and the Middle East.