Luxembourg consolidated its position in 2025 as Europe’s leading fund domicile, with assets under management reaching 8.3 trillion euros, driven by the continued growth of alternative assets, ETFs, and sustainable finance. The industry association ALFI advanced the Savings and Investments Union agenda through the publication of its “SIU Blueprint” and the study “Europe’s Productive Capital Gap,” carried out together with McGill University.
ALFI’s annual report also highlights how fund tokenization has moved from the experimental phase into a scaling stage, supported by the development of distributed ledger technology (DLT), Luxembourg’s Blockchain IV Law, and growing market adoption. At the same time, ETFs continued gaining momentum, surpassing 500 billion euros in assets, while artificial intelligence is progressively being incorporated into multiple industry processes to improve operational efficiency and client experience. The regulatory framework also continued evolving, with particular attention on AIFMD II, liquidity management tools, valuation, AML/CFT regulation, the creation of AMLA, as well as developments related to EMIR, CSDR, T+1, the Retail Investment Strategy, DORA, and SFDR.
ALFI also strengthened its collaborative approach with the launch of the Member Collaboration Hub, a digital platform integrating industry content, collaborative workspaces, and the AI-based assistant ALFIBot. During 2025, the association organized 49 events across eight countries, with more than 12,000 registered participants, and promoted new initiatives such as Digifund, the Leadership Seminar, and the Conducting Officers Seminar. Talent development remained a strategic priority, with support for two specialized master’s programs in advanced financial management and private assets.
According to Serge Weyland, CEO of ALFI, tokenization and artificial intelligence will be transformative for the industry: “They will profoundly change access to financial products and the structure and distribution of investment funds.”
Along the same lines, Corinne Lamesch, Deputy CEO of ALFI, emphasized that recent reforms strengthen Luxembourg’s competitiveness as a European fund center by adapting its legal and tax framework to new market needs. The report also underscores Europe’s challenge of connecting savings with investment by promoting retail participation and financial education through initiatives such as Personal Investing Day and the joint ALFI/McGill study.
Sustainable finance remains a structural pillar of the sector, with Luxembourg consolidating itself as one of Europe’s leading hubs for sustainable investment in both public and private markets. At the same time, the importance of markets outside Europe continues to grow, with Asia, Latin America, and the Middle East gaining prominence as key destinations for Luxembourg’s fund industry.
According to Britta Borneff, CMO of ALFI, Luxembourg has evolved into a global hub for structuring and channeling international capital. Looking ahead, Jean-Marc Goy, President of ALFI, stated that the goal is to strengthen the country’s global competitiveness through innovation, regulatory excellence, and closer ties with society by expanding access to capital markets and promoting long-term savings.
Photo courtesyPeruvian presidential candidates: Keiko Fujimori (left) and Roberto Sánchez (right) (Source: official candidate websites)
It took time, but it was achieved. Amid a fierce presidential campaign that has even included accusations of electoral fraud in the first round — due to delays in vote counting that postponed the announcement of the second-place finisher — the Peruvian market is now counting down to the runoff election that will determine the country’s next president. On June 7, voters will decide whether it will be Keiko Fujimori, the right-wing candidate, or Roberto Sánchez, the left-wing standard-bearer, who will face the challenge of ending a decade of political instability and completing a full term at the Casa de Pizarro.
“The next political cycle finds Peru in a rather unique situation: relatively stable macroeconomic fundamentals coexisting with weakened political institutions and still fragile governance,” Roberto Montero, head of the Wealth Management Division at Banbif, told Funds Society. This long-standing disconnect, he noted, “is not sustainable for much longer, as it harms the economy’s potential growth.”
While Peruvian assets have been paying attention to the global situation — with its own minefield of tensions — the effects of the runoff have already been felt. The sol, in particular, experienced some volatility linked to Sánchez’s advance to the second round. This comes in a context where, as the political heir of former president Pedro Castillo, he is viewed as a less favorable candidate for the local economy.
“The weakness of the Peruvian sol reflects a specific and well-documented phenomenon of preventive dollarization, which has historically accompanied episodes of political uncertainty in Peru, especially when the electoral outcome calls the economic model into question,” wrote analyst Emanoelle Santos of broker XTB in a recent note.
While the market views Fujimori as an option for continuity of a private investment-oriented economic model, she added, Sánchez’s candidacy raises uncertainty over possible constitutional changes, greater fiscal pressure, and less stability in the Executive Branch. “That difference in risk perception is what the sol is already pricing in weeks ahead of time,” she commented.
If Keiko Fujimori wins
Polls project a highly uncertain outcome, where dissatisfaction with the alternatives and undecided voters are expected to play a significant role. The market’s clear favorite is Fujimori, representative of the right-wing Fuerza Popular party, who is making her fourth attempt at the presidency.
“In a potential government led by Keiko Fujimori, the market would interpret the result as a positive signal for the economy. Expectations would be for a more technocratic economic cabinet, a pro-investment stance, and lower regulatory uncertainty, especially in sectors such as mining, infrastructure, and the financial system,” Montero projected. This scenario would favor the progress of projects and lower risk premiums, supporting private investment and paving the way for GDP growth above 3%.
However, the Banbif executive warned of a persistent political risk that would represent a key challenge for a Fujimori presidency: “the ability to build governance, manage fragmentation in Congress, and reduce high levels of social conflict.”
Among other local assets, the sol would also benefit under this scenario, according to analysts at Credicorp Capital, although the magnitude of the currency’s potential reaction “is highly uncertain.”
If Roberto Sánchez wins
By contrast, Sánchez is a figure who has investors on edge. Reviving memories of the capital outflows triggered by Castillo’s election in 2021, local investors see him as a risk to the business climate in the Andean country.
Among the proposals put forward by the candidate from the left-wing Juntos por el Perú party — and favorite in rural areas — are a Constituent Assembly, a more active role for the State in the economy, and a review of government contracts. “One of Sánchez’s positions that generated the most concern among market participants was his statement several weeks ago that he would not keep Julio Velarde as president of the BCRP (Central Reserve Bank of Peru),” Credicorp emphasized, although he later stated that he supported the institution’s autonomy.
For that reason, expectations are that a victory for this candidate could impact local assets, injecting volatility into markets and requiring a higher risk premium.
That said, Montero assures that it would be “without reaching the extreme seen during 2021.” If Sánchez proves more pragmatic, volatility could moderate; meanwhile, a more interventionist approach would have an impact on assets. “More than the political discourse itself, what will be decisive is the composition of the economic team and the tone of the first decisions,” the executive commented.
A new legislative framework debuts
One factor adding another layer of novelty to this presidential race is the legislative environment in which the incoming government will have to operate. The Andean country has returned to a bicameral system, once again establishing a Senate for the first time since 1992, with its seats determined by this year’s general elections.
This is expected to be an important variable for whoever wins the June 7 election. “On the legislative front, the path forward will depend on the next president’s ability to operate within a still fragmented Congress and an inaugural Senate that will wield significant power,” S&P Global Ratings stated in a recent report.
Along those lines, the rating agency emphasized that Peru’s legislative landscape “appears to be changing”: both the Lower House and the newly reinstated Senate have representatives from six parties. This represents greater concentration compared to the ten parties operating in Congress over the past five years.
Against this backdrop, the market sees little room for radical changes to the Peruvian economy, regardless of who wins. “Our base-case scenario assumes that radical reforms to the economic model will be unlikely under the next government,” analysts at Credicorp Capital indicated. Under the new framework, for example, constitutional reforms will require two-thirds majorities in each chamber over two legislative periods or an absolute majority in both chambers plus a referendum.
In addition, there is the issue of presidential impeachment, one of the driving forces behind the revolving-door politics that has produced eight presidencies over the past ten years. According to the Peruvian investment firm — the largest in the local market — such measures will now require two-thirds majorities in both chambers.
This, combined with the fact that the Senate will be responsible for approving the president of the BCRP, paints a picture of safeguards for the pillars of the economy.
Flow expectations
These elections have reminded more than a few investment professionals of past capital flight episodes. Outflows peaked between 2021 and 2022 during Castillo’s election, when there was marked dollarization of investment portfolios, internationalization of wealth, and a surge in international custody accounts. In just seven months following those elections, 14 billion dollars in capital flight was recorded.
Today, market participants say things are different. “The scenario is different because, in part, most high-net-worth individuals already have the funds they consider necessary in international custody accounts,” Montero commented, while “smaller investors realized that keeping funds abroad is not optimal due to higher costs and tax considerations.”
What does remain persistent in the wealth management sphere is a more defensive positioning among high-net-worth investors, maintaining greater international diversification to manage risks. “A large part of the diversification, dollarization, and international exposure decisions have already been made, with fluid exit channels available in the event of any contingency,” explained the head of Banbif’s private banking division.
S&P Global Ratings agrees with that assessment. “It is interesting that, based on some surveys and conversations with business leaders, there appears to be a more constructive outlook for the economy going forward, shaped by the experience gained amid the high political dysfunction observed over the past decade,” the agency stated in its report.
According to experts, there is a unique tension in the crypto market. Evidence of this is the path bitcoin has taken during the first quarter, moving from a weak start to reaching highs not seen since February, climbing to 78,400 dollars. Now, the crypto market is beginning the second quarter in a stabilization phase. Following April’s technical rebound, institutional investor flows appear to have returned, leading to a tactical improvement rather than the start of a new bull cycle.
“In the middle of the month, bitcoin rose to 78,400 dollars last week, reaching its highest level since early February, driven by improved risk appetite following progress between the United States and Iran to reopen the Strait of Hormuz. In addition, inflows into spot bitcoin ETFs also contributed to the rally, with 664 million dollars recorded on Friday, along with a 344 million dollar short squeeze driven by the futures market, which forced the liquidation of bearish positions. From a technical standpoint, bitcoin has broken above the 76,000-dollar resistance level that had capped prices over the past two months, potentially opening the door to further gains if this momentum is sustained,” said Simon Peters, crypto asset analyst at investment and trading platform eToro.
Market entering a consolidation phase
According to Bitwise Asset Management in its quarterly report, the underlying data remains weak: the 10 largest crypto assets declined during the first quarter, with losses ranging between 23% and 38%; crypto’s correlation with equities is at its highest level since the start of COVID; and key metrics such as active addresses, transaction activity, and trading volume remain below their peaks.
This first-quarter performance contrasts with an extraordinary flow of news. “Wall Street is moving toward the onchain environment, regulators are establishing clear rules, and institutions are allocating capital. On the other hand, the underlying data is weak. This disconnect is uncomfortable. Developments are positive, but the underlying data is not. The way to resolve this tension is simple: both perspectives are looking in different directions,” said Matt Hougan, Chief Investment Officer at Bitwise AM.
Based on this data, the asset manager believes that the first quarter was indeed difficult for crypto investors. “But the news flow is forward-looking and shows there are compelling reasons to believe the underlying data will improve. In fact, if you look closely, some signs of this can already be seen. For example, assets under management in stablecoins are at record highs, tokenized real assets are gaining prominence, and stablecoin transaction activity already exceeds that of Visa,” added Hougan.
Drawing on his experience after eight years working in the crypto world, he described the current moment as “the end phase of bear markets.” “Prices are low and fundamental data is weak, but the smartest people are beginning to build again. There is something underneath that is starting to generate excitement and, if you look closely enough, you can already make out the first outlines of a new bull market,” Hougan concluded.
Photo courtesyFrom left to right: Francisco Nuñez, Chief of Staff to the CEO; George “Tres” Arnett, Chief Administrative Officer and General Counsel; Michael Averett, Chief Growth Officer; Javier Rivero, Chief Advisor Experience Officer; Giovanna Souza, Chief Marketing Officer; and Raul Henriquez, Chief Executive Officer and Chairman of the Board.
Insigneo has unveiled its new brand identity and strategic value proposition. This evolution, supported by the slogan “Your Passport to Possibilities.” marks a strategic turning point in the firm’s trajectory and reinforces its leadership position in the international wealth management sector.
Insigneo’s new identity was officially launched during a private event at the firm’s headquarters in Miami, broadcast live to its network of more than 12 regional offices across the Americas. The change represents a milestone in the company’s 40-year history and responds to its accelerated pace of growth. In recent years, Insigneo has expanded its presence and strengthened its infrastructure, now managing more than 33 billion dollars in assets through a network of more than 500 investment professionals — including 68 institutional firms — serving nearly 32,000 clients.
“The new brand embodies both the achievements the firm has reached to date and our aspirations for the future. However, our essence remains the same: the commitment to empowering and supporting investment professionals to better serve international clients, now under a brand that more accurately represents our mission, vision, and the unique position we occupy in the industry,” highlighted Raúl Henríquez, Chairman and CEO of Insigneo.
The new slogan clearly defines the role Insigneo plays for its different audiences. For international high-net-worth clients, especially in Latin America, the firm acts as a “passport” that opens the door to global investment options and offshore solutions beyond their local markets. For investment professionals, Insigneo offers an ecosystem that combines advanced operational and regulatory support, a team with international experience and deep local knowledge, cutting-edge technological capabilities, and an industry community that allows them to focus on strengthening their clients’ legacy and growing their business.
“The new brand seeks alignment and clarity. Our goal was to express our value proposition in a way that resonates with each of our core audiences, while also building a visual system that better reflects our market position. Every choice was intentional: from the introduction of the word wealth as a descriptor in the logo, to the shift to navy blue as the primary color to convey stability and trust, while maintaining our original bright blue to preserve brand equity. This is not a change in direction, but rather a clarification of our course,” explained Giovanna Souza, Chief Marketing Officer of Insigneo.
Coinciding with the launch, Insigneo also introduced its new website (insigneo.com). The new identity will be implemented gradually over the coming months across all client and professional touchpoints — including digital platforms, marketing materials, and corporate communications — ensuring a consistent transition as the firm continues consolidating its network across the Americas. The entire rebranding process was developed in collaboration with global communications consultancy LLYC. With this move, Insigneo reaffirms its commitment to the international wealth management industry, continuing its mission of simplifying the complexity of global markets for its international clients across borders and generations.
Within the world of real assets, infrastructure has been presenting increasingly attractive prospects for investors. And the alternative asset industry is taking notice, benefiting from the favorable investment cycle for categories such as digital infrastructure and energy, among others.
Driven by a range of ongoing global trends — including digitalization and electrification — the coming years are expected to bring a boom in infrastructure investment. Consulting firm PwC projects that spending on these types of projects will rise to 6.9 trillion dollars by 2050, up from the 4.4 trillion dollars recorded in 2024.
“Throughout that period, cumulative global investment is projected to reach 151 trillion dollars, as countries modernize transportation, energy, and industrial systems to meet the demands of AI, electrification, and urbanization,” the firm said in a recent report.
And it is precisely these trends that are setting the pace for the market, according to Macquarie, one of the leading managers in the asset class. “Infrastructure opportunities are increasingly defined by long-term structural changes rather than short-term economic cycles,” the firm noted.
In line with these expectations, last year brought a rebound in fundraising for the asset class, reaching 250 billion dollars and more than doubling the 99 billion dollars raised by the industry in 2024 — the lowest figure in six years — according to data from With Intelligence, a unit of S&P Global Ratings.
For the firm, these figures suggest that investor confidence remains strong. “Fund managers have seen particularly high demand for strategies such as the energy transition and data centers,” they added in their report.
They also noted that this asset class is following the path of other alternative segments by expanding its investor base. Infrastructure managers, they said, are seeking capital from private banks “with the same urgency as their private equity and private credit peers.” This has sparked a race to develop products suited to a wide range of investor profiles.
The golden promise of AI
Beyond the competitive world of private capital, the artificial intelligence boom has had its own effect on the infrastructure asset space: the rise of data centers.
The excitement generated by this technology — described by many as a true industrial revolution that could affect every aspect of the modern economy — has created strong investor demand for digital infrastructure aimed at capturing this growth.
“The AI revolution, an extraordinary level of investment in data centers, equipment, chips, energy infrastructure, and other related areas continues to drive economic growth, and we see no signs that the engine is slowing,” said Stephen Schwarzman, CEO of Blackstone, during the firm’s first-quarter earnings call with investors.
The firm — the world’s largest alternative asset manager — is betting heavily on this trend through strategic investments in artificial intelligence. “We believe Blackstone has become the world’s largest investor in AI-related infrastructure,” the executive stated, adding that this gives them “a front-row seat” to future developments.
According to Macquarie, beyond data centers, digitalization is also driving demand for fiber-optic networks and communications infrastructure. Development is expanding across different markets as well: “Supply constraints in established markets are supporting pricing power and encouraging development in new regions.”
Overall, the path appears set. PwC estimates that annual investment in data center buildings will increase from 113.8 billion dollars in 2024 to 251.8 billion dollars by 2027. That represents a 2.2-fold increase in just a few years. Looking ahead, the consultancy expects this figure to reach 1.5 trillion dollars by 2032, with a “remarkable short-term escalation” followed by a period of stock improvement.
A more electric economy
Alongside AI demand and its data centers, energy has also become a major focus, supported by the broader global trend of the energy transition.
“Electricity demand is rising at a pace we haven’t seen in decades, driven by electrification, reindustrialization, and digital infrastructure,” said Bruce Flatt, CEO of Brookfield Corporation — another major infrastructure fund — during his own investor call. Meeting this demand will require “enormous amounts of new generation capacity,” he added, creating opportunities for solar, wind, nuclear energy, and batteries.
“While digitalization, decarbonization, and deglobalization will continue evolving, each is driving significant long-term demand for new infrastructure,” the executive added.
Macquarie agrees with this assessment, arguing that energy demand is expected to keep rising, underscoring the need for reliable and low-cost energy solutions. For the firm, solar and wind assets, along with battery storage, continue gaining traction — and market share — due to falling costs and rising demand.
In this segment, PwC projects that the infrastructure investment boom in energy will lift annual spending to 1.1 trillion dollars by 2050. This marks a sharp increase from the 631 billion dollars recorded by the industry in 2024, totaling 25 trillion dollars over the period.
“Reflecting the pace of electrification, by 2025 annual investment in energy storage will reach around 91 billion dollars,” the consultancy stated in its report, equivalent to 3.7 times 2024 levels. Capital allocated to transmission and distribution, meanwhile, is expected to grow 2.6 times to 472 billion dollars.
The 2026 World Cup will not only be the largest soccer event in history in terms of the number of teams and matches; it is also emerging as one of the biggest capital mobilization platforms of the decade in North America.
Behind the packed stadiums and tourism windfall, the tournament organized by FIFA is triggering a complex network of public financing, private investment, public-private partnerships (PPPs), municipal debt, and even thematic bets by institutional funds.
With 48 national teams, 104 matches, and 16 host cities spread across Mexico, the United States, and Canada, the 2026 World Cup has become a continental-scale “economic asset.”
According to estimates released by FIFA itself and prepared together with Deloitte, the tournament could generate around 5 billion dollars in economic activity for North America, in addition to millions of visitors and a multiplier effect on tourism, consumption, mobility, and services.
Infrastructure: the real financial match
Although the United States will largely rely on existing NFL and MLS stadiums, the World Cup has forced the execution of large-scale renovations, expansions, and urban projects. In Mexico, public-private investments linked to the tournament could reach up to 31 billion pesos (around 1.723 billion dollars), mainly in connectivity, mobility, tourism, and urban regeneration.
The Mexican government alone announced 6 billion pesos (334 million dollars) for mobility projects in the country’s three host cities — Mexico City, Guadalajara, and Monterrey — with public resources allocated to transportation, accessibility, and urban connectivity.
The most emblematic case is the historic Azteca Stadium — commercially renamed Estadio Banorte Ciudad de México — whose renovation has involved hundreds of millions of dollars and complex legal and financial negotiations. Various reports indicate that the refurbishment of private suites alone implied an additional cost of nearly 62 million dollars.
Beyond Mexico, U.S. and Canadian cities have also turned to municipal bonds, infrastructure funds, and hybrid financing mechanisms. Atlanta committed around 120 million dollars to urban infrastructure and mobility, while Toronto increased its initial World Cup-related budget nearly tenfold, rising from between 30 and 45 million Canadian dollars to approximately 380 million.
PPPs, debt, and private capital
The World Cup is also revitalizing public-private partnership models. FIFA itself recognizes that stadium and sports complex projects are often structured through mixed schemes in which local governments share risks and costs with private operators, sponsors, and real estate developers.
In practice, this means that construction companies, real estate funds, airport operators, hotel companies, and infrastructure managers are capturing a significant share of the tournament’s value chain.
In addition, the event is encouraging local debt issuance and financing backed by future tax revenues related to tourism and hospitality. In some U.S. cities, new hotel taxes and state reimbursement mechanisms are even being discussed to cover security and logistics costs.
The phenomenon has begun to attract the attention of thematic fund managers and institutional investment firms. Market analysts cited by financial media in the United States point out that sectors such as beverages, entertainment, media, digital payments, tourism, sports betting, and consumer goods could benefit significantly from the economic cycle associated with the World Cup.
The World Cup as an investment thesis
The World Cup is becoming an investment narrative comparable to what the Olympic Games or even some national infrastructure megaprojects once represented. For private funds and asset managers, the tournament functions as a “thematic thesis” that allows positioning in sectors with high exposure to consumption and accelerated urbanization.
The expansion of hospitality, digital payment platforms, airport modernization, and the expected increase in international travel have driven capital movements toward companies linked to tourism, airlines, urban infrastructure, and entertainment.
Even sovereign wealth funds are increasing their presence around the global soccer ecosystem. A recent example is the Public Investment Fund (PIF), which became an official sponsor of the 2026 World Cup, deepening the relationship between state capital, sports, and geopolitical positioning.
Profitable business or fiscal risk?
However, financial enthusiasm coexists with growing questions about the true economic return for host cities. Various analyses warn that much of the operational costs — security, transportation, cleaning, public services, and logistics — fall on local governments and taxpayers, while most direct commercial revenues remain under FIFA’s and global sponsors’ control.
There are also warnings about real estate pressure, rising rents, and urban displacement in several host cities. Civil organizations in the United States have warned that the explosion of short-term rentals and tourism could deepen housing problems and social inequality.
Even so, the 2026 World Cup has already ceased to be only a sporting tournament. Today, it is also a massive vehicle for capital mobilization, a continental infrastructure platform, and a financial laboratory where governments, private funds, institutional investors, and global corporations converge.
In other words, the ball will start rolling in June 2026, but the markets have been playing the real match for years.
During the “2026 Bolton Advisor Conference,” held in Miami, renowned economist Nouriel Roubini outlined an optimistic view of the future of the U.S. economy. Throughout his presentation, first, and later during his conversation with the firm’s Managing Director and Chief Legal Officer, John Cataldo, he highlighted the growth potential and resilience of the U.S. economy in the coming years.
The CEO of Roubini Macro Associates, a New York-based consulting firm that provides strategic macroeconomic analysis, began his presentation with a perspective on the current global regime shift, warning about the transition “from relative political stability to relative instability, or even chaos.”
“We are now in a period in which supply shocks, especially negative ones, have become significant: covid, supply chain problems, protectionism, restrictions on migration, and geopolitical conflicts, all fragmenting and deglobalizing the world economy, generating stagflation risks,” he analyzed.
Roubini warned about the shift of the global economy toward more regulated markets and the risks of lower growth and higher inflation: “This entire set of concerns indicates that our economic regime is moving away from free markets toward regulated markets, and toward a situation where growth could be lower and inflation gradually higher, what people call stagflation,” he stated.
However, when analyzing the future of the United States, he affirmed: “American exceptionalism has not ended, the U.S. stock market is not in a bubble, our debts are not unsustainable or exorbitant. The dollar is going to remain and fluctuate, but it is not going to collapse.”
For the speaker, the key to U.S. leadership lies in its capacity for innovation and technological adaptation. “Technology, historically, is a positive supply shock that increases potential growth, productivity, and reduces the cost of producing goods and services. Artificial intelligence is just the latest manifestation of that positive shock,” he explained. In his view, the current technological revolution “is more important than the invention of fire, the introduction of agriculture, the printing press, the steam engine, or electrification.”
The economist, who also serves as Professor Emeritus of Economics at the New York University (NYU) Stern School of Business, projected that this innovation cycle will allow the United States to grow faster than other developed economies. “If the United States grows faster than Europe, eventually the dollar will be stronger, not weaker,” he stated. Roubini emphasized that the acceleration of potential growth, thanks to technology and digitalization, will be the best remedy for the country’s fiscal challenges. “Having a larger deficit and growing public debt is a problem. But if U.S. potential growth accelerates, the debt-to-GDP ratio will tend to stabilize or decline,” he argued.
Along these lines, Roubini also downplayed fears about the dollar: “The honest truth is that there is no alternative. The U.S. dollar will continue to be the world’s leading reserve currency because we remain the place to invest, among others, not the only one, but the main one.”
Referring to the financial market, he rejected the idea of a long-term bubble in U.S. assets: “If one takes a medium-term view, returns for the best private technology companies, for the Nasdaq and the S&P, will be as high as in the last twenty years, and probably much higher. We are not in a bubble. This is something secular.”
By contrast, Roubini was skeptical about the supposed cryptocurrency revolution: “Calling these things currencies is incorrect. Perhaps they are crypto assets, but they are not currencies, because anyone who knows basic monetary theory understands that for something to be money or currency it must be a unit of account. Things are priced in dollars, euros, yen; nothing is priced in Bitcoin… it has to be a stable store of value, and it is too volatile.”
Regarding Latin America, he was direct: “Latin America, like most emerging markets, is a mixed picture. One must ask which country has macroeconomic stability, because without stability there is no foundation for growth. Latin America has oscillated between booms and crises, and between right- and left-wing populism. I would say things are changing in part because many of these countries learned that loose fiscal and monetary policy is a recipe for disaster.”
In the case of Argentina, he specified: “The program (of President Javier Milei) may be radical, but the type of economic adjustment that was needed required shock therapy, and that is what is being done. It will take time and involve pain, but eventually it will produce results.”
He also addressed the rivalry between the United States and China, arguing that strategic competition will persist, but that the U.S. capacity for innovation and adaptation will be a decisive factor in maintaining global leadership: “Even before Trump, there was already a kind of cold war between the U.S. and China in economic, political, military, and security matters. That competition will continue. China is an emerging power.”
Closing his presentation, Roubini emphasized that American exceptionalism remains in force, supported by institutional strength, innovation capacity, the strength of the dollar, and the resilience of the financial system. According to his assessment, the United States is positioned to experience a cycle of accelerated growth and sustain its leadership in an increasingly fragmented and challenging world.
Global purchases of exchange-traded products (ETPs) totaled 212.4 billion dollars in April, marking their sixth-largest month of inflows on record, according to BlackRock data. The firm points to the return of risk appetite as the main reason behind the surge in investment flows into ETPs.
This rebound was largely driven by increased inflows into equities (148.4 billion dollars), which offset a slight decline in fixed-income purchases (52.8 billion dollars). Commodity flows returned to positive territory (3.5 billion dollars) following a period of investment outflows driven by geopolitical tensions in the Middle East.
Although overall fixed-income flows were similar to the previous month (52.8 billion dollars in April versus 56.5 billion in March), the figure masked a significant rotation within the asset class, according to the firm.
The return of risk appetite caused flows into rate-sensitive fixed-income assets to fall from 38.5 billion dollars to 10.4 billion dollars — the lowest level since June 2025 — while flows into spread products increased. High-yield (HY) credit rebounded from the record outflows recorded in March (-8.9 billion dollars) to post inflows of 5.3 billion dollars in April, the highest amount since May 2025, mainly toward U.S. exposures.
Investment-grade (IG) credit ETPs and emerging-market debt ETPs recorded inflows of 10.8 billion and 8.2 billion dollars in April, respectively, following relatively stable flows for both in March. Subscriptions into inflation-linked assets also remained steady, with 2.2 billion dollars added to global inflation-linked ETPs in April.
The decline in rate-sensitive flows was largely due to the collapse in short-term rate flows, which fell from 26.6 billion dollars in March to 900 million in April, although reductions were also seen across other maturities.
In March, short-term positions accounted for 69% of total rate flows, while in April this percentage dropped to just 9%, with mixed-maturity products becoming the most popular position, accounting for more than 50% of flows.
Return to U.S. positions
Investments in U.S. assets drove the rebound in flows into equity ETPs, which rose from 39.5 billion dollars in March to 121.2 billion in April, representing the fourth-largest monthly inflow on record. Purchases of U.S. equities increased across all listing regions, with flows largely directed toward large-cap exposures.
By contrast, European equity flows (-2.5 billion dollars) and emerging-market equity flows (-26.6 billion dollars) entered negative territory, while purchases of Japanese equities fell to 1.9 billion dollars.
The global emerging-market equity flow picture was once again distorted by flows listed in the APAC region, which accounted for all outflows in April (-37.1 billion dollars) and offset increased purchases in the U.S. listing region (5.4 billion dollars) and EMEA (4.1 billion dollars).
By contrast, although European equity sales were driven mainly by U.S.-listed ETPs (76% of total European equity outflows), April also saw net sales of EMEA-listed products, marking the first month of simultaneous outflows from European equity ETPs in both listing regions since December 2024.
More than 150 financial advisors from Bolton Global Capital participated in early May in the “2026 Bolton Advisor Conference” at the Four Seasons Hotel in Miami, an event held in the same tower where the firm has its offices in the city. The gathering, which brought together strategic leaders from the sector, served to review results and analyze the future of the business in a context of industry consolidation.
The company’s CEO, Steve Preskenis, opened his presentation with a historical review connecting the legacy of independence with the firm’s culture: “Our business model is sustainable because we have established a premium brand, with advisors who come from the best financial institutions,” he stated. Preskenis also emphasized Bolton’s strength and independence: “We remain debt-free, with a strong balance sheet and no private equity or outside ownership,” he said.
Faced with the trend among large banks to pursue scale through massive expansion strategies, Preskenis was emphatic: “Our position will continue to be that of an exclusive high-end boutique, focused on high net worth and ultra high net worth clients, and where affiliation is by invitation only. These are the values of our truly independent model.”
Regarding recent growth, the CEO detailed that Bolton’s revenues grew by more than 15% and assets under management exceed 19 billion dollars. “Over the past ten years, we have quadrupled our clients’ assets and doubled our revenues, doubling our size every five and a half years. This growth reflects the high degree of organic expansion achieved by our affiliates,” he explained.
The advantage for advisors is clear: “An advisor who produces one million dollars a year earns approximately 75,000 to 125,000 dollars more with Bolton compared to the largest independent brokers in the market. This differential more than covers other expenses, such as sales assistants,” he noted.
Preskenis also pointed out that it is often argued that scale is key to success in the industry, but maintained that “there is not much basis for that claim.” “We are more than three times more efficient per employee than the four largest independent brokers and five times more efficient than large banks, on average,” he emphasized.
Bolton maintains “the highest compensation structure in the industry,” something the CEO attributed to the firm’s structure and profit-sharing program: “Our employees participate in a unique profit-sharing program, with a strong emphasis on teamwork and expanding skills so they can perform multiple functions,” he stressed.
In terms of capital and financial strength, Preskenis stated: “We have one of the strongest capital ratios in the industry, with more than 88,000 dollars per financial advisor. In 41 years of operations, our regulatory sanctions and penalties total less than one million dollars.” Regarding the origin of advisors, he highlighted: “More than 90% of our advisors come from the seven largest wealth management institutions, and nearly two-thirds come from Merrill Lynch and Morgan Stanley, the two leading firms in the sector.”
He also detailed the impact for clients: “Our clients earn several hundred basis points more on their cash balances compared to large banks and discount brokers. On a 500,000-dollar cash balance, that means earning about 14,000 dollars more per year,” he acknowledged. Along these lines, Preskenis underscored Bolton’s competitive advantage over firms with private equity ownership: “All of our competitors in the independent segment face large debt burdens financed by private equity or banking funds. That gives us a significant advantage in deciding how to grow and in avoiding cuts or pressure on advisors.”
At the same time, regarding the international business, the CEO emphasized: “International clients of large banks face country restrictions, high minimums, and long and complex account-opening processes. This creates a major opportunity to attract underserved international accounts below 10 million dollars.”
The firm, meanwhile, announced new technological capabilities and products: “Bolton has incorporated advanced cash management capabilities, international cards, and automated portfolio models, as well as AI-powered tax planning tools and new resources for insurance planning,” he stated. Preskenis closed his presentation with a message to the advisors: “We are truly grateful for your trust and, above all, for the friendships we enjoy as members of the Bolton family. You are a source of great pride for all of us.”
Vanguard announced the addition of Mauricio Calmet as Sales Executive within its U.S. Offshore division, based in Miami, Florida. From this position, the executive will focus on expanding and strengthening the firm’s distribution efforts in the U.S. offshore market, one of the most competitive and strategic segments for global asset managers.
Calmet joins the firm with experience in investment distribution and relationships with international financial advisors, wealth managers, and brokerage platforms. Before joining Vanguard, he worked at Schroders, where he worked from New York on developing relationships with international wealth managers and independent financial advisors, particularly in the Latin America and U.S. offshore business.
According to his professional profile, he also holds FINRA Series 7 and Series 63 licenses, in addition to the SIE (Securities Industry Essentials), key certifications for the distribution of financial products in the United States. He is a graduate of Rutgers Business School.
Calmet’s addition comes at a time when Vanguard seeks to continue expanding its presence among international investors and offshore advisors, taking advantage of growing demand for low-cost strategies, ETFs, and global investment solutions.
The firm, founded in 1975 and headquartered in Pennsylvania, manages trillions of dollars in assets and is recognized as one of the world’s largest fund managers.
