A new report by TMF Group reveals that family offices are intensifying their efforts to diversify, professionalize, and align their investments with the values of the next generation, in response to geopolitical instability and regulatory changes that are transforming the global wealth management landscape.
The report, titled “Redefining Resilience: How Family Offices Are Adapting to Global Uncertainty and Next-Generation Priorities,” presents insights from leading private wealth and family office professionals and shows how political shifts in key jurisdictions have driven increased efforts in wealth relocation, restructuring, and corporate governance.
The study identifies several trends currently shaping family office strategies. Geopolitical volatility is encouraging diversification, with families entering new markets and industries—often beyond their traditional areas of expertise—to mitigate jurisdictional risks and capture growth in regions with strategic trade access or emerging economic hubs. Increasingly, decisions are based on scenario planning, using risk models that evaluate each jurisdiction’s resilience under various political and economic outcomes.
Jurisdiction selection is also evolving. While tax remains an important factor, institutional stability, legal system transparency, the depth of local capital markets, and the security of cross-border arrangements now carry more weight. Families are seeking predictable, agile regulatory frameworks that combine investor protection with operational efficiency.
The next generation of family leaders, meanwhile, remains focused on ethical investing. Interest is growing in socially responsible, environmentally sustainable, and well-governed assets. These priorities are an integral part of long-term strategy, with investments in sectors such as renewable energy, climate technology, and sustainable agriculture, accompanied by philanthropic projects aimed at generating measurable outcomes.
At the same time, the professionalization of family offices is advancing. The shift from informal advisory structures to fully integrated, multi-jurisdictional operations is accelerating, with the hiring of senior executives with international experience, the adoption of corporate-level governance frameworks, and the development of internal compliance capabilities to manage diverse regulatory standards across multiple territories.
“The private wealth management sector is undergoing a fundamental transformation. Families are not only seeking to protect their assets in a volatile world, but they are also actively redefining what resilience means, with a greater focus on diversification, operational excellence, and ethics. The most successful family offices will be those able to combine strategic agility with strong governance,” said Tim Houghton, global head of private wealth and family offices at TMF Group.
A Regional Perspective
The report also offers a regional overview. In the Middle East, investment strategies—particularly in Saudi Arabia and the United Arab Emirates—are becoming more sophisticated thanks to the professionalization of family offices, which are hiring senior executives to manage portfolios more effectively. This process requires attracting top talent with competitive incentives and benefits to retain them.
In Asia-Pacific, Hong Kong and Singapore remain leading hubs due to their connectivity with global capital flows. However, increasing requirements for due diligence and anti-money laundering compliance are lengthening onboarding processes and raising operational costs. Maintaining a strategic presence in these markets requires balancing access to regional wealth networks with growing regulatory compliance demands.
In North America, market conditions are prompting some family offices to reevaluate the geographic distribution of their portfolios and operational structures. Interest in alternative jurisdictions reflects a desire to diversify exposure and enhance flexibility in asset deployment.
Finally, in the United Kingdom and the Channel Islands, post-election reforms—including changes to non-dom rules and inheritance tax—are driving both inflows and outflows of wealth. Jersey, in particular, continues to strengthen its appeal through a solid legal framework and alignment with international transparency standards.
Iván del Río joins the Avantis Investors division of American Century Investments as VP, relationship director & investment specialist, according to a post he shared on his LinkedIn profile.
“I’m pleased to announce my new role as vice president, relationship director & investment specialist at Avantis Investors,” wrote del Río. “I look forward to reconnecting with my network and discussing the investment solutions we have available to offer!” he added.
Avantis Investors offers diversified, low-cost investment solutions through a combination of passive (indexed) and active strategies, backed by financial science. The firm provides both ETFs and mutual funds, across 38 strategies, and serves over 3,500 institutional and advisory clients, according to information published on its website.
Until February of this year, del Río served as VP, senior sales executive at Franklin Templeton. Previously, he was managing director at John Hancock Investment Management and VP, senior advisor consultant at Invesco, after working for seven years at OppenheimerFunds, among other professional experiences, always based in Miami. Academically, he holds a degree in business administration from Florida International University (FIU), is also a CFA and CAIA charterholder, and holds FINRA Series 63 and 7 licenses.
As part of American Century Investments, Avantis reached $75 billion in assets under management as of last June, in part due to the launch of UCITS ETFs in Europe, expanding its reach beyond the U.S. market. According to information obtained by Funds Society, del Río will offer UCITS products to offshore investors, though he will also serve domestic clients.
Insigneo announced the addition of Leandro Infantino to its network of financial advisors as managing director. The new member has his own wealth management firm, Ronin Capital, which will conduct its business within Insigneo’s global network. With this appointment, the company strengthens its advisory capabilities and the delivery of world-class financial guidance, said the global wealth management firm in a statement.
“I am excited to take another step in my career and join Insigneo to develop the most important milestone of my time on Wall Street: building my own wealth management practice as Ronin Capital,” said Infantino, who will be based in Insigneo’s New York office.
“We are proud to say that the Insigneo family has been strengthened by welcoming Leandro Infantino. He is an incredible advisor, and his talent and experience will be a tremendous asset,” said Alfredo J. Maldonado, managing director & market head for the Northeast region at Insigneo.
Ronin Capital, an entity registered under the doing business as (DBA) modality, will serve as the dedicated platform through which the new Insigneo member will conduct his business within the firm’s network, reflecting both his entrepreneurial vision and Insigneo’s commitment to fostering advisor-led practices.
From 2017 to 2025, Infantino served as managing director at Jefferies Private Wealth Management Group, where he advised high-net-worth clients and established himself as a leader in emerging market credit trading and alternative investments. His deep expertise in designing global strategies and advising sophisticated investors earned him recognition across the industry, according to the statement released by Insigneo.
Earlier in his career, he held roles including executive director on the credit desk at Nomura and investor for Global Investment Opportunities at JPMorgan Private Bank, further refining his skills in credit markets and investment advisory. Academically, he holds an MBA in financial engineering from the Massachusetts Institute of Technology (MIT), underscoring his commitment to combining advanced analytics with strategic vision.
Outside the financial realm, Leandro Infantino has also competed in high-level polo tournaments, including the East Coast Gold Cup at the Greenwich Polo Club, highlighting his dynamic personality and team-oriented mindset.
In less than a decade, Investment Project Certificates (CERPIs) have evolved from being a vehicle reserved for institutional investors to becoming a gateway for private banking. The recent issuance by Promecap, with an international multi-manager approach, reflects this shift and presents new challenges for the Mexican market.
In the first six months of 2025, seven CERPIs were issued, highlighting the placement by Promecap (PMCPCC), which is entering the market with a fund of funds aimed at private banking investors. The issuance amounted to 35.1 million dollars, within a total program authorized for 650 million dollars. (Published July 1).
The effort to provide private banking investors in Mexico with access to international private equity funds through exchange-listed vehicles began in 2016 with StepStone, which has since launched several issuances with varying characteristics. Later, in 2023, Manhattan Venture Partners (MVP) carried out an issuance. These steps have gradually opened a market that, until just a few years ago, was practically reserved for institutional investors and large fortunes.
Promecap’s issuance stands out for its fund-of-funds structure with exposure to multiple international GPs, which enhances diversification and mitigates concentration risk. In contrast, MVP and StepStone issuances focus exclusively on one or several vehicles managed directly by their own platforms, limiting diversification across managers and strategies. Promecap’s approach aligns with international models aimed at offering private investors an experience closer to that of an institutional portfolio, leveraging the expertise of third-party specialists.
In addition to these issuers, global platforms, top-tier international managers, multi-family offices (MFOs), and independent wealth advisors have carried out private placements that allow their clients to participate in international private equity opportunities, either through a single fund or diversified portfolios. These types of private structures complement the public offerings on the stock exchange, expanding the alternatives available to private banking and their clients.
A few weeks ago, Funds Society commented on the study by Sandy Kaul of Franklin Templeton (CAIA Crossing the Threshold, 2024), which analyzes how, in less than two decades, alternative investments have shifted from being a niche reserved for institutional investors and large fortunes to becoming a growing component of individual investors’ portfolios. Between 2005 and 2023, assets under management in alternatives quintupled, rising from $4 trillion to $22 trillion, reaching 15% of global assets.
In the specific case of Latin America, the democratization of alternatives has been more gradual, influenced by regulatory frameworks, investor sophistication levels, and the availability of vehicles adapted to the local market. Mexico, with its CERPI structure, has become an interesting laboratory that combines securities market regulation with the possibility of investing in global strategies, while also allowing the participation of private banking investors who meet certain wealth and knowledge requirements.
However, international experience shows that democratizing alternative investments comes with challenges. These include the need to control total fees (management and performance fees) and to maintain attractive net returns compared to liquid asset classes such as equities or high-yield fixed income. If these factors are not well-balanced, access may become “expensive” in relative terms—especially considering the lower liquidity and longer investment horizons that characterize private strategies.
Promecap’s case can be interpreted as a relevant experiment for the Mexican market. Its combination of multi-manager diversification, stock exchange listing, and private banking focus allows it to stand out and potentially set a precedent for other issuers. If it succeeds in maintaining competitive costs, adequate levels of secondary liquidity, and performance aligned with investor expectations, it could open the door to a new wave of such issuances by both local and international managers.
In a global environment where alternatives are becoming an increasingly important component of portfolios and where competition for sophisticated investor capital is intensifying, the evolution of CERPIs aimed at private banking in Mexico will be a topic to watch closely in the coming years.
BTG Pactual Asset Management announced the launch of the BTG Pactual GV Corporate Bonds 60/40 fund, structured and distributed in Portugal. The product is aimed at investors seeking exposure to European and Latin American corporate credit, in addition to the opportunity to participate in Portugal’s investment residency program, the Golden Visa.
The fund was developed in collaboration with IM Gestão de Ativos (IMGA), the largest independent fund manager in Portugal. The strategy includes a 60% allocation to Portuguese issuers and up to 40% to Latin American issuers, with a predominantly investment-grade/high-grade profile.
“BTG Pactual GV Corporate Bonds 60/40 combines the strength and local presence of our manager in Latin America with IMGA’s expertise in the Portuguese market, offering a differentiated solution for investors seeking security, diversification, and the advantages of the Portuguese Golden Visa,” said Rubens Henriques, CEO of BTG Pactual Asset Management.
The fund is characterized by its low duration, low issuer concentration, and full currency hedging. The minimum subscription is €100,000 in the accumulation class or €150,000 in the distribution class. Contributions are made daily, with D+6 liquidity and an annual management fee of 1.40%.
According to Portuguese legislation, the investment must be maintained for at least five years with a minimum of €100,000. Created in 2012, the Golden Visa program allows investors from outside the European Union to apply for residency permits in Portugal, extending the benefit to their immediate family members. Advantages include the possibility of obtaining European citizenship after five years, reduced minimum stay in the country, and free movement within the Schengen Area. Millenniumbcp will act as the fund’s custodian bank, and it will be distributed by IMGA with the support of BTG Pactual platforms.
BTG Pactual Asset Management manages more than BRL 490 billion in assets, with a presence in Brazil, Chile, Colombia, Mexico, the United States, and Europe. IMGA manages more than €5.6 billion in assets, specializing in mutual funds, savings, and investments.
Photo courtesyArturo Aldunate, Managing Director of Business Development in Wealth Management at Credicorp Capital
Following his trajectory at Credicorp Capital, where he has worked for six and a half years, Arturo Aldunate has taken the helm of the firm’s operations in the U.S. As he recently announced through his professional LinkedIn profile, the professional was appointed as Country Manager and Managing Director of the firm for the North American country.
This is another step in a robust career that has taken the executive from Santiago, Chile, to Miami, where he is currently based. In this journey, he has held positions in the asset management and wealth management areas of the Peruvian-headquartered company.
Until recently, Aldunate served as Managing Director of Business Development for the firm’s Wealth Management division, a position he assumed in July 2024, according to his profile on the professional platform. Previously, he also held the roles of Managing Director of Capital Markets in Chile and General Manager of Credicorp Capital Asset Management, the group’s AGF in the South American country.
Before joining the firm, Aldunate worked at Altis AGF as General Manager; Inversiones Marve as Investment Manager; Banco Santander Chile as Vice President of the Equity Trading Desk and Family Offices; and Grupo Security as Risk Analyst.
Credicorp Capital USA is the U.S. arm of the firm of the same name. There, it concentrates its broker-dealer business—through Credicorp Capital LLC—and its Registered Investment Advisor (RIA) business—through Credicorp Capital Advisors LLC—serving primarily a Latin American clientele.
France: Political Instability Raises Concerns, but Market Impact Remains Contained
French Prime Minister François Bayrou gambled everything on a single move—a vote of confidence—and lost. According to experts, France is entering a new political crisis, beginning with the challenge of addressing a €44 billion fiscal adjustment. Although this scenario had already been anticipated by some investors, the coming days will be crucial to assess the country’s ability to stabilize its political outlook and reassure markets regarding its fiscal trajectory.
“The preferred alternative for President Macron is now the swift appointment of a new prime minister, who will attempt to reach an agreement in the tense budget negotiations. Early elections remain a possibility if this fails. In any case, current developments reflect a challenge with limited room for an easy solution: fragile governments in a fragmented political landscape. Thus, uncertainty remains high, although we do not expect bond markets to derail from here,” comments Dario Messi, Head of Fixed Income Research at Julius Baer.
Experts agree that the chaos in French politics does add more volatility. Peter Goves, Head of Developed Market Sovereign Research at MFS Investment Management, sees it likely that spreads will remain wide, with episodes of short covering; however, political instability is undoubtedly here to stay. “Macron will likely rush to appoint a new prime minister as a first reaction, before considering calling new parliamentary elections. The situation is highly fluid, and how events unfold will likely dictate the market tone in the coming days. So far, the market reaction has been relatively contained, but we take into account the strikes scheduled for Wednesday and the imminent risk of a potential downgrade. Meanwhile, France still needs to pass a budget,” says Goves.
Contained Impact
According to Raphaël Thuin, Head of Capital Markets Strategies at Tikehau Capital, for now, the economic impact is uneven. “The CAC 40 companies, mostly multinationals, exporters, and with low levels of debt, appear relatively protected from political turbulence and rising interest rates. Their limited exposure to public procurement reduces their sensitivity to budget swings. Furthermore, the excess of private savings in France continues to finance part of the deficits, which mitigates external vulnerabilities,” he points out.
However, he acknowledges that two areas of concern are emerging: “In the short term, corporate taxation could become a critical issue, as several parties are considering specific reforms. In the long term, political instability and chronic deficits could gradually erode investor confidence, private investment, and the country’s attractiveness. This evolution could ultimately weigh on consumption and economic growth.”
Michael Browne, Global Investment Strategist at the Franklin Templeton Institute, notes that France has the backing of the EU, the ECB, and the euro—and it’s not going anywhere. “Its financial system is solid. It’s true that it’s the only country in Europe where spreads have widened against Germany, but only to 80 basis points. There will be no currency or funding crisis. So, whoever takes office won’t matter. Nothing is expected of them—just to weather the situation until 2027 and hope that economic improvement in Europe, driven by German Chancellor Mertz, generates enough growth to offset the risk of going two years without a new budget. The bond market remains calm, while equities have suffered more from weakness in luxury goods sales than from political turmoil. An operational government is, clearly, a luxury France will not be allowed; and when it finally gets one in 2027, markets will be ready with their verdict,” argues Browne.
France’s Risk Premium
In a context of persistent deficits and rising interest rates, Thuin considers that the issue of France’s risk premium remains key. “Although it varies by asset class, it currently seems to offer limited compensation when taking political and fiscal tensions into account. The main transmission channel of risk continues to be interest rates, in an international environment marked by a general increase in financing costs,” he explains.
According to the Julius Baer expert, political risk is already reflected in asset prices. “Before the confidence vote, the spread between 10-year government bonds of Germany and France once again approached 80 basis points, having already remained elevated for some time compared to other eurozone countries. Although primary deficits are considered unsustainable, we believe France’s current capacity to handle its debt remains relatively high, given that the country benefited for a long period from exceptionally low financing costs. In other words, early elections (or, in the worst-case scenario, Macron’s resignation) could lead to a further widening of spreads, but we expect the impact to be limited in magnitude and do not anticipate bond markets to derail from here,” he notes.
“The risk of a new dissolution of the National Assembly seems the highest to us, which would lead to a widening of the spread between French and German 10-year yields. In that case, tensions on peripheral country spreads should be more limited, not justifying ECB intervention. In the extreme scenario of President Emmanuel Macron’s resignation, the French spread would exceed 100 basis points, justifying ECB intervention to limit contagion,” says Aline Goupil-Raguénès, Developed Markets Strategist at Ostrum AM (Natixis IM), when discussing possible scenarios.
France’s Political Deadlock Deepens Fiscal Concerns, but ECB Intervention Remains Unlikely—for Now
This dynamic is part of a global trend, where inflation and growing doubts about the sustainability of public deficits are putting upward pressure on interest rates. Asset management experts acknowledge that France is not an isolated case, but its political instability could worsen its position compared to more stable partners.
“The ECB could intervene only in the case of significant tensions on interest rates that pose a risk to financial stability or to the transmission of monetary policy—which is currently not the case. It could also intervene in the event of the president’s resignation to contain spread tensions among peripheral countries triggered by contagion effects. It could activate the TPI. Announced in July 2022 and never used, its goal is ‘to counter disorderly market dynamics that pose a serious threat to the transmission of monetary policy within the eurozone,’” adds the strategist from Ostrum AM.
Possible Scenarios
Looking ahead, France faces three possible options: the appointment of a new prime minister, the dissolution of the National Assembly and the calling of new elections, or the resignation of its president, Emmanuel Macron. According to Goupil-Raguénès, the most likely scenario is the dissolution of the National Assembly, given the inability to find a new prime minister capable of broadening the government’s support in Parliament.
“New legislative elections would have to be held within 20 to 40 days of the dissolution. The outcome would likely result once again in a deeply divided National Assembly, with a probable increase in seats won by the far right, according to recent polls, though without a majority. The risk of social unrest—already present with protests planned for September 10 and 18—would be heightened. Uncertainty would rise along with the risk of an insufficient fiscal adjustment, which could keep the deficit elevated and lead to an increase in the public debt-to-GDP ratio. The risk of confrontation with Brussels would grow,” she adds.
According to the multi-asset team at Edmond de Rothschild AM, regardless of the outcome of the current political crisis, the likelihood of a meaningful reform of public finances will remain low—“to the point that financial markets themselves appear resigned and may settle for a scenario in which the budget deficit simply doesn’t deteriorate further.”
However, they note that while the situation is not catastrophic, it is worrisome, as France stands apart from the rest of the eurozone with the highest budget deficit and public debt on an upward trajectory (113% in 2024 and 117% forecast for 2025). “This deterioration in fiscal balances is mainly due to the decline in tax revenues, resulting from tax cuts granted to households (-1.6 percentage points since 2017) and companies (-0.8 points), which has not been offset by a reduction in public spending (which returned to 2017 levels after the pandemic peak). Although many parties agree on the need to cut public spending—which currently represents 57% of GDP (compared to an average of 50% in the eurozone)—it remains difficult to form a majority to adopt measures that would bring the primary deficit below the debt-stabilizing level,” they explain. They add that the status quo is likely to remain unless pressure from the European Commission—and especially from financial markets—increases, in which case tougher decisions will have to be made, likely after new legislative or presidential elections.
Finally, Alex Everett, Senior Investment Director at Aberdeen Investments, notes that while the political situation unfolds, the urgent financial need is to pass a prudent budget that reduces the deficit, no matter how unlikely that seems. “At this point, even a small reduction would be better than nothing. Confidence in the French economy is already low, and the longer this situation drags on, the bigger the problem becomes. It’s clear that France’s political gridlock won’t be resolved this year, and perhaps not even until the presidential elections in 2027. This will likely keep French government bond spreads—known as OATs (Obligations assimilables du Trésor)—elevated, at least around current levels, over the coming months. We continue to favor short positions in OATs versus their peers,” concludes Everett.
LinkedIn Carlo Lombardo, Head of Business Development for LatAm at New Mountain Capital
Bringing his years of experience in alternative investments, the specialized asset manager New Mountain Capital has recruited Carlo Lombardo to its ranks. The professional, based in Mexico City, joined the firm as Head of Business Development for LatAm.
The executive announced the change through his LinkedIn profile. “I look forward to contributing to the continued success of the firm and to working alongside such a talented group of professionals,” he stated in his post, celebrating “new beginnings.”
This move comes after five years and nine months at LarrainVial, where Lombardo reached the position of Head for Mexico at the Chilean-headquartered group. Previously, he served as the company’s Head of Alternatives, where he led all capital-raising processes across the Americas, including the U.S., Chile, Colombia, Brazil, Peru, Mexico, Uruguay, and Panama.
The professional also served as Head of Private Equity and Venture Capital Investments at Profuturo, overseeing the Afore’s investments in these asset classes between 2018 and 2020.
Beyond the alternative space, Lombardo also worked as Senior Associate at BlackRock from 2016 to 2018, and as an interest rate derivatives trader at Banco Santander México from 2013 to 2016.
Founded in 1999 in New York, New Mountain Capital is a firm focused on alternative investments, with three major strategy lines: private equity, private credit, and net lease real estate assets.
Black Monday in the Argentine Market After Milei’s Defeat in Buenos Aires
Monday was a black day in the Argentine market following the defeat of Javier Milei‘s government in the elections of the province of Buenos Aires, which holds nearly 40% of the country’s electorate. But this time, no one expects one of those fleeting turbulences tied to politics—regardless of the outcome, analysts had long been warning about the unsustainability of the interventionist model favoring the peso.
At the close of the market this Monday, September 8, the country risk surpassed 1,000 points, Argentine stocks fell both in the local market and in New York, and the official dollar rose to 1,425 pesos. It was the expected response to the Peronist (Fuerza Patria) victory in Buenos Aires, which, with 47.28% of the votes, exceeded poll forecasts. La Libertad Avanza, led by Milei, obtained 33.71%.
The election in the province was seen as a test ahead of the legislative elections on October 26, elections that will determine the country’s governability. Fifty endless days remain.
The Problem of Reserves
To support a strong peso and control the dollar, the Milei government has been intervening in the exchange rate, which has led to a lack of capacity to rebuild the Central Bank’s reserves (a requirement from the IMF and other creditors), and worse yet, a continuous decline in those reserves.
Lacking the latest official data, analysts estimate that the Treasury’s net reserves hover around 1 billion dollars and the Central Bank’s liquid reserves around 20 billion dollars. In the days leading up to the elections, the authorities “burned” about 400 million dollars, convinced that the winning equation for the elections was to keep the peso strong to control inflation. Sunday’s results disproved this thesis and changed the equation.
In his initial reactions after the defeat, Javier Milei affirmed that he will maintain his policy: “I want to tell all Argentines that the course for which we were elected will not change; it will be reinforced.”
Luis Caputo, Minister of Economy, confirmed the message: “There will be no economic changes. Not fiscal, not monetary, not exchange-related.”
Letting the Dollar Float, Return of Currency Controls, Another Default for Argentina? All Scenarios Are Open
Monday was filled with reports about the next steps to take. Market consensus indicates that Milei will maintain the fiscal discipline policy he has implemented so far. The monetary direction, however, raises more uncertainty. Given the dollar’s surge, some analysts, such as Martín Rapetti from consulting firm Equilibra, believe the floating band system created last April at the IMF’s request has come to an end. In this scenario, the dollar would be fully liberalized—a move with unknown consequences in Argentina.
This is not the view of analysts at Morgan Stanley, who forecast an even more restrictive monetary policy to control inflation through October 26. In this scenario, one should expect high volatility in the coming weeks.
For its part, firm Adcap notes that if the upper limit of the exchange band is reached (i.e., if the dollar rises), the government could reintroduce currency controls, the well-known “cepo.”
Analysts at Wells Fargo see a storm forming: “We consider the likelihood of Argentina falling back into another period of currency crisis and sovereign default to be higher than we initially thought.”
To the sea, to the rock, to the glacier: that is what the cuisine of the end of the world tastes like. The company Cruceros Australis recently celebrated its 35th anniversary by bringing to Madrid the flavors of its cuisine, based on seafood found only in the southernmost waters of the planet through which it sails: the Strait of Magellan, the Beagle Channel, and Cape Horn.
The company offered a tasting in Madrid to showcase that its voyages also represent a full gastronomic experience. “To our journey through the most untouched and unknown part of Patagonia and Tierra del Fuego, we add a flavor experience thanks to the carefully crafted onboard cuisine and the pairing with fine wines,” said Frederic Guillemard, Australis’ manager for Europe and Asia.
As with the tasting, the cuisine offered on their cruises is prepared using locally sourced ingredients from the Chilean and Argentine Patagonian region.
“This also marks the celebration of our company’s 35 years navigating this protected route, which is accessible only via our two ships, the Ventus Australis and the Stella Australis, as it cannot be reached by land or air,” he added.
Present at the event, from Chile, was renowned Peruvian chef Emilio Peschiera, who has been advising Australis for over a decade.
The menu presented—just like on the cruise—is based on “the region’s most representative products, such as king crab, glacier scallops (large scallops), Magellanic grouper, and the region’s iconic lamb, in a carefully curated selection of the dishes served during the voyage.”
The expert highlighted that the places of origin of ingredients such as austral hake or deep-sea grouper—“which is caught at 2,000 meters, or the famous smoked salmon (sourced from some of the most pristine waters in the world), smoked with native woods like lenga”—give them a unique and unfamiliar flavor, suited to the most discerning palates.
Pairing is also a key part of this gastronomic experience. The offering includes “fine Chilean wines that enhance these flavors, such as a crystalline Sauvignon Blanc to accompany the scallops, followed by Pinot Noir paired with king crab chupe, and a red wine made from Carménère (the legendary 19th-century European varietal that survived in Chile, now the world’s largest producer) to accompany the Magellanic lamb.”
The menu consisted of two starters: octopus carpaccio with black olive sauce and crispy sweet potato threads, and a tiradito of glacier scallops with citrus sauce, mango, and chalaquita, paired with a Casa Silva Sauvignon Blanc, Cool Coast, Paredones, Chile.
Among the main courses were Magellanic king crab chupe, and a Magellanic sea duo featuring grilled conger eel over crispy a lo macho rice and oven-roasted deep-sea Magellanic grouper with olive oil and golden garlic over a potato biscuit, paired with Viña Villard Pinot Noir, Gran Reserva, Le Pinot Noir.
Next, a Magellanic lamb medallion was served over carrot purée with yogurt, paired with a Von Siebenthal Carménère, Gran Reserva.
A standout feature of these dishes is that they are prepared using regional recipes, such as the king crab pie or the lamb, which is stewed and gelled before being served as a medallion.
As for the desserts, the tasting featured a unique and typical flavor: rhubarb, a sweet-and-sour plant native to Patagonia. Specifically, a rhubarb crumble with vanilla ice cream was served.
A Commitment to Ecotourism
The fact that the entire offering is produced using regional ingredients aligns with Australis’ commitment to ecotourism—“which in this case is accompanied by bold and unique flavors,” added the Australis manager—making the journey not only an experience through the beauty of the landscapes visited, “but also one in which the tasting of our food and wines is a fundamental part of the voyage.”
The journeys last five days and four nights, departing from either Punta Arenas (Chile) or Ushuaia (Argentina).
Each day includes zodiac landings to explore native forests found only in these remote regions—accessible through treks of varying difficulty—or to observe penguins, flora and fauna, and glaciers, as well as to navigate the Patagonian channels all the way to Cape Horn, crossing the Strait of Magellan. A true voyage to the end of the world… accompanied by its cuisine.
The expert highlighted that the places of origin of ingredients such as austral hake or deep-sea grouper—“which is caught at 2,000 meters, or the famous smoked salmon (sourced from some of the most pristine waters in the world), smoked with native woods like lenga”—give them a unique and unfamiliar flavor, suited to the most discerning palates.
