Forget Stablecoins—Make Way for “Programmable Money”

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The Financial Industry Begins to Embrace “Programmable Money”
Forget stablecoins—programmable money is emerging as a new force in the payments system, with a far clearer and more practical use than its digital siblings: cryptocurrencies.

Defining an Innovation

What is programmable money? Ronit Ghose, Head of Future of Finance at the Citi Institute, sums it up in one paragraph:
“Unlike traditional money—or even the early forms of digital money—programmable money incorporates automatic logic: each monetary unit can have preset rules that determine how, when, and under what conditions it moves or is used.”

This not only accelerates transactions but turns each payment into a smart transaction: with real-time settlement, built-in regulatory compliance from inception, and full traceability.

Smart Contracts Are Changing Accounting as We Knew It

According to the expert, this approach radically changes how companies—particularly corporate treasury departments—manage their finances. Instead of relying on manual reconciliations, after-the-fact approvals, or fragmented systems, transfers can be automated via smart contracts that execute payments when certain conditions are met—for example, when goods clear customs, when a project milestone is completed, or when an invoice is accepted.

This enables real-time liquidity optimization, payment synchronization across multiple subsidiaries and currencies, and a dramatic reduction in delays or human error.

For regulated financial institutions—banks and large corporations—the core appeal of programmable money lies in the ability to embed regulatory compliance directly into the transactional layer.

“Regulatory rules, risk thresholds, counterparty or jurisdiction validations can be coded into the monetary token itself. As a result, each transaction is not only executed automatically, but also leaves a complete, auditable, and verifiable trail, with validations conducted prior to payment. This transforms compliance from something reactive (reviewing after the fact) to something proactive, automatic, and permanent,” explains Ronit Ghose.

Tokenized Transactions: A Market Poised for Growth

Citi experts estimate that this type of tokenized transaction could grow dramatically in the coming years, reaching enormous volumes—possibly even surpassing those of the currently dominant stablecoin segment.

Technical Challenges, But Clear Momentum

There are still technical and operational hurdles before programmable money becomes reality: the need for interoperability between payment chains or networks, privacy concerns, accounting treatment, regulatory standardization, and adaptation of legacy systems.

But the momentum is clear, says Ronit Ghose:
“Many institutions are already moving from pilot tests to enterprise-scale implementations, in collaboration with regulators who are preparing regulatory frameworks for digital assets. If this process continues, financial management, corporate liquidity, and regulatory compliance could be profoundly redefined.”

The Great Wealth Transfer Will Drive Art Investment: It Will Reach $3.5 Trillion by 2030

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Incorporating Art and Collectibles Into Wealth Management Can Add Significant Long-Term Value, according to the Art & Finance Report 2025 prepared by Deloitte. “Creating a deeper and more personal connection with clients, especially with the next generation, is a key aspect of this year’s report,” the study states. The benefits of integrating art into portfolios go beyond financial returns and include emotional and relational advantages. “It encourages a more humanistic approach, offering both financial and non-financial meaning through personalized and memorable experiences,” it notes.

The study concludes, among other points, that in a world marked by uncertainty, hyper-individualism, rapid technological change, and the disappearance of traditional reference points, “art and culture offer a way to reconnect; they help share values, find common ground, and cultivate our humanity.” In this context, the authors of the report acknowledge that artistic and collectible initiatives “have lasting relevance and resonance in the current, ever-evolving wealth management landscape, whether designed for Ultra-High-Net-Worth Individuals (UHNWI) or tailored to a broader private clientele.”

Following a survey of 473 professionals from the art and finance worlds—wealth managers, family offices, collectors and art professionals, as well as art-secured lenders—the study identifies five key trends in art investment:

1. Growth in Wealth Allocated to Art and Collectibles

The report estimates that art and collectible wealth among UHNWI grew from $2.17 trillion in 2022 to $2.56 trillion in 2024—an 18% increase. Projections suggest this figure could reach around $3.47 trillion by 2030—a 60% increase over 2022—driven by the growth of the global UHNWI population.

2. The Great Wealth Transfer

Up to 1.2 million individuals with a net worth exceeding $5 million are expected to transfer nearly $31 trillion over the next decade. Those with over $30 million represent 13% of this group but account for 64% ($19.84 trillion) of the total transfer. Assuming 5% of this transferred wealth pertains to art and collectibles, approximately $992 billion—around $100 billion annually for 10 years—will change hands.

3. Beyond Traditional Art

The art and finance strategy has expanded to include not only art and antiques but also luxury items and personal collectibles. This broadens the range of assets addressed in wealth allocation and client coverage.

4. Growing Client Base

The number of potential clients for art wealth management services is substantial. Around 121,000 individuals had UHNWI status in 2024, and this figure is expected to rise to approximately 163,725 by 2030. Many may be ideal candidates. Around 25% of wealthy investors identify as “collectors,” and those with $5 million or more in investable assets often devote considerable time and resources to their, often extensive, collections.

5. Mid-Market Opportunity and Resilience

Artworks valued between $50,000 and $1 million have shown resilience during global art market downturns. The mid-market segment remains largely underutilized. In 2024, it represented roughly $8 billion in global auction sales—only 4% of lots sold.

Outlook

The survey also outlines general perspectives on wealth management and art investment:

1. Strong Support for Art in Wealth Services

A large majority of professionals in the art and finance sectors still believe art should be part of wealth management services. The average consensus among wealth managers, collectors, and art professionals reached 79%.

2. Fewer Wealth Managers Offer Art-Related Services

The share of wealth managers offering art services dropped from 63% in 2023 to 51% in 2025. This decline was seen in both private banks (50%) and family offices (52%). The trend may reflect a more cautious or selective approach due to perceived regulatory complexity and operational challenges. Independent external providers are increasingly important to fill knowledge gaps and offer compliant, scalable art services.

3. Integrated Advisory Drives Inclusion of Art

In 2025, 87% of wealth managers cited the need for integrated advisory relationships as the primary reason for including art. This reinforces the role of art in comprehensive wealth planning.

4. Client-Driven Factors as Main Reason for Including Art

65% of wealth managers stated that their clients are increasingly seeking assistance with art-related matters, a significant rise from 44% the previous year. Conversely, the importance of art as an asset class declined from 60% in 2023 to 52% in 2025. This shift highlights a move from a purely financial model to a more holistic, goal-oriented approach driven by evolving client expectations and generational change. In this context, art and collectibles can play a strategic role.

5. Holistic Wealth Management Recognizes the Dual Role of Art

Integrating art-related services into modern holistic wealth management acknowledges art’s dual function as both an alternative capital asset and a form of personal expression with intrinsic value. This comprehensive approach ensures that clients’ assets are managed for profit, personal fulfillment, and legacy creation.

6. Average of 10.4% of Wealth Allocated to Art and Collectibles

According to the survey, clients allocate an average of 10.4% of their wealth to art and collectibles—a figure consistent with the 10.9% reported in 2023.

7. Third-Party Expertise Is Essential

Third-party expertise is vital for developing art-related wealth services, but finding and selecting the right partners is increasingly challenging.

8. Passion-Investment Mix Still Leads, but Emotional Motives Are Rising

While the combination of passion and investment continues to drive most collectors (59% in 2025), this share has steadily declined from 76% in 2014. Meanwhile, purely emotional and cultural motivations for collecting have reached their highest recorded levels. This reflects a growing shift toward collecting for reasons of identity, meaning, and legacy, rather than just financial return.

9. Collecting Is Becoming More Professional and Goal-Oriented

Demand for collection management rose from 52% in 2023 to 63% in 2025, with a corresponding increase in art and estate planning.

10. Continued Demand for Art Market Research

Art market research and insights remain highly valued, rising from 90% in 2023 to 91% in 2025.

11. Art-Backed Lending and Social Impact Investment on the Rise

These trends reflect a broader shift in values, where financial decisions increasingly align with personal goals, sustainability, and identity.

Santander Expands Its Research in the U.S. With MoffettNathanson

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Santander Corporate & Investment Banking (Santander CIB) announced a new strategic alliance in the United States to expand its equity research offering. Through its local broker-dealer, Santander US Capital Markets, it signed an agreement with MoffettNathanson, an independent firm specialized in Technology, Media, and Telecommunications (TMT).

With this move, Santander adds its fourth equity research alliance in the U.S. market, following previous agreements with Telsey Advisory Group (retail and e-commerce), Vertical Research Partners (industrials and materials), and Nephron Research (healthcare). The strategy aims to strengthen its local sector research capabilities and complement its strong research presence in Europe and Latin America, according to a statement released by the bank.

The Contribution of MoffettNathanson

MoffettNathanson is a well-regarded firm known for its in-depth coverage of the TMT space. Founded in 2013, the firm distributes subscription-based research to institutional investors and was named the No. 1 independent firm in the U.S. in 2022 by Institutional Investor Magazine. Its focus on key companies in technology, media, and telecommunications positions it as a key partner to enhance Santander‘s offering in a sector central to global innovation.

The firm markets its research through a seasoned senior sales team led by founding partners Pat O’Connell, Ethan Steinberg, and John Towers, who together bring over 70 years of combined experience in equity sales.

Objective: Deeper Sector Expertise and Global Reach

From Santander‘s perspective, the agreement represents a qualitative leap in sector coverage in the U.S. David Hermer, Head of Santander CIB US, stated that MoffettNathanson’s leadership in TMT brings “exceptional insight” to the bank’s platform and reinforces its commitment to delivering differentiated analysis and strategic perspective to global clients.

For MoffettNathanson, the value lies in Santander’s international scale. Its co-founder and senior analyst, Craig Moffett, highlighted that the collaboration will help broaden the reach of its research among institutional investors worldwide, leveraging the financial group’s global network and capital markets expertise.

The alliance is part of a broader trend: global banks combining in-house research with agreements with independent boutiques to gain sector-specific reach and speed of coverage in critical geographies. In this case, Santander strengthens its U.S. offering in a segment—TMT—where demand for specialized analysis is growing alongside the technological transformation of the economy.

BBVA GWA Adds Roberta Fernandes as Investment Counselor in Houston

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BBVA Global Wealth Advisors (GWA) Announces the Addition of Roberta Fernandes as Investment Counselor in Its Houston, Texas Office

“We are thrilled to warmly welcome Roberta Fernandes, who joins our BBVA Global Wealth Advisors team in the Houston office as our new Investment Counselor,” the firm posted on the social media platform LinkedIn.

Fernandes shared the post on her personal profile on the same platform, thanking the team for the welcome. She added that she already feels “part of the BBVA family.”

According to the official announcement, “Roberta’s experience significantly enhances our service capabilities in Houston. She brings over 16 years of experience in private banking and cross-border wealth management.” The bank also highlighted Fernandes’ “relationship leadership: her career has focused on building strategic relationships with high-net-worth (HNW) and ultra-high-net-worth (UHNW) clients in Latin America and the U.S.”

They also emphasized her “technical knowledge: her expertise spans financial markets, asset allocation, and advisory frameworks.” In addition, the statement noted her client-centered approach: “Roberta specializes in delivering wealth solutions well-aligned with clients’ evolving objectives, with a focus on regulatory alignment and risk mitigation.”

According to her profile on the professional network LinkedIn, Roberta Fernandes served as Director at BTG Pactual for nearly three years. Previously, she was Associate VP International Client Advisor (ICA) at Morgan Stanley, and also worked in Miami at Santander Private Banking (as Client Relationship Manager) and at Merrill Lynch in New York (as Registered Client Associate), among other professional roles.

She holds a Bachelor’s Degree in International Business from Trinity University in San Antonio, Texas, a Master’s in Finance from the University of Chile, and an MBA from Babson College. She also holds FINRA Series 66 and 7 licenses.

The “Trump Accounts” Debut in 2026, to the Benefit of ETF Managers

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The “One Big Beautiful” Law Remains a Source of Endless News and Updates in 2026. One of Them, Affecting Mutual Funds and ETFs, Will Be the Launch of the “Trump Accounts” for Newborn American Citizens

All babies born in the United States between January 1, 2025, and December 31, 2028, will have an account automatically opened when they receive their Social Security number, without parents having to take any action. The government deposits an initial $1,000, and from there, parents, relatives, guardians, employers, or organizations can make additional contributions, although these private contributions are not tax-deductible.

The operation is estimated to cost $15 billion through 2034.

The accounts are designed as long-term savings instruments, as the funds remain locked until the beneficiary turns 18.

A New Business for Funds and ETFs Investing in the U.S. Stock Market


The “Trump Accounts” can only invest in the U.S. stock market. Their growth will depend on market performance, and there is no guarantee of returns.

Why are safer assets like Treasury bonds excluded? Only Trump has the answer.

The capital is channeled into diversified funds that track the overall performance of the U.S. stock market, avoiding sector concentrations or investments in assets considered risky or too specific. The law also sets strict limits on fees, allowing only low-cost products.

When the beneficiary reaches adulthood, the account receives tax treatment similar to a retirement account, maintaining usage rules aligned with that type of vehicle.

Since it is a new program, regulators still need to determine which funds or managers will administer the actual accounts.

Funds That Could Be Selected


It is possible to identify U.S. broad-market equity funds and ETFs that, while not guaranteed to be officially chosen, do meet commonly accepted criteria: they replicate broad indexes, have low fees, and are diversified.

  • Vanguard S&P 500 ETF (VOO) — A very popular ETF that tracks the S&P 500 index, with very low fees.

  • iShares Core S&P 500 ETF — Another ETF indexed to the S&P 500, with good diversification and low cost.

  • Vanguard Total Stock Market Index Fund — An equity index fund that covers a broad universe of the U.S. market; it offers diversification beyond the large companies of the S&P 500.

  • iShares Core U.S. Total Stock Market ETF (for example, in its ETF version tracking a broad index of the entire U.S. market) — An equally diversified and low-cost option.

All Eyes on Birth Rates


Official U.S. birth data for 2025 has not been consolidated yet, but according to the National Center for Health Statistics of the United States, 3,628,934 births were recorded in 2024, representing a 1% increase compared to 2023. The fertility rate (births per 1,000 women aged 15 to 44) was 53.8 per 1,000 in 2024.

The Winning Formula: AI + Securitization, the New Growth Engine for Asset Managers

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The asset management industry faces two challenges: clients demand greater personalization and efficiency, while profit margins are tightening. PwC’s Asset & Wealth Management Revolution study reports 89% of asset managers feel pressure to deliver profitability, with nearly half describing this pressure as high or very high.

At the same time, artificial intelligence (AI) has become the main technological lever in the sector. This is no coincidence: the global AI market surpassed USD 244 billion in 2025, an increase of almost USD 50 billion in just two years. Projections are even more compelling: the industry is set to surpass the trillion-dollar mark by 2031, consolidating itself as a transformative axis for multiple sectors, including financial services.

PwC notes that 80% of asset and wealth managers believe disruptive technologies, including AI, are driving revenue growth. McKinsey, on the other hand, estimates that a mid-sized asset manager can capture between 25% and 40% of their cost base through well-executed AI initiatives, provided that end-to-end workflows are reimagined, not just isolated tasks.

Meanwhile, the McKinsey Global Institute’s Agents, Robots, and Us report highlights that AI is redefining the way organizations operate: machines take on routine tasks, while people focus on interpretation, decision-making, and solution design.

In this context, securitization appears as the “structural bridge” that allows AI capabilities to be transformed into concrete, scalable, and globally distributable investment products.

Why are AI and securitization connected now?

 

1.- Pressure on margins + need for efficiency

AI reduces operational costs, and securitization allows this efficiency to be packaged into lighter and more cost-effective vehicles, helping managers survive and grow in an environment with increasingly tight margins.

2.- Increasing adoption of AI in front, middle, and back offices

PwC highlights that managers are integrating AI in portfolio personalization, task automation, and generating insights for clients.

However, many of these capabilities remain “locked” within the organization unless they are translated into investable products.

3.- Transformation of the investment leader’s role

McKinsey emphasizes that business leaders must become “tech-savvy leaders,” capable of linking AI strategy with financial outcomes and business models.

Securitization provides a framework for monetizing these technological capabilities in the form of structured series or notes.

How can portfolio managers combine AI + securitization?

 

a) Turning AI-driven strategies into securitized vehicles

AI models generate increasingly sophisticated investment signals, rebalancing, and portfolio construction. Rather than limiting these strategies to internal balance sheets or segregated mandates, managers can:

  • Replicate the systematic strategy in a securitized vehicle (e.g., a series issued through an SPV).
  • Offer it to institutional and professional investors as a product with an ISIN, international custody, and standardized operational flow.

In this way, AI becomes an alpha engine, and securitization is the vehicle that takes it to market.

b) Packaging infrastructures and AI-linked flows

Adopting AI involves investments in data, models, and technology infrastructure. McKinsey emphasizes that the true economic impact is achieved when AI is integrated into full processes and operational models, not just isolated pilots.

Through securitization, portfolio managers can structure:

  • Thematic notes linked to AI-intensive company or sector strategies.
  • Vehicles that expose the investor to flows generated by assets or contracts tied to AI (e.g., digital ecosystems, data, or technological services), when eligible as underlying assets.

c) Accelerating time-to-market and customization

PwC’s reports on the asset and wealth management revolution highlight that managers who combine technology and the redesign of operational models are more likely to capture growth in a highly competitive environment.

Securitization allows:

  • Launching AI-based products in shorter timeframes than a conventional fund.
  • Creating tailored solutions for specific customer segments (e.g., AI-driven strategies with specific ESG or liquidity restrictions).

Evidence from PwC and McKinsey shows that AI is already a critical factor for future profitability for managers, but its real impact depends on the ability to turn it into tangible investment solutions.

Securitization programs provide portfolio managers with a flexible infrastructure to transform AI capabilities into products ready for global distribution, aligning technological innovation, cost efficiency, and growth in assets under management. In this context, specialized companies like FlexFunds demonstrate how agile, global solutions can facilitate this transformation, turning advanced strategies into cost-efficient, scalable vehicles without the need for complex conventional structures.

To learn more about how FlexFunds uses advanced technologies for its asset securitization program, please contact our experts at contact@flexfunds.com

The Largest World Cup in History and Its Economic Impacts in the U.S.

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A global passion for soccer in motion will drive an increase in tourism revenue across 16 U.S. cities, which will welcome 1.24 million international visitors. This is the projected impact of the 2026 FIFA World Cup, according to a report by Tourism Economics, a company under Oxford Economics.

This World Cup will be the largest in history, featuring 48 teams, 104 matches, and 16 host cities across the United States, Canada, and Mexico. A total of 78 matches will be played in the U.S. alone, with stadiums averaging nearly 70,000 in seating capacity. The U.S. match schedule begins on June 12 in Los Angeles, California, and concludes with the final on July 19 in East Rutherford, New Jersey.

Inbound Tourism Demand

The company projects that the United States will receive 1.24 million international visitors for the World Cup, of which 742,000 (60%) will be additional—trips that would not have occurred otherwise. After a challenging 2025 for international overnight travel to the U.S. (with a decline of 6.3%), inbound tourism is expected to rebound by 3.7% in 2026, with nearly one-third of this growth linked to the tournament.

The peak of arrivals is expected in June, when 57 of the 78 U.S. matches will take place, representing a 10% increase in international arrivals compared to the previous year. July will bring in an additional 200,000 visitors, accounting for a 3.2% increase.

The unique passion of the soccer fan base underpins this surge: international spectators are estimated to represent approximately 40% of stadium attendance, typically attending two matches each, with 15 companions per 100 ticketed attendees.

“Mega-events concentrate demand, and the global reach of the World Cup is unmatched,” said Aran Ryan, Director of Industry Studies at Tourism Economics. “We expect a strong increase in hotel occupancy across U.S. host markets, along with a broader tourism boost as fans visit multiple cities and extend their stays,” he added.

“Soccer fans plan to follow their teams for years and may even organize once-in-a-lifetime trips around the World Cup,” he added.

Peak Nights and Premium Rates

In North American host markets, additional hotel room revenue related to the World Cup is expected to rise between 7% and 25% in June 2026, according to Ryan, with the most pronounced increases occurring on match days.

“Factoring in July matches, some cities could see year-over-year growth in additional room revenue between 1% and 5%,” he noted.

Nationally, the event will add approximately 0.4% to total hotel room revenue for 2026—a seemingly modest figure, but substantial in absolute terms, considering host cities only account for about 16% of the U.S. hotel room supply and the increase is concentrated in June and July.

Match significance is key. History shows that final rounds significantly drive up rates. In Germany 2006, the average daily monthly rate increased by 7.6% for each match in June, 14.4% for each match in July, and soared by 46.9% for the final—a pattern that serves as the foundation for the 2026 projections.

Cities such as New York, Dallas, and Miami—hosts of final-round or high-profile matches—are expected to experience significant increases.

Team fan bases also play a role. Fan-favorite teams like England, Brazil, Argentina, and France have an above-average impact wherever they play, amplifying hotel demand. Even smaller nations can generate unexpected impacts when qualification becomes a national milestone, mobilizing passionate fans who travel in surprising numbers.

Seeding allocations are not yet finalized. The December 5 group draw and subsequent schedule will clarify which cities will host teams with the largest fan bases—and therefore the greatest potential.

Legacy and Opportunity for Destinations

The World Cup enhances the branding of host cities through global broadcasts, fan-generated content, and first-hand experiences that elevate each city’s profile and encourage repeat visits. Many fans combine multi-city itineraries, discovering new places they often return to later.

“Destinations have a unique opportunity to capitalize on an active, local audience and will play a key role in spreading demand across neighborhoods, leaving an indelible mark on visitors for decades to come,” added Ryan.

The research findings are based on two reports by Tourism Economics:

  • FIFA World Cup 26 Host Cities Prepared: Analysis of Expected Hotel Sector Trends in RevPAR, ADR, and Occupancy

  • FIFA World Cup 2026: Increase in International Visitors to the U.S.: Quantifying Tourist Volume, Spending Impact, and Incremental Travel Effects

The results incorporate match schedules, hotel market capacity, air travel forecasts, and historical mega-event data, as well as behavioral factors tied to global fan bases and diaspora-driven travel.

Tourism Economics, a firm within Oxford Economics, is a global leader in travel forecasting and economic impact analysis, helping destinations and hotel brands turn data into actionable insights.

Women in ETFs Brought Together the Offshore Ecosystem in Miami

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Women in ETFs held the third edition of its regional meeting WE South | Offshore 360: The Macro View in Miami, a live event aimed at connecting professionals from the ETF universe and the offshore business around the big questions of the economic cycle. It was an intimate day featuring prominent voices in economics, strategy, and innovation in exchange-traded funds.

Sponsored by StoneX, the event took place on November 19 at the JW Marriott Marquis in Miami, with an agenda focused on the macro pulse and its direct impact on portfolio construction. Representing the South Chapter of Women in ETFs were Jan Fredericks, Co-Head of Membership, and Estefanía Gorman, Secretary and Co-Head of Mentorship. Kathryn Rooney Vera, Chief Market Strategist at StoneX, served as Master of Ceremonies and was joined by Christian Prugue, Managing Director and Co-Head of LatAm Securities.

During the first panel, “The Economy Unfiltered: A Debate on the Global Forces Shaping the Markets,” Kathryn Rooney Vera and Jonathan Levin, Markets Columnist at Bloomberg, discussed the outlook for global interest rates, the trajectory of the U.S. labor market, and the impact of rising retail trading on market dynamics.

The experts also analyzed the key drivers reshaping the global market: views on inflation and growth, the expected path of interest rates in the U.S., and how these factors are shifting investors’ risk preferences.

Artificial intelligence and its effects on the economy and asset markets were a key focus of the event. The experts also offered strategic considerations for holding gold in portfolios, in light of opportunities looking ahead to 2026.

The second panel, titled “Market Pulse: Trends, Perception, and Strategic Alignment,” featured April Reppy Suydam, Head of Latin America Distribution at First Trust, and Brad Smith, CFA Analyst & Head of ETF Strategy Americas at Invesco. The panel was moderated by Estefanía Gorman, who also serves as Director of Client Success at Scala Capital.

Guided by Gorman, the experts discussed the “Magnificent 7” and the emerging trends and themes gaining traction.

The session placed special emphasis on the “very promising” opportunities in AI and cryptocurrencies within the ETF landscape. The second panel also covered evidence pointing to a shift from passive to active ETFs, as well as approaches to help advisors and clients become more comfortable with derivatives and options within ETF strategies.

The evening concluded with a memorable sensory experience: a chocolate and wine pairing led by Ricardo Trillo of Cao Chocolates, where attendees enjoyed a curated selection of chocolates, exploring their South American origins, unique flavors, and ideal wine pairings.

For distributors and advisors based in Miami—a city that is becoming an increasingly important hub for Latin America—the conversation delivered a common message: the need to combine macro conviction with agility in implementation amid a backdrop of intermittent volatility.

The South Chapter of Women in ETFs covers the states of Texas, Oklahoma, Arkansas, Louisiana, Mississippi, Alabama, Tennessee, Georgia, Florida, South Carolina, and North Carolina. Beyond market analysis, the gathering reinforced the mission of Women in ETFs to connect, support, and inspire the industry community, providing a space for networking and professional development for all professionals in the sector.

Bank of America Recommends the Use of Cryptocurrencies for High-Net-Worth Clients

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The introduction of digital assets into investment portfolios crossed a new threshold with the approval of Bank of America. The firm recommends a 1% to 4% allocation to crypto assets for clients of its Merrill, Bank of America Private Bank, and Merrill Edge platforms.

The investment strategists of the American bank will begin covering four bitcoin ETFs in January 2026, according to press sources.

“For investors with a strong interest in thematic innovation and who are comfortable with high volatility, a modest allocation of 1% to 4% in digital assets could be appropriate,” said Chris Hyzy, Chief Investment Officer of Bank of America Private Bank, in a statement.

“Our guidelines focus on regulated vehicles, a thoughtful allocation, and a clear understanding of both the opportunities and the risks,” he added.

Starting January 5, 2026, the bitcoin ETFs covered by the firm’s Chief Investment Officer will include the Bitwise Bitcoin ETF (BITB), Fidelity’s Wise Origin Bitcoin Fund (FBTC), Grayscale’s Bitcoin Mini Trust (BTC), and BlackRock’s iShares Bitcoin Trust (IBIT).

“The lower end of this range may be more appropriate for those with a conservative risk profile, while the upper end may be suitable for investors with greater tolerance for overall portfolio risk,” noted Hyzy.

Previously, wealthy Bank of America clients only had access to the products upon request, which meant that the bank’s network of more than 15,000 wealth advisors could not recommend exposure to cryptocurrencies, and many retail investors were forced to seek access through other sources.

“This update reflects the growing demand for access to digital assets from clients,” added Nancy Fahmy, Head of the Investment Solutions Group at Bank of America.

Samantha Ricciardi, Global CEO of Santander AM, Leaves the Asset Manager

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Photo courtesySamantha Ricciardi, until now, CEO of Santander AM

New Changes at Santander. At the top of Santander AM, Samantha Ricciardi has announced her departure from the asset manager, according to an internal statement from the firm, “to pursue new professional opportunities abroad.” She had been the top executive of the asset manager since 2022, a position she assumed following the departure of Mariano Belinky. The firm will launch a process to decide her replacement.

According to her LinkedIn profile, Ricciardi worked at BlackRock for 11 years in various roles, the last of which was as Head of Strategy and Business Development for EMEA. She also spent seven years at Schroders, where she served as Head of the asset manager in Mexico. She began her professional career at Citi in the year 2000.

The bank has just completed the integration of its two asset managers, Santander Asset Management and Santander Private Banking Gestión, to form an entity with approximately 127 billion euros under management.

Meanwhile, Ana Hernández del Castillo will lead the alternatives area at Beyond Wealth. Hernández del Castillo comes from Crescenta, where she joined in January 2024 as Investment Manager. Previously, she held various roles at MdF and Banque Havilland.