Picton Consolidates Its Presence in Latin America With New Offices in Mexico and Brazil

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São Paulo, Brazil (Freerange)

Picton’s Latin American network, a major distributor of alternative funds in the region, continues to strengthen. With the opening of its new office in Mexico, the firm now has a presence in the main financial capitals of the neighborhood, adding to the openings of enclaves in Brazil this year and Costa Rica in 2024.

According to a statement, the decision comes six years after beginning to cover the Mexican market and reflects the investment firm’s interest in strengthening its capabilities in the country.

To this end, the firm recruited David López as partner and head for Mexico. The executive brings nearly two decades of experience in the financial industry. According to his LinkedIn profile, he previously spent a decade at Ameris, where he led its Mexican office and served as director of debt. He also worked at BTG Pactual Chile, Euroamerica, and Celfin Capital.

David López Bremer

“David brings extensive experience, and his leadership and strategic vision will be fundamental in continuing to expand our presence in this market,” highlighted Picton in its press release.

Office in Brazil


In the case of Brazil, Picton opened the doors of its office at the beginning of 2025. Initially, they detailed, the focus was on the institutional clients and family offices segment, but the firm aims to expand into pension funds, once regulations allow them to invest internationally in alternative assets.

This operation is headed by Marcos Yokota, a professional with over 25 years of experience in the industry, who joined as partner and head for Brazil. Previously, the executive served as head of sales for Brazil at Vinci Compass, where he spent three years. He also worked at Persevera Asset Management, Santa Cruz Investimentos, TCX Planejamento e Gestão de Investimentos, BM&F Bovespa, Vector Investimentos, and JPMorgan, among others, according to his professional profile.

Office in Costa Rica


Recently, Picton has also extended its reach to a region that is increasingly drawing interest: Central America and the Caribbean. As a beachhead in this market, the distributor opened an office in Costa Rica last year.

This operation has been developed by partner Richard Villiers, who has led the expansion into Central America, supporting major institutional investors in the design and implementation of their investment programs in alternative assets, according to the firm.

The professional joined the firm in 2024 as head for Central America and the Caribbean, with a strong track record in asset management. Previously, he worked as a banker at J.P. Morgan and Morgan Stanley, led the private asset investment firm Genera Holdings, and served as CIO and CEO of the single-family office Waverly Group.

International Network


In addition to the heads of Picton’s three most recent offices in Latin America, the firm also recruited Juliana Pacheco in Colombia and Fernando Camino covering Peru. The effort is complemented by the rest of the team led from Chile by Matías Riutort, partner and head of institutional distribution.

“Picton is consolidating as the largest placement agent in the region, with over USD 12 billion raised, coverage across 10 countries, and 5 offices in Latin America,” stated Matías Eguiguren, founding partner and head of institutional distribution.

“We are convinced that these additions will further strengthen our ability to generate value for our partners and deepen our relationships with clients,” he added.

iCapital Appoints Sonali Basak as Chief Investment Strategist in New York

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The alternative investments platform iCapital announced the appointment of Sonali Basak as Chief Investment Strategist. In her new position, the former chief Wall Street correspondent for Bloomberg TV will lead and articulate iCapital’s investment outlook, develop data-driven content, and support client decision-making, working closely with them on strategy implementation, the company stated.

“We are very excited to welcome Sonali to iCapital,” said Lawrence Calcano, the firm’s Chairman and CEO. “She is an exceptional thought leader who brings the curiosity of a journalist, the insight of a strategist, and the instinct of a communicator, all of which will help us deepen our dialogue with clients and partners across the industry,” he added.

Basak will be based in New York. According to a post on her personal X profile, she will begin the new role on September 2.

As public and private markets continue to converge and advisors adapt to meet the growing demands of investors, Sonali will play a key role in shaping iCapital’s market outlook and driving meaningful impact across the ecosystem. She is the ideal person to lead this important work and represent iCapital’s voice in the global investment conversation, the executive also said.

“The wealth management industry is undergoing a significant transformation, and individual investors should have greater access to the same opportunities in private markets that have driven institutional returns for decades,” Basak said. “I am thrilled to bring my experience to engage daily with financial advisors, investors, and asset managers. My role will be to provide practical, data-driven insights to iCapital’s clients and partners across public and private markets,” she added.

Sonali Basak most recently served as Global Finance Correspondent and Lead Anchor at Bloomberg Television, where she covered the financial institutions that shape markets worldwide, including global banks, asset managers, private equity giants, and hedge funds.

She hosted Open Interest, Bloomberg TV’s flagship morning program focused on senior executive insights, and anchored Bloomberg Invest, the firm’s most important annual financial conference. Her newsletter, Wall Street, By Basak, is widely recognized for its sharp insider analysis on market trends, Wall Street firms, and shifts in the financial industry.

Known for securing rare interviews with top Wall Street CEOs and breaking news on market-moving deals, Basak has earned a reputation as one of the most trusted and incisive voices in financial journalism over the past decade, iCapital noted in its statement.

The new hire holds a bachelor’s degree from Bucknell University, a master’s in journalism from Northwestern University’s Medill School, and an MBA in Quantitative and Corporate Finance from New York University’s Stern School of Business.

Insigneo Strengthens Its Presence In Texas And Appoints Mayobanex Martínez Senior Relationship Manager

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Insigneo announced the appointment of Mayobanex Martínez as senior relationship manager, who will be based in Houston, Texas, and will report to Alberto López, head of relationship management at the firm.

“We are excited to welcome Mayobanex to the Insigneo family as we continue strengthening our presence in this region and enhancing the experience we provide in Mexico,” said Mariela Arana, head of client experience at Insigneo.

The new member of the wealth management company joins the Client Experience team, and in his role will support investment professionals throughout Texas and other markets in the Northern Cone, Insigneo reported in a statement.

Martínez has more than 20 years of experience in national and international banking and has held executive positions at Citi, Wells Fargo, and SunTrust. He specializes in wealth management, investment services, and client onboarding processes. He holds FINRA licenses 24, 66, and 7.

In his new position at Insigneo, he will focus on strengthening client relationships, driving business growth, and ensuring a smooth onboarding experience aligned with the firm’s standards and best practices.

“I am excited to join Insigneo and work with a team committed to providing financial advisors with flexibility, tools, and support to excel. This is an opportunity to combine my passion for advisor success with an innovative, future-oriented platform, and I look forward to forging strong partnerships that drive sustainable growth and exceptional value for clients,” said Mayobanex Martínez.

WisdomTree Enters The Private Assets Business With The Acquisition Of U.S.-Based Ceres Partners

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WisdomTree acquires Ceres Partners
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WisdomTree has reached a definitive agreement to acquire Ceres Partners, a U.S.-based alternative asset manager specializing in farmland investments. They explain that this transaction marks its entry into private asset markets, starting with the real estate sector and, specifically, farmland. In addition, Ceres benefits from opportunities in adjacent strategic areas with demand for solar energy, artificial intelligence data infrastructure, and water, which are expected to drive faster growth.

According to WisdomTree, this acquisition provides immediate scale and a long-term advantage, bringing approximately 1.85 billion dollars in assets under management across about 545 U.S. farmland properties located in 12 states, mainly in the Midwest. “Ceres has a solid performance track record, with an average annual net total return of 10.3% since its inception in 2007, outperforming farmland benchmarks,” they state.

The manager believes that, as farmland is recognized as one of the largest and most underutilized real asset classes in the United States, there is significant growth potential. In their view, this asset class has historically delivered resilient, inflation-protected returns, and is uncorrelated with traditional equity and fixed income markets. As demand accelerates for private investments that generate income and offer inflation protection, they believe this transaction positions them well to provide differentiated access at an institutional scale. Farmland prices and asset values have increased in the United States in all but nine years since World War II, and Ceres represents a value-added platform in a category with the fundamentals for greater adoption by advisors and institutions.

“Farmland is one of the largest and most underutilized real asset classes in the United States, offering both scale and scarcity. This acquisition expands our leadership in innovative, income-generating investment solutions while strategically accelerating our entry into private asset markets with a scalable, high-quality platform. This reflects our commitment to offering differentiated exposures that deliver long-term value for both clients and shareholders. This strategic acquisition now positions WisdomTree to capitalize on the most significant structural growth opportunities in wealth and asset management today: ETPs, private markets, managed models, and tokenization,” added Jonathan Steinberg, founder and CEO of WisdomTree.

For his part, Perry Vieth, founder and CEO of Ceres Partners, stated: “We are proud of Ceres’ lasting partnerships and legacy with farmers. Joining forces with WisdomTree marks an exciting new chapter for Ceres. For nearly two decades, we have built a differentiated farmland investment platform, grounded in performance, operational expertise, and a deep understanding of U.S. agricultural markets. This partnership brings product innovation, scale, and distribution that will allow us to reach more investors seeking resilient, inflation-protected, income-generating real assets. Together, we are uniquely positioned to capitalize on the next wave of growth in farmland, including solar energy, artificial intelligence data infrastructure, and water, with a shared commitment to innovation and long-term value creation.”

Transaction objectives and details


As part of this transaction, WisdomTree’s goals for 2030 include raising over 750 million dollars in farmland assets by the end of 2030 with fee structures of approximately 1% base / 20% performance, doubling base fee revenue by the end of 2030, increasing performance fee revenue by 1.5 to 2 times—assuming historical performance levels are maintained—and accelerating WisdomTree’s global margin expansion trajectory.

According to the manager, the transaction involves an initial cash consideration of 275 million dollars payable at closing, subject to customary adjustments. “Consideration for future earnings of up to 225 million dollars payable in 2030, subject to a compound annual revenue growth rate of 12–22% measured over five years. Subject to customary approvals, financing, and closing conditions, the transaction is expected to close in the fourth quarter of 2025,” they note.

Finally, they add that this transaction establishes Ceres as a cornerstone of WisdomTree’s long-term strategy to build the next-generation asset management platform, combining structural growth sectors, an innovative offering, and a future-ready product range. “Alongside its current strengths in ETPs, managed models, and tokenization, WisdomTree will offer its clients institutional access to a highly differentiated set of exposures in public and private markets,” they conclude.

Madeleine Ronner (DWS): “Investment In AI Is Saturated, But Not Exhausted”

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Madeleine Ronner DWS AI investment
Photo courtesyMadeleine Ronner, Manager At DWS

Technology is a consolidated theme in investors’ portfolios. In the first half of 2025, the so-called Magnificent 7 experienced a sharp correction at the beginning of the year, followed by an AI-driven rebound that mainly benefited Meta, Microsoft, and Nvidia. In the opinion of Madeleine Ronner, a DWS manager specializing in technology, the investors’ response has been clear: although we have not seen a widespread increase in sensitivity to valuations, investors have become more selective. We discussed how to approach technology investment in our latest interview.

Do you think the perception investors have when investing in technology has changed?


The focus is more on cost discipline, AI-driven efficiency improvement, and tangible growth, especially in areas such as infrastructure, automation, and computing. The market is also more critical of how large-scale AI investments will be monetized, particularly given the high investment-to-sales ratios across the sector. That said, speculative behavior remains present, especially in certain parts of the U.S. technology market, as reflected by the growing number of stocks trading at more than 10 times their market value. From our point of view, this reinforces the importance of focusing on critically important technologies with long-term structural relevance, and not only on short-term growth arguments.

Have investors adjusted their portfolios’ exposure to the technology sector?


There has been a slight shift. ETF flows show a rotation away from the U.S. and, therefore, from large U.S. technology companies, and toward European and diversified exposures. Investors are increasingly opting for broader sector allocation strategies that reduce reliance on a few dominant technology stocks, especially as geopolitical risks rise. However, gross exposure to large technology companies remains high.

Have you adjusted your expectations for this sector’s performance?


Our expectations are becoming increasingly differentiated. While the sector as a whole may no longer deliver the broad outperformance of previous years, certain specific segments—such as cutting-edge AI, custom semiconductors, and mission-critical software—still enjoy strong secular tailwinds. We are cautious in areas with inflated multiples and low visibility but continue to see long-term value in enablers of automation, digital resilience, and computing efficiency.

In today’s context of uncertainty, tariffs, and high valuations, what do you consider the best way to approach technology investment now—ETFs, active management, or thematic investing?


In this environment, active management and selective thematic investing present clear advantages. The macroeconomic and geopolitical context—especially tariffs, supply chain adjustments, and tighter regulation—creates dispersion in the market. An active approach can help avoid overpriced or geopolitically exposed names, while thematic strategies (for example, nearshoring, AI infrastructure, sovereignty) can target specific pockets of opportunity.

Over the past 24 months, investors seem to have focused on AI. Do you consider this an area saturated with investors and funds, or do you believe there is still room to launch new funds and channel investment into it?


AI investment is saturated, but not exhausted. While competition is intense and valuations are high, the underlying innovation cycle is still in its early stages. There is room for differentiated strategies, especially those targeting industrial AI, edge computing, and AI infrastructure. The AI hype is real, but the set of opportunities remains broad. While overall exposure to AI may seem saturated, there is still plenty of room for differentiated strategies focusing on vertical AI applications, AI infrastructure, energy efficiency, or AI governance and security. We believe new funds can succeed if they offer genuine specialization or exposure to undercapitalized segments of the AI stack.

What are the technologies of the future that investors should start considering?


In my opinion, several technology areas stand out as critical for evaluating future investments, especially in the context of national resilience and economic competitiveness. AI remains a dominant force, not only as an independent theme but as an enabling element across all sectors. It is worth highlighting that automation is beginning to extend into traditionally under-served sectors, such as pharmaceuticals and food and beverages, supported by AI-driven efficiencies.

Semiconductor manufacturing and equipment is another area of strategic importance. We are particularly focused on the long-term development of U.S. manufacturing capacity, which aims to reduce dependence on Taiwan and strengthen domestic supply chains. In our case, defense and dual-use technologies are a cornerstone of our strategy, as is cybersecurity, especially as nations prioritize digital sovereignty and the protection of critical infrastructure. The sector continues to evolve rapidly, with growing importance in both the public and private spheres.

We also see attractive opportunities in energy infrastructure and grid modernization, which are essential for energy security and the transition to more sustainable systems. In this area, battery technology is especially promising, with recent advances suggesting transformative potential in energy storage and distribution.

In the current context of uncertainty and tariff wars, which parts of the technology sector are most exposed?


Consumer electronics and automobiles, due to supply chain dependence and specific tariffs, as well as semiconductors, especially those reliant on Asian manufacturing or with significant sales to Asian markets.

What could this mean for investors, and how can they protect themselves against this risk?


To build a resilient and forward-looking portfolio, it is essential to diversify both geographically and across relevant subsectors. Priority should be given to companies that demonstrate strong local production capacity and robust, adaptable supply chains. Moreover, the use of active investment strategies can help avoid overexposure to specific securities or concentrated risks. We have a bottom-up fundamental approach, and in my selection I am currently placing great emphasis on pricing power, as well as strong management teams capable of navigating this volatile and changing environment and addressing supply chain challenges.

MFS Hires Natalie Ochoa as Sales Associate in Miami

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MFS hires Natalie Ochoa Miami
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MFS Investment Management has just hired Natalie Ochoa, who joins the asset manager’s team in Miami as Sales Associate, according to sources from the firm confirmed to Funds Society.

In her role, Ochoa will cover the regions of the Southeastern U.S., Central America, the Caribbean, and Mexico, supporting Senior Regional Consultants Diana Rueda and Drew Chisholm for the Americas from the Miami office.

Ochoa previously worked at Morgan Stanley, where for three years and ten months she served as Branch Administrator and Service Associate, according to her LinkedIn profile.

The new member of the MFS team studied at Florida International University and holds several FINRA licenses.

Despite Trump, Mexico Remains the Main Supplier to the U.S.

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Mexico main supplier US
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Despite the radical change in U.S. trade policy under the presidency of Donald Trump, Mexico remains the main supplier to the world’s largest power and its trading partner within the USMCA.

In June, imports of goods from Mexico totaled 44.8 billion dollars, after a figure of 46.3 billion was reported in the previous month, representing 16.9% of total imports of the world’s largest economy, according to the Economic Report prepared by the Economic Studies Department of Banamex.

For its part, the share of U.S. imports from Canada totaled 11.2%, followed by China with 7.1%. The latter figure is the lowest since February 2001.

Cumulatively, during the first half of the current year, imports from Mexico to the United States amounted to 264.4 billion dollars, a figure 6.3% higher than that recorded in the same period of 2024.

As a result, Mexico’s share of U.S. imports averaged 15.0% in the first half of the year, equivalent to 0.9 percentage points below the share recorded in January–June 2024, while for China and Canada this share was 9.5% and 11.2% respectively, that is 3.2 points and 1.9 points lower than in 2024, respectively.

According to the Banamex report, considering the 12-month moving average of the share in total imports, the increases in March for Switzerland (gold) and Ireland (pharmaceuticals) have dissipated, while Vietnam and Taiwan continue to gain share at the expense of China and Canada, as Mexico has reversed the downward trend it had shown in recent months, thanks in large part to the benefits granted by the USMCA for tariff-free imports.

China, the Most Affected Country

The same report indicates that China is the most affected country by the tariffs. The monthly drop of 4.6% in total U.S. imports of goods in June, after declines of 19.9% in April and 0.1% in May, already includes the entry into force of practically all the tariffs announced by the Trump administration.

Thus, the average tariff actually paid during June was 8.9%, 0.1 points more than in May, or 6.6 points higher than before the imposition of customs duties. In contrast, for Mexico, the effective tariff paid was 4.0%, slightly lower than the 4.3% of the previous month. Meanwhile, China posted an average tariff of 37.4% in June, lower than the 45.6% in May but 26.4 points higher than the 10.9% prior to the tariffs.

Thus, Mexico sold 82.2% of its exports to the United States tariff-free during June. This represents approximately 6.0 points less than before the imposition of tariffs, but it undoubtedly remains by a wide margin the main supplier to this country.

The VC World Splits: Megafunds Drive Megadeals in AI, but Smaller Businesses Stall

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VC world splits megafunds AI
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Artificial Intelligence, with its promise of revolutionizing all fronts of the economy, has left an indelible mark on the dynamics of venture capital in the United States. However, although enthusiasm continues to drive venture capital investment to new heights, the gap between large deals – driven by megafunds – and smaller ones is widening, according to a report by Silicon Valley Bank (SVB).

“AI is still the engine of venture capital investment in the U.S., representing 58 cents of every dollar deployed in 2025,” the specialized firm stated in its “State of the Market” report, where it outlined its outlook for the second half of 2025.

In this regard, for professionals at the innovation-focused bank, the word of the moment for the VC fund segment is “bifurcation.”

“Capital raising in the U.S. is on track to reach 56 billion dollars this year, a 21% drop compared to 2024 and the lowest level since 2017. Even so, large funds continue to grow, stretching the very definition of venture investment as we know it,” SVB noted.

In this context, the bank highlighted that unprecedented financings – such as the 40-billion-dollar deal led by OpenAI – are pushing total VC investment amounts to higher levels, but this only benefits the largest businesses. “We see that investment numbers remain stubbornly low for deals under 100 million dollars,” the report stated.

Contrasting Dynamics

Figures compiled by SVB show that, over the last three years, more than 36% of funds raised from VC vehicles have gone to funds of at least 1 billion dollars. In contrast, the proportion was 22% in the 2016–2019 period.

Although megadeals by AI companies are taking total venture capital investment “to the stratosphere,” SVB warned that “you cannot measure the venture economy by the amount of VC being deployed.”

Currently, they point out, nearly two-thirds of VC dollars in the U.S. are allocated to deals over 500 million dollars. In contrast, at the peak of the venture capital boom in 2021, that proportion was only 18%.

On the other hand, SVB emphasized, looking at deals under 100 million dollars, VC levels are on par with the pre-pandemic period. A similar trend is seen in the number of deals, falling from its peak of 1,650 to the 1,150 recorded in this edition of the report.

This shifting dynamic has also affected how megafunds operate. Managers of large strategies – such as Andreessen Horowitz, General Catalyst, and Coatue – are “changing the rules (and the math) of venture capital investing.” Funds are becoming larger and are structured in dynamic ways.

“What is driving these mega-investments? Megafunds, of course,” the report’s authors underlined, adding that the six largest vehicles raising capital since 2021 have participated in deals equivalent to one-third of the VC raised in the last 12 months. This contrasts with the 10% seen at the end of 2024. “The increase is driven almost exclusively by massive AI deals,” they noted.

Funding Rounds

Another phenomenon observed in the fundraising process within the venture capital space is that startups are taking more time to “graduate” from one funding round to the next — at the slowest pace in history, according to SVB’s figures.

“The number of startups graduating to the next series in the past three years has dropped by half compared to 2020, and we don’t believe this will change soon,” the firm stated.

Faced with this particular financing scenario, companies are moving to cover that gap by cutting expenses and focusing on profitability on the one hand, or launching extension or bridge rounds between series on the other.

“With the current median time between rounds, it would take a company ten years to go from seed capital to Series D,” they indicated, which is 45% longer than in 2022. “If this trend continues, it will perpetuate the mass of companies that remain private for longer,” they added.

Another effect, they noted, is that the trend is pushing a variety of early-stage investors to sell their positions in later rounds, so they can return capital to LPs sooner.

Are Investors Too Concentrated in U.S. Mega Caps?

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Mirabaud Gurdeep Bumbra renta variable
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One of the latest studies by Vanguard examines the risk of overconcentration in high-cap U.S. stocks and whether, as a result, ETF investors are adjusting the global allocation of their portfolios.

The report reveals that while the market shows a marked tilt toward selected Magnificent Seven companies, Vanguard indicates that advisors may have already adjusted their clients’ portfolios accordingly.

The firm conducted a survey of 1,747 clients, which shows that advisors are already tilting their portfolios toward small- and mid-cap stocks, moving away from large- and mega-cap growth stocks that have experienced a strong rally.

The median among respondents has been overweighting mid and small caps by approximately 10 percentage points above benchmark allocations, which are around 25%.

While advisors appear to be reducing their exposure to large-cap stocks, another critical factor they may be overlooking is the bias toward domestic markets.

Research by Vanguard shows that the median client portfolio has a 75% weighting in U.S. stocks, well above the 63% allocated to American stocks in global benchmark indexes.

That represents an overweight of 12 percentage points, and more than three-quarters of client portfolios show some level of home bias.

Market capitalization indexes risk a greater allocation to a handful of names, which can make exposure seem excessive. Such indexes are arguably the best strategy for holding a representative slice of the broader macroeconomy, but moving away from the highest-returning U.S. companies addresses only one part of a portfolio’s overconcentration source.

Adding more international equities can make portfolios more diversified—a benefit that, according to the study, could prove profitable “if the current valuation gap between U.S. and international stocks normalizes over the long term.”

New Executive Order by Trump to Open 401(k) Plans to Alternative Assets

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Donald Trump continues to fulfill his campaign promises. On Thursday, the U.S. president signed an executive order to allow the inclusion of private equity, real estate, cryptocurrencies, and other alternative assets in 401(k) retirement accounts in order “to enable investors to access alternative assets for better returns and diversification,” according to the official statement released by the White House.

The order paves the way for private equity managers and other funds to access the trillions of dollars (American trillions) in Americans’ retirement savings.

“It could open a new and broad source of funding for managers of so-called alternative assets, outside of stocks, bonds, and cash, although critics claim it could also pose an excessive risk to retirement investments,” reported the Reuters agency.

According to Bloomberg, the order is “a big win for industries seeking to tap into some of the approximately $12.5 trillion (American trillions) held in those retirement accounts.”

“The order instructs the Securities and Exchange Commission (SEC) to facilitate access to alternative assets for participant-directed defined contribution retirement plans by reviewing applicable regulations and guidelines,” a White House official stated in the morning under condition of anonymity, according to the cited sources.

The document instructs the Secretary of Labor to reexamine the Department of Labor’s guidelines on fiduciary duties related to investments in alternative assets within 401(k) plans and other defined contribution plans regulated by ERISA. It also instructs the Secretary of Labor to clarify the Department’s stance on alternative assets and the proper fiduciary process associated with offering asset allocation funds that include investments in alternative assets.

Initial Reactions


The new investment options have less stringent disclosure requirements and are generally harder to sell quickly for cash compared to publicly traded stocks and bonds, which most retirement funds rely on. In addition, investing in them usually involves higher fees, Reuters noted.

Many private equity firms are eager for the new source of cash that retail investors could provide after three years in which high interest rates shook their traditional model of buying companies and selling them for profit.

“The entire market cap of the crypto market as a whole is nearly 4 trillion,” Iñaki Apezteguia, a Bitcoin specialist and co-founder of Crossing Capital, told Funds Society. “So the amount of money handled in crypto could triple with this availability of pension funds; it’s a huge advancement,” he added.

The expert clarified that this does not mean all the money would go into crypto. “But globally respected analysts, among them Ray Dalio,” he stated, “say that about 15% of a portfolio’s capacity should be allocated to investing in Bitcoin and cryptocurrencies. So we’re talking about a possible injection of massive institutional capital and allowing many people nearing retirement to access diversification of the money tied to their retirement. Bitcoin further legitimizes its place as a global store of value.”

“The approval of the Genius, Clarify, and anti-CBDC laws, the White House’s crypto report, the appointment of key figures in regulatory agencies who are sympathetic to the financial world and have a pro-crypto outlook, and even his own approach of accumulating cryptocurrencies through his companies, both Bitcoin and Ethereum — Trump’s new order is in line with all of this,” said Apezteguia, referencing his campaign announcements.

In fact, the final lines of the official statement announcing the executive order include references to Trump’s promise to make the United States the “world capital of cryptocurrencies,” emphasizing the need to embrace digital assets to boost economic growth and technological leadership.

Not an Immediate Effect


For plan sponsors, the order does not immediately change existing regulations. Jaret Seiberg, a financial services policy analyst at TD Cowen Washington Research Group, said in a note published by CNN that “agencies will still have to develop new rules. That could take until 2026.”

For their part, employers will have to conduct their own due diligence before offering new investment options. Lisa Gómez, former Assistant Secretary of Labor for Employee Benefits Security, told CNN: “It’s going to be more complicated.”

Private market assets have traditionally been excluded from 401(k) plans due to high fees, lack of transparency, and longer lock-up periods, CNBC noted.