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Wealth Management For the 2030s: AI, Alternatives and Next-Gen Clients

Over 100 financial advisors from the United States and Latin America gathered at Insigneo’s Summit Sevilla 2025: Navigating Wealth Beyond Borders to explore the forces redefining global wealth management. One of the event’s most anticipated discussions, “Trends Reshaping Wealth Management,” brought together a distinguished panel moderated by Javier Rivero, COO & President of Insigneo, and featuring Ben Harrison, Global Head of Client Coverage and Managing Director at BNY Pershing; Ahmed Riesgo, Chief Investment Officer for Insigneo; and Marc Butler, Founder and CEO of Marc Butler and Wealth Management Chat GPT.

Against a backdrop of rapid technological progress, shifting demographics, and evolving client expectations, the panelists provided a clear roadmap for advisors seeking to remain competitive in a fast-changing landscape.

AI’s Transformative Role in Wealth Management

A central theme of the conversation was the accelerating integration of artificial intelligence into advisory practices. Rivero highlighted Insigneo’s own innovation in this space with Agent Neo, the firm’s proprietary AI-driven daily commentary tool.

“In January, many of you are in the pilot group of our Agent Neo daily commentary, and pretty soon, all of you are going to start receiving a daily piece that’s fully generated by Agent Neo… It’s a model we train on the right data,” Rivero explained.

The consensus across the panel: AI is no longer optional. It has become a critical enhancer of productivity, decision-making, and personalization—allowing advisors to scale insights and deepen client engagement.

Harrison encouraged advisors to proactively immerse themselves in these tools:

“Be curious and educate yourself, especially about new technologies like AI. If you’re not a paying subscriber to the premium ChatGPT, come on—pay the 20 bucks per month and access the research on these new things we’ve been talking about.”

Understanding Digital Assets: Closing the Knowledge Gap

As client curiosity—and allocation—towards digital assets grows, Rivero emphasized the importance of advisor education in cryptocurrencies and tokenized assets.

“I hear this a lot from advisors: How do I learn about crypto?… Unless you have a younger advisor embedded into it, how can they connect and learn? That’s the biggest challenge. I think everybody here wants to learn about it,” he said.

This knowledge gap represents both a risk and an opportunity. Advisors prepared to guide conversations around digital assets will be better positioned to serve younger, digitally native investors.

Reaching the Next Generation: A Strategic Imperative

Demographic shifts appeared repeatedly throughout the discussion. Butler underscored that preparing for wealth transfer is perhaps the most urgent priority for advisors.

“The biggest threat to your business is not AI or digitalization… it’s the beneficiary you haven’t met with,” he warned.

He advocated for bringing heirs into family meetings early and incorporating younger professionals into advisory teams.

“Someone younger that operates as your succession plan is going to create comfort with your clients and their kids… Those ‘HENRYs’—high earners, not rich yet—will be rich in 10 years. Embrace them now.”

Alternatives Take Center Stage in Portfolio Construction

Riesgo provided a forward-looking perspective on portfolio strategy, emphasizing the growing importance of alternatives not only as diversifiers but as potential growth engines.

“When growth is down, you need the diversifiers doing the opposite… You’ve got to have hedge funds, digital assets, gold, commodities,” he noted.

He highlighted that alternative allocations could account for 25% to 50% of portfolios, depending on the market environment and investor risk profiles—reflecting industry-wide momentum toward private equity, private credit, venture capital, and real-asset strategies.

Digital Platforms and Interoperability: The Client Experience Frontier

The panel also discussed the urgent need to create more seamless, intuitive digital experiences. Advisors and clients increasingly demand streamlined platforms, enhanced data connectivity, and user-centric interfaces.

Interoperability, they emphasized, is no longer a luxury but a core component of modern advisory ecosystems—particularly as workflows become more distributed and cross-border.

A New Era for Cross-Border Wealth Management

The panel closed on a unifying message: advisors who remain curious, adaptable, and tech-forward will lead the industry’s next chapter. As the wealth management landscape becomes increasingly global and digital, the insights shared at Summit Sevilla 2025 offer a powerful blueprint for advisors seeking to grow, innovate, and better serve clients across generations and geographies.

Business Innovation and Inheritances Drive a New Wave of Billionaires

| By Amaya Uriarte | 0 Comentarios

In 2025, 196 self-made billionaires drove global wealth to a record high of $15.8 trillion, a 13% increase over 12 months and the second-largest annual gain after 2021. According to the latest UBS report, titled Billionaire Ambitions Report 2025, we are witnessing a new wave of billionaires, fueled by business innovation and a rise in inheritances.

The report highlights that these new billionaires include both entrepreneurs successfully building businesses in today’s uncertain environment and heirs participating in a multi-year, accelerated wealth transfer. In 2025, the second-highest number of self-made individuals in the history of the report became billionaires.

“Our report shows how the rise of a new generation of wealth creators and heirs is transforming the global landscape. As families become more international and the great wealth transfer accelerates, the focus is shifting from simply preserving wealth to empowering the next generation to succeed independently and responsibly. This is influencing not only succession planning, but also philanthropic priorities and long-term investment decisions,” notes Benjamin Cavalli, Head of Strategic Clients and Global Family and Institutional Wealth Connectivity at UBS Global Wealth Management and Co-Head of EMEA One UBS.

In Cavalli’s view, we are seeing a billionaire community that is more diverse, mobile, and forward-looking than ever before. “The combination of entrepreneurial drive and the largest intergenerational wealth transfer in history is creating new opportunities and challenges for both families and wealth managers,” he adds.

Regarding investment priorities, despite market volatility in 2025, North America remains the top investment destination (63%), followed by Western Europe (40%) and Greater China (34%). Some 42% of billionaires plan to increase their exposure to emerging market equities, while more than four in ten (43%) are considering increasing their exposure in developed markets.

Self-Made Billionaires

According to the report’s data, in 2025, these 196 self-made billionaires added $386.5 billion to global wealth, pushing total wealth to a record $15.8 trillion. This marks the second-largest annual increase recorded in the history of the report. As a result, the number of billionaires rose by 8.8%, from 2,682 to nearly 3,000.

The report explains that, unlike the boom driven by asset revaluation after the pandemic in 2021, “this growth was marked by strong business dynamics and intense company creation.” From marketing software and genetics to liquefied natural gas and infrastructure, these innovators are reshaping large-scale demand, with billionaires from the United States and Asia-Pacific leading the way.

While billionaires investing in the tech sector saw their wealth grow by 23.8%, consumer and retail slowed to 5.3%, as the European luxury industry lost momentum to Chinese brands. Despite this, the consumer and retail sector remains the largest, totaling $3.1 trillion.

Industrial wealth experienced the fastest growth, rising 27.1% to reach $1.7 trillion, with more than a quarter coming from new billionaires. Meanwhile, wealth originating from the financial services sector increased by 17% to $2.3 trillion, driven by strong markets and a rebound in cryptocurrencies. Self-made billionaires now represent 80% of total wealth.

Billionaires by Inheritance

When it comes to wealth transfer, it is clear that the pace is accelerating. Looking ahead, billionaires are expected to transfer around $6.9 trillion globally by 2040, with at least $5.9 trillion going to their children.

Regarding this year’s developments, the report reveals that 91 individuals (64 men and 27 women) became billionaires through inheritance, receiving a combined $297.8 billion—more than one-third above the $218.9 billion in 2024. Additionally, according to calculations, at least $5.9 trillion will be inherited by the children of billionaires over the next 15 years.

Globally, inheritances have contributed to a rise in the number of multigenerational billionaires, now totaling nearly 860 and managing a combined $4.7 trillion in wealth, compared to 805 who controlled $4.2 trillion in 2024. Notably, the average wealth of women continued to rise in 2025, increasing by 8.4% to $5.2 billion—more than double the growth rate of men, which was 3.2%, reaching $5.4 billion.

“Although the transfer of wealth will likely be concentrated in a limited number of markets, high levels of migration could shift this landscape. Most wealth transfers will take place in the U.S. and in certain markets, but 36% of surveyed billionaires report having moved at least once, while another 9% are considering it,” the report notes.

Moreover, billionaires expect their children to succeed independently despite the influence of inheritance: 82% of surveyed billionaires with children want them to follow their own path and say they aspire to instill the skills and values necessary to thrive on their own, rather than relying solely on inherited wealth.

“In an era in which entrepreneurs often appoint professional managers or sell their businesses instead of passing them down to the next generation, 43% still hope their children will continue and grow the family business, brand, or assets,” the report adds.

The Case of the Active ETF on the U.S. Stock Market That Does Not Invest in Microsoft, Tesla, or Amazon

| By Amaya Uriarte | 0 Comentarios

The QR Code Is Present in Our Daily Lives, Increasingly Since the Pandemic. QR Stands for “Quick Response,” But at Columbia Threadneedle Investments, They Have Aimed to Give It a New Meaning: Quant Redefined. With That Label, They Recently Presented in Madrid Their Range of Active ETFs, the CT QR Series, in UCITS Format.

Among them, the CT QR Series US Equity Active UCITS ETF stands out, the UCITS version of their most emblematic active ETF, the Columbia Research Enhanced Core ETF (ticker RECS), which has a ten-year track record, manages over $4 billion in assets under management, and has outperformed the Russell 1000 index by 2% annually since its launch. Both this product and the CT QR Series European Equity Active UCITS ETF, which offers exposure to European equities, are already listed and trading on Deutsche Boerse; the firm plans to soon list two more active ETFs in the range—one offering access to emerging market equities and another to global equities with a growth bias.

How Does It Differ from Other Active ETFs?

Christine Cantrell, Head of Active ETF Distribution for EMEA at Columbia Threadneedle Investments, outlined four main features that differentiate these vehicles from comparable active ETFs. “We believe the combination of quantitative and fundamental analysis can add value,” she emphasized several times during her presentation.

The first differentiating point relates to risk: while other asset managers tend to constrain tracking error around 1% for their active ETFs, those from Columbia Threadneedle present a tracking error between 2% and 4%. “We take more risk compared to the index, but as a result, the risk-adjusted returns are higher,” argued the expert. Supporting this is the fact that the QR Series portfolios rank in the first quartile of their Morningstar category over five years, according to the information ratio.

The second difference has to do with fees: they are similar to the competition (between 20 and 30 basis points), but the QR Series can generate higher returns thanks to the team’s strong conviction in the stock selection within each strategy.

Third is experience: not only because RECS, the original active ETF, has a strong track record, but also because the portfolio manager in charge of the strategy, Chris Lo, has been with the company for 27 years and has a solid academic background. Moreover, the quantitative model used as part of the construction process for these active ETFs has been operating since 2001.

The final difference highlighted by the expert is the UCITS label, which will allow the company to bring its strategies closer to European investors and those in other jurisdictions who want to invest under this framework.

The Three Rs

It’s important to clarify that these ETFs are transparent: the data is publicly available, and the asset manager has emphasized that the entire analysis process is rules-based, “because that’s what fund selectors are looking for: they want to understand what the strategy is,” states Christine Cantrell.

Additionally, the analysis process is designed to be all-weather, meaning it can endure all market conditions. For this reason, the team has consciously chosen not to include a layer of derivatives, for example, as “the behavior could be very different from what people expect—we prefer to maintain a very consistent process,” explains the expert.

Cantrell describes the investment strategy as based on the Three Rs: Research, Rank, and Recalibrate.

In the research phase, she explains that the quantitative model is proprietary and allows for customization so that the strategy generally follows the index, but under the microscope, it becomes clear that the portfolio construction is different (for this explanation, we’ll focus on the active ETF on the U.S. stock market, which uses the Russell 1000 as a reference). The premise is to compare apples to apples—that is, the quantitative model analyzes all index components, assigns a score from 1 to 5 to each, with 1 being the highest and 5 the lowest, and neutralizes style biases.

Fundamental analysis is incorporated to gain additional insights that help determine the level of conviction the team has in each index stock: “Many clients like quantitative analysis because it’s very objective. But a fundamental analyst can go and talk to the company’s management team. They’re the ones having deep conversations with the CEO and other senior executives and who understand the strategic outlook. That’s something a quantitative model can’t capture,” reflects Cantrell.

This brings us to the third step, ranking: based on the combined fundamental and quantitative analysis, the team filters the index to retain only the top 35% of stocks it believes will perform best within each sector represented in the index—a best-in-class approach, as the expert describes it. Once this top 35% of companies is selected, the exposure is equally weighted so each has the same weight. As a result, the ETF on the U.S. stock market has a beta of 0.9 with an active share between 30% and 40%.

The Weight of What’s Missing

Within this process, Cantrell emphasizes the weight of convictions: “Within our quantitative analysis, we have no preferences by sector or country. We want to mimic the index at a macro level. But if we don’t like a company, we exclude it completely.” Here lies one of the ETF’s key differentiators: a look at the ten most underweighted stocks is revealing—for example, despite a 6.2% weighting in the index, Microsoft is not present in this strategy; the same applies to other large-cap stocks in the S&P 500, such as Amazon, Broadcom, or Tesla, which have respective weightings of 3.4%, 2.5%, or 2% in the index, but are assigned 0% in this Columbia Threadneedle vehicle.

Likewise, the top 10 holdings in the strategy also reflect the team’s high convictions: NVIDIA and Apple each have a 9.5% weighting (in the case of the latter, up to 3.5% more than in the S&P 500). Other stocks that are also overweighted compared to the index include J.P. Morgan and Visa. “Performance comes from idiosyncratic risk, which is purely risk arising from stock selection,” insists Cantrell.

The expert adds that if a market event occurs that changes the investment thesis, a stock can be removed from the strategy. “We review our analysis daily, ensure we’re dynamic, and pay special attention to downside risks,” she summarizes. Otherwise, the portfolio is rebalanced twice a year, which explains why the actual turnover rate is low—around 40% annually.

In summary, the expert concludes that one way to view this active ETF is as a strategy that uses a universe of 1,000 stocks to outperform 500 stocks, leveraging the high historical correlation between the Russell 1000 and the S&P 500. “The outcome of this active ETF is the result of the work of our quantitative team over the past 30 years,” she concludes.

Goldman Sachs Strengthens Its Bet on Active ETFs With the Acquisition of Innovator Capital Management

| By Amaya Uriarte | 0 Comentarios

The Goldman Sachs Group has signed an agreement to acquire Innovator Capital Management (Innovator), an ETF firm currently managing $28 billion in assets under management and specializing in income, targeted buffer, and growth strategies. According to the firm, the transaction will significantly expand Goldman Sachs Asset Management’s (Goldman Sachs AM) ETF range and future product roadmap, while strengthening its offering in one of the fastest-growing categories of active ETFs.

“Active ETFs are dynamic, transformative, and have been one of the fastest-growing segments in today’s public market investing landscape. With the acquisition of Innovator, Goldman Sachs will broaden access to modern, best-in-class investment products for investor portfolios. Innovator’s reputation for innovation and leadership in defined outcome solutions complements our mission to enhance the client experience with sophisticated strategies aimed at delivering specific, defined outcomes for investors,” said David Solomon, Chairman and CEO of Goldman Sachs.

For Bruce Bond, CEO of Innovator, this transaction marks a key milestone for the business. “Goldman Sachs has a long history of identifying emerging trends and significant directional shifts within the asset management industry. We are excited to bring top-tier investment solutions to clients within the ETF space and to expand our business in this leading, high-growth, and strategically important category. These synergies, among many others, make Goldman Sachs an ideal partner for us,” said Bond.

Defined Outcome Strategies
Global assets under management in active ETFs have reached $1.6 trillion, growing at a compound annual growth rate (CAGR) of 47% since 2020, as investors increasingly access public markets through the ETF wrapper.

According to the firm, defined outcome ETFs — which have grown at a CAGR of 66% since 2020 — are a key component of the fast-growing active ETF market, driven by the goal of offering innovative structured strategies in accessible formats. Based on their experience, investors are increasingly using defined outcome ETFs to incorporate a broad and customizable range of objectives into their portfolios that address their risk management and return needs.

Defined outcome ETFs use derivatives and options-based strategies aimed at delivering specific objectives, such as downside protection, enhanced returns, and predefined outcomes when held for the full outcome period, enabling investors to build and customize portfolios through the ETF’s tax-efficient wrapper.

The Transaction
As of September 30, 2025, Goldman Sachs Asset Management and Innovator manage over 215 ETF strategies globally, representing more than $75 billion in total assets, placing Goldman Sachs AM among the top ten providers of active ETFs. According to the firm, the acquisition is part of Goldman Sachs AM’s broader strategy to grow its leadership in innovative and expanding investment categories, and to deliver compelling investment performance and service to clients. The firm offers sophisticated strategies to investors as an industry leader in direct indexing and separately managed accounts, as well as through access to alternative investment strategies via its evergreen G-Series funds and active ETFs.

Following the transaction, Bruce Bond, co-founder and CEO of Innovator; John Southard, co-founder and President; Graham Day, Executive Vice President and Chief Investment Officer (CIO); and Trevor Terrell, Senior Vice President and Head of Distribution, will join Goldman Sachs AM. Additionally, more than 60 Innovator employees are expected to join Goldman Sachs Asset Management’s Third-Party Wealth (TPW) and ETF teams. The business will be wholly owned by Goldman Sachs AM, and investment managers and service providers will remain unchanged.

The firm emphasizes that this acquisition strategically expands its more stable revenue base and reinforces its commitment to providing institutional and individual investors with comprehensive solutions. The transaction is expected to be valued at approximately $2 billion, payable in a combination of cash and stock, subject to the achievement of certain performance targets. The deal is anticipated to close in the second quarter of 2026, subject to regulatory approval and customary closing conditions.

BroadSpan Adds Marcos Rampoldi as Managing Partner

| By Amaya Uriarte | 0 Comentarios

BroadSpan Asset Management announced the appointment of Marcos Rampoldi as Managing Partner. According to the firm, Rampoldi will lead the continued development and execution of BroadSpan’s private capital platform in Latin America and the Caribbean.

With over 20 years of regional experience in private equity and mezzanine debt, Marcos Rampoldi most recently served as Senior Investment Officer at LAP Latin American Partners in Washington, D.C. His previous roles include Senior Associate at EMP Global and Project Analyst at Abengoa/Befesa in Argentina. He holds a degree in Environmental Engineering from UCA (Argentina) and earned an MBA from Georgetown University – The McDonough School of Business.

“Marcos joins at a critical moment as we scale our private capital strategy. We are delighted to add his valuable experience and skills in sourcing, executing, and managing tailored investments in private companies across various sectors,” said Mike Gerrard, CEO of BroadSpan Capital LLC.

“I’m excited to lead the next stage of BroadSpan’s private capital strategy in Latin America and the Caribbean, leveraging the group’s deep regional relationships and unmatched market access to create value for both investors and portfolio companies. I look forward to working alongside Mike and the rest of the team to advance a differentiated strategy,” said Marcos Rampoldi.

BroadSpan Asset Management (BSAM) is the asset management division of BroadSpan Capital LLC, an independent investment bank founded in 2001 with offices in Miami, Rio, São Paulo, Mexico City, and Medellín. BSAM manages public and private market strategies for institutional investors.

AI as a Driver, Economic Recovery, Volatility, and Two Rate Cuts

| By Amaya Uriarte | 0 Comentarios

After a Strong 2025 for Markets — Both in the United States and Globally — Bank of America Maintains a Constructive Outlook for 2026: It Expects a K-Shaped Economic Recovery, Solid Growth in AI Investment, Increased Volatility, Moderate Returns for the S&P, Two Rate Cuts (in June and July), and Momentum in Emerging Markets.

“The major themes of the past year — uncertain fiscal policy, the AI boom, excess capacity in China, record fiscal deficits, and surplus liquidity — are evolving rather than disappearing,” the U.S. bank noted.

“As the world begins to better understand how artificial intelligence impacts economic growth, inflation, and corporate investment, economists and strategists at BofA Global Research are preparing for more volatility in 2026. The AI-driven stock market boom remains a defining feature of the K-shaped economy, adding another layer of risk,” it added.

“Despite these persistent concerns, our team remains optimistic about the economy and AI,” said Candace Browning, Head of BofA Global Research.

“We are optimistic about the two most influential economies, and we expect above-consensus GDP growth for the U.S. and China. Furthermore, in our view, concerns about an imminent AI bubble are overstated, and we expect AI investment to continue growing at a solid pace in 2026,” she added.

The main macro projections for markets and the economy in the coming year are:

U.S. GDP: More Optimistic Than the Consensus

Aditya Bhave, Senior U.S. Economist at BofA, expects Q4/Q4 GDP growth of 2.4% in 2026. The U.S. Economics team’s above-consensus forecasts are based on several factors: an expected boost from the “One Big Beautiful Bill Act”; increased business investment due to the restoration of benefits from the “Tax Cuts and Jobs Act”; trade policy; fiscal stimulus; and the lagged effects of Federal Reserve rate cuts.

AI Boom, but Still No Bubble

Spending on AI investment has already boosted GDP growth, and the bank’s economists expect it to continue growing next year. Their own analysis of past bubbles suggests that the U.S. equity market’s tech sector still rests on solid foundations.

Moderate S&P Returns as Capex Picks Up

Savita Subramanian, Head of U.S. Equity Strategy, expects 14% EPS growth but only a 4–5% price appreciation in the S&P, with a year-end target of 7100 for the index. The bank’s experts are watching for signs that we may be shifting from a consumer-driven bull market to one driven by capital investment (capex).

Two Rate Cuts in the Year

Nearly half of investors surveyed by Bank of America expect the 10-year Treasury to end 2026 between 4–4.5%, meaning stable or even higher than current levels. Fed rate cuts and a focus on lowering inflation could indicate that investors are being overly pessimistic about bond prices. Mark Cabana, Head of U.S. Rate Strategy, expects the 10-year yield to finish 2026 at 4–4.25%, with downside risks.

U.S. economists forecast that the Fed will cut rates by 25 basis points at the December 2025 meeting and twice in 2026 (June and July).

Flat Home Prices With Upside Risks

Chris Flanagan and the Securitized Products team expect housing to take center stage in 2026. BofA forecasts flat home price appreciation and improved turnover/activity in the housing market. Risks are tilted to the upside depending on Fed policy.

More Volatility Due to AI Impact

A better understanding of AI’s impact on growth, inflation, and capex is likely to drive market volatility. The K-shaped economic recovery and fiscal dominance are additional expected sources of turbulence, according to the bank.

Private Credit Returns, Lower in 2026?

Neha Khoda, Head of U.S. Credit Strategy, expects total returns of 5.4% for private credit in 2026, down from 9% this year. The potential for lower returns will impact allocation decisions, and investors may rotate toward high-yield bonds or other asset classes.

A Boost for Emerging Markets

David Hauner, Head of Emerging Markets Fixed Income Strategy, stated that a weaker U.S. dollar, lower interest rates, and reduced oil prices provide a solid backdrop for emerging markets to continue performing well in 2026.

How to Capitalize on the Rare Earth Boom Through ETFs

| By Amaya Uriarte | 0 Comentarios

Rare earths have become essential to the evolution of the global economy. They are key to a wide range of applications, from electric vehicles, wind turbines, and robotics to drones and fighter jets. It is no exaggeration to say that they are at the core of economic and military competition between nations.

The world’s major economies are well aware of this. The United States, for example, is introducing increasingly aggressive measures to kick-start rare earth production outside of China, which has led to a surge in the stocks of mining companies that produce these metals.

What are rare earths?

The term “rare earths” is not entirely accurate, as these shiny silver-white, soft heavy metals are relatively abundant. However, scandium, yttrium, and the 15 lanthanides do not occur as pure metals, but only in compounds that are difficult to isolate and purify. Refining them is a complex process with a high environmental impact.

VanEck explains that while the United States and Europe disregarded these metals for many years, China’s low-cost processing industry took over the market. “In recent years, this has increasingly become a problem for other countries, as rare earths are essential to the growing electrification of the global economy associated with artificial intelligence and the energy transition,” the firm states.

The investment case

Global appetite for investing in rare earths has grown because these metals are now crucial for national security, clean energy, and industrial policy. The United States, Europe, Japan, and Australia are taking action to secure supply chains through direct funding, tax incentives, and procurement guarantees. VanEck cites as an example the U.S. Department of Defense’s July acquisition of a 15% stake in MP Materials, the largest U.S. producer of rare earths.

“Investors are seeing rising demand for rare earths backed by public policies. They are an essential component of AI hardware and clean energy technologies, such as grid storage, wind energy, and electric vehicles, as well as advanced defense systems, including the F-35 fighter jet,” they assert.

Diversification

Despite this favorable tailwind for investment in these metals, the firm notes that “investing in rare earth mining and other companies in the supply chain remains risky due to geopolitical factors, trade disruptions, new export restrictions, or political instability in major producing countries.” Additionally, the firm points out that project execution also carries risk, “as some companies in the sector rely on unproven technologies, complex authorization processes, and continued public support.” For this reason, “diversification across companies is key.”

To gain exposure in this sector, there are ETFs offering high diversification in their holdings, while also providing additional returns to investor portfolios.

The VanEck Rare Earth and Strategic Metals UCITS ETF holds more than 20 positions spread across nine countries. Its benchmark is the MVIS Global Rare Earth/Strategic Metals Index, which tracks the global rare earth and strategic metals segment and includes companies that derive at least 50% of their revenue from rare earths/strategic metals.

WisdomTree, on the other hand, offers the WisdomTree Strategic Metals and Rare Earths Miners UCITS ETF, whose underlying index is the WisdomTree Strategic Metals and Rare Earths Miners Index. The fund’s exposure is focused on companies that capitalize on the growing use of metals for the energy transition and that meet WisdomTree’s ESG (environmental, social, and governance) criteria. Company selection for the strategy is carried out by experts in the energy transition metals value chain.

That said, the firm acknowledges that, since these are companies with greater growth potential—such as those involved in megatrends—they tend to trade at higher valuations. Therefore, “investors must consider the risk inherent in these higher valuations as part of any investment decision.”

Nomura Completes Acquisition of Macquarie’s Exchange-Traded Asset Management Business in the U.S. and Europe

| By Amaya Uriarte | 0 Comentarios

Nomura Has Successfully Completed the Acquisition of Macquarie’s Exchange-Traded Asset Management Business in the U.S. and Europe. According to the company, the purchase price was 1.8 billion U.S. dollars, and the closing of the transaction incorporates approximately 166 billion U.S. dollars (as of October 31, 2025) in assets from retail and institutional clients across equity, fixed income, and multi-asset strategies, under Nomura’s global brand, Nomura Asset Management.

As announced in April 2025, Nomura will integrate its private markets business, Nomura Capital Management (NCM), and its high-yield business, Nomura Corporate Research and Asset Management (NCRAM), together with the acquired assets to form Nomura Asset Management International, which will be part of Nomura Asset Management.

“The successful closing of this transaction marks an important step toward our 2030 Management Vision by boosting our assets under management and diversifying and strengthening our platform,” said Kentaro Okuda, President and CEO of Nomura Group.

New CEO and Strategic Alliance

Headquartered in New York and Philadelphia, Shawn Lytle will be CEO of Nomura Asset Management International, and Robert Stark, President and Deputy CEO of Nomura Asset Management International. Lytle was formerly Head of the Americas for Macquarie Group, while Mr. Stark will continue in his current role as CEO of Nomura Capital Management and will report functionally to Yoshihiro Namura, Head of Nomura’s Investment Management Division, and Satoshi Kawamura, CEO and President of Nomura Holding America Inc., from a corporate perspective.

“The new combined business has a strong foundation, with a well-diversified platform across all major asset classes and client segments. We now have an exciting opportunity to strengthen the combined capabilities of the new business and grow the franchise globally,” said Shawn Lytle, CEO of Nomura Asset Management International.

In addition to completing the transaction, Macquarie and Nomura have formalized a strategic alliance for product distribution and joint development of investment strategies, as initially announced in April 2025. Under the agreement, Nomura will distribute certain private funds from Macquarie to high-net-worth clients and family offices in the U.S.

The alliance also establishes collaboration in developing innovative investment solutions for clients in the U.S. and Japan. “We have created a joint task force between Nomura and Macquarie, as part of this alliance, to explore additional opportunities aimed at generating value for clients through increased collaboration between the two organizations,” the company stated.

Key Statements

Following the announcement, Chris Willcox, Head of Nomura’s Investment Management Division and Head of Wholesale, stated: “We are delighted to have completed this acquisition ahead of schedule and to welcome our new colleagues from Macquarie Asset Management.”

Meanwhile, Yoshihiro Namura, Head of the Investment Management Division, added: “Our goal with this transaction is simple: to build a global platform with excellent capabilities and investment outcomes that help clients achieve what matters most to them. I believe the new leadership team, led by Shawn and Robert, is in an ideal position to realize our ambitions.”

XP Doubles Down on Miami and Plans to Expand Offshore Investments

| By Amaya Uriarte | 0 Comentarios

Photo courtesyFabiano Cintra, Head of Fund Selection at XP: “Ten Years Ago, Those Who Invested Abroad Were the Outliers. Today, Those Who Don’t Invest Abroad Are the Ones Who Stand Out”

With an offshore operation that currently offers a global account for clients ranging from the retail segment to private banking, XP is committed to expanding its international presence, continuing to educate advisors on offshore investments, and broadening the reach of available strategies and assets.

Challenging the well-known home bias of Brazilian investors, the firm founded by Guilherme Benchimol and Marcelo Maisonnave counts the growth of the global account among its top priorities, according to Fabiano Cintra, Head of Fund Selection.

The first edition of the Global Conference—an event aimed at invited guests and advisors within the XP network—held in the auditorium of the company’s headquarters, marked this movement. XP is already preparing to bring the same event to Miami in March of next year, alongside its partner asset managers.

Today, the international platform includes 12 global asset managers and hundreds of feeders, a direct reflection of the more than 500,000 enabled global accounts, as revealed by Diego Corrêa, Head of XP International.

The executive emphasizes that, across all international fronts, the total assets under custody exceed 15 billion dollars. “Growth has been over 100% year over year,” he states. Internal data show that clients who start an offshore position increase, on average, 50% of their international wealth within just six months, while the customer churn rate consistently declines.

According to Corrêa, this behavior confirms the company’s thesis: education + advisory + seamless experience form the equation that has changed the way Brazilians invest abroad. “When we show the value of structural allocation, the client understands it — and stays,” he says. Today, XP recommends that investors have at least 15% of their portfolios allocated abroad.

Speaking about the future, Corrêa sums up XP International in 2026 with one word: “multi.”

It will be multi-currency, with full integration into the Wise ecosystem and operations also in euros; multi-account, with different structures for different profiles; and multi-model, including new formats of global advisory.

The company also plans to launch new alternative products and expand access to international funds through Allfunds.

How Asset Managers Will Turn the Global Wealth Boom Into Business

| By Amaya Uriarte | 0 Comentarios

Although the asset management industry is undergoing a clear process of transformation and consolidation—leading to fewer players in the market—the reality is that business opportunities remain strong. According to estimates from the latest report by Morgan Stanley and Oliver Wyman, global household financial wealth is on track to reach 393 trillion U.S. dollars by 2029, with a compound annual growth rate of 5.5%. In other words, individuals will continue to need investment products.

In fact, global household financial wealth reached 301 trillion U.S. dollars in 2024, marking a 7% increase in 2023 and an 8% rise in 2024. Its growth was resilient across all regions, with the Americas and the Middle East & Africa showing the largest gains, excluding currency effects. However, when adjusted for currency, real growth in U.S. dollars was moderate across all regions, with negative growth in Latin America and Japan.

Looking ahead, the report projects that global financial wealth will grow at an annual rate of 5.5% through 2029, returning to a level closer to the 6% annual rate observed between 2019 and 2023. In absolute terms, wealth growth remains heavily concentrated in North America and APAC. Europe’s wealth could benefit from supportive policies and increased household investment allocation in the future. The Middle East and Africa, as well as Latin America, show steady growth. Overall, growth rates are lower than in previous reports due to the inclusion of life insurance, pensions, and the wealth bracket below 0.3 million dollars.

The analysis also shows that, in terms of onshore investable financial wealth—defined as financial wealth held onshore excluding assets in insurance policies and pensions—ultra-high-net-worth individuals (UHNWIs) and high-net-worth individuals (HNWIs) will continue to drive wealth creation with annual growth rates of 8.0% and 6.6%, respectively, over the next five years. However, the upper end of the Affluent/Lower-HNWI group remains a significant opportunity for asset managers globally: a segment that is “wealthy but underserved” and offers significantly higher revenue potential than the UHNWI and HNWI space. Asset managers that can tailor their offerings and manage costs can unlock growth in this segment.

Offshore financial wealth totaled 14 trillion U.S. dollars in 2024, with cross-border wealth flows growing at nearly 10% annually, outpacing global growth. Geopolitical uncertainty and diversification needs among UHNWI clients are sustaining demand for booking centers in safe havens. The three largest cross-border wealth hubs—Switzerland, Hong Kong, and Singapore—are expected to capture nearly two-thirds of new inflows through 2029. Outside these top centers, the United States and the United Arab Emirates are projected to see the fastest growth, with the U.S. benefiting from Latin American flows and the UAE expanding its appeal beyond the Middle East.

In terms of converting clients into profit, the challenge for asset managers will be to tap into this expanding pool while managing costs effectively. The report highlights that revenue margins in the sector dropped by 6 basis points in 2024 and another 3 basis points in the first half of 2025. Three out of four leading firms recorded declines, and only half offset them through cost reductions—further highlighting pressure on margins.

Clients with a net worth between 1 and 10 million U.S. dollars are identified as a key segment. This group is the largest by volume, offers higher basis-point returns than UHNWIs, and is seeing the entry of many new participants who are unadvised and holding substantial cash reserves. To win in this segment, leading asset managers are mobilizing five strategic catalysts:

Modular investment solutions with varying levels of performance protection.
Portfolio anchoring with tax-efficient equities, fixed income, and structured solutions for growth, income, and protection.
Transparent packaging and value-based pricing.
A hybrid human-digital model supported by robust digital and AI layers.
Enhanced client acquisition channels.

At the same time, asset managers are being warned against over-reliance on market beta. Between 2015 and 2024, only about one-third of asset manager growth came from net new money, prompting firms to focus more on relationship manager productivity, pricing discipline, and increasing wallet share from existing clients.

Morgan Stanley and Oliver Wyman emphasize that asset managers must urgently readjust their costs: “Many cost-to-income ratios (CIRs) hover around 75%, with personnel accounting for around two-thirds of operating expenses. Operating model programs can unlock between 10% and 25% in gross savings before reinvestment.”