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Traditional Assets and Flexible Fixed Income: The Preferred Investments of Latin American and US Offshore Advisors

Amid the geopolitical uncertainty and marked volatility that characterized the first half of 2026, financial advisors in Latin America and US Offshore made strategic decisions to rebalance their portfolios, according to findings from the latest Advisory Portfolio Barometer by Natixis Investment Managers. The report, which analyzes 53 moderate model portfolios, highlights that the strongest portfolios did not simply take on excessive risk, but rather managed and applied risk more effectively.

The most notable finding was the reaffirmation of the traditional investment core: traditional assets (equities and fixed income combined) remained the preferred option, representing 89% of the average portfolio. The report also revealed a reconfiguration of how advisors manage risk. Facing a scenario where conventional defensive formulas lost effectiveness, professionals chose to dynamically adjust their strategic weightings, seeking a balance between capturing growth and protecting capital through more agile vehicles.

Flexibility in Bonds and Greater Weight Assigned to Equities

To navigate an environment in which equities and bonds moved in the same direction, reducing the protection traditionally offered by fixed income, advisors turned decisively toward flexibility. Diversified and flexible strategies reached 60% of the average fixed-income allocation, and purely flexible fixed-income mandates alone represented 40% of this asset class. This flexibility gave managers the necessary leeway to actively adjust duration and credit risk.

Alongside this search for flexibility, the second major decision made by advisors was to increase equity exposure to 47% of the total portfolio, an increase of 4 percentage points compared to the first half of 2025. To fund this higher equity allocation and make room for real assets, professionals moderately reduced their position in traditional fixed income, which settled at 42% of the total portfolio.

This is affirmed by Lucas Pérez, Country Head for the Southern Cone at Natixis Investment Managers: “This study confirms what we have been observing in the market: the advisors who navigated the first half of 2026 best were not those who took on the most risk, but those who managed it more intelligently. Flexible fixed income gave them maneuvering room amid rate shifts, and the increase in equities and real assets reflects a more accurate reading of the economic cycle. The challenge now is that, with the correlation between equities and bonds at historically high levels, diversification can no longer rely solely on traditional instruments, and that applies to our clients across the region as well.”

Concentration Management and Tactical Diversification

The Natixis IM barometer showed that portfolio execution and internal structure were the factors that drove performance differences among advisors. One of the most decisive tactical choices among top-quartile portfolios (the best performers, with a half-year return of 9%) was rigorous risk management through strict control of concentration risk. Leading portfolios capped the weight of their top three positions at 40% of total assets, in sharp contrast to bottom-quartile portfolios, which kept a high 53% of their capital exposed to just three instruments, leaving them more vulnerable to market volatility.

This drive for lower concentration was also reflected strategically within the equity component. While top-performing portfolios diversified their exposure across a median of seven positions and capped their largest single holding at 32% of the equity component, the lower-performing group concentrated a high 45% in a single position while holding an average of only four assets in total. This lack of diversification prevented lagging portfolios from participating evenly in the market recovery during the second quarter of the year.

The barometer also revealed a clear shift in credit approach. Top-performing advisors opted to reduce traditional global fixed income to 35.9% of their bond allocation (compared to 49% in the bottom quartile). Instead, they rotated that capital into more targeted niches that offered a better risk-adjusted return profile, tactically increasing their exposure to corporate debt, emerging market paper, and short-duration strategies.

Finally, the last high-impact decision distinguishing the most resilient portfolios was the incorporation of uncorrelated hedges. Nearly half of the top-quartile portfolios incorporated alternative and real assets (such as commodities and real estate), compared to less than a third of bottom-quartile portfolios doing so. This tactical inclusion allowed leading advisors to generate a 23% diversification benefit (versus 15% for lagging portfolios), successfully offsetting the historically positive correlation between equities and bonds that affected the industry during the first half of the year.

US ETF Industry Gathered a Record in Cumulative Net Inflows as of July

| By Amaya Uriarte | 0 Comentarios

ETFGI reports that the US ETF industry gathered a record $1.23 trillion in year-to-date net inflows through the end of July. During the seventh month of the year, the sector recorded net inflows of $193.42 billion, pushing cumulative net inflows to $1.23 trillion, according to the July 2026 US ETF and ETP industry insights report.

Total assets invested in the US ETF sector stood at $15.74 trillion at the end of July, remaining just below the all-time high of $15.78 trillion set in June 2026. Despite this slight monthly pause, industry assets show vigorous growth of 17.3% so far this year, rebounding strongly from the $13.43 trillion recorded at the end of 2025.

This sustained growth is backed by $193.42 billion in net inflows achieved in the month of July alone. Thus, year-to-date net inflows in 2026 set a new historical ceiling at $1.23 trillion, far surpassing previous record high points ($678.42 billion in 2025 and $577.19 billion in 2024). In this way, the market continues its streak, marking its 51st consecutive month of positive net inflows.

Analyzing capital movements and industry trends in detail, US-listed ETFs and ETPs confirmed the market’s excellent momentum by gathering the aforementioned $193.42 billion in July 2026. The balance visibly tilted toward equity: equity ETFs and ETPs attracted $89.09 billion during the month, propelling the year-to-date inflows to an impressive $567.25 billion, more than double the $249.69 billion this segment registered at the same point in 2025. Fixed income products also showed solid performance, recording net inflows of $30.88 billion in July, which increases the annual cumulative total to $218.05 billion, well above the $120.13 billion from the previous year.

These movements occurred against the backdrop of a boom in developed markets. “The S&P 500 slipped a slight 0.06% in July, but maintains a 10.14% gain so far in 2026. Developed markets excluding the US advanced 0.30% during the month and accumulate a 14.62% rise for the year, with Luxembourg (+12.10%) and Norway (+9.93%) posting the largest gains in their category. Meanwhile, emerging markets fell 0.33% in July, but retain an annual advance of 9.40%, a group where Taiwan (-7.80%) and Turkey (-5.91%) led the steepest declines,” noted Deborah Fuhr, Managing Partner, Founder, and Owner of ETFGI, in a press release.

At the industry level, the structure of the US ETF market continues to be characterized by extremely high concentration, where the top three managers account for 70.6% of total assets under management. In this competitive environment, the offering continues to expand: 169 providers have introduced 889 new ETFs to the market so far this fiscal year, compared to 186 funds that have been liquidated.

At the end of July, the local industry consisted of 5,590 ETFs and an asset volume of $15.74 trillion, distributed among 493 providers across three different exchanges. iShares remained at the forefront of the market with $4.53 trillion under management and a 28.8% market share, closely trailed by Vanguard with $4.51 trillion and a 28.7% penetration rate. State Street SPDR ETFs holds a distant third place with $2.08 trillion and a 13.2% market share. The remaining 490 asset managers divide the rest of the market share, with none individually reaching 7% of industry assets.

Latin America Stands Out for Its Growth in the Wealth Management Industry

| By Amaya Uriarte | 0 Comentarios

Photo courtesyFederico Muxi, Managing Director & Senior Partner de BCG

In a context where the private wealth management industry is growing at double digits, Latin America stands out. The region is seeing a particularly strong expansion rate according to Boston Consulting Group (BCG), driven by the appreciation of regional currencies and a variety of business-related factors—a momentum that currently shows forward projections.

“Latin America stood out for its growth,” emphasizes Federico Muxi, Managing Director & Senior Partner at the consulting firm, in an interview with Funds Society. As part of the firm’s Global Wealth Report, they estimated that the region saw a growth of 17.7% in 2025, measured in dollars. In contrast, the global industry grew by 10.7% during that same period.

What explains this? On one hand, there is the currency dynamic. “A good portion of this growth—roughly half—occurred because many of the main Latin American currencies appreciated against the dollar last year,” indicates the executive, who leads BCG’s financial institutions practice in Iberia and South America. This is the case, he explains, for the currencies of several major regional economies, including the Brazilian real, the Mexican peso, the Chilean peso, the Colombian peso, and the Peruvian sol.

The other half of last year’s boom comes from the dynamism of the economies, the savings rate they generate, and the evolution of local capital markets. “If you look at market performance over the last year, it was very good. And this year it is being replicated as well,” notes the executive, citing strong gains in stock markets that appreciate wealth.

“Despite geopolitical uncertainty and rising inflation in some markets, exacerbated by the increase in oil prices, the markets have still not adjusted and continue to show very good yields,” he adds.

A More Sophisticated Local Offering

Muxi highlights Brazil and Mexico as the hubs of greatest growth in terms of absolute volume. Regarding sophistication—including variables such as industry competitiveness and investment firm capabilities—he highlights Brazil and Chile.

Along those lines, Muxi attributes these dynamics to an economic context favorable to the business. “These are economies that have been very stable for quite some time, with good returns on local currency investments—especially in Brazil—and when that happens, a virtuous cycle is created,” he explains.

In a context where the trend is moving toward offshore investments—a trend established in the industry globally—these characteristics favor the local development of the business. Macroeconomic stability and legal certainty bring more local investments compared to offshore hubs, comments the BCG executive, which incentivizes the development of a more competitive local advisory offering. At the same time, this sophistication brings more onshore investments.

To illustrate, Muxi points out that the percentage of total financial wealth—including pension funds—held offshore reaches only 9% in Chile and 11% in Brazil. In contrast, that figure reaches 70% in cases like Argentina.

An Expanding Investor Base

Another trend that has favored the boom in the region’s wealth management business, according to the consulting firm, is the greater variety of wealth the industry is capturing. Aligning with a global trend, BCG has seen many players targeting sectors that have traditionally been underserved by major international financial advisory firms.

“Global banks, which have high compliance costs and Know Your Customer requirements, have typically pulled back in recent years to focus on the Ultra High Net Worth segment of 5 million dollars and above,” Muxi explains. This focus leaves wealth between 500,000 and 1 million dollars seeking services elsewhere.

This presents an opportunity for onshore segment players, who tend to be closer to these clients and can generally better leverage commercial banking—often as part of the same financial groups—as well as for new players, such as B2B2C platforms that channel independent wealth managers. “That is a super relevant phenomenon in the region and one of growing size,” Muxi indicates.

Looking ahead, this phenomenon is expected to keep driving the industry forward, he notes, albeit with questions around the impact of artificial intelligence and how various local players will adopt the technology.

Good Prospects for the Region

Moving forward, BCG sees a favorable context for the industry to continue developing in Latin America. “This is an industry that is always exposed to macroeconomic growth, savings rates, and how markets evolve,” Muxi emphasizes. Therefore, if markets continue to perform as they have in recent years, high growth in the industry will persist.

“In general, we are positive about the growth of wealth,” notes the professional. The firm is projecting a compound annual growth rate (CAGR) of between 7% and 10% for various countries in the region over the next five years. This spectrum places Chile at the higher end of the expansion range and Colombia closer to the bottom. “But with good prospects overall for the region,” he stresses.

In any case, this future dynamic will depend on factors such as macroeconomic stability and legal certainty in each country, which favor wealth management development and onshore investments.

In that regard, a potential challenge facing the industry relates to financial markets. Considering the heavy bet investors are making on artificial intelligence, an adjustment in international markets—as posited by those who see an AI bubble—would impact the industry. “It is a super relevant factor,” in Muxi’s words.

The Margin Challenge

On the structural side, another challenging aspect is the trend of narrowing margins in the private wealth business. “Margins have historically compressed because we are moving, like all businesses, toward a world with greater transparency,” which translates to clients being more conscious of fees, he explains. Additionally, various countries have introduced regulations regarding industry compensation.

“Fees, and thus industry revenues, fall gradually over time,” notes the BCG executive, while on the other side, costs remain relatively stable.

The general trend in the industry is for firms to cut front-office costs through technology and efficiency efforts. However, this is offset by rising back-office costs, which include investments in technology and compliance.

“The end result is slightly declining revenue and relatively stable costs,” Muxi highlights, leading to a slight compression of margins.

Even so, he emphasizes that it remains a profitable business with a model that generates revenue without deploying capital, and with low credit risk. “This is a business that, even with slightly compressed margins, remains super attractive for all players,” he stresses.

Mabrouk Chetouane (Natixis IM Solutions): “There Is Room for Surprises After Abandoning Forward Guidance”

| By Amaya Uriarte | 0 Comentarios

Photo courtesyMabrouk Chetouane, Global Head of Market Strategy at Natixis IM Solutions.

Mabrouk Chetouane, Global Head of Market Strategy at Natixis IM Solutions, believes that the cyclical decoupling observed during the first half of the year between the United States and the eurozone will likely continue for the remainder of the year. Specifically, the expert expects U.S. GDP growth to hover around its potential rate (2.4%), while eurozone growth will struggle to exceed an annual average of 0.7%.

In his view, the pressure exerted by the exogenous supply shock associated with the Middle East conflict on energy prices continues to weigh on the European economy and business activity. Without a doubt, the big question is what we can expect between now and December. We asked Chetouane about this in our latest interview at Funds Society.

What factors do you think will drive the markets during the second half of the year?

We identify three key factors that will mark the evolution of financial markets in the second half of the year. First, geopolitical factors will continue to cloud the outlook for risk assets. Although investors have largely grown accustomed to an environment characterized by the proliferation of conflicts, any escalation will translate into a new surge in market volatility.

Second, monetary factors will play a decisive role in shaping monetary and financial conditions and, consequently, the performance of equity markets. Finally, corporate earnings growth will be the determining variable in whether stock markets can continue to advance.

How will these factors influence the positioning of investment portfolios?

Logically, a resurgence of hostilities would cause renewed tension in energy markets, bond yields, and currency markets, although it would not necessarily trigger a significant correction in financial markets. Conversely, an easing of tensions in the Middle East—coupled with the absence of new conflict flashpoints globally—would present a favorable scenario for capital markets.

The monetary factor is probably the most unpredictable. Central banks have abandoned forward guidance, leaving greater room for monetary policy surprises. This new environment could increase capital market volatility and significantly raise the cost of capital.

How do you think portfolios should be adjusted for the rest of the year?

We believe that upward pressure on bond yields will persist during the second half. In this context, it is appropriate to reduce portfolio duration by increasing allocations to liquidity or high-yield corporate debt. Although equities—especially the technology sector—will continue to experience episodes of volatility and short-term rallies, we believe stock markets will remain supported by solid corporate earnings growth. Therefore, we maintain an overweight position in equities, particularly in markets driven by growth companies.

What factor do you consider the market is overlooking that, in your opinion, will be relevant?

Generally speaking, the market is aware of the main risks that could impact its functioning. However, at present, it is ignoring the domestic political factor in the United States. The approach of the midterm elections could become a major source of division within American society and ultimately disrupt the behavior of financial markets.

What can we expect from Warsh’s Fed, and what implications will it have for investors?

The arrival of the Federal Reserve’s new leadership marks a clear break from the approach adopted in recent years. By abandoning forward guidance, Kevin Warsh favors a more discretionary strategy regarding monetary policy, which may generate greater uncertainty among investors regarding the institution’s future decisions. The reduced visibility stemming from this new governance model will, de facto, translate into increased uncertainty, which is expected to trigger greater volatility in capital markets and a higher risk premium, particularly in sovereign bonds.

Comprehensive Response and AI: The Survival of Asset Managers Hinges on Repositioning Their Business Model

| By Amaya Uriarte | 0 Comentarios

Global asset managers face growing pressure to transform their business models or risk falling behind in a sector where client expectations are being profoundly redefined. This is the warning from the study “An Expanding Mandate: A Systems Level Framework for Asset Management,” jointly produced by WTW’s Thinking Ahead Institute (TAI) and the CAIA Association. The report argues that traditional approaches, focused exclusively on returns relative to a benchmark index, are losing relevance in an environment increasingly shaped by interconnected risks, structural shifts, and rising client demands.

The research highlights a widening gap between firms adapting to this new reality and those continuing to operate under legacy frameworks. The report calls this new approach “systems-level investing,” a model that recognizes that long-term investment outcomes depend on the health and resilience of the broader economic, social, and environmental systems in which markets operate.

While firms generally acknowledge the importance of major structural themes such as geopolitics, artificial intelligence, or the convergence between public and private markets, the research indicates that many are not yet able to respond to them in an integrated manner—a capability that will be decisive for future success.

In contrast, some large asset owners—including sovereign wealth funds and pension plans—are adopting increasingly integrated approaches, with a greater emphasis on real-world outcomes and long-term resilience, and they expect the same from the asset managers they appoint.

The study also reveals that, despite intense industry rhetoric surrounding artificial intelligence, asset managers are not investing in AI at the pace public perception suggests. Five-year projections show that firms intend to keep human capital investment at the forefront, while technology spending increases only marginally. This finding underscores the need to balance the push for AI with other priorities such as talent, governance, and decision-making.

A Return to the Traditional Model

In this landscape, the portfolio management sector is undergoing strategic repositioning and accelerated consolidation. Although these trends stem from multiple factors, firms slower to evolve their capabilities and business models could find themselves more exposed to these pressures as client expectations continue to shift.

Therefore, the Thinking Ahead Institute and CAIA Association urge leaders in the asset management industry to rethink how success is defined within their organizations, strengthen their ability to make decisions in a more interconnected environment, and develop the talent and cultures necessary to operate effectively in a more complex world.

“Asset management is running out of room to maneuver with traditional approaches. In a world defined by interconnected risks, structural changes, and growing client demand, benchmark-only thinking is no longer enough. Firms need to adopt a more integrated, systemic view to remain relevant,” notes Marisa Hall, Director of the Thinking Ahead Institute.

In the view of Brenda Szymanowski, Investments Director at WTW Spain, many asset managers remain attached to models built for a simpler context. “The reality, uncomfortable as it may be, is that relevance is already being quietly but decisively redistributed by asset owners toward those who have transformed their organizations for this new reality,” she comments.

Finally, for John Bowman, CEO of CAIA, the era of training in technical skills within investment management has definitively given way to lateral and cross-disciplinary thinking. “Geopolitical fragmentation, technological disruption, demographic shifts, and the growing convergence between public and private markets demand a broader view, capable of connecting dots across different disciplines. This report highlights why systems thinking is becoming a strategic necessity for investment organizations seeking to stay relevant, resilient, and aligned with the evolving needs of asset owners,” he maintains.

Goldman Sachs Announces the Acquisition of Neos for Up to $2.25 Billion

| By Amaya Uriarte | 0 Comentarios

Goldman Sachs Group announced this week the acquisition of Neos Investments for up to $2.25 billion. The transaction will be completed through a combination of cash and stock, according to a press release.

Founded in 2022, Neos manages nearly 20 option-based ETFs, totaling approximately $32 billion in assets. The products utilize strategies oriented toward income generation and dividend distribution.

The transaction also involves a company with a presence in the Brazilian market. Buena Vista Capital maintains a strategic alliance with Neos in the United States and uses indices and methodologies developed by the firm to structure ETFs in Brazil. The products combine exposure to global assets, such as bitcoin, ethereum, the S&P 500, and U.S. Treasury bonds, with option-writing strategies to generate income and distribute monthly dividends.

For Renato Nobile, CEO and CIO of Buena Vista Capital, the acquisition reinforces the asset manager’s partnership with Neos. “The acquisition by one of the world’s largest financial institutions expands the visibility of the methodologies used by the firm and helps validate the ETF model that combines exposure to different asset classes with option strategies for income generation,” he stated in the press release.

With the acquisition, Goldman Sachs’ ETF assets are expected to reach approximately $130 billion. Neos co-founders, Troy Cates and Garrett Paolella, will join Goldman Sachs Asset Management as partners, while the Neos team is expected to remain with the company.

According to the statement, the deal occurs against a backdrop of expansion in actively managed ETFs and income-generating strategies in the U.S. market. These strategies also apply in Brazil through products structured with Neos methodologies.

Buena Vista Capital was founded in 2021 and operates across fixed income, equities, digital assets, and venture capital. In Brazil, the asset manager introduced ETFs with covered call strategies and monthly dividend distributions, including SPYI11, QQQI11, and COIN11.

BBVA Adds a New Advisor to Its Global Wealth Advisors Platform in Miami

| By Amaya Uriarte | 0 Comentarios

Reinforcing its wealth management arm in Miami, BBVA announced the addition of Andrés Ricketts to its BBVA Global Wealth Advisors division. The firm welcomed the professional, who joined its ranks as Financial Advisor Associate.

Ricketts, the Spanish-parent investment firm highlighted in a LinkedIn post, brings “a strong academic background in finance and experience in strategic business development to our wealth advisory practice.”

With this, the company emphasized, the professional will contribute to BBVA’s goal of delivering unique, long-term wealth management strategies.

According to his personal profile, Ricketts comes from a varied background. Prior to joining BBVA, he served as Head of Business Development at the transport marketing firm Worldaware.

Throughout his career, he has also worked as an operations analyst at the AI technology platform FounderNest, a Business Development consultant at the wealth management platform Fund@mental, and a partner focused on business development at the repair company uBreakiFix, among other roles.

BBVA Global Wealth Advisors is the Spanish group’s unit serving high-net-worth individuals in the United States across three primary hubs: Miami, Florida; Houston, Texas; and San Diego, California. There, they offer financial solutions, wealth planning, and non-financial family office services related to family planning, health, and culture, among other areas.

Washington Tightens Its Tariff Measures and Anticipates New Trade Measures

| By Amaya Uriarte | 0 Comentarios

The United States has replaced temporary tariffs with new duties ranging between 10% and 12.5% targeting 60 countries, which account for 99% of its goods imports. Far from signaling a relaxation of tariff policy, this move highlights Washington’s determination to maintain strong trade protection while preparing new measures, as highlighted by Coface economists.

Washington Maintains Tariff Pressure

According to Coface, the expiration of temporary tariffs established under Section 122 does not represent a retreat in U.S. trade policy. These tariffs expired on July 24, but they have been replaced by new duties ranging from 10% to 12.5%, based on Section 301, applicable to 60 countries representing 99% of U.S. goods imports. This transition highlights Washington’s determination to maintain a high level of tariff protection despite legal hurdles encountered in recent months.

“The immediate impact on the average level of customs duties is expected to be limited: the new measures do not automatically add to already existing tariffs and do not significantly alter the average rate applied to U.S. imports. Nevertheless, they demonstrate the U.S. administration’s ability to adapt its instruments and continue advancing its trade strategy,” Coface analysts add.

A Stronger Legal Basis

Section 301 has already been used by the United States to impose tariffs, notably against China during the first Trump administration. Unlike the framework based on IEEPA, whose solidness was questioned due to the lack of explicit authorization to impose tariffs, Section 301 provides the White House with a stronger and more clearly established legal basis.

However, this increased legal foundation does not rule out the possibility of future challenges. To justify these duties, Washington argues that affected countries lack effective mechanisms to prohibit or control imports resulting from forced labor. Importing companies could challenge this rationale, particularly given that it applies to a very broad group of trading partners.

“This decision is not simply a technical renewal of existing tariffs. Above all, it demonstrates Washington’s intention to convert a contested regime into a more sustainable tariff framework. For businesses, the message is clear: the risk of U.S. tariffs remains high, even when a measure is on the verge of expiring,” explains Marcos Carias, North America economist at Coface.

New Tariffs on the Horizon

The new tariffs between 10% and 12.5% restore a common tariff framework for a large portion of U.S. imports, but they do not fully restore the previous regime. That regime also included additional surcharges targeting specific countries or products. It is precisely this second layer of measures that Washington could seek to reinstate in the coming months.

A new investigation under Section 301 is already underway, focusing this time on the structural overcapacity of 16 economies, including China, the European Union, Japan, South Korea, Taiwan, India, Vietnam, Mexico, and several Southeast Asian countries. While both the timeline and tariff levels that could result from this probe remain unknown, this procedure could allow Washington to target its measures more specifically against certain economies.

Other sector-specific investigations are also being conducted, particularly in aerospace, drones, medical equipment, robotics, industrial machinery, wind turbines, critical minerals, and polysilicon. Here again, it is not possible to predict with precision what measures might be adopted, but these investigations confirm that U.S. tariff policy remains in full evolution.

Canada: An Example of Escalating Trade Pressure

The pressure being exerted on Canada illustrates this dynamic. The United States has announced new 50% tariffs on Canadian imports valued at $20 billion—equivalent to 5.2% of Canadian exports to the U.S.—set to take effect on August 19, 2026.

At first glance, this measure appears designed as a leverage tool in North American trade talks. Its macroeconomic impact would remain limited should it come into force, but it confirms the increasingly frequent use of tariffs as an instrument of economic and diplomatic pressure.

Digital Assets Enter a “Mature Institutional Phase”

| By Amaya Uriarte | 0 Comentarios

Digital assets are entering a “mature institutional phase,” with sector development reflecting the growth of private markets, according to a new report by Nickel Digital Asset Management (Nickel). Based on a global survey of institutional investors and wealth managers together managing over $14 trillion in assets, the report reveals that 91% plan to increase their digital asset holdings over the coming year.

Furthermore, 65% place digital assets among their top five asset classes for risk-adjusted returns over the next five years. This figure surpasses the 61% who opted for private equity and the 53% who selected European equities and commodities in the report titled *The Next Stage of the Digital Assets Investment Revolution*.

Market Evolution and Asset Allocation

Nickel believes the study—conducted across the U.S., U.K., Germany, Switzerland, Singapore, Brazil, and the United Arab Emirates—demonstrates that the evolution of digital assets mirrors the development of private markets as a whole. Looking at the alternative asset class data, 58% of institutional investors and wealth managers view digital assets as part of their allocation to alternative asset classes. Meanwhile, data for the standalone sector indicates that the remaining 42% classify them as a standalone sector.

The research for the report also revealed that pension funds and wealth managers are among the investor profiles likely to lead the adoption of digital assets over the next two years. Around 69% of professional investors surveyed believe that pension fund investment will increase dramatically, while 60% hold the same view regarding wealth managers. The Nickel report also examines a wide range of other topics, such as digital asset corporate treasuries, crypto IPOs, ETF launches, tokenization, and the appeal of careers in the crypto sector.

“We conduct regular research across the sector, and it is clear that institutional investors are no longer debating whether digital assets should be part of their portfolios, but rather how to access them in a controlled manner with proper risk management. For this adoption to continue, stronger regulation and greater transparency will be required to alleviate lingering concerns around operational risk and market integrity. Nevertheless, digital assets are advancing into a more mature institutional phase, where growth will be driven less by speculative flows and more by disciplined strategic allocations,” notes Anatoly Crachilov, CEO and founding partner of Nickel Digital.

The Great Wealth Transfer Has Begun: The Challenge Now Is for Fortunes to Outlast Their Owners

| By Amaya Uriarte | 0 Comentarios

The largest intergenerational transfer of wealth in history is well underway, raising a question that extends far beyond who will receive the assets: what will happen to the wealth once it changes hands?

The answer will have profound implications for families, family businesses, and particularly the wealth management industry. According to Capgemini’s World Wealth Report 2025, up to $83.5 trillion in wealth is projected to be transferred to new generations by 2048. This figure encompasses Generation X, Millennials, and Gen Z, though the latter two generations will hold a growing share of the transferred wealth.

However, the sheer volume of resources involved turns wealth succession into one of the central challenges of the coming decades. It is not merely a matter of distributing assets among heirs, but of determining how to preserve them, who will hold control, how decisions will be made, and what portion of the wealth will continue to generate value for subsequent generations.

This shift also represents a major transformation for wealth managers. The traditional financial advisor, focused primarily on product selection and portfolio management, faces the need to evolve into an interlocutor capable of guiding families through governance, taxation, ownership structures, investments, and intergenerational agreements.

Mexico: A New Wave of Financial Wealth

Mexico stands among the emerging markets poised to benefit from this transformation. Boston Consulting Group’s (BCG) Global Wealth Report 2026 estimates that the country could add around $550 billion in financial wealth between 2025 and 2030, ranking second only to India and Brazil among top emerging-market generators of new financial wealth. In another projection within the same report, BCG forecasts roughly $600 billion in total Mexican wealth growth by 2030, depending on the metric used.

The distinction is important: the $550 billion refers to the projected increase in financial wealth, not the absolute size of the Mexican investable asset market. Even so, the figure illustrates the magnitude of the opportunity opening up for banks, asset managers, family offices, independent advisors, and other participants in the wealth management ecosystem.

BCG specifically identifies the client segment holding between $250,000 and $5 million in financial assets as one of the areas with the highest potential for wealth managers in emerging markets. These are clients who have outgrown traditional deposit products but do not always receive the level of service that private banking reserves for ultra-high-net-worth individuals.

This expansion of financial wealth coincides with a generational transition that will add complexity to the relationship between families and their advisors.

Inheriting No Longer Simply Means Receiving

Wealth succession has historically been understood as a relatively straightforward process: determining who inherits, how assets are distributed, and what legal and tax obligations apply.

That model is proving insufficient. BCG notes that today’s families hold assets distributed across various asset classes and jurisdictions, while family members are increasingly dispersed geographically, with differing professional and business interests. As a result, succession ceases to be a single event and becomes an ongoing process of estate architecture that can span years.

The friction can be especially evident in family businesses. For the founder, the company often simultaneously represents ownership, control, identity, and personal wealth. For successors, however, that same bond does not necessarily exist. Some may wish to continue running the business; others may prefer to sell, diversify, or use a portion of the wealth to pursue new ventures.

Consequently, dividing wealth into equal shares does not guarantee that its value will be preserved. A distribution that appears equitable among heirs can end up fragmenting ownership, weakening control, or complicating decision-making—especially when family businesses, illiquid assets, or cross-border investments are involved.

From Portfolio Manager to Wealth Architect

In this new environment, the role of the financial advisor is also changing. BCG suggests that the wealth managers best prepared for the next stage must evolve from product providers into wealth system architects. Their role will need to integrate ownership and control mechanisms, family governance structures, cross-border tax and legal considerations, and long-term objectives.

The difference is substantial: managing a portfolio involves deciding how much to invest in equities, fixed income, alternative assets, or cash. Managing a succession involves answering far more complex questions: who gets to decide on those assets, under what rules, to what ends, and how the next generation will be prepared to manage them.

Through this process, tools traditionally associated with family offices and major family enterprises are coming to the forefront: family constitutions, family councils, formal governance frameworks, the separation of ownership, control, and management, financial education for heirs, and early preparation of the next generation.

Advisory work is also acquiring an interpersonal dimension. Conversations around leadership, fairness, control, and the purpose of family wealth can be difficult. An advisor can serve as a neutral third party capable of facilitating agreements and translating family goals into concrete wealth structures.

BCG emphasizes that elements such as family values, relationships, reputation, and institutional knowledge are also part of the estate, yet they are not transferred automatically. To survive the founding generation, they must be transmitted through education, mentorship, gradual involvement in decision-making, and early exposure to family governance structures.

Therein lies one of the primary risks of the great wealth transfer: capital passing from one generation to the next faster than the capacity to manage it.

Furthermore, the new generation enters this process with a different approach to investing. Capgemini’s research shows that younger investors have greater exposure to alternative assets than previous generations, signaling shifts in portfolio composition as wealth moves across hands.

For asset managers, this means succession cannot be treated solely as a preservation issue. It will also be necessary to understand what the new owners intend to do with the capital they receive.

This phenomenon presents a major opportunity for the financial industry. Wealth growth in Mexico and other emerging markets, combined with intergenerational transfer, can expand the potential client base for private banks, independent managers, family offices, and investment platforms.

Yet it also raises expectations: clients receiving the wealth will not necessarily remain with the same manager who served their parents. The transfer of assets can easily turn into a transfer of financial relationships. Institutions that engage with the next generation before the succession takes place will have a significantly higher chance of retaining those assets.

Nor will competition be limited to traditional banks. Family offices, independent advisors, and digital platforms are expanding the range of alternatives available to investors, while differentiation begins to shift from product access to the ability to deliver comprehensive wealth solutions.

The great wealth transfer will therefore not be merely a demographic or familial event. It will also represent one of the largest redistributions of client relationships and assets in the history of the wealth management industry.

The challenge for families will be ensuring that their wealth outlasts its founders. For advisors, it will be proving they can offer more than just money management. In the coming decades, preserving a fortune will depend less on who inherits it than on how well the structure built to support it is designed.