Global asset services provider Ocorian has appointed Deborah Buscema as Commercial Director for its U.S. funds business, further strengthening its North American sector. Based in New York, Buscema will report to Markus Jolic, Head of Sales Excellence and support the firm’s commercial growth across key markets.
“The commitment to expansion and customer service excellence at Ocorian makes it an exciting time to be joining the company and I look forward to working with existing and new clients,” said Buscema.
The announcement comes shortly after Ocorian signed an agreement, pending regulatory approval, to acquire the Fund Solutions division of Element 78 Partners LLC, a Chicago-based professional services provider. The acquisition is expected to enhance Ocorian’s fund servicing capabilities and client reach in the U.S.
Buscema brings over two decades of experience in senior business development roles. She most recently worked at Cority Software Inc. and previously held leadership positions at Apex Group and BNP Paribas, serving investment managers across the U.S., Canada, and Latin America.
“Deborah’s extensive experience and deep expertise will be a significant asset to our funds business, supporting Ocorian’s continued growth in this strategically important area,” added Jolic.
Trillions of reais abroad, seeking wealth allocation through sophisticated technological channels; Avenue foresees a major transformation in offshore investments by Brazilians in the future.
The topic was the focus of the second edition of Avenue Connection, which began on Wednesday, the 16th, in São Paulo, concentrating on the progress of international investment in Brazil, driven by the generational wealth transition.
The central theme of the event was the “Wealth Diaspora,” a concept that guided discussions on global allocation, changes in investor profiles, and new financial advisory structures.
At the opening conference, Daniel Haddad, Chief Investment Officer of Avenue, emphasized the urgency of diversification. “We are facing a real wealth diaspora. This capital needs to be planned with a long-term vision and geographic diversification,” he stated. According to him, “investing abroad is no longer a choice between alternatives, but a necessary component to preserve wealth against the loss of purchasing power of the local currency.”
This assessment is based on data from UBS, which estimates that $124 trillion will change hands by 2048 in the largest wealth transfer in history. Brazil ranks as the second-largest market in this process, with $9 trillion in transition.
Roberto Lee, CEO of Avenue, stated: “We are only at the beginning of what I call a great Brazilian wealth diaspora. We want to lead this movement, transform the market, and finally build a structural allocation abroad here. This is something that will have an impact for decades.” According to him, the change will be driven by the new generations. “For them, investment advisors who cannot offer products abroad are irrelevant.”
Lee also shared data about the profile of investors on the platform. As of 2023, over 80% were under 45 years old, with approximately one-third between 18 and 30 years old. “These young investors are making their first contributions directly into publicly traded companies in the United States. Instead of accumulating their savings in Petrobras shares, they are investing in companies like Nvidia, Tesla, Google, and Coinbase,” he said.
Another key point of the event was the advocacy for the fee-based advisory model, in which the professional is compensated with a percentage of the invested volume. “I don’t know if it will be next year or the year after, but fee-based will be dominant here. For us, this is already strategic in day-to-day operations, and we are building the entire infrastructure to be the best partner for anyone who wants to lead this change,” said Lee.
iCapital’s latest capital raise brought in two new investors, joining follow-on investments from familiar faces to the fintech, helping the raise surpass $820 million. The round was led by T. Rowe Price and hedge fund SurgoCap Partners.
According to a press release, the round also included additional participation from State Street and increased commitments from three of the company’s long-standing backers: Temasek, UBS, and BNY. Altogether, this raised the company’s valuation to over $7.5 billion.
The capital will be used, according to the statement, to accelerate iCapital’s global acquisition strategy, geographic expansion, and technological innovation.
“The resources from this capital raise will be strategically deployed to accelerate our acquisition efforts, with a focus on enhancing our technology platform and expanding our data capabilities,” said Michael Kushner, Chief Financial Officer of the fintech, in the press release.
This marks a continued path of consolidation for iCapital, which was founded in 2013. In total, the company noted it has invested over $700 million into its platform and completed 23 strategic acquisitions, including recent purchases of Mirador, AltExchange, and Parallel Markets.
Currently, iCapital has $945 billion in assets under service globally on its platform. This includes $257 billion in alternative assets, $203 billion in structured investments and pending annuities, and $485 billion in client assets.
Moreover, the fintech emphasized that the last 12 months have seen a surge in global activity on its platform, with the number of funds rising to 2,100 and the number of financial professionals using the platform increasing to 114,000.
“This capital raise reflects our investors’ enthusiasm for the opportunity we have to transform the investment experience,” said Lawrence Calcano, Chairman and CEO of iCapital.
The capital round included Goldman Sachs as financial advisor and placement agent, while legal counsel was provided by Ropes & Gray.
Nymbus announced its partnership with Bud Financial to enhance its digital banking services. Bud will provide its financial management tools directly within the Nymbus platform.
With Bud’s widgets integrated, financial institutions can give customers a clearer view of their finances, deliver more relevant tools and content, and personalize experiences across digital channels. The goal is to help banks go beyond basic digital services and offer smarter, more engaging interactions.
This move supports Nymbus’ broader strategy following the launch of Nymbus Engage, a solution designed to help banks use customer data more effectively and build deeper relationships.
“Together, we’re enabling their clients to move beyond legacy data into a new era of intelligent, insight-driven banking,” said Edward Maslaveckas, CEO at Bud.
Bud, which has applied AI to financial data since 2015, helps institutions structure raw transaction data into actionable intelligence. The move positions Nymbus to serve community financial institutions better, looking to modernize their digital infrastructure and compete through smarter, data-led engagement strategies.
“This integration supports our mission of providing banks and credit unions with the tools they need to grow, differentiate and deliver modern, personalized banking experiences,” said Jeffery Kendall, CEO and Chairman at Nymbus.
CIM Group has appointed financial services veteran Paul Weisenfeld as Head of National Accounts, a move to grow its Private Wealth Group. Based in New York, Weisenfeld will lead efforts to expand CIM Group’s presence across the private wealth landscape, including wirehouses, broker-dealers, RIAs and independent financial advisors.
With over 30 years of experience in wealth and asset management, Weisenfeld is known for his success in scaling distribution strategies and developing innovative investment solutions in both traditional and alternative asset classes. In his new role, he will oversee the National Accounts team and spearhead strategic initiatives aimed at enhancing CIM’s distribution footprint and deepening key partnerships.
“I look forward to leveraging my experience to drive growth and provide innovative solutions across real estate, infrastructure and credit for our clients,” said Mr.Weisenfeld.
Weisenfeld brings experience from serving as Senior Relationship Manager at Allspring Global Investments, where he led distribution efforts for new ETFs and helped double sales for three consecutive years at a key wealth management partner.
Before that, he headed Key Accounts at Wells Fargo Asset Management and held senior roles at firms like Morgan Stanley and Citigroup Global Wealth Management. His early career began in law, with a focus on alternative investments at Smith Barney.
“His leadership as Head of National Accounts will be instrumental as we broaden our reach in delivering innovative solutions to our partners and clients,” said Barry Schanker, Managing Director, Head of Private Wealth at CIM Group.
The U.S. housing shortage surged to an all-time high of 4.7 million units, according to a new Zillow analysis of recently released Census data. Despite a boom in home construction, the deepening housing deficit remains the main driver of America’s housing affordability crisis. As a result, 8.1 million families are now “doubling up,” sharing homes with people they’re not related to, often due to financial necessity rather than choice.
While 1.4 million new homes were added to the housing supply last year, they fell short of keeping pace with the 1.8 million newly formed families, resulting in a 159,000-home increase in the housing deficit. Although this marks a slower increase compared to the 257,000-unit jump in 2022, it highlights the persistent gap between supply and demand.
“Construction has helped prevent the housing deficit from ballooning, but it hasn’t begun to close the gap,” said Orphe Divounguy, senior economist at Zillow. “We know what works: lower building restraints to allow for more density and less expensive housing.”
Millennials are most affected by this shortage, making up 38% of households doubling up with nonrelatives, the largest share among any generation. They’re followed by Gen Z (29%), Gen X (17%), and older generations (16%).
The housing crunch is especially severe in major urban centers. Among the 50 largest metro areas, New York, Los Angeles, Boston, San Francisco, and Washington, D.C. have the largest housing deficits. Even though mortgage rates have dipped slightly compared to last year, a median-income family in 2024 would still need an additional $17,000 in income to afford a typical home, a significant jump from affordability levels in 2019.
Vacancy data suggests that available housing isn’t necessarily accessible. Census figures show that 3.4 million homes sat vacant and listed for rent or sale in 2023, yet affordability barriers continue to leave millions without independent living options.
Zillow researchers point to restrictive zoning and building regulations as key obstacles. In cities and states with fewer barriers to construction, developers were able to respond more rapidly to pandemic-era demand, helping to stabilize prices and rents faster. Builders completed 1.45 million units in 2023 and 1.63 million in 2024, the highest totals since 2007.
Experts and housing advocates, including Zillow, are calling for local and state governments to relax zoning laws and encourage higher-density development such as accessory dwelling units (ADUs), duplexes and triplexes. These “middle middle” housing types could significantly increase supply and improve, especially in high-demand urban areas.
“More of these measures at the local level can help get more homes built and begin to ease this outsize financial burden for millions of Americans,” added Divounguy.
Dynasty Financial Partners has released its first-ever Investment Banking Primer. This educational guide, aims to provide RIAs with essential knowledge about investment banking practices-critical as the RIA space sees record levels of mergers, capital raising and succession planning.
“For those RIAs seeking to sell or grow, or secure a transformative investment, there is a lack of resources offering the level of guidance and education necessary to consider that first step,” said Sam Anderson, C-head of Dynasty Investment Bank.
The move comes amid a shift in the independent RIA channel, now one of the fastest-growing segments in the wealth management industry. According to Cerulli’s 2024 Industry Report, the combined hybrid and independent RIA space has expanded at a CAGR of nearly 9% over the past 10 years. Capital investments in RIAs have surged as well, growing at a 45% CAGR in the past five years.
With 37% of financial advisors planning to exit the business in the next decade, the potential transfer of an estimated $3 trillion in assets presents both a challenge and a massive opportunity.
“In addition to an advisor shortage, there is a human capital shortage to support advisors, which is why an M&A deal is many times not just about clients, but also about the talent that comes with it to help provide further scale and support buyers,” said Harris Baltch, co-head of Dynasty Investment Bank.
Launched in 2023, Dynasty Investment Bank specializes in M&A, valuations, capital, underwriting and succession planning for both wealth and asset management firms. The team has advised on 15 transactions, including cross-border deals, recapitalizations and private capital raises.
“The strength of our balance sheet gives us tremendous flexibility in facilitating transactions for our clients and our transition and RIA service team are often great resources to help with onboarding,” said Shirl Penney, Founder and CEO of Dynasty Financial Partners.
As of today, Dynasty’s network includes 55 partner firms with over 500 advisors managing more than $105 billion in assets. Its integrated RIA platform includes transition support, capital solutions, tech infrastructure and marketing services. These offer RIAs the ability to scale without sacrificing their independence.
The global economy is undergoing a structural transformation, driven by geopolitical tensions, shifts in trade policy, and the resurgence of tariffs as a strategic tool. This environment – marked by growing uncertainty and volatility – is also generating new opportunities for asset managers, who must adapt quickly to evolving market dynamics, according to FlexFunds.
Volatility is no longer an outlier; it’s become a defining feature of today’s investment landscape. In this context, agility and operational efficiency are key competitive advantages. For asset managers, managing risk is no longer just about responding to uncertainty – it’s about designing adaptive strategies that keep portfolios aligned with investment objectives.
Among the most valuable tools in this environment are exchange-traded products (ETPs), a category that includes exchange-traded funds (ETFs) and exchange-traded notes (ETNs). Since their debut in 1993, ETPs have evolved into versatile, efficient, and adaptive vehicles—suitable for both passive and active strategies.
Why have ETPs become essential for asset managers?
While the terms ETF and ETP are often used interchangeably, it’s worth clarifying: all ETFs are ETPs, but not all ETPs are ETFs. This article uses “ETP” as a broad term to refer to exchange-traded products that track the performance of an index, asset, or strategy.
ETPs are financial engineering products designed to repackage specific asset classes – such as stocks, bonds, commodities, or real estate. When structured around a large basket of stocks, bonds, or specific commodities, they are typically considered ETFs.
When the “basket” is smaller and includes special features like leverage or short exposure, they fall under the broader ETP category.
Strategic advantages of ETPs for asset managers
Operational simplicity and efficient execution
ETPs trade like stocks, meaning they can be bought and sold throughout regular market hours, allowing for intraday transactions and high liquidity. In periods of sudden market volatility, this flexibility enables portfolio managers to respond to market movements in real time – something traditional funds typically cannot offer.
Additionally, ETPs have operating costs that are, on average, less than half the cost of most other investment vehicles. This helps optimize assets under management (AUM) and supports more sustainable margins.
Agile rebalancing, access to alternatives, and diversification
In volatile markets, the ability to rebalance quickly is a competitive edge. However, according to a report by State Street Global Advisors Group Research Center, only 29% of investors regularly rebalance their portfolios – highlighting an opportunity for proactive managers.
ETPs make it easier to execute targeted hedging strategies, such as gaining exposure to Treasuries or gold – assets that have gained importance recently. As of March 2025, AUM in gold ETFs exceeded $345 billion, reflecting strong demand for inflation protection and geopolitical risk hedging.
Beyond traditional assets, ETPs are expanding access to alternative investments. According to State Street Global Advisors’ report “ETFs in Focus: Risk Management Attitudes & Behaviors”, advisors generally view ETFs favorably as vehicles for alternative exposure.
This allows asset managers to build more robust portfolios without resorting to illiquid or overly complex structures.
Transparency for investors
Transparency is a hallmark of ETPs. Holdings are typically disclosed daily, and operations are integrated into widely used platforms for institutional investors and financial advisors, streamlining onboarding and reducing operational friction.
According to a State Street report, 62% of investors believe ETPs offer an efficient, cost-effective, and accessible way to invest in alternatives such as real assets, private markets, or active strategies. This makes ETPs a compelling alternative to more traditional or less liquid structures.
Resilience and sustained growth
Since 2008, ETPs have achieved a compound annual growth rate (CAGR) of 20.1%, reaching $13.8 trillion in AUM by the end of 2024. In the first two months of 2025 alone, global ETF inflows surpassed $293 billion. This signals strong and growing adoption by institutional and professional investors seeking fast, diversified solutions.
Today, there’s an ETF for nearly everything – from traditional asset classes to cutting-edge themes like artificial intelligence and future security. Asset managers continue to turn to ETFs for their transparency, liquidity, and efficiency across core market segments – but they’re also increasingly seeking specialized solutions tailored to achieving specific outcomes for each investor.
Ultimately, ETPs do more than complement asset managers’ strategies – they enhance them. They enable managers to deliver solutions aligned with client goals, risk tolerance, and the operational efficiency today’s markets demand.
FlexFunds specializes in the design and launch of efficient, flexible investment vehicles (ETPs), tailored to each client’s unique needs. Our solutions are designed for asset managers looking to scale their strategies in international capital markets and broaden their investor base.
For more information, feel free to contact our specialists at info@flexfunds.com.
The small and micro 401(k) plan segments are poised for rapid expansion in the coming years, driven by SECURE 2.0 incentives and the implementation of state mandates aimed at increasing the number of individuals covered by some form of retirement savings vehicle.
More than one million 401(k) plans are expected by the end of the decade, representing a 36% increase over the next five years, according to the latest edition of Cerulli Edge—U.S. Retirement Edition, a report by international consulting firm Cerulli.
The number of 401(k) plans has grown significantly in recent years. According to Cerulli, approximately 150,000 new 401(k) plans were added between 2018 and 2023, with nearly two-thirds of them launched in 2021 and 2023. Much of this growth is driven by employers initiating new plans. By 2029, the firm estimates that 92% of all 401(k) plans will fall into the micro-plan segment—an increase of nearly 40% compared to 2022.
Recordkeepers looking to capitalize on this growth in micro plans will need to adapt to the challenges of targeting small businesses and align with the needs of plan sponsors in this segment, the report warns.
“Micro-plan sponsors are more cost-sensitive than large employers and place greater importance on brand recognition. Retirement income options and financial wellness offerings are lower priorities when selecting a recordkeeper,” noted Chris Bailey, Director of Retirement at Cerulli.
Digital recordkeepers have also established a competitive position in the small and micro plan markets. These providers bring a tech-driven mindset to the retirement market, offering newer and more efficient administration platforms.
Their competitive positioning aligns with the top priorities of plan sponsors in this segment: cost, ease of implementation, and simplified administration. This alternative operating model—coupled with a clear understanding of their target market’s needs—has positioned them to challenge incumbents and startups alike in the micro-plan space.
Wealth advisors are also expected to play a more prominent role in the micro market, as their home offices increasingly encourage them to pursue retirement plans as a means of growing their wealth management practices.
Some recordkeepers with a long-term commitment to this segment already have the capabilities needed to harness growth generated by wealth advisors.
“Recordkeepers who want to attract these advisors and succeed in the micro-plan market should, if they haven’t already, invest in resources that lower barriers for wealth advisors,” Bailey stated.
“Given the sheer number of wealth advisors, firms will need to develop scalable sales and administrative solutions designed to support advisors with limited retirement plan experience,” he added.
Looking ahead, the distribution and competitive dynamics of the micro market are expected to shift significantly over the next five to ten years.
“Recordkeepers that want to compete in the micro market should consider investing in small business databases to identify, prioritize, and target employers that don’t yet have a retirement plan—if they aren’t already doing so,” said Bailey.
Cerulli’s expert concluded, “These data resources can also power prospecting tools for advisors: investing in support for wealth advisors seeking to enter the defined contribution space will help position the recordkeeper as the advisor’s ‘preferred choice’ for micro plans.”
JP Morgan and Houlihan Lokey were the leading financial advisors in mergers and acquisitions (M&A) transactions in North America during the first half (H1) of 2025, in terms of value and volume respectively, according to the latest financial advisor league table published by consulting and data analytics firm GlobalData.
An analysis of GlobalData’s transaction database revealed that JP Morgan ranked first in terms of deal value, advising on transactions totaling $209.4 billion. Meanwhile, Houlihan Lokey led in terms of volume, advising on a total of 93 deals.
Aurojyoti Bose, Lead Analyst at GlobalData, commented, “JP Morgan and Houlihan Lokey had already been the top advisors in terms of value and volume in H1 2024, and they successfully retained their respective leadership positions in H1 2025. Houlihan Lokey came very close to reaching triple digits in deal volume during this semester.”
“JP Morgan, for its part, was the only advisor to surpass $200 billion in total transaction value during the period analyzed. It advised on 40 deals valued at over $1 billion, including six mega deals valued at more than $10 billion,” Bose added.
Ranking by Number of Deals:
2nd Place: JP Morgan – 74 transactions
3rd Place: Goldman Sachs – 68 transactions
4th Place: Jefferies – 49 transactions
5th Place: Piper Sandler – 49 transactions
Ranking by Deal Value:
2nd Place: Goldman Sachs – $189.3 billion
3rd Place: Morgan Stanley – $156.3 billion
4th Place: Citi – $153.7 billion
5th Place: Evercore – $128.4 billion
Kirkland & Ellis Leads as Legal Advisor in M&A
On the legal side, Kirkland & Ellis was the leading legal advisor for M&A transactions in North America during the same period, both in terms of deal value and volume, according to the same source. The firm advised on 197 deals with a total value of $161.7 billion.
Bose noted that the firm “was far ahead of its competitors in terms of the number of deals. Despite registering a year-over-year decline in the total value of advised deals, it still outperformed its peers in value due to its involvement in several large-scale transactions.” During H1 2025, the firm advised on 30 deals worth over $1 billion, including five mega deals valued at over $10 billion.
