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Financial Organizations Using Generative AI Operate With 45% Lower Costs

Digital world-class financial organizations operate with 45% lower costs as a percentage of revenue, deliver executive insights 74% faster, and generate forecasts 57% more efficiently, according to the Digital World Class® Finance 2025 research conducted by generative AI consulting firm The Hackett Group.

“As disruption accelerates, Gen AI offers financial leaders a once-in-a-generation opportunity to reinvent work and generate breakthrough business value,” said Martijn Geerling, Managing Director and Global Practice Leader at The Hackett Group. “Digital world-class financial organizations are already leading the way,” he added.

The Hackett Group defines digital world-class financial organizations as those that achieve top-quartile performance in both business value and operational excellence. These companies spend less time collecting data and more time generating analysis and insights, using Gen AI and data analytics to support faster, smarter business decisions.

The 2025 research is based on global benchmarks and highlights five key performance areas where these organizations outperform their peers:

Business Effectiveness

68% more time devoted to forward-looking analysis and strategic insights.
54% more likely to align business planning with the annual budget.
48% fewer days in accounts receivable and 83% fewer average delinquency days.

Digital Enablement

Twice as likely to allow cost center managers to input budgets online and generate ad hoc reports themselves.
Nearly 100% provide online access to customer accounts (six times more than their peers).
Suppliers use self-service portals seven times more often.

Customer and Stakeholder Experience

42% more stakeholders view finance as a valuable partner.
25% more likely to generate electronic invoicing, with 48% fewer errors, allowing nearly 100% of receivables to be collected on time.

Operational Efficiency

Closing cycles are 35%–57% shorter than those of their peers.
57% less spending on planning and forecasting, with greater investment in business analytics.
Up to 42% fewer full-time employees needed in key finance functions.

Process Automation

56% more likely to automate order-to-cash processes, including invoicing and payment application.
Approximately 80% of accounts payable workflows are fully automated.
Nearly 99% of journal entries are automated (versus 85% among peers).

The Finance Operating Model for the Gen AI Era

To achieve digital world-class performance, a redesigned finance operating model is required. The Hackett Group proposes six levers to build a Gen AI-enabled finance function:

Service Design: Redesign core processes for autonomous workflows and customer-centric experiences.
Technology: Streamline legacy systems, adopt cloud tools, and apply Gen AI to accelerate reporting, forecasting, and analytics.
Human Capital: Train teams to collaborate with AI, foster a culture of innovation, and build leadership and business partnership skills.
Analytics and Information Management: Drive enterprise-wide data governance and ensure the financial data foundation is AI-ready.
Service Partnership: Outsource transactional tasks and focus internal talent on strategic impact; collaborate with ethical AI partners.
Organization and Governance: Flatten hierarchies, establish AI centers of excellence, and adopt cross-functional, end-to-end service models.

“Digital world-class financial organizations are becoming trusted strategic partners by using Gen AI to automate routine work and elevate analysis,” said Vince Griffin, Practice Leader for Executive Finance Advisory at The Hackett Group. “They are transforming planning, forecasting, and decision-making to drive measurable business impact,” he concluded.

Patria Concludes First Fundraising Round for an Agroforestry Assets Fund

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Patria Investimentos, an alternative asset manager with a presence in Latin America, has concluded the first fundraising round for the Reforest Fund, focused on investments in agroforestry systems. The amount raised in this initial phase was approximately 100 million reais (17.98 million dollars). The fund’s goal is to mobilize up to 1.2 billion reais (215.82 million dollars).

The Patria Reforest Fund aims to invest in projects that promote the restoration of degraded ecosystems in Brazil through the implementation of agroforestry systems that combine native species with high value-added agricultural crops. The initial focus of the initiative is the Atlantic Forest, prioritizing regenerative value chains such as coffee, cocoa, and açaí.

“The Reforestation Fund was born out of our commitment to developing solutions that optimize land use, aligning profitability, environmental regeneration, and productive development,” said Pedro Faria, partner and co-CEO of High Growth at Patria Investimentos.

The projects will be managed by Patria, with Pachama serving as consultant, in collaboration with local forestry operators who have extensive knowledge of the regions in which they operate and practical experience in the sector, according to a statement from the manager.

“We are proud to lead a fund focused on agroforestry in Brazil and to dedicate resources and efforts to generating lasting impact through ecosystem restoration and the promotion of resilient value chains,” added Faria, who emphasized that Patria has a long track record in agribusiness and infrastructure investments.

The fund’s first project will be implemented in the state of São Paulo, and studies are underway to expand into other biomes. The first projects in the Atlantic Forest will aim to restore a highly degraded biome that still has biodiversity corridors and the largest river basins in the country.

Participants in the first fundraising round included notable figures such as David Vélez, Teresa and Candido Bracher. Also involved were the Enseada Family Office and Desenvolve SP, the development agency of the Government of the State of São Paulo, which selected the fund through a public call.

“Joining this fund reinforces Desenvolve SP‘s strategy to promote regional development, environmental sustainability, and increased business productivity. The fund’s investment thesis precisely reflects these values, which guide our mission and are fundamental pillars for driving a more inclusive and efficient economy,” said Ricardo Brito, Executive Director of Desenvolve SP.

The fund is aimed at qualified investors and seeks to invest in real assets with long-term return potential. The executive considers that optimizing land use with productive systems that regenerate the soil, capture carbon, and protect biodiversity is one of the greatest opportunities to overcome the challenges of transitioning to a low-carbon economy, according to a statement from Patria.

Juan Alcaraz Steps Down as CEO of Allfunds and Will Be Replaced by Annabel Spring

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llfunds, together with its Group CEO and founder, Juan Alcaraz, has announced that he will be leaving the company to pursue new challenges. The company highlights that, after a distinguished career at Allfunds, during which he successfully led the firm’s growth and expansion, Juan Alcaraz will take on an advisory role over the next twelve months to ensure a smooth leadership transition.

Juan Alcaraz founded Allfunds 25 years ago and has served as CEO with distinction, guiding its development into a leading global platform for wealth management businesses and their end clients. Today, Allfunds has over €1.5 trillion in assets under administration, serving 940 distributors in 66 countries. “As CEO and founder, Juan Alcaraz was a pioneer in the development of open fund architecture in Europe over three decades and built Allfunds from the spark of an idea and a small business unit within Banco Santander into a global leader in WealthTech,” the company emphasizes. In its official statement, the entire Board wishes to thank Juan Alcaraz for his significant contribution to Allfunds and extends best wishes for his future endeavors.

“Juan Alcaraz has led Allfunds with great dedication since its inception, navigating key milestones such as the IPO in 2021, and has worked tirelessly in service of the business, our clients, and shareholders. We are grateful for his exceptional leadership and entrepreneurial spirit over the years and wish him much success in his upcoming projects,” stated David Bennett, Chairman of Allfunds.

Regarding his departure, Juan Alcaraz, founder of Allfunds, said: “It has been a tremendous privilege to be part of Allfunds’ growth and to have witnessed both the business and its people thrive over more than two decades. I have agreed with the Board that this is the right time for the company to begin a transition to new leadership. It has been an honor to work with everyone at Allfunds, especially the members of the Executive Committee and the Board. I leave the company in very capable hands, well-positioned for the future and with strong business momentum heading into 2025 and beyond.”

Annabel Spring, New CEO

Following Alcaraz’s departure, the company’s Board is overseeing the succession planning and has appointed Annabel Spring as the new CEO of Allfunds, who will assume the CEO role in June.

According to the firm, Annabel Spring brings extensive experience to Allfunds after a distinguished career in wealth management and banking spanning 30 years and four continents. She joins Allfunds after six years at HSBC, where she most recently served as CEO of Global Private Banking and Wealth Management. Prior to that, she spent nearly a decade at the Commonwealth Bank of Australia, where she held the role of Group Executive for Wealth Management. Annabel began her career at Morgan Stanley, initially in investment banking before moving to Corporate Strategy, where she was Global Head of Group Strategy and Execution.

According to the announcement, under her leadership, Allfunds will continue to drive innovation and foster strong relationships with clients and asset managers, leveraging its robust business model to achieve sustainable long-term growth.

“The Board is pleased to welcome Annabel Spring as our new CEO. Her extensive experience leading global wealth management businesses, deep knowledge of international banking, and focus on people, technology, and client experience make her the ideal leader for the next stage of Allfunds’ growth. Annabel’s strong relationships with the global client base and a wide range of asset managers, built over many years, will support Allfunds’ future growth strategy,” added Bennett.

For her part, Annabel Spring, new CEO of Allfunds, stated: “Allfunds is a global leader in its field, with a strong reputation in the wealth management and banking community. The trends supporting the continued growth of global wealth are solid, and I believe Allfunds is very well positioned to seize this great opportunity. I am excited to join Allfunds and to work alongside the Board, the Allfunds teams, and our global partners to continue innovating, growing, and delivering value for our clients and shareholders.”

UBS International Adds Adelino Dias as Financial Advisor in New York

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UBS International has added Adelino Dias as a Financial Advisor in New York, according to a LinkedIn post by Michael Sarlanis, Managing Director and Market Executive of UBS New York International.

“I’m pleased to announce that Adelino Dias has joined UBS International in the New York International market,” wrote Sarlanis, sharing a brief message from the bank welcoming Dias and highlighting his background serving high-net-worth and ultra-high-net-worth clients, primarily in Brazil.

Fabian Ochsner, Market Director for New York International, Wealth Management Americas at UBS International, echoed the announcement on his own LinkedIn profile. After welcoming Dias, he said: “We are thrilled to have you on board and look forward to a successful future together.”

Before joining UBS International, Adelino Dias served as Director for seven years at Citi Private Bank, following an 11-year tenure at J.P. Morgan, where he held the role of Executive Director of Private Wealth Management. Prior to that, he spent eight years at Citi, where he was VP Wealth Manager.

A Brazilian national, Dias holds a Bachelor’s degree in Business Administration from Fundação Getulio Vargas and an MBA in Finance from UNC Kenan-Flagler Business School, among other academic credentials.

BBVA Expands in the United States and Creates a Tax Credit Monetization Unit

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BBVA Corporate & Investment Banking (CIB) continues its strategic expansion in the United States and has appointed Jorge Colmenares as Managing Director of Tax Credit Monetization, based in New York. This addition to the Spanish bank reinforces BBVA’s commitment to delivering innovative financing solutions and strengthens its growing presence in the U.S. renewable energy sector.

Through this new unit, BBVA will offer specialized capital-raising and structured financing solutions tied to energy tax credits—an increasingly relevant asset class amid the evolving regulatory and investment landscape in the U.S., the bank said in a statement.

Jorge Colmenares has over 25 years of experience in project finance, renewable energy, and tax credit advisory. He joins from Citibank, where he led the clean energy financing division. Previously, he held a senior position at GE Capital and also advised on a wide range of renewable energy transactions in the United States.

In his new role at BBVA, Colmenares will lead the origination and structuring of tax equity transactions and other related financings, under the leadership of Philip Schubert, Head of Investment Banking & Finance for BBVA in the United States.

“We are pleased to welcome Jorge at a pivotal moment in our growth in the U.S.,” said Philip Schubert. “His extensive experience in tax credit monetization and deep knowledge of the renewable energy market will be essential in strengthening our strategic relationships with institutional and corporate clients, providing tailored solutions that support their investment goals,” he added.

The hiring of Colmenares aligns with BBVA’s global strategy to establish specialized teams in key global markets and to enhance its capabilities in project finance, securitized products, and balance sheet solutions.

Small Businesses Hold Steady Amid Shifting Spending

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OKX expansión EE.UU. exchange y wallet — Pixabay CC0 Public Domain

Fiserv Inc. has released its May 2025 Small Business Index, revealing a picture of resilience despite economic uncertainty and changing consumer habits. The index remained steady at 151, with small businesses posting solid year-over-year sales growth of 3.3% and a 3.8% increase in transactions.

Month-over-month, sales inched up 0.2%, but transactions fell 2.7%, the largest drop in consumer foot traffic since early 2023. Meanwhile, the average purchase size rose 2.9%, suggesting shoppers are spending more per visit even as they visit less frequently.

“The continued shift toward essential spending is now a defining trend-growing at double the rate of discretionary purchases as consumers are more intentional with their spending,” said Prasanna Dhore, Chief Data Officer of Fiserv.

The shift is visible in sector performance, services surged 3.9% year-over-year, outpacing goods at 1.9%. Monthly, services grew slightly while goods declined, reflecting a preference for experiences and necessities over material items. Transportation, warehousing, manufacturing and professional services all showed strong momentum.

Restaurants, despite a 5.6% dip in foot traffic, managed modest sales growth of 1.8% year-over-year and 0.6% month-over-month, with full-service venues feeling the biggest pinch.

Retailers saw modest yearly sales gains of 0.9%, though average spend per visit fell nearly 2%, highlighting deal-seeking behavior amid inflation. Food, beverage and clothing retailers led growth, while gasoline stations and health stores lagged.

Regionally, 30 states reported sales growth compared to April, with New Mexico (+5.9%), Maryland (+3.2%) and Rhode Island (+3.1%) leading the charge. Washington (+13.3%), South Carolina (+11.3%) and Maryland (+10.1%) showed the strongest yearly gains.

Among major cities, San Francisco (+10.0%) and Atlanta (+9.5 %) stood out for year-over-year growth, while Dallas and Chicago led month-over-month gains, signaling healthy urban market momentum.

Overall, the data reveals small businesses adapting smartly, focusing on essentials and services, to navigate a cautious but steady economic landscape.

Conamer Publishes Draft of Amendments for AFOREs’ Alternative (Structured) Investments

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On May 21, the draft law amending the provisions for alternative (structured) investments by AFOREs, among other changes, was published on the website of the National Commission for Regulatory Improvement (CONAMER).

Its publication in CONAMER is part of Mexico’s regulatory improvement process, which requires draft regulations to be made transparent and submitted for public consultation before being published in the Official Gazette of the Federation (DOF).

The estimated period between publication in CONAMER and its eventual entry into force (via the DOF) is between 2 to 3 months, provided that no substantive adjustments are made to the text. Regarding alternative (structured) investments, these are the key points of the new framework, should it be published without changes in the DOF:

Predominant Investments in National Territory
Two levels are established to determine compliance:
– General Limit (Annex S of CUF): Applies to all structured instruments. Requires that at least 10% of the capital effectively invested be allocated to projects in Mexico.
– New Additional 10% (Annex S bis): Applies only to instruments issued starting in 2025.
Requirements:
– 80% of committed capital must be allocated to projects in Mexico.
– 50% of effectively invested capital must remain in national territory by year five.
Minimum National Committed Percentage
To access the additional 10%, at least 80% of the committed investment must be allocated to national projects.
Specialized Subcommittee in Structured Instruments
Mandatory. Must include at least one lawyer (not independent) and one independent expert in structured instruments.
Concentration Limits
Caps are established per project, issuance, and manager. If exceeded, the possibility of new investments is suspended until the situation is regularized.
Prior Evaluation of Structured Instruments
All investments must undergo technical evaluation in accordance with Annex B and be approved by committees, including a favorable vote from the majority of independent directors.
Maximum Fees
– Up to 200 basis points if the fund is in its initial stage.
– Up to 150 basis points if considered mature.
Any excess must be returned to the investment fund.
Monitoring and Control
Requires a technical justification, clear exit strategy, and continuous monitoring (through reports, independent valuation, or participation in technical committees).
Capital Call Computation
The invested value plus up to 35% of the notional value of pending capital calls will be computed.
Mandatory Certification
All personnel involved in structured investment decisions must hold a valid, specific certification.
Five-Year Verification
It will be verified that at least 50% of effectively invested capital remains in national territory.
Regulatory Benefit
Instruments that meet the requirements of Annex S bis will not be counted toward the global structured investment limit.
Exclusions from National Computation
Investments placed in other structured instruments and liquidity positions within the vehicle will not be considered national investments.

Final Thoughts:

– Corporate governance is reinforced with the obligation to establish a specialized subcommittee in structured instruments.
– A clear distinction is made between prior structured investments and those related to the new additional 10%.
– It is expected that AFOREs will be equally or even more stringent in using the additional 10%, predominantly within national territory.
– From our perspective, allocation of resources from the new additional 10% will be used selectively and gradually.
– The maturity of CKDs and asset growth will enable AFOREs to free up resources for the use of the 20%, allowing them to invest up to 90% globally and 10% locally.
– CKDs maturing between 2025 and 2027 have a market value of $3.8B (1.1% of AFOREs’ AUM as of March 2025), and those maturing between 2022 and 2024 total $1.8B (0.5% of AUM). The total market value of all CKDs is $16.6B.

– Assets under management, currently at $354B (as of March 2025), are projected by JPMorgan to reach $494B by 2027 (February 2024 projection).

Michael Horowitz Will Be the New Inspector General of the Fed

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The Federal Reserve announced that Michael Horowitz will serve as Inspector General starting June 30, 2025. He will succeed Mark Bialek, who retired in April after nearly 14 years in the position.

Horowitz has more than 35 years of experience in law, public administration, and investigations. Most recently, he served as Inspector General of the Department of Justice, a role he had held since April 2012. He also chaired a committee of 21 federal inspectors general to oversee $5 trillion in pandemic relief spending, has chaired the Council of the Inspectors General on Integrity and Efficiency, and has been a member of the United States Sentencing Commission.

Earlier in his career, he was an Assistant U.S. Attorney in the Southern District of New York, where he ultimately led the office’s public corruption unit. He holds a Juris Doctor from Harvard Law School and a Bachelor of Arts from Brandeis University.

The Office of the Inspector General was established by Congress as an independent oversight authority for the Fed’s Board of Governors and the CFPB, and operates under the Inspector General Act of 1978.

Cristián Ruiz Joins AMM Capital as Managing Partner

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Taking another step in a career that has already spanned more than two decades in wealth management—including just over two years at Itaú—private banker Cristián Ruiz has moved to a new company. He has joined AMM Capital, a Chile-based wealth management boutique, which recruited him for the role of Managing Director.

Ruiz announced the move on his LinkedIn professional network, expressing gratitude to the professionals who have accompanied him. “I’m grateful for the trust placed in me to take on this new challenge, which represents a valuable opportunity to continue developing in the financial world and to contribute my experience in a dynamic and demanding environment,” he stated in his post.

When consulted by Funds Society, the private banker explained that he will report directly to AMM’s CEO, Francisca Tampier, and that his main responsibilities will involve designing and developing investment strategies for high-net-worth clients in Chile and abroad.

For Ruiz, this move is another step in his journey through the investment world—a passion he has held since adolescence—and wealth management. “After growing professionally in banks, I made the decision to join a great multi-family office to have more freedom and be able to offer clients investment solutions with an open architecture,” the executive commented.

According to his professional profile, he worked at Itaú Chile from March 2023 to May of this year, serving as leader of Itaú Advisors. In that role, he headed the investment banking team for high-net-worth clients at the firm. The bulk of his career, however, was at Banco de Chile, where he spent 19 and a half years and reached the position of Wealth Management Manager at Banchile Inversiones.

AMM Capital is a financial advisory and private investment fund management company focused on clients with over $2 billion in investable liquid assets. In addition to the Chilean market, it also has a presence in Argentina, Panama, and the United States.

Sebastián Da Silva Joins Global Work Management Group

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Sebastián Da Silva has joined the team at Global Work Management Group (GWMG) as Introductor Director. His mission will be to strengthen client asset holdings in Latin America and Europe, the firm announced in a statement.

With a distinguished academic background, Da Silva holds a degree in Business Administration from Universidad Nueva Esparta in Caracas, Venezuela, where he graduated with Cum Laude honors. He also earned recognition as a Business Administration graduate from the University of Madeira (UMA) in Funchal, Portugal. He continued his education with a Master’s in Finance from Universidad José María Vargas (UJMV) in Caracas, also graduating with Cum Laude honors, and holds a Master’s in Corporate Finance from the Instituto Superior de Contabilidade e Administração do Porto (ISCAP), Portugal.

Over the course of his 27-year professional career, Da Silva has built a solid track record in international financial markets. He began as Junior Representative for Venezuela at Banif – Banco Internacional do Funchal S.A., a role he held for seven years. He later served as Senior Wealth Manager at Citibank Capital Markets for five years. Seeking diversification in investment portfolio management, he joined VectorGlobal WMG as Senior Financial Advisor, a position he held for 15 years until November 2024.

GWMG is a firm that combines wealth management with a diversified range of alternative businesses. Its comprehensive approach includes portfolio management, brokerage of wealth, investment, and life insurance, a foundation dedicated to Financial Education, and it will soon launch an institute for market education. The firm also offers clients a network for managing physical assets, including real estate, for truly strategic and personalized wealth management.

Evelin Frangié, Managing Director of GWMG, and Sebastián Da Silva, Introductor Director at GWMG.

GWMG: Global Work Management Group is a wealth management services firm that, in partnership with Pro Capital, manages investment portfolios. One of its main custodians is Pershing LLC, a subsidiary of Bank of New York Mellon.

Pro Capital is a privately held Broker Dealer based in Uruguay with an international focus and reach. It is rated AA+ Uy by Fitch Ratings and has a track record of nearly two decades.

Pro Capital maintains strategic alliances with Pershing LLC (a BNY subsidiary), Morgan Stanley, SAFRA New York, and SAFRA Geneva, providing access infrastructure to the markets under the best conditions with strong, recognized firms—further strengthening both Da Silva’s position and that of GWMG – Global Work Management Group.

“I focus on capital preservation across generations, managing our clients’ wealth with due diligence and strategic vision. We always prioritize their interests and benefits, implementing strategies designed to minimize the inherent risks of market volatility. We aim not only to protect their wealth but also to drive it forward sustainably, managing long-term growth in alignment with their profile, needs, and financial objectives. In doing so, we strengthen lasting relationships and seek to ensure our clients’ legacy transcends generations,” stated Sebastián Da Silva Correia.