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“We Want to Be in the Top 10 ETF Providers Across All Asset Classes”

Marcus Vinicius, Head of U.S. Offshore at Franklin Templeton, marks three years leading the business in the region with a clear objective: to accelerate growth in this strategic market. The U.S. Offshore office is also in the midst of team expansion, at a time when the firm is doubling down on placing the client at the center of its strategy and elevating the level of service across all client needs.

From his office in South Florida, Vinicius leads a platform that operates as a true “microcosm” of cross-border business, serving a global client profile: from Latin American investors in Miami and Texas to Asian clients in California or European clients in New York. In this exclusive interview with Funds Society, he reviews the past three years, analyzes how offshore client needs have evolved, and outlines Franklin Templeton’s ambitious roadmap in technology and product.

What changes has Franklin Templeton made for U.S. Offshore?

The most important change comes from the client side. We are seeing a clear consolidation of business: clients want to work with fewer asset managers, but with greater capabilities.

They are looking for comprehensive solutions, efficient vehicles, and partners who understand their portfolios and strategies as a whole. That is why our evolution is moving in that same direction: offering all types of strategies through all types of vehicles, combining investments in public and private markets.

In addition, we are a firm with a strong consolidation DNA. Recent acquisitions such as Lexington Partners and Putnam Investments have been particularly transformative, providing us with differentiated capabilities in private markets—in the case of Lexington—and in risk management, product offering, and product quality, in the case of Putnam.

How are you organized from a commercial standpoint?

We have a regional structure made up of teams in Miami, New York, and the West Coast, combining external and internal wholesalers, as well as national accounts.

Beyond the structure, the key is the approach: our teams strive to understand the client holistically and, from there, connect them with the appropriate Franklin specialist teams. It is a model based on internal collaboration, where the goal is not to sell a product, but to build tailored solutions.

Do you have the capability to offer different vehicles, whether an active ETF, a traditional fund, or alternative funds?

Franklin Templeton has undergone a major transformation over the past five years to become what it is today: an integrated global platform with exposure to public and private markets; traditional funds and ETFs; and a strong commitment to digital innovation. The challenge now is not only to offer strong products, but to clearly communicate who we are: a firm with both public and private capabilities under one umbrella. In a context where clients demand fewer providers but with greater capabilities, we believe Franklin—with more than $1.74 trillion in AUM as of February 2026—is well positioned to meet this need.

You mentioned Lexington. Do you have additional interest in the alternatives segment?

Private markets are one of the main growth levers at the core of our global strategy. Today, we have significant capabilities in private credit, real estate, private equity, and infrastructure.

In addition, we are witnessing a degree of “democratization” of these markets, with evergreen vehicles that allow wealth investors access to these types of assets—something that was previously reserved for institutional investors.

Beyond the capabilities mentioned earlier, we have strengthened our offering through strategic partnerships in infrastructure with Actis, DigitalBridge, and Copenhagen Infrastructure Partners, focused on structural trends such as the energy transition and digitalization.

At the distribution level, how is Franklin Templeton organized?

Franklin Templeton has a global distribution structure that combines the capabilities of a large global asset manager with a strong local presence in key markets.

In this context, the Iberia and Latin America region plays a relevant role within the group’s global strategy, reflected in a solid local presence with eight offices across the region, more than 150 professionals, and local asset managers in Mexico and Brazil. Javier Villegas is responsible for the firm’s growth plans at the regional level. Locally, distribution strategies are led respectively by Hugo Petricioli (Mexico), Ana Álvarez (Iberia), Marc Forster (Brazil), Sergio Guerrien (South America), and myself in U.S. Offshore.

At a global level, the structure was recently strengthened with the appointment of Daniel Gamba as Chief Commercial Officer and Co-President in October 2025. Together with Terrence Murphy (Head of Public Market Investments) and Matthew Nicholls (Chief Financial and Operating Officer), they form a team of three Co-Presidents who, under the leadership of our CEO Jenny Johnson, help reinforce the execution of the firm’s strategy.

What is the process for launching a vehicle?

Our approach is global. In private markets, we typically start in the domestic market and, once the product gains traction, we scale it internationally.

In listed markets, we have significantly expanded the offering—for example, through the integration of Putnam’s products, which had a strong base in the U.S. but less international presence.

Ultimately, the goal is to create scalable solutions that can be efficiently distributed across multiple geographies, and in that regard, I believe we have a significant competitive advantage due to our global distribution capabilities.

Focusing on clients, you mentioned that they increasingly want to work with fewer firms. What other trends do you see in U.S. Offshore?

For every fund our major clients approve, they approve a much larger number of ETFs. Today, we manage between $60 billion and $70 billion, but our ambition is to grow much further. We want to be in the top 10 ETF providers across all asset classes, covering active, passive, and smart beta.

We are working on scaling our platform, always adapting to the needs of each market. Clients no longer choose between traditional funds or ETFs—they seek flexibility and efficiency.

Overall, the offshore client is increasingly global and sophisticated. They seek customized solutions, access to private markets, and a flexible vehicle architecture.

In addition, they are particularly sensitive to tax and geopolitical factors, making financial advice essential. In this context, our goal is to position ourselves as a strategic partner, not a product provider.

For a large global account, what is typically preferred: the active ETF or the traditional fund?

It is increasingly less about choosing between an ETF or a fund. Clients are looking for flexibility and to use the vehicle that best fits their architecture, whether for operational, tax, or portfolio construction reasons.

What we do observe are regional differences. While in markets such as Brazil there is still a stronger orientation toward funds, in Mexico the use of ETFs is growing significantly. However, the global trend is consistent: accessing the same strategy through different types of vehicles.

What other trends do you see in ETFs?

We see three clear trends: the growth of active ETFs as a portfolio construction tool; the convergence of this type of vehicle with private markets; and tokenization, which, although still in development, has enormous potential to transform the industry by improving efficiency, reducing costs, and enabling near real-time transactions.

What is your culture regarding AI integration?

It is one of the key pillars of our global strategy. We are investing in data analytics, artificial intelligence, and especially tokenization.

As I mentioned earlier, we firmly believe that tokenization can completely transform our industry, as it enables greater efficiency, reduces operational costs, and improves distribution processes. For example, it can facilitate near real-time transactions and significantly reduce the operational burden.

We are also seeing how financial infrastructure is evolving toward blockchain-based models, where Franklin Templeton already has a pioneering position.

Looking ahead, are there plans for further acquisitions?

It is not for me to speculate on potential acquisitions, but referring to what our CEO has said on several occasions, I can say that if an acquisition opportunity arose that made strategic sense for Franklin, we would likely be open to considering it.

The company has a strong track record of consolidation within the industry and is currently in a favorable position, as it has both best-selling products and niche offerings.

Since the acquisition of Legg Mason in 2020, we have completed around ten acquisitions, and in five years we have grown from $700 billion in assets under management to more than $1.67 trillion. Today, the focus is on establishing ourselves as a strategic partner to our clients, as we have the capabilities to achieve this. We now have a global platform, capabilities in public and private markets, diversification by strategy and product type, technological innovation, and a strong focus on delivering tailored solutions for our clients.

Radiography of Billionaires: 3,000 Individuals Who Accumulate $15.8 Trillion

| By Marta Rodriguez | 0 Comentarios

The wealth of the world’s billionaires reached an unprecedented figure in 2025: $15.8 trillion. This is highlighted in the latest report by UBS, which notes that there are now nearly 3,000 billionaires worldwide. Despite economic instability and international tensions, the value of their wealth has grown by 13% in just one year, driven mainly by strong financial markets and business innovation.

The United States has been the country that benefited the most from this growth, leading this expansion. There, billionaire wealth increased by 18%, thanks to the momentum of technology companies and the creation of new large fortunes. Asia-Pacific also experienced a positive year, while Europe grew at a more moderate pace. Overall, the global wealth map confirms that the creation of large fortunes remains highly concentrated in a few countries, as shown in the report.

Technology has once again been the main driver of growth. Fortunes linked to this sector increased by nearly 24%, driven by the rise of artificial intelligence, chips, and digital services. Companies such as Nvidia, Meta, and Oracle strengthened already established fortunes, while in China the technology sector showed signs of recovery after a period of slower momentum.

Other sectors also recorded significant gains. The industrial sector grew the fastest, with an increase of 27%, supported by the expansion of the aerospace and electric vehicle industries. Financial services grew by 17%, boosted by the stock market recovery and the rebound in digital assets, while the consumer and retail sector showed more moderate growth, affected by the slowdown in European luxury.

A notable finding of the report is the evolution of female wealth. Although women represent a minority (374 compared to 2,545 men), their average wealth grew by 8.4%, more than double that of male billionaires. Much of this female wealth is concentrated in sectors such as consumer and retail, where inheritance continues to play a decisive role, especially in Europe.

By region, in addition to the United States and China, Singapore and Germany stood out as particularly dynamic markets. Singapore increased the wealth of its billionaires by more than 66%, while Germany led growth in Western Europe. In contrast, France recorded a significant decline due to the drop in the value of large fortunes linked to the luxury sector, confirming a shift in the cycle of global wealth distribution.

BlackRock, Capital Group, and Vanguard, the Asset Managers with the Best Brand Image

| By Marta Rodriguez | 0 Comentarios

Which asset managers are the most highly regarded in the U.S.? According to the latest edition of Fund Brand 50 (FB50) by Broadridge, an annual study produced by the fintech Broadridge Financial Solutions that highlights the world’s top-performing third-party asset management brands, the ranking is led by BlackRock, Capital Group, and Vanguard.

BlackRock retains the top position for the second consecutive year. However, according to the report’s conclusions, its lead has narrowed, and this year the presence of relatively recent firms within the expanded FB50 list has continued to grow. The firm’s analysis concludes that BlackRock’s prominence is not only a reflection of its size, but also of its sophisticated alignment between product innovation and brand trust, which continues to resonate with professional fund buyers.

“While strength and client focus remain key priorities, our analysis of brand perception revealed that fund gatekeepers, such as wealth management home office teams and investment committees, also place great importance on the stability of the management team. In their view, this serves as a benchmark for the ability to repeat results and mitigate transition risk,” explains Jeff Tjornehoj, Senior Director of Fund Insights for the United States at Broadridge.

Movements in the ranking

Although BlackRock continues to hold the top spot, Capital Group made a notable climb in the ranking to finish in second position. Notably, Capital Group is predominantly perceived as the gold standard of institutional stability, supported by its distinctive “Capital System” of multi-manager oversight. “By abandoning the star manager model in favor of a collaborative investment process, the firm projects a repeatable, high-conviction approach to active management that endures beyond individual mandates,” they highlight about the firm.

Analyzing the rest of the ranking positions, Vanguard fell to third place, while JPMorgan and Fidelity completed the top five. Professional buyers tend to view Capital Group as a “safe haven,” associating the brand with long-term reliability and a client-focused relationship model.

Among other notable changes, the firm highlights that PIMCO moved ahead to swap positions with First Trust, ranking sixth and seventh, respectively. “Franklin held steady in eighth place for the fourth consecutive year, while T. Rowe Price advanced steadily from tenth to ninth place, and Goldman Sachs showed that its exit from the top 10 last year was temporary by returning this year to the tenth position,” they add.

Looking back at the report from a year ago, it is worth noting that stable performance and lower volatility had predisposed fund selectors to explore new institutional commitments. According to the report, this trend intensified in 2025, as reflected in the modest changes observed among the top ten brands.

Most valued attributes

Regarding what fund selectors valued most in brands, “strength,” “client focus,” and “attractive investment strategy” once again occupied the top three positions in the ranking this year. “U.S. selectors favor large global brands, with a broad and diverse product offering, as well as the security provided by a well-established name,” they indicate.

The report finds that an “attractive investment strategy” continues to act as a “magnet” for new capital. Its conclusion is that investors prioritize managers who demonstrate a repeatable process for generating risk-adjusted returns, and once again, BlackRock continues to set the pace.

“The top four brand attributes did not change in 2025, while ‘stability of the investment management team’ rose from seventh position last year to complete the top five in fifth place in 2025, displacing ‘understanding of the markets in which they operate’ from the top five to seventh place. In addition, ‘social responsibility/sustainability’ once again ranked tenth,” they note.

Brand and product

According to Broadridge’s view, in a “sea of similarity” where many firms offer similar investment strategies, a strong brand acts as the main differentiating factor. “A truly effective brand transcends logos and slogans: it is the embodiment of an identity that builds trust, drives loyalty, and provides the strategic foundation for future expansion,” they argue.

From the perspective of investment offerings, the report maintains that, for product managers, 2025 was a decisive year in the evolution of investment vehicles. “The industry witnessed explosive growth in the development of active ETFs, with nearly 1,000 new funds entering the market. This shift reflects a structural migration of capital; during the same period, only 95 new traditional mutual funds were launched, representing a 52% decline compared to 2024 and the lowest level since 1983, in a context where the industry recorded 262 more closures than launches,” they conclude.

Rescue Frenzy in Private Debt: The Canary in the Coal Mine or Just an Episode?

| By Marta Rodriguez | 0 Comentarios

At the beginning of the last century, canaries helped miners detect toxic gases that could put them in danger. This metaphor seems especially relevant today, according to those who see a warning sign in the wave of redemptions experienced by private debt funds globally. Some see risk in this industry, one of the alternative asset classes that has generated the most interest in recent years—while others view it as a temporary episode of anxiety against the backdrop of solid market fundamentals. Time will tell which side is right, but industry professionals are watching all available signals closely.

These emerging doubts around the asset class come after years of strong growth, which have left their mark on the industry’s size. Figures from the Alternative Investment Management Association (AIMA) show that the category ended last year with global AUM of more than 2.5 trillion dollars. Moreover, according to data compiled by S&P Global Ratings, 2025 saw industry fundraising reach 224.25 billion dollars worldwide.

Against this backdrop, the year so far has brought a series of major redemption announcements from large international funds such as Blackstone, Blue Owl, BlackRock, and Apollo. Does this mean the asset class is heading into a downturn? Industry participants downplay the situation, asserting that this is not a looming financial crisis, as some more alarmist voices have suggested. That said, this does not mean they see no areas of risk, especially given the dispersion and heterogeneity of the sector.

Illiquidity: nothing new under the sun

For Blue Owl, what is happening is simply a natural phenomenon tied to one of the core characteristics of alternative investments: illiquidity.

“These vehicles are designed to balance access to long-term assets with periodic liquidity windows. This trade-off—accepting limited liquidity in exchange for higher returns—is intentional and, when properly managed, allows strategies to function exactly as designed. Limited liquidity is not a flaw of the model; it is a structural feature of it,” says Felipe Manzo, Managing Director and Head of Private Wealth for Latin America at the firm, in comments to Funds Society.

In that sense, he says they do not see a systemic problem, but rather “specific situations.”

According to Manzo, the current situation stems from a gap between market sentiment and the fundamentals of the vehicles themselves. “Private credit continues to offer an attractive premium relative to public credit markets, with solid opportunities in high-quality borrowers,” he says, adding that more disciplined strategies tend to prevail in periods of volatility. “At Blue Owl, we believe we are particularly well positioned to navigate this environment, thanks to a rigorous credit analysis process and a diversified portfolio that has demonstrated resilience and solid returns across the business, not only in credit,” he notes.

At CIO Invest, a boutique specialized in alternatives, they call for a precise diagnosis of the phenomenon. This is not an industry-wide liquidity crisis, according to the firm’s team, but rather a specific tension in certain vehicles, where market sentiment is leading investors to request redemptions above established contractual limits. “That distinction is crucial,” they stress.

The role of semi-liquid vehicles

One factor that has accelerated redemption dynamics is the creation of semi-liquid funds—alternative structures designed to offer somewhat greater liquidity. Given this feature, it is not surprising that these products are seen as the spearhead that has opened the door to alternative strategies for a more retail-oriented investor base over the years.

However, despite offering more flexibility for withdrawals than traditional alternative funds, these episodes have served as a reminder that illiquid assets remain illiquid assets.

“Semi-liquid vehicles were designed with redemption limits precisely to manage this reality, but when sentiment deteriorates, investors seek to exit in volumes that far exceed those thresholds. That works as long as inflows exceed outflows, but when sentiment reverses, the system fractures,” explain sources at CIO Invest.

As such, this appears to be a localized issue, since traditional closed-ended vehicles, pure private credit platforms, and structures such as CLOs are not currently facing this dilemma.

At Blue Owl, they also highlight the role of wealth management channels in current dynamics. “The growth of private banking and wealth management channels has significantly expanded access to private markets. At the same time, this dynamic has raised the level of demand and responsibility for managers,” says Manzo.

Short-term flows

Regardless of the long-term impact, it appears that some damage has already been done. Considering that individual investors tend to be more sensitive to so-called “headline risk” than other segments—such as institutional investors—the expectation is that redemptions currently being deferred due to withdrawal limits will continue to drive outflows in the short term.

A report from Goldman Sachs Research indicates that the trend of declining sales and rising redemptions began in the last quarter of last year, driven by the prospect of lower future returns—given lower base rates, tighter spreads, and a credit event rate that has risen slightly from previously negligible levels—as well as increased media focus.

Looking ahead, the investment bank estimates that outflows will range between 45 billion and 70 billion dollars over the next two years. Even so, the firm does not expect this to trigger a wave of asset sales across the industry.

“Considering certain levels of liquidity buffers within funds (around 19% of the industry’s NAV and about 11% of total gross fund assets), the maturity profile of loans (typically between 5 and 7 years), managers’ ability to provide liquidity, the capacity to maintain quarterly redemption limits of 5%, and the ability to use leverage, we believe the need to liquidate private loans at an industry level will be limited,” Goldman Sachs noted.

Even so, from the perspective of asset managers, this phenomenon opens up a behavioral risk that was not previously on their radar. “The real risk is not that loans will default en masse, but that sustained redemptions will force asset sales at discounts, depressing NAVs and triggering further redemptions in a vicious cycle. That is the scenario that needs to be closely monitored,” conclude sources at CIO Invest.

Peru Heads Toward a New Political Cycle After a Decade of Presidential Turnover

| By Marta Rodriguez | 0 Comentarios

During the past decade, Peru has become a true case study, given the unusual turnover experienced at the Casa de Pizarro and the relative resilience its economy has shown amid political turmoil. Since the end of Ollanta Humala’s term, the last president to complete his mandate, in July 2016, the country has had eight presidents, some of whom did not even reach an anniversary in office. Nevertheless, the Andean country’s currency and economy have remained relatively firm.

Now, as the country enters a new political cycle, market participants are following the process with relative calm. With little expectation of anything that could affect the business climate and with changes to the political system underway, local actors are behaving with relative composure. That said, the financial industry emphasizes that political instability has carried an economic cost, and that the backdrop to all market movements today is the thorny conflict in the Middle East.

Peruvian assets have delivered strong performance over the past 12 months across various dimensions, but have come under pressure in the last month. The dollar has risen by around 3.5% against the sol, while the stock market, measured by the MSCI NUAM Peru Select Capped 15% benchmark, has lost roughly 9% of its value. Market participants say this is not linked to any idiosyncratic factor, but rather reflects a month in which risk aversion has increased. In context, during that same period, the MSCI Emerging Markets index has declined by 11%.

As for expectations strictly tied to the Peruvian economy, the financial world is awaiting the April 12 general elections with relative calm. On this occasion, the country will vote not only for a new president, but also to elect vice presidents, 60 senate seats, 130 lower house seats, and five members of the Andean Parliament.

Relative calm

“The environment is suspiciously calm, and there is no sense of concern in the business sector,” says Jorge Espada, Co-Founder & Managing Partner at Valoro Capital, in a conversation with Funds Society.

In his view, the key is that the most adverse scenario for local assets—a far-left government controlling both the executive and both chambers of the legislature—appears unlikely. “That is ruled out today,” he says, noting that most of the leading candidates are aligned with the right, with the exception of social democrat Alfonso López-Chau.

“The market today is not pricing a binary scenario, but rather one of high fragmentation,” adds Carlos Müller, Director of Strategy and Investment Advisory for Global Wealth at BBVA. While Rafael López Aliaga and Keiko Fujimori lead in the polls, both are polling at around 11% support, with a large share of undecided voters. “That makes a runoff almost inevitable and leaves the door open for late shifts, especially if a candidate emerges who connects with the demand for order and security,” he says.

There is also the congressional factor, where the exclusion of parties that fail to reach a 5% threshold encourages vote concentration. “At this point, it appears that the far left will not hold a meaningful share in either chamber,” Espada adds. “That may explain the calm seen during this electoral process.”

A new political framework

The April elections also bring a key change in institutional design: the return of Peru’s Senate after more than three decades. Following its elimination in 1992, the 2024 constitutional reform, under the government of Dina Boluarte, restored bicameralism, with senators to be elected in the upcoming vote.

“Investors are closely watching the evolution of the general elections, not only regarding the presidency but also the Senate, given the importance this institution will have in the country’s new political architecture,” explains Luis Ramos, Head of Equity Strategy at LarrainVial Research.

In this context, the most favorable scenario for local assets, according to the firm, is “the combination of a pro-market president and a thoughtful Senate capable of containing populist initiatives that create regulatory risk, weaken fiscal anchors, and hinder capital market development.”

The main domestic risk to the local economy, according to LarrainVial, is populism. While a bicameral and politically fragmented Congress can act as a counterbalance to structural reforms, “this does not necessarily prevent the approval of populist measures, which often require only simple majorities,” Ramos warns.

The myth of decoupling

Peru’s macroeconomic conditions have remained relatively stable throughout this decade of political instability, giving rise to the idea that “politics and the economy move on separate tracks.” However, local market participants reject this view, arguing that the situation has come at a cost.

“It is very generous to say that Peru has separate tracks, because it is costing us,” says Espada of Valoro Capital. In a favorable global commodities cycle, he explains, Peru would likely be growing between 5% and 6%. Instead, the economy is expanding at around 3%. This gap, he argues, is due to institutional deterioration.

For Müller of BBVA, there are nuances to the decoupling narrative. “The Peruvian economy still has the capacity to remain relatively separate from politics in this cycle,” supported by controlled inflation, high reserves, external strength, favorable terms of trade, and a credible central bank.

“That said, this decoupling is not infinite,” he stresses. “Politics may not break the macro fundamentals immediately, but it can slow investment when uncertainty persists,” he adds, noting that the resilience shown by the local economy “does not imply immunity.”

Echoes of war from abroad

Regardless of domestic developments, the key issue for the financial industry today is the global impact of escalating conflicts in the Middle East. “The main question for investors right now is the persistence of the conflict,” says Ramos of LarrainVial Research.

Given relatively favorable conditions, the market’s base case remains positive growth, but the impact of the conflict involving the United States, Israel, and Iran will be felt. “For the remainder of the year, the central view is still positive growth, but less clean than a few months ago,” says Müller. In this context, BBVA expects growth of 2.9% for the country in 2026, due to a supply shock, with a more affected first half and improvement in the second.

“This year, if the situation in the Middle East normalizes, we should end with growth above 3%,” adds Espada of Valoro Capital. Meanwhile, LarrainVial Research estimates growth at 3.4% for the Andean country this year if the conflict proves transitory; if it persists, growth would cool to 2.6%.

For Credicorp Capital, growth is expected to range between 3% and 3.5%, depending on how global risks evolve. “The final impact will depend on the magnitude and duration of the shocks,” the firm said in a recent report.

David López Takes Charge of Thoma Bravo’s Business in LatAm

| By Marta Rodriguez | 0 Comentarios

LinkedIn David López, Head of LatAm at Thoma Bravo

The specialized investment firm Thoma Bravo, dedicated to investing in software companies, recruited David López to lead its business in Latin America. According to what the executive shared on his professional LinkedIn network, he recently assumed the role of Head of LatAm for the firm.

With this, López brings a track record of more than ten years in the financial industry, holding positions across different Latin American financial capitals and extensive experience dealing with private markets.

Previously, the professional spent more than four years at BlackRock, where he worked until this month as Co-Head of Alternatives for Latin America and the US Offshore market. He also worked as Vice President of Alternatives for Colombia, Peru, Chile, and Central America. During this period, the professional relocated from Bogotá to Miami, according to his profile.

Before that, López served as Alternatives Senior Manager at SURA México and as Alternative Investment Manager at SURA Asset Management, as well as a fund analyst in the Colombian branch of BTG Pactual.

Now, the executive joins one of the largest software-focused investment firms in the world, with assets exceeding 181 billion dollars. The firm has private equity and credit strategies and has invested in around 555 technology companies.

This Is the New Investment Moment for Latin America

| By Marta Rodriguez | 0 Comentarios

Global investors, policymakers, and business leaders gathered in Miami during the sessions organized by the FII Institute to analyze how capital is shifting across regions, sectors, and technologies in a period marked by geopolitical and economic changes and shocks.

One of the main conclusions was the key role that Latin America is playing in the reconfiguration of global capital flows. At the center of the debate on its role are nearshoring, infrastructure, energy, and human capital as key drivers of long-term growth.

In this context, participants highlighted Latin America’s transformation into a safe haven and a growth engine, with abundant natural resources, expanding capital markets, and increasing geopolitical relevance. “This is the moment to move from fragmentation to alignment, from hesitation to action. The new Latin American order will not be defined by speeches, but by decisions, alliances, and investment,” said Richard Attias, Chairman of the Executive Committee and Acting CEO of the FII Institute.

Capital in motion

Among the most notable themes during the event were strong capital inflows into key markets such as Brazil, Latin America’s role in global food and energy security, and the need to invest in infrastructure and education to unlock long-term returns.

“We are moving away from viewing social investment as a cost and recognizing it as the foundation of economic growth, because addressing early childhood, health, education, and sanitation is what truly shapes a country’s future,” said María José Pinto González Artigas, Vice President of Ecuador.

Throughout the sessions, three messages were consistently emphasized: capital is shifting toward new geographies, including Latin America; it is increasingly focused on long-term resilience and real-economy impact; and it is moving rapidly, driven by geopolitics, technology, and energy transitions.

They also agreed that in a world where disruption is the “new normal,” capital is being repositioned. “As global leaders continue their conversations in the coming days, the focus remains the same: how to align capital with opportunity and how to turn that movement into measurable impact,” noted the FII Institute.

Energy, infrastructure, and the next investment cycle

When it comes to turning challenges into opportunities, Venezuela and the new opportunities in its technology sector took center stage. Speaking remotely, Delcy Rodríguez Gómez, Acting President of the Bolivarian Republic of Venezuela, highlighted that the country is welcoming more than 120 energy companies from the United States, the Middle East, Asia, Africa, and Europe amid legal reforms. According to her, Venezuela’s hydrocarbons law and broader legal reforms have been designed to provide the legal certainty investors need.

Another clear area of opportunity is infrastructure. According to experts participating in a panel on the topic, discussions in this sector are focused on the challenges that energy and electricity supply constraints pose for nearshoring, as well as the rapid expansion of industrial infrastructure and data centers. Participants also highlighted the role of tourism, logistics, and cultural infrastructure in generating long-term returns.

In this regard, Manfredi Lefebvre d’Ovidio, Chairman of the World Travel & Tourism Council, emphasized the importance of Miami and investment partnerships for Latin America’s success: “Global public-private collaboration is essential for Latin America’s success, and Miami is proof of that. Most flights from Europeans traveling to Latin America pass through Miami.”

BAI Capital Launches the ALMA Miami Real Estate Project for $170 Million

| By Marta Rodriguez | 0 Comentarios

conflict in Iran and investment thesis — Photo courtesyStudent housing complex, ALMA Miami. BAI Capital

BAI Capital, a private equity investment and real estate development firm that promotes permanent residency in the United States, formally announces the start of the key development phases of ALMA Miami. With a total projected investment of $170.6 million, this student housing complex is positioned as one of the most robust real estate investment opportunities for Latin American capital in South Florida.

Real estate megaproject

The project is strategically located just 0.6 miles (an 8-minute walk) from Florida International University (FIU), an institution that hosts more than 54,000 students from over 130 countries. Currently, there is a massive housing shortage in the area, as the university can only accommodate 8% of its students on campus.

ALMA Miami is a 26-story vertical project with 565 units, 644 beds, and 644 parking spaces, designed under the concept of “functional luxury.” After obtaining Site Plan approval in January 2026, the timeline includes completion of plans in May of this year, with the goal of breaking ground in January 2027 and delivery in the summer of 2029.

Green Card through investment

In a context of financial volatility, Mexican investors have turned their attention to safe-haven dollar-denominated assets that offer not only returns but also legal certainty.

ALMA Miami responds to this demand by allowing Mexican capital to participate in an institutional-scale project, previously reserved for large pension funds or U.S. family offices.

“For Mexican investors, ALMA Miami represents a direct bridge to the strongest economy in the world through a tangible, high-demand asset,” says Juan Carlos Eguiarte, Country Manager of BAI Capital in Mexico. “We are not just building a property; we are offering an investment structure that complies with the EB-5 Reform and Integrity Act of 2022 (RIA), allowing Mexican investors and their families to relocate immediately to the U.S. while the Green Card process is completed, which makes this program the Ferrari of visas.”

Economic impact and world-class partnerships

The relevance of ALMA Miami for the region is also reflected in its social and labor impact. The development is expected to generate approximately 1,875 jobs, quadrupling the legal requirement for EB-5 program investors.

To ensure successful execution, BAI Capital has partnered with top-tier strategic allies in the U.S.: BKV Group for architecture, HITT Contracting Inc. for construction, and Asset Living, a leader with 40 years of experience, for property management.

The Conflict in Iran Delays the Thesis, but Does Not Deactivate It

| By Marta Rodriguez | 0 Comentarios

integración de gestoras y Access Capital Partners — Pixabay CC0 Public Domain

One more week, market attention remains focused on energy prices and fears of a possible stagflation. The verdict remains one of contained concern, without panic, as the conflict in Iran has increased volatility but has not severely damaged the performance of risk assets.

The macroeconomic situation is different from the one that preceded the 2022 energy crisis. In addition, the world is now 60% less dependent on oil than in the 1970s, which mitigates the structural impact.

That said, the historical threshold for real damage is clear: oil needs to more than double to trigger a recession or a bear market. In the case of WTI, that implies sustainably exceeding $140 per barrel, an outcome that is possible but not yet the base case. If energy spending were to double, it would absorb approximately 7% of U.S. disposable income, slowing consumption and weakening the Republican bloc ahead of the midterm elections.

Iran cannot win militarily, but it can keep oil prices elevated long enough to force a shift in Washington’s stance. Trump, under pressure from a largely anti-war public, the proximity of legislative elections, and an affordability crisis directly affecting his electoral base, has strong incentives to resolve the conflict quickly. Markets are pricing in a favorable outcome, but a deterioration in the situation could generate a further correction, not necessarily a bear market, but an episode uncomfortable enough to precipitate a resolution.

In recent days, we have received clear signs of a conciliatory stance from Trump, but Iran continues to play cat and mouse. The new deadline set by the U.S. president to reach a preliminary agreement expires on April 6.

Moreover, the macroeconomic similarity to the First Gulf War discourages abrupt changes in portfolio composition. In 1990–91, the U.S. economy was already losing momentum before Iraq invaded Kuwait on August 2, 1990. In 2026, the pattern is repeating: before the attacks on Iran, the economy was already feeling the impact of intermittent tariffs, weak hiring, and inflationary pressures that, although easing, had not disappeared. In fact, Greenspan had already been cutting rates for a year when Iraq invaded Kuwait, just like Powell, who had also begun easing before the Iranian conflict, reducing rates from 5.25%–5.50% to around 4.25%–4.50% between the second half of 2024 and early 2025.

The rate cuts implemented by the Fed in the second half of 2025 and the fiscal stimulus from the OBBBA plan are acting as buffers against the effects of the war on the economy. If the crisis is resolved within a reasonable timeframe, the boost to equities could be just as strong: from the lows of October 1990, the S&P 500 surged 26% in just three months, quickly recovering pre-conflict levels.

The outlook for the fixed income market points in the same direction. In 1990, Greenspan paused rate cuts when inflation expectations rose due to higher oil prices, and Treasury yields increased accordingly. However, the deterioration in the labor market and the recession forced a resumption of cuts, and by the end of that year, Treasury yields were below pre-conflict levels.

Europe: a less burdensome starting point than in 2022

Although logic suggests comparing the Iranian conflict with the 2022 energy crisis, the starting point is substantially different. When Russia invaded Ukraine, eurozone inflation was already մոտ 6%. Today, with headline inflation at 1.9% and wage growth below 2%, the ECB has insufficient justification to raise rates.

Energy prices should be treated as a temporary supply shock, not as structural inflationary pressure. Tightening monetary policy in this context would repeat Trichet’s 2011 mistake and hinder an economy already hit by gas prices, tariffs, and Germany’s manufacturing crisis. The market is pricing in 76 basis points of hikes in 2026, which may create opportunities in the short and intermediate parts of the curve.

That said, it is worth remembering that, unlike the Federal Reserve’s dual mandate, the ECB’s sole objective is to keep inflation close to 2%. If oil spikes or stabilizes above $100, the memory of Trichet’s mistake may fade among Governing Council members.

The references from the 2022 episode are clear: equities and cyclical currencies do not bottom out until energy prices peak. In the meantime, the energy sector outperforms the market, defensives outperform cyclicals, and the dollar appreciates against major currencies.

The Strait of Hormuz is also the main transit route for helium and fertilizers, among other commodities that are difficult to substitute in production processes, introducing additional risks to food inflation and the global supply chain. This uncertainty particularly penalizes more open economies, such as those in Europe.

Before the subprime crisis, 79% of S&P 500 earnings came from cyclical sectors. Now, 57% comes from growth industries, making the U.S. index more defensive.

Currency markets: dollar strength and gold to the downside

The EUR/USD has corrected since the start of the conflict, confirming that the dollar’s role as a safe-haven asset remains intact despite downgrade concerns. As long as uncertainty persists, the relative strength of the U.S. currency will remain in place. The dollar is also a trending currency, and the breakout above its 200-day moving average provides technical support for this view.

However, the appreciation has fully erased the premium the market had assigned to EUR/USD following the tariff announcements on Liberation Day, although uncertainty around Trump’s trade policy remains high. Long-term models point to a somewhat overvalued dollar, and speculative investors have already closed their short positions on the greenback. Additionally, the market has shifted from expecting fed funds to end 2026 at 3% to seeing them anchored at 3.75%. The announcement of a truce would force a rapid reassessment of these expectations.

Contrary to what might be expected from a safe-haven asset, gold has fallen 14% in the month of March. The strength of the dollar, the sharp rise in real interest rates, and technical overbought conditions explain the move. However, the proximity of a truce (which would entail a reversal of these negative forces), the structural shift toward geopolitical multipolarity, and the procyclical turn toward expansionary fiscal policies maintain gold’s appeal as a diversifying element in multi-asset portfolios.

Funds Society Hosts Its First Funds Society Leaders Summit in Miami

| By Marta Rodriguez | 0 Comentarios

With the support of CFA Society Miami as a partner, Funds Society is organizing the first edition of the Funds Society Leaders Summit in Miami. This is a meeting aimed at leaders in the asset and wealth management industry, created by and for the industry.

The Funds Society Leaders Summit will take place next April 21 at 10:00 am at the AKA Brickell Hotel in Miami, a sophisticated urban retreat located in the Brickell financial district, overlooking Biscayne Bay.

The event, designed in collaboration with CFA Society Miami, will feature top-level speakers and experts in key areas such as asset management, private banking, family offices, pension funds, and insurance companies, who will analyze the main challenges and trends currently shaping the industry.

The program will combine roundtable discussions with dedicated networking spaces and will conclude with a keynote session, followed by a cocktail at Casa Zeru, offering the perfect setting to exchange insights and continue expanding professional networks.

The event will include participation from panelists who are leading figures in the industry, such as Raúl Henríquez, CEO and Chairman of Insigneo Financial Group; Santiago Ulloa, Founder, Managing Partner and CIO of WE Family Offices; Jesús Valencia, Market Director – Florida International Market at UBS; and Rocío Harb, Director & Brand Manager at IPG Investment, among others.

Participating in the Funds Society Leaders Summit

The event is not only endorsed by CFA Society Miami, but also supported by Janus Henderson, M&G, Muzinich & Co, Capital Group, Fidelity, State Street Investment Management, Thornburg, and VanEck.

Places are limited, so if you have not yet registered, we encourage you to do so as soon as possible, as capacity is restricted. If you are interested, please contact this email: elena.santiso@fundssociety.com.