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Alpha won’t save you anymore: Why many asset managers are going to become irrelevant

The debate is no longer whether securitization is a valid tool, but which asset managers are prepared to use it in a world that has changed its rules. The current environment, marked by structurally higher interest rates, persistent geopolitical tensions, and a much more demanding investor, is penalizing asset managers who continue trying to scale strategies with outdated structures.

Today, the biggest mistake an asset manager can make isn’t being wrong about an investment thesis but insisting on formats that no longer match the market’s reality. The message from the latest Morningstar 2026 Global Outlook is clear: uncertainty is not a one-time event; it’s the new starting point.

In this context, generating a good investment idea is not enough. If that strategy cannot be distributed efficiently, provide liquidity, meet institutional standards, and adapt to various regulatory frameworks, it simply becomes uncompetitive. This is where securitization stops being a technical solution and becomes a strategic advantage.

For asset managers, securitizing means separating alpha from operational friction. It allows converting both liquid and illiquid strategies into listed, tradable, and transparent vehicles. In an environment of recurring volatility, access to intraday liquidity and secondary markets is no longer a “value-added”: it’s a basic requirement.

The reality is uncomfortable for many traditional managers. Institutional investors and private banks are no longer willing to take on illiquid structures, manual processes, or vehicles that are difficult to explain to regulators. They seek products with ISINs, clear valuations, broker access, and a robust governance framework. Securitization precisely meets this demand.

Morningstar also warns that many supposedly “diversified” portfolios are actually exposed to the same risks: extreme concentration, demanding valuations, and liquidity dependent on sentiment. Meanwhile, private assets continue to grow, but their access is still limited by operational friction, high costs, and opaque structures. As the report points out, the problem is not the asset: it’s the format.

This is where securitization stops being a technical tool and becomes a strategic decision. Transforming liquid or alternative assets into listed, liquid vehicles with institutional standards allows asset managers to meet three key demands of today’s market: flexibility, risk control, and global access.

According to The Business Research Company, the global market for asset-backed securities surpassed USD 2.4 trillion in 2024 and is projected to continue growing at an annual rate of 6% in the coming years. Beyond the size, this data reflects a structural shift in institutional capital toward securitized instruments in response to the need for more stable income, real diversification, and more efficient structures in an interest rate volatility environment.

This growth is not a search for yield, but a shift in priorities. For many asset managers, securitized strategies provide access to cash flows tied to the real economy, with less reliance on individual issuers and a better ability to manage duration, credit risk, and liquidity compared to traditional fixed-income alternatives. In this regard, Janus Henderson has pointed out that securitized assets are gaining weight in institutional portfolios for their ability to offer recurring income and greater resilience in scenarios of high-interest rate volatility, relying on diversified portfolios of thousands of underlying assets.

Ignoring this reality comes at a cost. Investors, increasingly informed and sensitive to liquidity and governance, are no longer willing to accept difficult-to-explain structures. They seek products with clear valuations, secondary market trading, and robust regulatory frameworks.

In this scenario, FlexFunds positions itself as a strategic partner for asset managers who want to stay relevant. Its model allows asset managers to repackage assets into listed vehicles (ETPs), ready for global distribution, without the manager needing to become a legal, operational, or regulatory expert. The focus returns to where it should be: portfolio management.

This approach is complemented by integration with solutions like Leverage Shares, a leader in leveraged ETPs in Europe, and Themes ETFs, a specialist in thematic ETFs in the United States, reflecting where the market is heading: liquid, listed vehicles designed to capture opportunities in an agile manner.

The conclusion is clear. From 2026 onward, the question won’t be who has the best investment idea, but who structured it to survive in an environment where uncertainty is no longer the exception, but the norm. Securitization is not a trend: it’s the new standard, and asset managers who don’t integrate it into their business model won’t be defending their identity: they’ll be giving up their future.

If you want to explore how to scale investment strategies in today’s environment, contact the FlexFunds expert team at info@flexfunds.com and discover how to repackage multiple asset classes into listed, liquid, and globally distributable vehicles.

Oil Oversupply May Offset Uncertainty Around Iran and Venezuela

| By Marta Rodriguez | 0 Comentarios

The geopolitical risk premium on oil is likely to remain limited due to the oversupply in the global market, despite increased oil price volatility, according to Fitch Ratings.

Any potential supply disruption in Iran can be absorbed by an oversupplied market. OPEC’s future strategic stance, volume versus value, will be key in shaping the oil market.

“Our Brent oil price estimate for 2026 is $63/bbl, while our ratings for oil and gas companies focus on credit metrics based on our mid-cycle price of $60/bbl,” the agency’s note states.

The global oil market will remain oversupplied in 2026. Fitch estimates a supply increase of 3 million barrels per day (MMbpd) in 2025, and forecasts an additional increase of 2.5 MMbpd in 2026, while demand is expected to grow by only about 0.8 MMbpd annually.

Oil production from non-OPEC+ countries accounts for 55% and 48% of these increases, respectively, driven by the United States, Canada, Brazil, Guyana, and Argentina, according to the International Energy Agency. Fitch expects some moderation in non-OPEC+ production growth in 2027.

U.S. oil producers need a WTI price between $61 and $70 per barrel to drill a new well profitably, according to the Dallas Federal Reserve Energy Survey.

Data on Venezuela’s Production

Venezuela holds 17% of global proven reserves, the largest oil resource base in the world, but accounted for just 0.8% of global crude output in November 2025. Venezuelan oil production has declined sharply over the past 15 years, from 2.5 million barrels per day (bpd) in 2010 to 0.88 million bpd in 2024, due to sanctions and lack of investment. Output hovered around 1 million bpd between September and October 2025, but fell to 0.86 million bpd in November 2025 amid renewed sanctions and tensions with the United States. Oil exports dropped to 0.67 million bpd.

The sale of stored crude in Venezuela, both floating and onshore, and the lifting of sanctions could temporarily boost oil production to around 1 million bpd. However, this is unlikely to have a significant impact on the global market.

Venezuela Faces Structural Challenges to Boost Oil Output

Venezuela will face significant challenges in raising production by 1 to 1.5 million barrels per day (MMbpd), which could allow a long-term return to its 2010 output level of 2.5 million bpd. Achieving this would require substantial investment to modernize the country’s deteriorated infrastructure. Most of Venezuela’s reserves are extra-heavy/sour crude, the production of which demands advanced technical expertise typically provided by major international oil companies. Renewed investment from U.S. and other foreign oil firms would depend on a reliable regulatory framework and fiscal stability in the sector, especially given the expropriation of U.S. oil company assets in 2007.

Iran and Russia’s Position in the Global Market

Iran remains a significantly larger oil supplier globally, with production at 3.5 million bpd and exports of approximately 2 million bpd. Iranian crude supply has remained relatively stable despite tighter U.S. sanctions (in its November sanctions, the Office of Foreign Assets Control targeted a network of Iranian trading and shipping companies). Major disruptions to Iranian oil production would push prices higher, although the overall impact would likely be limited due to the current global supply surplus.

Russia’s oil production remains virtually unchanged at 9.3 million bpd under sanctions, with most exports redirected to China and India. Recently imposed U.S. and U.K. sanctions on Russian oil companies Lukoil and Rosneft could reduce Russian oil exports, as these producers account for around 50% of total exports. Conversely, a peace agreement between Russia and Ukraine and the lifting of sanctions would likely have a limited short-term impact on Russian volumes but could increase price volatility in an already oversupplied market.

OPEC+ spare capacity, estimated at 4 million bpd, will support the market in the event of supply disruptions. OPEC’s strategy and its balance between price support and market share retention will remain a key factor for the oil market, particularly in the face of potential disruptions or rising supply from non-OPEC countries.

Focused, Victorious, and Dominating Equities: This Is How ETFs Performed in the United States

| By Marta Rodriguez | 0 Comentarios

The year 2025 will have been a series of upward flow headlines for ETFs in the United States and, when looking at the consolidated data, the record high announced in the latest ETFGI report will come as no surprise. The breakdown by asset class confirms the trend: passive management is prevailing in equities. A third conclusion also stands out—the extreme concentration of the sector, dominated by three major brands: iShares (BlackRock), Vanguard, and State Street.

A Historic Year

The year 2025 was exceptional for the exchange-traded fund (ETF) industry in the United States, marking record highs in both assets under management and net capital inflows. ETFs in the U.S. attracted a total of $1.50 trillion in net inflows during 2025, driving total assets to $13.43 trillion by the end of December 2025, a record high for the U.S. industry.

Growth in Assets and Net Inflows in 2025

The most notable figure in the report is that during 2025, investors contributed $1.50 trillion in net inflows to the U.S. ETF sector, an unprecedented figure in the historical series. Monthly net inflows also showed strong and sustained momentum, with $223 billion in December 2025 alone. This flow continues a long-standing trend of capital accumulation by institutional and retail investors into exchange-traded funds.

As a result of these significant capital inflows, total assets under management by ETFs in the U.S. reached $13.43 trillion at the end of December 2025, far exceeding the $10.35 trillion recorded at the end of 2024. This growth represents a year-over-year increase of nearly 28% in assets under management, indicating a strong investor preference for the flexibility, cost-efficiency, and liquidity that ETFs offer compared to traditional investment vehicles.

This phenomenon is not isolated: other ETFGI reports show that the global ETF industry also experienced rapid growth in assets and flows in 2025, reaching record levels of over $19 trillion by the end of November, with more than 78 consecutive months of positive net inflows.

Main Segments and Types of ETFs

A key aspect of the expansion of the U.S. market in 2025 was the differentiated contribution of ETF types.

Equity ETFs were the ones that attracted the most flows, with $149.00 billion in December 2025 alone, bringing annual flows to $656.095 billion. This demonstrates continued investor preference for diversified exposure to U.S. and global equities, according to the report.

Fixed income also saw positive inflows, with $23.079 billion in December and a total of $258.014 billion in 2025. This reflects investor interest in lower-risk instruments or risk-adjusted returns amid equity market volatility.

Commodity ETFs, though more modest compared to equities and bonds, captured $9.033 billion in December, and their cumulative flows rose significantly compared to the previous year.

A notable trend this year was the growth of actively managed ETFs. These products attracted *$43.079 billion in December alone, totaling $514.056 billion in 2025, well above figures from previous years. The increased adoption of active ETFs indicates that while passive management remains dominant, investors are willing to pay for more specialized strategies that seek higher risk-adjusted returns.

Main Providers and Market Concentration

The report also analyzes market share among the leading ETF providers in the United States. The data reveal a clear concentration among the sector’s leaders, with three firms controlling more than two-thirds of the U.S. ETF market:

iShares (BlackRock) remains the dominant provider with $3.99 trillion under management, representing approximately 29.7% of the total U.S. ETF market.

Vanguard follows closely with $3.86 trillion and a market share of 28.7%*, solidifying its position as one of the most influential managers of passive products.

State Street SPDR ETFs ranks third, with $1.83 trillion and a 13.7% market share.

Together, these three providers hold approximately 72.1%* of total ETF assets in the United States, while the remaining 457 issuers each represent less than 6%, highlighting the strong concentration of the U.S. ETF market in the hands of a few players.

Capital Group Expands Into Latin America Under the Leadership of Patricia Hidalgo

| By Marta Rodriguez | 0 Comentarios

Capital Group has appointed Patricia Hidalgo as Managing Director and Head of Latin America to lead its distribution efforts in the region. Based in the firm’s New York office, Hidalgo will report to Mario Gonzalez, Head of the Client Group for Spain, US Offshore, and Latin America.

According to the company, in this role, Hidalgo will help drive the firm’s strategy to expand and deepen relationships with institutional investors and distributors across the region, including pension fund managers in Mexico, Chile, and Colombia, as well as central banks and sovereign wealth funds.

With extensive experience in the region, Hidalgo joins Capital Group from J.P. Morgan Asset Management, where she spent over a decade in various roles, most recently as Head of Alternatives for Latin America. Prior to that, she worked at CitiBanamex in Mexico. A native of Spain, Patricia has lived and worked in Madrid, London, Hong Kong, Mexico City, and New York, bringing a truly global perspective to her new role.

Following the announcement, Mario Gonzalez, Head of the Client Group for Spain, US Offshore, and Latin America at Capital Group, stated: “We are pleased to welcome Patricia to Capital Group. Her deep knowledge of the Latin American market and proven ability to build lasting client relationships will be key as we expand in this high-growth region. This appointment reinforces our commitment to working closely with clients and delivering time-tested, long-term investment strategies and solutions tailored to their needs across Latin America.”

For her part, Patricia Hidalgo, Managing Director for Latin America at Capital Group, commented: “I am delighted to join Capital Group and lead our growth in Latin America. The region offers tremendous opportunities to build lasting partnerships, and I look forward to working with the team to bring Capital Group’s world-class investment expertise and long-term solutions to clients across Latin America.”

Santiago Leal Singer, From Banorte, Joins the IIF’s “Future Leaders” Group

| By Marta Rodriguez | 0 Comentarios

Santiago Leal Singer, Director of Financial Markets Strategy at Grupo Financiero Banorte

Mexican Financial Group Banorte starts the year with recognition for in-house talent. Santiago Leal Singer, Director of Financial Markets Strategy at Banorte, has been named a member of the 2026 Class of the Future Leaders Group (FLG) of the Institute of International Finance (IIF).

“Grupo Financiero Banorte reaffirms its position as a benchmark of excellence, leadership, and talent development in the financial sector,” the firm stated in a press release, expressing its pride in the appointment of its executive to this influential global finance group.

“This designation strengthens Banorte’s strategic voice in the leading global financial forums and solidifies its presence in the international leadership ecosystem. It also enhances the group’s value proposition for clients, investors, and employees by incorporating best practices, a global outlook, and world-class strategic capabilities,” the institution added.

Based in Washington, D.C., the IIF is the global association for the financial industry, representing nearly 400 members across more than 60 countries. Its membership includes commercial and investment banks, asset managers, insurers, stock exchanges, sovereign wealth funds, hedge funds, central banks, and development banks. The Institute serves as the primary voice of the private sector on issues of regulation, financial stability, and global economic policy.

The Future Leaders Group was created by the IIF in 2014 as a program to identify and connect the individuals who will shape the future of the industry over the next decade. Its members are rigorously selected for their leadership potential and strategic vision. The 2026 Class is composed of 60 participants, each representing an IIF member institution, and spans 32 countries and a variety of areas of expertise.

Based in Mexico City, Leal leads the bank’s outlook on fixed income, currencies, and commodities within the Economic Research division. He is responsible for shaping macroeconomic and market narratives, translating global events into forecasts and investment insights that inform decision-making across multiple business lines and stakeholder groups.

Over more than 12 years at Banorte, his role has evolved from a focus on global macroeconomic and emerging market analysis to a leadership position at the intersection of markets and institutional strategy. He is a member of the bank’s main investment committees and maintains active dialogue with other financial institutions, contributing to the exchange between markets and investment governance.

He is also a frequent speaker and panelist at industry forums. He holds an MBA from Columbia University in New York and a degree in Industrial Engineering from Universidad Iberoamericana.

365 Days of Resilience, AI, Debt, and New Geopolitics: What Now?

| By Marta Rodriguez | 0 Comentarios

Photo courtesyDonald Trump, President of the United States, speaks to the media before boarding Marine One on Friday, January 9, 2026.

It has been 365 days since Donald Trump was sworn in as President of the United States, and aside from the cold, little about that January 20, 2025, resembles today. One year ago, international asset managers saw his term as a clear opportunity for U.S. equities, driven by his campaign promises, and expected reduced uncertainty, since “Trump’s character and style were already known.” However, the past twelve months have brought surprises and, above all, significant changes in geopolitics and trade policy.

While global economic prospects have modestly improved, uncertainty remains. Experts highlight that as of January 20, 2026, the focus lies on asset valuations, rising debt, geoeconomic realignment, and the rapid deployment of artificial intelligence, all of which are creating both opportunities and risks. In fact, according to the latest edition of the Chief Economists’ Outlook from the World Economic Forum, while 53% of chief economists expect global economic conditions to weaken over the next year, this marks a notable improvement from the 72% who held that view in September 2025.

“This survey of chief economists reveals three defining trends for 2026: the sharp rise in AI investment and its implications for the global economy; debt levels approaching critical thresholds amid unprecedented changes in fiscal and monetary policies; and shifts in trade alignment. Governments and businesses will need to navigate short-term uncertainty with agility, while continuing to build resilience and invest in long-term growth fundamentals,” says Saadia Zahidi, Managing Director at the World Economic Forum.

AI and Other Asset Valuations

Following a year of exceptional performance, the debate over whether we are in an AI bubble has taken center stage among asset managers. According to MFS IM, the question is misguided: focusing on whether AI euphoria is excessive distracts from the broader and more critical issue of misallocated capital and the physical limits that constrain growth.

Indeed, equity gains concentrated around AI have split chief economists’ opinions. While 52% expect U.S. AI-linked stocks to decline over the next year, 40% foresee further gains. Should valuations drop sharply, 74% believe the effects would ripple through the global economy. The outlook for cryptocurrencies is even gloomier: 62% anticipate further declines following recent market turbulence, and 54% believe gold has already peaked after its recent rallies.

Regarding AI’s potential returns, expectations vary widely by region and sector. Roughly four out of five chief economists expect productivity gains within two years in the United States and China. The IT sector is projected to adopt AI the fastest, with nearly three-quarters anticipating imminent productivity improvements. Financial services, supply chains, healthcare, engineering, and retail follow as “fast-adoption sectors,” with expected gains within one to two years. By company size, firms with 1,000 or more employees are expected to benefit first: 77% of economists foresee significant productivity gains for these companies within two years.

The employment outlook related to AI is also expected to evolve. Two-thirds anticipate moderate job losses over the next two years, though long-term views diverge significantly: 57% expect a net job loss in ten years, while 32% foresee net gains as new occupations emerge.

Debt and Tough Decisions

Rising debt and public deficits mark another contrast with last year. Managing these elevated levels has become a central challenge for economic policymakers, especially amid growing spending pressures. Global debt levels have hit historic highs, with debt-to-GDP ratios exceeding 100% in many major economies. In the United States, the deficit remains unusually high for a period of full employment. Higher debt servicing costs are putting upward pressure on long-term bond yields, while political instability in countries such as France, the United Kingdom, and Japan is adding to the uncertainty, notes Paul Diggle, chief economist at Aberdeen Investments.

An overwhelming majority of chief economists (97%) expect defense spending to increase in advanced economies, and 74% expect the same in emerging markets. Spending on digital and energy infrastructure is also expected to rise. In most other sectors, spending is projected to remain stable, though a majority of economists foresee declines in environmental protection spending in both advanced (59%) and emerging (61%) economies.

Opinions are split on the likelihood of sovereign debt crises in advanced economies, while nearly half (47%) see them as likely in emerging markets over the next year. A strong majority expect governments to rely on higher inflation to ease the debt burden—67% in advanced economies and 61% in emerging ones.

Tax increases are also considered likely: 62% expect them in advanced economies, and 53% in emerging markets. Over the next five years, 53% of economists expect emerging markets to resort to debt restructuring or default as a management strategy, compared to only 6% in advanced economies.

A Consequence of the New Geopolitics

Announcements from the Trump administration on trade and geopolitical matters have reshaped the global landscape, if not dismantled the traditional international framework altogether. As a result, global trade and investment are adjusting to a new competitive reality.

According to chief economists’ forecasts, tariffs on imports between the United States and China are expected to remain generally stable, though competition may intensify in other areas. Notably, 91% expect U.S. restrictions on technology exports to China to remain or increase; 84% anticipate the same for China’s restrictions on critical minerals.

In this new context, 94% expect an increase in bilateral trade agreements, and 69% foresee a rise in regional trade deals. “Eighty-nine percent expect Chinese exports to non-U.S. markets to continue growing, while economists are divided on the future volume of global trade. Meanwhile, nearly half expect international investment flows to keep rising, and 57% anticipate an increase in foreign direct investment (FDI) into the United States, compared to just 9% who expect greater inflows into China,” the report notes.

Beyond China, attention is now turning to Greenland. “By making the imposition of new tariffs conditional on Europe’s acceptance of his plan to acquire Greenland, Donald Trump is taking another step in using trade as a tool of geopolitical pressure. Beyond the theatrics of the statement lies a doctrine now widely accepted: alliances are no longer stable frameworks, but renegotiable power relationships. This political strategy comes with a potentially significant economic cost, between 0.2% and 0.5% in growth depending on the severity of the tariff threat,” says Michaël Nizard, Head of Multi-Assets & Overlay at Edmond de Rothschild AM.

FII PRIORITY Miami Returns for Its Fourth Edition to Redefine Global Capital Flows

| By Marta Rodriguez | 0 Comentarios

The FII Institute has announced the return of the FII PRIORITY Miami Summit, which will be held from March 25 to 27, 2026. The event will bring together global leaders to address a central question: how should capital move, adapt, and lead in an increasingly fragmented world.

Under the theme “Capital in Motion,” the 2026 summit will gather policymakers, investors, innovators, and decision-makers to explore how capital, technology, and policies can drive sustainable and inclusive growth, with the Americas at the heart of global transformation.

In its fourth edition, the gathering reaffirms Miami’s strategic role as a bridge between North and South America and as a gateway to international markets. Following the recent success of the FII PRIORITY Asia Summit in Tokyo, Miami will offer a cross-sectional perspective on investment flows, economic resilience, and opportunity generation.

“Miami is not just a place, it is a symbol. At a time when capital is being reassigned, revalued, and reinvented, FII PRIORITY Miami will go beyond dialogue to generate action, shaping impactful partnerships, strategies, and decisions,” stated Richard Attias, Chairman of the Executive Committee and Acting CEO of the FII Institute.

Highlights of the summit’s key content include:

High-level dialogues with global leaders, policymakers, investors, and CEOs on capital deployment, emerging technologies, and growth focused on the Americas.
Strategic closed-door roundtables aimed at influencing investment priorities and delivering concrete outcomes.
Thought leadership and exclusive analysis, co-created with global partners and presented during the event.

The 2026 edition will also mark the beginning of a key year for the institute, leading up to the tenth edition of the Future Investment Initiative (FII 10) in Riyadh at the end of October, consolidating the FII Institute as the global platform where investment, innovation, and policy converge to define the future.

Registration is now open for FII Institute members, partners, media, and invited delegates. For more information and to register, visit the FII PRIORITY Miami 2026 page. More details about the program and speakers will be announced soon.

Janus Henderson Investors Following the Acquisition by Trian and General Catalyst: The Firm’s Plans for 2026

| By Marta Rodriguez | 0 Comentarios

janus henderson investors following the acquisition of trian — Canva

The news broke in the final week of 2025 and sent shockwaves through the industry: Trian Fund Management and General Catalyst announced the acquisition of Janus Henderson for $7.4 billion. At the time, company spokespeople issued a message of reassurance that, from Spain, the firm’s Head of Sales for Iberia, Martina Álvarez, fully endorsed: “The acquisition by Trian and Catalyst puts us in a very privileged position for the strategy we were already implementing,” she stated during a recent press breakfast held in Madrid.

Both Trian and Catalyst bring “a strong focus on growth,” which in the expert’s words translates into “high demands,” but also a commitment to continue investing in “the business, in clients, and in employees.”

Álvarez took the opportunity to reiterate that the vision Janus Henderson has been developing in recent years, and which remains fully in force, is to “invest in a better future together,” structured around three pillars: protect and grow, product innovation, and diversification.

A strategy based on three pillars.

On the first pillar, the Head of Sales referred to the company’s ambitious growth targets focused exclusively on its asset management business, and added: “We have the right to be ambitious: the firm already manages nearly $500 billion in assets globally and close to $5 billion in Spain.” The areas where they are targeting the most growth, the expert explained, include thematic investing (with the Global Life Sciences and Global Technology Leaders strategies as flagships), small caps, European and U.S. equities, and absolute return.

In terms of product innovation, Álvarez specifically highlighted the company’s strong commitment to active ETFs, a segment where it is already a leader in the U.S. and one it has been rapidly expanding in Europe since last year. The firm has already registered 8 active ETFs in the region, collectively managing $1 billion in assets.

A standout among them is the firm’s active ETF focused on AAA-rated CLOs (JAAA), which has ranked among the top 5 fastest-growing active ETFs in Europe. Remarkably, it is the only one among the five that has been on the market for less than a year, during which it has attracted $350 million in inflows. Álvarez described this active ETF push as a way to “broaden our strengths,” while noting it is “where we see the greatest demand from our clients.”

Finally, under the diversification pillar, the Sales Head spoke specifically about “diversifying where clients give us the right to do so.” The firm has been highly active in corporate transactions; Álvarez noted that more than 70 potential deals were evaluated last year alone, though only two acquisitions materialized: one of a private debt specialist in Chicago, and another in the Middle East. The expert added that the asset manager is preparing to register its private debt strategies in Luxembourg soon.

Secondly, the firm has also been active in signing strategic agreements with insurance companies, an area where Álvarez anticipates “strong growth in the U.S. and Europe.”

Thirdly, the firm is focused on developing and launching products specifically designed for distribution through private banks, such as the recently launched Janus Henderson Global IG CLO Active Core UCITS, a fund managed by John Kerschner, the firm’s Global Head of Securitized Products. This product offers exposure to U.S. and European CLOs with investment-grade ratings, focusing particularly on BBB-rated securities to enhance income potential. Martina Álvarez emphasized this shift toward the wealth channel as a sign of Janus Henderson’s growth and evolution: “Ten years ago, it would have been unthinkable for a private bank to choose us as a partner.”

The expert added that the firm expects to further innovate in products “if we receive requests from private banks and it makes sense for us.” Along these lines, she also highlighted Janus Henderson’s long-running training initiatives; for example, she mentioned the firm has signed an agreement to train 350 private bankers in CLOs by 2026.

“We want to understand our clients much better, and that leads us to greater personalization,” the expert concluded.

Lastly, looking ahead to 2026 and anticipating a macroeconomic scenario of persistent inflation, the Head of Sales explained that the asset manager is recommending clients definitively exit cash products and rotate toward investment solutions that provide a higher level of income. She specifically mentioned the Multisector Income strategy, as well as the firm’s short-term fixed income offering with a global approach.

Voya IM Exits the U.S. Offshore Business

| By Marta Rodriguez | 0 Comentarios

Voya Investment Management (Voya IM) has decided to exit the U.S. offshore market. The firm, active in this segment through its alliance with AllianzGI since June 2022, will therefore cease distribution of the European manager’s UCITS funds. However, the global distribution agreement for other markets remains in place, meaning AllianzGI will continue to sell Voya IM’s strategies outside the U.S. market.

“AllianzGI and Voya IM jointly agreed, following a comprehensive review of their offshore distribution business, to transfer commercial coverage of Luxembourg-domiciled vehicles to AllianzGI. This decision is based on the domicile of the strategies offered, as well as increasing regulatory complexity, and is in the best interest of the clients we serve. AllianzGI and Voya IM are confident that this new approach will strengthen our successful alliance by ensuring a smoother and more seamless operating model for our distribution partners. All other terms and conditions governing the alliance between AllianzGI and Voya IM remain fully in effect,” explained Voya IM.

The alliance between Voya IM and AllianzGI is a global strategic agreement that began over three years ago, allowing AllianzGI to expand the range of U.S.-managed investment strategies available to clients worldwide. Additionally, as part of the agreement, AllianzGI transferred part of its U.S. business and, in return for the asset transfer, Allianz Group received a 24% stake in the expanded U.S. asset manager Voya IM.

U.S.: Retail Channel Closing in on Institutional Parity

| By Marta Rodriguez | 0 Comentarios

The U.S. asset management market is at a turning point. Retail client channels continue to gain ground and are once again approaching parity with the institutional channel, following several years of adjustments marked by market volatility.

According to the report The State of U.S. Retail and Institutional Asset Management 2025, published by Cerulli, professionally managed assets in the United States have reached $73.7 trillion, a historic high. Of that total, $36.6 trillion corresponds to retail channels, while the institutional channel holds $37.1 trillion, reflecting an increasingly balanced distribution between both segments.

The retail channel briefly surpassed institutional in market share during 2020 and 2021, before retreating in 2022 due to the sharp correction in equity markets. However, that setback proved temporary. Since then, retail channels have returned to a growth trajectory and are once again nearing the 50% share threshold.

“The significant decline in assets during the 2022 market correction negatively impacted the three- and five-year compound annual growth rates of the retail channel compared to the institutional one,” explained Brendan Powers, director at Cerulli. Nonetheless, the rebound recorded in 2024 marks, according to the analyst, a return to the long-term growth trends that have historically favored the retail segment. In this context, Cerulli anticipates the momentum will continue, driven by pension risk transfers in corporate defined benefit (DB) plans and the migration of assets from defined contribution (DC) plans into IRA accounts.

Beyond the aggregate market evolution, the report highlights the growing importance of intermediaries in reshaping distribution strategies. On the institutional side, Outsourced Chief Investment Officers (OCIOs) continue to consolidate their role as key players. Assets managed by OCIOs in the United States reached $3.3 trillion by the end of 2024, having tripled in less than a decade. While new client acquisition will remain a growth driver, Cerulli notes that replacement mandates are beginning to gain traction in an industry entering a more mature phase.

At the same time, RIA channels are strengthening their role within asset managers’ retail distribution strategies. The strong growth of independent and hybrid channels, driven by advisor movement and active M&A activity, has resulted in a total of $5.9 trillion in professionally managed assets. As M&A transactions, supported by private equity and aggregators, continue to advance, a small group of large firms is beginning to concentrate the majority of assets in the RIA space.

The report also underscores the growing diversification of investment vehicles available to both retail and institutional investors. In the institutional segment, demand typically begins with separately managed accounts but extends to private funds and mutual funds, particularly among smaller institutions or in asset classes with higher operational complexity. In the DC plan space, Collective Investment Trusts (CITs) have become an essential standard.

In retail channels, ETFs and separately managed accounts (SMAs) are gaining prominence, while asset managers expand their offerings of illiquid alternative structures, such as private funds or interval funds, with the aim of facilitating high-net-worth investors’ access to private market strategies.