Capital Strategies Partners has signed an agreement to distribute the investment products of ARK Investment Management (ARK Invest or ARK) in Spain, Portugal, Chile, Colombia, Peru, and Brazil.
The asset manager highlights that ARK Invest, founded in 2014 by Cathie Wood, “has established itself as one of the most globally recognized asset managers, thanks to its exclusive focus on disruptive innovation.” Its strategies, centered on artificial intelligence, robotics, biotechnology, blockchain, and next-generation energy, position it as a reference for investors seeking exposure to the drivers of technological and economic change.
“We are very pleased to welcome ARK to our group of represented managers. Cathie Wood and her team bring a distinctive vision, aligned with our mission to offer investors innovative, high-quality solutions,” said Daniel Rubio, founder and CEO of Capital Strategies Partners, following the announcement.
For her part, Cathie Wood, founder, CEO, and Chief Investment Officer of ARK Invest, commented: “At ARK, our mission has always been to democratize access to the most relevant investment opportunities of our time, driven by disruptive innovation. We already work with investors in Europe and Latin America, and this collaboration with Capital Strategies strengthens our ability to expand that mission in Spain, Portugal, and other key markets in the region. This agreement allows us to empower more investors to participate in the technological transformations that are redefining the world, and to position their portfolios with a long-term growth vision.”
According to Stuart Forbes, Global Head of Distribution at ARK Invest, this agreement with Capital Strategies builds on their established presence in Europe and enables them to strengthen their reach in Latin America, especially in Chile, Peru, Brazil, and Colombia. “Thanks to their local expertise and trusted relationships, we can bring our research-based strategies to new investors and expand access to the disruptive technologies that will define the economy of the future,” he noted.
J.P. Morgan Private Bank announced the promotion of Justo Schiopetto to associate and banker for its Miami offices. The professional previously worked at JPMorgan Chase in Dallas, Texas, according to his LinkedIn profile.
Caterina Gomez, VP of JP Morgan Private Bank and Head of Market Business Management for Latin America Regions (excluding Brazil), published a welcome post on her LinkedIn profile, in which she reported that Justo Schiopetto has taken on the role of associate and banker “by joining our Latin America team in the Miami office.”
“Justo brings years of experience in wealth management,” Gomez added. From his new position, Schiopetto will serve the needs of the bank’s ultra-high-net-worth clients, according to the same post.
According to his professional profile on the social network LinkedIn, the new banker at JP Morgan Private Bank in Miami joined JPMorgan Chase in June 2021 as an Investment Banking Credit Analyst. Previously, he worked for three years at Cohen Aliados Financieros and was also a consultant – risk advisory at Deloitte Argentina, among other professional experiences.
Academically, he holds a Bachelor’s Degree in Business Administration and Management from UCA (Pontifical Catholic University of Argentina) and a Master’s in Finance from Universidad Torcuato Di Tella.
A Regulatory Change in the United States Could Enable Asset Managers to Integrate ETFs and Mutual Funds in Their Portfolios, in an Industry Witnessing the Unchecked Growth of Exchange-Traded Funds
A regulatory change in the United States could enable asset managers to integrate ETFs and mutual funds in their portfolios, in an industry that is witnessing the growth—with no limits in sight—of exchange-traded funds. Experts consulted by Funds Society confirmed that the regulator seeks to modernize and simplify the structure of investment funds in the United States and indicated that it would be a positive move for retail investors. However, they also warned that it could benefit large-scale managers to the detriment of smaller firms.
At the end of last September, the SEC issued a statement titled “Back to Basics: Statement on Exemptive Relief for ETF Share Classes,” making public its intention to approve a request submitted by DFA (Dimensional Fund Advisors) to allow open-end funds (mutual funds) to simultaneously offer exchange-traded shares (ETFs).
“The Commission is taking a long-awaited step toward modernizing our regulatory framework for investment companies, reflecting the evolution of collective investment vehicles from being primarily daily redeemable funds to exchange-traded funds (ETFs),” stated Commissioner Mark T. Uyeda in that statement.
The proposed regulatory change targets the domestic U.S. market, and although the regulation has not yet been ratified, it holds transformative potential for the entire industry.
“As mutual funds and ETFs become more democratized, assets tend to shift toward ETFs, since traditionally fees are lower and taxes, without a doubt, are also much lower,” explained to Funds Society Gil Baumgartenh, CEO of Segment Wealth Management, an RIA based in Houston, Texas.
“Reducing the barriers to converting open-end funds into closed-end ETFs through a share-class matching scheme—like the one proposed by Dimensional Funds—is positive for investors and will accelerate the trend of converting other mutual funds into ETFs if the SEC approves it,” he added.
It is expected that many other asset managers who have already submitted similar requests (more than 80, according to global law firm Ropes & Gray) will file similar amendments to align with the DFA model.
“The measure seeks to modernize and simplify the structure of investment funds in the United States, which until now have had to keep their traditional mutual funds and their ETFs separate, even though they often invest in the same assets and follow the same strategy,” said Jorge Alejandro Antonioli, Investment Development Manager at Supra Wealth Management.
“At the asset manager level,” he continued, “this creates duplicate costs, different legal structures, and lower operational and tax efficiency. With this measure, the SEC would allow, under an exemption regime at first, a fund to have two classes: one exchange-traded class (ETF) that investors can buy and sell during market hours and another non-traded class that operates with an end-of-day NAV as mutual funds traditionally do.”
Main Advantages
The regulatory change has benefits associated with greater liquidity, lower management costs, and access without investment minimums, noted the expert from Supra WM. “It is always good for retail investors to have more investment options; being able to access the same asset through two different financial instruments simply gives the retail investor more options, and that is always good,” said María Camacho, a market analyst with a recognized track record in the industry.
In her opinion, the issuance of active ETFs is becoming more common, and in this way one could access either a mutual fund or an ETF to obtain active portfolio management. “I firmly believe in the added value of active management and consider that if an advisor knows how to select good active managers, their client will achieve above-average results,” she added.
Baumgartenh also believes the change should benefit retail investors. “It may not necessarily result in lower fees, although it’s possible,” he stated. ETFs offer better liquidity and a more favorable tax treatment than traditional open-end funds, and the tax-free exchange that would be offered through share class conversion would be highly beneficial for long-term shareholders, from his point of view.
From Supra Wealth Management, Antonioli noted that the SEC proposal could put downward pressure on the revenue earned by traditional firms and could pave the way for firms to adopt new billing models, such as fee-based schemes or the adoption of a fiduciary system.
The CEO of Segment Wealth Management assessed that if the regulation is approved, it will likely accelerate the disappearance of 12b-1 fees, more than directly affecting commissions. “Many mutual funds already offer no-load share classes,” he said. “Brokerages and fund companies are reluctant to give up 12b-1 fees, which are essentially a form of retrocession.”
Baumgartenh explained that some ETFs “include nominal 12b-1 fees, but nothing comparable to what is typical in traditional open-end funds. This share class conversion will accelerate the end of the traditional open-end mutual fund model and will force most companies to adopt changes similar to those proposed by Dimensional Funds. This will hurt brokerages and the portion of the business that depends on commissions, as well as the IRS (U.S. tax authority), due to reduced tax collection.”
Camacho, for her part, admitted that downward pressure on fees “is a constant reality,” although she stressed that what matters is net return: “If there’s a manager who charges more than another but delivers better net-of-fees results, I will always prefer the more expensive one, because they deliver better outcomes.”
Some Industry-Level Risks
The reality is that the rule change could strengthen large firms with investments in infrastructure, technology, scale, and distribution, and conversely, could become a challenge for smaller firms, warned the expert from Supra.
“The implementation of the new measure by the SEC,” he added, “will constitute a regulatory and economic paradigm shift that will benefit managers with scale, technology, and operational muscle to sustain daily regulatory, compliance, and evaluation processes. At this point, I believe the regulation should take care to avoid creating ‘too big to fail’ giants and ensure appropriate conditions so that small or mid-sized managers with strong track records are not absorbed or driven out of the market.”
In the same vein, Camacho noted that “with technological and regulatory progress, we are increasingly seeing more concentration among asset managers, where good managers will always be able to attract more assets than poor managers, resulting in capital concentration among the best managers.”
“The shift toward the ETF structure has been underway for several decades,” stated Gil Baumgartenh from Segment Wealth Management. The expert does not believe the rule will result in the disappearance of mutual fund companies, “but it will force them to convert their structures to ETFs and should promote consolidation. The smaller, less competitive firms already under pressure from investors’ preference for lower-cost index products will be the most affected. Many of them have probably been debating whether to offer ETFs for some time without taking action; this regulation will finally compel them to do so,” he concluded.
Vinci Compass announced a strategic relationship with Ares Management to expand access to Ares’ semi-liquid product portfolio for qualified and professional investors in Uruguay, Argentina, Brazil, and Mexico.
Ares’ semi-liquid solutions aim to provide core exposure to private markets, including Ares’ leading areas in private credit, private equity, real estate, infrastructure, and secondary market businesses. As part of this relationship, Vinci Compass will market Ares’ full range of semi-liquid solutions available in the region.
Ares is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the asset classes of credit, real estate, private equity, and infrastructure. As of June 30, 2025, Ares’ global platform had over USD 572 billion in assets under management (AUM), with operations in North America, South America, Europe, Asia-Pacific, and the Middle East.
The firm manages approximately USD 50 billion in capital through its wealth channel and maintains one of the largest and most well-resourced private markets distribution platforms.
Vinci Compass is a global alternative investment platform with a strong presence in Latin America, operating in segments such as private equity, credit, real estate, infrastructure, forestry, equities, global investment products, and corporate advisory. Since its merger/full integration between Vinci Partners and Compass, the firm manages approximately USD 53 billion, with a presence in Brazil, Argentina, Chile, Colombia, Mexico, Peru, and Uruguay, in addition to offices in the United States.
J.P. Morgan Private Bank announced the addition of Antonio López Doddoli to its Latin America team as vice president and banker at its Houston offices.
Caterina Gomez, VP of JP Morgan Private Bank and head of market business management for Latin America regions (ex Brazil), welcomed the professional on LinkedIn, where she confirmed that López Doddoli is joining the bank’s Houston office.
“Antonio brings over 10 years of wealth management experience to his new role, in which he will serve the needs of our ultra-high-net-worth clients,” Gomez stated in her post on the social network.
Before a brief period as deputy director at Kapital Bank, López Doddoli spent more than a decade at Intercam Banco, where his last position was deputy director. Previously, he was a consultant and analyst at London Consulting Group and a partner consultant at Manage & Growth Consulting. Academically, he earned a bachelor’s degree in financial planning and services from Tecnológico de Monterrey and completed an Executive MBA (MEDEX) in senior management at IPADE Business School.
In this last quarter of the year, geopolitical developments appear to have shifted the focus away from tensions surrounding the U.S. administration’s tariff policy. However, since last week, we have witnessed a resurgence of tensions between China and the United States, occurring just ahead of the scheduled meeting between Trump and Xi at the APEC summit later this month.
What happened? “On Thursday, October 9, China’s Ministry of Commerce announced the expansion of restrictions on rare earth exports, extending the limitations to foreign exporters and technologies related to rare earth elements. The following day, the Trump administration responded swiftly by imposing a 100% tariff on all Chinese products, in addition to those already in place,” summarizes Elizabeth Kwik, Director of Asian Equity Investments at Aberdeen Investments.
As clarified by Nannette Hechler-Fayd’herbe, Head of Investment Strategy, Sustainability and Research, CIO EMEA at Lombard Odier, since a meeting in Geneva in May 2025, the United States and China had been consistently postponing the implementation of tariffs and import restrictions that had been mutually threatened. According to the expert, with just a few weeks remaining until the formal end—on November 10—of the negotiated truce, the diplomatic tone has shifted, and the stakes are now higher.
“In the short term, Chinese restrictions complicate U.S. efforts to stockpile rare earth elements—metallic components essential for everything from electric vehicle motor magnets to smartphones, medical imaging, and missiles. In response, President Trump threatened to impose 100% tariffs on Chinese imports, as well as new export controls on critical chips and software aimed at curbing China’s technological advances starting November 1, and suggested he might cancel a planned meeting with President Xi Jinping. More recent comments from both sides have been more conciliatory, but escalation remains possible, and we expect a volatile few weeks ahead,” adds Hechler-Fayd’herbe.
In her view, this escalation in trade relations should not be underestimated, although it could be interpreted as a prelude to negotiations ahead of a series of deadlines. “Our expectation is that the United States and China will reach a compromise, given their level of economic interdependence; however, the risks of further escalation persist, so we are closely monitoring every development,” she notes.
Impact for Investors Following last week’s events, Christian Gattiker, Head of Research at Julius Baer, believes that what was supposed to be a refreshing pause for the markets felt more like an “ice bucket challenge” by the close of last Friday’s session.
In his assessment, the impact was uncomfortable but ultimately healthy. “As in previous instances, we expect an eventual resumption of dialogue and some symbolic concession thereafter. From an investment perspective, we advise staying calm. The political calendar, inflation dynamics, and sentiment constraints argue against a prolonged tariff campaign. Volatility at this stage should be seen as part of the normalization process, not the beginning of a new bearish phase. The ‘cold shower’ could ultimately prove to be the healthiest outcome of all,” states Gattiker.
In this context, investors have shown concern and, as a result, Chinese stocks and Asian markets in general have suffered. “Although part of this may be short-term noise and profit-taking after the recent rally, the retaliatory measures may be more about posturing ahead of the summit. There is a possibility that both sides will ultimately find common ground to limit the impact on the markets and, in particular, Trump has previously calmed tensions when U.S. stocks and bonds began to suffer the consequences of such escalations. Moreover, on Sunday, he struck a more conciliatory tone. We will continue to closely monitor the situation,” acknowledges the Director of Asian Equity Investments at Aberdeen Investments.
Miami offers “significant opportunities in the condominium-for-sale segment” to Latin American investors seeking capital preservation and income in U.S. dollars, and the city is not facing a real estate bubble threat, as some reports suggest. Instead, prices are rising because “the supply fails to meet the structural housing demand,” said Juan Carlos Tassara, a native of Peru and founding partner of Core Capital, a real estate investment fund management company, in an interview with Funds Society.
Peruvian capital continues to strengthen its presence in the U.S. real estate market, especially in South Florida, driven by the search for stability and diversification amid the political uncertainty shaking the Andean country. Tassara stated that more than 60% of the capital from Peru managed by his fund is already invested in the United States and that the proportion “continues to increase year after year.”
Since 2005, the executive has also been a founding partner and director of Grupo Edifica, a housing development company in Peru that later expanded to the United States. Internationally, he is a partner at North Development, a company dedicated to developing real estate projects in Miami.
The latter firm announced in mid-September 2025 that it had secured a combined $220 million in C-PACE (Commercial Property Clean Assessed Energy) financing and a mortgage loan for the construction of the Domus Brickell Center project. Core Capital contributed an additional $40 million.
This financing represents the largest ground-up C-PACE construction loan to date in South Florida and will allow the team to implement energy-efficient and resilient features that will set a new standard for luxury residential development in Brickell, according to a company statement.
In the interview, Tassara explained that Core Capital manages various funds with different return expectations depending on the project’s profile and region. For example, the Edifica Global Fund (FEG) invests in real estate projects in Miami (Brickell) and targets annualized returns between 13% and 17% in U.S. dollars (net of fees) for Class E investors.
Core Capital maintains a strong focus on private real estate debt, although it also manages diversified funds that combine debt, private equity, and other asset classes. Its model seeks to generate attractive returns through structured loans to real estate developments supported by the group’s experience.
Permanent Political Crisis and Offshore Investments
“Our investor base understands that, in an environment of uncertainty, diversifying in U.S. dollars and in solid markets is a strategic decision, not a short-term reaction,” explained the executive.
Following the ousting of Peruvian President Pedro Castillo at the end of 2022, the country entered a political crisis that some analysts now consider “permanent.” This situation led to a capital outflow exceeding $22 billion between 2021 and 2024, equivalent to 9% of its GDP. “A significant portion of those funds migrated to the United States,” continued Tassara, “where investors found legal security, macroeconomic stability, and competitive opportunities in the real estate sector.”
“Through Core Capital, we have directly channeled this trend: more than 1,000 Peruvian investors participate in our funds, and over 60% of the Peruvian capital we manage is invested in U.S. projects, mainly in South Florida. This interest deepens year after year, with investors seeking to preserve their capital and generate income in U.S. dollars,” he described.
According to Tassara, the appetite of Peruvian investors for offshore assets continues to expand, and the United States remains the main destination. “Although some consider alternatives in Europe or Central America, most still view the United States as a ‘safe harbor’ amid regional volatility, thanks to its combination of security, liquidity, and accessibility,” he noted.
Miami, Epicenter of Opportunities
Florida—and particularly Miami—continues to be the main investment hub for North Development and Core Capital. The firm currently has two new projects under development and is evaluating residential opportunities focused on both short- and long-term rentals.
Far from fearing an oversupply, Tassara maintains that the market remains solid: Florida receives more than 250,000 new residents each year, in addition to natural population growth of 120,000 people, while developments take between 4 and 5 years to complete, making it difficult for developers to keep pace with population growth. In his view, this dynamic keeps structural demand unsatisfied and supports rising prices.
Tassara identifies particular opportunities in the condominium segment aimed at Latin American investors seeking capital preservation and income in U.S. dollars. The executive addresses this demand through the vertical integration of his three key units: North Development (project development and execution), Core Capital (structuring and funding), and North Management (operational and hospitality management).
Oxford Economics has reduced its forecast for net migration to the United States (legal immigration minus unauthorized emigration) in response to a slowdown in legal migration and the expected effects of the H-1B visa fee increase. Less immigration implies slower labor force growth and, therefore, a tighter labor market, which in turn would moderate the rise in the unemployment rate in the coming years.
The report “New visa fees cloud the immigration outlook” by Oxford Economics, prepared by Michael Pearce, examines the consequences of the new U.S. immigration policy. The study indicates that the arrival of legal immigrants could average around 775,000 people per year, representing an annual reduction of about 140,000 individuals compared with the organization’s previous estimates. Adding unauthorized departures, the adjusted total net migration could be around 400,000 people per year—well below the recent pace of 1.1 to 1.2 million annually.
These revisions imply that, in the medium to long term, the U.S. population could be about 566,000 people below previous projections, and the labor force could shrink by around 350,000 people relative to September estimates.
The Oxford Economics research notes that, with such limited labor force growth, future economic performance will be increasingly conditioned by the level of productivity the U.S. economy is able to maintain. In other words, with little demographic momentum, the key will be how much each additional worker can produce.
The change in the H-1B fee
One of the most significant changes analyzed in the study is the introduction of a one-time fee of $100,000 for initial H-1B visa applications. This fee, which must be paid by the employer, is an order of magnitude higher than the fees previously in effect. Those who already hold H-1B visas are not required to pay it.
The H-1B program initially grants up to 65,000 visas per year, plus 20,000 additional ones for U.S. master’s degree graduates. Since demand for these visas typically far exceeds supply (for example, there were more than 340,000 valid applications for fiscal year 2025), they are usually allocated by lottery.
The study points out that the $100,000 fee is especially burdensome for entry- or mid-level positions (except in very high-paying fields such as medicine or law), which could suppress demand for new professionals under this category. In addition, the government proposes modifying the lottery system to favor workers with higher wage levels, which would tend to encourage mid- and high-level hiring at the expense of entry-level positions.
These changes could reduce the number of new H-1B petitions below the permitted cap, leading to a net contraction in this type of visa. It is particularly relevant that nearly 70% of current beneficiaries work in computing or technology fields, suggesting a direct impact on that sector.
The study also notes that around half of H-1B visas are granted to individuals already in the U.S., many of them transitioning from student visas. In turn, many beneficiaries can support their spouses with associated work permits. Therefore, if the appeal for foreign students declines, this could create a ripple effect on the H-1B program and on legal migration overall.
The inflow of foreign students slows
The report warns that a slowdown in the inflow of foreign students is already being observed. Their numbers have been growing at a much slower pace during the year studied, and some student permits show a reduction of around 7% compared with the previous year. Part of this is due to the U.S. administration having temporarily suspended the issuance of student visas at one point, later resuming processing under stricter rules (for example, requiring disclosure of social media accounts).
This trend is concerning, the report says, because students on visas often have the opportunity to work temporarily after graduation (for example, through the Optional Practical Training, or OPT, program, with additional extensions for STEM fields). A sustained decline in student numbers would affect legal migration and, consequently, the entry of new workers into the labor market.
Nevertheless, the analysis acknowledges that there is uncertainty about the magnitude of the actual impact, since the administration has not published monthly visa issuance data since July (as of the report’s date), and some indicators—such as work authorization permits—already show a trend toward deceleration.
The fintech LAKPA announced the authorization of its Registered Investment Advisor (RIA) in the United States by the Securities and Exchange Commission (SEC). This will allow them to expand their reach, according to a statement.
The technology firm specialized in financial advisory for high-net-worth investors – linked to the Chilean group LarrainVial – highlighted that this decision marks progress in its expansion plans, with the ambition of becoming the largest community of financial advisors in Latin America.
With the green light from the SEC, LAKPA’s RIA will enable them to directly manage the offshore assets of clients in the region, especially in markets such as Mexico, where international diversification is a key component of wealth management.
Until now, explained the fintech, these assets had been managed through indirect agreements with other financial institutions. In this way, they expect to provide greater efficiency, security, and transparency, they highlighted.
Currently, the fintech has more than 50 strategic alliances with local and global brokerage firms and asset managers. The RIA’s approval opens the door to expand these agreements to U.S. broker-dealers and custodians, strengthening the open architecture of its platform and multiplying the investment options available.
“This step not only expands our capabilities, but also reaffirms our commitment to ethics, transparency, and the building of a solid and reliable financial ecosystem in Hispanic America,” stated Alicia Arias, commercial director at LAKPA México, in the press release.
Despite the financial volatility unleashed by the arrival of President Donald Trump in the United States, as well as uncertainty stemming from factors such as the eventual review of the USMCA and the implementation of a controversial reform in the country’s judicial branch, if 2025 had ended in September, it would have marked a historic period for investment returns in Mexico’s financial market.
The numbers leave no room for doubt. Domestic market stocks are already yielding a rate slightly above 30% annually, their best period since 2003. Fibras are delivering a cumulative return of 31%, marking the best year since 2011. The Mexican peso has appreciated by 13%, the best performance in 50 years as of a September close. And Cetes, the leading government securities in the domestic market, maintain an average real rate close to 5%, ranking among the best periods in the past 20 years.
Looking at long-term government debt yields, the trend is the same: the M bond, the most influential instrument in this segment of the domestic market, is showing a return of 15.6% so far this year. Udibonos, in turn, are yielding 16.3%. In both cases, yields of this magnitude haven’t been seen since at least 2010, and on a cumulative basis, it’s the best historical return as of September.
“This 2025 is shaping up to be an exceptional year and a reminder that peso-denominated assets have been by far a better alternative than the dollar,” says Franklin Templeton in a report titled “Couldn’t Be Better! The Best Year for Mexican Assets.”
For its part, Banco Base considers that strong returns in the Mexican market are precisely linked to volatility, since the country remains a partner of the world’s largest economy, and factors such as the trade war and general global financial uncertainty are causing capital to shift toward the closest emerging market to that power—one that offers attractive yields and enjoys relative financial and political stability. That country, without a doubt, is Mexico.
Banamex also highlights this year as one of great returns for Mexican assets, unless something extraordinary occurs in the next two months. Stability and certainty—despite being a low-growth economy—are the main draws for both domestic and global investors, says the bank (recently sold in a majority stake to a local businessman who acquired 25% of the firm).
How far will the Mexican market go? That’s the question among analysts and traders, as they speculate on what might happen over the next two years when the country must face two challenges that will test the resilience of its economy. The first factor is the upcoming review of the USMCA with the United States and Canada. On that point, even though significant tension and potential disagreements are expected—especially with the U.S. negotiating team—everyone is betting that the free trade agreement will prevail, though it will be a period of volatility and uncertainty.
The second medium-term factor is the crucial midterm legislative elections in 2027, during which the recall referendum mechanism provided by the constitution could also be brought to the table—in this case for current president Claudia Sheinbaum. The president currently enjoys solid public approval, but it is unknown whether—even as a strategy—she herself might promote this process. What is certain is that the election to renew the lower house (Chamber of Deputies), along with nearly 20 gubernatorial races, will be a moment of uncertainty for the country’s economy.
However, at the end of last year, most analyses warned of potential risks for Mexico with the return of President Trump to the United States—some even predicting an imminent recession in Latin America’s second-largest economy. Reality has proven otherwise and confirms that expectations are not always fulfilled.
