The boutique family office based in the United States with global backing and focused on Latin American clients, Diagonal Investment Office, adds Eduardo Rehder in Miami as senior VP wealth management, according to a post by the firm on LinkedIn.
“Talent and vision make the difference,” begins the post on the professional social network. “We are pleased to welcome Eduardo Rehder as a new member of our team,” it continues.
The company states that Rehder’s career “combines entrepreneurship, corporate banking, and wealth management, backed by a solid academic background at Universidad del Pacífico, UCLA Anderson, and the University of Miami.”
The professional also wrote on the same social network that he is “excited” to join Diagonal Investment Office “to support more families in managing their investments, with an objective and independent approach, free of conflicts of interest, and always prioritizing efficiency, diversification, and a long-term vision.”
Rehder holds a degree in Business Administration from Universidad del Pacífico in Peru, a Master’s in Finance from the University of Miami Herbert Business School, and an MBA from UCLA Anderson School of Management. He also holds the FINRA Series 65 license and has 15 years of experience in corporate banking and wealth management, combined with entrepreneurial ventures such as Pigal S.A.C., a company he co-founded and where he served as CEO.
“At Diagonal, we believe in protecting families’ legacies, generating sustainable value, and building tailored solutions that transcend generations. Eduardo’s experience and perspective reinforce this purpose and allow us to continue supporting our clients with a global vision and a deeply personalized approach,” concludes the LinkedIn post from the firm welcoming the professional.
The most anticipated event of the week, the central bank symposium held this weekend in Jackson Hole (Wyoming), did not disappoint. In the most highly awaited speech, Jerome Powell, Chair of the Federal Reserve, signaled a potential interest rate cut, which would be the first under the Trump administration.
Commenting on Powell’s remarks, Richard Clarida, Global Economic Advisor at PIMCO, noted that the presentation of the revised monetary policy framework “did not disappoint markets, nor did it surprise Fed watchers,” as the U.S. central bank “appears to be on track to lower short-term interest rates, albeit with a cautious approach.” He considers the changes to the policy framework “sensible and well communicated,” while also highlighting “the Fed’s unwavering commitment to its mandate.”
For his part, Nabil Milali, Multi-Asset and Overlay Manager at Edmond de Rothschild AM, emphasized that before the conference, Powell faced the dual risk of disappointing investors hoping for a shift toward more accommodative policy and undermining the central bank’s credibility by appearing to yield to political pressure from U.S. President Donald Trump. However, the expert believes Powell struck “the difficult balance of opening the door to a rate cut at the September meeting, without at the same time fueling doubts about the Fed’s independence,” through two actions: generally well-measured communication and clear reasoning for future moves.
Milali pointed out that Powell stated that despite recent statistics suggesting an acceleration of inflation in both goods and services, he still considers tariff-related inflationary pressures to be only temporary. Additionally, he noted that the labor market is in a “particular situation,” marked by a decline in business demand as well as a drop in the supply of workers, meaning the unemployment rate “is not yet at alarming levels.”
Even so, the expert highlighted that although Powell’s remarks sparked strong risk appetite across asset classes—as evidenced by the narrowing of high-yield spreads and gains in U.S. equity prices—“the Fed’s decision remains heavily dependent on upcoming inflation data and, above all, employment figures, the latter being more than ever the true arbiter of U.S. monetary policy.”
Meanwhile, Bret Kenwell, U.S. investment analyst at eToro, acknowledged that prior to the symposium, markets were pricing in roughly a 75% probability of a U.S. interest rate cut in September. “Those odds should rise significantly following Chair Powell’s comments in Jackson Hole,” he said, explaining that investors got the response they were hoping for when Powell stated that current conditions “could justify an adjustment to our [restrictive] stance.”
However, Kenwell is also aware that the Fed is in a “difficult position,” with rising inflation and signs of deterioration in the labor market. “As economists have observed in the most recent data, the labor market can change quickly—a risk the Fed is highly aware of,” he noted.
Kenwell explained that if the Fed cuts rates too much or too soon, “it risks stoking the fire of inflation.” Conversely, if it moves too late or too mildly, “it risks deeper deterioration in the labor market and, consequently, the economy.” He concluded that “this delicate balance is precisely why the Fed finds itself in a difficult position.” That said, he has no doubt that once inflationary pressure affects employment, “the Fed is likely to step in to prevent further weakness in the labor market,” and that “it is unlikely the committee will stand by idly if we see further labor market weakness.”
The issue of Federal Reserve independence loomed in the background. In fact, Luke Bartholomew, Deputy Chief Economist at Aberdeen, believes that “the elephant in the room in Jackson Hole was the Trump administration’s attacks on the Federal Reserve.” At this point, he recalled that Powell emphasized the importance of monetary policy independence, but the expert is convinced that “Trump’s influence over central bank decisions is likely to increase from here.”
According to Bartholomew, “all signs point to the Senate attempting to appoint Stephen Miran to the Fed before September, where he would likely vote in favor of even more aggressive stimulus than the currently expected 25 basis points.” He also considers it possible that if the administration succeeds in removing Lisa Cook from her post, “another seat would open up.” Consequently, the Aberdeen economist stated, “Powell’s authority could begin to erode in the coming months, with markets paying increasing attention to the preferences of his potential successor. This could make it harder to anchor inflation expectations in a context of rising prices and add pressure on long-term Treasury yields.”
The Taylor Rule Under Debate
Beyond Powell, the most relevant contribution to the conference came from a presentation by Emi Nakamura, professor at the University of California, Berkeley, according to Karsten Junius, Chief Economist at J. Safra Sarasin Sustainable AM. In her speech, Nakamura explained why the Taylor Rule has performed poorly since 2008 and why it should not be strictly applied going forward—the Taylor Rule suggests that interest rates should rise more than proportionally to inflation.
Nakamura explained why and under what circumstances that is not necessary, allowing central banks to disregard certain potentially temporary shocks. A key factor, as the expert recalled, is how well-anchored inflation expectations are, “which in turn depends on the credibility of the central bank.” In her remarks, she warned that “the high degree of credibility is due in part to the Fed’s strong track record, but also to institutions such as central bank independence. These are valuable assets that can be destroyed much faster than they were built.”
Photo courtesyPeder Beck-Friis, economist at PIMCO
In a recent analysis, Peder Beck-Friis, economist at investment management firm PIMCO, warned about the sustained rise in public debt in G7 countries, highlighting its implications for the U.S. dollar and long-term Treasury yields. According to Beck-Friis, current debt levels are approaching historic highs last seen at the end of World War II.
In his view, these surges have been driven by recent crises such as the 2008 global financial recession and the COVID-19 pandemic, which forced governments to implement extraordinary fiscal measures. “Public debt in advanced economies has followed an upward trajectory for more than a decade, and in the case of the United States, projections from the Congressional Budget Office (CBO) suggest a potential rise to 200% of GDP by 2050 if no changes are made to current fiscal policy,” the analyst warned.
The Dollar Remains Firm, for Now
Despite the concerning trajectory of U.S. debt, Beck-Friis believes the dollar will maintain its status as the dominant reserve currency in the coming years, thanks to its central role in global trade and finance. Currently, nearly 88% of foreign exchange transactions worldwide involve the dollar. “The lack of viable alternatives strengthens the dollar’s position, although the sustainability of this advantage will depend on how the U.S. fiscal outlook evolves,” the economist noted.
Another key point of the analysis is the growing weight of interest payments within the U.S. federal budget. Historically, this type of pressure has led to episodes of fiscal consolidation, as occurred after World War II and again in the 1980s and 1990s. Beck-Friis believes a similar scenario could repeat if financing costs continue to rise.
Finally, the analysis suggests that there is a (though weak) relationship between the rise in public debt (excluding debt held by the Federal Reserve) and a higher term premium on 10-year Treasury bonds. This could result in a steeper yield curve, which would have significant implications for asset managers and the valuation of fixed-income instruments. “The accumulation of public debt could lead investors to demand higher yields on long-term bonds as compensation for future fiscal risk,” Beck-Friis concluded.
The trend of growing interest in private markets has made its mark across the board and shows no sign of slowing down. Latin America is no exception, according to a recently published survey by the specialized information platform Preqin, with a particular appetite for private debt.
These two asset classes, revealed the Latin America Investor Survey for this year, are attracting the most interest among regional investors. When asked which assets they expect to increase their exposure to in the next 12 months, 60% said they anticipated strengthening their bet on private debt.
This was followed by private equity—another area of high interest for Latin American investors of all sizes—with 40%. To a lesser extent, the region is also looking at infrastructure, with 41% expecting to increase their position in the asset class.
These three categories are, in fact, where investment professionals in the region see the main opportunities in Latin America over the next 12 months. Some 58% see greater appeal in private debt, while 46% pointed to private equity and infrastructure.
Regarding the geographic composition of portfolios, the Preqin survey revealed that home bias continues to prevail. Some 67% of the professionals surveyed indicated that Latin America—particularly Brazil and Mexico—offers the best investment opportunities for the next 12 months. This is followed by North America (43%), marking a sharp contrast with the 2024 survey, when 79% preferred the northern region.
Strong International Results
Despite the local bias in terms of future opportunities, when measuring satisfaction with asset performance, foreign portfolios are the clear winners, according to Preqin’s analysis. When asked about the expectations/results balance across various asset classes, investors in the region appear more satisfied with their international portfolios than with their local ones.
Once again, private debt receives the most praise. Some 38% of respondents indicated that their private debt assets exceeded expectations. In contrast, only 22% were surprised by the performance of their domestic private debt portion.
In the case of private equity, 18% saw their international portfolio outperform expectations, compared to just 9% who said the same about their local investments in this asset class.
The exception to the enthusiasm was the real estate investment segment, where none of the investment professionals surveyed saw their portfolios—whether domestic or foreign—exceed expectations.
Despite the strong results, Latin American investors have certain criticisms of foreign managers offering these types of strategies, particularly regarding sector expertise. Looking at the segment of international GPs, 47% of the professionals surveyed by Preqin indicated that the lack of focused experience was the most common mistake among international managers.
Clear Trail Advisors officially announced its transition to independence through a strategic partnership with Dynasty Financial Partners. The agreement will provide operational and administrative support, strengthen its investment capabilities, incorporate advanced planning and reporting tools, and position the firm for long-term growth, according to a statement released by Dynasty.
Formerly part of Steward Partners, Clear Trail Advisors is based in Houston and manages $850 million in client assets. The firm is led by its Chairman Randy Price, CEO Matt Price, and Matthew Kerns as President.
“Dynasty allows us to maintain fiduciary independence while gaining access to top-tier research, technology, and operational support,” said Randy Price.
The decision to become independent reflects the team’s commitment to objective advice and stronger client service, the statement noted.
As part of its new phase, Clear Trail is implementing improvements in planning, faster performance reporting, and a more proactive client relationship. The firm selected Charles Schwab as its custodian, highlighting its scale, stability, and strong presence in Texas.
“Clear Trail Advisors serves a clearly defined client base, has strong leadership, and is deeply committed to independent, client-centered advice,” said Shirl Penney, Founder and CEO of Dynasty Financial Partners.
The new RIA plans to expand its service model over the next two years by hiring a Director of Financial Planning and adding in-house tax experts, according to the announcement.
Stablecoins, cryptocurrencies generally pegged to the U.S. dollar and designed to maintain a stable value, are establishing themselves as a key player in the global financial system. According to an analysis by Jeffrey Cleveland, Chief Economist at Payden & Rygel, this type of digital asset could become the world’s largest offshore market, even surpassing the historic eurodollar market.
In his latest report, Cleveland draws a parallel between the rise of stablecoins in the 21st century and the expansion of eurodollars after World War II. While eurodollars (offshore dollar deposits) helped consolidate the dollar’s dominance internationally, stablecoins could amplify that hegemony in the digital environment. “Could stablecoins further reinforce the dollar’s status as the world’s leading currency? History suggests they could,” the economist posits.
Evolution of Offshore Dollars
He explains that the eurodollar phenomenon dates back to the mid-20th century, when various regulatory and geopolitical conditions led to a growing accumulation of dollars outside the U.S. In the 1970s, the market quintupled, and by the late 1980s, it already totaled $1.7 trillion in offshore deposits. Today, the eurodollar market is estimated to reach $16 trillion.
In his view, stablecoins follow a similar logic, though with a radically different infrastructure. Instead of being managed by banks outside the U.S., they are stored and transferred via public blockchains. Their market value is already approaching $250 billion, with daily trading volumes exceeding $24 billion, nearing that of Bitcoin and surpassing Ether.
“Unlike traditional cryptocurrencies, stablecoins aim to minimize volatility and are mostly backed by real assets. Currently, more than 95% of them are secured by financial instruments such as cash, Treasury bills, or money market assets. Issuing companies like Tether and USD Coin already rank among the top holders of U.S. Treasury debt, with more than $120 billion in sovereign bonds,” Cleveland notes.
Transforming the Global Payment System
Cleveland’s analysis highlights that stablecoins not only replicate many of the functionalities of eurodollars, but also offer competitive advantages that could accelerate their global adoption. These advantages include the ability to conduct transactions with immediate settlement, available 24 hours a day, seven days a week, independent of traditional banking hours. They also offer significantly lower transfer costs, often below three percent and, in some cases, even below one percent of the amount sent.
Added to this is a high level of transparency, as all transactions are recorded in real time on the blockchain, allowing traceability for both users and regulatory authorities. Furthermore, their accessibility far exceeds that of traditional financial systems: anyone with internet access can use stablecoins without intermediaries or bank accounts, opening the door to broader and more global financial inclusion.
These features have already been adopted by the private sector. For example, SpaceX uses stablecoins to collect payments for its Starlink satellite network services. In the past year, the average monthly transaction volume in stablecoins exceeded $100 billion, even surpassing the volume processed by the Visa payments network.
In addition, stablecoins are being used in the decentralized finance (DeFi) market to generate interest, often higher than what traditional banks offer.
Into the Unknown
Cleveland warns that, like eurodollars, stablecoins could pose macroeconomic challenges in the event of liquidity strains or crises of confidence. In 2008, the eurodollar system was one of the focal points of the global financial crisis, due to the pressure to quickly convert offshore deposits into “onshore” dollars.
However, the rise of stablecoins also represents a historic opportunity to strengthen the dollar’s dominance in the digital economy. Despite past efforts by governments to reduce the global influence of the dollar, Cleveland argues that these digital currencies could further deepen its global presence.
“We’ve seen this movie before. Eurodollars cemented the dollar as the hegemonic currency in the 20th century. Today, stablecoins may be writing a new chapter in that same story,” the economist concludes.
ProShares, provider of leveraged and inverse ETFs, announced the launch of ProShares Ultra QQQ Top 30 (QQXL), the first and only ETF designed to offer twice (2x) the daily performance of the Nasdaq-100 Top 30 Index.
In this way, the company expands its $40 billion range of leveraged and inverse ETFs linked to the Nasdaq-100, which includes ProShares UltraPro QQQ (TQQQ), the largest leveraged ETF in the world.
The Nasdaq-100 Top 30 Index offers concentrated exposure to 30 of the largest and most influential companies in the technology-focused Nasdaq-100 Index, with leading companies such as Nvidia, Apple, and Meta Platforms.
“In recent years, market leadership has concentrated in a group of innovators—many in the technology sector—who are redefining what is possible, a trend that investors want to capture,” said Michael L. Sapir, CEO of ProShares. “With QQXL, investors can now seek twice the daily returns of these market leaders with the ease and convenience of a single ETF trade,” the executive added.
ProShares manages more than $90 billion in assets, pioneered the leveraged and inverse ETF category nearly two decades ago, and remains the largest provider globally. It offers funds linked to major stock indices, individual equities, fixed income, commodities, currencies, cryptocurrencies, and volatility.
Miami Surpasses New York as the Leading Global Market for Ultra-Luxury Second Homes, According to Altrata Report
Miami has established itself as the global leader in the ultra-luxury second home market, surpassing New York for the first time, according to Residential Real Estate 2025, a report by Altrata sponsored by REALM. The report notes that there are 13,211 individuals who own such properties in the city of Miami, compared to 12,813 in the Big Apple.
The UHNWI (ultra-high-net-worth individuals—those with net assets exceeding $30 million) segment has increasingly chosen the Florida city as a preferred destination, overtaking historic financial hubs such as New York, London, and Dubai.
“Miami has seen a strong influx of ultra-wealthy residents since the pandemic. The most prominent groups have been wealthy entrepreneurs from other parts of the United States and the expansion of an already sizable Latin American diaspora,” Altrata states in the report.
“The city has long been a popular destination for affluent buyers seeking an additional residence, attracted by Florida’s favorable tax regime, warm climate, and coastal location. Second homes account for just over three-quarters of the UHNW residential footprint in Miami—the highest proportion among the top 20 cities,” the report adds.
“We live in a world where wealth is no longer confined by borders,” said Julie Faupel, founder and CEO of REALM, a global luxury real estate membership platform. “Today’s wealthy are more mobile, more diversified, and have a stronger global presence than ever before,” she added.
Despite Miami’s rise, New York still tops the list of the world’s 20 leading cities by overall residential footprint, with over 33,200 UHNW individuals, followed by Los Angeles and Hong Kong, each with residential footprints nearing 20,000. Miami ranks fourth on that list, ahead of London, with nearly 18,000 UHNW residents.
“The luxury real estate market in New York has slowed in recent years, constrained by rising interest rates, limited inventory, and intense global competition in the second-home segment (including from other U.S. cities). Nonetheless, New York remains a powerful magnet for the wealthy, offering a blend of luxury consumption, vibrant culture, high-quality education, and prestigious lifestyle, with Manhattan at the epicenter of the luxury property market,” the report also notes.
Los Angeles and San Francisco rank third and fourth respectively in terms of UHNW individuals with second homes, each with more than twice the number found in the next most popular city, Boston. In both California cities, UHNW presence is fairly evenly split between primary and secondary residences.
Naples and Greenwich stand out as smaller urban centers that are highly sought-after for second homes. The seaside resort town of Naples, in southwest Florida, is an outlier with the highest proportion of UHNW second-home ownership, representing 95% of its ultra-wealthy residential footprint. Greenwich, meanwhile, has a high proportion of second-home ownership similar to Miami, attracting affluent buyers with its proximity and access to Manhattan, coastal location, low tax rates, and expansive luxury properties.
DWS Group adds Marwin Martinez in Miami as senior Xtrackers sales specialist for the US offshore & non-resident clients market, according to a post shared by Martinez on his LinkedIn profile. According to information obtained by Funds Society, he will be responsible for managing relationships with financial intermediaries serving Latin American clients.
“I’m pleased to share that I’m starting a new position as Vice President, Senior Sales Specialist of Xtrackers – U.S. Offshore & NRC Business at DWS Group,” wrote Martinez, a professional with experience in relationship management and a strong track record in the industry.
He worked for six years at asset manager Vanguard, across two separate periods. His last role at Vanguard was similar to his current position at DWS. Prior to that, he spent 11 years at AllianceBernstein, where he held various positions and ultimately served as Assistant VP – Senior Relationship Manager Latin America Institutional, US & Canada Offshore.
Martinez holds a degree in International Business and Finance from Temple University – Fox School of Business and Management, and also holds FINRA Series 7, 6, and 63 licenses.
The Difference Between the Risk an Investor Is Willing to Take and the Risk They Should Take Is Not Academic—It’s the Difference Between Checking Boxes and Delivering Truly Suitable Solutions
According to Oxford Risk, for many years, advisers and firms have relied on some version of what is often called Attitude to Risk (ATR) as the main— and in many cases, the only—criterion for portfolio selection. However, they believe that ATR was never truly fit for purpose. “It provided an easy number to anchor to, but not a complete picture. It only captures part of what we need to know about an investor, and often not even that particularly well,” the firm argues.
Oxford Risk’s approach begins with a simple premise: the amount of investment risk an investor should take—their Suitable Risk Level (SRL)—must be based on a more complete understanding of who they are and how they relate to their investments. This requires moving beyond a narrow focus on a single attitude and instead considering a combination of key factors:
Risk tolerance, understood as a long-term psychological trait that reflects how much risk an investor is willing to take in relation to their total wealth;
Risk capacity, representing their financial ability to take on risk, considering time horizon, dependency on assets, income stability, and liquidity needs;
Behavioral capacity, referring to their emotional strength to tolerate market volatility, expressed in traits like composure; and finally,
Knowledge and experience, which help assess the investor’s familiarity with the investment world and may temporarily limit their exposure to risk.
Each of these components plays a distinct and complementary role in constructing the investor’s SRL.
The Limits of “Attitude” Toward Risk
The term attitude to risk conceals significant complexity. Each investor has multiple attitudes toward risk: long-term and short-term; rational and emotional; domain-specific and general. What matters is not how a person feels about risk today or in response to recent events, but their stable, long-term willingness to balance risk and return across their total wealth over time.
This is precisely what a well-designed risk tolerance assessment should measure. But market RTA tools often fall short: they confuse risk tolerance with optimism, confidence, or knowledge; they fail to isolate the core trait; and they produce unstable results that may change drastically with the markets.
Moreover, ATR—even when well-measured—is only part of the story. Most tools that use ATR completely ignore risk capacity, and with it, the dynamic life context of the investor’s financial situation. In their view, risk tolerance tells us how much risk people are willing to take; risk capacity, how much they can afford to take. “Ignoring the latter can cost decades of compounded growth and lead to very unsuitable long-term outcomes. Suitable risk isn’t what feels safe today, but what supports financial security over time,” they note.
From Investor to Portfolio
At Oxford Risk, they believe that understanding the investor is only half of the equation. “Assigning them the right portfolio also requires knowing the long-term risk level of that portfolio. This is where another mismatch often arises. Too often, portfolio risk is assessed using short-term historical volatility—a highly unstable and context-dependent measure. This leads to inadequate risk labels and poor long-term alignment,” they state.
In their view, what’s needed is stability on both sides: a stable measure of the investor’s SRL, based on proven traits and models over time; and a stable measure of portfolio risk, based on expectations of long-term outcome uncertainty. “Only if both conditions are met can we ensure that the risk match is accurate at the time of recommendation and remains appropriate as both markets and personal circumstances evolve,” they affirm.
Their key conclusion is that attitude to risk was a useful stepping stone, but it is no longer sufficient (indeed, it never truly was). “A truly suitable level of risk must combine: a precise, psychometric measure of risk tolerance; a forward-looking, situational awareness of risk capacity; a behavioral understanding of composure and its effect on behavior; and an appreciation of knowledge and experience and their role in informed decision-making,” they argue.
In their view, only in this way can we deliver investment solutions that align not only with what an investor says or feels, but with who they are, where they are in life, and the best way to support their long-term goals. “Suitability is not a number. It is a relationship (between investor and investment) based on understanding, adapted over time, and empowered by technology that embeds science into every recommendation,” they conclude.
