“The Dollar Is Being Questioned, But Not Replaced”

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Photo courtesyPhilippe Dauba-Pantanacce, Global Head of Geopolitics & Senior Economist at Standard Chartered.

Although “de-dollarization” is advancing in some emerging markets and several countries are seeking to reduce their dependence on the dollar, it remains the main currency for international trade, as well as for global reserves and financial markets. “The dollar is not dead, but it is taking on new forms,” says Philippe Dauba-Pantanacce, Global Head of Geopolitics & Senior Economist at Standard Chartered, who believes that the future of the U.S. currency faces a global context shaped by political tensions, changes in supply chains, and a globalization that is also not dead—but is likewise taking on new forms.

According to the economist, the dollar faces growing challenges: “More and more countries are seeking to reduce their dependence on the dollar, partly because the United States has used the dollar as a weapon for political purposes.” For Dauba-Pantanacce, one example is the exclusion of Russian banks from SWIFT or the prolonged sanctions on Iran, which “has led many emerging markets to question the neutrality of a currency they view as too closely tied to decisions made in Washington,” he explains.

Even so, the Standard Chartered expert stresses that this trend does not imply a collapse of the dollar. According to his analysis, “de-dollarization is real, but progressing slowly and does not change the fact that the dollar remains the dominant currency in international trade, global reserves, and financial markets.” He also notes that, even in recent episodes of volatility, the dollar has regained its role as a safe-haven asset, demonstrating that its leadership remains intact.

When discussing possible alternatives, Dauba-Pantanacce emphasizes that none are in a position to replace it. In the case of the renminbi, he explained that China’s ambition clashes with its own capital controls. As for the euro, he acknowledges it has potential, but notes that “to elevate a currency, you need a liquid capital market,” and today Europe still lacks the financial depth that would allow the euro to compete with the dollar on equal footing. Regarding the BRICS, he adds that the idea of a common currency is unrealistic and lacks both the political will and integrated financial structures.

In conclusion, Dauba-Pantanacce believes the world is moving toward a more multipolar structure, with several currencies gaining some ground as globalization evolves. But he stresses that this process does not signal the end of the dollar’s leadership: “Its enormous liquidity, the size of the Treasuries market, and its status as a global safe haven remain unmatched. The dollar is being questioned, but it is not being replaced.”

Deutsche Börse Confirms Exclusive Talks to Acquire Allfunds

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Following recent rumors reported in the financial press, Allfunds and Deutsche Börse have each issued statements confirming that they are in “exclusive negotiations” regarding a potential acquisition by Deutsche Börse of all issued and outstanding share capital of Allfunds.

“Allfunds confirms that it has been approached by Deutsche Börse AG (Deutsche Börse) and is in exclusive negotiations with it regarding a possible acquisition of Allfunds by Deutsche Börse. The Board of Directors of Allfunds has unanimously agreed to enter a period of exclusivity based on the proposal submitted by Deutsche Börse,” Allfunds explained in its statement.

For its part, Deutsche Börse expressed caution and noted that “the announcement of any binding offer regarding a potential acquisition is subject to the satisfaction or, where applicable, waiver of a number of customary conditions precedent, including, among others, the successful completion of customary due diligence on Allfunds, the finalization of definitive transaction documentation, and final approval by the Boards of Directors of both Deutsche Börse and Allfunds.”

The proposal entails a total consideration of €8.80 per Allfunds share, valuing the company at €5.29 billion. The proposed payment would be structured as follows:

  • €4.30 per Allfunds share in cash;

  • €4.30 in new Deutsche Börse shares for each Allfunds share—calculated based on the 10-day volume-weighted average price (VWAP) of Deutsche Börse shares prior to the announcement, unaffected by the deal;

  • €0.20 per Allfunds share for fiscal year 2025, as a permitted cash dividend to be paid by Allfunds in 2026.

Deutsche Börse’s Rationale

Deutsche Börse Group stated it strongly believes in the “solid strategic, commercial, and financial rationale” of combining Allfunds with its own fund services business segment. “This potential business combination would represent a successful new consolidation, creating a true pan-European ecosystem. It would reduce fragmentation in the European investment fund industry and result in a harmonized, globally scaled business that would play a key role in further facilitating the channeling of retail savings into productive capital allocations, such as investment funds. The combination is expected to generate significant operational efficiencies and cost synergies across platforms and services, enable a streamlining of investment capacity, and foster greater innovation for clients, with even faster market access. Overall, both clients and EU equity markets are expected to benefit significantly from the strengthened structure of such a combined platform,” Deutsche Börse noted in its statement.

It added: “Deutsche Börse Group is a firm advocate that a thriving fund sector is essential to the EU’s status as a globally relevant financial hub. The proposed transaction would align with Deutsche Börse’s strategy and further underscore its continued commitment and efforts to strengthen European capital markets and their global competitiveness, as envisioned in the Savings and Investments Union (SIU).”

Next Steps

Both companies reiterated that the announcement of any binding offer related to the proposal is subject to the fulfillment—or waiver—of a number of customary conditions, including a satisfactory due diligence review of Allfunds, the finalization of definitive transaction documents, and approval from the boards of Deutsche Börse and Allfunds.

“There can be no certainty regarding the conclusion of any future agreement with Deutsche Börse or any other party in relation to a potential transaction, nor regarding the terms of any possible transaction (if agreed),” Allfunds stated.

Allfunds began trading on Euronext Amsterdam in April 2021, after placing nearly 30% of its capital at a price of €11.50 per share. On its first trading day, the stock rose by 20%.

The Fed in the Spotlight: Will There Be an Imminent Cut?

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After weeks of fragmentation within the FOMC, the market now assigns an 80% probability to a 25-basis-point cut at the December 10 meeting. The shift in expectations accelerated after rumors emerged positioning Kevin Hassett—current Director of the NEC—as the leading candidate to chair the Federal Reserve.

Powell appears to have gained internal leeway to move forward with a “risk management” decision given the slowdown in consumption, the risk posed by the “K-shaped” economy, weakness in some manufacturing indicators, and the absence of significant inflationary pressures.

Mixed Macro, but With a Dovish Tone


Although the industrial recovery has yet to take hold, the set of data released this week supports an accommodative decision:

Regional Surveys:

  • Philadelphia: Overall index improves (from -12.8 to -1.7) despite a decline in new orders.

  • Dallas: Improvement in orders, but overall index deteriorates (from -5 to -10.4).

  • Richmond: Sharp decline (from -4 to -15).

Flash PMI:

  • United States: Rebound to 54.8, driven by services.

  • Eurozone/Germany: Manufacturing remains weak and the Ifo index declines (from 91.6 to 90.6), confirming stagnation.

Retail Sales: +0.2% (vs. +0.4% expected).
Core PPI: Below consensus.
Conference Board: Confidence stabilizes but remains on a downward trend. The reading for the labor market is still…

This environment reduces the immediate inflationary risk but increases that of a two-speed or “K-shaped” economy, in which the slowdown hits middle- and low-income consumption, while corporate investment—especially in AI—remains strong.

In Europe, the Ifo index (which falls from 91.6 to 90.6) also comes in below expectations and confirms the readings from the ZEW index a couple of weeks ago and the preliminary PMIs: growth will remain stagnant. The United States is performing better than Europe.

Employment: Risks Contained, but Not Null


The Beige Book reflects an economy with stable activity, but less momentum in sales and hiring. Labor demand is easing, but there are still no signs of pressure for mass layoffs.

This aligns with a view of a benign slowdown, sufficient to justify a cut, but without the panic associated with a severe short-term contraction.

Toward December: Mixed Signal Risks


Although the general expectation points to a cut in December, the tone of communication will be key to the market’s reaction. If Powell suggests that this is the last move of the cycle, or if the curve must adjust its expectations to a less accommodative monetary policy outlook for 2026, several side effects could arise:

  • High-multiple assets (tech, crypto, growth) could correct or move sideways if the market interprets the cut as the end of the road.

  • The dollar would be supported, hurting sensitive assets like gold, emerging markets, or bitcoin.

  • High-yield corporate credit, with spreads still tight, could suffer due to expectations of higher long-term rates.

  • The Taylor Rule indicates that fed funds are at reasonable levels; if a higher neutral rate is mentioned due to productivity or asset price bubbles, the market would interpret this as more hawkish than expected.

More Fuel for 2026?


The December cut and “pause” could be anticipated as a precaution in light of uncertainties in the labor market and a potential overheating in 2026, when the OBBA fiscal plan comes into full effect (contributing between 0.3% and 0.4% to GDP growth).

Added to this is the possibility of a targeted fiscal injection for low- and middle-income households, aimed at revitalizing consumption. While politically useful, this approach would further accentuate the divergence between consumption and savings across income groups, exacerbating the structure of the “K-shaped” economy.

AI, Investment, and Imbalances: The Boom That Divides


Corporate investment in AI continues to expand, supporting a narrative similar to that of 1995–1999. The process is evident, but still far from its peak.

However, the boom in productivity (and income) has not been distributed evenly. The top 10% of the population by income already accounts for more than 50% of total spending in the United States, which increases inequality in access to consumption and investment. This structural imbalance puts pressure on the Fed to continue cutting rates, even if inflation remains contained or surprises to the downside.

Valuations, Liquidity, and Volatility: Beware of Overheating


The combination of expansionary fiscal policy, tech-driven narrative, and expectations of rate cuts is pushing valuations to levels that warrant close monitoring. Despite comparisons to the dotcom bubble, the current environment includes:

  • Greater accounting transparency.

  • More profitable business models.

  • Lower operational and financial leverage.

  • High investment levels relative to cash flow generation, but still far from the excesses seen in the 1999–2000 TMT space.

Nonetheless, conditions can change rapidly. If the Fed is forced to reverse course in 2026, assets with more demanding multiples would be the most vulnerable.

The parallel with the 1995–1999 period remains valid: a structurally upward trend, but with greater volatility. In this context, taking strategic protection remains a reasonable decision, without giving up the underlying positive bias.

Conclusion


Everything points to a cut in December, driven more by a policy of prevention than reaction. But what matters most will not be the move itself, but how Powell communicates it.

Investors will need to balance three key axes:

  • AI narrative + expansionary fiscal policy = structural support.

  • Risks of uneven slowdown + reactive monetary policy.

  • Threat of overheating in 2026 = risk of reversal.

At this point in the cycle, the prudent course is to continue participating in the trend, but with discipline in risk exposure, close monitoring of consumption, and attention to signals of monetary reversal.

Private Markets: Key Meeting in Miami for SuperReturn North America 2026

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private markets key meeting in Miami 2026
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Miami will once again host one of the most important gatherings in the private markets industry in North America. From March 16 to 18, 2026, the InterContinental Hotel will welcome a new edition of SuperReturn North America, a conference that brings together key players from the alternative investment ecosystem, including managers, institutional investors, and specialists from various regions around the world.

Considered the leading private markets forum in the region, the event is expected to draw over 800 decision-makers, including more than 250 limited partners (LPs) and 350 general partners (GPs) from over 30 countries. After returning to Miami in 2025, the conference will be held in the city for the second consecutive year, with the promise of a “bigger, bolder, and better” agenda.

A Broad Agenda With a Focus on Emerging Managers

Over the course of three days, attendees will have access to panels and sessions featuring more than 200 industry experts. The program includes specialized summits dedicated to private debt, venture capital, private wealth management, and hedge funds within the private markets universe.

According to the organizers, this year’s edition will also feature more content focused on emerging managers and new exclusive sessions for LPs, in line with the growing presence of these players in the market.

Networking and Pre-Scheduled Meetings

SuperReturn North America 2026 will also enhance its professional networking offering. Through SuperReturn Allocate, participants will be able to maximize their pre-scheduled meetings, while the event’s social format will include themed activities designed to expand networking opportunities: casino night, women-in-finance lunches, champagne roundtables, and other informal networking spaces.

Confirmed LPs

Among the institutional investors already confirmed are Aksia, American Student Assistance, Healthcare of Ontario Pension Plan (HOOPP), LCG Associates, Mitsui Sumitomo Insurance Co, NEPC, Prime Healthcare, Public Investment Fund, Reinsurance Group of America, and Symetra Investment Management, among others.

Exclusive Discount From Funds Society

Funds Society is a media partner of SuperReturn North America 2026, which means our readers have access to an exclusive discount.

Simply visit this Discount URL: https://tinyurl.com/2ppcrthu
and enter the following Discount Code: FKR3585FS.

With growing international attendance and an agenda focused on the leading trends in private capital, SuperReturn North America 2026 aims to solidify its place as a strategic meeting point for the North American and global markets.

Millennial Investors in ETFs: Cautious, Curious, and Tactical

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ETF activo sin Microsoft Tesla ni Amazon
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In the midst of an expanding universe of new investment products, asset classes, and strategies, ETFs play a dual role in investors’ portfolios: they serve as low-cost building blocks and as a flexible entry point for exposure to more specialized areas. And their strongest advocates are Millennials.

According to the 2025 “ETFs and Beyond” study by Schwab Asset Management, Millennials continue to show outsized interest in ETFs and are the first to adopt new product categories and strategies. Compared to other generations, Millennials are more inclined to increase their ETF investments over the next year and are the most likely to consider investing their entire portfolio in exchange-traded funds. They also express the highest interest in specialized ETFs, including spot cryptocurrency ETFs (44%) and single-stock ETFs (43%).

Millennial ETF investors are also enthusiastic about the markets and their investment approach. They are the most likely to say they have the skills to outperform the market — Millennials: 69%; Generation X: 53%; Baby Boomers: 36% — and to take a tactical approach to investing — Millennials: 54%; Gen X: 44%; Boomers: 29%. Boomers tend to follow a buy-and-hold profile — Millennials: 46%; Gen X: 56%; Boomers: 71%.

“Millennials have embraced ETFs as their investment vehicle of choice to build wealth,” said David Botset, Managing Director, Head of Strategy, Innovation and Stewardship at Schwab Asset Management. He added that as more complex and specialized ETFs enter the market, “it will be important for Millennials — who often take a tactical investment approach — to think about their long-term goals and choose products that help them stay invested through market cycles.”

The Position of ETF Investors

Schwab Asset Management, in partnership with Logica Research, conducted an online survey of 2,000 retail investors aged 25 to 75 with at least $25,000 in investable assets. Of those, 1,000 had bought or sold ETFs in the past two years (ETF investors), and 1,000 had never done so or had not done so in the past two years (non-ETF investors).

The study shows that a majority of ETF investors (62%) are considering investing their entire portfolio in ETFs, and half (50%) say they could invest exclusively in ETFs within the next five years—evidence of growing affinity and confidence in these products to meet a wide range of investment needs.

At the same time, many respondents are still discovering ETFs. Most ETF investors (66%) in Schwab’s latest study began investing in ETFs within the past five years.

The results highlight that low costs and accessibility are key drivers behind the current momentum in ETF adoption. ETF investors overwhelmingly agree (94%) that these vehicles help keep portfolio costs low. Just over half (53%) describe their portfolio allocation as primarily “core” with some tactical/specialized ETFs. Roughly half strongly agree that ETFs allow them to test more specific or specialized strategies independently of their long-term portfolio (49%) or invest in asset classes they might not otherwise access (46%).

“The investment world is undergoing rapid transformation as individual investors access new asset classes, strategies, and vehicles. ETF investors are at the forefront of this evolving landscape. They are using ETFs — which now outnumber individual stocks in the U.S. — not just for low-cost core investments, but to explore the expanding universe of opportunities,” said Botset.

Core and Exploratory Portfolios

ETF investors plan to add both indexed ETFs (66%) and active ETFs (65%) to their portfolios over the next year. Many are also interested in exploring specialized product types and niche asset classes. Interest in fixed income remains a focal point, as evidenced by strong flows into bond ETFs in recent years. Some 40% of respondents plan to increase their fixed income allocations. Compared to 2024, more ETF investors now want to invest in fixed income due to expectations of a persistently high interest rate environment (48%, up from 37%).

In general, ETF investors expect to fund new investments by selling mutual funds, individual stocks and bonds, and allocating new money (e.g., fresh cash or uninvested contributions).

Rising Interest in ETFs

Enthusiasm for ETFs remains high: a majority (61%) increased their ETF allocations in 2025, and three-quarters (75%) of respondents said they are likely to purchase an ETF in the next two years. ETF investors also express confidence in the vehicle, with many planning to increase their ETF investments in response to expected economic and market trends.

New ETF Investors

New ETF investors (those who began investing in ETFs within the last five years) are typically eager to invest more. They also tend to be younger: 49% of new ETF investors are Millennials, compared to 34% among more experienced ETF investors. Despite being relatively new to the category, they have already allocated a similar portion of their portfolios to ETFs as their more experienced counterparts.

Meanwhile, interest among non-ETF investors remains strong: about half (48%) say they are likely to consider purchasing ETFs within the next two years.

“ETFs are no longer new, but there’s still a long way to go in terms of awareness and adoption,” said Botset. “More and more investors are discovering the potential advantages of ETFs, including low fees, tax efficiency, and tradability — and we believe this is driving record growth and ongoing product innovation in the category.”

How Investors Choose ETFs

Total cost remains the most important factor for investors when selecting ETFs (59%), followed closely by the provider’s reputation (55%), historical performance (53%), portfolio manager track record (53%), and the ETF’s ability to track its index (52%).

Investor preference for indexed or actively managed ETFs depends on the asset class. When deciding between buying an active or indexed ETF, investors say they would consider an active ETF if it has the potential to outperform a traditional indexed ETF (63%) or to access alternative strategies or asset classes not typically available through indexed ETFs (51%).

“ETF investors have become more sophisticated in how they evaluate products, considering many factors — but cost remains paramount,” commented Botset, noting that while investors understand the long-term impact of keeping costs low, “they’re also interested in specialized strategies and novel asset classes, all while keeping portfolio costs down.”

Insigneo Bets on Longevity as a Megatrend: 5 Keys to Building ‘Longevity-Aware’ Portfolios

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patrimonio de ETFs activos globales
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The Spanish city of Seville was the setting for Insigneo’s 2025 Summit—the firm’s first major event outside the Americas—and there, its Chief Investment Officer, Ahmed Riesgo, proposed a conceptual shift that, according to him, will be decisive for the wealth advisory business in the coming years.

Before an audience composed mainly of advisors and investment professionals, Riesgo stated that the world is already “in the midst of a longevity boom” that will require a rethinking of everything from public finances to personal portfolios. The executive, who leads macro research and asset allocation at Insigneo, emphasized that the challenge is not only to live longer, but to finance longer and healthier lives.

Longevity: A Structural Trend With Fiscal Impact


The CIO highlighted that global life expectancy has been increasing by nearly one year every four years since 1990. If this trajectory continues, by 2050 another four to five years will be added to the global average. In his view, this outlines a likely scenario of generations living actively into their 90s and beyond, with significant improvements also in healthy life expectancy.

But this progress opens a front of fiscal tension, he warned. Riesgo described a “historic mismatch”: society spent a century on the “engineering of longer lives,” but almost nothing on the “engineering of balance sheets” to sustain this new life cycle. The combination of greater longevity and declining fertility is raising the old-age dependency ratio, which increases public spending on pensions, healthcare, and long-term care.

His key macro conclusion is that there will be greater government indebtedness and, therefore, upward pressure on real interest rates. As a result, he noted that sovereign bonds from developed markets will face structural headwinds.

“Wealth = Money + Time + Health”


One of the most frequently repeated themes of the talk was the need to redefine the concept of wealth. For Riesgo, the traditional equation focused on assets must be broadened: “wealth is no longer just money; it is also time and health,” he stated.

From that redefinition came the title of his presentation at the Seville event: shifting from “net worth” to “net years.” The message was direct for wealth planners: financial tools designed for a three-stage working life and a relatively short retirement do not work in a world of “multi-stage lives” and potentially centenarian lifespans.

Riesgo attributed the longevity leap to traditional drivers (preventive medicine, lower infant mortality, vaccines, cardiovascular improvements, rising income) but emphasized the growing influence of new catalysts:

  • mRNA platforms, which accelerate vaccine cycles and outbreak responses.

  • GLP-1 drugs, with effects that go beyond weight loss, improving diabetes, cardiovascular risk, and potentially dementia, reducing morbidity.

  • Artificial intelligence, as an accelerator of drug discovery, early diagnosis, and personalized medicine.

  • Robotics and care automation, which will sustain quality of life for aging cohorts.

In his view, AI will significantly reduce research and clinical trial times, driving a “health and biotech abundance era.”

Portfolio Implications: Three Winning Sectors


The CIO affirmed that longevity is not only a social issue, but also an investable megatrend. He outlined three sectors with structural advantages:

  • Health and biotech: med-tech, diagnostics, AI-enabled pharmaceuticals, and prevention platforms.

  • Technology applied to aging: robotics, humanoids, industrial software that offsets labor shortages.

  • Longevity real estate and infrastructure: senior housing, medical buildings, laboratories, rehabilitation, home care, and related services.

He specifically highlighted the rebound of senior housing as an opportunity following the pandemic’s impact, as well as the appeal of healthcare REITs focused on medical offices and life-science labs.

Ahmed Riesgo concluded his presentation with a set of practical guidelines for a “longevity-aware” portfolio, aimed at the advisors and managers attentively listening to his talk:

  • More growth (more equity) and less cash: over long horizons, cash stops being “king” and becomes a drag.

  • Explicit allocation to the longevity economy: create a specific thematic block within the portfolio.

  • Longevity risk hedging in liability-bearing portfolios: longevity swaps, deferred annuities, long-dated inflation-linked bonds.

  • Rebalancing time, not just assets: financing multiple careers, sabbaticals, and midlife human capital reinvestment.

  • Bias toward resilient systems: companies and countries with strong healthcare infrastructure and technology for telemedicine, remote work, and automated care.

In line with this logic, he suggested a strategic allocation more oriented toward equities, real assets, and lifetime income instruments, with a much smaller weighting of developed market bonds.

The Ten Months in Which Julius Baer Became “Stronger and Simpler” and Focused on the Future

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In the First Ten Months of the Year, Julius Baer Focused Its Business Development on Strengthening the Group’s Presence Through New Local Appointments and Office Openings, While Reducing the Entity’s Risk and Part of the Loan Portfolio Positions. “Today, Julius Baer is a stronger, simpler entity fully focused on the future,” states Stefan Bollinger, CEO of Julius Baer.

The firm’s assessment of these three levers is very positive, and it believes that all of this has contributed to improving its results. “In the past ten months, we have significantly reduced the risk of our business while improving operational leverage, attracting strong new net inflows, and further strengthening our capital position. These results demonstrate the strength of our wealth management proposition and the trust our clients place in us,” said Stefan Bollinger, CEO of Julius Baer.

Looking to the Future: Abu Dhabi

Throughout the year, the entity has continued to advance the strengthening of the Group’s presence through new appointments, particularly in its local market, Switzerland. As explained, one of the Group’s main strategic priorities is to reinforce its position in the country to capitalize on the still-untapped growth potential in Julius Baer’s domestic market. Accordingly, as recently announced, Marc Blunier and Alain Krüger will assume responsibility as co-heads starting January 1, 2026. “We are also pleased to welcome Victoria McLean to Julius Baer and to our Executive Board. With the appointment of the new Chief Compliance Officer, we will complete the configuration of our new risk organization,” notes Bollinger.

At the same time, the Group is consolidating its presence in the high-growth markets of the Middle East and Asia, as well as in key Western European markets. In fact, it has received preliminary regulatory approval to open a new advisory office in ADGM, the international financial center in Abu Dhabi, which will complement its more than two-decade presence in Dubai’s DIFC. As explained, the new legal entity, Julius Baer (Abu Dhabi) Ltd., will serve ultra-high-net-worth individuals (UHNWI), family offices, and entrepreneurs seeking tailored wealth management services. The office is expected to open in December 2025 and will be led by Amir Iskander, who joins as Chief Executive Officer of the entity.

“The Middle East is one of the most important growth markets for Julius Baer and plays a fundamental role in our global strategy. Two decades ago, we saw the potential of the region and built a strong local presence that allowed us to grow alongside our clients. Therefore, our expansion in Abu Dhabi is not just another milestone but a reaffirmation of our long-term commitment to this dynamic region and to serving our clients,” commented Bollinger.

It is worth noting that Julius Baer has been present in the Middle East since 2004, with offices in Dubai and Manama, complemented by coverage from traditional centers like Switzerland and the United Kingdom. Regarding the expansion, Rahul Malhotra, Regional Head of Emerging Markets at Julius Baer, added: “Abu Dhabi is becoming one of the world’s most ambitious wealth hubs, where the tradition of family businesses meets a new generation of entrepreneurs. Establishing ourselves in ADGM is the natural next step in Julius Baer’s growth journey in the UAE. We are proud to have Amir and his experienced team lead our presence in the capital. Their deep local relationships and market knowledge of Abu Dhabi will play a key role in strengthening our long-standing presence in the country and bringing us even closer to our clients.”

This new project adds to the fact that last month, the entity received the necessary regulatory approvals to open a dedicated presence of Bank Julius Baer Europe Ltd. (Julius Baer Europe) in Lisbon, Portugal, in the fourth quarter of 2025, following the opening of the new office in Milan, Italy, earlier this year.

Reflected in Its Results

In terms of results, the firm highlights that assets under management reached a record figure of 520 billion Swiss francs as of October 31, 2025 (644.576 billion dollars), surpassing the half-trillion threshold for the first time in the Group’s history, “thanks to solid new net inflows of 11.7 billion Swiss francs so far this year, despite continued risk reduction, and rising stock markets that more than offset the impact of a significantly stronger Swiss franc,” they explain.

“Julius Baer is delivering improved results, with record assets under management, better operational leverage, and a strengthened capital position, and is putting an end to legacy credit issues,” the entity comments.

For Bollinger, one key aspect is that the firm has completed its credit review and has decided to reduce a portion of the loan portfolio positions that are not aligned with its redefined strategy or revised risk appetite framework. These positions are mainly found in the income-generating residential and commercial real estate portfolio and amount to 700 million Swiss francs.

“The completion of the credit review in this transitional year 2025 is a major milestone in resolving the legacy credit issues. With our clear strategic focus, our revised risk appetite framework, and a strengthened risk function and processes overall, we are now fully aligned around our core wealth management proposition,” emphasizes the CEO of Julius Baer.

His view of the institution’s situation is clear: “The Group’s balance sheet remains highly liquid, and its capital position is solid, with the CET capital ratio strengthening to 16.3%, well above the minimum requirements.”

Why a 30% Correction Is Something Usual for Bitcoin

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Bitcoin Fell Last Week to a Low of $80,500, a Level Not Seen Since April. According to experts, Bitcoin’s behavior has sent an early signal to the market that it is taking a breather, with a drop of approximately 33% (as of the close on November 22) from its October high, following a wave of $2.2 billion in liquidations.

“Although the recent correction has unsettled some investors, volatility of this magnitude is not unusual. Bitcoin has suffered several drops greater than 30% in recent years. The latest was between January and April, when it fell from $109,000 to $74,500 before rebounding 70% to the current all-time high of $126,300, although at that time the decline was more gradual than the ‘sharper correction’ we are seeing now,” explains Simon Peters, analyst at eToro.

In Peters’ opinion, despite these corrections, the price maintains a long-term upward trend, forming higher highs and higher lows. “Right now, we are in a 30% drawdown from the all-time high, so if recent history were to repeat itself, it’s possible that we are already at the bottom of this correction. On-chain indicators also show that large wallets (or whales) have started buying back,” he argues.

For Manuel Villegas, Next Generation Research Analyst at Julius Baer, the fundamentals of Bitcoin remain intact, as the long-term potential of a supply shortage continues, despite the short-term outflows from spot wrappers. “Risks from leveraged Digital Asset Treasuries persist, but the true drivers of the market are still not crypto-specific. Altcoins continue to be pure crypto beta,” he notes.

Tech Stocks, Data, and the Fed

In Villegas’ view, crypto market sentiment is depressed, reflecting an uncertain macroeconomic environment and a wave of risk aversion in equities despite strong results from tech companies. “The reality is that this correction is driven exclusively by macroeconomic factors and a wave of risk aversion in the stock markets. From a bottom-up perspective, context matters, and although spot Bitcoin vehicles have recorded short-term outflows, the long-term potential of a supply shortage remains intact. Bitcoin’s fundamentals are not that weak; demand exists, especially when we add ETFs to the companies holding cryptoassets in their treasuries, to the extent that, overall, they have far outpaced the supply growth rate since the beginning of the year. Flows into Ethereum and Solana ETFs have remained positive since the start of the year,” says the Julius Baer expert.

In addition, part of the experts’ interpretation is that this correction and subsequent rebound is related to new expectations of Fed rate cuts and the lack of data during the U.S. government shutdown. “On the macro front, the odds of a rate cut in December have increased since last week, to 71% according to CME FedWatch, after the president of the New York Federal Reserve, John Williams, stated on Friday that he expects the central bank to lower rates because the weakness in the labor market poses a greater threat than inflation. This has fueled a rebound in Bitcoin from its lows, and the crypto asset is trading this morning around $86,000,” adds the eToro expert.

Relevant U.S. data is expected this week, so favorable figures could sustain the small rebound currently seen in the crypto markets. “The delay in rate cuts by the Fed and the temporary liquidity outflow have affected risk assets. The short-term correlation between global liquidity and the price of Bitcoin is well documented,” says his colleague Lale Akoner, Global Market Analyst at eToro.

A sign of this moment of “pause” that has marked the market with this adjustment is that spot Bitcoin ETFs have also experienced a halt in inflows, while some Digital Asset Treasuries (DAT) bonds are being rebalanced and the supply of stablecoins is decreasing.

In conclusion, eToro experts believe all this indicates a cooling of the market after months of intense activity. “We remain cautious in the short term but confident in the long-term fundamentals,” they conclude in a call for calm.

Networking, Mentorship, and Market Trends: Central Pillars of Women & Wealth

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Nearly a hundred women gathered at the Nobu Hotel in Miami Beach this past November 11, invited by Franklin Templeton, to celebrate the third edition of Women & Wealth—an event that brought together women leaders from the financial sector to share experiences, discuss industry challenges, and promote inclusion and gender equality.

With Dolores Ayarra, VP Sales Executive of the firm, as host, the event gathered prominent voices from the industry to analyze the growing role of women in wealth and asset management.

The day began with a presentation by Meg Sreenivas, Associate Partner at McKinsey & Company, who shared the results of a firm study examining the evolution of assets controlled by women in the United States and Europe. The analysis addressed how firms are working to attract and promote female talent at all levels, from entry-level roles to top executive positions, including aspects of compensation, diversity and inclusion programs, and strategies to address the shortage of female advisors in the industry.

Next was a panel featuring leaders from renowned financial institutions. The participants shared personal experiences and practical advice that demonstrated how determination and creativity can forge a path in a traditionally male-dominated sector, ultimately driving greater diversity and innovation.

The spotlight then turned to Sonal Desai, Executive Vice President and CIO of Franklin Templeton Fixed Income, recognized by Barron’s as one of the 100 most influential women in U.S. finance. Her remarks offered a strategic perspective on global portfolio and fixed income market management, as well as on the importance of female leadership in decision-making.

The event also featured a roundtable discussion that addressed the growing role of private market investments in portfolios. Janis Mandarino, Senior VP, Portfolio Manager at Clarion Partners; Emma Inger, Director at Lexington Partners; and Sara Araghi, Director at Franklin Venture Partners—all firms under the Franklin umbrella, with more than $270 billion in alternative assets under management globally—shared their vision and strategy in markets such as real estate and private equity. The professionals also highlighted the key role women play in a segment that demands creativity and the ability to anticipate trends.

Before the luncheon held in the Mona Lisa room of the hotel, the highlight of the day was the closing keynote by Venezuelan Michelle Poler, social entrepreneur, founder of Hello Fear, and branding strategist.

Poler delivered an inspiring message about the importance of stepping out of one’s comfort zone and taking risks to reach one’s full potential. Her talk encouraged the audience to transform fear into a tool for growth, reminding them that courage is essential to drive meaningful change both in personal life and the professional sphere. The women in attendance ended up dancing to reggaeton and celebrating the joy of shared energy.

A Catalyst for Change
“Women & Wealth is more than an event. It aspires to become a catalyst for change,” said Dolores Ayarra, VP Sales Executive at Franklin Templeton, to Funds Society. She opened the day’s activities and is the primary promoter of the initiative within the company.

“It is a gathering designed to keep driving change in the professional landscape of our industry,” she stated. “Through dialogue, the exchange of knowledge, and professional and personal experiences, our goal with Women & Wealth is to offer a space where women can connect, exchange ideas, learn, be inspired, and explore new ways to advance their professional careers.”

According to Ayarra, initiatives like this promote new professional development opportunities for women through the expansion of networks and access to mentorships—factors she considers key to helping reduce representation gaps in the industry.

Among the topics addressed at the event were the representation and advancement of women in wealth management, some of the most effective talent acquisition strategies, the impact of compensation and team structure, and how to leverage the transfer of wealth to women for the sector’s growth.

“The participation of women in wealth management is growing, although challenges still remain—especially at the mid-career level, where the dropout rate is higher. We are seeing more programs focused on attracting and retaining talent, but success depends on creating flexible and supportive environments, as well as addressing compensation structures,” Ayarra reflected. “The increase in wealth held by women continues to rise, and firms have a unique opportunity to adapt and better meet the needs of this demographic group,” she concluded.

Defined Outcome ETFs Could Quadruple Their Assets by 2030

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New research from Cerulli Associates anticipates strong momentum for Defined Outcome ETFs™, a category that could grow at a compound annual rate of between 29% and 35% over the next five years. In its most optimistic scenario, assets under management would surpass $334 billion by 2030—more than four times their current size. This projection contrasts with the broader ETF industry’s expected annual growth of 15%.

The report, developed by the international consulting firm in collaboration with Innovator Capital Management, attributes this potential to a combination of favorable factors, including the growing adoption of these vehicles by large broker/dealers and the rise of fee-based advisory models, which require scalability and greater personalization.

Rising Demand as Baby Boomers Retire


Cerulli highlights that the gradual retirement of the Baby Boomer generation, who control over $48 trillion in investable assets, will drive demand for strategies that offer greater predictability, downside protection, and flexibility. As investors shift from accumulation to decumulation, advisors are expected to seek more precise tools to manage risk.

“Traditional risk mitigation strategies offer diversification, but not always the certainty clients are now seeking,” said Daniil Shapiro, director at Cerulli.

“As market uncertainty persists and investor expectations evolve, Defined Outcome ETFs™ have emerged as a dynamic solution to provide personalized risk management at scale. Advisors are increasingly turning to these products to deliver more predictable outcomes and help clients stay invested, particularly those concerned with volatility and downside risk,” commented Graham Day, EVP and CIO at Innovator.

Key Features: Protection, Certainty, and Liquidity


Defined Outcome ETFs™ offer combinations of buffers and return caps designed to:

  • Cushion volatility and help conservative clients remain invested

  • Partially protect against losses in exchange for a cap on gains

  • Participate in equity markets up to a limit, useful for pre-retirement profiles

  • Reduce costs compared to traditional structured products

  • Increase liquidity thanks to the ETF format

For advisors, this range of structures enables precise alignment of strategy with each client’s profile and goals.

Growing Adoption, But Challenges Remain


Despite enthusiasm for the behavioral benefits—especially in preventing emotional selling during volatile periods—major broker/dealer home offices remain cautious due to the product’s complexity and its potential impact on distribution platforms.

Another area of concern is the behavior of the ETF when purchased outside its initial outcome period price, which can limit the ability to reach the cap or increase downside exposure.

“Executives want to see how these products would perform in a severe bear market,” noted Shapiro. “Issuers that can address these concerns through innovation and education will gain access to a significantly larger market,” he concluded.