With AI Leadership, Thematic ETFs Will Reach Record Flows in 2025

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2025 could become a historic period for investment strategies focused on artificial intelligence (AI). Thanks to the leadership of this groundbreaking technology, this year could be “defining” for thematic investing, according to The ETF Impact Report 2025–2026, published by State Street Investment Management.

In 2023, AI ETFs made a strong entrance into the market, as excitement around generative AI reached its peak, and in 2024, investors sought exposure to the companies driving the next era of AI innovation. Now, in 2025, AI is rapidly being integrated across industries, revealing new applications and efficiencies almost daily, according to the asset manager’s report.

In the first two months of this year, thematic ETFs recorded net inflows of $2.4 billion—the highest two-month intake since 2021. Exchange-traded funds focused on robotics and AI dominated that market: nearly 50% ($1.1 billion) of that flow originated from robotics and AI ETFs, which easily outperformed other popular themes, State Street noted.

This same week, Julian Emanuel, Senior Managing Director at Evercore and Chief Equity and Quantitative Strategist, said in a note to clients that thanks to the momentum of AI, the U.S. S&P index could rise 20% by the end of 2026, as this technology “will elevate stock valuations and social standards to unprecedented levels.”

As capital flows into high-growth, innovation-driven sectors, other thematic ETFs—such as those focused on Future Security and Enhanced Connectivity & Exponential Processing Power—should also benefit. With AI at the helm, 2025 could become a defining year for thematic investing, the asset manager added, noting that it expects “more such products to be launched in the near future, as the underlying technology continues to iterate and improve.”

The global ETF market could close out 2025 as its best year to date. According to projections from State Street IM, global ETF flows will reach $2 trillion (in U.S. terms) by the end of this year.

With a Joint Statement, the SEC and the CFTC Give the Green Light to Spot Cryptocurrency Trading

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The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) issued a joint statement clarifying that current law “does not prohibit” regulated exchange platforms from offering spot cryptocurrency trading.

The agencies’ clarification means that traditional exchanges could launch their own spot crypto markets, expanding competition and deepening liquidity.

The announcement follows broader legislative developments, such as the approval of the GENIUS Act, which established a federal regulatory framework for stablecoins, and the Digital Asset Market Clarity Act (CLARITY Act).

“Today’s joint statement represents a significant step forward in bringing cryptoasset market innovation back to the United States,” said Paul Atkins, Chairman of the SEC. “Market participants should have the freedom to choose where they trade spot cryptoassets. The SEC is committed to working with the CFTC to ensure that our regulatory frameworks support innovation and competition in these rapidly evolving markets,” he added.

This includes Designated Contract Markets (DCMs) registered with the CFTC and National Securities Exchanges (NSEs) registered with the SEC.

The joint statement also added that the initiative is part of the SEC’s Project Crypto and the CFTC’s Crypto Sprint, and is based on the recommendations of the Presidential Working Group on Financial Markets report titled “Strengthening American Leadership in Digital Financial Technology.”

“Under the previous administration, our agencies sent mixed signals on regulation and enforcement in digital asset markets, but the message was clear: innovation was not welcome. That chapter is over,” said Caroline D. Pham, Acting Chair of the CFTC, in the same official statement.

“By working together,” she added, “we can empower American innovation in these markets and build on President Trump’s collaborative approach to make the United States the crypto capital of the world. Today’s joint statement is the latest demonstration of our shared goal to support growth and development in these markets, but it won’t be the last.”

The joint statement included a call for market participants to engage “with SEC or CFTC staff, as needed, to discuss any questions or concerns they may have.”

Insigneo Launches Alia 2.0, an Integrated Technological Solution Focused on the Financial Advisor

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The wealth management firm Insigneo officially launched Alia 2.0, a next-generation technological platform that optimizes and modernizes the way investment professionals manage their practices, as it brings together key elements of the advisor’s workflow in a cohesive digital environment, providing users with greater clarity, control, and efficiency, according to a statement released by the Miami-based company.

Originally introduced in November 2022 as a web-based financial services CRM for portfolio visibility and onboarding processes, Alia evolved into a strategic technological ecosystem that now powers core operations across Insigneo’s global network. “The launch of Alia 2.0 marks a major milestone in that evolution, offering new capabilities and laying the foundation for future innovations,” the firm said in the same statement.

“As the wealth management industry becomes more complex, the need for integrated and purpose-driven technology has never been greater,” said Javier Rivero, President and Chief Operating Officer of Insigneo. “With Alia 2.0, we are delivering a powerful platform that supports financial professionals in their daily work, enhancing transparency, increasing speed, and strengthening the advisor-client relationship at every step,” he added.

Unlike legacy systems that force advisors to switch between fragmented platforms, Alia 2.0 was created to eliminate the “swivel chair effect,” providing a unified experience for the advisor. With access through single sign-on, advisors can now manage client onboarding and service across custodians, compliance, and execution from a centralized workspace. The platform integrates top-tier technologies, including real-time data validation tools, automated workflows, and configurable dashboards—selected and integrated to align with the evolving needs of today’s investment professionals.

Multi-custody functionality is at the core of the Alia 2.0 experience, offering advisors seamless visibility across accounts and custodians. Designed with scalability in mind, the platform will continue to evolve in the coming months with additional features focused on account opening, third-party integrations, and portfolio-level insights, ensuring that Alia 2.0 remains a future-ready solution in a rapidly transforming industry, according to the firm’s statement.

“Alia 2.0 is a platform specifically designed to eliminate complexity and deliver precision,” said Vikas Saxena, Chief Technology Officer of Insigneo. “Powered by Salesforce and integrated with applications like Orion, Luma, and InEx Trade, Alia creates a single workspace where advisors can open accounts, manage compliance (including KYC and AML), track SLAs, and generate client-ready reports—all from one place. It’s not just a system; it’s an ecosystem built to grow alongside the advisor,” he added.

Outlook and Perspectives for China: Moderate Optimism in Equities and in the Country’s Transformation

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China Mid-Year Economic Review and Outlook: Moderate Optimism in Equities and the Nation’s Transformation

After passing the halfway point of the year, it is time to assess China’s economic situation. The country’s GDP grew by 5.3% in the first half of the year compared to the same period in 2024, aligning with the government’s target. The deficit stood at 4% of GDP—its highest in thirty years—seemingly confirming the government’s intention to support the economic cycle through decisive industrial policies.

Beijing also announced a record trade surplus of around $586 billion, with exports growing 5.8% year-on-year in June, exceeding analysts’ estimates. Despite tariffs currently standing at 55%, China’s trade surplus with the United States rose to $114.77 billion by June, up from $98.94 billion a year earlier, once again surpassing market expectations. “This is a clear indicator of the resilience of Chinese companies: decoupling is a long-term process, and in many technology sectors, global dependence on China remains structural,” says Carlo Gioja, Portfolio Manager and Head of Business Development in Asia at Plenisfer Investments—part of Generali Investments—in his mid-year review of the Chinese economy.

However, to truly understand the country’s trajectory and the scope of its ongoing transformation, Gioja sees it as “crucial” to look beyond the numbers, as “this is where a new Chinese paradigm emerges.” More than ever, he argues, understanding China’s transformation requires “observing its contradictions simultaneously”: the real estate crisis and the growth of high technology; apparent consumer weakness and the rise of innovative business models; geopolitical tensions and the disruptive strength of key industrial sectors; and finally, local government fiscal crises alongside innovation-driven growth ambitions.

In this context, the expert sees selective opportunities in the country’s equity markets. He notes that the Chinese government has strengthened its commitment to support the domestic stock market by requiring major institutional investors to increase their allocation to onshore listed equities—those on the Shanghai and Shenzhen exchanges, denominated in RMB and traditionally reserved for local investors and a small group of institutions—by 10% annually over three years. Insurance companies are also required to allocate 30% of new premiums for this purpose.

“The government and the Party in China continue to adopt certain elements of a planned economy, but at the same time, they support market competition and believe in innovation as a lever for increasing productivity,” Gioja states. He believes the success of this approach largely depends on Beijing’s ability to manage the balance between central control and local initiative.

Even with U.S. tariffs, many sectors in which China holds a cost and scale advantage—batteries, electronic components, machinery, footwear, solar panels—remain competitive despite higher barriers to entry.

Despite this, “international capital remains predominantly speculative: even after the ‘DeepSeek effect’ earlier this year, long-term investors have yet to return in force.” The Plenisfer expert notes that a market dominated by speculative participants tends to be more volatile and less efficient in pricing the potential of top companies. Therefore, he believes current valuations in some cases offer good opportunities for future gains.

“China may seem like a multifaceted enigma, difficult to grasp at a glance. However, it is precisely in the complexity of its manufacturing, technological, and cultural ecosystems that selective opportunities lie for the patient and well-informed investor,” he concludes.

Nicholas Yeo, Head of China Equities at Aberdeen Investments, is somewhat more optimistic. He continues to see an improving environment for his fundamental approach in China’s equity markets, which gives him confidence for the remainder of the year.

Yeo also notes that the onshore equity market “is playing an increasingly important role in Chinese society” and that reforms and policy support for the markets are ongoing. “The market is an important mechanism to channel capital into innovation-related sectors,” he says, adding that he continues to see a growing number of opportunities in the A-share space.

In this landscape, he maintains a positive bias following the policy shift at the end of last year: external pressure could lead to a stronger focus on domestic stimulus, which is key to economic recovery. “Recent policies such as the fight against ‘involution’ suggest that authorities are taking steps to protect the economy,” he states.

“There is abundant liquidity in the system, with bank deposits equivalent to the market capitalization of China’s A-share market. With low interest rates, retail investors will seek higher-yielding assets, and the stock market is the primary destination for this money given the current state of the real estate sector,” Yeo asserts.

Thus, he believes the Chinese A-share market is “on the verge of sustained performance,” supported by a potentially weakening U.S. dollar and attractive valuations—not only compared to the U.S. market but also to other emerging markets. “Despite reaching new highs, the valuation of the Chinese A-share market remains below its five-year average,” he adds.

Meanwhile, Vivek Bhutoria, Emerging Markets Equity Portfolio Manager at Federated Hermes Limited, advocates for putting U.S.–China trade tensions into context: exports to the United States account for less than 3% of China’s GDP, and consumer goods and electronics make up the majority of those exports. “Nevertheless, punitive tariffs are likely to negatively impact Chinese exports. However, they will also increase costs for U.S. importers—and potentially for consumers,” he argues.

If tariffs persist, leading emerging market countries and regions—particularly China, India, and Southeast Asia—are expected to continue growing at an annual rate of 4% to 6%, compared to a global GDP growth of 50 to 100 basis points, supported by structural reforms and fiscal stimulus. “China retains the fiscal capacity to stimulate growth and absorb excess capacity resulting from reduced exports if U.S. tariffs are punitive,” Bhutoria explains.

The expert acknowledges that his view on China has always been long-term, noting, “The lack of investor interest in China in recent years has presented us with attractive entry points to invest in high-quality companies trading at significant discounts to their intrinsic value.” At this point, he believes the market has “overpriced” the risks associated with Chinese equities and that even if President Donald Trump imposes punitive tariffs, “China has the capacity to grow into prosperity,” which is why he remains positive on the country.

Europe Stumbles on Sustainability: Complex Regulation and Limited Industry Support

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A recent study by MainStreet Partners, a firm specialized in sustainable investment and part of Allfunds, warns that the European Union is facing serious difficulties in turning its ambitious green agenda into a real competitive advantage.

The report identifies overlapping regulations, administrative burden, and lack of support for key sectors such as electric vehicles as the main barriers. According to Daniele Cat Berro, the firm’s Managing Director, these obstacles are weakening Europe’s role in the ecological transition and undermining its ability to lead in global sustainability.

In the industrial sphere, the company highlights setbacks compared to the Asian market. Despite the EU’s goals to reduce emissions from new cars by 55% by 2030 and eliminate combustion engines by 2035, more than 20% of electric vehicles sold in Europe in 2023 were of Chinese origin. In addition, the battery value chain is increasingly controlled by non-European players, while local industrial projects suffer from delays and limited funding.

“The transition to electric vehicles is strategic, but without a strong industrial base, it risks triggering deindustrialization in regions dependent on the automotive sector. Stronger support for local production is necessary,” said Cat Berro.

In the financial sphere, MainStreet Partners points out that the sustainable investment regulatory framework has reached a level of complexity that hampers market confidence. The combination of SFDR, CSRD, and CSDDD has resulted in high costs and compliance challenges, especially for small and medium-sized enterprises.

As a consequence, Europe recorded net capital outflows in ESG products for the first time in the first quarter of 2025, according to Morningstar data. The European Commission responded by introducing the Omnibus Directive, which includes postponements and adjustments to reporting obligations, but MainStreet warns that the measure is insufficient without a clear and agile execution strategy.

The firm has also expressed concern over the new regulation on ESG rating providers, which in practice will favor large global operators, most of them non-European. This, they note, jeopardizes the continent’s strategic autonomy in an emerging sector.

“The commitment to climate goals must be maintained, but with an approach that prioritizes regulatory clarity, industrial capacity, and international competitiveness,” Cat Berro concluded.

Schroders Closes Its Operations in Brazil and Transfers Its Funds to Riza and Gama

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The British Asset Manager Schroders Has Decided to End Its Presence in the Brazilian Market Following a Global Review of Its Operations
With over one trillion dollars under management worldwide, the company chose to transfer its local funds—totaling approximately 1.7 billion dollars in resources from Brazilian investors—to two partner firms: Riza Asset Management and Gama Investimentos.

According to executives involved in the operation, the decision is not related to the Brazilian economic environment, but rather to a reorganization process led by Schroders’ new global management. The goal is to focus efforts on markets considered more strategic and with greater growth potential. The information was published by local media outlet Valor.

The asset manager states that the exit is part of a three-year transformation program implemented by its Chief Executive Officer, Richard Oldfield, aimed at repositioning the brand and pursuing sustainable growth in priority markets.

What Will Happen to the Funds?


Riza Asset Management will be responsible for the credit, equity, and fixed income strategies previously managed by the British firm in Brazil, while Gama Investimentos will take over the vehicles that replicate the company’s offshore funds. Both institutions already have relationships with local investors and will ensure the continuity of asset management.

Data from Anbima indicate that Schroders managed 26.2 billion reais (4.805 billion dollars) in Brazil as of July, and that the majority of this volume—approximately 19 billion reais (3.48 billion dollars)—came from international clients invested in Brazilian equities. This portion will remain under the responsibility of Schroders abroad.

Riza, which manages approximately 18 billion reais (3.3 billion dollars), and Gama, with over 5 billion reais (917 million dollars) in funds from foreign asset managers, will absorb the remaining portfolios.

The Persistent Tailwinds for Gold: Central Banks, Geopolitical Risk, and the Economic Situation in the United States

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Gold’s Relentless Climb: Central Banks, Geopolitical Risk, and U.S. Economic Conditions Fuel Bullish Outlook

Gold continues its upward trajectory. It was one of the best-performing assets in portfolios last year, and this year follows the same trend—with new record highs included. All signs point to this momentum continuing. Historically, the second half of the year tends to favor gold prices. Since 1971, average returns during this part of the year have outperformed those of the first half, reinforcing the bullish outlook described by analysts and underpinned by fundamental drivers.

Chris Mahoney, Investment Manager for Gold and Silver at Jupiter AM, is clear in his outlook for the precious metal: “One of the determining factors will undoubtedly be the activity of central banks.” He explains that official purchases tend to intensify in the second half of the year and cites a recent survey by the World Gold Council, which reveals that 43% of monetary authorities intend to increase their reserves in the coming months.

While he does not rule out a moderate correction—especially considering that gold hasn’t seen a drop of more than 10% in over two years—he believes the structural support remains solid.

Another factor Mahoney sees as increasingly influential on gold prices is the U.S. economic cycle. “There are growing signs that the U.S. economy is in a late-cycle phase, which could lead the Federal Reserve to ease monetary policy sooner than expected. If this expectation materializes, it would act as an additional catalyst for gold,” he says.

At the same time, geopolitical tensions remain a key driver. The recent trade truce between the U.S. and China could deteriorate, with negative effects on the global economy and additional pressure on interest rate policy. According to the Jupiter AM expert, “a resurgence of tensions would likely favor gold as a safe-haven asset.”

He also highlights the political context in the U.S.: Fed Chairman Jerome Powell‘s term ends in less than a year, and President Donald Trump—a vocal advocate of low interest rates—has expressed his intention to nominate a successor aligned with that view. Therefore, “any announcement in this regard could significantly shift expectations around rates and inflation, which are fundamental drivers of gold performance,” Mahoney concludes.

Bank of America shares a similar view. The firm recalls that gold reached an all-time high after Independence Day but later gave up those gains. To continue rising, the precious metal needed “a new trigger,” and the U.S. budget could be that bullish driver—“especially if deficits increase.”

The macroeconomic context encourages greater diversification of reserves; central banks should allocate 30% of their reserves to gold. Retail investors are also buying gold, and ongoing macro uncertainty and rising global debt levels remain supportive factors.

In short, the conditions that have driven gold’s recent strength appear likely to persist, according to Bank of America: the structural U.S. deficit; inflationary pressures from deglobalization; perceived threats to the independence of the U.S. central bank; and global geopolitical tensions and uncertainty. That is why the firm has raised its long-term price target for gold by 25% to $2,500 (real).

Ian Samson, Multi-Asset Fund Manager at Fidelity International, also maintains a positive view on gold. He believes bull markets for gold “can last for years” as it continues to provide diversification even when bonds do not, retains its privileged status as a “safe haven,” offers protection against inflation and loose economic policies, and benefits from structural trends.

Samson acknowledges that, given a macro base of economic slowdown in the U.S. or even a potential stagflationary environment in the coming months, he remains positive on gold’s prospects. He argues that the Federal Reserve is ready to cut interest rates despite inflation lingering around 3%, and that tariffs will likely keep prices elevated.

Additionally, the impact of tariff policy and a slowing labor market will also trigger a weak growth environment, in the expert’s view. This combination should support gold, which competes head-to-head with a weakening dollar as a safe haven and store of value. “We’ve never seen this scale of uncertainty and change surrounding tariff policy, and the effects are still unfolding. Furthermore, the size of the U.S. budget deficit raises concerns about monetary debasement, which further strengthens the long-term case for gold.”

Meanwhile, the structural case for investing in the precious metal remains strong, and numerous countries—including China, India, and Turkey—are structurally increasing their gold reserves in an effort to diversify away from the dollar, as gold offers diversification without the credit risk inherent in foreign currency reserves.

Moreover, gold supply remains highly constrained, meaning even a small increase in portfolio allocation could move the needle: “For example, if foreign investors were to decide to move a portion of the $57 trillion they currently hold in U.S. assets, gold would be a more than likely destination.”

For now, Samson says he is “comfortable” maintaining gold in his multi-asset portfolios through a combination of passive instruments that directly track gold prices and a selection of gold mining stocks.

The Product Specialist, a Key Differentiator in Asset Management Distribution

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As the demand for detailed product information increases—along with the use of alternative investments and the shift in advisors’ investment preferences—the role of the product specialist has become essential. Asset managers that lack this type of role in their structure risk losing competitive advantage to those that do have it, according to international consultancy Cerulli in its latest report, The Cerulli Report—U.S. Intermediary Distribution 2025.

The product specialist has become an important secondary relationship as asset managers expand their distribution. Maintaining the engagement of financial advisors has become a significant challenge for asset managers of all sizes and across all product lines, the report adds.

The research reveals that the ability to discuss competitive product information (40%), communicate complex investment topics (38%), and demonstrate deep knowledge of capital markets (31%) are some of the most valuable skills a product specialist can offer.

“Wholesalers often stand out for being accessible to advisors, providing strong support for client events, and building close personal relationships,” said Andrew Blake, Associate Director at Cerulli. “Product specialists stand out in different ways, and the capabilities that advisors value in them strongly complement those of wholesalers, offering a prime opportunity for successful partnership between the two,” he added.

As the demand for detailed product information across all types of investments—especially alternatives—continues to grow, asset managers must prioritize integrating dedicated product specialists into their teams.

Currently, among firms offering alternative investments, more than half (54%) use a strategy that combines a generalist wholesaler with product specialists focused on advisors.

Just over a quarter (26%) rely solely on a generalist wholesaler, while an additional 15% use only a wholesaler specialized in alternative investments.

Asset managers can ensure they remain at the forefront of client service excellence by dedicating more resources and adopting targeted coverage strategies by practice area, the Boston-based consultancy adds.

“With 79% of top-tier asset managers using advisor-focused product specialists, firms that fail to leverage this role to drive their distribution efforts may be perceived as lagging in client service quality,” noted Blake.

“Wholesalers who collaborate with product specialists can strengthen their relationships with advisors by demonstrating exceptional performance and a commitment to client satisfaction. These strategies not only help address existing concerns, but also foster trust and long-term loyalty among advisors—ultimately contributing to a more resilient and collaborative investment environment,” he concluded.

Bolton Adds an Advisory Team With 150 Million Dollars in AUMs

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Bolton Global Capital Announced the Addition of Sofía Bucay and Mónica Calabrese to Its Network of Independent Wealth Advisors, Who Lead a Team Managing Assets Totaling 150 Million Dollars, According to a Statement From the Firm

“With a combined total of six decades of experience in international private banking, investment strategy, and client relationship management, Bucay and Calabrese bring unmatched expertise and a shared commitment to empowering clients through personalized, values-based financial advice,” the firm stated.

Sofía and Mónica are exceptional professionals who bring integrity, vision, and a true passion for their clients’ success,” said Steve Preskenis, CEO of Bolton Global Capital. “It is an honor to welcome them to the Bolton team, and we look forward to supporting their continued growth,” he added.

Sofía Bucay joins Bolton as a Senior Financial Advisor, bringing over 30 years of experience guiding individuals and families toward financial security, according to the firm. Her career includes leadership roles at Lifeinvest Wealth Management, Investment Placement Group, First National Bank, and Masari Casa de Cambio, where she specialized in currency and investment strategies. In addition to her advisory work, she is the founder of Hablando de Lana, a financial education initiative focused on empowering women and new generations with tools to achieve financial independence.

“Bolton’s culture of independence and excellence aligns perfectly with my mission of providing clients with thoughtful, tailored investment strategies,” said Bucay. “I am especially excited to continue growing Hablando de Lana with the support of a firm that values both innovation and client empowerment,” she added.

Mónica Calabrese, who also joins the firm as a Senior Financial Advisor, has over 32 years of experience in international wealth management. Most recently, she served as Managing Director and Founding Partner of LifeInvest Wealth Management. Prior to that, she held leadership positions at HSBC Private Bank, where she oversaw private banking operations for clients across Latin America. Recognized for her client-centered approach and deep industry knowledge, Calabrese is also an active advocate for financial education among Spanish-speaking professional women, according to the statement released by Bolton.

“Bolton offers the ideal platform for advisors seeking the freedom to build meaningful client relationships while having access to top-tier resources,” said Calabrese. “I look forward to continuing my work in financial education and supporting the next generation of women leaders in finance,” she concluded.

“The Offshore Client Is More Sophisticated Today Than in Years Past; They Seek Institutional-Level Reporting and Want More Transparent Structures”

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“The Offshore Client Is More Sophisticated Today Than in Years Past; They Seek Institutional-Level Reporting and Want More Transparent Structures, but Still Require Access to Unique Opportunities in the United States,” said Jerry García in an exclusive interview with Funds Society. He is the co-founder, alongside Chris Gatsch, of Alta Vera Global Capital Advisors, a new independent wealth management firm based in the United States that targets UHNW profiles.

García worked for nearly two decades at J.P. Morgan, where he met his current partner, who at the time already had 10 years of experience at Merrill Lynch.

During the conversation, he also reflected on a trend that is clearly visible in the market: “We are at an interesting inflection point. I am convinced that there is a structural shift toward independence in the advisor community.”

And he outlined, almost like a manifesto, how he feels about his own venture: “I always envied those who loved what they did and didn’t see it as a job. Today, I no longer see it as employment, but as a passion. Supporting our clients is a lifelong ambition, and I truly enjoy my day-to-day,” he stated.

More Than a RIA

Alta Vera “is not simply a RIA,” said the interviewee, who was born in Puerto Rico. The company offers wealth management services, capital raising, and strategic advisory. It was founded under the motto of delivering institutional capabilities with personalized execution, helping clients “make complex capital and wealth decisions—whether managing generational wealth, raising capital for a new venture, or hedging strategic risks—with clarity, consistency, and confidence,” according to García’s LinkedIn profile.

The new firm partnered with OneSeven to leverage its marketing, compliance, and operations platform and is part of the Merchant Investment Management ecosystem. Alta Vera works with high- and ultra-high-net-worth families, often with assets in multiple countries; as well as with entrepreneurs and business owners; and with institutions and family offices seeking unique private transactions, sophisticated hedging strategies, or co-investment opportunities. It serves both onshore and offshore clients.

“Large firms continue to consolidate and get bigger. At the same time, clients want more independence and flexible global access. But at the end of the day, what matters most is still trust and relationships. The firms that manage to combine independence, innovation, and scale will be the ones that thrive, and we hope to be at the forefront of that,” predicted García.

The idea of founding an independent firm began during his days at J.P. Morgan, where he led teams in both the United States and Latin America and witnessed the market’s demand for global, sophisticated, and tailored solutions for such families. “Given the conflicts of interest I observed in the business,” he continued, “I wanted to create an environment where this could be done in a much more independent and personalized way—truly sitting on the same side of the table as our clients.”

“My firm and our advisors do not represent a brand: we represent the client and their interests. We have no pressure to push a product or fit into someone else’s box. We can look at the entire market—from large banks and custodians to niche private equity and hedge fund opportunities—and choose what is truly best for the client, not what’s best for a brand,” he reflected. “That freedom makes the advice much more objective and, honestly, also more personal,” he added.

The new firm was launched this summer. García confirmed he is “in conversations with multiple advisors and teams representing billions of dollars in AUMs, even at this early stage.”

The Offshore Client: Increasingly Sophisticated

“In Latin America, the demand to move capital offshore continues to grow,” stated García. “Chile, after the political instability of recent years, is a clear example. But in general, capital always flows to where the opportunities are, and the United States remains a major destination for Latin Americans.”

Regarding offshore client profiles, they “tend to be more sophisticated than in previous years,” he asserted. “They seek institutional-level reporting, more transparent structures, but still want access to unique opportunities in the United States.”

According to Jerry García, clients today are looking for real diversification (not just stocks and bonds, but also private credit, hedge funds, and unique transactions); stronger risk management (hedging strategies to address volatility); and access to exclusive, curated opportunities that don’t feel generic.

When it comes to alternative investments, he sees “strong demand,” especially for U.S. real estate, although they are also looking into sectors such as “data centers, artificial intelligence, technology, and energy, seeking interesting private transactions for our clients.”

In October 2007, García joined J.P. Morgan as a financial advisor to UHNW individuals and families and remained at the bank for nearly 16 years. He served as Managing Director & Market Manager, leading various teams serving the same client profile—first in the United States, then in Central America, the Caribbean, and South America.

From 2023 to 2025, he was Partner & Head of Latin America Wealth Management at Azura, based in Miami. Chris Gatsch, his current partner at Alta Vera, began his career in 2009 at Merrill Lynch, where he worked for 10 years, providing wealth services to HNW clients through the structuring and approval of secured lending. At the end of 2019, he transitioned to J.P. Morgan, where he continued building his business until, in 2022, he launched his own wealth management firm: Lake House Private Wealth Management.