Thornburg Will Focus on Global Fixed Income Opportunities and Risks in Houston

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Thornburg enfoca su estrategia en renta fija global
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Through Thornburg Investment Management’s flagship multisector fixed income strategy, Benjamin Keating, CFA, Client Portfolio Manager of the firm, will present an unconventional perspective on fixed income markets, emphasizing the opportunities and risks that global fixed income offers in the current context.

This will take place during the V Funds Society Investment Summit in Houston, an event for professional investors from Texas and California, scheduled for March 6 at the Hyatt Regency Houston Galleria.

“In today’s fixed income markets, spreads are tight, but yields are high. Historically, this trend suggests that we are heading toward tensions in credit markets,” Thornburg stated in a press release, which concludes with a question: “Is that the right way to look at things, given the new political leadership and potential changes at the Federal Reserve?”

Through a presentation of the Thornburg Strategic Income Fund, the flagship multisector fixed income strategy of the global investment firm founded in 1982, Keating will clarify the uncertainties posed by the current global landscape and the investment opportunities it presents.

Benjamin Keating

The speaker at the Houston event, Benjamin Keating, is a Client Portfolio Manager at Thornburg Investment Management and serves as a liaison between the firm’s portfolio management teams and key investment decision-makers in the industry. He covers a variety of strategies and asset classes, including domestic and international equities, alternatives, and fixed income.

Keating has over 30 years of experience in investment management and joined Thornburg in 2025. Previously, he spent 13 years as Vice President and Portfolio Advisor at Wellington Management Company and also served as Senior Vice President and Portfolio Strategist at Hartford Investment Management Company, among other professional roles.

Academically, he earned a degree in Finance from Siena College and an MBA from Boston University. He also holds the CFA certification.

Trump Offers Residency to Foreigners in Exchange for 5 Million Dollars

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Donald Trump, presidente de EEUU (Wikipedia)
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President Donald Trump continues to signal a shift in U.S. immigration policy. He has now announced the launch of a new card, a “gold card,” which will grant foreigners the right to live, work, and eventually obtain U.S. citizenship after paying 5 million dollars.

“We are going to sell a gold card,” the president declared to the press gathered in the Oval Office of the White House. “You have a green card. This is a gold card. We are going to put a price on that card, around 5 million dollars, and that will give you green card privileges, in addition to being a pathway to citizenship,” he explained.

The initiative—expected to take effect within the next two weeks—marks a shift in the country’s immigration policy, focusing on attracting high-net-worth foreigners. The measure would replace the EB-5 program, the investor visa created in 1992, which allowed foreign investors to obtain a green card in exchange for bringing capital into job-creating projects in the United States. Staying true to his style, Trump described that program as a system full of “nonsense, loopholes, and fraud.”

The new initiative will also provide resources to reduce the U.S. fiscal deficit, which is at record levels. “Wealthy individuals will come to our country by purchasing this card. They will be successful, spend a lot of money, pay a lot of taxes, and employ many people,” the president assured. During the announcement, he was accompanied by Secretary of Commerce Howard Lutnick.

The president emphasized that gold card holders will be “major taxpayers, major job creators.” He then clarified that those who obtain the card will not be required to pay taxes on income earned outside the United States, as long as they are not citizens. “If they create jobs here, they will pay taxes like everyone else,” he explained. “We may be able to sell a million of these cards, maybe even more than that,” said Trump. “If you add up the numbers, they look pretty good,” he said enthusiastically. “If we sell a million, that’s 5 trillion dollars,” he concluded.

Private Debt, Technology, and Talent: The New DNA of Asset Management

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Private debt and technology in asset management
María Fernanda Magariños, Executive Director of Investment Management at Sura Investments

FlexFunds and Funds Society, through their Key Trends Watch initiative, share the vision of María Fernanda Magariños, the newly appointed Executive Director of Investment Management at Sura Investments, a company within Grupo SURA, an investment management firm with 80 years of experience and a presence in Mexico, Colombia, Peru, and Chile, in addition to investment vehicles in the United States and Luxembourg.

A qualified actuary, Magariños is strongly motivated to channel global resources toward Latin America’s sustainable development, bridging economic and social gaps through investment. In her new role, she is responsible for designing investment solutions for pension fund managers, insurance companies, and family offices.

In a challenging and volatile economic environment, her strategy focuses on building long-term, trust-based relationships and ensuring operational excellence—key aspects for institutional clients who must balance profitability and stability when managing third-party assets.

To achieve this, she considers three essential factors: a straightforward client-focused approach, strong talent management to enhance investment strategy execution, and the ability to operate within strict regulatory frameworks without losing flexibility—crucial in maintaining confidence in diverse Latin American markets.

Trends in portfolio and investment vehicle management

Magariños highlights the increasing inclusion of alternative assets in investment strategies. Alternative assets have become an essential diversification tool for institutional investors, who typically manage portfolios with a long-term investment horizon. Traditional assets in Latin American markets do not always offer the depth or returns needed to meet investors’ objectives.

She mentions infrastructure, private debt, and real estate, among the most popular alternative assets. These assets enable greater diversification and contribute to economic development and regional strengthening, adding extra value for investors. In this sense, alternative assets balance risk and return, which is key to meeting institutional clients’ investment profiles.

Another crucial aspect of asset management is the proper selection of investment vehicles. Magariños emphasizes that each client type requires tailored solutions. While insurers may benefit from direct or structured vehicles that optimize capital and reduce regulatory requirements, pension funds find more value in collective investment funds aligned with their operational structures.

The key is not to apply a one-size-fits-all solution but to design customized strategies that balance profitability and risk for efficient and sustainable investment management.

According to Magariños, success in asset management in Latin America depends on a long-term strategic vision centered on client needs and trust-based relationships. The key lies in portfolio diversification, incorporating alternative assets that provide greater stability and returns. Moreover, investment solutions must be flexible and adaptable, with a strong local presence that ensures compliance with regulations without compromising efficiency.

Thus, capital optimization, effective talent management, and the ability to adapt to a constantly changing environment will be fundamental in strengthening asset management in the region, where alternative assets will play a key role in ensuring the growth and sustainability of institutional portfolios.

Which assets will dominate the future?

Looking ahead, María Fernanda identifies a key financial instrument for investors in 2025: private debt. This instrument diversifies portfolios and offers attractive returns in an environment with a limited supply of traditional options. The growing interest in alternative assets also reinforces their role in risk management and returns optimization.

Separately managed accounts (SMA) vs. collective investment vehicles

According to Magariños, separately managed accounts and collective investment vehicles play a crucial role and must coexist in the market. This flexibility allows investment solutions to be tailored to specific investor needs. Sura Investments, for example, offers a wide range of investment solutions, from Latin American alternative assets to third-party funds investing in global assets, adapting to the demands of insurance companies, pension funds, and family offices alike.

When asked about the most important factors investors prioritize when making decisions, Magariños highlights two key elements: the quality of the manager and operational excellence.

Investors increasingly focus on manager profiles, seeking proven experience and a strong track record in investment strategies. In this regard, a firm’s performance is measured not only by returns but also by its ability to deliver efficient operations and timely reporting, which are essential to meeting institutional investors’ regulatory requirements and expectations.

In this context, Magariños underscores the key skills an advisor should have: active listening, effective communication, and a genuine interest in learning. At Sura Investments, these skills are highly valued, as providing expert advisory services to clients is central to their value proposition and a fundamental way to achieve clients’ financial goals.

However, Magariños adds that one must not overlook the advancement of artificial intelligence, which is becoming the new driving force in asset management. AI’s data analysis capabilities have enhanced the personalization of investment solutions and optimized decision-making, enabling the creation of products tailored to client needs making them more competitive and efficient.

The interview was conducted by Emilio Veiga Gil, Executive Vice President of FlexFunds, as part of the Key Trends Watch initiative by FlexFunds and Funds Society.

Will 2025 Be the Year of Private Equity Reacceleration?

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The recent challenges facing the private equity market could be overcome as rate cuts and lower inflation set the stage for an improvement in multiples. According to Rainer Ender, Global Head of Private Equity at Schroders Capital, although 2024 saw a significant slowdown in deal activity, signs of recovery are emerging, suggesting that the private equity market could be more dynamic in 2025.

“Just like in 2023, we have seen wide bid-ask spreads and reduced liquidity. When interest rates rise, so do the financing costs for acquisitions, which lowers the EV/EBITDA. Buyers pay more to secure fewer loans, reducing the amount they are willing and able to offer for assets,” says Ender.

In his view, rising interest rates have put downward pressure on cash flows, while inflation has increased costs for companies that lack proper pass-through mechanisms. Meanwhile, sellers have tried to exit assets when leverage was cheap and multiples were rising. Ender believes this dynamic has created a mismatch between the price buyers are willing to offer and the price sellers are willing to accept. Even amid these challenges, he sees several developments suggesting that 2025 may bring more favorable conditions.

“Although EV/EBITDA multiples for large acquisitions have declined, the global value of deals is increasing, a trend driven by the preference for larger investments in established companies. Exit prices in the global market have stabilized, and there has been a recent uptick in sponsor-to-sponsor exits (where one PE fund sells to another PE fund). However, a significant valuation gap persists, as small and mid-sized company acquisitions are trading at a steep discount compared to their larger counterparts, a trend that suggests a perceived value discrepancy in the market,” Ender points out.

Secondly, he believes that many of the factors putting downward pressure on multiples will dissipate, and the decline in interest rates and lower inflation should lay the foundation for an improvement in multiples. “We also believe that investors could benefit by following the money and considering GP-led secondary transactions. Nearly half of the record-high secondary transaction volume in the first half of the year came from these vehicles, also known as continuation funds. These funds align the financial incentives of GPs and LPs, creating potential benefits for all stakeholders: the original sponsor, new and existing investors, and the company or companies within the new fund structure,” he emphasizes.

Finally, Ender notes that conditions will also favor a focus on small and mid-cap markets, which are diversifying. “Recent history has demonstrated their potential to perform well in periods of volatility, and the law of large numbers (probability theory) makes it inherently easier to generate higher multiples in smaller companies. Operating in small and mid-cap markets also reduces dependence on the still-stagnant IPO market for exits. Moreover, after successfully helping a small or mid-sized company grow into a large-cap company, exits can be larger in the market, where a significant amount of dry powder—capital already raised and seeking opportunities—remains available. If we combine the recent period of volatility with the dot-com crash, the global financial crisis, the eurozone crisis, and the COVID-19 pandemic, we see that the Global Private Equity Index outperformed the MSCI ACWI Gross Index by an average of 8%,” argues the Schroders Capital expert.

Additionally, he highlights that, structurally, the nature of committed capital allows firms to retain ownership of assets during crises and sell them when market conditions are favorable, avoiding the kind of “fire sales” at low valuations. “The generally more rigid nature of private equity also prevents people from falling into psychological investment traps, such as panic selling at the worst possible moment. From a fundamentals perspective, private equity firms tend to have a different sector mix compared to public markets, focusing on less cyclical industries such as healthcare and technology while maintaining lower exposure to banks and heavy industry. Additionally, private equity tends to favor growth and disruption, seeking companies with high expansion potential. They also prefer business models with recurring cash-generating revenues, as these tend to be less volatile,” he concludes.

Why are ETPs the ace-up asset managers’ sleeves?

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Exchange-traded products (ETPs) have become an essential tool for portfolio managers, as highlighted by FlexFunds, offering flexibility, accessibility, and cost efficiency for asset repackaging and management. These financial instruments enable asset managers to efficiently diversify their portfolios, implement tailored investment strategies, and seamlessly adapt to changing market conditions.

What Is an ETP?

An ETP is a financial instrument traded on a stock exchange, similar to equities. It provides access to a benchmark index or a specific asset class, making it easier for managers to construct diversified portfolios with a single transaction. Most ETPs are passive investments designed to track the performance of an underlying index or asset, generally with lower operating costs than actively managed investment funds or mutual funds.

Characteristics of ETPs

  • Passive management: A cost-efficient and transparent option for gaining exposure to an index or asset without the need for constant active management.
  • Simplified diversification: Enables managers to access a broad range of assets through single trade.
  • Liquidity and ease of trading: Can be bought and sold during market hours, with real-time pricing.
  • Flexibility for managers: Can issue shares or debt securities based on demand, adapting to portfolio needs.
  • Transparency: ETP components are published daily, providing managers with a clear view of portfolio holdings.

The growing ETP market

The ETP industry has experienced significant growth since the launch of the first product in 1993. According to independent research and consulting firm ETFGI, as of January 2025, over $14 trillion was invested globally in ETFs/ETPs. In the United States, the market reached a record $10.73 trillion in January 2025, surpassing the previous peak of $10.59 trillion recorded in November 2024. These figures reflect the growing interest in and adoption of ETPs as a key portfolio management vehicle, as illustrated in the following chart:

 

ETPs vs. traditional investment funds

Today, portfolio managers have a wide range of investment vehicles to optimize their strategies. This article focuses on comparing ETPs with traditional investment funds, highlighting their key differences in the table below.

 

FlexFunds: A global leader in ETP solutions

FlexFunds is an internationally recognized service provider for the issuance and administration of ETPs covering listed assets and alternative investments. These solutions are tailored for investment advisors, hedge fund managers, private fund managers, and real estate fund managers.

FlexFunds’ ETPs stand out for their efficiency and versatility, allowing asset managers to design customized strategies and create exchange-listed products with a unique ISIN code listed on the Vienna Stock Exchange and Bloomberg. Among their key advantages:

  • Efficient subscription via Euroclear
  • Flexible portfolio composition: Enables the securitization of multiple asset classes, both liquid and alternative.
  • Cost-efficient structure: Enhances portfolio profitability and optimizes operational expenses.
  • Global access: Products can be acquired from any brokerage account worldwide, facilitating international distribution.
  • Integrated administration: Supported by renowned institutions such as Interactive Brokers and Bank of New York, ensuring security and trust.
  • Direct reporting and transparency: Pricing is calculated and displayed directly on Bloomberg, Six Financial, and investors’ accounts.

With FlexFunds’ investment vehicles, asset managers can access solutions that securitize multiple asset classes, both liquid and alternative. To learn how these solutions can enhance your investment strategy, feel free to contact one of our experts at info@flexfunds.com.

Vontobel SFA Appoints Billy Obregón as CEO and Head of Private Clients for the Americas

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Photo courtesyBilly Obregon, new Vontobel SFA's CEO

Vontobel has announced the appointment of Billy Obregón as Head of Private Clients Americas and CEO of Vontobel SFA (Swiss Financial Advisers).

His role will be effective as of March 1, 2025.

The company also reported that Peter Romanzina, former CEO of Vontobel SFA, will join the Board of Directors, pending regulatory approval.

A week ago, Obregón bid farewell to Deutsche Bank through a message on his personal LinkedIn account. He had spent 23 years at the bank, where he was responsible for U.S. and Latin American client coverage. “I am looking forward to embarking on my next adventure, where I hope to leverage my knowledge and experience in today’s evolving market landscape,” he shared on the professional network.

“His experience and strategic vision will be key to driving Vontobel SFA’s growth and strengthening its position in the wealth management sector across the Americas,” the firm stated in a release.

Based in New York, Obregón brings over 20 years of experience in the financial industry, with a strong track record in wealth management and advisory services. He also worked at DWS, overseeing the distribution and execution of alternative investment opportunities across the Americas, with a special focus on the Latin American institutional client base.

Vontobel’s wealth management business has teams in New York, Miami, Geneva, and Zurich, serving private clients worldwide. In 2022, the firm acquired UBS’s Swiss Financial Advisers business and established Vontobel SFA, creating the largest Switzerland-based wealth manager for U.S. clients seeking a Swiss account for diversification purposes.

Focus Financial Adds Former Charles Schwab CFO to Its Financial Board

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Focus Financial Partners has announced the appointment of Peter Crawford, former Chief Financial Officer of Charles Schwab, to the board of its parent company. Focus is an interdependent network of wealth management, business, and related financial services firms. The appointment is effective immediately.

Crawford has decades of experience in the financial services industry. He served as CFO of Charles Schwab from 2017 until his retirement on September 30, 2024.

As Chief Financial Officer, he oversaw treasury and controller functions, FP&A, investor relations, and vendor management. Throughout his 22-year career at Charles Schwab, he held a series of leadership roles across the company.

“We are pleased to welcome Peter to our board,” said Dan Glaser, Chairman of the Board of Focus’s parent company and Operating Partner at Clayton, Dubilier & Rice. “With his extensive experience in the wealth management industry, Peter will provide valuable insights as we continue to grow and evolve the company,” he added.

For his part, Crawford stated: “I am honored to join the board of such a proven leader in the fiduciary advisory space, particularly at this exciting time of transformation for the company. I look forward to working closely with my fellow board members to advise the Focus management team on the execution and ongoing implementation of its strategic evolution.”

The Rebound in European Private Debt Operations Experienced in 2024 Will Continue This Year

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Private credit was one of the most in-demand assets among private market investors in 2024. Not only did it gain popularity, but European market operations rebounded over the past twelve months, reinforcing its appeal. According to experts at Pictet AM, this trend is expected to continue in 2025.

“It is important to note that this is a growth asset class, starting from an approximate value of €400 billion, which is only a third of the size of this market in the U.S. It is also expanding into small and medium-sized enterprises, which are increasingly turning to direct loans, as traditional bank financing is difficult to obtain,” explain Andreas Klein, Head of Private Debt, and Conrad Manet, Client Portfolio Manager, both from Pictet AM, in their latest analysis.

They argue that smaller transactions, especially those aimed at growth or transformational capital—where direct loans are the primary alternative to banks—are largely shielded from competitive dynamics. This contrasts with the larger-volume end of the market, where renewed competition from syndicated and high-yield loans generates excess capital, lower interest rates, and weaker protective clauses.

“In fact, yield-to-maturity spreads in European direct loan operations have declined by nearly 1% since early 2023 in the core and upper-middle segments, falling below 6% for the first time. Some loans have even been issued at 4.5% and 5%, often without creditor covenants. This has coincided with historically high levels of investment capacity, to the point that private equity and private debt funds now hold a record $2 trillion available for investment. A weak mergers and acquisitions market has contributed to this, creating a scarcity of opportunities. As a result, loan transaction margins have shrunk, with a relaxation of protective clauses,” the experts highlight.

However, they clarify that the reduction in margins in the lower-middle market—defined as transactions with companies generating up to €15 million in operating profit—has been more modest, around 0.2%. This is because there are fewer private debt funds competing in this segment, and banks have a limited presence due to capital constraints, particularly regarding credit lines. “In this lower-middle segment, yield spreads remain stable, and risk parameters are more controlled, leading to an improved risk-adjusted return premium compared to the more traditional, higher-volume segment. Specifically, leverage is decreasing in the lower-middle market, with more transactions closing at less than four times debt/EBITDA. Additionally, strong protective clauses for investors prevail in this segment,” Pictet AM analysts emphasize.

Another factor investors value in direct loans is their relatively low default rate. According to the experts, default rates have risen to around 6% in syndicated loans but remain below 2% on average in direct loans. However, they caution that default rates could rise due to lingering inflationary pressures and a potentially slower pace of interest rate cuts by European central banks compared to previous cycles. This could create tensions, particularly in more cyclical and leveraged segments, such as high-yield and leveraged loans.

“However, in 2025, we expect the lower-middle segment of direct loans to benefit from improving economic conditions and a rebound in M&A activity. That said, Europe’s economic recovery may not be uniform, and volatility is possible. Therefore, we are focusing on less market-sensitive and less volatile sectors such as medical technology, software, and business services. These sectors provide diversification, more stable income, and better capital preservation. On the other hand, we are avoiding more cyclical segments within the industrial and consumer sectors. Additionally, while most of the market continues to issue loans with light protective clauses, we hold single-lender positions, allowing us to structure customized agreements that better protect capital,” add the experts at Pictet AM.

They acknowledge that smaller companies can be riskier but emphasize their focus on businesses operating in and dominating niche markets with high entry barriers and limited competition. “Often, these companies exhibit the defensive qualities of major industry leaders—sometimes even better. Moreover, private equity funds tend to overweight loans to private equity-owned businesses, where transaction volume is higher, though potentially offering less value. However, maintaining a significant proportion of loans to company founders can be a strength if the right network is in place. That’s why our portfolio balances loans to private equity-owned companies with direct loans to founders, providing an additional layer of diversification,” they note.

Overall, Pictet AM expects that in 2025, the lower-middle segment of direct loans will remain a superior and more stable source of income and capital preservation. It can complement more traditional allocations to the upper-middle segment, special situation debt, and private equity debt. “It can serve as a strategic component in any private credit portfolio, both for investors taking their first steps into this asset class and for more sophisticated investors looking to diversify their portfolios,” the experts conclude.

The Great Latin American Wealth Migration to Spain

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In recent years, Spain has solidified its position as a highly attractive destination for wealthy Latin Americans. A growing number of high-net-worth Latin American families are settling in the country, driven primarily by significant political changes in their home countries. They seek, among other things, both physical and economic security for their assets in Spain.

Madrid, in particular, has recently experienced such a significant influx of investment from Latin America that it has come to be known as the “new Miami.” The numbers speak for themselves. For instance, 17% of residents in the affluent Barrio de Salamanca are wealthy Latin Americans, and nearly 15,000 Latin American students attended Madrid universities during the 2022-23 academic year.

Why Is Spain So Attractive to High-Net-Worth Latin Americans?

Spain offers significant opportunities with a business-friendly environment and strong cultural and linguistic ties to Latin America. Additionally, it is an appealing country from a family perspective, thanks to its top-tier public and private universities, pleasant climate and lifestyle, high-quality healthcare, relatively low crime rates, easy access to the rest of Europe, and good connections to Latin American countries.

For all these reasons, Spain is an obvious choice for Latin Americans looking to emigrate. But what has truly triggered the current high levels of wealth migration?

Many high-net-worth Latin American families began considering investment and/or relocation to Spain following the rise of left-wing governments across the continent, which generally created a less favorable fiscal and regulatory climate for the wealthy. Other recent events, such as Mexico’s 2024 judicial reform or the redefinition of private property in Mexico City’s constitution, have also spurred these movements.

Spain’s luxury real estate market has been another key factor drawing the attention of affluent Latin Americans, as these properties offer better value per square meter compared to what they might find elsewhere in Europe or much of the United States.

Recognizing the economic opportunity this trend presents, certain administrations have taken specific measures to foster and accelerate these wealth flows. For example, Isabel Díaz Ayuso, President of the Community of Madrid, announced last year that tuition fees at public universities for Latin American students would be reduced to match those paid by Spanish and European students starting in the 2024-25 academic year.

More importantly for this segment of the population, the recent approval of the so-called “Mbappé Law” in Madrid, which took effect on January 1, 2025, introduces a 20% regional deduction on personal income tax for non-residents who establish tax residency in Madrid and make certain investments as stipulated by the law.

Finally, it is important to note that many will still be able to benefit from the well-known “Beckham Law,” allowing them to be taxed as non-residents during their first years of residence in Spain, offering clear tax advantages. However, eligibility will depend entirely on the professional activities they undertake while in the country.

Will Recent Changes Affect Latin American Wealth Migration?

However, it is not all smooth sailing. It is undeniable that housing prices have risen significantly as more high-net-worth families have moved to or invested in Spain, particularly in major cities. While this reflects the strong interest in the country among foreign buyers, it has also priced many local residents out of the market, generating growing discontent over measures aimed at attracting international investment.

To ease tensions surrounding the impact of wealthy foreigners on Spain’s real estate market, the Socialist government voted in 2024 to eliminate the Golden Visa, which allowed individuals to obtain permanent residency through the purchase of properties valued at €500,000 or more.

Golden Visa applications will only be accepted until April 3, 2025, prompting some foreign investors to rush their purchasing decisions. However, other pathways for non-EU nationals to obtain residency in Spain, such as the non-lucrative residence visa, will remain available.

Additionally, and more controversially, Prime Minister Pedro Sánchez has recently introduced several proposals, including the potential implementation of a 100% tax on property purchases by non-EU residents. The aim is to curb foreign real estate investment and make housing more accessible to Spanish residents.

However, there is significant uncertainty regarding whether these measures will gain the necessary support from key government allies to move forward, which is crucial in a highly fragmented political coalition.

Moreover, it remains to be seen whether such measures (if ultimately approved) could be considered discriminatory and in violation of EU law by relevant authorities, including the European Commission or the Court of Justice of the European Union. This is particularly relevant given recent case law on inheritance and gift taxes and the rental of properties by non-EU residents.

Madrid Will Likely Cement Its Status as the “New Miami”

Ultimately, despite recent developments, Spain and its capital are well-positioned to continue attracting high-net-worth Latin American families.

The strong historical, cultural, and linguistic ties make Spain a natural destination for these individuals to establish their new home. And while there may be some political instability surrounding this issue at present, Latin American wealth migration is almost certain to continue in the coming years.

Opinion piece by Nerea Llona, Tax & Legal Counsel for Spain and Latin America at Utmost Wealth Solutions.

Álvaro Vértiz, Promoted to Head for Latin America and the Caribbean at DGA Group

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Álvaro Vértiz has been promoted to Head for Latin America and the Caribbean by DGA Group, the global advisory firm founded by Albright Stonebridge Group.

The firm announced in a statement that it “has expanded the roles of several executives on its Americas team, thereby strengthening its ability to help clients navigate complex policy, reputation, and financial issues on a global scale.”

Along with Vértiz, Adam Cubbage, currently New York Director, was promoted and appointed Director of DGA Americas; and Ryan Toohey, Head of the CCA practice in the U.S., will join the DGA Group Executive Committee.

“I’m happy to share that I’m starting a new position as Head for Latin America and the Caribbean at DGA Group!” Vértiz wrote on his personal LinkedIn profile.

Adam, Ryan, and Álvaro exemplify the caliber of collaborative leadership that defines DGA,” said Edward Reilly, CEO of DGA Group. “After leading the development of DGA’s multidisciplinary offerings in New York, Washington D.C., Chicago, and Mexico City, we are pleased that they are now taking on expanded roles, working with DGA leadership across the Americas to continue providing the best advisory services to our clients,” he added.

Vértiz joined DGA in 2023 as Partner and Country Head for Mexico. Previously, he worked for nearly seven years at BlackRock, where he built his career: he joined as Director and Head of Legal & Compliance for Mexico, and after four years, he was promoted to Chief Operating Officer. Three years later, he became Head of Digital, Board Member, and Head of Business Strategy and Strategic Partnerships at the firm.

Before that, he held positions at Prudential Real Estate Investors, GE Capital Americas, Citi, and PWC.