UBS Wealth Management USA Restructures Leadership in the Southeastern U.S.

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UBS Wealth Management y liderazgo
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UBS Wealth Management USA recently announced key changes to its organizational structure, including the transition of its field management model from two national divisions to four regions.

The new structure allows UBS field leaders to make faster decisions, better respond to client needs, and be more connected to the firm’s comprehensive offering, according to the firm’s statement.

Julie Fox has been appointed as regional director for the southeast, and the four new divisions, which will report directly to Fox, will be led by Brendan Graham, Jake Shine, Greg Achten, and Lane Strumlauf.

The four representatives will be distributed as follows:

  • Brendan Graham has been named market head for the Mid-Atlantic. He will be responsible for overseeing the firm’s financial advisors in Pennsylvania, southern New Jersey, Washington, D.C., and Maryland (Baltimore and Hunt Valley).
  • Jake Shine has been named market head for the South Atlantic. He will oversee financial advisors in Maryland (Bethesda), Virginia, North Carolina, and South Carolina.
  • Greg Achten has been named market head for the South. He will oversee financial advisors in Georgia, Tennessee, Arkansas, Mississippi, Alabama, and Louisiana.
  • Lane Strumlauf has been named market head for Florida. He will be responsible for overseeing financial advisors in Florida.

“Our wealth management business in the United States has strong momentum, and thanks to the hard work of our teams, we have a solid foundation to drive our next phase of growth,” said Fox.

The southeast region, which has experienced a significant increase in wealth in recent years, includes some of the fastest-growing wealth hubs in the country, such as Philadelphia, Washington, D.C., Charlotte, Charleston, Nashville, Miami, Palm Beach, Naples, and Tampa, among others.

The new leadership in these key markets will help advisors access important resources to better serve clients and leverage the strong global wealth management platform of UBS.

EFG Capital Adds a Team of Advisors from XP in Miami

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EFG Capital y equipo de advisors
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The advisors Felipe Sebes, Thiago Favery, Raphael Pinheiro, and Fernando Olea have joined EFG Capital in Miami.

The bankers, who come from XP, announced their move on LinkedIn after spending six months on garden leave. They clarified that they will focus on advising international clients, primarily families from Brazil.

“The bank stands out for its personalized and entrepreneurial approach and its focus on building lasting relationships. EFG specializes in offering customized wealth management solutions for individuals, families, and high-net-worth institutions, combining Swiss expertise with global reach. Its areas of specialization include private banking, wealth planning, investment solutions, and credit, all supported by a robust structure,” they posted on each of their LinkedIn profiles.

The advisors, each with more than a decade of experience, expressed their admiration for the international structure of the new firm and highlighted “the quality and tenure of the team.”

EFG International is a global private bank headquartered in Switzerland, with subsidiaries in more than 40 locations, including Miami, where the new team’s base will be.

Commodities: Global Growth and Energy Transition Will Be the Pillars Against Headwinds

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After Trump’s victory late last year, commodities began to weaken. Even gold, which had an exceptional year, started losing value as the dollar strengthened. These turbulences in the last quarter of 2024 have filled investment firms’ outlooks for commodities with both light and shadow, and, above all, with highly diverse interpretations.

For example, Bank of America expects commodity prices, including oil, to decline. According to Francisco Blanch, Head of Commodities and Derivatives Research, the demand growth for commodities will weaken: “Macroeconomic fundamentals suggest that in 2025, markets will be oversupplied with oil and grains but more balanced in the case of metals. After facing headwinds early in the year, gold should reach a high of $3,000 per ounce.”

In its outlook, the institution explains that the risks of a global trade war, combined with a strong U.S. dollar and higher terminal rates, create a bearish scenario for commodity returns. “Fundamentals point to lower prices for oil, grains, and metals in the first half of 2025, but the outlook could improve with stimulus in China or trade agreements. Negative macroeconomic shocks (tariffs, higher rates) or positive ones (trade, fiscal, or peace agreements) could increase correlations between asset classes in 2025,” Bank of America emphasizes.

Ofi Invest, for its part, believes that the roughly 10% correction in industrial and precious metal prices following Trump’s victory was a one-off event caused by a strong dollar. Despite this “setback,” it considers that nothing has changed the medium-term structural drivers for metals: the energy transition and high levels of debt. The asset manager believes that these two trends will once again support rising metal prices, given the structural imbalances in both supply and demand.

“The short-term rebound in the dollar is not the most relevant factor for gold. Debt issues and the emerging distrust in the dollar are structural and persistent problems that have a greater impact on gold prices. Additionally, the price of metals will benefit from shifts in consumption due to the energy and digital transition. In short, the structural drivers of metals, led by the energy and digital transitions, should soon support rising metal prices, given the current supply and demand imbalances,” explains Ofi Invest.

On the other hand, Macquarie holds that, given its economists’ global GDP growth forecast of 3% for 2025, with sequential acceleration in the first half, commodity prices should find some support against the current headwind of a strong U.S. dollar. That said, they note that the prospect of a stronger tailwind, with a notable acceleration in global industrial production, has diminished. “In fact, the negative implications for goods demand from a trade war threaten the recovery potential for manufacturing relative to services. The possibility that commodity demand will receive a boost from manufacturing restocking in developed markets is also limited by the negative confidence impact of a trade war and by our reduced expectations for Federal Reserve rate cuts,” they explain.

Headwinds

According to Macquarie’s outlook, in their baseline scenario, the incremental implementation of both U.S. tariffs and Chinese policy easing will likely result in comparatively slow price action. “Without something to drive real demand growth or a narrative to reinvigorate financial flows, fundamentally oversupplied markets will likely see most prices trend downward over the next 18 months, interspersed with headline-driven volatility and the possibility of regional mismatches,” they explain.

Additionally, they warn of a wide range of associated risks, heavily dependent on whether any trade agreements are reached. In their outlook document, they indicate that the most volatile alternative scenario would undoubtedly be one in which the incoming Trump administration adopts a maximalist approach to tariff implementation. This could lead to increased financial risk and real demand destruction for industrial commodities, only to be followed by a much more robust and likely commodity-intensive stimulus package from the Chinese government.

Growth Trends

“Apart from cyclical uncertainties, the pace of the energy transition remains the key factor we expect to determine global final demand growth trends. Given the absence of commodity demand growth from the ‘old economy’ in developed markets over the last two decades, we remain skeptical about its potential as a future growth driver. Furthermore, the argument that the energy transition is already being perceived as a demand differentiator is underscored by the assessment that global electric vehicle (EV) production should account for approximately 40% of net copper demand growth in 2024. At the same time, strong EV sales in China should mean that fleet penetration rates are now sufficient for refined oil demand for road transportation in the country to have peaked,” adds Macquarie.

Their conclusion is that not only will the pace of these developments vary over time, but the degree to which financial markets price them in will likely exacerbate these changes. “In light of this, as well as the reflexivity of commodity markets, periods of excessive price strength will likely offset the potential for future fundamental tightening by incentivizing primary and secondary supply growth, as well as demand destruction. Conversely, any period of excessive price weakness—such as from a trade war—will add to the potential for medium-term shortages,” concludes Macquarie’s outlook document.

From Bonds to Equities: Five Investment Themes for 2025

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Temas de inversión en 2025
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As we enter 2025, it is crucial to reflect on the events of the past year and prepare for the challenges and opportunities ahead. At the end of 2024, the investment leaders of Neuberger Berman gathered to analyze the evolving investment environment and identify the themes they consider essential for the next twelve months. As a result of this exercise, the investment firm highlights five key themes.

A Year of Above-Trend Growth

Although policies may change, industrial strategies aimed at influencing domestic production patterns will continue, whether through government spending and investment, fiscal policy, trade policy, deregulation, or other means, according to Neuberger Berman. “If inflation can remain contained—and we believe it is possible—central banks could stay on the sidelines and allow economies to operate at a slightly faster pace. This scenario suggests above-trend U.S. GDP growth, which could pull other global economies along. The implications for debt and deficits, as well as the efficient allocation of capital, could surprise investors by proving to be manageable concerns in 2025,” the experts highlight.

Extending the Soft Landing with Real Income Growth

The negative impact of high inflation on lower-income consumers and small businesses has been a key factor in this year’s political uncertainty. According to the firm, countries and governments that achieve moderate inflation and greater participation in real wage and income growth will define success, reflected in data such as higher consumer confidence, improved political approval ratings, and GDP growth rates. “While it remains to be seen whether certain policy combinations can achieve this, we see evidence that the new U.S. administration at least recognizes this goal, and active industrial policies are proof of a growing recognition in other regions,” the experts emphasize.Setting the Stage for Broader Equity Market Performance

Deregulation, business-friendly policies, moderate inflation, and lower rates could allow for broader earnings growth and price performance, according to Neuberger Berman. “At the same time, the growth rates of large technology companies are likely to slow and normalize as capital expenditures increase. Value stocks, small-cap stocks, and sectors such as financials and industrials could start to regain ground against large tech companies. Non-U.S. markets could perform more strongly due to higher global growth and lower commodity prices. Relative valuations, along with fundamentals, should support this trend,” the experts note.

Bond Markets to Focus on Fiscal Policy Over Monetary Policy

“For more than two years, bond markets have been dominated by inflation data and central bank responses. We believe that in 2025, a reacceleration of inflation can be avoided, and central banks will settle into the more predictable routine of debating the level of the neutral rate,” Neuberger Berman states.

Bond investors are likely to shift their focus toward growth prospects for most of 2025, and possibly toward deficits and the issue of the term premium by the end of the year and into 2026, according to the firm’s experts. The result will be a moderate steepening of yield curves and a migration of bond market volatility from the short end of the curve to the intermediate and long ends.

A Boom in Mergers and Acquisitions

“Several factors are converging to unleash a pent-up wave of corporate deals: above-trend growth, optimistic valuations in public equity markets, a more stable outlook on inflation and central bank policies, the return of banks to the leveraged loan market, declining interest rates, and tighter credit spreads. Perhaps most importantly, a shift in the regulatory approach in the U.S. is anticipated,” the firm highlights.

That said, secondary private equity markets and co-investments will continue to thrive, as liquidity is still required to manage a large backlog of mature investments. However, raising new primary funds will remain a challenge. Event-driven hedge fund strategies will benefit from a large set of new opportunities, the experts conclude.

Franklin Templeton Launches a Registered Secondary Private Equity Public Tender Offer Fund

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Private equity continues to gain traction among asset managers, and Franklin Templeton does not want to be left behind. For this reason, it announced the launch of its first open-ended fund focused on secondary private equity investments, which will be jointly advised with Lexington Partners.

The Franklin Lexington Private Markets Fund (“FLEX”) offers simplified access to a diversified portfolio of private equity investments acquired through secondary transactions and co-investments in new private equity transactions.

Designed for clients in the U.S. wealth management channel seeking long-term growth opportunities, “FLEX provides access to an asset class that, until recently, was primarily available to institutional investors,” states the press release obtained by Funds Society.

This new fund enters the market with $904.5 million in assets under management, thanks to an initial partnership with two U.S.-based wealth management firms.

Lexington estimates that 2024 was the fourth consecutive year in which the secondary market volume exceeded $100 billion.

“With the initial public offering (IPO) market stalled and distributions slowing down, institutions may turn to the secondary market for liquidity. These dynamics are also driving the growth of continuation vehicle transactions, where private equity sponsors use the secondary market to fund these deals,” adds the announcement of the launch.

Franklin Templeton, for its part, believes that secondary private equity is appealing because it offers several potential advantages for the wealth management channel.

“In particular, individual investors could benefit from a shorter timeframe to receive distributions, as well as diversification across general partners, investment periods, geographies, and industries,” the company notes.

FLEX is registered under the Investment Company Act of 1940 as a closed-end public tender offer fund and features lower investment minimums compared to private equity funds available to institutional investors. It also offers 1099 tax reporting, monthly subscriptions, and quarterly liquidity.

Investor.gov’s 10 Investing Resolutions for 2025

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Investor Govs y resoluciones de inversión
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As the new year begins, it’s a good time to focus on one’s financial goals. Setting clear investing resolutions can help guide one’s decisions and lead to long-term success. In order to do that, Lori Shock, Director of the SEC’s Office of Investor Education and Advocacy, has created 10 resolutions to consider for 2025.

1. Check out Investor.gov

Before investing, explore the free resources offered through Investor.gov. Use its financial planning tools, calculators, and valuable information to create an investment plan that aligns with your financial goals. 

2. Conduct a Background Check on an Investment Professional 

Before working with an investment professional, check their credentials and use Investor.gov to verify their background, registration status, and more.

3. Take Our Monthly Investing Quizzes

Test your knowledge each month with the SEC’s monthly quizzes, designed to educate people while providing helpful tips. Take them as often as needed to reinforce the information. 

4. Research Every Investment Opportunity Thoroughly

Always conduct independent research to fully understand the investment and its associated risks before you invest. Do not rely on endorsements made by celebrities or ads that were found online – always investigate the information before committing. 

5. Say “NO” to FOMO

Avoid the temptation of the latest investment craze driven by a fear of missing out or FOMO. Stay focused on the long-term goals you’ve set for yourself. 

6. Sign Up For Our Investor Alerts and Bulletins

Stay informed about potential investment scams and trends by subscribing to the SEC’s Investor Alerts and Bulletins. These resources can help you avoid fraud and update you on important investment topics like digital assets and ESG investing. 

7. Visit Our Director’s Take Articles Page

The SEC’s Director’s Take articles offer easy-to-understand articles on current investment topics, such as market volatility or teen trading. 

8. Watch Our Public Service Campaign Videos

Learn key investing concepts and current topics through the SEC’s short informative videos. These can help you understand complex financial concepts better and make more informed decisions. 

9. Create a Long-Term Investment Plan

Develop a diversified investment strategy that reflects your goals and risk tolerance. Remember, time in the market, not timing the market, leads to success. 

10. Resolve to Steer Clear of Investment Scams 

Be cautious of “too good to be true” opportunities, promises of guaranteed returns and investment schemes based on hype. Stay alert for signs of fraud in investment offers. 

The Trump Era for Cryptoassets Has Begun: The SEC Announces New Regulations

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The acting chairman of the SEC, Mark T. Uyeda, has launched a task force dedicated to developing a comprehensive and clear regulatory framework for cryptoassets. In the same announcement, the regulator took the opportunity to criticize the former administration, according to a statement issued by the SEC.

The team will be led by Commissioner Hester Peirce and will include Richard Gabbert, the acting chairman’s senior advisor, and Taylor Asher, the acting chairman’s senior policy advisor. Gabbert and Asher will serve as Chief of Staff and Senior Policy Advisor for the task force, respectively.

“Composed of talented staff from across the agency, the Task Force will collaborate with Commission staff and the public to chart a sensible regulatory path that respects the boundaries of the law,” the statement reads.

The statement, issued after the departure of Joe Biden’s administration, clearly expresses dissatisfaction with how cryptoasset oversight has been handled in recent years.

Information released on Tuesday indicates that, to date, the SEC has primarily relied on enforcement actions to regulate cryptoassets retroactively and reactively, often adopting novel and untested legal interpretations in the process.

“Clarity on who needs to register, along with practical solutions for those seeking to register, has been elusive. This has resulted in confusion about what is legal, creating a hostile environment for innovation and conducive to fraud. The SEC can do better,” the statement asserts.

The Task Force’s focus will be to help the Commission draw clear regulatory lines, provide realistic registration pathways, design reasonable disclosure frameworks, and deploy enforcement resources judiciously, the statement adds.

Additionally, the Task Force “will operate within the legal framework established by Congress and coordinate the provision of technical assistance to Congress as it makes changes to that framework.”

It will also collaborate with federal departments and agencies, such as the Commodity Futures Trading Commission (CFTC), as well as with state and international counterparts.

Vanguard Announces a New Actively Managed Fixed-Income ETF

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Vanguard Will Expand Its Fixed-Income Offering with the Launch of the Vanguard Short Duration Bond ETF (VSDB), an Actively Managed Fixed-Income ETF to Be Managed by Vanguard’s Fixed-Income Group.

“The Vanguard Short Duration Bond ETF adds to our growing lineup of actively managed fixed-income ETFs and offers investors the opportunity to outperform the market in their short-term fixed-income allocations,” said Dan Reyes, Head of Vanguard’s Portfolio Review Department.

The firm plans to launch this ETF in early April of this year, and it will offer diversified exposure, primarily to short-term U.S. investment-grade bonds, including some exposure to structured products such as asset-backed securities.

The ETF is designed “to provide clients with current income and lower price volatility, consistent with short-duration bonds,” according to the statement.

Additionally, it will have the flexibility to invest in below-investment-grade debt and emerging markets to seek additional yield.

“This multi-sector approach aligns with investors’ preferences within their short-term fixed-income allocations and allows Vanguard’s fixed-income group to leverage the best ideas within a broad investable universe. The VSDB will have an estimated expense ratio of 0.15%,” the manager’s statement adds.

The ETF will be actively managed, enabling portfolio managers to seek the best opportunities within their investment universe while always maintaining a highly risk-aware approach, the information concludes.

Trump Pledges to Reclaim the Panama Canal, Prioritize Oil, and Revive Manufacturing

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Trump and Panama Canal
Wikimedia CommonsOfficial photo of the inauguration of the 47th presidency of the United States led by Donald Trump.

Donald Trump officially assumed office on Monday as the 47th President of the United States. In a robust inaugural address, he outlined policies aimed at making Americans “proud of their country,” while advocating for the oil industry, national manufacturing, and the reclamation of the Panama Canal.

“We will drill, baby, drill”

In a pointed critique of the Biden administration’s legacy, Trump declared the “Green New Deal” dead. He strongly criticized Democratic environmental policies and staunchly defended U.S. oil drilling (fracking) as a means to lower energy prices, which he claims have fueled inflation.

“America will be a manufacturing nation, and we have more oil than any other country. Prices will drop, our strategic reserves are at maximum capacity, and we will export to nations around the world,” Trump announced.

The president emphasized the importance of capitalizing on America’s “liquid gold,” stating that fracking would be a cornerstone of his productive strategy. “We’re going to drill, baby, drill,” he exclaimed.

The U.S. Will Be a Manufacturing Nation Again

Trump outlined plans for his administration to tackle rising prices, with his new cabinet focused on controlling inflation.

In terms of production, the president, now beginning his second non-consecutive term, reiterated his commitment to making the U.S. “a nation of domestic manufacturing” once again, particularly in the automotive and fossil fuel sectors.

On trade, Trump revisited a key theme from his first term—tariffs.

“Immediately, I will begin reforming our trade system. Instead of using our taxes to enrich other countries, we will use the taxes of other countries to enrich our own nation,” he stated.

On the Panama Canal: “China Is Operating It”

Trump also announced his intention to reclaim the Panama Canal, which he claimed is currently being operated by China.

“American ships are being grossly overcharged and unfairly treated in every way, shape, and form. This includes the U.S. Navy. And above all, China is operating the Panama Canal. We didn’t give it to China. We gave it to Panama, and we’re going to take it back,” Trump declared.

Defense, Security, and Gender Policies

The new president also addressed immigration, defense, national security, and gender-related policies.

Trump began by emphasizing national security, declaring a “national emergency” at the southern border effective immediately.

He announced an immediate halt to illegal border crossings and outlined plans to deport undocumented immigrants. “We will put an end to the practice of catch and release. We will stop the dangerous invasion that has plagued our country,” he stated.

Additionally, Trump labeled drug cartels as international terrorist organizations.

“We will eliminate the presence of gangs and criminals in our major cities and heartlands. As Commander-in-Chief, it is my duty to defend our country, and that’s exactly what we will do,” he said.

These measures had immediate consequences at the border, including the suspension of asylum applications through the CBP One system, which had facilitated asylum requests in the U.S.

On national defense, Trump vowed to restore pride in the Armed Forces and announced that the American flag would one day be planted on Mars.

Regarding gender policies, Trump took a firm stance against diversity initiatives, declaring that under his administration, there would be “only two genders: male and female.”

Inauguration Ceremony

The swearing-in ceremony at the Capitol was attended by former presidents Bill Clinton, George W. Bush, and Barack Obama, as well as outgoing president Joe Biden. Members of Trump’s family and inner circle were also present.

Jose Luis Blázquez Vilés Founds the Wealthtech ALVUS

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José Luis Blázquez Viles and Alvus
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José Luis Blázquez Vilés has founded ALVUS Wealth Tech Wisdom, a SaaS (Software as a Service) platform designed to provide technological services for aggregating, monitoring, and managing the wealth of unregulated entities such as single family offices, religious congregations, associations, or foundations in Spain and Latin America. ALVUS currently serves single family offices in Spain, Peru, and Panama.

Most clients of this type rely on Excel-based processes. ALVUS aims to help them optimize these processes by reducing costs and increasing profitability and productivity. For example, single family offices can automatically integrate any type of asset—liquid or illiquid, active or passive—from any financial entity or jurisdiction. The platform offers global or partial reports, document management, automated accounting, tax reporting, document archiving, among other services. Additionally, ALVUS provides tools for cost control with financial entities, risk management, and asset recurrence control, including a “look through” of the total wealth of families or individuals by entity or overall.

ALVUS is a fully independent company, unaffiliated with any financial entity, and boasts over 200 connections with custodial banks and asset managers. Eighty IT professionals support the project.

ALVUS is part of a platform that already provides services to regulated entities in Spain (under CNMV) and Latin America (regulated by local market authorities). ALVUS clients benefit from the expertise and reliability of this platform, which serves securities and brokerage firms, banks, investment firms, fund managers, and more, without depending on external wealth management or advisory services.

Blázquez was the founder of Beka Values Private Banking (now Beka Finance Private Banking) and the creator of the ACUA Private Banking Project. He was also the Director of the External Advisors and Managers Model for Spain and Latin America at Andbank. He has held roles at Inversis Banco, including Director of the Independent Financial Advisors Network and Business Development, and served as Director of Asset Management for Spain and Portugal at Dresdner Bank. Other roles include positions at Renta 4, Dresdner Kleinwort, CECA London, Garban Europe London, and Renta 4 Securities Company.

Blázquez holds a degree in Business Administration with a specialization in Quantitative Methods from the Autonomous University of Madrid. He has obtained multiple postgraduate qualifications, including a Master’s in Financial Markets (Autonomous University of Madrid), a Master’s in e-Business (Instituto de Empresa), an Executive MBA (ESADE), a Management Development Program (IESE), a Fintech Program (ESADE), and a Derivatives Program (INSEAD). Additionally, he holds certifications such as Chartered Financial Technician (CFTe) and EFPA.