Fidelity International Expands Active ETF Offering with New Range

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Fidelity International has launched the Fidelity Global Equity Enhanced Yield UCITS ETF and the Fidelity US Equity Enhanced Yield UCITS ETF. According to the firm, these vehicles form part of its new Equity Enhanced Yield ETF range. The objective is to provide investors with a differentiated source of income while maintaining exposure to equity markets.

The firm explains that these new ETFs combine an actively managed equity portfolio with an overlaid systematic option strategy, blending Fidelity’s fundamental research capabilities with a rules-based approach to generate additional income. ESG factors are also taken into account when evaluating investment risks and opportunities. To execute the project, each ETF will feature $5 million in seed capital provided by Susquehanna, an authorized market participant.

“Against a backdrop where market volatility continues to pose challenges for investors, we are observing growing demand for strategies capable of providing alternative sources of income while allowing them to remain invested in equity markets,” noted Neil Davies, Head of ETFs at Fidelity International.

He added: “What sets this range apart is that it offers investors access to Fidelity’s bottom-up equity research in a systematic format. At the same time, a disciplined, rules-based option strategy seeks to deliver an additional source of income, while option premiums also help buffer part of the impact from market downturns.”

For his part, Vincent Li, Head of Derivatives at Fidelity International, commented: “Options can be a powerful tool to reshape the return profile of an equity investment. Our approach is intentionally systematic, utilizing a disciplined framework to select and execute index call options with the goal of generating additional income on a consistent basis, while maintaining meaningful participation in equity markets.”

According to the company, this launch further expands Fidelity International’s active ETF offering, bringing its product suite to 28 funds. Fidelity is one of Europe’s largest active ETF providers, with $16.8 billion in active ETF assets under management.

Global Wealth: Record High on Paper, Lower in Real Terms

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Global financial assets reached a record €268.4 trillion in 2025, marking an 8.6% increase despite a complex economic and geopolitical landscape, according to the 17th edition of the Allianz Global Wealth Report, which tracks household assets and liabilities across nearly 60 countries.

Wealth creation effectively ran on “autopilot,” driven primarily by equity markets—which accounted for 4 out of every 5 euros of added wealth—while net savings dropped 5.4% to €4.1 trillion. However, inflation significantly tempers this record: while nominal financial assets have expanded by nearly 50% since 2019, real growth stands at just 23%, leaving real purchasing power barely 5% above its 2021 levels.

“Global wealth reached another record in 2025, but that is only half the story. Since 2019, nominal financial assets have grown by 50%, but in real terms, adjusted for inflation, they have grown by only 23%. The situation is worse in Western Europe, where financial assets in real terms are up just 0.5% compared to 2019. That compares to 21% in North America and 70% in China,” noted Ludovic Subran, Chief Economist and Chief Investment Officer at Allianz.

Portfolio Asset Allocation Makes the Difference

Developments in 2025 underscored the growing importance of household asset allocation. On a global scale, securities increased by 12.4%—more than double the growth rate of bank deposits (5.7%) or insurance and pensions (5.0%)—pushing securities to an all-time high of 46.9% of global financial assets. North American households, with 60.7% of their portfolios invested in securities, benefited the most from market performance, generating 51.4% of total global wealth growth.

This structural difference becomes even more pronounced over the long term: over the past decade, asset appreciation accounted for 71% of total financial asset growth in North America, compared to just 36% in Western Europe, illustrating the long-term impact of investing capital versus keeping savings in low-interest bank accounts.

AI as the Next Driver of Wealth—and New Vulnerabilities

Allianz Research estimates that global financial assets could grow by roughly 9% in 2026. Over the medium term, however, the backdrop becomes increasingly challenging due to slower economic growth, persistent inflation, global economic fragmentation, and elevated sovereign debt levels. In this environment, artificial intelligence could emerge as a decisive catalyst for the next phase of wealth creation. “Productivity and profitability gains associated with this technology could support asset returns, though growing reliance on markets driven by AI expectations also introduces new vulnerabilities,” the report states.

The firm notes that with the S&P 500 up nearly 95% since late 2022, a significant portion of recent wealth expansion relies on elevated valuations and AI-driven expectations. According to calculations by Allianz Research, a 25% correction in the S&P 500 could wipe out approximately $27 trillion in U.S. household wealth during the year of impact—equivalent to nearly 14% of their total net worth. Such a pullback would drag on consumer confidence and spending, tipping the U.S. economy into recession.

Furthermore, the advancement of AI raises distributional questions regarding who participates in the wealth generated by this transition. “AI could become the next major driver of wealth, but the key question is who will hold a stake in it. As AI potentially shifts more value creation toward capital, broader participation in capital returns alongside policies supporting worker adaptation will be essential to ensure the AI wealth dividend is shared more widely,” stated Katharina Utermöhl, Head of Thematic and Policy Research at Allianz Research.

Insigneo Adds Mercedes García-Ayuso to Strengthen Its Commitment to Latin American Wealth Management

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Insigneo has announced the appointment of Mercedes García-Ayuso as Chief Investment Products Officer. The professional brings extensive experience in private banking, investment management, and serving high-net-worth clients, placing her at the core of the firm’s growth strategy.

According to the firm’s announcement, García-Ayuso will join its Executive Committee and will be responsible for designing and developing investment solutions aimed at both clients and the firm’s investment professionals across various platforms and geographies.

Her arrival coincides with a particularly significant moment for Insigneo. The U.S.-based firm specializing in international wealth management has accelerated its expansion across the Americas during 2026, particularly strengthening its presence among Latin American clients with international wealth.

Last June, Insigneo completed the integration of client accounts from VectorGlobal Wealth Management Group and its Registered Investment Adviser.

The transaction added nearly $4 billion in client assets, bringing the total assets supported by the platform to approximately $37 billion, with over 500 investment professionals and more than 32,000 clients.

The acquisition also expanded Insigneo’s footprint in markets including Mexico, Colombia, Chile, Ecuador, Peru, and Venezuela, alongside the United States and Canada, according to the firm.

In this context, García-Ayuso’s new role carries a dimension that extends beyond an executive replacement. Her responsibilities will be directly tied to one of the most critical elements for international wealth management platforms: the ability to build investment solutions that translate across markets and serve increasingly global family wealth.

From Goldman Sachs to Citi

García-Ayuso joins Insigneo following an extensive career at some of the leading global financial institutions.

Her track record includes a tenure at Goldman Sachs, where she worked between 2001 and 2008 according to FINRA records, while Citi documentation identifies her as a Client Portfolio Manager at Goldman Sachs Asset Management between 2006 and 2007. She subsequently joined Citi, where her career spanned approximately 18 years.

At Citi Private Bank, she held roles focused on advisory and investments. Regulatory documentation from 2024 identified her as IC Team Leader, while public FINRA records confirm her affiliation with Citigroup Global Markets starting in March 2008.

Insigneo notes that prior to her arrival, García-Ayuso led Citi’s Investment Counseling team serving a major portion of Latin America, excluding Mexico and Brazil.

Her experience therefore combines two dimensions that are particularly relevant to her new position: structuring and supervising investment solutions, and deep familiarity with high-net-worth clients in Latin American markets.

Her academic background includes studies at Universidad Pontificia Comillas (ICADE) in Spain and an MBA from Columbia University, according to regulatory filings in the U.S.

Insigneo Pursues Growth with a Stronger Focus on Latin America

The appointment follows a series of strategic moves reflecting Insigneo’s sustained expansion in international wealth management.

The firm notes that in recent years it acquired Citi’s international wealth management vehicles in Puerto Rico and Uruguay, as well as PNC’s offshore wealth management assets targeting Mexican clients.

In 2026, it added VectorGlobal’s operations, gaining significant exposure to Latin America. This expansion is also reflected in its physical presence: Insigneo currently operates in the United States, Canada, Puerto Rico, Uruguay, Argentina, Chile, Colombia, and Peru, among other markets.

The firm has been taking this strategy directly to the region. In September, it hosted Insigneo 360 LATAM events in Colombia and subsequently brought the program to Lima, holding targeted meetings for clients and investment professionals. In Colombia, for instance, the firm brought together over 250 clients and professionals across Bogotá and Bucaramanga.

The Investment Products department thus takes on heightened importance: as Insigneo integrates new teams, clients, and geographies, it must also broaden and standardize the tools its professionals use to serve investors who increasingly hold assets, businesses, and financial needs across multiple jurisdictions.

Latin American Wealth Increasingly Looks Abroad

This process forms part of a broader transformation within Latin America’s wealth management industry. For global firms, high-net-worth Latin American clients are no longer confined to the investment opportunities of their domestic markets.

Insigneo has built much of its value proposition around access to international markets and a platform designed for professionals serving global clients. In May 2026, the firm refreshed its corporate identity, adopting the tagline “Your Passport to Possibilities” to highlight its role as a bridge connecting international clients to global capital markets. At that time, it reported over $33 billion in assets and more than 500 investment professionals.

With the addition of García-Ayuso, this strategy integrates expertise from two major Wall Street institutions—specifically from Citi Private Bank, where client knowledge, asset allocation, and access to global solutions sit at the core of the business model.

Ardian Launches Infrastructure ELTIF

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Ardian, a global private investment firm with $200 billion in assets under management and supervision across its private equity, real estate, and private credit platforms, has announced the launch of the Ardian Access Infrastructure ELTIF (AAI ELTIF). This fund is designed to broaden access to private infrastructure investments for eligible investors in Europe, offering exposure to Ardian’s infrastructure investment capabilities through a single investment solution.

It is an evergreen fund that will allow private investors to access Ardian’s global infrastructure deal flow in a dedicated format. The fund invests in infrastructure both directly through its direct investment and co-investment activities, and indirectly through investments in underlying funds via its secondary market activities, which total $61 billion in assets under management.

AAI ELTIF is a new compartment of the umbrella fund Ardian Access Series Part II UCI, alongside the existing Ardian Access Infrastructure compartment. It is the latest addition to the Ardian Access platform, which offers investment solutions in an evergreen format, allowing investors to access private markets and diversify their current exposure with a tailored investment experience. ELTIFs are illiquid assets and carry the risk of partial or total loss of capital.

This launch comes at a time of strong demand for infrastructure investments, driven by underlying trends such as energy security, the energy transition, and digitalization. This asset class also offers private investors attractive portfolio characteristics, notably long-term, cycle-resilient performance, recurring cash flows, and inflation-indexed income.

Through Ardian Access Infrastructure ELTIF, investors gain exposure to:

  1. Ardian’s pioneering strategy in the infrastructure sector, which manages $45 billion in assets and focuses on three core sectors: energy, digital infrastructure, and transportation.

  2. A team of approximately 80 specialized investment professionals across eight offices in Europe and the Americas.

  3. The same deal flow and institutional-grade underwriting capabilities as Ardian’s flagship infrastructure funds.

  4. A robust, diversified portfolio of private infrastructure investments, with a primary focus on stable, developed European markets.

  5. An approach focused on direct investments, complemented by co-investments and secondary transactions, providing additional sources of attractive investment opportunities and diversification.

  6. Accessible investment minimums of €10,000, with the option to invest monthly and deploy capital immediately.

  7. The fund will also make minority investments, alongside its secondary transaction and co-investment activities.

Ardian launches the AAI ELTIF in partnership with iCapital, a global financial technology platform. Ardian will leverage iCapital’s full suite of technology solutions and services for open-ended funds to provide wealth managers and their clients with efficient access to alternative investment opportunities.

“We continue to see strong demand from private wealth investors looking to build more diversified portfolios in private markets. Infrastructure can play an important role within that allocation, offering investors access to essential assets along with attractive diversification features. With the Ardian Access Infrastructure ELTIF, we are making our infrastructure strategy—backed by a 20-year track record—available to a broader investor base, supported by the same investment teams, discipline, and pipeline of opportunities as our institutional strategies,” stated Jan Philipp Schmitz, Executive President of Ardian.

Meanwhile, Daniel von der Schulenburg, CEO Infrastructure and Head of Infrastructure Germany, Benelux, and Northern Europe at Ardian, noted that he believes “this is a particularly timely moment to invest in infrastructure. Significant investment is needed across Europe to drive the energy transition, strengthen energy security, and execute the next phase of digitalization, with private capital playing a key role in backing that transformation. Our strategy focuses on essential infrastructure underpinning daily economic activity, where demand can remain resilient through economic cycles and revenues are typically regulated or contractually fixed, delivering recurring cash yield while linked to inflation. The combination of these long-term structural investment needs and the fundamental characteristics of infrastructure makes this asset class particularly compelling today.”

Janus Henderson Completes Acquisition of Rantum Capital

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Ali Dibadj, Chief Executive Officer of Janus Henderson.

Janus Henderson has announced the receipt of all necessary regulatory approvals to complete the acquisition of Rantum Capital, a Frankfurt-headquartered private markets investment firm specializing in private credit and private equity solutions across the DACH region. According to the firm, the acquisition strengthens Janus Henderson’s capabilities in private markets and expands its footprint in Europe, an important institutional market for the company.

“We are delighted to welcome the Rantum team to Janus Henderson. The completion of this acquisition reinforces our capabilities in private markets and enhances our ability to meet growing client demand for private credit and private equity solutions in a market of significant strategic importance,” noted Ali Dibadj, Chief Executive Officer of Janus Henderson.

For his part, Dirk Notheis, Co-Founder and Managing Director of Rantum Capital, stated: “The entire Rantum team is excited to become part of Janus Henderson. We share a strong entrepreneurial culture and client commitment, and by combining our local expertise in private markets with Janus Henderson’s global reach, we believe we are well positioned to create long-term value for investors across Europe.”

The asset manager highlighted that the acquisition of Rantum further expands Janus Henderson’s private markets platform, leveraging capabilities added through recent acquisitions and strategic partnerships, including Privacore, Victory Park Capital, and NBK Capital Partners. “Combined with the firm’s established fixed income franchise, these capabilities strengthen Janus Henderson’s ability to offer clients access to opportunities across both public and private markets,” they stated.

Pilar Gómez Bravo (MFS): “’Buy the Dip’ No Longer Makes as Much Sense as Before in Credit; We Are Seeing the Floor for Spreads”

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“If you have risk in your portfolio, now is the time to buy hedges.” This advice comes from Pilar Gómez Bravo, Co-CIO of Fixed Income at MFS Investment Management, speaking at the MFS Iberia Summit 2026. Her presentation centered around four key axes: the impact of scarcity on fixed income, geopolitical risk, the Fed’s pivot under Kevin Warsh’s new mandate, and the circularity of AI investments. The expert analyzed how these factors are changing how risk is quantified in fixed income and explained how she and her team are approaching it, maintaining an overweight position in credit. “We are entering a world where we will see more volatility across credit, equities, and rates,” she warned.

Why Scarcity Matters

The analysis first focused on the upward trend in commodities, with an accumulation of crowded trades across various segments—not only in oil and energy costs in Europe, but also in agricultural raw materials. “The only area where we are not seeing large spikes is in metals,” Gómez Bravo clarified. She interprets commodity behavior as “an indicator of supply shocks” and believes these inflationary trends “will continue, at least in the short term, unless we see a drastic reduction in the cost of oil or end the wars, particularly in the Middle East as well as in Russia and Europe.”

Goods scarcity stemming from geopolitical developments and strong demand for AI infrastructure occupied a major portion of the presentation. “Artificial intelligence infrastructure is absorbing all the funding, crowding out other necessary types of investments.” For Gómez Bravo, this scarcity conflicts with the premise that had guided the AI boom: productivity gains leading to a disinflationary impact. “The problem is that we face an acute period where this scarcity of goods—whether chips, conductors, or the required labor—is generating higher cost inflation, and we are not yet seeing the productivity surge. Central banks cannot ignore the fact that, at least for the next few years, we will see this pressure on corporate costs as companies pay up for scarce materials,” she reflected.

This capital scarcity is reflected in the surge of AI-linked fixed income issuances. As an example, Gómez Bravo noted that in the third quarter alone, SoftBank issued $55 million in CCC-rated high-yield bonds to finance a data center, placed at a 9% coupon with $13 million in oversubscription—a sign that investors are demanding higher yields given the volume of debt companies are issuing. “We see that many issues in the credit market are being absorbed, but at the expense of wider spreads. If we previously thought this environment might continue to drive spreads tighter, we now believe these issuances will cause us to hit the floor. Therefore, ‘buy the dip’ no longer makes as much sense as before, because you will be hit with further supply without the technical tailwinds to keep narrowing spreads,” she summarized.

This does not mean carry has lost its appeal. Gómez Bravo considers a defensive carry position still attractive. For her, the “canary in the coal mine” is CCC-rated debt, where spreads have widened, though she views the move not as “alarming,” but as something to monitor closely.

Gómez Bravo also highlighted the rise in off-balance-sheet financing and noted that “circularity is becoming increasingly complex.” This involves not just hyperscalers with strong cash positions, but also secondary AI-related businesses, such as neocloud providers with weaker financial standing, which are entering lease agreements with hyperscalers to backstop their debt and build necessary infrastructure. “I am not saying this is inherently bad, as client financing has always existed, but for those of us in this business for many years, it starts raising red flags,” she added.

What Credit Is Telling Us

The expert and her team are monitoring signals in the fixed income market to identify areas where risk must be reassessed. “Credit will be the leading market risk indicator,” she stated, pointing to the non-alarming yet noticeable uptick in CDS across segments like semiconductors.

Given widespread low volatility, including in currencies, Gómez Bravo affirmed that “now is the time to buy hedges” as a cost-effective way to protect against anticipated risk spikes. “The moment financial conditions begin to tighten, companies may have to go back to shareholders for the capital required to invest in that infrastructure,” she stated regarding AI infrastructure businesses.

The heavy volume of issuances from AI-linked companies is also driving up funding costs for other issuers, including the U.S. government. Pointing to macroeconomic data and capital expenditures in particular, she noted that “outside of AI, we are not seeing significant momentum in other sectors,” concluding: “All allocation risk boils down to AI vs. non-AI.” The impact on the U.S. economy is significant, as AI capex and the wealth effect from equity rallies directly affect purchasing power, particularly for baby boomers.

She noted emerging signs of stress alongside widening CCC spreads, referencing Fitch expectations of a 6% default rate in private credit.

How the U.S. Treasury Is Operating

Gómez Bravo stated that the U.S. Treasury is following a formula previously deployed under Janet Yellen: reducing long-term issuance in favor of short-term Treasury Bills. “What Kevin Warsh is attempting to do is adjust the composition of the Fed’s balance sheet before beginning to shrink it.”

A second tactic involves incentivizing demand for stablecoins as a means to introduce “another buyer of Treasuries.” In her view, the deregulation promised for Trump’s second term responds to the need to “find more buyers for its debt” in a market where foreign buyers are retreating due to elevated national debt loads, polarization, and fragmentation. Gómez Bravo asserted that “the U.S. has run out of savings.” While AI infrastructure financing draws substantial capital, she observes a supply-demand mismatch pushing costs higher. “That is why we do not foresee a major market catalyst driving a sudden collapse in U.S. real rates,” she concluded.

MFS Macro Outlook

Finally, Gómez Bravo summarized MFS’s fixed income outlook and positioning. The firm does not anticipate a near-term recession, as corporate and household fundamentals remain resilient across the U.S., Europe, and emerging markets.

She also expects central banks to re-synchronize on rate hikes following energy and Middle East pressures. However, she believes much of this movement is already priced in: “Opportunities exist to position across curves and countries, but it is difficult to hold high conviction on a long duration position.”

Nor does the firm expect fiscal discipline from governments. “We maintain that government debt financing will depend on which part of the curve they choose to fund, and what policies they deploy, as deficits remain a persistent source of volatility.” In this regard, Gómez Bravo sees “significant fragility” in the U.S., pointing to a K-shaped economy, 7% mortgage rates, and credit card debt reaching 30%. “We see a clear divide between the haves and have-nots,” she summarized, noting that the cost of capital continues to rise, impacting both corporations and consumers. “It is difficult to envision avoiding an economic slowdown unless AI infrastructure investments continue at this pace.”

MFS considers the U.S. yield curve to have flattened significantly and rules out another rate hike in December. The firm currently maintains a neutral stance on the front end of the curve, holding selective long-end exposure through derivatives.

Snowden Lane Partners Surpasses $15 Billion in Client Assets

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Photo courtesyRob Mooney, Managing Partner and Chief Executive Officer (CEO) of Snowden Lane Partners.

Snowden Lane Partners Marks a New Milestone After Surpassing $15 Billion in Client Assets. For the firm, this figure represents a record achieved as “a result of a period of sustained growth.” Reflecting this expansion, the company has added five advisors and opened new offices in Houston, Texas, and Metuchen, New Jersey. Furthermore, it integrated two new advisors into its Coral Gables, Florida office, underscoring its ongoing commitment to serving international clients. According to the firm, the Coral Gables branch is now the company’s second-largest, behind only its headquarters in New York.

“This is a moment of immense pride for our firm, the fruit of years of steady and rigorous effort. Additionally, for the seventh consecutive year, we have been included in the Barron’s Top 100 Registered Investment Adviser Firms list. This recognition demonstrates that advisors trust us to support their business, while our clients entrust their futures to those advisors. We are deeply grateful for both and never take the trust placed in us for granted,” noted Rob Mooney, Managing Partner and Chief Executive Officer (CEO) of Snowden Lane Partners.

The firm highlighted that, since its founding in 2011, it “has established itself as a brand, attracting financial advisors and wealth management professionals from firms such as Morgan Stanley, Merrill Lynch, UBS, J.P. Morgan, Raymond James, Wells Fargo, and Fieldpoint Private.” Currently, the company employs over 150 professionals, including 83 financial advisors across 16 offices in the United States.

Capital Group Enters the Active UCITS ETF Business

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Photo courtesyGuy Henriques, President of the Europe and Asia-Pacific Client Group at Capital Group, and Jamie Sinclair, Head of ETF Product and Sales for Europe and Asia-Pacific at Capital Group.

Capital Group has received regulatory approval from the Central Bank of Ireland for its first active UCITS ETFs. According to the firm, the four strategies are scheduled to launch across Europe and Asia-Pacific during the first quarter of 2027, “bringing Capital Group’s long-term active investment capabilities to investors through a UCITS ETF structure,” they stated.

Since launching its first active ETFs in North America in 2022, Capital Group has built a $160 billion active ETF business comprising 25 strategies and eight model portfolios in the U.S., along with seven funds in Canada. With this step, the company—currently the third-largest active ETF issuer in the U.S.—is expanding its active ETF platform globally.

“Our goal is to bring Capital Group’s long-term investment outcomes to our clients through the investment vehicle that best suits their needs. Investors are increasingly seeking to combine the flexibility and efficiency of ETFs with the benefits of active management. This approval marks a major milestone in the global expansion of our active ETFs. Our active ETFs are among the fastest-growing in the United States, and bringing this offer to Europe and Asia-Pacific reinforces our position as a go-to investment partner for intermediary and institutional clients worldwide,” noted Guy Henriques, President of the Europe and Asia-Pacific Client Group at Capital Group.

According to the firm, its initial range of Irish-domiciled active ETFs is designed to serve as core holdings in investor portfolios, providing exposure to both equities and fixed income. “These strategies benefit from Capital Group’s fundamental research, long-term investment approach, and multi-manager investment system,” they highlighted.

“Investor demand for active ETFs continues to grow, and our goal is to broaden access to Capital Group’s active management capabilities around the world. As equity markets become increasingly concentrated, investors are placing greater value on fundamental research, active management, and diversification. In an uncertain market environment, our active UCITS ETF solutions are designed to offer investors in Europe and Asia-Pacific differentiated opportunities across equities and fixed income, as well as serve as building blocks for long-term portfolio construction,” added Jamie Sinclair, Head of ETF Product and Sales for Europe and Asia-Pacific at Capital Group.

Nuveen Completes Acquisition of Schroders

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Photo courtesyWilliam Huffman, CEO of Nuveen, and Richard Oldfield, Group Chief Executive of Schroders.

Nuveen has completed the acquisition of Schroders, bringing together two renowned institutions with highly complementary businesses. According to the announcement, the merged entity is the only asset manager ranked among the top ten globally in active management across equities, fixed income, and private markets, managing $2.6 trillion in assets through institutional and wealth management channels. Operating in more than 40 markets, the company maintains a significant presence in the U.S., the U.K., Europe, and Asia-Pacific.

“Our historic merger presents a unique opportunity to redefine our industry and deliver a value proposition to clients that did not exist until now. Together, we will create a platform with leading investment performance across major capital markets, with the flexibility to tailor solutions to clients’ specific objectives. We will deliver investment excellence and global reach, backed by the credibility earned over decades of local presence worldwide,” noted William Huffman, CEO of Nuveen.

According to the firm, the combined entity will continue to grow and innovate through increased investment in capabilities, personnel, and client offerings, with ongoing support from TIAA (Teachers Insurance and Annuity Association), a long-term shareholder that co-invests alongside clients and has backed Nuveen’s strategic priorities across market cycles.

Over the next 12 to 18 months, Schroders will continue to operate independently within Nuveen under the leadership of Richard Oldfield, Group CEO of Schroders, who will report to Mr. Huffman.

Key Executive Perspectives

“Nuveen is fundamental to our ability to deliver lifetime income and financial security to millions of people. The completion of this acquisition gives rise to one of the largest active asset management firms globally, with the scale, talent, and capabilities required to compete and succeed in every relevant market. This union accelerates our strategy and reinforces the investment capabilities powering our retirement and annuity products, solidifying our ability to fulfill our mission of providing lifetime income for generations to come,” added Thasunda Brown Duckett, CEO of TIAA.

For his part, Richard Oldfield, Group CEO of Schroders, commented: “Today’s milestone is an extraordinary moment for our clients and our business. The world is changing rapidly right now, which is why we believe active management is more relevant than ever—helping clients navigate uncertainty and achieve the outcomes they need. By combining our complementary strengths in active investing, we will offer more to our clients and unlock greater growth opportunities, underpinned by a shared investment-led culture, a long-term perspective, and a strong heritage.”

The Future of the Investment Platform

Reflecting the merged entity’s investment-centric culture, the firm explained its intention to establish, over time, a unified investment platform spanning the full spectrum of capabilities across public and private markets. This platform will be led by Saira Malik, who will serve as Chief Investment Officer reporting to Mr. Huffman. Additionally, Johanna Kyrklund will become Chief Investment Officer of Public Markets & Solutions for the combined firm, with responsibility over equities, fixed income, multi-asset, and solutions, ultimately reporting to Ms. Malik.

In line with this, the company intends to organize its combined $400 billion private markets platform by asset class, reflecting its commitment to expanding its product lineup for clients. The combined investment platform, extending from public to private markets, will offer new approaches to retirement income management, greater capital efficiency in insurance portfolios, and enhanced customization in wealth management.

Continuity for Clients

Furthermore, they explained their intention to retain current investment teams across both asset and wealth management for at least 12 to 18 months following the deal’s closing while integration planning takes place. According to the announcement, they will leverage the strong presence and market positioning of Schroders’ wealth management business—including Cazenove Capital—which forms a key strategic pillar of the merged entity’s strategy.

Under Mr. Huffman’s leadership, Matt Oomen will lead global client coverage, assisting clients in accessing the firm’s full suite of services. Client service remains a top priority, and any adjustments made by the combined firm will be executed with the goal of delivering maximum benefit to clients.

Finally, building on Schroders’ heritage, London will serve as the non-U.S. headquarters for the combined entity. It will also be its largest office, with key leadership positions based in the U.K., reinforcing London’s role in global asset and wealth management.

Jane Fraser (Citi) Sets Limits on AI Agents: “We Need the Right Controls”

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Jane Fraser, CEO Citi Group
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Jane Fraser, Chair and CEO of Citi, put the spotlight on the risks posed by the advancement of artificial intelligence agents in the financial sector during the opening session of Sibos 2026, held this Monday in Miami. Her message was clear: before allowing these systems to move from providing information to autonomously executing actions, it will be necessary to guarantee their identity, authentication, and oversight.

Fraser illustrated the technology’s potential with an everyday example. “I don’t trust my husband to do the grocery shopping, so I can’t wait to have an agent that doesn’t just build a list for me, but actually does it for me,” she joked.

However, the leap between recommending and acting introduces much greater risks. Authentication, she stated, is one of the issues that “keeps us all up at night.” The challenge consists of being able to verify that an agent is truly acting on behalf of a person, and that both the bank and the other participants in a transaction can confirm its legitimacy. “Until then, I am confident I won’t have wild agents without the right controls in place,” she affirmed.

A Control Layer for Citi’s Agents

Fraser explained that Citi has already developed a specific mechanism to control the deployment of AI agents within the institution: a layer known as ARC. “You cannot create an agent without going through ARC,” she noted. This infrastructure concentrates the control framework and observability layer necessary to verify that agents do what they were designed to do, and that their activity can be monitored at all times.

The Citi CEO even anticipated a shift in the supervision model. If traditionally a manager might supervise nine employees, in an environment dominated by AI agents the ratio could invert: a single agent could be subjected to nine different oversight mechanisms, many of them managed in turn by other agents. “It is very early days in those controls, as we can all see,” Fraser acknowledged.

The IMF Focuses on Cyber Risk

The risks associated with artificial intelligence were also present in the remarks by Dan Katz, First Deputy Managing Director of the International Monetary Fund (IMF), who pointed out that there is a broad debate on whether increasingly powerful AI systems might eventually demand new regulatory responses.

Among the most immediate threats, Katz placed cyber risks “at the top of the list.” AI, he explained, is transforming this domain by accelerating the speed, frequency, and scale with which vulnerabilities can be detected and potentially exploited.

For public policy makers, the challenge will be creating an environment that allows innovation to be harnessed without compromising the integrity and stability of the financial system. Fraser agreed in identifying cybersecurity as one of the great challenges of this new technological era. “We have a tsunami of patches that need to be applied right now, and we have to be very responsible in achieving that,” she stated.

Innovating Without Breaking Trust

Citi’s CEO extended this need for control to the financial system’s broader technological transformation. “If you move fast and break things, we are failing in our mandate,” she asserted. Contrasting with the well-known tech axiom of moving fast even if errors occur, Fraser maintained that financial institutions must innovate rapidly without jeopardizing the trust upon which the system rests. “If we break trust, it is a huge problem for the macro, for the markets, for everywhere,” she warned.

As the velocity of money increases, she added, “resilience and trust go hand in hand.” Citi moves roughly six trillion dollars daily, and Fraser foresees transaction volumes rising significantly as artificial intelligence gains ground in the economy. Clients, furthermore, demand round-the-clock, instantaneous services that are also safe and reliable. Fraser cited Citi Token Services’ digital deposit solutions as an example, which enable money transfers via blockchain technology and integrate with clearing capabilities available 24 hours a day, seven days a week.

The next step, she noted, will be for other components of the financial infrastructure to move toward continuous availability as well, including central banks. Fraser summarized the equilibrium that, in her view, should guide this transformation: “Let’s do it safely, securely, and fast.”