Allfunds has announced the appointment of Carlos Berastain as its new Global Head of Investor Relations, replacing Silvia Ríos, who is stepping down to pursue new opportunities.
Berastain, who brings over 25 years of experience in the industry, joins Allfunds from Santander, where he has served as Head of Investor Relations since 2017.
According to the company, Ríos will remain at Allfunds for a few months to ensure a smooth and orderly transition. During this period, she will work closely with Carlos Berastain, who will officially take on his new role at Allfunds on March 17, 2025.
“We are grateful for Silvia’s outstanding work, dedication, and contributions over the years, and we wish her success in her next career steps. We look forward to welcoming Carlos as he leads our investor relations initiatives and strengthens communication with our shareholders and the broader financial community,” said Álvaro Perera, CFO of Allfunds.
Allfunds highlighted Silvia Ríos’ pivotal role in the company, particularly in its IPO and strategic positioning within the financial community over the past four years. She was recently recognized as one of the top Investor Relations Directors at the Investor Relations Society Awards 2024.
Mark Uyeda, acting chairman of the SEC, centered his speech at the Annual Conference of the Institute of International Bankers on U.S. Treasury securities, amid market turbulence and investors seeking refuge in safe-haven assets. He also suggested that the regulator might withdraw the requirement for crypto companies to register as securities brokers.
«At a time when debt service costs are surpassing both national defense and healthcare spending, we cannot afford to rush into changes that might deter foreign investors from participating in U.S. Treasury markets. On the contrary, new regulations must be properly implemented, and any operational issues must be addressed,» Uyeda stated.
Uyeda revealed that he has instructed SEC staff to explore “options to abandon” parts of the proposed regulatory changes that would extend alternative trading system (ATS) regulations to include crypto companies. He recalled that the rule was originally designed in 2020, under former SEC chairman Jay Clayton, to establish clearer guidelines for alternative trading systems. However, the guidance was primarily intended to impact U.S. Treasury market participants.
Uyeda noted that when the rule’s implementation fell under former SEC chairman Gary Gensler, it took a “very different direction”, expanding beyond ATS platforms.
«Instead of focusing on specific issues related to ATSs for government securities, in 2022, a new version of the rule was proposed that would redefine the regulatory definition of a securities broker,» Uyeda remarked.
Following Gensler’s resignation, the SEC has taken a more relaxed approach toward the crypto industry.
«It was a mistake for the Commission to link the regulation of Treasury markets with a heavy-handed attempt to crack down on the cryptocurrency market,» he added.
With all this, in his speech, the acting chairman emphasized that the U.S. Treasury securities market is a “fundamental piece of the global financial system” and pointed out that foreign investors hold approximately one-third of the U.S. government’s marketable debt as of June 2023.
Uyeda noted that the United States uses these capital markets as an issuer of securities “to finance deficit spending,” and that being “the deepest and most liquid market in the world, U.S. Treasury securities serve as an investment, collateral, and safe haven in times of market turmoil.” He also emphasized that capital market regulation remains a priority and that he will continue working with foreign regulators to maintain global cooperation.
Concluding his speech, Uyeda reaffirmed that the SEC will continue engaging with international financial institutions as Treasury markets evolve.
For financial advisors, the fee-based model remains the most popular structure, accounting for 72.4% of their compensation. By 2026, it is estimated that nearly 78% of the wealth management industry will operate under this model, representing an increase of more than five percentage points compared to 2024.
These figures come from the latest Cerulli Edge: The Americas Asset and Wealth Management Edition report. The shift toward fee-based services is primarily due to the transition from sales commissions to asset-based commissions in brokerage and distribution (B/D) channels, according to the latest report from the Boston-based global consulting firm.
In contrast, commission-based revenue has declined to just 23% of an advisor’s average earnings, and this trend is expected to continue in the coming years.
While many clients prefer commission-based pricing, advisors offer alternative structures to attract a broad range of clients across different investment asset levels, the report added.
In an interview with Funds Society in late January 2025, Aitor Jauregui, Head of Latin America at BlackRock, stated that this model was gaining traction in Latin America and the U.S. Offshore market, driven by technology.
“In the U.S. domestic market, the commission-based model accounts for 53% of managed assets; in Europe, 42%. In Latin America, it represents only 20%, but this percentage breaks down to 35% for U.S. Offshore and just around 12% for Latin America,” he noted.
According to Jauregui, the key takeaway is that “in a business growing at a double-digit rate, the fee-based segment is also expanding at a double-digit pace. In U.S. Offshore, this market has grown from 20% to the current 35%, and much of this transition from brokerage to the fee-based model can be attributed to the increasing role of model portfolios.”
“While asset-based fees are on the rise, they are not suitable for every situation,” said Andrew Blake, associate director at Cerulli. “Alternative fee structures, such as annual or hourly fees, can provide greater flexibility in customer service and a competitive advantage for firms operating under this business model,” he added.
Alternative fee structures and the ability for clients to receive a variety of planning services in one place set advisors apart and appeal to investors, according to the report.
More than one in five advisors (21%) reported charging for financial plans and deriving a portion of their income from associated fees, making this the most common non-traditional fee arrangement. On the other hand, only 3% of brokerage firm advisors reported earning income from financial plan fees, but this figure rises to 38% in the insurance B/D channel and 35% in the independent B/D channel.
As demand for comprehensive financial planning grows, Cerulli recommends that advisory firms take the time to determine how they want to charge clients for the various services they offer, beyond investment management.
“There is a gap between advisory firms that include financial planning in their fees and those that charge separately,” Blake stated. “Advisors need to be clear and concise about pricing structures and options for engaging with this clientele, who may require clarification on what an advisory relationship entails. Open and honest conversations about service costs will build trust and strengthen relationships between clients and advisors while attracting prospective clients willing to pay for financial advice,” he concluded.
Once again, Monaco will become the meeting hub for asset and wealth management leaders during IMpower FundForum, taking place from June 23 to 25, 2025. As the only specialized event dedicated to investment managers across active, passive, and private markets—with a focus on private wealth management—it is a must-attend for senior executives in the industry.
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Hernández, former executive director at J.P. Morgan Wealth Management, serves high-net-worth and ultra-high-net-worth families, as well as entrepreneurs, corporate executives, and institutional investors.
Through NewEra Wealth, Hernández is creating a highly personalized, family office-style experience that offers clients exclusive access to carefully selected private investment opportunities while leveraging cutting-edge technology to enhance outcomes, Bolton stated in a press release.
“NewEra Wealth is built on the principles of integrity, independence, and innovation. By partnering with Bolton Global Capital, we can provide our clients with top-tier resources and a truly independent platform that allows us to focus solely on their best interests,” said Hernández.
“Partnering with Bolton Global allows me to focus on gathering and managing assets without the high costs, risks, and operational complexities of running an RIA. They handle those responsibilities in a more cost-effective way,” he added.
As part of Bolton Global Capital‘s network of independent advisors, NewEra Wealth will offer comprehensive wealth strategies tailored to each client’s unique financial situation, according to the firm’s statement. The company’s offerings include investment management, corporate and retirement cash management, capital markets advisory, and sophisticated estate planning solutions.
“Víctor has an outstanding track record of delivering exceptional value to his clients. His leadership and expertise make him an ideal partner for Bolton Global Capital, and we are excited to support NewEra Wealth in redefining the client experience in independent advisory services,” said Steve Preskenis, CEO of Bolton Global Capital.
With a degree in finance from Bentley University, Hernández most recently ran his own registered investment advisory firm, has over 20 years of experience, and brings extensive knowledge in investment management. During his tenure at J.P. Morgan, he managed over $600 million in assets, according to Bolton. He also holds an international MBA from IE Business School in Madrid, Spain.
His achievements have been recognized by the industry, earning him multiple Forbes rankings as the top wealth advisor in the state, recognition as one of the best next-generation wealth advisors in the U.S., and features in Fortune magazine.
Insigneo continues expanding its New York team with the addition of Jason Jimenez as Senior Investment Portfolio Associate, as announced on LinkedIn by Alfredo Maldonado, managing director and market head of the firm in that city and the northeastern United States.
“Welcome, Jason Jimenez, to our expanding Insigneo team in NYC!” wrote Maldonado. He added that Jimenez will bring “his exceptional talent to our team. At Insigneo, our goal is to strengthen our franchise by welcoming top-tier professionals.”
Jimenez held the position of Senior Associate Director of Wealth Strategy at UBS for less than a year and previously spent nearly five years at J.P. Morgan Chase as a Client Service Associate. He is a graduate of the Tandon School of Engineering at New York University.
Dynasty Financial Partners announced that Sam Anderson and Harris Baltch have been appointed co-heads of Dynasty Investment Bank as part of the bank’s development and the “ongoing dynamic growth” of the Dynasty Wealth Management platform, according to the firm’s statement.
Anderson and Baltch will report to Justin Weinkle, Dynasty’s Chief Financial Officer, who has also been named Chairman of the company’s Capital Committee.
“This expansion of the executive leadership team will provide Dynasty Investment Bank with greater focus, talent, and resources necessary to pursue the best opportunities and deliver optimal results for its investment banking clients,” the company stated.
Before joining Dynasty, Anderson and Baltch covered complementary sectors of the financial services industry as investment bankers at Goldman Sachs and UBS, respectively. Over their combined careers, they have executed more than $50 billion in M&A transaction value and over $100 billion in financing, according to information provided by Dynasty.
During their three years with the company, they have collaborated on numerous transactions on behalf of the Dynasty Network.
“Similar to many areas of our business, the official launch of Dynasty Investment Bank two years ago and this expanded leadership team we are announcing today naturally evolved from our ongoing support activities for our network firms,” said Shirl Penney, founder and CEO of Dynasty Financial Partners.
“We are proud of how our business has progressed thanks to the alignment and close collaboration we maintain with our clients. It is that same partnership mentality that Sam and Harris will embody as they expand Dynasty Investment Bank and execute on behalf of our clients. The potential for this area of our business is limitless,” he added.
Officially launched in 2023, Dynasty Investment Bank provides specialized services to both wealth management and asset management firms, including M&A advisory and execution for both buyers and sellers, capital underwriting, valuations, and succession planning.
In 2024, Dynasty Investment Bank advised on 15 M&A and capital-raising transactions, including cross-border mergers and acquisitions of publicly traded companies, domestic sell-side transactions, strategic recapitalizations, valuations, and capital-raising mandates. Dynasty currently has 57 partner firms in its network, representing over 500 advisors and more than $105 billion in platform assets.
In today’s investment landscape, alternative assets have become a compelling portfolio and risk diversification strategy. Real estate has proven to be an attractive option within this category due to its ability to generate recurring income and preserve value over time. However, liquidity has historically been one of its limitations. This is where asset securitization plays a crucial role, allowing real estate to be converted into tradable securities accessible to a broader base of investors.
Real estate securitization generally involves creating a special purpose vehicle (SPV), a legal entity that isolates and manages properties. This SPV issues securities backed by the property’s income flows, such as bonds or notes, which institutional investors can acquire in capital markets. For asset managers, this mechanism improves portfolio liquidity, optimizes capital allocation, and enables structuring attractive financial products for different investor profiles.
Real estate securitization can take many forms; among the main ones are:
Residential Mortgage-Backed Securities (RMBS): These are securities backed by pools of residential mortgages. Banks or financial institutions typically originate mortgages and then sold to an SPV. The SPV bundles the mortgages and issues securities backed by the underlying loans.
Commercial Mortgage-Backed Securities (CMBS): These securities are backed by pools of commercial real estate mortgages. Commercial property owners, such as office buildings, shopping centers, or industrial properties, take out the loans. The SPV pools these loans and issues securities backed by the underlying mortgages.
Real Estate Investment Trusts (REITs): These investment vehicles own and operate income-generating real estate assets. REITs allow investors to gain exposure to real estate without directly owning the underlying properties. REITs must distribute at least 90% of their taxable income to shareholders as dividends, making them attractive for investors seeking regular income.
Securitized real estate assets offer multiple advantages for asset managers and their clients, including:
Diversification: Exposure to a broad spectrum of real estate assets across various regions and sectors.
Professional Management: Assets are managed by experienced real estate and finance specialists.
Optimized Returns: Securitized real estate can offer an attractive return profile compared to traditional investments.
However, securitized real estate assets also carry certain risks, including:
Market Risk: The value of securitized instruments may fluctuate based on real estate market conditions.
Credit Risk: The underlying assets may fail to meet payment obligations, affecting the instrument’s profitability.
Liquidity Risk: Changes in market conditions may impact the ease of buying or selling these securities at fair prices.
Success story: CIX Capital
CIX Capital is a firm specializing in real estate investments in Brazil and the U.S., focusing on structuring and managing tailored strategies for institutional investors, asset managers, and family offices. With over R$7.3 billion in transactions, CIX sought an efficient investment vehicle to access international private banking swiftly and cost-effectively.
In this context, FlexFunds‘ solutions enabled CIX Capital to structure a customized issuer for exchange-traded products (ETPs), transforming real estate assets into tradable securities with access to international markets. Thanks to this solution, CIX has securitized over $200 million, optimizing costs and timelines compared to traditional structures in jurisdictions such as the Cayman Islands, the British Virgin Islands, and Luxembourg.
Carlos Balthazar Summ, CEO of CIX Capital, highlights: “FlexFunds’ investment vehicles are ideal for real estate. In a record time, we set up and launched our Bond (ETP), quickly accessing private banking channels via Euroclear, broadening our international capital raising ability, and successfully acquiring 358 multifamily units in Florida, USA. The simplicity in the onboarding of investors and its accompanying savings in the back-oce make FlexFunds’ your ideal partner to create internationally accredited investment structures. It is also a state-of-the-art solution that was well perceived by the private and asset management industries in Brazil and abroad.”
Key benefits achieved by CIX Capital with FlexFunds:
Simplify the investor onboarding and underwriting process
Reduced the administrative costs of fund management.
Facilitate the raising of capital from international investors.
Enable access to international private banking channels.
Real estate securitization provides asset managers an efficient tool to optimize portfolios, enhance liquidity, and attract institutional investors. However, conducting a thorough risk analysis and structuring vehicles tailored to each investment strategy is crucial.
FlexFunds serves as a strategic partner in the repackaging of real estate assets, offering accessibility and management optimization through securitization and as a bridge to multiple private banking platforms. If you are interested in securitizing your real estate investment fund, contact the experts from FlexFunds at info@flexfunds.com.
Private equity and venture capital activity in the U.S. solar industry is on track to reach its lowest level in the past four years. This contrasts with significant global private equity inflows into the sector during 2024, according to a new global report by S&P.
According to the report, private equity investments in residential and utility-scale solar energy in the U.S. from January 1 to November 26 totaled $3.1 billion, approximately 24.6% lower than the total reached in 2023 and representing only 7.3% of the $42.54 billion accumulated in 2021. So far, only four private equity deals in U.S. solar energy have been announced in 2024.
Globally, the value of transactions in residential and utility-scale solar energy reached $25.04 billion, an increase of approximately 52% from the $16.46 billion recorded for the entire year of 2023, according to data from S&P Global Market Intelligence.
This rise in global investment comes amid China’s dominance in solar panel production, which has led to oversupply levels. According to a report by Wood Mackenzie, the Asian country will continue to hold more than 80% of global solar manufacturing capacity through 2026.
Europe, including the United Kingdom, attracted the majority of private equity investments in residential and utility-scale solar energy, with 23 deals exceeding $20 billion. The value of private equity transactions involving UK-based renewable energy companies has already surpassed private investments in the U.S. renewable energy sector this year.
Additionally, the U.S. and Canada ranked second in transaction value, with $3.25 billion across seven solar energy deals. The Asia-Pacific region, including China, followed closely with 20 deals worth over $795 million.
European Mega-Deals Drive Private Equity Financing Growth
Several multibillion-dollar transactions have contributed to the total value of solar sector deals so far this year. The largest private equity-backed solar energy deal announced in 2024 is Energy Capital Partners LLC’s planned $7.87 billion acquisition of Atlantica Sustainable Infrastructure PLC, a UK-based company. Its ECP V LP fund is set to purchase Atlantica from Algonquin Power & Utilities Corp., which decided to sell after conducting a strategic review of its renewable energy business.
The second-largest deal is Brookfield Asset Management Ltd. and Temasek Holdings (Pvt.) Ltd.’s proposal to acquire 53.32% of Neoen SA, a Paris-based company, for $7.57 billion. The buyers are expected to eventually acquire full ownership of the company and take it private.
Private investments in the industry can help pave the way for the development of new solar technologies. The shorter development timeline, lower capital costs, and compatibility with battery energy storage systems have kept solar energy more attractive than other alternative energy sources, such as wind or nuclear, according to Benedikt Unger, director at consulting firm Arthur D. Little.
“By financing next-generation solar technologies, such as bifacial modules and perovskite cells, private equity investments can accelerate innovation,” Unger wrote in an email to Market Intelligence.
The technical explanation is that bifacial modules capture light on both sides of the solar panel, while perovskite cells are high-performance, lower-cost materials compared to those currently used in solar technology. Unger also sees opportunities for private equity in emerging local solar technology supply chains and the growing solar panel recycling industry.
“Photovoltaic recycling is an emerging industry, but its development is crucial, especially in more mature markets like Europe or the United States. Localized supply chains will be needed in many regions, including Africa and Southeast Asia,” Unger concludes.
Two new professionals have joined Pinvest, the investment advisory arm of Ecuadorian financial group Pichincha in Miami. Francisco Badiola and Diana Zumaran were added to the firm’s roster this week, according to sources familiar with the matter who spoke with Funds Society.
Badiola comes from Citi, where he spent nearly eight years, according to his LinkedIn profile. During his time at Citi, he held several positions, including Investment Counselor—his last role before moving to Pinvest—and VP Investment Associate at Citi Private Bank.
Previously, he worked at Mercantil Bank as a Wealth Management Operations Specialist and at Ocean Bank, where he rose to the position of Treasury Specialist. In total, he has a decade of experience in the financial industry.
Also coming from Citi, where she worked as an AML Compliance Analyst, Zumaran has joined the Miami-based firm as operations & compliance officer. She spent nearly four years at the investment bank, following her role as a personal banker at Wells Fargo. Before that, she worked in various non-financial industries.
Both professionals will report directly to Esteban Zorrilla, CEO of Pinvest. Zorrilla leads the Miami-based firm and also serves as head of private banking at Pichincha Corp.
Pinvest is a SEC-registered investment advisory firm. Its parent company, Grupo Financiero Pichincha, operates in the United States, Ecuador, Peru, Colombia, and Spain.
