New Potential Acquisition Deal on the Horizon for the Asset Management Industry. Janus Henderson has confirmed it has received an acquisition proposal from Trian Fund Management, its current majority partner, and General Catalyst Group Management, along with its affiliated funds (General Catalyst).
“The company’s board of directors intends to appoint a special committee to consider this proposal, which was received by letter on October 26 and contemplates the acquisition of all outstanding common shares of Janus Henderson not already owned or controlled by Trian, for $46.00 per share in cash,” Janus Henderson explained in its statement. This would value Janus Henderson’s business at approximately $7.1 billion.
The asset manager acknowledges that Trian first disclosed its investment in Janus Henderson in October 2020 and, as stated in its letter, “publicly submitted the proposal in accordance with its disclosure obligations, as an amendment to its Schedule 13D filings.” Currently, Trian has two representatives on Janus Henderson’s board of directors. “The company values the history of constructive collaboration it has maintained with Trian over the past few years. The special committee is expected to be composed of directors unaffiliated with either Trian or General Catalyst,” Janus Henderson clarified.
The asset manager made it clear that “there can be no assurance that the proposal will result in a definitive agreement or that a transaction with Trian, General Catalyst, or any other third party will be completed.” To conclude the matter, Janus Henderson stated in its release that it does not intend to make further comments unless it deems additional disclosures appropriate.
The U.S. Federal Reserve (Fed) faces its monetary policy meeting with the latest headline CPI data for September still resonating, highlighting a further slowdown in underlying price pressures. The index rose 0.3% month-on-month—compared to the previous 0.4%—while core inflation slowed to 0.2%—down from the previous 0.3%.
The report revealed that core CPI inflation increased by 0.2% in September, aligning with the Fed’s 2% inflation target. “Specifically, while tariffs pushed up goods prices, core services and housing prices continue to moderate. Owners’ equivalent rent—the most significant and sticky component of core CPI inflation—recorded its lowest monthly reading since January 2021. The moderation in core inflation, along with continued labor market weakness, supports the possibility of another rate cut by the Fed at this week’s FOMC meeting,” explains Payden & Rygel.
Looking ahead to 2026, in their view, as tariff-related price pressures fade over the next 12 months and service inflation continues to cool, we can anticipate a scenario in which core CPI inflation reaches the Fed’s 2% target by late summer 2026. And, as the Fed governor noted in his latest speech, inflation on track toward 2% will not pose “an obstacle to a more neutral monetary policy.”
“The Fed officials will not be going into the October FOMC meeting completely blind, though they will be navigating through an uncomfortable haze. Since the federal government shutdown began earlier this month, there has been a scarcity of U.S. macroeconomic data releases, particularly regarding the labor market, and we don’t yet know when this data drought will end. At least, the Fed received the September CPI data on Friday, for which a slight uptick is expected,” notes the latest report by Ebury, the global fintech specialized in international payments and currency exchange.
According to the experts, the Fed could rely on this data to restart the cycle of rate cuts. If this happens, it would be the second consecutive cut and would confirm that the Fed is now more concerned about the labor market slowdown than about potential inflation spikes.
A New Cut
Experts agree that the communication received from the Fed ahead of the October FOMC meeting suggests that the lack of available data will not prevent central banks from cutting rates by another 25 basis points. “Which seems odd, considering we are flying blind due to the absence of new official data caused by the government shutdown. However, it is reasonable to assume that labor market conditions have not changed significantly since last month,” says Christian Scherrmann, chief U.S. economist at DWS.
He adds that renewed concerns about the health of the financial system, stemming from weaknesses in certain credit sectors, could provide final support for a 25 basis point rate cut and the end of quantitative tightening. “So far, so good, and markets appear well-positioned in terms of expectations for the upcoming meeting. However, beyond the October meeting, it would be unwise to become complacent. While another cut in December is consistent with the current dot plot, the median of Fed members only marginally supports this outcome. Not everyone favors rapid cuts, and some have voiced concerns about potential inflationary pressures,” Scherrmann argues.
“Historically, precautionary cuts have rarely been one-off measures. A new round of easing would not only mirror last year’s sequence of three consecutive cuts—totaling 100 bps between September and December—but also align with previous ‘insurance cycles.’ In three out of four cases since 1980, the Fed cut rates again within 90 days of the first reduction. Given the limited visibility in the current economic, political, and trade environment, as well as the ‘curious balance’ observed in the labor market—where both labor supply and demand have significantly moderated over the year—monetary policy decisions remain highly data-dependent. Although it would take considerable positive surprises in growth and inflation to avoid a new cut, upcoming price and employment data (with the September jobs report still unpublished due to the shutdown) could decisively influence the FOMC’s decision,” says Michael Krautzberger, global CIO for fixed income at Allianz Global Investors.
In the opinion of Guy Stear, head of developed market strategy at the Amundi Investment Institute, the Fed is expected to cut rates not only in October but also in December and two more times in the second quarter of 2026. “The market expects this as well, and the more interesting question is whether the Fed’s press conference will support the very aggressive cuts already priced into the curve through early 2027. Equally important will be understanding how the Fed plans to address shrinking liquidity at the short end, given the large volume of Treasury issuance in recent months. We could see a slight increase in two-year yields in the U.S. if the Fed disappoints the market’s aggressive expectations for rate cuts, but yields could also be supported if the Fed starts increasing system liquidity,” Stear explains.
What We Know
Experts have been trying to find clues about the Fed’s upcoming narrative from Chair Powell’s speech on monetary policy outlook at the National Association for Business Economics last Tuesday in Philadelphia. Specifically, Powell confirmed to markets that the October rate cut, which the Fed had already hinted at in its previous meeting, remains on the table. In the same speech, he expressed concern over lower hiring levels, which could pose a real risk to the U.S. economy. He also explicitly stated that, based on the available data, the labor market outlook had not changed since the September meeting, when the Fed’s dot plot outlined two additional cuts for 2025.
“Powell focused on the Fed’s balance sheet and stated that the reduction could be concluded in the coming months. The speech did not introduce any new elements, and the Fed appears on track to reduce rates by 25 basis points at its upcoming meeting on October 28 and 29. The odds of easing at each of the next two meetings have risen above 100%, so the momentum for a 50-basis-point easing cycle is starting, though it remains unlikely in our view,” says Karen Manna, fixed income client portfolio manager at Federated Hermes.
This month’s meeting will not include updated macroeconomic projections or a new dot plot. Therefore, in Ebury’s opinion, markets will scrutinize the tone of the bank’s statement and Powell’s press conference. “Given the absence of new economic releases, we believe the bank’s statement will be practically the same as in September. The Fed will likely once again highlight downside risks to employment, possibly noting that they have increased, and that the federal shutdown has made the decision-making process more difficult. However, the upside risks to inflation remain a headache for the Fed and should warrant a cautious response, despite the belief that the inflationary impact of tariffs will be transitory,” the fintech argues in its report.
More Accommodative Liquidity Conditions?
Cristina Gavín Moreno, head of fixed income at Ibercaja Gestión, agrees with this view and adds what she sees as the most relevant aspect of the meeting: “The end of the quantitative tightening (QT) process and the optimal size of the Fed’s balance sheet are additional points of discussion that are on the table, and this meeting could shed more light on them.”
Florian Späete, senior bond strategist at Generali AM, part of Generali Investments, notes that although the language is vague, Powell’s remarks suggest that quantitative tightening (QT) could end as early as this year. “This measure had previously been expected in the first quarter of 2026. It would represent a shift toward more accommodative liquidity conditions, easing pressure on funding markets. Improved liquidity and downward pressure on the term premium would offset the increasingly pronounced steepening trend in yield curves. However, overall, we assume that global yield curves still have room to steepen, given the higher inflation environment and rising public debt levels,” he states.
According to his analysis, since QT was already expected to end in early 2026, the impact on risk assets and the U.S. dollar is likely to be limited. “The easing of financial conditions, further interest rate cuts by the Fed, and relatively modest investor positioning are also favorable factors. The depreciation of the U.S. dollar, which we had already anticipated, should also be supported by the end of QT. The possible end of QT by the Fed is consistent with the idea of a less restrictive monetary policy in the United States,” he concludes.
Insigneo Financial Group announced the appointment of Danilo Narbona as market head for the Andean region and Central America. He will report to Michael Averett, chief revenue officer of the U.S.-based wealth management firm.
Narbona will play a key role in strengthening the company’s presence and consolidating its positioning in the markets of Chile, Colombia, Ecuador, Peru, Venezuela, and Central America, according to a statement from Insigneo.
“We are very pleased to welcome Danilo to this important role,” said Michael Averett. “He has a broad track record of driving growth in the financial industry. We are confident that Insigneo will continue to strengthen its position in these markets under his leadership.”
Narbona brings over 30 years of experience in the financial sector, where he has led multinational commercial organizations, empowering investment professionals to deliver a superior experience to their clients, the firm added.
Previously, the professional served as executive director at VectorGlobal Wealth Management Group, where he led the company’s international wealth management business across Latin America for more than a decade. Prior to that, he spent eight years at Citi, where he held the position of senior vice president and was responsible for the affluent & high net worth segment. Early in his career, he led the affluent clients division at Banco de Chile.
“Joining Insigneo represents a great opportunity,” said Danilo Narbona. “We aspire to be the leading wealth management firm in the Andean region and Central America, and I am convinced that the combination of my experience in these markets and Insigneo’s strong capabilities will allow us to achieve that goal,” added the business engineer from the University of Santiago, Chile.
John Lamb, Equity Investment Director at Capital Group, analyzed the effects of Trump’s policies, the role of Europe, and highlighted attractive opportunities in the healthcare sector. He affirmed that there is a shift in the global balance, anticipated “some additional weakness” in the U.S. economy, and noted that the “inflationary rebound resulting from tariffs” has yet to materialize. However, the United States remains “resilient” thanks to strong investment in technology and data centers, and its exceptionalism continues to hold beyond the short term.
He also commented that by 2026, the ECB may need to consider raising rates “two or three times,” and that the euro could reach 1.30 against the dollar next year in a context of U.S. dollar weakness. Regarding emerging markets, he noted that China faces the challenge of structurally lower growth, while Indian companies appear overvalued.
This was shared during an in-person meeting with Funds Society, during a stop on the roadshow the specialist conducted in Miami to present Capital Group’s New Perspective Strategy, the global equity strategy the firm has been managing for over 50 years, investing flexibly in quality multinational companies driving global change.
Trump’s Impact and U.S. Economic Resilience
While acknowledging certain challenges stemming from the Trump administration’s policies, Lamb stated that the so-called “American exceptionalism” has not come to an end. “We take a balanced stance. We’re not fully on one side or the other. There are arguments both for and against,” he said.
Lamb expanded on Trump’s tariff policies, which in his view have created short-term difficulties for the U.S. economy. Still, he emphasized the resilience of U.S. companies and the economy as a whole, which have adapted to the trade tension environment.
According to Lamb, the full impact of the tariffs has yet to show up in the data. “We believe we haven’t yet seen the entire effect on the U.S. economy. Our short-term growth and inflation forecasts are less optimistic than the consensus,” he stated.
In that regard, he anticipated “some additional weakness” and warned that the inflation rebound linked to tariffs “has not yet materialized.” However, beyond the short term, Lamb argued that many of the fundamentals of American exceptionalism remain in place, driven by a combination of factors: “deep and liquid capital markets, a strong entrepreneurial spirit, and the rule of law… Many of those components remain intact,” he stated.
He also noted that growth has been supported by robust investment in tech infrastructure, particularly in data centers. While there may be risks of overenthusiasm in that segment, Lamb does not foresee a recession.
Diverging Monetary Policy
In this global context, Lamb said that Europe has performed better than expected. He considers it reasonable for the market to be pricing in three to four rate cuts by the Federal Reserve, but expects the European Central Bank to face the opposite challenge.
“The shift in Europe’s fiscal regime, with strong public spending—especially in Germany—could boost growth while also generating inflationary pressures,” he explained. In his view, the eurozone could potentially see two to three rate hikes.
Lamb also projected that the euro could reach 1.30 against the dollar next year amid U.S. dollar weakness. However, he added that “in the long term, the U.S. will likely benefit from a productivity boost driven by investment in artificial intelligence.”
Healthcare: Targeted Opportunities
Speaking about equities, Lamb pointed to the healthcare sector, where he sees attractive opportunities.
“It’s been a challenging time for the sector,” he admitted, citing negative factors tied to U.S. government policies on drug pricing and reimbursement, as well as tariffs. “But valuations are now near historic lows in relative terms.”
The expert believes political risks have diminished and that the sector combines “attractive valuations with an exciting innovation pipeline.” He cited specific examples such as Eli Lilly, which is about to present clinical trial results for a new oral version of its weight-loss drugs—a development that could “significantly open up the market and expand its reach.”
Capital Group’s New Perspective Strategy does not make “large macro bets by region,” he explained. “We focus on finding the right companies, regardless of where they are domiciled,” he concluded.
The Alts Leaders Survey 2025, conducted by Alternative Investments Market Intelligence, breaks down how the growth and adoption of alternative investments in private markets is taking place across different distribution channels. Overall, the study’s findings point to a market still in the early stages of integration. While adoption of these types of investments is expanding, the report’s data highlights significant segmentation by channel, making average figures less meaningful without added context.
The study gathers insights from senior executives in the distribution sector representing more than 65.9% of all private investment flows into alternative assets. The results show that although private alternatives are gaining traction, investment penetration remains uneven across the various distribution channels.
Key findings include:
1. Wirehouses Lead: 23% of clients invest in private market alternative assets, with an average portfolio allocation of 16%. This accounts for 3.75% of total client assets—nearly three times the share held by independent broker-dealers and five times that of the RIA community overall. Their institutional infrastructure, the expertise of their CIOs and analysts, along with the support of both technological and human capital infrastructure, are decisive advantages driving private investment adoption among clients.
2. Independent Broker-Dealers Lag Behind but Make Meaningful Allocations: Adoption stands at 9%; however, participating clients have a 13% exposure, equating to over 1% of total assets. Structural barriers, lower client wealth, and suitability restrictions limit broader growth, the study notes. Some respondents indicated that historical underperformance of legacy real estate funds has dampened enthusiasm in this channel.
3. RIAs Tell Two Stories: Committed RIAs show private market alternative adoption above 29%, with client allocations averaging 11%, representing 3.35% of implied client assets. However, Broad RIAs reflect only 0.78% in implied assets, signaling that many firms in this segment have yet to engage in alternative investments. Barriers include indexing preferences, operational limitations, and fee sensitivity.
4. Early-Stage Market Dynamics: Interviews confirm that firms with dedicated resources expand adoption more effectively, while others remain cautious due to illiquidity, operational sensitivities, and fees.
Based on these figures, the study highlights several observations and implications:
Wirehouses are leaders in alternatives across distribution channels for multiple reasons: the combination of adoption and allocation generates the greatest impact on client portfolios, supported by CIOs’ analytical activity and advisor reinforcement.
Independent Broker-Dealers remain constrained by suitability: structural barriers persist, limiting both access and the scope of product approval.
RIAs include a subset of firms deeply committed to private market alternative investments, but the majority remain uninvolved, which weighs down capital-weighted averages, according to the study.
The report also notes that the wide dispersion across each channel in terms of private market alternative investment reflects a market still in its early stages: the large variation among firms reveals disparities in infrastructure and operational readiness.
The growing availability of evergreen funds with lower minimum investment thresholds and permanent access is expected to gradually increase penetration rates of alternative investments among clients.
During interviews, many respondents expressed a desire to “catch up” with firms that offer strong and sophisticated solutions for their clients.
Since last Friday, Malaysia’s capital (Kuala Lumpur) has been the setting for the fifth round of trade negotiations between China and the U.S., following a staged escalation in tensions last week. According to experts, these meetings have aimed to ease the atmosphere ahead of the face-to-face meeting between Xi Jinping and Donald Trump, which will take place in three days.
At DWS, they emphasize that the Asian giant is better prepared to face the trade and tariff challenges posed by the U.S. Firstly, as explained in the latest report by its CIO, the situation is not new. “China was already a key focus of U.S. foreign policy under President Biden. Moreover, although China remains one of the main targets of the United States’ tariff policy, its impact was diluted in April, when Washington imposed punitive tariffs on multiple countries worldwide. China also responded quickly to Trump’s return, adopting economic policy measures aimed at stability. And finally, the share of Chinese exports destined for the U.S. has halved over the past eight years, now standing at around 10%. Ultimately, China’s economy today is much less dependent on international trade than is commonly assumed: in 2024, exports accounted for less than 20% of GDP, compared to 36% in the case of the European Union,” they point out.
Just last week, China announced its new five-year plan, which largely signals a continuation of recent policy priorities—under the umbrella of “high-quality development”—placing increased emphasis on accelerating technological self-sufficiency and scientific capabilities. In the opinion of Robert Gilhooly, senior economist specializing in emerging markets at Aberdeen Investments, this will be seen as a continuation of the effort to improve and expand domestic manufacturing capabilities, as outlined in the ‘Made in China 2025’ plan, though it is unlikely the name will be renewed, as it has irritated key trade partners.
“Recently, policy has attempted to boost consumption, but geopolitical pressure is likely to keep priorities tilted toward the supply side of the economy, which will make it harder to eliminate deflationary pressures—even if authorities focus on sectors with well-known overcapacity issues, such as automobile manufacturing, solar energy, and batteries,” Gilhooly notes.
The Secret of Tariffs
In addition to China’s stronger position at the negotiating table, Philippe Waechter, chief economist at Ostrum AM (a firm affiliated with Natixis IM), argues that, at its core, the U.S. tech sector cannot fully decouple from the Asian country. “Trump’s response, with tariffs on China 100% higher than those already in place, is a reaction born of helplessness, as the United States cannot do without many Chinese products. Chinese advances are harming the U.S. tech and defense industries. What’s new is the shortage this could cause on the other side of the Atlantic. It is no longer a matter of prices, but of a break in the value chain. It’s not comparable, and the consequences for U.S. industry could be far greater than the mere application of customs duties,” Waechter states.
As the Ostrum AM expert recalls, “The U.S. economy is strong, but artificial intelligence plays a major role: it explains 92% of growth in the first half of the year. Without it, GDP would have grown just 0.1%. The U.S. economy is likely not as robust as it appears.”
For Sandy Pei, senior portfolio manager at Federated Hermes, despite the renewed escalation of the trade war, the risks facing China’s economy are well understood and already priced in. “We expect supportive policies to stimulate the economy, particularly for high-tech industries, especially in areas where China currently lags behind global leaders. However, financial support is likely to taper off quickly, as the government prefers a market-driven approach: only the most competitive companies will come out ahead,” she argues.
Chinese Equities
For now, no other country is subject to as intense a burden of tariffs and sanctions from the United States as China. However, the Asian giant also appears to be the best-prepared country for a second Trump term, and DWS believes Chinese equity markets may be benefiting from this. “Sometimes, equity markets can be ironic. Chinese stocks began to rebound roughly at the time Trump returned to the presidency in January 2025,” notes the latest report from its CIO.
The document points out that the factors driving the Chinese stock market are primarily internal rather than external. And, prior to the rebound seen this year, they were far from favorable. “Since 2021, the Chinese market has lagged behind the U.S. and Europe. The problems are well known and, in part, remain unresolved: an oversaturated real estate market, an aging population, high levels of local government debt, power concentrated in the party, weak consumer confidence and high savings rates, inconsistent data quality, and overcapacity in numerous sectors. The government’s ‘anti-involution’ strategy aims to address some of these issues,” it notes.
From the asset manager’s perspective, after adjusting its economic policy, the MSCI China index has gained nearly 40% so far this year, and they consider valuations to have returned to the average of the past fifteen years. “The deterioration of confidence in other regions is boosting China’s position, where the likelihood of a gradual recovery is increasing. Even if a broad-based recovery does not occur, opportunities in the technology sectors could continue to offer solid upside potential, despite the recent valuation reassessment,” says Sebastian Kahlfeld, head of emerging markets equities at DWS.
Angelita Fuentes joins Voya Investment Management in Miami as associate regional director – US offshore, according to a post on her LinkedIn profile.
“I am pleased to announce that I am starting a new position as associate regional director – US offshore sales at Voya Investment Management,” she said in the post.
According to what the professional shared on LinkedIn, she will join the team led by Alberto D’Avenia, managing director – head of US offshore; along with Vince León, senior VP & senior regional director – US offshore; Samantha Muratori, US offshore wholesaler – NY & TX; and Joseph Arrieta, assistant vice president – US offshore.
Angelita Fuentes comes from SMVNF Investments, where she held the position of finance manager, after working at IPG Investment Advisors as VP wealth management. Previously, she built her career at SunTrust, holding various roles.
Academically, she is a graduate of Florida International University, where she earned a degree in international relations and affairs and also completed a master’s in finance at the same institution. She holds FINRA Series 7 and Series 66 licenses, among other academic certifications.
Federated Hermes Acquires 80% Stake in U.S. Real Estate Investment Firm FCP Fund Manager
Federated Hermes, Inc., specialists in active investment management, has reached an agreement to acquire 80% of FCP Fund Manager, L.P., a U.S.-based private real estate investment manager headquartered in Chevy Chase, Maryland.
FCP specializes in investing across the U.S. multifamily residential asset class, deploying capital through predominant equity and various debt vehicles. Since its inception, FCP has invested, operated, and/or financed more than $14.6 billion in gross asset value, including over 75,000 multifamily residential units.
Upon completion of the transaction, FCP and its team of over 75 members will continue managing investment portfolios and other business operations from their current locations. FCP has six offices in the U.S., including its headquarters in Chevy Chase, Maryland, and local coverage in 19 U.S. markets, providing significant local knowledge and capabilities in high-growth areas of the country.
The total purchase price of up to $331 million includes $215.8 million in cash and $23.2 million in Federated Hermes Class B common stock, which will be paid and issued at closing, along with opportunities to receive additional contingent payments of up to $92 million over several years following the closing.
The transaction strengthens Federated Hermes’ goal of enhancing and growing its offerings in Private and Alternative Markets, where it already has a well-established mix of businesses operating primarily outside the U.S. in private equity, private credit, infrastructure, and real estate, as well as market-neutral strategies, with assets totaling $19 billion as of September 30, 2025.
The transaction will introduce additional expertise as Federated Hermes seeks to develop product solutions for its clients at a time of increasing demand for the private markets asset class. It will also expand Federated Hermes Real Estate’s capabilities in the U.S. market and complement its existing real estate operations in the United Kingdom, established in 1983, with $5.5 billion in assets under management as of September 30, 2025.
J. Christopher Donahue, President and CEO of Federated Hermes, said: “We are delighted to announce today the signing of the purchase agreement for this transaction. Upon closing, this transaction will allow Federated Hermes to enter the U.S. real estate market at a time when the multifamily residential sector is enjoying strong fundamentals and significant growth opportunities. FCP brings a long-standing track record of real estate investment performance, driven by risk-adjusted returns, deep knowledge of local and regional markets, and strong relationships with the communities in which it operates.
An additional attraction is the complementary experience and knowledge in the residential sector, which are vital to continuing to grow our real estate businesses in both the U.S. and the U.K.”
Esko Korhonen, Founding Managing Partner of FCP, said: “At Federated Hermes, we have identified a company with shared values and a strong commitment to building a private markets business. FCP is uniquely positioned to lead the expansion of the private market with Federated Hermes in U.S. residential sector assets. This transaction provides an opportunity to strengthen our institutional platform, enhance our growth trajectory, and provide expanded resources, improving our position as a leading national real estate firm.”
Federated Hermes was represented by K&L Gates LLP and advised by KPMG LLP and Hodes Weill & Associates. FCP was represented by Goodwin Procter LLP and advised by Berkshire Global Advisors.
The transaction was approved by the board of directors of Federated Hermes, Inc. and the executive management of FCP, and is expected to close in the first half of 2026, subject to certain conditions, including obtaining third-party consents and the expiration or termination of the waiting period under the Hart-Scott-Rodino Act of 1976. This transaction will be Federated Hermes’ second Private Markets acquisition since early 2025, following its acquisition of Rivington Energy Management Limited, a U.K.-based infrastructure developer, in April 2025.
UBS International announced the addition of Alejandro Lara as part of the New York International Market in the role of First Vice President – Wealth Management.
“With experience in wealth planning, structured finance, and capital markets, Alejandro brings valuable expertise to help you achieve your most important goals and aspirations for your family, your career, your business, and your legacy,” the bank stated in a welcome announcement.
“As part of a leading global wealth management firm, Alejandro will offer well-thought-out strategies and solutions for every aspect of your financial life,” it added.
Michael Sarlanis, Managing Director & Market Executive, New York International at UBS, also joined the welcome announcement from his LinkedIn profile, where he invited his contacts to join him, Fabián Ochsner, Market Director, New York International, Wealth Management Americas, and “the entire leadership team of New York International, in welcoming Alejandro to UBS.”
According to his LinkedIn profile, Lara worked for nearly twelve years at Morgan Stanley in New York as an International Client Advisor, and later held a brief tenure at Oppenheimer as Senior Director Investments. He holds a law degree from the Instituto Tecnológico Autónomo de México and a Master of Law in Banking, Corporate, Finance, and Securities Law from Fordham University School of Law.
Pictet Asset Management, part of the Geneva-based independent group managing over $800 billion in assets, announced the launch of its first exchange-traded funds (ETFs) listed in the United States, designed to bring its artificial intelligence-driven quantitative and thematic strategies to U.S. financial advisors and investors, the firm stated in a press release. The listed funds are the Pictet AI Enhanced International Equity ETF (PQNT), the Pictet Cleaner Planet ETF (PCLN), and the Pictet AI & Automation ETF (PBOT).
“These strategies reflect our long-term approach, with investments in emerging technologies and global megatrends,” said Elizabeth Dillon, CEO of Pictet Asset Management (U.S.).
PQNT offers diversified exposure to international equities using a transparent, factor-neutral AI model designed to consistently generate stock-specific alpha, while maintaining low correlation with traditional quantitative strategies.
“PQNT brings our AI-powered international equity strategy — previously available only to institutional clients — to U.S. advisors for the first time,” explained David Wright, Head of Quantitative Investments at Pictet Asset Management. “The strategy aims to deliver consistent active returns without relying on the ‘black box’ approach typical of many quantitative strategies,” he added.
PCLN invests in companies whose innovation accelerates the transition toward a cleaner future, from efficient supply chains to smart grids.
“Our decades-long experience in thematic investing has taught us that the most compelling opportunities arise when powerful megatrends — such as urbanization, artificial intelligence, resource scarcity, and climate change — converge to redefine how societies produce, consume, and connect,” stated Yi Shi, Client Portfolio Manager of PCLN. This ETF “leverages a platform of more than 70 thematic investment specialists and three decades of institutional research to identify companies well positioned to benefit from long-term structural growth, accelerating the global transition toward a cleaner, safer, and more sustainable future,” he concluded.
For its part, PBOT provides exposure to companies benefiting from the adoption of AI and automation, focusing on long-term efficiency and productivity growth.
“As long-term thematic investors, we can invest across the entire value chain of artificial intelligence and position our portfolios to capture the main beneficiaries as they emerge,” said Anjali Bastianpillai, Senior Client Portfolio Manager of PBOT. The ETF “offers investors long-term exposure to AI and automation through rigorous fundamental analysis aimed at capturing long-term benefits, rather than short-term momentum,” she explained.
Dillon noted that “these strategies reflect our 220-year commitment to independent thinking and pioneering investments based on solid research. They are designed as enduring pillars for portfolio construction, expressing our forward-looking view on emerging technologies such as artificial intelligence, alongside our deep expertise in global megatrends.”
The launch of these ETFs allows Pictet to extend its client-centric approach into a rapidly growing segment, offering strategies grounded in rigorous research and independent thinking that have supported the group’s success for over two centuries.
