Tailwinds for Co-Investments in 2026

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As the private equity market has evolved alongside a variety of trends and dynamics, related to markets, valuations, deal sizes, and growing demand from LPs around the world, different ways of accessing private company opportunities have emerged. One structure that has gained significant prominence in recent years is co-investments, a category that still has room to gain further traction this year, according to various industry players.

Data from Preqin shows a global landscape where more than $200 billion has been raised across over 2,400 direct co-investment funds since 2005. Moreover, capital raised hit a record in 2024 with $33.2 billion, according to figures from Chronograph, and the topic has now entered the mainstream. In investment presentations at hotels, webinars of all kinds, and meetings with boards and clients… the topic of co-investments increasingly arises in the unavoidable conversation about private markets.

The market is shifting toward a more direct investment style in private equity assets. As highlighted by the United States Private Equity Council (USPEC) in a recent article, rather than relying solely on pooled commitments, many investors are seeking a more active role in deals and greater visibility into how value is being created.

According to the organization, the “dramatic rise” in co-investments reflects “strategic, structural, and market forces” that are transforming how LPs interact with funds. In this context, they identify five key drivers behind the phenomenon: fee efficiency, interest in greater control, selective access through scale, increased strategic allocation to co-investment strategies, and growing expectations for diversification.

Tailwinds

In addition to investor appetite, ongoing changes across private equity markets have supported the rise of co-investments.

On one hand, BlackRock notes that companies are staying private for longer, due to abundant private capital, regulatory and cost pressures in public markets, and a preference for sponsor support. As a result, the firm indicated in its 2026 alternatives outlook, “deal sizes have continued to grow, and interest rates are forcing sponsors to commit more equity in each transaction.”

HMC Capital shares this view, stating that it will take years to clear the long list of companies waiting for that golden exit window. “This will create strong multi-year opportunities for investors to provide liquidity to private equity, especially through secondaries, capital solutions, and co-investments,” the firm notes in a report dedicated to private equity.

In addition, the expectation that deal volume in the private equity market will continue to grow would further fuel the expansion of these structures. “The outlook for co-investments in 2026 is closely tied to overall deal activity: as private equity deal volume increases, GPs will allocate equity portions to LPs more frequently,” they add.

From the LPs’ perspective, this backlog will increase GPs’ capital needs. Managers, they forecast, will need to support their portfolio companies for longer, sell partial stakes, recapitalize holdings, or refinance existing structures. “This will create a steady flow of co-investment opportunities in the coming years,” HMC estimates.

Areas of Interest

Breaking down the expectations for robust interest in co-investments in 2026, there are some strategies and sectors that stand out as particularly attractive. In terms of sectors and themes, there are three major areas drawing market attention: healthcare, energy, and technology.

In the field of healthcare services and life sciences, international capital views the space as a strong vector to capture global trends. The expectation, outlines BlackRock, is that the sector will be driven by population aging and the growing efficiency of digital health platforms. Added to this are advances in biotechnology, notes the USPEC, along with specialty pharmaceuticals.

In energy, the growth vector comes from the energy transition. “The push toward a low-carbon economy is driving growth across renewables, storage, and decarbonization infrastructure,” BlackRock adds.

The third vertical, technology, is tied to the impact on company operations across sectors stemming from developments in areas such as cybersecurity, cloud infrastructure, and, famously, artificial intelligence. “Investors view these assets as important for long-term growth and portfolio diversification,” notes the USPEC.

In terms of structures, HMC sees the rise of mixed co-investment funds as a clear 2026 trend, a single portfolio with pooled assets from various institutional investors, focused on mid-life transactions. “For LPs, this can provide better underwriting visibility (of assets already owned by private equity) and, potentially, faster cash flow timelines and a less pronounced J-curve compared to primaries,” the Latin American firm notes.

Medical Real Estate and Private Equity in the U.S.: Viper Insight Is Born

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The investment banking and strategic advisory firm exclusively specialized in the U.S. healthcare sector, Viper Partners, announced the launch of Viper Insight, a new division specialized in off-market medical real estate transactions, designed to connect healthcare asset owners with qualified institutional investors and buyers.

The initiative targets a segment that has been gaining traction among international investors and wealth structures with U.S. exposure: medical real estate assets with stable cash flows, low correlation, and a strong defensive component, traded outside traditional market channels.

Confidentiality, Access, and Transaction Control
Viper Insight focuses on off-market transactions, without public listing processes, in assets such as medical office buildings, ambulatory facilities, and properties controlled by medical groups. This approach allows sellers to preserve confidentiality while offering buyers access to opportunities that are not typically available on open platforms.

As explained by David Branch, founder of Viper Partners, the new division is built on a well-established network of relationships with both healthcare property owners and institutional and private capital. “Viper Insight was created to facilitate direct and efficient connections between both sides, in an environment where discretion and trust are essential,” he stated. The company is based in North Palm Beach, Florida.

This relational approach is particularly relevant in a context where many offshore investors prioritize access to private deals over standardized vehicles, seeking differentiation, income stability, and lower exposure to public market volatility.

Interest in medical real estate is not new, but it has intensified in recent years for several reasons that particularly resonate with international clients:

  • Long-term lease agreements, often linked to established medical practices.

  • Sustained structural demand, less dependent on the traditional economic cycle.

  • Dollar-denominated assets located in the U.S., a combination sought by international investors as a capital preservation tool.

  • Possibility of integrating these assets into broader estate and succession planning structures, common in offshore planning.

In this context, access to off-market transactions adds an additional layer of value by avoiding open competitive processes and allowing for a more strategic evaluation of the asset.

Professional Investors in the U.S. Expect a Market Correction in 2026

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North American institutional investors and private market managers expect continued U.S. economic growth in 2026, but markets entering a more fragile and selective phase, according to new independent study commissioned by Ocorian, asset services provider

The study, conducted among 248 institutional investors, private market managers, and hedge funds based in the United States and Canada, responsible for $17.77 trillion in assets under management, shows that confidence in the underlying economic momentum remains intact, even as respondents actively prepare for valuation adjustments, persistent inflation, and shifting political conditions.

Almost all respondents (98%) expect a correction in U.S. stock markets during 2026, reflecting a widespread acknowledgment that valuations remain elevated, rather than a belief that a recession is inevitable. Investors report that they are adjusting their strategy, exit planning, and deployment pace accordingly, with increased emphasis on operational value creation and downside resilience.

Inflation remains the main macroeconomic concern. All respondents expressed some degree of concern, and 44% described themselves as very concerned. While nearly half (48%) foresee inflation increasing in 2026 and an additional 15% believe it will remain stable, expectations for a rapid return to the Federal Reserve’s 2% target are limited. Only 18% anticipate that this target will be reached in 2026, with most postponing their expectations to 2027 or later.

Despite these pressures, investors remain relatively optimistic about growth. Around half of respondents (49%) align with the White House’s expectations of U.S. GDP growth between 3% and 4% in early 2026, placing them well above prevailing consensus forecasts. This combination of growth confidence and increased caution points to what the study describes as a period of “moderate optimism.”

The risk of recession is considered high, but not inevitable. Nearly six in ten respondents (57%) believe there is a 40% or greater probability of a U.S. recession in 2026, well above long-term benchmark expectations. However, the results suggest that investors are treating recession as a real scenario that must be planned for, rather than a base case outcome, and continue to allocate capital selectively where opportunities are risk-adjusted.

The ISM Manufacturing Index Sends Clear Signals of Recovery

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The first data of the year begins to confirm the impact of monetary and fiscal stimulus accumulated in Q4 2025. In particular, the January ISM Manufacturing survey delivered a positive surprise by returning to expansion territory with a reading of 52.6, breaking a streak of 10 consecutive months of contraction.

The rebound is supported by solid fundamentals such as:

  • New orders surged to 57.1 (an increase of around 10 points).

  • Production also posted a strong recovery.

  • Delivery times lengthened, consistent with stronger demand traction.

  • The “new orders – inventories” spread, a leading indicator of activity, accelerated after a flat 2025.

The employment subcomponent surprised to the upside, although it remains in contraction (48.1). This reinforces the perception of labor market stabilization, in line with recent jobless claims data. However, the figure does not yet confirm a sustained turnaround in manufacturing employment and therefore does not justify a hawkish shift from the Fed.

Labor Market in Progressive Normalization

The December JOLTs report, delayed due to the partial government shutdown, points to stability with nuances of weakness. Job openings declined, although voluntary quits edged up slightly (from 3.19 to 3.2 million), while layoffs did not worsen. The labor market remains in a post-pandemic normalization phase, with structurally lower demand in light of productivity gains.

Inflation: Mixed Signals and Need for Monitoring

The ISM also provides insights into price dynamics. While the prices paid series remains stable, the lengthening of delivery times could indicate early signs of price pressures. This remains an isolated data point, but given the acceleration in growth, it is advisable to monitor for potential second-round effects. The real-time inflation indicator from Truflation continues to trend downward, supporting our thesis of progressive disinflation.

However, a sharp shift in the growth outlook or a negative ruling by the Supreme Court regarding the use of tariffs could put pressure on yields and affect risk assets through:

  • Increased rate volatility

  • Less room for Fed rate cuts

  • Repricing of valuations

For this reason, we maintain a neutral view on equities, awaiting the right moment to increase positions.

Severe Correction in Software Within the Tech Sector

The week was also marked by a sharp correction in the technology sector, particularly in software. Despite the structural strength of the AI investment cycle, software companies experienced a capitulation session on Tuesday, with market capitalization losses exceeding $300 billion.

The decline was triggered by:

  • New functionalities announced by Anthropic CoWork

  • Comparisons to the impact of DeepSeek in 2025

  • Fears of disruption to SaaS models and per-user licensing

  • Initial drops concentrated in firms such as RELX, S&P Global, Thomson Reuters, and Legalzoom.com, later spreading across the sector and to private equity firms with significant exposure

However, the mass selloff appears to be driven more by panic than objective analysis. Disruption risk is real, but many stocks are already trading at decade-low multiples after a roughly 40% valuation compression. At these levels, much of the potential impact appears to be already priced in.

AI and CapEx: The Cycle Continues

Our view that 2026 will not be the year the AI bubble bursts is further reinforced. Hyperscalers are not only continuing to expand their computational capacity but are also significantly revising their investment plans upward. Alphabet now targets $180 billion, up from the previously expected $116 billion, while Amazon raises its estimate to $200 billion from the previous $150 billion. Altogether, AI investment could exceed $700 billion in 2026.

Toward a Less Concentrated Market

With more dynamic economic growth, the door opens to a more balanced market, where returns are no longer so heavily concentrated in technology and communications. The growing divergence in performance, and valuation, between winners and losers within the AI universe points to increased market selectivity.

The recent decline in software may have been the first step toward a broader rotation: from defensive growth to cyclicals, and from thematic concentration to structural diversification.

In conclusion, the ISM data signals the beginning of a new phase in the economic cycle, with manufacturing emerging from contraction and AI investment far from exhausted. However, concerns around inflationary pressure could resurface, requiring tactical caution and balanced portfolio construction. The key for 2026 will be clearly distinguishing between real opportunities and speculative noise surrounding disruptive technology.

Dynasty Financial Partners Closes a Minority Capital Round

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Dynasty Financial Partners has announced the successful closing of a minority capital round, backed by its community of stakeholders, including employees, clients, and partners, as well as several long-term investors and members of its Board of Directors. According to the firm, investors in the round include The Charles Schwab Corporation, BlackRock, J.P. Morgan Asset Management, Abry Partners, Glick Family Office, and Dynasty Chairman Harvey Golub, along with various clients. Fortress Investment Group LLC participated as a new investor. This marks the sixth capital round since Dynasty’s founding in 2010.

The funds raised in this round will be used to strengthen support for Dynasty’s network of partner firms, enabling them to better serve their clients. In particular, they will drive continued growth in talent and advanced AI-driven technology, facilitating the integration of Dynasty Desktop and Core Services; enhance the firm’s investment platform with a focus on private investments and its comprehensive Outsourced Chief Investment Officer (OCIO) services; provide additional growth capital to drive mergers and acquisitions within the network; expand Dynasty Investment Bank; and reinforce Dynasty’s strong balance sheet, positioning the firm to proactively capitalize on future opportunities.

“The future is bright for Dynasty and our network of independent advisors, thanks to the remarkable alignment within our ecosystem, as reflected in this investment round. As more advisors recognize the benefits of being independent RIA advisors, and more RIAs understand the power of outsourcing to grow their businesses, we are committed to ensuring they have every opportunity to build better firms while delivering exceptional care to their clients. We are investing in the best technology, talent, and resources, while strengthening our solid balance sheet to support our clients’ growth ambitions, whether through M&A or succession planning. I am deeply grateful to our investors, team members, industry partners, and clients who have supported us since Dynasty’s early days, making today’s announcement possible,” said Shirl Penney, Founder and CEO of Dynasty.

Dynasty’s network is primarily composed of clients who own and operate independent Registered Investment Advisors (RIAs). These RIAs typically hold majority ownership, control their own economics, own their ADV filings, and have the freedom to manage their client experience model. These clients leverage Dynasty’s integrated technology, services, robust Turnkey Asset Management Program (TAMP), digital lead-generation services, capital solutions, and investment bank.

This integrated RIA platform model provides synthetic scale, allowing RIAs supported by Dynasty to be “Independent, but not alone.” Currently, Dynasty has 58 partner firms in its network, representing over 500 advisors and managing more than $125 billion in platform assets.

In October 2024, Dynasty closed a minority capital round backed by several of its long-term investors and board members, along with three strategic investors, including existing investor The Charles Schwab Corporation and new investors BlackRock and J.P. Morgan Asset Management. While Dynasty currently carries no debt, the firm secured a $125 million corporate credit facility in 2025, backed by a syndicate of financial institutions including UMB Bank, N.A., Flagstar Bank, J.P. Morgan, Citibank, N.A., and Goldman Sachs Bank USA.

“This latest investment round reflects the incredible momentum of the independent movement within the financial advisory industry. The growth of the RIA space is driving positive change for advisors and their clients. Together with the other board members, I’m excited to continue supporting Shirl and the leadership team as they guide our growing network of independent advisors,” added Harvey Golub, Chairman of the Board at Dynasty.

China Tunes Its Growth Engines: Investment and Technological Innovation

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China’s strong close in 2025 keeps the country’s outlook firm for 2026 and its growth target around 4%-5%, driven by technological innovation and investment. Looking ahead to next year, some of the tailwinds expected to support the Asian giant include stronger domestic consumption and improved diplomatic relations with the U.S.

“Although these factors could support the Chinese stock market, policy missteps are always a risk, and companies and consumers should play a leading role in driving growth,” note sources from KraneShares.

Macroeconomic Data: The GDP Deflator

According to Robert Gilhooly, senior economist specializing in emerging markets at Aberdeen Investments, the set of easing measures announced in recent weeks, along with the signal that cuts to key interest rates will occur in due course, will help underpin real GDP growth in 2026.

“However, the outlook for nominal growth may remain more challenging, as illustrated by the record streak of 11 consecutive quarters of negative growth in the GDP deflator. In fact, although recent data on fixed asset investment points to some success in reducing investment in the automotive industry, the economy-wide overcapacity is likely to continue weighing on inflation, partly because the People’s Bank of China (PBOC) appears more willing to allow greater appreciation of the renminbi. The large number of maturing fixed-term deposits opens the door to further interest rate cuts, while protecting banks’ net interest margins (NIM). A key question is whether these significant household savings will flow into the stock market; however, it is likely to be very difficult to spark a slow bull market,” Gilhooly concludes.

In this regard, Ecaterina Bigos, Chief Investment Officer for Asia excluding Japan at AXA IM Core (part of BNP Paribas AM), believes the country’s GDP deflator remains firmly in negative territory, falling for the third consecutive year, marking the longest stretch of broad price declines since the late 1970s.

“For equity investors, the GDP deflator is a key indicator for assessing corporate performance, profit growth potential, and overall market conditions. Despite signs of rising inflation, China continues to face various deflationary pressures. The country’s economy, which has been impacted by the decline in the real estate market and weak consumption, has struggled to emerge from the deflation recorded since the end of the pandemic. Overproduction in certain sectors has led to an oversupply of goods, forcing companies to cut prices to stay afloat,” explains Bigos.

Betting on Technological Innovation

In this context, KraneShares expects China’s 15th Five-Year Plan, scheduled for release in the first quarter, to support the development of high-tech industries, increase technological self-sufficiency, and stimulate domestic demand and inflation. “Efforts to curb overcapacity and downward competition, especially in the solar panel industry, could bear fruit in 2026, potentially resulting in improved corporate profit margins and inflation,” they add.

For now, the draft of this plan suggests that technological innovation and broad economic expansion are key priorities. At the same time, behind the scenes, top government leadership is paying close attention to the growth of domestic consumption.

Focusing on the main goals outlined during the 2025 Central Economic Work Conference (CEWC), an annual economic meeting involving President Xi and the State Council—KraneShares experts highlight deepening the expansion of the “Artificial Intelligence +” policy; reforming policies to support high-quality development while correcting destructive competition; and stabilizing the real estate market through city-specific policies to optimize housing supply, including purchasing part of the existing commercial housing stock for affordable housing use.

“In December, President Xi published an article titled Expanding Domestic Demand Is a Strategic Move. In it, he stated that ‘expanding domestic demand is related to both economic stability and economic security,’ and that domestic demand will be supported, among other measures, by ‘promoting employment and improving social protection,’” they add.

The Relationship with the U.S.

KraneShares experts believe that the restart of diplomatic relations between the U.S. and China could bring greater clarity to global export markets for Chinese goods, the status of their ability to import high-end chips, and reduced volatility in equity markets, especially abroad.

“We believe markets are underestimating President Trump’s desire to reestablish U.S.-China relations. We are optimistic that the trade and national security measures already implemented or underway could give the Administration the confidence to work toward improving long-term relations,” they note. These measures include reshoring automobile manufacturing and other critical industries to the U.S., as well as export restrictions on chips.

“We believe President Trump may expand the trade truce established with President Xi during their meeting in South Korea earlier this year. Although we may see tougher legislative initiatives in Congress, such as the BIOSECURE Act, we think it is unlikely these will seriously derail the White House’s efforts,” they add.

Implications for Chinese Equities

Without a doubt, 2025 was a strong year for Chinese equities, driven by improved confidence, especially in growth and technology sectors. Many investors reallocated their portfolios during the year, although some remain on the sidelines, particularly U.S. investors sensitive to geopolitical headlines. And despite the challenging macroeconomic environment, Chinese equity markets posted returns above 10% in 2025.

In Bigos’ view, this divergence from macroeconomic trends may be due to the strong performance of sectors such as technology, thanks to advances in artificial intelligence, as well as biotech and others that also benefit from anti-involution initiatives. “Moreover, the increase in liquidity has supported the revaluation of companies, as savings have been redirected into equities: a dividend yield more attractive than deposit interest rates is drawing investors. Meanwhile, fixed income returns have declined, market volatility has increased, and the real estate market remains weak, prompting investors to seek alternative investment avenues,” she explains.

Looking ahead to this year, KraneShares experts believe that the 15th Five-Year Plan’s focus on technological self-sufficiency, anti-involution policies that improve corporate earnings, and increased consumer spending will allow for a strong year in China’s equity market. “Meanwhile, we believe the Trump administration will seek to move forward with the reestablishment of diplomatic relations with China, reducing headline risks and allowing some U.S. investors to reallocate their investments,” they emphasize.

For the AXA IM expert (part of BNP Paribas AM), weak confidence in the private sector and among consumers, along with supply-demand imbalances, increasingly limit the potential for reflation and, ultimately, corporate profits. “Reviving domestic demand is essential to achieve sustained long-term growth, but it will still take time to redirect the economy toward higher consumption levels. For now, economic policy remains focused on an investment- and trade-driven growth model, with an emphasis on developing a modern industrial system and achieving technological self-sufficiency. In this context, investors should pay close attention to those areas that benefit from this policy direction and from technological innovation,” concludes Bigos.

The Challenges of Omnibus Accounts in AML Matters: The Strength of Their Chain

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Omnibus accounts are one of the central tools in fund distribution, but also a key element when it comes to money laundering. Their main advantage is that they are accounts opened in the name of a financial institution in which the investments of multiple clients are pooled. And although the positions are jointly recorded, the financial institution that holds the omnibus account maintains at all times an individualized internal record that allows the identification of which investments belong to each investor.

This structure explains their relevance for international fund managers. “This system facilitates operations in certain products and markets and is especially common when investing in foreign markets, where institutions usually operate through sub-custodians,” says Maite Álvarez, Director of Financial Regulation at finReg360.

Álvarez acknowledges that there are also drawbacks: “There may be temporary limitations in the availability of financial instruments or in the exercise of the rights associated with them. For this reason, it is essential that investors know whether their investments are channeled through this type of account and are aware of the risks involved.”

However, the balance is clear for asset managers: these types of accounts simplify administrative management and are highly operationally efficient. “For both reasons, the trend we see among managers is to continue using them, while also working to provide these accounts with greater traceability and cooperation among the various actors in the chain. The goal is to combine commercial efficiency with effective control of money laundering risk,” states José Antonio Tuero, Partner of Criminal and Compliance Law at Andersen.

The Chain Links

When it comes to anti-money laundering (AML), the debate centers on who should be responsible for these obligations when distributing third-party funds through these accounts. According to Tuero, there should be no issues because “each part of this chain has a defined area of responsibility for which it is accountable.”

He acknowledges that this may create the impression of diluted responsibility, but insists that the key is for each link to fulfill its own AML obligations: “It is important to remember that we are talking about responsibilities and duties that cannot be contractually transferred to a third party. If we had to identify the most sensitive part of this chain, we could say it is the last link, the one directly in contact with the end client.”

So, how does it work and who conducts due diligence? According to Martín Litwak, CEO of Untitled Collection, we are dealing with an omnibus account opened at any regulated institution, broker, investment fund, etc., where the account holder is the intermediary. “It is important to note that for many years, large global investment managers have used this system for investment accounts, which generally carry a low regulatory risk profile. The problem now is that they are starting to be seen in commercial or transactional accounts,” he clarifies.

Regarding due diligence, he adds: “In theory, it should be the same, but instead of falling on the bank where the omnibus account is held, which will perform its due diligence, but more lightly, since its client is a regulated entity, it falls on the intermediaries, who generally have fewer resources.”

Although this may seem like a “weak link” in the chain, the regulations are clear and increasingly converging. According to Pilar Galán, Partner in Charge of the Asset Management Sector at KPMG Spain, “In the distribution and marketing of investment funds, AML/CFT responsibility lies primarily with the entity that maintains the direct relationship with the end investor. This intermediary, usually the distributor, is responsible for fulfilling identification, verification, and monitoring obligations.”

Galán clarifies that in omnibus models, where the manager only sees a platform as the account holder and not each individual investor, AML obligations toward the investor still fall on the distributor. “The manager performs due diligence on the platform as an institutional client but does not identify the investors behind the intermediary,” she adds. Álvarez also points out that, since the manager lacks individualized client information, the AML obligations fall to the distributing entity, which knows and directly interacts with the investor.

This means that the fund manager typically does not perform KYC on the end investor when the fund is distributed through third parties. However, the manager still has AML/CFT responsibilities. “These focus on managing the laundering risk associated with the fund vehicle itself, defining internal policies and controls, and properly supervising the network of distributors involved in marketing. To do this, the manager must conduct periodic due diligence on these intermediaries and ensure they are correctly applying due diligence measures. Only if the manager sells the fund directly to the investor does it assume onboarding and KYC of the final client,” adds Galán.

In Litwak’s view, the conclusion is clear: “There is often a perception that offshore or cross-border alternatives are chosen to hide, but generally they are selected for their simplicity, flexibility, and legal certainty. History, especially recent history, has shown that financial crimes occur onshore, not offshore.”

Regulation, Supervision, and New Frontiers
According to these experts, it is true that regulators are increasingly concerned about the lack of transparency in certain fund distribution structures, especially when multiple intermediaries are involved and omnibus accounts are used, as these structures can make it difficult to identify the end investor and obscure the origin of funds. In fact, regulators such as the SEC have intensified oversight of transactions carried out through omnibus accounts, particularly those involving foreign intermediaries.

“They are also increasingly worried about insufficient oversight that some managers exercise over distributors and platforms, even though these intermediaries are the ones actually conducting KYC and investor monitoring. The growing complexity of platforms and structures has raised supervisory expectations, which now require stronger controls and greater clarity on who is responsible for what in the distribution chain,” says Galán. In this regard, regulators are focusing on international custody chains and the need to improve ultimate beneficiary traceability, especially in omnibus structures. “They aim to prevent the distance between investor, distributor, platform, and manager from creating AML/CFT responsibility gaps,” she notes.

According to Maite Álvarez, “we anticipate a general tightening of governance and control requirements when financial institutions rely on third parties for client services. In light of this, financial institutions may in the future have to apply enhanced selection, due diligence, and ongoing supervision processes to sub-custodians or management companies, that is, to the entities where omnibus accounts are opened.”

As Tuero recalls, there is no fully unified international legislation, but there is a clear convergence in regulatory criteria. In his opinion, the next major frontier in AML lies in the field of cryptoassets. “In Europe, the requirements focus on eliminating effective anonymity in transactions through the regulation of service providers and the traceability of movements, which in practice represents a very significant shift from the original spirit in which these assets were created,” he concludes.

“There is a structural trend toward the international diversification of assets”

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The recent approval of BICE US as a Registered Investment Adviser by the SEC marks a turning point in the institution’s strategy in the United States. “In sophisticated markets, regulation is a key reputational asset,” stated Patricio Ureta, Managing Director, Country Head of BICE US, the platform of the Chilean financial group, emphasizing that the authorization not only expands the company’s operational reach at the federal level, but also strengthens its institutional positioning within the US Offshore ecosystem, as they continue to observe a “structural trend toward the international diversification of assets.”

In an interview with Funds Society, the executive highlighted that from an operational standpoint, SEC registration allows the company to operate throughout the United States, interacting with “global counterparties under a fully recognized regulatory framework.” From a regulatory perspective, it also entails adhering to “the most demanding market standards and to ongoing compliance obligations, in line with international best practices.”

A Reputational Asset for Clients and Counterparties

Beyond the operational impact, SEC approval carries significant weight in terms of credibility. According to Ureta, the registration serves as “a seal of institutional trust, particularly relevant for Latin American clients seeking to structure and manage their wealth in the United States under top-tier standards.”

“For our counterparties, custodians, managers, brokers, and international asset managers, it reinforces the credibility, transparency, and strength of BICE,” he added.

The new regulatory status opens up opportunities to deepen BICE US’s participation in the offshore ecosystem, supporting clients in processes of international diversification, wealth structuring, and access to global opportunities, the executive noted.

“It allows us to move toward more complex advisory mandates,” he explained, “work with family offices, and access alternative managers or co-investment structures, always within the U.S. regulatory framework.”

As a financial group, BICE focuses on corporate banking, investment banking, asset management, and wealth management, primarily oriented toward institutional clients, companies, and high-net-worth individuals. It is part of the Matte Group and, in recent years, has strengthened its international strategy, particularly through BICE US, its U.S.-based platform, from where it serves Latin American clients within the US Offshore ecosystem.

Proximity With Institutional Backing
In a highly competitive market, BICE US seeks to differentiate itself from both large global banks and independent boutiques. Compared to the former, it offers a more personal, flexible, and customized model, while compared to the latter, it brings scale, regional experience, and a solid institutional platform, Ureta detailed.

At this stage, the focus is on HNW and UHNW clients, as well as family offices with sophisticated needs. The firm offers these clients personalized advisory mandates and solutions that integrate wealth planning, alternative assets, and coordination with legal and tax advisors across different jurisdictions.

“We operate under an open architecture model, with a strong focus on fiduciary advisory. This allows us to select products and managers based on the client’s profile and objectives, without conflicts of interest,” the Managing Director explained.

“Guidance is central,” he continued. “It’s not just about building portfolios, but about supporting long-term wealth decisions, especially in contexts of volatility or regulatory and personal changes.”

Investment Trends: ETFs and Alternatives

Ureta noted that today’s clients are “more informed, demanding, and globalized.” In his view, this creates opportunities for platforms like BICE US, which can offer financial education, access to sophisticated products, and strategic support beyond short-term returns. “We see particular value in our capabilities in wealth structuring, co-investments, and the development of tailored solutions,” he added.

Regarding investment trends, Ureta stated that international diversification into the United States remains structural. In the case of Chile, there have been no significant moves toward capital repatriation following the last electoral cycle, although there have been gradual portfolio rebalancing processes. In the most recent presidential elections, far-right politician José Antonio Kast won the runoff.

Looking ahead to 2026, the executive anticipates that ETFs will continue to play a key role due to their efficiency and liquidity, while alternative assets will keep gaining space in high-net-worth portfolios. Strategically, BICE US will focus on consolidating the platform and scaling in an orderly manner.

“Right now, we are focused on deepening relationships with our clients and counterparties. We are moving step by step,” he concluded.

CaixaBank Studies Entering Miami to Serve the Wealth Management Segment

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Photo courtesyGonzalo Gortázar, CEO of CaixaBank

As Part of the Presentation of Its Annual Results, Gonzalo Gortázar, CEO of CaixaBank, Was Asked About the Institution’s Intentions to Grow Outside Spain, Specifically Regarding the Possibility of Opening a Branch in Miami to Serve the Wealth Management Segment. According to What He Acknowledged, For Now, the Institution Is Analyzing It, but Has Not Yet Made a Decision.

“We Have Not Made Any Decision, and It Would Not Be Anything Significant. We Are Not in a Program of Making Acquisitions and Large Investments Abroad. The Only Thing It Would Be, in Any Case, Is to Accompany Our Private Banking Clients; but It Is Not Something That Has Financial or Material Relevance for the Group,” He Clarified in This Regard.

However, He Did Affirm That the Private Banking Business, Which the Institution Refers to as Wealth Management, Is Strategic and Very Important for CaixaBank. “We Have Many Years of Growth and Innovation, Including Our Opening of a Bank in Luxembourg, Which Is Going Very Well, Where We Now Have 5 Billion Euros, and Which Celebrated Its Five-Year Anniversary in 2025. It Celebrated, Last Year, Its Five Years of Existence. Miami Would Represent an Addition to That Strategy, if We Ultimately Decide That It Adds Value to Our Current Business,” He Stated.

According to Gortázar, There Is Currently a Business Opportunity for Private Banking Institutions: “Evidently, There Is a Flow of Immigration and of People From Latin America to Spain at All Levels, Including High-Net-Worth Individuals. How to Provide Them With the Best Service Is the Only Question We Are Reflecting On. But That Will Not Result in Any Material Investment That Moves the Needle.”

Wealth Management Segment

Currently, CaixaBank’s Wealth Management Business Has an International Presence Mainly Structured From Luxembourg, Where It Has a Specialized Bank (CaixaBank Wealth Management Luxembourg) to Serve Clients With Wealth Management and Investment Needs in an International Financial Environment. In Addition, at the Group Level, Its Presence Outside Spain Is Especially Reinforced in Portugal Through Banco BPI, Which Also Serves High-Net-Worth Clients With Its Local Private Banking/Wealth Offering.

Bitwise Launches New Model Portfolio Solutions for Digital Assets

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Bitwise Asset Management, a global crypto asset manager with over $15 billion in client assets, has announced the launch of Bitwise Model Portfolio Solutions for Digital Assets. According to the firm, the new model portfolios offer financial advisors a carefully designed investment framework to access digital assets in their clients’ portfolios through ETFs.

This launch builds on Bitwise’s eight-year track record of helping institutional investors gain exposure to opportunities in crypto assets. Specifically, the offering consists of seven models tailored to different investor profiles and risk preferences. The “Core” portfolios provide broad exposure to the crypto ecosystem, while the “Thematic” portfolios are designed for investors looking to fine-tune their exposure and focus on specific themes, such as stablecoins, tokenization, or crypto assets beyond bitcoin.

The firm notes that model portfolios have become an increasingly important tool for financial advisors seeking to leverage third-party expertise when designing client allocations. Between 2023 and 2025, assets linked to third-party model portfolios grew from $400 billion to more than $645 billion, a 62% increase. Models also saw more than $80 billion in net inflows between 2022 and 2024. “Bitwise’s offering allows financial advisors to access thematic crypto model portfolios developed by a specialist,” they state.

The Key to Model Portfolios

Following the announcement, Matt Hougan, Chief Investment Officer (CIO) at Bitwise, stated:
“Today is a pivotal moment in the way advisors access crypto assets. Model portfolios are one of the most important ways financial professionals allocate investment across nearly all asset classes, but until now their use in crypto has been limited. As the number and variety of crypto ETPs grows, these expert-built models offer a simple value proposition: they show advisors how to combine the growing number of crypto ETPs in ways that align with specific client goals. They make building a crypto allocation sleeve easy.”

The company adds that Bitwise Model Portfolio Solutions offers additional features, such as portfolios that are systematically monitored and rebalanced to mitigate drift from the portfolio’s target allocation. Additionally, allocators gain exposure through individual, easy-to-integrate portfolio frameworks; and the models are built to provide diversified exposure to the digital asset ecosystem, reducing the risk of concentration in a single asset. Finally, they consider a key differentiator to be that allocators receive clear reporting materials and documentation, simplifying due diligence and client reporting.